a)arity number: 244075 Company number: 826993 H*hw•yTrust Umlted la registered charity and a companv Ilmlted by guarantee) Unaudlted Report and Fln•fidJl Statements For ihe year ended 31 December 2023
HIGHWAY TRUST UMrrED (a reglstered charlty and a company Ilmlted by guarantee) Reports •nd fin•n¢i•l statements for the yearended 31 December 2023 Contents Company informatlon Trustee5 report 4-9 Independent examiners report ickii Statement of flnanclal actlvltles 12 Balance sheet 13 Notes to the financlal statements 14-19 The followln8 pales do not fomi p•rt of the ststutory flnandal ststements Detalled Income and expendlture accounts 20-21
HIGHWAY TRUST LIMrtED la registered tharity and a cornpany limited ty wrdntee) Report5 and financial ststernents for the year ended 31 Decernber 2023 COUNCIL OF MANAGEMENT Helen Norman (Chairl Colin Rawling (Treasurer) Ruth Briddock (Secretary) Heather Cameron Irene Mckay Rev Davld Crouchlèy rim Boaden SECRETARY Ruth Briddock REGISTEREO OFFICE Thornleigh The Esplanade Gran8e-over-Sands Cumbria LAII 7HH ACCOuPANTs R F Miller & Co Doubletree Court IOA CavendSsh Streèt Ulverston Cumbria LA12 7AD BANKERS The Co-operatlve Bank plc PO Box 250 Skelmeisdale WN8 bWT Natwest Business Bankin8 Business Banking Kendal 10 Elephant Yard Kendal CumbrSa iA9 4GS COMPANY NUMBEIL. 826993 Ernd and Wa1*5 CHARITY NUMBER: 144075
HIGHWAY TRUST UMITED (a reglstered charfty and a company Ilmlted by guaranteel Reports and finan¢i•l statements for the yearended 31 Decbeff 2023 TRUSTEES, REPORT The Trustees. who are also directors of the Charity for the purpose5 of the Companies Act, present their annual report and the unaudited finanual ststements for the year ended 31 December 2023. The financial statements have been prepared under the historical cost r.nnvpntinn, mndifipd tn inrlijdp thp. Tpvxliiatinn t)f rp.rtain fix&d 8%%pt£, and In ar.rnrflxnr.* wlth acceptable accounting policies. The financial sLitements have been prepared in accordance with the Statement of Recommended Practice ISORPI,"Accountin8 and Rèporting by Charitie5" issued In Ortober 2019 and the Flnandal Reportln8 Standard 102 {effectlve January 20191 and applicable a¢ntIng standards. 08JEcfs OF THE CHARtrY. PRINapAL AcfiviTIES AND ORGAN15ATION The Charlty Is constituted as a company limited by guarantee. and Is therefore governed by a Memorandum and Article5 of A55oclatlon. The Hlghway Trust grew out of an Athtsory Coundl representln8 Angllcan, Methodlst and Free Churthes. They were incorporated in IW to prowde facilities for the advancement of the Christian reli8ion initially through Highway Holldays whlch they had brou8ht Into being some twn y•ar£ PArlipr. nvpr thp. y•.ar% tsijr Artinns havp hpp.n rnnsistp.ntly applbpd tn this pffprt. In plannin8 our artlvitles for 2023 we have tsken Into conslderatlon the Charlty Commisslon's guidance on publlc benefft, and specrfically the gUIdar for the advancement of religion. On a regular basis the Trustees revlew our tharitable object and mlsslon statemenL Our Charltable Objert Is.. To further the Chr15tlan falth. To encourage Chrlstian artlon and mlsslon. To promote the cause of Chrlstlan Unity. niir mls%l<)n stxt•.mpnt is.. To provide a unique Christian dimension to holidays and hospltsllty, and reach out to others through social action and mission, to the glory of God. In the past we have perfomied our Mission Ststement In a number of ways but we have in the last few years focussed on seeking to give glory to God through offering travel and hospitality including opportunities for rest and recuperation in a Christian hotel. More details on our activities in 2023 are given below. The Highway Trusys Tru5tee5 are not paid in any way.
HIGHWAY TRUST LIMITED la reglstered charfty and a company Ilmlted by guarantee) Reports and financial statements for the year ended 31 Derember 2023 TRUSTEES. REPORT contlnued DEVELOPMENT, ACTivrriES AND ACHIEVEMEKfs IN 2023 The Hl8hwayTrust Throughout 2023 Highway Trust has been able to operate more fully than In the last few years, although glven the nature of the operation and the customers we appeal to, we have still not been able to reach our full potential. We have endeavoured to exceed the our customers needs and wishe5, by continuing with enhanced deaning and carrying out any other tasks to ensure customers book and then enjoy thelr stsv. Thomlelgh Hotel The Highway Trust has operated Thornleigh since 1973. Its inltial object was to provide "evangelism through lelsure. for those In the Chrlstlan falth. and thls remains Its object today. In the early year5, house parties came to GranBe-over-Sands to enjoy reasonably-priced holidays wlth like-minded people. The accommodation was fairly basic, as was the provision of food. In contrast, the current facilitles at Thornleigh are excellent and all the bedrooms are ensuite. The food is sourced locally and cooked fresh each meal. Careful planning of the menus gives a varlety of wholesome meals, a hlghlight whllst staylng at Thornlelgh. The whole hotel and award winr¢ing gardens are easily accessible for guests and visitors with mobility issues. The gardens are maintained by volunteers. In 2015, we athieved a Silver award for Cumbria in Bloom and a Silvpr in fifAnep in Blnnm. In ?nifi, wp wpnt nnp. hpttpr and Hr.hip¥pd a finld in firanep in Blnnm. Thornleigh is meticulously clean and the attention to detsil is clear for all to see. The loun8es have different styles of chairs to suit all guests and the rooms are clean and comfortable for guests to relax in and admire the view or chat to other guests staying. There is a150 a chapel whlch guests can use for qulet tlmes.
HIGHWAY TRUST UMITED la regtstered tharlty and a company Ilmlted by guarantee) Reports and flnandal ststements for the yearended 31 December 2023 TRUSTEES, REPORT contlnued There are four bedrooms on the ground floor th* give a¢cess suitsble for disabled guests and the less able-bodied. Nearby are tollet and shower faclllties for those of Ilmited mobility, including wheelchair users. A passenger lift enables guests to conveniently reach other floors. A loop system haq hpp.n in%tall•d at rpr.•ptit)n anrt In all piihllr. m¢)ms trt hplp thn%p wlth impxir•.d hparinE. In addition, a 'deafguard' is available to enable guests wrth difficulty in hearing to be awakened should the fire alarm be sounded during the night. Assistance do85 are permltted. Such addltional assistance makes Thornleigh welcomingi inclusive and accessible for a wide range of people. Overnight cover, wlth a tralned first- aideri give5 all guests pea of mind. The Thornleigh management Is committed to providing a pernal and caring service to its guests. Thornleigh gives the opportunlty to loin wlth people of slmllar Interests whllst on hollday. They feel safe and amon8St friends due to the family atmosphere of the hotel. We have many elderly guests who are holldaylng aloneforthe first tlme and we offer the space they need. Meals are served In a family style and all special diets are catered for. The kitchen Is maintslned to the hlghest of standards and Ss awarded the top grade of five stars by the EHO. Community activities and devotions are offered each evenin8. Although standards are comparable to a middle 8rade hotel, the tariff remains at an affordable level and any profit is re-invested either into the fabric of the premises or into supportln8 the work of the Highway Trust. ThornleSgh Is a non-profit maklng estsbllshment. Our employees sometlmes flnd Thornleigh challen8in8 to maintain the high standards experted but feel safe, secure and nurtured by belng part of the Thornlelgh Team. We feel we offer a safe and carlng workln8 envlronment for employees who may feel vulnerable about the work place. We actively encourage and support our staff In developln8 themselves further, Includlng SUPPOrtln8 further quallflcattons. We offer work placements to the local school. Thornlelgh Currently offers many Special Interest and Theme Breaks to Indivlduals who en5oy tsklng part in particular activities.. Creative Writingi Walkingi Enjoying Music, Gospel Singing, Bible Studv Weeks, Fellowship Holidays, Craft and Knittin& Paintlng Tuition, Genealo8y. Church Visits and gb%plrTrrlne thè npxrhy l akp nistrirt hy rnxr.h. filJ•%t% ran alsn r.¢)m• and jiist r•lAx find thp %pac•. they need. Church parties use the hotel for weekend conference5. churth holidays or one4ay events. Thornleigh provides local groups in the town, both religious and seojlar, with a place to meet. These include a monthly lunch for Age UKI provided at a redu cost, catering for the eldedy people in the community,. a fortnightly bible study for members of local thurches.. a self-help group for those who sijffgr frnm Fihrnmyalgia % M.F./C.FS and thp lJnivp.rsity nf the Third Aep IIJIAI. Wp. alsn prnvidp space for an 'artist in residence'_ presently a seventy year old local artist who was the founder of Prom Art, one of the largest outdoor Art events in the North We5L
HIGHWAY TRUST UMITED {a registered charlty and a Company Ilmtted by guarantee) Reports and Ilnancial statements forthe yr eoded 311)ecembw XJ23 TRUSTEES, REPORT contlnued The Hotel started a Development Fund in 2017. to receive donations induding those from guests and from the Frlends of Thornlelgh Hotel. Thls Fund was created to ass15t In the planned multl-year refurblshment of the Hotel. As at 31 December 2023 we have continued to fruS on other public areas. such as the rpr.pptinn ar(•a, and (Jn rdiJrhi%hine a niJmb•.r nf nijr hpdmr•m%, al<>ne with iiPErAdin£ staff accommodation we have on site. The Hotel also hès a Bursuary Fund whlth can provide grants to selected guests who, for various reasons. cannot afford to come on holiday. NOMInaOn$ for grants are recelved from thlrd partles, and the fund distributed on the basls of need alone. In strict confiden. The fund is available for partial, and sometlmes. ftsll payment of the net value of the beneficiarfs stsy. The fund is also available to provide fundlng for speclalist equipment that would be required for an individual or group to have a more fulfilling staytr such a5 rental of a wheel chair a¢sIble minbu5. During 2023 support contlnued for many local and natlonal charltles. Fund-rai51n8 was undertaken for: Chrlstlan Ald, Water Ald, Marie Curie, NCH Action for Children, NSPCC, A8e UK, Fix the Fells, Woodland Trust, Embrace and Grange-over-sands communlty plantln8. Thornleigh is committed Sn working responsibly to help the locol environmen( we were the first business In Grange to earn the Love my Beach certlficate. TRANSAcfioNS AND FINANaAL posmoN The Statement of Financial Activities shows a net surplus forthe year of £21.759 from ordlnary actlvltles. Total funds stand at £1,485,331 at the year end. TANGIBLE FIXED ASSETS FOR USE 8Y THE OIARITY Details of movements In fixed assets are set otrt In nots 5 to the accounts. The freehold land and bulldln8S were valued on 31 March 2023. The Trustees consider that this valuation reflects their value as at 31 December 2023 and so the freehold land and buildings have been included in these financial statements at thi% valijp. Thp Trii%tpp% )Iderthat the vèlije rtf 411 other xs5•ts eJT¢.eed the ¥aliie the.y are. inr.liided In the finandal statements.
HIGHWAYTRUST LIMITED (a re8lstered charlty and a company limited byguarnntsel Reports and fin•ncial ststements for the year endod 31 Detèmber 2023 TRUSTEES. REPORT continued RESERVES AND RISK MANAGEMErir During 2023, the hotsl ha5 been open in line with its usual schedule. and is now operating at previous levels of occupancy. The hotel has, found it difficultto retain and recrust staff, but the hotel is doing all it can to ensure staffing levels remain appropriate, to meet the hotels high levels of customer experien and service. whilst maintaining excellent value. We will continue to review the staffing situation and our underlying financial position. allowing us to support continued attivities at Thornleigh Hotel, the Charlty's subsldlary artlvttles, and the other charltat4e oblects ofthe Charlty, and therefore the Trustees consider the financial positlon of the Charity to be satlsfactory. The Charity has £1,482,123 of unrestrlcted funds at 31 December 2023. The Trustees actively revlew as part of their regular tM)ard meetin8s all potential areas of risk faced by the varlou5 arms of the Charity. Procedures are In place to tdenfy and mltlgate rlsks arlslng from adverse conditions. DIREcfoRS AND TRUSTEES The directors of the Company are the members of the council of management, whose names appear on page 3. All dlrectors are also Tru5tee5 of the Charlty. The Trustees are not [d In any wav. TRUSTEE5' RESPONSI8ILmES IN RELATION TO THE FINANaAL STATEMENTS Company law requlres the Trustees to prepare flnandal ststements for eath flnanclal year whlch glve a true and fair view of the state of affair5 of the Charity at the èftd of the financial year and of its surplus or select suitable accountin8 poliaes and then apply them consi5tentlyi make judgements and estlmatss that are reasonable and prudent.. state whether appllcable accountin8 stsndards have been followed, subject to any material departures dlsdosed and explalned in the flnandal ststements. iv. prepare the financial statements on the going concern basls.
HIGHWAY TRUST UMrrED {a re8iStered charity and a company limlted by guarantee) Reports and finantlal statements for the year ended 31 December 2023 TRUSTEES, REPORT conllnued TRUSTEES. RESPONSIBIUTIES IN RELATION TOTHE FINANOALSTATEMENtS contlnued The Trustees are responsible for maintaining proper accounting record5 which disclose wlth reasonable accuracy at any time the financial position of the Charsty and enable them to ensure that the financial statements comply with the Companies Act 1985. They are also responsible foi safeguarding the a55ets of the Charity and hence for taking rea50nable steps for the prevention and detectlon of fraud and other Irregularltles. 51gned on behalf of the Coundl of Management Ib ZOZ R BrSddock- Company Secretary Date approved by the Council
HIGHWAY TRUST LIMED (a registered tharlty al a company limited by guarantee) Reports and financial Statem for the year •ded 31 December 2023 INDEPENDEMf EXAMINER'S REPORTTOTHE TRUSTEES OF HIGHWAYTRUST UMtrED I report on the accounts of Highway Trust Limited for the year ended 31 December 2023, which are set out on pages 12 to 19. Respertlve responslbllltles of trustees and ex•mlner The trustees Iwho are also dlrectors of the company for the purposes of company lawl are responsible for the preparation of the accounts. The trustees consider that an audit is not requlred for th15 year under section 144121 of the Charities Act 2011 (the 2011 Artl and that an independent examination is needed. The charity's gross income exceeded £250,000 and l am qualified to undertake the examination bein8 a qualified member of the Institute of Chartered Accountants in England and Wales. Havlng statisfled myself that the char5ty is not subjert to audlt under MpanY law and Is ell8lble for Independent examlnatlon, It Is my responsibility to: examine the accounts under sertion 145 of the 2011 Act,. to follow the procedures lald down In the general Directions given by the Charity Commlsslon under sectlon 14515llbl of the 2011 Act,- and to state whether particular matters have come to my attention. Basls ot Independent eumlnerfs report My examlnatlon was carrled out In accordance with the general Dlrertlons given by the Charlty Cviiiiriibsivii. Ali exdriiiitdliuii illLlud¥s d l eview vf Llig dLLuuriiiri¥ reLuidb keyi by Ilie Llidi ilv and a comparision of the accounts presented wlth those records. It also include5 consideration of any unusual Items or dlscSosures In the accounts, and seeking explanatlons from you as trustees ConrnIng any SLtch matters. The procedures undertaken do not provide all the evidence that would be required in an audFt, and consequently no opion is given as to whether the accounts present a Irue and falr view. and the report is limited to those matters set out In the statement below. io
HIGHWAY TRUST UMITED la re8i$tered charity and a company limlred by guarnntee) eports •nd fin•nci315tstements fow the ended 31 De¢embw 2023 INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF HIGHWAYTRUST UMITED Independent eKamlnei's stsiement In connection wlth my examination, no matter has come to my attention: 111 which wves me reasonable cause to belleve that In any material respect the requirements: to keep accountlng records In accordance wth sectlon 386 of the Companies Art 2006,. and to prepare accoiints which accord with thp accoiinting records, comply wlth the accountlng requirements of 5ertion 396 of the Companies Act 2006 and wtth the methods and prfnclples of the Statement of Recommended Practice.. Accountin8 and Reporting by Charlties have not been met," or 121 to which, in my oplnlon, attenon should be drawn in order to enable a proper understandlng of the accounts to be reached. Anita Brook FCCA On behaw of R F Miller & Co 14 Ja-y Lo¢Y li
MIGHWAY TRUSTUMITED la registered charityand a MPn¥11M1l•d bywrnnt••l Rerts and finawKkl statern•nts for th• r •nd•d 31 O•cmlJ•r 2023 Staternentof finCilI •cti¥ttles Total Total 2022 INCOMING RESOURCES IKome •nd en¢kiwmentsfrom yMr•ted fvnds Donatknns and legacles 12,573 12,573 4,31 Income from Investments Incom• from ¢h•rlt•bl• •ctl¥ltl•s Charges to gue$ts- Thomlel8h Hot Other Income 466.851 26.926 466,851 66,140 425,618 20,985 39.214 TOTAL INCOME AND ENDOWMEMTS 51,787 493.777 $45,S64 450,9)9 EXPENDITURE ON Expendlture on charltablè acte$ Thornldgh hote 53,583 461,468 515,051 424,197 Trust 370 370 Governance costs 763 763 251 Other expendUre Interest 7.621 7,621 8.075 TOTAL EXPENIXTURE 53,583 470.222 523,805 432,903 Net Income / lexpendlturel 11.7961 23,555 21,759 IS,6 OTHER GAINSAND LOSSES Trnnsfer between reserves 118.1101 18.110 Captsllsed durkng year 14,9 114.9601 Galn on revaluatlon of Issets 811.229 Net movefflent In fund5 14.9461 26,705 21,759 829,235 Balances brought forward at l January 2023 8.154 1,455.417 1,463,572 634.337 Balan carfed forward * 31 Decernber2023 3.208 1.482.123 1.485,331 1,463.572 The Statement of Fknandal ArtNtties inthde5 èll gatns and losse5 recogni5ed in the year. The notss on page$ 14 to 19 form part of these finanual staternent&
HIGHWAY TRUST UMffED {• r•t•Md thirstyand a MmlE•d tywrnnt••l •l•nc• sh••t 2023 2022 FIXEDASSETS Tangible assets 1,624,226 1,577,B33 CURRENT A55T5 Stock Debtors Cash at b•nk and In hand 1.175 S7.135 166.702 225.012 920 9,115 231.3 241,838 CREDrroRS: du• vthln y• 1144.3%) 1120,8211 NETCURRENT AsseTS .617 121,017 TOTALASSETS LESS CURRENT LIA8ILmES 1.704.843 1.698.850 CREDifoRS: •mouhtshll du• th•r thm on•y••r 1219.5121 1235.2781 NET ASSETS IA85,331 1,463,572 INCOME FUNDS Restrlcted funds Unrestrlcted funds TOTAL FUNOS 5,2C¢ 1.482.123 1,485,331 8,154 1,455,418 1,463,572 For the year ended 31 December 2023 the cornparbv wa5 entItl to exemptk•n from audll s•rtlon 477 ot the Companles Act 2ts)6 relatlnq to 3m•ll ¢omp•nlw. Dlrector5' responslbllltles.. Th¢ mèmbers hav not requlred the ¢omp•ny to ¢bt•lTh •n •udltof Its •¢wunts for th• year In questlon In occordonce wlth sectlon 476.. and The dlre¢tors acknowled8e thelr repons1bllIS forc0mpIngw1th th• r•qulr•m•nts tsf th• A¢twlth r•sp¢rt to attoutttlthi records •nd the preporatlon ol occouThts These linand415taternnts ha¥• b••n pr•p•r•d In K(0¥¢• wh th• spec14 pro¥lstons appllcable to companie5 subj•¢t to th• small cornpanies reRlrr. These flnanclal 5tit•rynts were •pprov•d by th•intyl•es •rrfl •uthorfsed for ISS on •nd •re $18ned or* thelr beh•M bv.. Ik 2tbL Helen Nomian Ichalrl The notes on pws 14trt 19form part of these ffinaTrdal ststements. 13
HIfjHWAYTAusf UMITED la r¥lstred ¢harfty and • ¢omp•ny1lmlt ty•wr•ntee} Not•5 to the ffn•nrlal st•tOM forthe yt•rernl•d 31 December 2023 AccouKfiNfj pouaE5 Basls of A¢¢ountl The financlal ststernents have been prepared underthe h15torlcal cost convent5on. modified to Include th• revaluatlon of rtaIn fixed assets, and Sn accordance wlth aptable acwuntln8 poll¢ies. The financial ststements have been prepared In accordance wlth the Statement of Recommended Practlce ISORPI, 'Accountln8 and Reportlng by Charltles" Issued In October 2019•nd Ihe Flnènelal Reportln8 Standard 102 leffe¢tlve January 20191 and applkable accountlng stsndards. The Charfty hjs avjlled ltsewof Pèrngraph 411) ofsthedute i of the Cornponies Acl XQ6 •nd adopted the Cornpanles Act formats to refiect the spedal nature ofthe Charlty's C•sh flow st•t•ment The flnafttlal statemènts do not Indude • tash flow st4tmnt beeavse the eompany, as a small reportlng entlty. Is exernpt from the requlrernent to prepare such a 5taternent under the Finanoal Reporting Standard 102 leffective ljnujry 20151. Comp•hy itst The Charlty Is a ttmpany lImed by guarantee. The members of the eomyny are the servlng trustees. named o pa8e 3. In the tAl of the Charity beln8 wound up. th li•bllfty in respeet of the 8uarantee Is limed to £1 per member ol the Chlrty. Golnl ¢onc•m The trustees have concluded that It Is approprfate to prepare accounts on the golng concern ba515 as the Chèrlty wlll have adequate cash re50urces and flnanclal prolectlons Indkat¢ thjt the Charlty wlll contlnue to trade wlthln Its exlstln8 ènd ne8Otlated bank facllltle& Fund •¢countlnK General funds are unrestrfcted funds whlth are avallable for use at the dlscrrtlon gf the trustees In frJrtheraThce ol the general oblective5 of th* Chartty and which have not been desiBnated for other purposes. Re5tr5cted funds are funds which arè to be US in accofd4n with speciflc restrlctlons imposed by donors or whlch have been ra15ed by the Charity lor particular purposes. The ¢ost of iaisin8 Ind adminlsterln8 such funds are ehar8ed a$aIn ihe spe¢ffl¢ fvnd. The alm and use of e•ch restrlcted fund 15 set out In the notes to the financlal statements. Gov•rNnu costs Governan costs are the costs a5$0dated wlth the governance arrangernents of the Charity iftdudiftg accountancy costs and the neSary legal pr(Kedures for compllance wlth statutory quIreMents 14
HIGHWAY TRUST lImED (• ve8lstered chorlty a£ompwrylSmlled b¥wltel Note5tothe16nll11 st•twnErrt5f0rthtrl1end•d 31 Il•¢wnbe¥2023IMmlrnKdl T•n81bltflX Au•ts•nd doprttl•¥on T4bl[(ed a5set5 are5tated at CLbt less dwe¢¥•tth. Cost wrchase wketwhwwf(h arty Inddenta1£05ts fo CqU151tion. DepreciatiDn pr(v#led, danyvarrts rthab. atthefdlrwm¥aruaI rate5 inordertowrite L4f each a55el over it5 e5tirnated ul lrfe.. Freehold bulldIn- Th)rnW Hot and equipment Flxture5 3ndffrin Olficeequipmeni andfurnitw• .l%onkniWsC -5%onrc . 25% edn8 ba¢ae - 20%on redwin8 balavKe ThÈ land ¢letW clthe frethkl nd buWlr5 b5 devTed. Freehold land and bulldln85 areSnduded ¥•lukn b•s•d on •ts1kn8U Stk stockconstS of purchased saSfOr res Cost rtyre5ent ww¢lwsewet<wlrwtth athylntiderfal cos¢s cl •¢Qk)n. sio¢k Ls V8lued ar the ILwer of cosi net mltsablevalue. hems doNtedfor res•leL¥dtstritrMAh)n •renrt irKluded Intheflnancl stat4m•nts until tW ar•sold ordistrIbad. TraDSadh)rs lTrforeWI curren¢les are i¢ryded at the rnte rulwat d#e of ihetraffjartlon. Monwary a5S•t5•nd Il•bllltl•s •r• r•translated at the rat• ol•xcharw ruWnHat the ballShe1t dat•. drfference5 4rt¥ken totheSOFA. Flnan¢lal Instrumet)ts artt18sslf lor. xeLN¢Nn8tOiSth11 rlth• ¢(Mractual 1rr•nYnt,. a5 •i(h•rfinancl•l assds, f1nanc1al15a1IeS or equfty Imrumems. eql¥ lrfiium•m contrao that wld•ncos a re51dual Imerest Inthe a5set5 of the ¢omp•ny •ftersettllwa•ll ro rrts I1•11e1. 114COME IJ40 EIPEP401TVRE IrKgrr •nd •ndowm•nts Char845 to 8U•sts. ¢ll•nts and partknt5 thary51or thJ rtltted seNe5 eAdudlnq¥alueadded tax. Intome L5 recned whentSeIke has ffide¢L I11rOM sthcrlplkn •nddQn•t, Inv•5tnnt Incomeand Gfft Ald It)cluded when recew. The continuln8tradiryaciNkle5aftheccwpJrrywecawwbtdJh lrt Wt¢f1hèch4rf1ble0tectle5 set In tt$ PA01anduM of Issoclallon. otr Income ilud•S Gv¥•rnrnwrt and hx•lauthLvyv•rtJ in rtlrtthtotheLoVidlY p•rthTrK. IW hwebeattounted on an accruab basls. The Intere51 on Bounco 8ack Loan rèLatos to Imor£si th ha5 bttn pald orwlll bE pa diretttyfto Natwost Buslness 8ankin8to coverthe tnter5t free periodlorthe cuTherrt financral rbod. 01 r¢$ supwrt roprosents ixt51ne55 rates that Thornleigh F¢rrtel were iequlred io PAY, Buslness SUPP Grants r•pr•sent5 fundIreceIved1rOrn rnIah Hthe15 local authorttv. Imerest Bu51ne55 rat95 SUPPOrt Bwlne55 Support Grart5 1.261 1.689 15
HIGHWAYTRLAST UMifED l• r•8lstér•d charlty and • tomp¥ Ilmlt•d warants•) Not•s to th• Iln•nd•l st•t•m•ntsf•rtho •nd•d 31 D•(rnb•r 2023 IrfKrtlnu•dl INC<)ME AND EXPENDTWRE wntlnwd Exp•ndltyr• All exnditre is Ocwunted for on • 4ccru•l b45is and h•$13e¢n dassifi urbatT hEadinRS th•1 aggregate all costs related to that category. Separate ledgers are kept for each division Wth ensures all costs have been •lloot¢d to the ¥dfvOty that rt rdat¢sto. ANALY OF TOTAL EXPENDITURE Olr•L h•r St•ff Costs Allot4t•d D•w•d•tloTr Tot•1 2022 Dlr•rt ¢h•vlt•bl• •Mp•ndttur• Thornleigh Hotel Hl8hw•y Trust 141.848 256,464 44.235 370 44.605 14922 461,468 I.434 370 461,838 4C6.814 141.848 256,464 18,922 Oonatlon5 Bursary Fund Developrnent Fund Governance costs InList diat8 53.583 763 7.621 61,966 53,583 763 7.621 61,968 17.764 251 8.075 26,0gJ 141,848 256.464 I,573 14922 S23, 432,9J3 Staff costs- No •mFloyee •arned more than £60.CO) PJ. The overage number of emF4oyees wos 1512022.. 151 R•mun•r•tlon of K•y n1m•nt P•rsonn•l No rernuneratlon was pald to the trusteeslor ser¥kes as tru5teesduriw th• y••r12022: £NIII Oay to dév mana8ern*nt ol th hotel Is I1¢•t• to the Hotd M•n•gement Team and thelr remuner•tlon Is as follows.. Hotel rn•n•A•r Hotel a(tountant 41,190 6,203 37.581 5.450 Out of pocket expÈns¢s were re&Mrsed to thetrltstees as followj: 2023 2023 2022 Numb•r 238 16
HIGHWAYTrUST UMITED (• r••lst•rad ¢h•rlty•Thl • (•fflpwry Ilrnll•d by¢u•rwrtwl Not•s to th• ftnahd•l st•i•m•nts forth• yw•thd•d a11)•t•m 2023 lexrtlnu•d) NE[ MOVEMENT IN FUNOS FOR THE YEAR 2022 Thls Is stated after thar81w.' Dewedatlon totsn8lN• It¥•d •ss•ts IndtptndEnt eximinv5 f 18,922 14.072 TANGI8iE FIXEO AtsETS bumdlnp Tot•1 Equlpm•nt ffttln Equlpm•rt COSTOR REVALUAnoN At l January 2023 Addluons Revaluatlon Adlustsn¢nt D5swsals At 31 December 2023 1,605,899 53.739 155.XOI gJ,614 8,576 gJ.562 4.634 1.751.709 65,315 155.9cK)I 1,603,738 $9,1%1 93,562 4,634 1,761,124 DEPRECIATION At l January 2023 Char8e for year R•v•lu•tlon Adlu51rn•nt At 31 December 2023 55.9)) 12.5CQ 155,9)Jl 12.5CQ 37.351 76.291 3.567 4,334 61 173.876 18,922 I55,9} 136,898 40.146 79,858 4,395 NET 8OOK VALU£ 2023 1,591,238 19.044 13.704 239 1.624.226 NET BOOK VAWE 2022 1,549,999 13,263 14,271 1.577.833 The property at The Esplanade. fj4n8over.Sond5 W45 rv•lued 31 Marth 2023 by J Haley MRICS uf Edward Thompson LLP •t £l,SSO.(O). The tThtees conslder trvaluadon to lalrly renect the value of the property as at 31 DeCemr 2023. $0 has been rellected In the5• firwnd41 st•t•m•nts. Th• woptrty h•$ b••n r•valu¢d It f?Ir value throwh the statwnent Offiral •rtiviti•* Durin8 the year ended 31 DeMIr 2023 thtTru5t continued work on refurblshlng publlcaTeas. stsff accornmodatlon •nd W¢70rns. Rèlevant caphal costs Incurred Snthe refurbishment have been cataliSed at the year end, all other $ts have been charged to proltt and lossa(cot as part of the thdoprnent turK4. Al the Complrfion ofthe Wofk any further capltal costs wlll be cap1ts115od. Th• refuTbishm•nt15 hirqfunded p•rtty throOn•t1ns 11rdld In the dtr4eloFfflent fund) party from accumulated reserves. thrOh a further mort8a8e. Dvrlr8 2023 additional refuTbi5hrnent work on iccommodjtlon wa5 orrled out Indudiw maklrq o room x¢essible follwnglloothr caused by a burst plpe. Thls was funded partly the Insuran payout. 17
HIGHWAY TRUST UMtrED la reg5$tered charlty and a compary limited by8uarnnteel Notes to the firwncial st•lements for the ended 311)ecember 2023 (continued) DEBTORS- Arnounts due wlthln OM year 2023 2022 PTepayments Other debtors 54,027 3,108 57,135 IB 9,097 9,115 CASH AT 8ANK AND IN HAND 1023 2012 Unrestrlcted Restrirted 163,494 3,208 166,702 223,649 8,154 231,803 CREDITORS- •m(ntI f•llln8 wlthln on• y•r 2023 zo Mortgage Deposits re¢eld on account Other taxes •nd s1•1 se¢urlty Trade ¢reditors Other creditors and accruals Other Loans 10,123 37,171 15,495 65,118 10,871 5.617 144,395 9,979 34,331 14,880 16.491 39,577 5,563 120,821 CREDITORS- •rnounls f•lllrq due fter more than one 2023 2022 Mortgage Other Loans 185,972 33.540 219,512 196,117 39.161 235,278 The following ag8Tegate liabilitie5 disd05ed under creditors falling duè aftèr morè than onè yèar arè due for repayment after more than flve years from the balanct sheet datè= 124,313 173,107 The remaining term of the repayTnent mrtgage is 15 years and 10 months at the year end. The mortga8e is secured on the land and buildings at Thornlei8h Hotel 18
HIGHWAY TRiST UMITEO la r•glstered charlty and a Company limited by guardntee) Notes to the financial statement$ fortheyr ended 31 December 2023 Icortinued) 10 RESTRICTED FUNDS Total 2023 Total 2022 Fund Fund Openin8 balance Collections and donations during the year Other income 169 2,399 39.214 41.782 8,154 12,573 39,214 59.941 24,569 4,3L 10.174 18,159 28.875 Grants made during the year Transfer to/from Unrestricted Reserve Expenditure during the year Transferred to fed assets 12,9571 117,7641 153,5831 14.9 153,5831 14,960 At 31 December 2023 3,159 49 3,208 8,154 The Bursary Fund is monies collected from hotel guests and Friends of Thornleigh Hotel and other donations and used to subsldisè travellèrs in need of a5SiStan¢e. The Development Fund Tepre5enls monies collerted and used for ihe muttl-year refurbi5hmenl plan for the Hotel. 11 ANALYSIS OF NET ASS£T5 BETWEEN FlJt40S Restrkted Genernl Fund Fund Tot•1 Fund bal•ncM •t 31 D•c•mb•r 2023 •r• r•prnMnt•d br. Tangible fixed assets Current assets Current liabilltles Lon8 term liabilities L624,226 1,624,226 221, 225,012 1144,3951 1144,3951 1219,5121 1219,S121 3,208 Total net assets 3,208 1,482,123 1.485.331 12 CONTROL The charity was under the control of the trustees throughout the whole of the current and previous year.
HIGHWAY TRUST UMfTED la reglstL¥ed charfty and a company limlted by guarantee) HighwayTrust Income and Expenditure account fortheyear ended 31 December 2023 2023 2022 INCOME Subscriptlons and donations Other income Management charge to Thornlei6h Hotel 4,000 4,000 4,000 4,000 2023 2022 EXPENDITURE Council, secTetar5al. conference and trainin8 expense5 Accountancv Mlscellaneous 600 238 370 163 1,133 13 631 Surplus for the year 2,867 3,369 DSvlslon surplus/(deflctt) for the year Highway Trust Thornleigh Hotel 2,867 18,892 21,759 3,369 14,637 18,006 Thls page does not fom) part of the statutory accounts 20
MIGHWAYTRiIST IIMITED la registered tharlty and a company Ilmlted by 8u•rnntee) Thornlelgh Hotel Incorne and Expenditure accountlor the year ended 31 December 2023 2023 2022 INCOME Chzrgès to Hotèl guests Donations Other Income Job RettntSon Schemè Interest Business rates support Busines5 Support Grants 466,851 12,573 64,878 425.618 4,306 15,296 1.261 1,689 545,564 450,909 EXPENDITURE Provlslons Staff costs Premises and equlpment costs General and water rates Llght and heat Repairs and renewals Cleaning and laundry Activity break5 Books for resale 63.799 256,464 53,675 201,650 7,099 24,210 77.207 17,470 4,038 1,607 451,895 13556 24,446 48,125 13.895 5,084 1,420 361,851 Advertlslng ALtdlt and accountancy 8ank charges Insurance Prlnting and stationery Telephone and posta#e General expÈnse5 Mortgage Interest Management charge Subscrlptlons, Ilcences and donations 15.492 4.954 3,596 505 3,538 4,718 7.291 7,621 15.514 2,475 3,313 7.248 3,098 9,025 3,784 8,075 4,142 55,856 3,818 60,349 Depreciation= Freehold property Fixtures and fittings Office equipment Plant and equipment 12,SCKJ 3,568 60 2,794 18.922 6,447 4,757 75 2,793 14,072 Surplus/ Idellthl for the ye#r 18.892 14.637 This pa8e does not ftjrrn part of the Statutory accounts 21