REGISTERED COMPLYY NUMBER: 11151087 (England Wales) REGISTERED CHARITY IYUMBER: 1183514 REPORT OF THE TRUSTEES AND INANCIAL STATEMENTS FOR THE YEAR ENDED JIST JANUARY 211 FOR OUNTY TR ITED BY G CiiWARD TLTD TE
CHURCHWARD COUNTY TRLIST LTD COMPANY LIMrrED BY GUARANTE£ TE Pa8¢ R¢port of th¢ Trnst¢¢s 1104 Indedent Examinevs Rewt Stat¢m¢ni of Financial Activities Balance She¢t No¢es io the Fina11 Ststements 8toll D¢toil¢d Stai¢m¢nt of Fin¢]*) Activities 12
CHURCHWARD COUNTY TRUST LTD A COI¥IPANY L lITED BY GUARANTEE REPORT OF THE TRUSTEES R THE YEAR EPDED 1ST JANLARY 2024 The stS who are also dirttioys of the charity foT the puryKiw of the Companies Act 2006, pres¢nt th¢ir rep)rt with the financial statements of the charity for the year entsl 31s1 January 2024. The truste45 have opted the provisions of ACCOUntll and Reporting by Charitses.. Stsment of Recommended Practice applicable lo charities preparing their accounts ill accOre with the Financial Reportin8 Sthnd8rd applicabk in the UK and Repubknc of Ireland IFRS 102) (effective l January 2015). OBJECTIVES AND ACTIVITILS ObJfftlw¢J and alrns This Is the sixth year for th¢ trust w¢ ple&s¢d to hav¢ Iwi knle to Ujttiinue to move forward despite the diffi¢uli conditions afflIng he wunlry a whok. Membership dropped slightly during the year and )W sthnd$ 41 73 b4ving gaitied 8 members and losing I I members in the year. We ate continuing to Taise fiuuL5 for the assembly of the frames of th¢ Iomotive &$ weil as the lo¢omotive cylinlkrs and the driving wheels although some of the appeals have been slow to Ill¢ inl¢resi. We laUh¢d a new appeal during the year for fi(ts for the emb}Y of the fron¢ end of th¢ Iw>moiiYe. Thi$ is the next stage in CODsITuclion and follows on from th¢ previows appeal for th¢ m4¢hittin8 of the ¢ylitid¢r8. The two CouDty names for the Forty Fund were athpwj this year $0 th•¢ s¢h¢m¢ 1$ oow fully Subribed. Our ¢ov¢ll4ntor ¢¢ is ¢Dabling g¢D¢rnt¢ regular mottthly iti¢otix¢ 8nd h&$ coniinued to attract memb¢r5 and h&5 ¢Dabled u8 predi¢¢ ¢sh flow ¢&sily. We were able to ruume 4tt¢nding ¢v¢n15 in the spring whi¢h ¢JwbltAI us to raise IM>th funds and public awareness of our mission. Unfortunat¢ly, to per50Dal issu¢5 with the main event sthff. we have noi been able ¢0 Carry this on th¢ Autumn galas the two key membets have had to step down from their roles. This will v¢rely our ability to rni8e awarene&s of our cause and rnise fimds from sales.. We hope to rd other m¢mb¢rs to step itito the8¢ role5 for th¢ mitig y¢ar. We laun¢h¢d # n¢w web si¢¢ ot th¢ end of th¢ y¢•r to impm¢ our si and to supplemeni our Faceknk presence. W¢ will con¢itiue to ¥tiY¢ly rnise awarene55 of our 8001 to tt-crtatr a Great Wesrn Railway'county class 44. O stearn locomotive using a rnixture of new and original cotnPODents. Wc corttinuc to prollhote membeIp of the charity and raise funds to a¢h1¢ ¢lwitsble aims through membership, SEK)nsorship, sales and appeals. FINANCIAL REVIEW The tnte¢S are happy with the F¢rforn]ance of the trust this yeaT and anti¢ipa the mom¢nturn will ¢ontinu¢ in the coming year. We thank all those who have donated io the trust in the l¥si year and 4160 those organisalions that have given us help and swrL The majority of funds are generated via a mixttwe of annual wb%riptions, together with monthly and ¢)ne-off donations for specific components of the locomotive. We are also linked io the E&syfimdraising web sites where people tan donate to the trust when buying items online from cenain internet shopping sites. Page I
HWARD TLTD TEE PORT R TUE YEAR ENDED 31ST JANUARY 2 Key Ilnnelai performte indieato The trusttts use cash flow forecastiti8 to eiisiire that there is likely to be sufficient funds available before commitments are made. This forecast i% U5xlated regulhrly 10 reflect the actual changes in knth illcome and expenditure &s the year progrrsses. FUndrthIK attd th¢ome g¢n¢ratloo We have 5ev¢T41 apFth to Trije incotne for wific parts of the pToiecL A of these follows. The Forty Futtd, whith stsrted three years ago fuwlly becall fully fiuthd with th¢ adoptions laking place At the be8intting of th¢ y¢tr. W¢ thank all m¢mb#s who hove port iti this fifftd som¢ more th Once. Tb¢ Cyllnder Fvrtd is now in its third y¢aT and wvers the wling and machining of ¢h¢ Cylind¢rg. This WOS Aimcd at r815ing £40,(J)O through 40 pwple donating £l,(KN) ch. After exrienCe with the Foty filnd we ¢hanged the paellI profile to include more smalleT paent optioTr$ to attract membeTS who were Dot able to ¢ommi¢ to the minimum of £125 per month of the Forty fimd. The fimd ¢umtly $tan¢ls ai 31 memt¢rs out of the 40 requ 4nd is a little behind where we would want to be despite offering smaller paent options. Since 8tartin8 this nd the $uppli¢r who w&s to ma¢hin¢ the ¢ylmd¢rs decided io r¢tire $0 w¢ art in th¢ pro¢es8 of 8i8wn8 ¢ontr8¢ts with 4 new supplier. HryKfully the ¢05ts slwuld come in a¢ around the ag Previous. Th¢ Courtty for ihe Co¥t of • Coffe¢ %h¢me w8s launthwj three year5 with th¢ obje¢tive being to enwurng¢ m¢mb¢rs to wrnmit to regular monthly paents over 5 ye5 with various levels of incentives based on the 4mount donated m¢)nth. The %hem¢ has altsled 15 Th¢mbu5 50 (ar, 4 6¢Yts on last yeaT. We $t8rted 4 new 108t year ¢0 rnis¢ in¢om¢ for th¢ a¢quisilioD of the m8teriAI for the drivirt8 ]¢$ and . rtLkchinin8 of the 50me, maehirting of the tw)gi¢ wheels the &ss¢mbly of the driving wh¢el sets. Th¢s¢ oppeo18 w¢re18wwha los1 Sept¢mber •tKI h4ve had slow wwnse so f4r whh we hop¢ will pi¢k up thi$ ye•r. The Compt)nent Spongor8blp scheme enables members to donate wwards the purchase of new or gecond-hand components and / or their refurbislllnertt. This is still provitig w be popular and we we eontÈnuin8 to release new components for sponsorship. As som¢ of it¢m$ 8T¢ qUlt¢ expensive monthly payineni plan5 gr¢ available. Hop¢fvlly fither fimdraising will be 4ble ¢0 tsk¢ place in the wming year with th¢ r¢sumption of op¢n days ai pr¢5¢rv¢d Trilways by the sale of a number of brwthj and SXODd-IwKI twks. InY¢8tment p•lky The fid5 raised aTe k¢pi in an iDstant a¢$5 bank accouni and aT¢ us¢d onty foT inv¢s1ing in the cwrenl PrOjt. Page 2
CHURCHWARD COUNTY TRUST LTD COLIIPAI¥Y LIMrrED BY GUARANTEE HE STRUCTURE, GOVERNANCE AND MANAGEMENT Governing docMmeDt The charity is controlled by its 8overnin8 d(Kumen4 a deed of and coDstityt¢s a ]imitr4J company, limited by 8uafdntee, as defmed by the Companics Aet 21KkS. REFERENCE AND ADMINISTRATIVE DETAUS Re218tered Company 11151087 (Englattd and Wales) Regl$¢¢red Chlrlty nwnber 1183514 Regl$¢¢rfd oflke 4 GTe¢n End Barns Rams¢y Road St. Ives Cambrhdgeshire PE27 5RH Trujtee Gary Boyd-H(ye Duncan Ballard Davtd Bradshaw Richard Crou¢her lan Towlln (retired I1.12.2023) Cfjmp*ny SecretAry Ian Towmson Bankt HSBC Bank PLC 2-6 Gallowtree Gate Leicester Independent Examlntr Henry Tac¢oni (FCA) Tacconi Green & Co 32a East Strttt St. lyes Cambs PE27 5PD Page 3
CHURCHWARD COUNTY TRUST LTD A COMPANY LIMrrED BY GUARANTEE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JANUARY 2024 TruBteeJ' Responjlbljltlu S¢atemeDt The trusieey are nwnsible for prq)amg the Tntres. Report and the financial staments in accordance with applicable law and United Kingdom Accouniing Stslldarth (United Kingdom Accepted Accounting Praciic¢). The law applicable io choriti&s in EnElalld & Wales requires the InteS pyepare fthancial statrmellts for each year wbich give a and fair view of the of the offairs of the clwlty Rnd of the incoming regousces and application of resourc of the clwity for that peri(Ml. Irt preparing these fthancial sthtem¢nts. th¢ tsustees are required tr>: sele¢t suilabk acwunting Frf)li¢ie5 and th¢D awyly them CODSiSt¢ntly' obseTve the tnetho&s #nd principles in the Charities SORP 2019 IFRS 102): ttthke judgernents and estimat¢s tha¢ are r¢ay)n8bl¢ and pruden stat¢ wh¢th¢r appli¢abl¢ Qu11n8 standaTth have beeu followe41 subjKI ¢0 any material depart di5clos¢d and ¢xplainwJ in the [¢181 slatements. prepare the fancIal sta¢¢menLS on the going concern b&sis unless il is inappropriate lo presume that the arity will continue in operation. The tnL5te¢s aTe [w$1ble for k¢epin8 accounting records tha¢ di%lose with rea%)thle accuracy at any time the fuwi¢ial position of the charity and enable them to ensure thai the financial stam¢nts comply with Clwilies Act 2011. the Charity IA¢c(wnts and Reports) Regulatsons 2008 and tTusI deed. They are also responsible for 5afeBuaTding the wets of the charity aTrJ hence for thking reasonable steps for the pr¢v¢nlion and de*¢tion of hud otheT irregulaTbti¢& This T¢PQrt been prepared in arxordance with the Special provisions of Part 15 of the Cornpani¢s Act 2006 relating lo small ¢ompaniu. Ap vcd by ord¢r ofthe boATd of on 27th July 2024 and Sign on its behalf by.. lan Tow7. Trustee Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHL1RCHIVAI COV.NTY TRL.ST LTD A COIMPALNI. LII¥IITED BY GuARTLE Independent eximlner's report to the trustees of Churebw#rd County Trn8t Ltd ('tbe CompDy') I report to the charity trustees on my examination of the accoullts of the Company for the year ended 31st Jattuary 2024 whi¢h ar¢ s¢t out OD pages 6 12. Responsibilities aDd bsi$ of report As the Charity's Inisttts of the Company (and also its directors foT the pwpOS of con]pany ]aw) you are responsible for the prepardiion of the accounts in accoTdao¢e with the Tequirements of the Con]paniu Act 2006 ('th¢ 2006 Acl'l. Having satisfied myself that the accouttts of the Compafty are not required be audid under Part 16 of the 26 Aci and are eligible for independent examination. I report in respeci of my examination of your eharitS S accounts as carried out under section 145 of thc Charitics Act 2011 ('the 2011 ACV). In c8rryin8 Out my examination I have followed the Directions giyen by the Charity Commi&%ion und¢r 5ry1ion 145(5) (b) of the 2011 Act. Independent examlTher'i statement I havc cornpleted my examination. l ¢ODflltn th•1 00 thatters have ¢ome to my attentioti iti ¢onneetion with th¢ ¢xamination giving m¢ b¢li¢v¢'. occounling r¢¢ords wtr¢ Dot k¢pt ID r¢sp¢¢i of th¢ Company &$ requir•1 by wtion 386 of th¢ 2006 A¢¢" or the ac¢ounts do not accord with th05¢ T¢wrds; or th¢ ac¢owits do nol c¢)mply with the ac¢ounling rcquir¢m¢nts of wtion 396 of the 2(K16 A¢1 other than Any requirem¢nt thai the aOnts giv¢ a true and fair view whi¢h is not a matter wTh8id¢red p4rt of 4n indwdcnt ¢x4mination' or the accounts have not been prepaTuJ in aOrdanCe with the methods and principles of the Ststemenl of Rwomm¢nded Pracb'¢e for i¢wuntlDg and r¢wTrrting by Charitics IHppli¢obl¢ to chariiics pr¢wing their a¢counLs in cordance with the Financial Reporting Stsnd4rd applicable in the UK and Republic of Ir¢land (FRS 102)]. I have no concerns and have come acTos8 no other ma¢rn in conn110 with the examill4tion to which attention thould be drawn in this report in order to enable a proper UnderIll8 of the accounts to be reachejj Henry Tacconi (FCA) Tacconi Green and Co A¢countants 32a Fast Str¢¢i SL Ives Cambs PE27 5PD Dat¢.. Page 5
CHURCHWARD COUNTY TRUST LTD COMPANY L EE TEMENT 2024 Total 2023 Total fimd INCOME AND ENDOWMENTS FROM Donations and sales 63,109 63.1(ffg 68,764 Total 63.109 63.109 68,764 EXPENDITURE ON Charit4ble expenses (6.129) (6.129) (8.371) NET INCOMEJIEXPENDITURE) 56.980 56.980 00.393 RECONCILIATION OF FUNDS TotAI fuDdi brougbt forvlard 268,536 268.536 208,143 TOTAL FUNDS CARIUED FORWARD 325 516 325 516 268 536 Th¢ notes forni part of these fjnanciai statements Page 6
CHURCHWARD COUNTY TRLST LTD A COMPANY LI1rTED BY GUARANTEE BALANCE SHEET AT 31ST JANUARY 2024 2024 Totsl 2023 Total fidS UwestrIcd R¢stri¢tal Notes FIXED ASSETS Tangible assets 96273 96273 96.273 CURRENT ASSETS Siock Debto C&4h at bank and in hand 120.692 120.692 7,064 101,804 118,772 8.690 48,136 101.804 229J60 229.560 175.598 CREDITORS Amounts falling due within one yeaT 1317) (317) (3,335) NET CURRENT ASSKTS 229 229 243 172 263 TOTAL ASSETS LESS CURRENT LIABILITIES 325.516 325.516 268.536 NET ASSETS 325 516 325516 268 536 FUNDS Unrestricted funds 325 516 268 536 TOTAL FUNDS 325 516 268 536 The charitable company is entitled io exemption from audii under s¢10 477 of th¢ Cotnpatii¢s Act 2006 for the year ended 3 1st January 2024. The membcrs have not wuired the company to obtaill an audit of its financia] statements for the year ¢nd¢d 318( January 2024 in &Ce with Section 476 of the Companies Act 2006. The tru5tCes acknowlcd8c thcir resporiblIltles for (ul ¢nsuring that the charitable company kccps *c(Athtill8 rttoyds that comply with Sections 386 and 387 of the Companie5 Act 2006 and preparing fuLan¢ial slatem¢nts which givc a true and fair view of the state of affaits of the charitable company as the ¢nd of each financial year and of its surplus or deficit for each financial Ye in ¢0[dance with the Teqyirem¢nts of Swti¢)ns 394 and 395 athd which otherwise Comply with the requirements of the Companies Act 2W6 relating to fala1 Statemen so faT 45 applible to the charitable compfiny. (bl These financial statements haye been prepared in Cordae wi subject to the small companies Yegime. SIODS applicable to clwitsble eonwanies Th ia tetllents were approv&1 by the Board of TnL8lees on27th July 2 were sign1 on its bebalf by.. lan Towns(m- Tnistee Vid Brn Page 7
CHLIICHWARD COLNTY TRUST LTD A COMPANY LIMrrED BY GUARANTEE NOTES TO THE FII¥Af4CIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2024 ACCOUIYTtNG POLICIES B#sls of preparln¥ the fin8Delal ittements The financial staternents of the clJan"table company. whxch is a public benefit entity under FRS 102, have b¢¢n prepared in accordartce with the Clwities SOF (FRS 102) 'Accounling and Reporting by Charitie5'. Stst¢ment of Recommended Prdctice applicable to chan.lies Prepari their accounts in accordance with th¢ Finan¢ial Rqjorting Standard applicablc in the UK and Republic of Ireland {FRS 102) (effective l January 2015),, Financial R¢porting Standard 102 The Financial ReEM)rting Startdard applicable in the UK and Republic of Ireland, and the Companies 2006. Th¢ fllhancial statcments have been pryared uThJer the hisrical cosi convention. Ineojne All income is recognised in the Ststement of Financial A¢liviti¢s On the charity has entitlement to the fimds. li is probable thai the income will be received and the amount can mMsur¢d 1]b]y. Expendlture Liabilities are reco8ni8ed as expenditure as soon as there is a legal OT cotru¢ve obligation ¢ommittin8 the charity to that eX1re. it is probable thai a transfer of economic benefits will b¢ required in settlement and the llOunt of the obligaiion can be tneasured Telthly. F.xpenth'wTe is a¢counied for on an ac¢ruals bagis and has bttn classified under headitJ8s that &88Ye88 all cosi related io the category. Where wsts ¢annot b¢ dire¢tly attributed io particular I88 thry have been &llocatrd activitie5 on a 5]9 COllSi8t¢nl with the use of r¢sources. Taxadon The chaTity 1$ exempt from corporation on its charithble aciivitie& Flxed A•set8 All eosls applied io the constnKtion of locotDouve 3840 aTe showm without deprltion whils¢ the 8SS¢i is under ¢onsuYciion. The deprecialion policy will be reviewed Once the locomolive n$trtiOn is ¢OtApl¢t¢d. Stocks Sio¢L4 are valued &1 the lower of COA and net rtalisoble value. Fulld ecouDtlng Unrestrictcd futmls can be used in accord with the c1w1]e objectives the diKretion of th¢ InL5tees. Restri¢ted funds can only be used for particular restricted puoSe$ within the obj¢cls of the charity. Restriction5 arise when specified by the donor or when funds are rnised for parti¢ulaT Testrict•l PUqKJse5. Furth¢r ¢xplan4ti¢m of tbe nature and purEM)se of each fiMMI is included in the nos to the financial slatem¢n¢y. TRUSTEES, REMULYERATION AND BEIYEFIIS There were no trustees, remuDera¢ion or oth¢r Ixn¢fits for the yeaT ended 315t January 2024 nor for the year ended 31st January 2023. Trns¢ees' expenges Travel expenses of £1.675 have been claimed by 5 directW5 in reSpt of travel to rneeting5 and attending events to promote the Trusts cause. There were £1.803 of trusiees, expertses paid for the year ended 3151 January 2023. Page 8
CHURCHWARD COUNTY TRUST LTD A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THK YEAR EliDED 31ST JANiyARY 2024 STAFF COSTS Dun'ng the year the ¢haTity did Doi •Dploy anykndy and sa]aries were paid. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES Uurestric*d fund R¢stricted Totsl fimds fund INCOME AND ENDOWMENTS FROM Donations and sales Total 68,764 68,764 EXPENDITURE ON Charitable expen8¢S Total (8.371) (8,371) NET INCOMEJ(EXPENDITURE) 60,393 60,393 RECONCILIATION OF FUNDS ToiAI futtdi brought forY44rd 208,143 208.143 TOTAL FUNDS CARRIED FORWARD 268 536 268 536 TANGIBLE FIXED ASSETS construction COST At Isi Febnwy 2023 Addilions Disposals 96,273 At 31st Jaauary 2024 DEPRECIATION At Isi Febnwy 2023 Charge for year At 315t Jaouary 2024 NET BOOK VALUE At 31st January 2024 96,273 At 31st January 2023 Page 9
CHURCHWARD COUNTY TRUST LTD A COMPANY LIMrrED BY GUAIL4NT THE FINAN DEBTORS: AMOUNTS FALLING DUE TllIN ONE YEAR 2024 2023 Gifi Aid recoverable VAT recovernble 6.662 401 7,2Th) CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accrned expenses 317 3.335 317 MOVEMENT IN FUNDS Net movement At 1.2.23 At31.1.24 Unre•trleted fuDds 268.536 56.980 325.516 TOTAL FUNDS 268 536 325 516 Net movancni in futth. included in the aly)ve *e as follows: Incomin8 ReWu¢S Mov¢ment in expended fvnds Unrejtritted lundi General fund 63,109 16.129) 56,980 TOTAL FUNDS Page 10
CHLIiCHWARD COUNTY TRtsST LTD A COMPANY LIMTTED BY GUARAN THE FIN MOVEMENT IN FUNDS- eontinued Compwatives for movement In fllDdB Net nmiement At 1.2.22 At31.1.23 Uftrutrkted Funds Generdl fund 208,143 60.393 268.536 TOTAL FUNDS 268 536 Comparative net ettnI irt fund& included in the above are as follows: Ill18 Resources Movement in expended funds Unrutrleted funds General furtd 68,764 (8.371) 60,393 TOTAL FUNDS A Current year 12 months and prior yrar 12 M¢11 combitiuj lon is a8 follows.. Net movement in fvnd Ai 1.2.22 At31.1.24 Unrutrlcted funds General fund 208 143 117373 325 516 TOTAL FUNDS 208 143 117373 325 516 A ¢urreni year 12 months and pnoT year 12 months ¢ombined movement in fund& included iti th¢ above arc follow5.. Inwming Rc50urces Movement in Tesourc¢s ¢xpended fund5 Unre•trleted funds Genernl fuNI 131873 117373 TOTAL FUNDS 131873 117373 Pagell
CHURCHWARD COUNTY TRUST LTD A COMPANY LIMrrED BY GUARANTEE DETAIL EMEYT OF FINANCIAL ACTIVITI T AUGUST 21124 RTHE 2024 2023 INCOME AND ELYDOWMENTS Donations MDd JaleB Donations Gift Aid Sales Donated goods Other income 52.187 9,431 1.276 200 15 51,514 9,802 720 3,920 2.808 Tot1 In¢omln8 reioiireej 63,109 68.764 EXPENDITURE Ch#rltAble txpen Fundraising trading- ¢ost of gthts sold Other fundraising activities Publicity and advertising Pos¢age Travel expenses Adminis¢rntion Accountancy Build costs 412 1,050 994 272 1.853 842 515 100 185 941 882 375 1,803 806 495 2.784 6.038 8.271 Flnn¢¢ Bank ch4rg 91 ICN) TotAI reM)ur¢es expended 6,129 8,371 Iyet ID¢omellexpeDdltur¢) This pag¢ not forni part of the ststutory fjnancial stht¢tTr¢nts Page 12