Charity Registration Number: 1166144
Historical Model Railway Society
Accounts
For the Year Ending 31 December 2021
JANE ASCROFT ACCOUNTANCY LIMITED
Chartered Accountants Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XT
Historical Model Railway Society
Accounts
Year Ended 31 December 2021
| Page | |
|---|---|
| Trustees' Annual Report | 1 |
| Independent Examiner's Report to the Trustees | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Accounts | 7 |
| The Following Pages Do Not Form Part of the Accounts | |
| Detailed Statement of Financial Activities | 18 |
Historical Model Railway Society
Trustees' Annual Report
Year Ended 31 December 2021
The trustees present their report and the unaudited accounts of the charity for the year ended 31 December 2021.
Objectives and Activities
HMRS is an active Society and Educational Charity with worldwide membership. Its objectives are to provide support to those interested in historically accurate railway modelling and through its publications, library, archives, drawings, photography collections and company stewards to provide information and answer questions from modellers and railway historians alike. HMRS is often a first point of call for historical railway research. The Society publishes historical railway books and produces transfers for those modelling in 4mm and 7mm scales which form the main element of its trading activities.
Achievements and Performance
During 2021, despite the pandemic, the Society worked to its Management Budget in providing services to Members, preserved railways, the public and a number of business organisations as best they could. The Society has continued to publish Journals and newsletters for members and other interested parties.
During the year "LBSCR Carriages Volume 4" was published and sales have been steady. There have not been any Model Railway Exhibitions this year but sales of transfers, books & photographs have continued to be good via the website and dealing with traders directly for books is still showing positive results. However, due to problems with printing' we have had to suspend sales of transfers to traders until we replenish stocks.
The Society has a permanent Museum and Study Centre at Swanwick Junction, Derbyshire. It has a collection of over 300,000 engineering drawings and over 200,000 photographs. Work has continued through the year with these growing collections to catalogue and make them accessible through the internet or by direct access. The photographs are now being scanned and identified then filed in acid free boxes to preserve them. We have continued to receive new collections for the library, photograph collection, archive and drawing archive.
We are indebted as ever to the increasing number of volunteers who help run and support the Society. Over 2021 most of our volunteers have been working from home continuing to catalogue our growing collections. Due to the Midland Railway- Butterley having had to close since March 2020 we have been able to receive visitors at the M & SC but by spacing out our volunteers over 3 days we have continued to attend when permitted to do so by the Government. We are currently in negotiations with the Midland Railway Centre to try and obtain better access to our facilities.
During the year a substantial investment was made in our computer system. This has allowed us to refresh and enhance the website, making it much easier to use.
Public Benefit
Our main activities and who we help are described elsewhere in this report. All our charitable activities are undertaken to further our charitable purposes for the public benefit. The Trustees have had regard to the Charity Commission's guidance on public benefit throughout the year when deciding on the activities of the charity. We strive to make our catalogued material available on line wherever possible.
- 1 -
Historical Model Railway Society
Trustees' Annual Report (continued)
Year Ended 31 December 2021
Financial Review
The Society has two main income sources, membership subscriptions and trading activities principally through the sale of books and transfers. The objective of the Society is to provide and develop its services to Members and the public. A rolling 3 years Management Budget is in place with the aim of achieving a minimum of a small operating surplus each year. This is reviewed by the Executive Committee at each meeting and the 3-year programme reviewed annually.
We are actively looking for extra storage facilities as the existing premises, which are full to bursting, need to be enlarged. The Trustees have discussed it at their meetings and will also obtain the opinions of the Midland Railway Trust about this.
We continue to publish books and although we have one in the pipeline we are open to suggestions from possible authors for new publications.
Structure, Governance and Management
HMRS is a CIO (charity number 1166144) registered with the Charity Commission on 21st March 2016.
Up to 13 Trustees are elected annually at the Annual General Meeting which will be held in October this year. It is proposed to do this by Zoom again this time, following the success of the 2020 meeting. Each year one fifth of the Trustees retire but if they so wish they can be nominated again. Nominations to be a Trustee is confirmed by 2 members within a set timescale ahead of the AGM. Should there be more than one nomination for a position a ballot will be held which includes postal voting. 67 In In practice the newsletter of the Society updates Members of the EC position and timescales for nominations.
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Historical Model Railway Society
Trustees' Annual Report (continued)
Year Ended 31 December 2021
Reference and Administrative Details
Historical Model Railway Society
Registered charity name Charity registration number 1166144 Principal office C/o Butterley Station Ripley Derbyshire DE5 3QZ
The Trustees
Mrs M Garratt (Treasurer) Mr A McGill (Secretary) Mr I J Lewis Mr J Hancock Mr P Godfrey Mr K Harcourt Mr A Straw Mr S Leleux Mr A Jacques Mr I McCormack Mr I Davie (Treasurer)
Company Secretary
Mr A McGill
Independent Examiner Jane Ascroft FCA MA (Cantab) Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XT
The trustees' annual report was approved on .............................. and signed on behalf of the board of 10/05/2022 trustees by:
Mr A Jacques Trustee
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Historical Model Railway Society
Independent Examiner's Report to the Trustees of Historical Model Railway Society
Year Ended 31 December 2021
I report to the trustees on my examination of the accounts of Historical Model Railway Society ('the charity') for the year ended 31 December 2021.
Responsibilities and Basis of Report
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other Type text here than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Jane Ascroft FCA MA (Cantab) Independent Examiner
Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XT
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Historical Model Railway Society
Statement of Financial Activities
Year Ended 31 December 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 81,037 | 63 | 81,100 | 82,719 |
| Other trading activities | 5 | 46,962 | – | 46,962 | 39,912 |
| Investment income | 6 | 65 | 26 | 91 | 455 |
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| Total income | 128,064 | 89 | 128,153 | 123,086 | |
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| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of other trading activities | 7 | 25,560 | – | 25,560 | 14,547 |
| Expenditure on charitable activities | 8,9 | 47,216 | – | 47,216 | 53,862 |
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| Total expenditure | 72,776 | – | 72,776 | 68,409 | |
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| Net income | 55,288 | 89 | 55,377 | 54,677 | |
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| Transfers between funds | (1,000) | 1,000 | – | – | |
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| Net movement in funds | 54,288 | 1,089 | 55,377 | 54,677 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 647,301 | 7,382 | 654,683 | 600,006 | |
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| Total funds carried forward | 701,589 | 8,471 | 710,060 | 654,683 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 16 form part of these accounts.
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Historical Model Railway Society
Statement of Financial Position
31 December 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed Assets | ||||
| Tangible fixed assets | 15 | 256,610 | 235,491 | |
| Current Assets | ||||
| Stocks | 16 | 108,167 | 104,978 | |
| Debtors | 17 | 10,530 | 2,067 | |
| Cash at bank and in hand | 338,822 | 314,043 | ||
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| 457,519 | 421,088 | |||
| Creditors: amounts falling due within one year | 18 | 4,069 | 1,896 | |
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| Net Current Assets | 453,450 | 419,192 | ||
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| Total Assets Less Current Liabilities | 710,060 | 654,683 | ||
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| Net Assets | 710,060 | 654,683 | ||
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| Funds of the Charity | ||||
| Restricted funds | 8,471 | 7,382 | ||
| Unrestricted funds | 701,589 | 647,301 | ||
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| Total charity funds | 19 | 710,060═════════ |
654,683═════════ |
These accounts were approved by the board of trustees and authorised for issue on ........................, 10/05/2022 and are signed on behalf of the board by:
Mr I Davie (Treasurer) Trustee
The notes on pages 7 to 16 form part of these accounts.
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Historical Model Railway Society
Notes to the Accounts
Year Ended 31 December 2021
1. General Information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is C/o Butterley Station, Ripley, Derbyshire, DE5 3QZ.
2. Statement of Compliance
These accounts have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investments measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The entity is a Public Benefit Entity.
Going Concern
There are no material uncertainties about the charity’s ability to continue.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The trustees consider that there are no significant estimates or judgements affecting these financial statements.
Fund Accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the purposes of the charity.
Designated funds are unrestricted funds earmarked by the trustees for specific purposes.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor.
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Historical Model Railway Society
Notes to the Accounts (continued)
Year Ended 31 December 2021
3. Accounting Policies (continued)
Income
All income is included in the statement of financial activities when the charity is entitled to the income, any performance related conditions attached have been met or are fully within the control of the charity, the income is considered probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Donations and legacy income is received by way of donations, legacies, grants and gifts and is included in full in the Statement of Financial Activities when receivable. Where legacies have been notified to the charity but the criteria for income recognition have not been met, the legacy is treated as a contingent asset and disclosed if material. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity, being the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market.
Investment income is included when receivable.
Income from charitable trading activity is accounted for when earned.
Income from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
Costs of raising funds comprise the costs associated with attracting donations, grants and legacies and the costs of trading for fundraising purposes.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis, as set out in the notes to the accounts.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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Historical Model Railway Society
Notes to the Accounts (continued)
Year Ended 31 December 2021
3. Accounting Policies (continued)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Premises & Fittings - 5% reducing balance Library & Exhibition Bookcases - 3% reducing balance & Equipment Office, Computer Equipment & - 10%/25% reducing balance per annum Website Photographic Negatives & - 2% reducing balance Collection Library Books & Archive - 10% reducing balance Models, Layouts & Nameplates - 5% reducing balance
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial Instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.
Cash at Bank and in Hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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Historical Model Railway Society
Notes to the Accounts (continued)
Year Ended 31 December 2021
3. Accounting Policies (continued)
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Taxation
The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
4. Donations and Legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Donations | |||
| Donations and royalties | 12,123 | 63 | 12,186 |
| Subscriptions | 29,197 | – | 29,197 |
| Gift aid | 16,717 | – | 16,717 |
| Library and photographic donations | 23,000 | – | 23,000 |
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| 81,037 | 63 | 81,100 | |
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|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Donations | |||
| Donations and royalties | 32,663 | – | 32,663 |
| Subscriptions | 28,545 | – | 28,545 |
| Gift aid | 8,411 | – | 8,411 |
| Library and photographic donations | 13,100 | – | 13,100 |
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|
| 82,719 | – | 82,719 | |
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Historical Model Railway Society
Notes to the Accounts (continued)
Year Ended 31 December 2021
5. Other Trading Activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Sales of publications | 18,911 | 18,911 | 10,953 | 10,953 | |
| Sales of transfers | 18,706 | 18,706 | 23,911 | 23,911 | |
| Sales of photographic materials | 1,918 | 1,918 | 1,910 | 1,910 | |
| Sales of drawings | 7,238 | 7,238 | 3,005 | 3,005 | |
| Sales of wagons | 81 | 81 | 33 | 33 | |
| Other sales | 108 | 108 | 100 | 100 | |
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| 46,962 | 46,962 | 39,912 | 39,912 | ||
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| 6. | Investment Income | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2021 | |||
| £ | £ | £ | |||
| Bank interest receivable | 65 | 26 | 91 | ||
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| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2020 | |||
| £ | £ | £ | |||
| Bank interest receivable | 366 | 89 | 455 | ||
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| 7. | Costs of Other Trading Activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Costs of other trading activities (see | |||||
| page 19) | 25,560 | 25,560 | 14,547 | 14,547 | |
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| 8. | Expenditure on Charitable Activities | by Fund Type | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Costs of charitable activities (see page | |||||
| 19) | 47,216 | 47,216 | 53,862 | 53,862 | |
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| 9. | Expenditure on Charitable Activities | by Activity Type | |||
| Activities | |||||
| undertaken | Total funds | Total fund | |||
| directly | 2021 | 2020 | |||
| £ | £ | £ | |||
| Costs of charitable activities (see page | 19) | 47,216 | 47,216 | 53,862 | |
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Historical Model Railway Society
Notes to the Accounts (continued)
Year Ended 31 December 2021
10. Net Income
Net income is stated after charging/(crediting):
| Net income is stated after charging/(crediting): | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Depreciation of tangible fixed assets | 14,586 | 11,784 |
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| Independent Examination Fees | ||
| 2021 | 2020 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the accounts | 400════ |
400════ |
11. Independent Examination Fees
12. Staff Costs and Emoluments
The charity does not have any employees and has no plans to have any employees in the foreseeable future.
The average head count of employees during the year was Nil (2020: Nil).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
13. Trustee Remuneration and Expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
During the year 4 trustees were reimbursed for travel expenses and payments incurred on behalf of the charity. These payments totalled 1,778 (2020 - 4 trustees were reimbursed £2,356).
14. Transfers Between Funds
During the year £1,000 was transferred from unrestricted funds to restricted funds. This represented the contributions from membership subscriptions to the Educational Award Fund.
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Historical Model Railway Society
Notes to the Accounts (continued)
Year Ended 31 December 2021
15. Tangible Fixed Assets
| At | ||||
|---|---|---|---|---|
| At 1 January | 31 December | |||
| 2021 | Additions |
2021 |
||
| £ | £ | £ | ||
| Cost | ||||
| Leasehold Premises & Fittings | 392,957 | – |
392,957 |
|
| Library & Exhibition Bookcases & Equipment | 8,449 | – |
8,449 |
|
| Office, Computer Equipment & Website | 37,572 | 12,705 |
50,277 |
|
| Photographic Negatives & Collection | 85,482 | 23,000 |
108,482 |
|
| Library Books & Archives | 56,500 | – |
56,500 |
|
| Models, Layouts & Nameplates | 34,081 | – |
34,081 |
|
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| 615,041 | 35,705 |
650,746 |
||
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| At | ||||
| At 1 January | Charge for |
31 December |
||
| 2021 | the year |
2021 |
||
| £ | £ | £ | ||
| Depreciation | ||||
| Leasehold Premises & Fittings | 257,432 | 6,776 |
264,208 |
|
| Library & Exhibition Bookcases & Equipment | 7,653 | 80 |
7,733 |
|
| Office, Computer Equipment & Website | 30,977 | 4,645 |
35,622 |
|
| Photographic Negatives & Collection | 26,901 | 2,040 |
28,941 |
|
| Library Books & Archives | 23,795 | 981 |
24,776 |
|
| Models, Layouts & Nameplates | 32,792 | 64 |
32,856 |
|
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| 379,550 | 14,586 |
394,136 |
||
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| At | At |
|||
| 31 December | 31 December | |||
| 2021 | 2020 |
|||
| £ | £ | |||
| Carrying amount | ||||
| Leasehold Premises & Fittings | 128,749 | 135,525 |
||
| Library & Exhibition Bookcases & Equipment | 716 | 796 |
||
| Office, Computer Equipment & Website | 14,655 | 6,595 |
||
| Photographic Negatives & Collection | 79,541 | 58,581 |
||
| Library Books & Archives | 31,724 | 32,705 |
||
| Models, Layouts & Nameplates | 1,225 | 1,289 |
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| 256,610 | 235,491 |
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| 16. | Stocks | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Publications stock | 20,675 | 20,189 |
||
| Transfer stock | 87,492 | 84,789 |
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| 108,167 | 104,978 |
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Historical Model Railway Society
Notes to the Accounts (continued)
Year Ended 31 December 2021
17. Debtors
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 471 | – |
| Prepayments and accrued income | 1,595 | 1,515 |
| Gift aid debtor | 8,464 | – |
| Other debtors | – | 552 |
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|
| 10,530 | 2,067 | |
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|
| Creditors: amounts falling due within one year | ||
| 2021 | 2020 | |
| £ | £ | |
| Accruals and deferred income | 1,171 | 400 |
| Social security and other taxes | 411 | – |
| Royalties | 2,487 | 1,496 |
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|
| 4,069 | 1,896 | |
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18. Creditors: amounts falling due within one year
19. Analysis of Charitable Funds
Unrestricted funds
| At | |||||||
|---|---|---|---|---|---|---|---|
| At | 1 | January | 31 | December | |||
| 2021 | Income | Expenditure | Transfers | 2021 | |||
| £ | £ | £ | £ | £ | |||
| General funds | 647,301 | 128,064 | (72,776) | (1,000) | 701,589 | ||
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| At | |||||||
| At | 1 | January | 31 | December | |||
| 2020 | Income | Expenditure | Transfers | 2020 | |||
| £ | £ | £ | £ | £ | |||
| General funds | 593,727 | 122,997 | (68,409) | (1,014) | 647,301 | ||
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- 14 -
Historical Model Railway Society
Notes to the Accounts (continued)
Year Ended 31 December 2021
19. Analysis of Charitable Funds (continued)
Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| At | |||||
| At 1 January | 31 December | ||||
| 2021 | Income | Expenditure | Transfers | 2021 |
|
| £ | £ | £ | £ | £ | |
| Butterley PHQ | 1,515 | 89 | – | – | 1,604 |
| Education Award Fund | 5,867 | – | – | 1,000 | 6,867 |
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|
| 7,382 | 89 | – | 1,000 | 8,471 |
|
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|
| At | |||||
| At 1 January | 31 December | ||||
| 2020 | Income | Expenditure | Transfers | 2020 |
|
| £ | £ | £ | £ | £ | |
| Butterley PHQ | 1,430 | 85 | – | – | 1,515 |
| Education Award Fund | 4,849 | 4 | – | 1,014 | 5,867 |
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|
| 6,279 | 89 | – | 1,014 | 7,382 |
|
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There are two restricted funds:
Museum and Study Centre (M & SC)
This fund was created to build the Museum and Study Centre and is the residual amount from the completion of the building. It is funded by member donations. It has been retained recognising that future expenditure especially of a capital nature will be required on the building. Furthermore the Society was involved in an unsuccessful Lottery Bid with the Midland Railway Trust in 2015 to develop Museum facilities at the Swanwick Junction site. This would have involved expanding the HMRS building for its archive, storage and public access requirements.
The M & SC is part of the Midland Railway Trust's large site at Swanwick Junction. The building is attached to a MRT building and holds a long lease. Further work is required to both buildings to achieve each party's aims and alternative sources of funding are currently being considered.
Educational Award Fund
This separate fund is provided as part of the Society's Educational Charity objectives to provide financial support to individuals or groups looking in to the History of Britain's Railway Heritage. Typically the grants are made to individuals, schools or colleges.
The EAF is funded by an annual levy of HMRS Members.
- 15 -
Historical Model Railway Society
Notes to the Accounts (continued)
Year Ended 31 December 2021
20. Analysis of Net Assets Between Funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Tangible fixed assets | 256,610 | – | 256,610 |
| Current Assets | 449,048 | 8,471 | 457,519 |
| Creditors less than 1 year | (4,069) | – | (4,069) |
───────── |
─────── |
───────── |
|
| Net assets | 701,589 | 8,471 | 710,060 |
═════════ |
═══════ |
═════════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Tangible fixed assets | 235,491 | – | 235,491 |
| Current Assets | 413,706 | 7,382 | 421,088 |
| Creditors less than 1 year | (1,896) | – | (1,896) |
───────── |
─────── |
───────── |
|
| Net assets | 647,301 | 7,382 | 654,683 |
═════════ |
═══════ |
═════════ |
21. Other Financial Commitments
The centre at Butterley has been constructed on land owned by Derbyshire County Council and leased to Midland Railway Trust Limited who have granted a sub-lease to the Society for a term of 79 years from 1 November 2000 to 31 December 2079.
22. Contingencies
The Society has a continuing commitment to comply with the terms of the Underlease between the Society and Midland Railway Trust Limited in regard to the maintenance of the building known as Butterley Museum and Study Centre.
- 16 -
Historical Model Railway Society
Management Information
Year Ended 31 December 2021
The Following Pages Do Not Form Part of the Accounts.
- 17 -
Historical Model Railway Society
Detailed Statement of Financial Activities
Year Ended 31 December 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations and royalties | 12,186 | 32,663 |
| Subscriptions | 29,197 | 28,545 |
| Gift aid | 16,717 | 8,411 |
| Library and photographic donations | 23,000 | 13,100 |
──────── |
──────── |
|
| 81,100 | 82,719 | |
──────── |
──────── |
|
| Other trading activities | ||
| Sales of publications | 18,911 | 10,953 |
| Sales of transfers | 18,706 | 23,911 |
| Sales of photographic materials | 1,918 | 1,910 |
| Sales of drawings | 7,238 | 3,005 |
| Sales of wagons | 81 | 33 |
| Other sales | 108 | 100 |
──────── |
──────── |
|
| 46,962 | 39,912 | |
──────── |
──────── |
|
| Investment income | ||
| Bank interest receivable | 91 | 455 |
──── |
──── |
|
───────── |
───────── |
|
| Total income | 128,153 | 123,086 |
═════════ |
═════════ |
- 18 -
Historical Model Railway Society
Detailed Statement of Financial Activities (continued)
Year Ended 31 December 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Expenditure | ||
| Costs of other trading activities | ||
| Cost of publications | 14,160 | 7,678 |
| Cost of transfers | 6,682 | 3,773 |
| Cost of photographic material | 1,564 | 1,295 |
| Cost of drawings | 1,884 | 672 |
| Other trading costs | 1,270 | 1,129 |
───────── |
───────── |
|
| 25,560 | 14,547 | |
───────── |
───────── |
|
| Expenditure on charitable activities | ||
| Butterley M & SC expenses | 2,891 | 5,522 |
| Library & exhibition expenses | – | 793 |
| Donations | – | 1,000 |
| Insurance | 3,109 | 3,089 |
| Area groups | 294 | 867 |
| Overall travel costs | 964 | 605 |
| Professional fees | 851 | 953 |
| AGM costs | 836 | – |
| Office costs | 1,523 | 1,830 |
| Depreciation | 14,586 | 11,784 |
| Journal | 11,126 | 7,208 |
| Newsletter | 8,564 | 8,449 |
| Website design | 1,383 | 6,763 |
| Membership Administration | 1,089 | 4,999 |
──────── |
──────── |
|
| 47,216 | 53,862 | |
──────── |
──────── |
|
──────── |
──────── |
|
| Total expenditure | 72,776 | 68,409 |
════════ |
════════ |
|
──────── |
──────── |
|
| Net income | 55,377 | 54,677 |
════════ |
════════ |
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