OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-12-31-accounts

Charity Registration No. 1176862

Company Registration No. 10919496 (England and Wales)

STATFOLD NARROW GAUGE MUSEUM TRUST LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr G Lee
Mr N J Noon
Mr H R Noon
Mr A M Ashworth
Mr P A Lewin
Mr P Ingham
Mr D J Lee
Mr G I Lee
Secretary Mr H Noon
Charity number 1176862
Company number 10919496
Registered office The Grain Store
Statfold Barn Farm
Ashby Road
Tamworth
Staffordshire
B79 0BU
Auditor Azets Audit Services
Ruthlyn House
90 Lincoln Road
Peterborough
United Kingdom
PE1 2SP

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

CONTENTS

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11 - 22

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees present their report and financial statements for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: 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) (effective 1 January 2019)".

Objectives and activities

The objects of the charity a re :

To educate the public in the history and development of our steam heritage by;

In furtherance of these objects the Charity may:

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Significant activities

Our aim is to develop our infrastructure, café, car park, toilets, and provide facilities for Junior visitors, creating a more interesting place for all.

Due to covid this has once again been an extremely difficult and challenging year. The Trust assets have been well looked after and during lockdown we have managed to complete some restoration projects. Furthermore, we have been able to develop more outside facilities to enable the Trust to increase footfall and revenue. Going forward we expect visitor numbers to increase substantially post covid and this will be achieved by improved marketing, school visits, museum activities and camping and our newly developed Soft Play and Clip and Climb areas .

Finally, we have pleasure in confirming that the Trust is in good order and looking forward to the coming year.

Achievements and performance

Financial review

The Statement of Financial Activities for the second period of operations shows a net surplus for the year of £760,465 (2020: £1,011,461) and our reserves, all of which are unrestricted, stand at £3,580,997 (2020: £2,820,532).

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.

Whilst this is our aim, the charity continues to be dependent on the support of certain of its Trustees, in the form of donations, to enable it to meet its site development and operating costs. These Trustees have confirmed their intention to continue to provide financial support such that the charity can operate as a going concern and meet its debts and liabilities as they fall due for a period of 12 months from the date of approval of these accounts.

The charity also occupies land and buildings owned by Mr G Lee, one of the Trustees, for which a nominal rental charge is made. A lease is currently being prepared which will secure the charity's right to occupy all the property and land on the site currently occupied, with provision for further expansion if required.

Risks

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Future plans

We aim to extend the amount and variety of our already successful events in order for visitors to learn about steam heritage . W e aim to take on board from previous events any way that we are able to improve in order to enhance peoples enjoyment and experience and build up a recurring visitor base for the future which will hopefully build to future generations.

Structure, governance and management

Constitution

The company was registered as a charity on 26 January 2018. The charity is a company limited by guarantee and is governed by its Articles of Association.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr G Lee Mr N J Noon Mr H R Noon Mr A M Ashworth Mr P A Lewin Mr P Ingham Mr D J Lee Mr G I Lee

The minimum number of trustees shall be two but (unless otherwise determined by ordinary resolution) shall not be subject to any maximum.

The charity may by ordinary resolution appoint a person who is willing to act to be a trustee and determine the rotation in which any additional trustees are to retire.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 0 in the event of a winding up.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

The trustees' r eport was approved by the Board of Trustees.

Mr G Lee

Trustee Dated: 31 March 2022

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees, who are also the directors of Statfold Narrow Gauge Museum Trust Ltd for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF STATFOLD NARROW GAUGE MUSEUM TRUST LTD

Opinion

We have audited the financial statements of Statfold Narrow Gauge Museum Trust Ltd (the ‘charity’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) .

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF STATFOLD NARROW GAUGE MUSEUM TRUST LTD

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: http s :// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF STATFOLD NARROW GAUGE MUSEUM TRUST LTD

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Mark Jackson FCA DChA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services 1 April 2022
Chartered Accountants
Statutory Auditor Ruthlyn House
90 Lincoln Road
Peterborough
United Kingdom
PE1 2SP

Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted Unrestricted
funds
funds
2021
2020
Notes
£
£
Income and endowments from:
Donations and legacies 3 1,075,827
1,419,701
Charitable activities 4 548,513
112,220
Other trading activities 5 98,324
65,467
Other income 6 12,000
12,000
Total income 1,734,664
1,609,388
Expenditure on:
Raising funds 7 57,235
46,745
Charitable activities 8 1,299,991
802,178
Total resources expended 1,357,226
848,923
Net income for the year/
Net movement in funds 377,438
760,465
Fund balances at 1 January 2021 3,580,997
2,820,532
Fund balances at 31 December 2021 3,958,435
3,580,997

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes
Fixed assets
Tangible assets
12
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
18
Net assets
Income funds
Unrestricted funds		 2021
£
£
4,491,015
1,114
81,882
59,833
142,829
(635,556)
(492,727)
3,998,288
(39,853)
3,958,435
3,958,435
3,958,435		 2020
£
£
3,889,604
300
46,583
29,916
76,799
(341,239)
(264,440)
3,625,164
(44,167)
3,580,997
3,580,997
3,580,997

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2021, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 31 March 2022

Mr G Lee Trustee

Company Registration No. 10919496

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 22 789,940 731,303
Investing activities
Purchase of tangible fixed assets (772,306) (862,001)
Proceeds on disposal of tangible fixed
assets 11,648 -
Net cash used in investing activities (760,658) (862,001)
Financing activities
Proceeds of new bank loans - 50,000
Repayment of bank loans 635 -
Net cash generated from financing
activities 635 50,000
Net increase/(decrease) in cash and cash
equivalents 29,917 (80,698)
Cash and cash equivalents at beginning of year 29,916 110,614
Cash and cash equivalents at end of year 59,833 29,916

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

Statfold Narrow Gauge Museum Trust Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is The Grain Store, Statfold Barn Farm, Ashby Road, Tamworth, Staffordshire, B79 0BU.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: 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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity continues to be dependent on the support of certain of its Trustees, in the form of donations, to enable it to meet its site development and operating costs. These Trustees have confirmed their intention to continue to provide financial support such that the charity can operate as a going concern and meet its debts and liabilities as they fall due for a period of 12 months from the date of approval of these accounts. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Event centre 2% straight line Plant and equipment 15% reducing balance Fixtures, fittings and event equipment 15% - 33% reducing balance Computers and office equipment 33% straight line Locomotives, trains and rolling stock Heritage assets not depreciated

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

The event centre has been built on land owned by one of the trustees for which no rent charge is made. On the basis that the trustees believe they will continue to occupy the land in the long term the event centre is being depreciated over the buildings useful economic life.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials .

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

3 Donations and legacies

Unrestricted Unrestricted
funds
funds
2021
2020
£
£
Donations and gifts 1,019,073
1,349,096
Coronavirus Job Retention Scheme grants 45,420
70,605
Other government grants 11,334
-
1,075,827
1,419,701
Donations and gifts
Donations 816,966
1,085,627
Gift aid receivable 202,107
263,469
1,019,073
1,349,096

Donations and gifts include cash donations from Mr G Lee of £552,500 (2020: £ 893,500) , Mrs CA Lee of £220,000 (2020: £1 50 , 0 00 ), Mr G I Lee of £nil (2020: £15,075), Mrs T Lee of £13,927(2020: £300) and Mr D Lee of £ nil (2020: £ 7,500 ) ,

4 Charitable activities

Steam museum guide books
Train driver experience receipts
Railway track rentals
Income from events		 2021
£
9,722
1,984
12,000
524,807
548,513		 2020
£
2,854
1,542
12,000
95,824
112,220

Track rental income is receivable from Statfold Engineering, a business in which certain of the Trustees have a financial interest.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

5 Other trading activities

Unrestricted Unrestricted
funds
funds
2021
2020
£
£
Fundraising events 76,282
52,677
Hire of events centre 22,042
12,790
Other trading activities 98,324
65,467
Other income
Unrestricted Unrestricted
funds
funds
2021
2020
£
£
Other income 12,000
12,000

6 Other income

Other income represents charges made to G & CA Lee for the shared use of resources and facilities.

7 Raising funds

Unrestricted Unrestricted
funds
funds
2021
2020
£
£
Fundraising and publicity
Staging fundraising events 33,757
25,968
Trading costs
Support costs 23,478
20,777
57,235
46,745

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

8 Charitable activities

Staff costs
Depreciation and impairment
Artefacts and repairs to collection
Guide books
Event costs
Share of support costs (see note 9)
Share of governance costs (see note 9)		 2021
£
378,546
153,319
100,554
4,269
285,261
921,949
365,280
12,762
1,299,991		 2020
£
290,247
80,385
81,380
677
86,286
538,975
238,530
24,673
802,178

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

9 Support costs

Support
costs
Governance
costs
£
£
Staff costs
149,873
-
Depreciation
5,928
-
Repairs
74,950
-
Insurances
24,636
-
Printing and stationery
6,723
-
Telecommunications
3,487
-
IT costs and website
22,871
-
Motor and travel
-
-
Subscriptions
3,511
-
Heat and light
52,658
-
Rent
1,000
-
Bank and finance charges
26,362
-
Office expenses
858
-
Profit/loss on disposal of assets
11,648
-
Audit fees
-
8,750
Legal and professional
-
7,090
Accountancy fees
-
1,175
384,505
17,015
Analysed between
Trading
19,225
4,253
Charitable activities
365,280
12,762
384,505
17,015		 2021
£
149,873
5,928
74,950
24,636
6,723
3,487
22,871
-
3,511
52,658
1,000
26,362
858
11,648
8,750
7,090
1,175
401,520
23,478
378,042
401,520		 Support
costs
Governance
costs
£
£
125,531
-
4,269
-
23,197
-
21,175
-
4,669
-
6,899
-
15,107
-
87
-
3,306
-
33,697
-
-
-
12,830
-
317
-
-
-
-
12,000
-
16,896
-
4,000
251,084
32,896
12,554
8,223
238,530
24,673
251,084
32,896		 2020
Basis of allocation
£
125,531
Staff time
4,269
Staff time
23,197
Staff time
21,175
Staff time
4,669
Staff time
6,899
Staff time
15,107
Staff time
87
Staff time
3,306
Staff time
33,697
Staff time
-
Staff time
12,830
Staff time
317
Staff time
-
Staff time
12,000
Governance
16,896
Governance
4,000
Governance
283,980
20,777
263,203
283,980

Governance costs includes payments to the auditors of £ 8,750 (2020- £ 8,250 ) for audit fees.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2021
Number
27
2021
£
474,196
38,146
9,259
521,601		 2020
Number
18
2020
£
364,222
30,952
8,627
403,801

There were no employees whose annual remuneration was £60,000 or more.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

12 Tangible fixed assets

Event centre
£
Cost
At 1 January 2021
964,360
Additions
274,017
Disposals
-
At 31 December 2021
1,238,377
Depreciation and impairment
At 1 January 2021
15,639
Depreciation charged in the year
22,186
Eliminated in respect of disposals
-
At 31 December 2021
37,825
Carrying amount
At 31 December 2021
1,200,552
At 31 December 2020
948,721		 Plant and
equipment
£
321,058
108,942
(14,000)
416,000
43,400
48,836
(2,352)
89,884
326,116
277,658		 Fixtures,
fittings and
event
equipment
£
304,388
147,862
-
452,250
59,838
80,551
-
140,389
311,861
244,550		 Computers
and office
equipment
Locomotives,
trains and
rolling stock
£
£
25,975
2,403,285
8,986
232,500
-
-
34,961
2,635,785
10,585
-
7,675
-
-
-
18,260
-
16,701
2,635,785
15,390
2,403,285		 Total
£
4,019,066
772,307
(14,000)
4,777,373
129,462
159,248
(2,352)
286,358
4,491,015
3,889,604

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

13 Investments

The charity is the sole legal member of Statfold Narrow Guage Museum (Trading) Limited, a company incorporated in England and Wales and limited by guarantee. The company remained dormant during the year and has no assets.

14 Stocks

Museum guide books
15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2021
£
1,114
2021
£
3,605
29,981
48,296
81,882		 2020
£
300
2020
£
4,424
32,540
9,619
46,583

Trade debtors include the amount of £nil (2020: £3,600) due from G & CA Lee, a partnership in which certain of the Trustees hold a financial interest, £1,200 (2020: £1,200) due from Statfold Engineering Ltd, a company in which certain of the Trustees hold a financial interest, and £1,107 (2020: £nil) due from Statfold Seed Oil Developments Limited, a company in which certain of the Trustees hold a financial interest.

16 Loans and overdrafts

Bank loans
Payable within one year
Payable after one year		 2021
£
50,635
10,782
39,853		 2020
£
50,000
5,833
44,167

The charity has a bank loan comprising a 2.5% fixed rate loan totalling £50,000 repayable in equal instalments by June 2026, following a 12 month capital repayment holiday.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

17 Creditors: amounts falling due within one year

Notes
Bank loans
16
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2021
£
10,782
16,762
582,022
2,572
23,418
635,556		 2020
£
5,833
9,299
308,651
2,394
15,062
341,239

Trade creditors include the amount of £377,222 (2020: £263,898) due to G & CA Lee, a partnership in which certain of the Trustees have a financial interest, and £36 (2020: £10,682) due to Statfold Engineering Ltd, a company in which certain of the Trustees have a financial interest.

18 Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
2021 2020
Notes £ £
Bank loans 16 39,853 44,167

19 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £9,259 (2020 - £8,627).

20 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2021
£
1,000
1,000
2,000		 2020
£
-
-
-

STATFOLD NARROW GAUGE MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

21 Related party transactions

The charity's activities are located on land owned by Mr G Lee, one of the trustees, for which annual rent of £1,000 (2020: £nil) is paid.

The charity purchased goods and services in the amount of £131,324 (2020: £136,367) and recharged costs of £14,400 (2020: £14,400) to G & CA Lee, a partnership in which certain trustees have a financial interest.

The charity purchased goods and services in the amount of £43,051 (2020: £36,764) and received income of £17,939 (2020: £13,244) from Statfold Engineering Limited, a company in which certain trustees have a financial interest.

The charity received income of £1,107 (2020: £nil) from Statfold Seed Oil Developments Limited, a company in which certain trustees have a financial interest.

22
Cash generated from operations
Surplus for the year
Adjustments for:
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Cash generated from operations		 2021
2020
£
£
377,438
760,465
159,247
84,654
(814)
677
(35,299)
64,475
289,368
(178,968)
789,940
731,303