TAUNTON MODEL ENGINEERS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
COMPANY REGISTERED NUMBER 3042204 CHARITY NUMBER 1178760
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TAUNTON MODEL ENGINEERS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
DIRECTORS
D J Hartland A E Cooke R T Griffiths B L Hart M Le Coyte P Mortimer D G Wood I Marks A F Gosling R Abel
COMPANY SECRETARY
M Le Coyte
R EGISTERED OFFICE AND PRINCIPAL OFFICE OF THE CHARITY
c/o Webb Engineering, Meteor House, Culmhead Business Centre, Culmhead Taunton TA3 7DY
COMPANY NUMBER
3042204
CHARITY NUMBER
1178760
BANKERS
Santander
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TAUNTON MODEL ENGINEERS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 DIRECTORS' REPORT
The Directors/Trustees present their report for the year ended 31 December 2023.
PRINCIPAL ACTIVITY
The principal activity of the Company is the construction and operation of models of engineering subjects for educational purposes. The Company is a company limited by guarantee, constituted under its Memorandum and Articles of Association. These latter contain full details of the principal objects for which it is established.
ORGANISATIONAL STRUCTURE
The Company is governed by its Board of Directors some of whom are Trustees of the Charity. The Board meets regularly to deal with the day to day management of the company and sub committees are convened, as and when necessary, to deal with particular projects..
Appointments to the Board are made by the membership in General Meeting.
Regular reviews are undertaken to assess what risks the Company and Charity might be exposed to and to mitigate those risks by changes to procedures and/or taking out appropriate insurance cover.
REVIEW OF ACTIVITIES
The company has been able to make considerable progress with the construction of the main building, subsidiary buildings and the railway tracks. Wildlife developments at the site include the planting of more trees to expand the biodiversity.
The year has largely been devoted to site development and fund raising. Unfortunately the presence of deep excavations has precluded the invitation of chldren to visit the site but this will again be possible in The year has largely been devoted to site development and fund raising. Unfortunately the presence of deep excavations has precluded the invitation of chldren to visit the site but this will again be possible in in the year 2024.
DIRECTORS and CHARITY TRUSTEES
The directors who served during the year were:
D J Hartland P Mortimer A E Cooke D G Wood R T Griffiths I Marks B L Hart A F Gosling M Le Coyte R Abel Trustees in the year were D J Hartland M Le Coyte R T Griffiths P Mortimer B L Hart D G Wood
The Company is Limited by Guarantee and does not have a share capital. Accordingly, no Director held any interest in share capital in the year.
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TAUNTON MODEL ENGINEERS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
SMALL COMPANY EXEMPTIONS
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
FINANCIAL RESERVES
Reserves held are allocated to the development of the site at West Buckland.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
Company Law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing those financial statements the Directors are required to:
Select suitable accounting policies and apply them consistently; Make judgements which are reasonable and prudent; Prepare financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ON BEHALF OF THE BOARD
M Le Coyte Secretary 12 March 2024
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TAUNTON MODEL ENGINEERS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| INCOMING RESOURCES | |||
| Activities in furtherance of the Charity's | |||
| objectives | |||
| Subscriptions | 4996 | 5395 | |
| Railway Income | 2951 | 1340 | |
| Donations | note 1 | 22071 | 9800 |
| Grants Received | 5287 | 5287 | |
| General Income | 6821 | 12447 | |
| Interest Received | 14 | 11 | |
| 42140 | 34280 | ||
| RESOURCES EXPENDED | |||
| Cost of activities in furtherance of the | |||
| Charity's objectives | |||
| Society Operational Costs | 6236 | 6199 | |
| Depreciation | 12484 | 11356 | |
| Total Resources Expended | 18720 | 17555 | |
| Net incoming Resources | 23420 | 16725 | |
| Net movement in funds | 23420 | 16725 | |
| Total funds brought forward | 138837 | 122112 | |
| Total funds carried forward | 162257 | 138837 |
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TAUNTON MODEL ENGINEERS BALANCE SHEET AS AT 31ST DECEMBER 2023
| Fixed Assets Tangible Assets note 4 Current Assets Stocks note1 Prepayments Debtors Cash at Bank and in Hand Current Liabilities Loans Creditors note 6 Net current assets Total assets less current liabilities Amounts falling due after one year note 7 Net assets Funds of the Charity |
2023 £ 238961 238961 0 484 5527 5969 11980 0 7242 7242 4738 243699 81442 162257 162257 |
2022 £ 225972 |
|---|---|---|
| 225972 | ||
| 0 410 964 5667 |
||
| 7041 | ||
| 500 6947 |
||
| 7447 | ||
| -406 | ||
| 225566 | ||
| 86729 | ||
| 138837 | ||
| 138837 |
In approving these financial statements as directors of the company, we confirm that: For the year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies Directors' responsibilities:
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts, and also the requirements of SORP 2000 relating to the preparation of accounts for Charities
These accounts were approved by the Board of Directors on 12 March 2024
Signed DJ Hartland, Chairman
The notes on pages 6, 7 and 8 form part of these financial statements
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TAUNTON MODEL ENGINEERS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023
1 ACCOUNTING POLICIES
Basis of accounting
The accounts have been prepared under the historic cost convention on a going concern basis.
Tangible fixed assets
Fixed assets are shown at net book value as at the date of becoming a charity plus additions at cost less accumulated depreciation since the date of becoming a charity.
Depreciation on Plant and Equipment is provided at 20% per annum on a reducing balance basis. Buildings and railway track are depreciated at 5% per annum on a straight line basis. No depreciation is provided in respect of the freehold land.
Stocks
Stocks are stated at the lower of cost or net realisable value.
Taxation
Corporation tax is not provided on the basis that the Company is a Registered Charity and exempt.
Turnover
Turnover includes the Gift Aid tax credit where appropriate.
Recognition of Liabilities
Liabilities are recognized as soon as contractual obligation has been entered into.
Material Incoming Resources
Material incoming resources are recognized on a receivable basis except in the case of Capital Grants. These are recognised on a straight line basis over the anticipated life of the asset acquired with the grant.
The Net Incoming Resources is stated after charging/crediting:
2023 2022 £ £ Depreciation 12484 11356
2 NET INCOMING RESOURCES
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TAUNTON MODEL ENGINEERS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023
| 3 | INTEREST RECEIVABLE AND SIMILAR INCOME | INTEREST RECEIVABLE AND SIMILAR INCOME | INTEREST RECEIVABLE AND SIMILAR INCOME | ||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| £ | £ | ||||
| Bank interest receivable | 14 | 11 | |||
| 4 | TANGIBLE FIXED ASSETS | ||||
| Land | Buildings Plant and | Total | |||
| and Track Equipment | |||||
| £ | £ | £ | £ | ||
| COST | |||||
| As at 31 December 2022 | 41400 | 209899 | 10860 | 262159 | |
| Additions during year | 25066 | 407 | 25473 | ||
| At 31 December 2023 | 41400 | 234965 | 11267 | 287632 | |
| DEPRECIATION | |||||
| As at 31 December 2022 | 29451 | 6736 | 36187 | ||
| Additions during year | 11578 | 906 | 12484 | ||
| At 31 December 2023 | 0 | 41029 | 7642 | 48671 | |
| NET BOOK VALUE | |||||
| At 31 December 2022 | 41400 | 155761 | 4976 | 202137 | |
| At 31 December 2023 | 41400 | 193936 | 3625 | 238961 | |
| 5 | PREPAYMENTS | 2023 | 2022 | ||
| £ | £ | ||||
| Insurance premiums paid in advance | 484 | 410 | |||
| 6 | CREDITORS | ||||
| Subscriptions paid in advance | 1955 | 1660 | |||
| Deferred Grant | 5287 | 5287 | |||
| 7 | Creditors | ||||
| Amounts falling due after one year | |||||
| Deferred Grant | 81442 | 86729 |
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TAUNTON MODEL ENGINEERS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023
- 7 CALLED UP SHARE CAPITAL
The company is limited by guarantee and does not have a share capital.
- 8 RESERVES
| RESERVES | |
|---|---|
| As at 1 January 2023 Net Incoming Resources At 31 December 2023 |
£ 138837 23420 |
| 162257 |
TAUNTON MODEL ENGINEERS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
INDEPENDENT EXAMINER'S REPORT
Report to the Trustees/Directors of Taunton Model Engineers on the accounts for the year ended 31st December 2023 set out on pages 4 to 8 inclusive. Charity Number 1178760, Company Number 3042204
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2023.
As the charity's trustees of the Company (who are also directors of the Company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ("the 2006 act").
Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 1345 of the Charities Act 2011 ("the 2011 Act"). In carrying out my examination, I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act
I have completed my examination, I confirm that no material matters have come to my attention which gives me cause to believe that:
accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
the accounts do not accord with such records; or
the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirements that the accounts give a "true and fair" view which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the Charities SORP (FRS102).
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.
Signed R E J Herriot 12 March 2024 2024
43 Lion D'Angers, Wiveliscombe, Taunton, Somerset. TA4 2PN