Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
**Registered number: 01130628 Charity number: 266374**
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED**
**(A Company Limited by Guarantee)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 29 FEBRUARY 2024**
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Company, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 5|
|**Independent Auditors' Report on the Financial Statements**|6 - 10|
|**Consolidated Statement of Financial Activities**|11|
|**Consolidated Balance Sheet**|12 - 13|
|**Company Balance Sheet**|14 - 15|
|**Consolidated Statement of Cash Flows**|16|
|**Notes to the Financial Statements**|17 - 40|
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 29 FEBRUARY 2024**
|**Trustees**|C R Leah, Chair|
|---|---|
||C Bustard|
||R Ellis|
||A Gardner-Collis|
||P A Meade|
||J Phillips|
||J F Wilson|
|**Company registered**
**number**
01130628
**Charity registered**
**number**
266374
**Registered office**
Bressingham Steam Museum
Low Road
Diss
Norfolk
IP22 2AA
**Company secretary**
J F Wilson
**Independent auditors**
Peters Elworthy & Moore
Chartered Accountants
Salisbury House
Station Road
Cambridge
CB1 2LA
**Bankers**
Lloyds Bank Plc
3 Market Hill
Diss
Norfolk
IP22 4JZ
**Solicitors**
Gudgeons Prentice
Buttermarket
Stowmarket
Suffolk
IP14 1ED
**Insurers**
Insurance Risk Solutions
Dettingden House
Dettingden Way
Bury St. Edmunds
Suffolk
IP33 3TU||
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Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024**
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of the company for the year 1 March 2023 to 29 February 2024. The Annual Report serves the purposes of both a Trustees' Report and a Directors' Report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102); (second edition of the Charities SORP October 2019).
Since the group and the company qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
## **OBJECTIVES AND ACTIVITIES**
## **Policies and objectives**
The objective and principal activity of the charity is the preservation of a collection of steam engines and other heritage assets of the steam age for the benefit of the public. To achieve this objective, sufficient numbers of visitors need to be attracted in order to finance the range of activities carried out. An associated part of the attraction is the extensive range of gardens immediately adjacent and included in the offer to the public.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. The Museum relies on volunteers in significant measure for its operation and much of its restoration work. The operation of the rides, presentation of the exhibits and work around the site is carried out by some 120 volunteers, of whom some 60 are a core resource who work regularly.
Paid staff during 2023/24 comprised 7 bodies (some part time), plus 10 seasonal staff at the height of summer.
## **Review of activities**
The Trustees are pleased to report that visitor numbers in 2023/24 were 77,736. This was the highest number since 2010. A very positive Channel Four documentary “Inside the steam museum” had undoubtedly contributed to the high number.
Staff and volunteers have worked through the year under the guidance and encouragement of the new General Manager to maintain the full range of advertised activities and carry out further site improvement to improve the environment and customer experience.
New drainage was installed in the main Exhibition and cafe areas to endure that we are fully compliant with all current standards. Several areas were resurfaced. New guards’ cabins were installed and a new cabin at the overflow garden entrance. The IT system was updated and office refurbished. Additional outdoor playground equipment was obtained and disabled access to the area improved to make the facility more easily accessible to all.
The new catering arrangements continued to do very well, the high season separate ice cream outlet being especially successful. The souvenirs shop was refurbished and new stock lines successfully introduced. A second Christmas ‘grotto’ was opened to accommodate additional visitors as the Christmas offering is proving to be extremely popular.
Track renewals and maintenance was carried out during the winter closed period on the Fenn and Waveney Lines and a long term renewals plan has been developed for the Garden Line as per the business plan and the Five Year Vision for the Museum.
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Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024**
The ‘Sholto’ and ‘Martello’ locomotives were returned to service and Fenn Line and Waveney Line carriage wheels have been re-profiled. Further work was carried out on the Gallopers steam engine and on the Krupps locomotive. The decision was taken that a new boiler would be the best way forward in bringing the latter back to steam, in line with the long term plan.
In the meantime this project has had to be temporarily put on hold, however, pending some urgent previously unplanned major expenditure on replacing the Museum’s waste water drainage system.
The area adjacent to the Waveney Line platform previously occupied by a small time fairground operator was cleared for landscaping and to make provision for exhibition of additional steam operated exhibits.
## **FINANCIAL REVIEW**
## **Overview**
Total income for the year 2023/24 was £1,039,821 (2022/2023: £828,830) and total expenditure was £1,003,909 (2022/23: £903,142).
Of the income for the year £814,805 was generated by the “gate receipts” and £63,101 from associated Gift Aid.
The net surplus for the year was £35,912 (2022/23: net deficit of £74,312).
Total funds at the year end 29th February 2024 were £2,864,467 (2022/23: £2,828,555) of which £23,481 (2022/23: £13,916) were restricted and £2,840,986 (2022/23: £2,814,639) were unrestricted. Within unrestricted funds, £724,670 has been designated, representing the book value of the Charity's core heritage assets.
## **Fundraising**
The policy of the Trustees is to budget cautiously each year while maintaining steady momentum in site management and exhibit restoration. Special funding appeals will be made for specific projects.
## **Reserves Policy**
The policy of the Trustees is to maintain sufficient free reserves to ensure it can withstand unexpected fluctuations in income and expenditure. Cash reserves are currently maintained at £150k which is in line to with three months expenditure without cash income. The Charity’s full reserves at 29 February 2024 (total unrestricted funds less fixed assets) were £339,019, which is in line with the target.
## **RISKS AND MITIGATIONS**
The Trustees maintain a full Risk Register which is regularly reviewed at the meetings of the Trustees and action taken as required.
## **Income generation**
Macro-economic uncertainty continues. A first risk is the impact of continuing inflation and its impact on disposable incomes and financial confidence of the Museum’s existing and potential customers. A second is the degree to which “staycations” may remain at the current level or fall.
Mitigations within the control of the Museum to maintain and increase visitor numbers comprise firstly to ensure reliable delivery of the “product”, namely that all the rides and facilities are delivered as advertised, and secondly to increase and improve where possible. Care in pricing will be essential to attract customers while ensuring that costs are adequately covered.
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Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
**BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **Operations**
A risk to the above objective is potential shortage of volunteers which may limit full operation of the rides and other facilities. Priority will therefore be given to recruitment and speedy training, especially of steam drivers.
## **PLANS FOR FUTURE PERIODS**
Although site assessments have now been completed the full reconstruction of the narrow gauge locomotive shed will be implemented in 2024/25.
A ten year programme of loco boiler repair and renewals is being developed and a separate fund has been established to the plan being implemented. A programme of tree inspections and safety management has been implemented in line with the site lease conditions.
Also to be carried out during the winter of 2024/25 will be full renewal of the waste water treatment system. This is a major programme of work to ensure full compliance with latest regulations. Restoration of the Krupps locomotive “Mannertreu” is on hold pending additional funds becoming available.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The charity is a charitable company limited by guarantee and is governed by its Memorandum and Articles of Association.
The charity’s organisational structure comprises the Board of Trustees who direct the business through a General Manager. The subsidiary business (Bressingham Souvenirs) is directed by a sub committee of three of the Trustees, who in turn report to the Main Board. Day to day running of the shop is also managed through the General Manager.
The Trustees undertake all policy, budgetary and acquisitions/disposals decisions. Day to day management of paid and unpaid staff is carried out through the General Manager. In the absence of the General Manager, these duties fall to the Deputy General Manager.
The Board of Trustees have the power to appoint additional Trustees to a maximum of ten. At every Annual General Meeting the longest serving Trustee or Trustees retire by rotation. They are then eligible for re-election.
Trustees are selected according to the specific skills and experience requirements that the existing Trustees have identified. Selected candidates are invited to attend a meeting of the Trustees and outline the qualities they can bring to the charity. The Trustees then discuss the candidates in camera and successful candidates are advised of the decision and invited to join.
As Trustees are selected to meet specific skills or experience requirements no formal technical training is given. They are, however, briefed on the history of the charity and its objectives. They are also made aware of their responsibilities and are provided with the Charity Commission guidance on the responsibilities of a trustee. They also receive a comprehensive health and safety briefing. Further, they are encouraged as part of the induction process to carry out some of the activities performed by the Volunteers around the site.
No specific benchmarks are employed in setting the parameters for staff payment, including that of senior staff, other than a broad regard of current payment, inflation and competitive ‘going rates’. The government ‘living wage’ criteria are also observed.
The charity is wholly independent and free standing. It exists, however, within the wider ‘family’ of preserved railways throughout the country, with whom it co-operates as occasion may arise and from and to whom exhibits may be hired and/or displayed. It also has contact with other tourist attractions throughout Norfolk and Suffolk
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Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
**BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024**
with whom market information may be exchanged, the General Manager being one of the directors of the Norfolk & Suffolk Tourist Attractions consortium.
## **INFORMATION ON FUNDRAISING PRACTICES**
No professional fundraisers are used; nor is it the Museum’s policy to use them. Fundraising is generally low key with donation points around the site and occasional more widely advertised appeals for specific restoration projects through the specialist press. No complaints have ever been received to the knowledge of the Trustees.
With Accreditation of the Museum there has been increased activity in seeking grants for specific projects.
## **STATEMENT OF TRUSTEES' REPONSIBILITIES**
The Trustees (who are also the directors of the company for the purposes 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. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the group and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
**C R Leah Chair of Trustees**
Date: 28 November 2024
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Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED**
## **QUALIFIED OPINION**
We have audited the financial statements of Bressingham Steam Preservation Company Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the possible effects of the matters described in the basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 29 February 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **BASIS FOR QUALIFIED OPINION**
We were not appointed as auditors of the group or of the parent charitable company until after the 29 February 2024 and thus did not observe the counting of physical stocks value at £77,932 at the end of the financial year. We have been unable to obtain sufficient and appropriate audit evidence around the existence and condition of this stock by alternative means. Consequently we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustment to the stock balance to be required, the Trustees' Report would also need to be amended.
We conducted the audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of the report. We are independent of the Group in accordance with the ethical requirements that are relevant to the audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and have fulfilled the other ethical responsibilities in accordance with these requirements. We believe that the audit evidence have obtained is sufficient and appropriate to provide a basis for the qualified opinion.
## **CONCLUSIONS RELATING TO GOING CONCERN**
In auditing the financial statements, 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 have performed, have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company'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.
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Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (CONTINUED)**
## **OTHER INFORMATION**
The other information comprises the information included in the Annual Report other than the financial statements and the Auditors' 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, except to the extent otherwise explicitly stated in the report, 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 the knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If identify such material inconsistencies or apparent material misstatements, are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work have performed, conclude that there is a material misstatement of this other information, are required to report that fact.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock quantities of £77,932 held at 29 February 2024. We have concluded that where the other information refers to the stock balance or related balances such as cost of sales, it may be materially misstated for the same reason.
## **OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006**
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in the opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Trustees' Report has been prepared in accordance with applicable legal requirements.
## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION**
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, have not identified material misstatements in the Trustees' Report.
Arising solely from the limitation on the scope of our work relating to stock, referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose
- of our audit; and
- we were unable to determine whether adequate accounting records have been kept.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in the opinion:
- returns adequate for the audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
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Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
**BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (CONTINUED)**
## **RESPONSIBILITIES OF TRUSTEES**
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes 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 Group's and the parent charitable company'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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
## **AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS**
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 Auditors' Report that includes the 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with the responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which the procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Charities Act 2011 and taxation legislation;
- in addition, we considered provisions of other laws and regulations which do not have a direct effect on the charity's financial statements but which may be fundamental to the charity's ability to operate or avoid material penalties;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (CONTINUED)**
To address the risk of fraud through management bias and override of controls, we;
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions; and
- we evaluated the assumptions and judgements used by management within significant accounting estimates and assessed whether these indicated evidence of management bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation; and
- enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of the responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of the Auditors' Report.
## **OTHER MATTERS - COMPARATIVES**
The financial statements of Bressingham Steam Preservation Company Limited were unaudited for the year ended 28 February 2023 as the charitable company was eligible for audit exemption. Accordingly the comparative information has not been subject to audit.
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Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (CONTINUED)**
## **USE OF OUR REPORT**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that might state to the charitable company's members those matters are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for the audit work, for this report, or for the opinions have formed.
## **Michael Hewett (Senior Statutory Auditor)**
for and on behalf of **Peters Elworthy & Moore** Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA
Date: 28 November 2024
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Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 29 FEBRUARY 2024**
|**Note**
**INCOME FROM:**
Donations
3
Charitable activities
8
Other trading activities - commercial
trading
6
Investments
7
Other income
5
**TOTAL INCOME**
**EXPENDITURE ON:**
Raising funds
9
Charitable activities
10
**TOTAL EXPENDITURE**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
22
Net movement in funds
**TOTAL FUNDS CARRIED FORWARD**
22|**Unrestricted**
**funds**
**2024**
**£**
**68,148**
**814,805**
**132,987**
**571**
**-**
**1,016,511**
**81,089**
**909,075**
**990,164**
**26,347**
**2,814,639**
**26,347**
**2,840,986**|**Restricted**
**funds**
**2024**
**£**
**23,310**
**-**
**-**
**-**
**-**
**23,310**
**-**
**13,745**
**13,745**
**9,565**
**13,916**
**9,565**
**23,481**|**Total**
**funds**
**2024**
**£**
**91,458**
**814,805**
**132,987**
**571**
**-**
**1,039,821**
**81,089**
**922,820**
**1,003,909**
**35,912**
**2,828,555**
**35,912**
**2,864,467**|Total
funds
2023
£
53,277
654,683
90,123
82
30,665
828,830
74,606
828,536
903,142
(74,312)
2,902,867
(74,312)
2,828,555|
|---|---|---|---|---|
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 17 to 40 form part of these financial statements.
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Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 01130628**
## **CONSOLIDATED BALANCE SHEET AS AT 29 FEBRUARY 2024**
|**Note**
**FIXED ASSETS**
Tangible assets
13
Heritage assets
14
**CURRENT ASSETS**
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
Creditors: amounts falling due after more
than one year
20
**TOTAL NET ASSETS**
**CHARITY FUNDS**
Restricted funds
22
Unrestricted funds
22
**TOTAL FUNDS**|**76,411**
**49,801**
**351,108**
**477,320**
**(102,320)**|**29 February**
**2024**
**£**
**401,397**
**2,100,570**
**2,501,967**
**375,000**
**2,876,967**
**(12,500)**
**2,864,467**
**23,481**
**2,840,986**
**2,864,467**|Unaudited 28
February
2023
£
431,384
2,067,170
2,498,554
69,922
26,412
371,520
467,854
(115,353)
352,501
2,851,055
(22,500)
2,828,555
13,916
2,814,639
2,828,555|
|---|---|---|---|
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
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# **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED**
**(A Company Limited by Guarantee) REGISTERED NUMBER: 01130628**
# **CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 29 FEBRUARY 2024**
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
## **C R Leah Chair of Trustees**
## Date: 28 November 2024
The notes on pages 17 to 40 form part of these financial statements.
Page 13
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 01130628**
## **COMPANY BALANCE SHEET AS AT 29 FEBRUARY 2024**
|**Note**
**FIXED ASSETS**
Tangible assets
13
Heritage assets
14
Investments
15
**CURRENT ASSETS**
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
Creditors: amounts falling due after more
than one year
20
**TOTAL NET ASSETS**
**CHARITY FUNDS**
Restricted funds
22
Unrestricted funds
22
**TOTAL FUNDS**|**42,792**
**101,498**
**350,457**
**494,747**
**(94,137)**|**29 February**
**2024**
**£**
**398,614**
**2,100,570**
**100**
**2,499,284**
**400,610**
**2,899,894**
**(12,500)**
**2,887,394**
**36,502**
**2,850,892**
**2,887,394**|Unaudited 28
February
2023
£
426,052
2,067,170
100
2,493,322
47,318
63,130
370,870
481,318
(88,711)
392,607
2,885,929
(22,500)
2,863,429
13,916
2,849,513
2,863,429|
|---|---|---|---|
The Company's net movement in funds for the year was £23,965 (2023 - £(71,384)).
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
Page 14
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
**BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 01130628**
# **COMPANY BALANCE SHEET (CONTINUED) AS AT 29 FEBRUARY 2024**
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
**C R Leah**
**Chair of Trustees**
> Date: 28 November 2024
The notes on pages 17 to 40 form part of these financial statements.
Page 15
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 29 FEBRUARY 2024**
|**Note**
**CASH FLOWS FROM OPERATING ACTIVITIES**
Net cash used in operating activities
24
**CASH FLOWS FROM INVESTING ACTIVITIES**
Dividends, interests and rents from investments
Purchase of tangible fixed assets
**NET CASH USED IN INVESTING ACTIVITIES**
**CASH FLOWS FROM FINANCING ACTIVITIES**
Repayments of borrowing
Interest paid
**NET CASH USED IN FINANCING ACTIVITIES**
**CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR**
Cash and cash equivalents at the beginning of the year
**CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR**
25|**2024**
**£**
**55,504**
**571**
**(65,790)**
**(65,219)**
**(10,000)**
**(697)**
**(10,697)**
**(20,412)**
**371,520**
**351,108**|Unaudited
2023
£
(25,455)
82
(33,567)
**(33,485)**
(17,746)
(1,033)
**(18,779)**
**(77,719)**
449,239
371,520|
|---|---|---|
The notes on pages 17 to 40 form part of these financial statements
Page 16
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
**BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **1. ACCOUNTING POLICIES**
## **1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Bressingham Steam Preservation Company Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. The surplus of the parent charity for the year for Companies Act purposes is £575 (2023 - deficit of £(71,384)).
## **1.2 GOING CONCERN**
The Trustees have considered budgets to 28 February 2026 and beyond and as result have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis.
There are no material uncertainties in relation to going concern.
## **1.3 COMPANY STATUS**
The Company is a company limited by guarantee and incorporated in England. The members of the Company are the trustees named on the reference and administrative details page of these financial statements. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £5 per member of the Company.
The Company's registered office is shown in the Reference and Administrative Details section on page 1
Page 17
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **1. ACCOUNTING POLICIES (CONTINUED)**
## **1.4 FUND ACCOUNTING**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
## **1.5 INCOME**
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Admissions income is recognised on the date of admission. The subsidiary’s turnover comprises shop sales and franchise fee income. Shop sales are recognised when the goods are supplied. Franchise fee income is recognised in the period to which it relates.
Donations income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income can be measured reliably. Entitlement is considered to have arisen immediately upon receipt of the donation.
Heritage assets which are donated, are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where a reliable valuation of the gifted asset cannot be obtained.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
All income is recognised exclusive of VAT.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **1.6 EXPENDITURE**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Page 18
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **1. ACCOUNTING POLICIES (CONTINUED)**
## **1.6 EXPENDITURE (CONTINUED)**
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. Support costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
All expenditure is inclusive of irrecoverable VAT.
## **1.7 INTEREST RECEIVABLE**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **1.8 TANGIBLE FIXED ASSETS AND DEPRECIATION**
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases:
|Leasehold property|- 2 - 20% straight-line|
|---|---|
|Plant and machinery|- 5 - 25% straight-line and reducing balance|
|Event assets|- 25% straight-line|
|Other fixed assets|- 25% straight-line|
## **1.9 HERITAGE ASSETS**
The Museum's collection of steam engines is reported in the balance sheet at fair value. With effect from 1 March 2016, costs incurred in bringing a static exhibit into operational use are capitalised. Advice on valuations is received from professional auctioneers and valuation agents, Cheffins of Cambridge. With steam engines the most expensive part to maintain is the boiler and boilers have a life of 7 years before they are required to be restored professionally, through the Museum's engineering insurance. Engines in the first few years of the 7-year boiler certificate are valued more highly than those approaching the end of the 7-year period when costly repairs are more likely. The valuations are therefore taken at the mid-boiler certificate average. The trustees are satisfied that the current valuation in the financial statements is representative but are in the process of obtaining a current valuation.
The Museum maintains certain steam engines in full working order and any maintenance costs are charged to the Statement of Financial Activities. The engines are more likely to appreciate in value than depreciate and they have in relative terms, an infinite length of life; depreciation is therefore not charged.
The assets of the Museum are held on an asset register which is divided into core and non-core assets. In general terms, the core assets are those which the Museum wishes to retain to meet its
Page 19
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
**BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **1. ACCOUNTING POLICIES (CONTINUED)**
## **1.9 HERITAGE ASSETS (CONTINUED)**
collection policy and its charitable objectives. The non-core items also form an integral part of the collection but are not necessarily vital to the achievement of the objectives. These non-core items may, with the agreement and direction of the Trustees be disposed of in order to provide funds to enhance the core aspects of the collection. However, in some instances the Trustees may decide to dispose of core items in the interests of enhancing the collection as a whole. For example, an engine which cannot be restored to running order at Bressingham for which the Museum has no facility to operate, may be disposed of in order that it can be restored and displayed elsewhere in the heritage sector.
The associated collection of railway memorabilia and artefacts is not recognised in the balance sheet because it would be of insignificant value and because the cost of the valuation process could not be justified. Nearly all items are of low value (less than £50), but some items are worth more (some rare books in particular) but no individual item is believed to have a value of more than £500. New additions to the collection are almost invariably by donations and as such items are at the lower end of the value scale.
The Museum's management policy in respect of its heritage assets is summarised at Note 13 below. Further details are held in the Museum's handbook on the collection and also full records are held electronically by the Museum's curator, who provides information to the public on request.
## **1.10 INVESTMENTS**
Investments in subsidiaries are valued at cost.
Investments in subsidiaries are valued at cost less provision for impairment.
## **1.11 OPERATING LEASES**
Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term.
## **1.12 STOCKS**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
## **1.13 DEBTORS**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **1.14 CASH AT BANK AND IN HAND**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 20
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **1. ACCOUNTING POLICIES (CONTINUED)**
## **1.15 LIABILITIES AND PROVISIONS**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
## **1.16 FINANCIAL INSTRUMENTS**
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **1.17 PENSIONS**
The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.
## **2. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT**
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
## **Valuation of heritage assets**
The valuation of heritage assets is subject to many assumptions. The trustees have had the heritage assets professionally valued by Jeremy Curzon MNAVA of Cheffins vintage auctions and Martyn Ashworth of HTS Limited, respectively. Heritage assets are valued at £2,100,570 in these financial statements. The trustees are satisfied that the current valuation in the financial statements is representative but are in the process of obtaining a current valuation.
Page 21
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **3. INCOME FROM DONATIONS**
|**Unrestricted**
**funds**
**2024**
**£**
Donations and gifts
5,047
Donations under Gift Aid
63,101
68,148
TOTAL 2023
45,126|**Restricted**
**funds**
**2024**
**£**
23,310
-
23,310
8,151|**Total**
**funds**
**2024**
**£**
**28,357**
**63,101**
**91,458**
53,277|Total
funds
2023
(unaudited)
£
14,232
39,045|
|---|---|---|---|
||||53,277|
|||||
## **4. DONATIONS UNDER GIFT AID**
During the year the Company applied for Gift Aid relief in respect of donations made by the public. The total Gift Aid received during the year was £63,101 on admissions of £261,508 (2023 - £39,045 on gross donations and admissions of £156,180).
## **5. OTHER INCOME**
|Proceeds from insurance claim
TOTAL 2023|**Unrestricted**
**funds**
**2024**
**£**
-
30,665|**Total**
**funds**
**2024**
**£**
**-**
30,665|Total
funds
2023
(unaudited)
£
30,665|
|---|---|---|---|
|||||
During the prior year, the Company received £30,665 from its insurers to repair roof damage caused by a storm.
Page 22
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **6. FUNDRAISING INCOME**
Sundry income includes the sale of guide books to visitors.
## **Income from non charitable trading activities**
|**Unrestricted**
**funds**
**2024**
**£**
Miscellaneous
29,201
Gift shop and cafe income
103,786
132,987
TOTAL 2023
90,123|**Total**
**funds**
**2024**
**£**
**29,201**
**103,786**
**132,987**
90,123|Total
funds
2023
(unaudited)
£
7,695
82,428|
|---|---|---|
|||90,123|
||||
## **7. INVESTMENT INCOME**
|**Unrestricted**
**funds**
**2024**
**£**
Bank interest received
571
TOTAL 2023
82|**Total**
**funds**
**2024**
**£**
**571**
82|Total
funds
2023
(unaudited)
£
82|
|---|---|---|
||||
Page 23
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **8. INCOME FROM CHARITABLE ACTIVITIES**
|**Unrestricted**
**funds**
**2024**
**£**
Admissions
814,805
TOTAL 2023
654,683|**Total**
**funds**
**2024**
**£**
**814,805**
654,683|Total
funds
2023
(unaudited)
£
654,683|
|---|---|---|
||||
## **9. EXPENDITURE ON RAISING FUNDS**
## **OTHER TRADING EXPENSES**
|**Unrestricted**
**funds**
**2024**
**£**
Gift shop and cafe expenses
57,404
Gift shop and cafe staff costs
23,478
Administration expenses
207
81,089
TOTAL 2023
74,606|**Total**
**funds**
**2024**
**£**
**57,404**
**23,478**
**207**
**81,089**
74,606|Total
funds
2023
(unaudited)
£
59,485
15,121
-|
|---|---|---|
|||74,606|
||||
Page 24
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **10. ANALYSIS OF EXPENDITURE BY ACTIVITIES**
|Preservation of steam engines
TOTAL 2023|**Activities**
**undertaken**
**directly**
**2024**
**£**
730,014
684,531|**Support &**
**governance**
**costs**
**2024**
**£**
192,806
144,005|**Total**
**funds**
**2024**
**£**
**922,820**
828,536|Total
funds
2023
(unaudited)
£
828,536|
|---|---|---|---|---|
||||||
In 2022, £13,745 of charitable activities were restricted (2023: £14,450).
Page 25
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **10. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)**
## **ANALYSIS OF DIRECT COSTS**
|Staff costs
Garden costs & consumables
Maintenance & plant leasing
Fuel
Depreciation
Other running costs|**Total**
**funds**
**2024**
**£**
**265,727**
**112,857**
**166,548**
**22,108**
**59,827**
**102,947**
**730,014**|Total
funds
2023
(unaudited)
£
234,088
112,857
147,825
36,562
62,091
91,108|
|---|---|---|
|||684,531|
## **ANALYSIS OF SUPPORT COSTS**
|Office rent & receivables
Heat & light
Insurances
Telephone, radio, and stationery
Travel
Bank charges
Bank interest
Advertising
Professional accountancy costs (governance)|**Total**
**funds**
**2024**
**£**
**785**
**62,206**
**41,545**
**26,583**
**11,300**
**8,038**
**697**
**18,269**
**23,383**
**192,806**|Total
funds
2023
(unaudited)
£
1,805
43,816
36,756
27,118
6,367
5,810
941
10,580
10,812|
|---|---|---|
|||144,005|
## **11. AUDITORS' REMUNERATION**
The auditors' remuneration amounts to an auditor fee of £17,200 _(_ 2023 _-_ £3,960 _)_ , and accountancy services of £5,500 (2023 - £6,642).
Page 26
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **12. STAFF COSTS**
|Wages and salaries
Social security costs
Other pension costs|**Group**
**2024**
**£**
**262,679**
**15,814**
**10,712**
**289,205**|Group
2023
(unaudited)
£
229,143
11,540
8,526
249,209|**Company**
**2024**
**£**
**239,201**
**15,814**
**10,712**
**265,727**|Company
2023
(unaudited)
£
214,022
11,540
8,526|
|---|---|---|---|---|
|||||234,088|
The average number of persons employed by the Company during the year was as follows:
|Engineering
Office
General maintenance
Seasonal
Souvenirs|**Group**
**2024**
**No.**
**2**
**4**
**2**
**10**
**1**
**19**|Group
2023
(unaudited)
No.
2
4
2
12
1|
|---|---|---|
||||
|||21|
No employee received remuneration amounting to more than £60,000 in either year.
The key management personnel of the Company comprise the Trustees, General Manager and Deputy General Manager. No Trustees received any remuneration or benefits in kind from the Company during the year ended 29 February 2024 (2023 - £NIL). The total employee benefits, including employer's national insurance and pension contributions, of the key management personnel of the group during the year were £50,640 (2023 - £53,206).
During the year, expenses totalling £1,609 (2023: £1,261) were paid directly or reimbursed to two trustees (2023: one trustee). These expenses related to legal fees, the steam boat, consumables and refreshments.
Page 27
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **13. TANGIBLE FIXED ASSETS**
## **GROUP**
|**COST**
At 1 March 2023 (unaudited)
Additions
At 29 February 2024
**DEPRECIATION**
At 1 March 2023
Charge for the year
At 29 February 2024
**NET BOOK VALUE**
At 29 February 2024
At 28 February 2023
(unaudited)|**Long-term**
**leasehold**
**property**
**£**
**845,031**
**9,043**
**854,074**
**470,119**
**36,415**
**506,534**
**347,540**
374,912|**Plant and**
**machinery Event assets**
**£**
**£**
**338,288**
**45,874**
**17,249**
**6,098**
**355,537**
**51,972**
**306,530**
**21,160**
**14,366**
**11,596**
**320,896**
**32,756**
**34,641**
**19,216**
31,758
24,714|**Other fixed**
**assets**
**£**
**180,419**
**-**
**180,419**
**180,419**
**-**
**180,419**
**-**
-|**Total**
**£**
**1,409,612**
**32,390**|
|---|---|---|---|---|
|||||**1,442,002**|
|||||**978,228**
**62,377**|
|||||**1,040,605**|
||||||
|||||**401,397**|
|||||431,384|
Page 28
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **13. TANGIBLE FIXED ASSETS (CONTINUED)**
## **COMPANY**
|**COST**
At 1 March 2023 (unaudited)
Additions
At 29 February 2024
**DEPRECIATION**
At 1 March 2023
Charge for the year
At 29 February 2024
**NET BOOK VALUE**
At 29 February 2024
At 28 February 2023
(unaudited)|**Long-term**
**leasehold**
**property**
**£**
**845,031**
**9,043**
**854,074**
**470,119**
**36,415**
**506,534**
**347,540**
374,912|**Plant and**
**machinery Event assets**
**£**
**£**
**291,741**
**45,874**
**17,249**
**6,098**
**308,990**
**51,972**
**265,315**
**21,160**
**11,817**
**11,596**
**277,132**
**32,756**
**31,858**
**19,216**
26,426
24,714|**Other fixed**
**assets**
**£**
**180,419**
**-**
**180,419**
**180,419**
**-**
**180,419**
**-**
-|**Total**
**£**
**1,363,065**
**32,390**|
|---|---|---|---|---|
|||||**1,395,455**|
|||||**937,013**
**59,828**|
|||||**996,841**|
||||||
|||||**398,614**|
|||||426,052|
Page 29
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **14. HERITAGE ASSETS**
## **GROUP AND COMPANY**
## **Assets recognised at valuation**
|Carrying value at 1 March 2023 (unaudited)
Additions|**Heritage**
**assets**
**2024**
**£**
2,067,170
33,400
2,100,570|**Total**
**2024**
**£**
**2,067,170**
**33,400**|
|---|---|---|
|||**2,100,570**|
Heritage assets were professionally valued by Jeremy Curzon MNAVA of Cheffins vintage auctions and Martyn Ashworth of HTS Limited in May and September 2017, respectively. The basis of the valuation was fair value. The historic cost of heritage assets is £400,976 (2023 - £400,976).
## **Analysis of heritage asset transactions**
## **GROUP AND COMPANY**
|**ADDITIONS**
Purchases
**TOTAL ADDITIONS**|**29 February**
**2024**
**£**
33,400
33,400|**29 February**
**2023**
**£**
-
-|**29 February**
**2022**
**£**
5,950
5,950|**29 February**
**2021**
**£**
-
-|**29 February**
**2020**
**£**
-|
|---|---|---|---|---|---|
|||||||
||||||-|
The Museum maintains a collection of 24 steam engines and 25 smaller pumps, turbines and mill engines. It is the policy of the Museum that as far as practical all these assets be on view to the general public. The exceptions are when an engine is off site on hire or loan to another museum, or being repaired.
The collection of railway memorabilia is held on display to the public in a dedicated display gallery and as additional relevant items around the locomotive sheds.
Page 30
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **15. FIXED ASSET INVESTMENTS**
|**COMPANY**
**COST**
At 1 March 2023 (unaudited)
AT 29 FEBRUARY 2024
**NET BOOK VALUE**
AT 29 FEBRUARY 2024
AT 28 FEBRUARY 2023|**Investments**
**in**
**subsidiary**
**companies**
**£**
**100**|
|---|---|
||**100**|
|||
||**100**|
||100|
## **16. PRINCIPAL SUBSIDIARIES**
The following was a subsidiary undertaking of the Company:
**Name Company Registered office or principal Principal activity number place of business** Bressingham Souvenirs Limited 04390354 Thetford Road, Bressingham, Merchandise sales Norfolk, IP22 2AB and operation of café
**Class of Holding Included in shares consolidation** Ordinary 100% Yes
The financial results of the subsidiary for the year were:
|**Name**|**Income**|**Expenditure**|**Profit/(Loss)**|**Net**|
|---|---|---|---|---|
||**£**|**£**|**/ Surplus/**|**liabilities**|
||||**(Deficit) for**|**£**|
||||**the year**||
||||**£**||
|Bressingham Souvenirs Limited|**103,786**|**(68,172)**|**11,947**|**22,927**|
Page 31
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **17. STOCKS**
|||**Group**|Group|**Company**|Company|
|---|---|---|---|---|---|
||**29**|**February**|28 February|**29 February**|28 February|
||||2023||2023|
|||**2024**|(unaudited)|**2024**|(unaudited)|
|||**£**|£|**£**|£|
|Raw materials and goods for resale||**76,411**|69,922|**42,792**|47,318|
## **18. DEBTORS**
|**DUE WITHIN ONE YEAR**
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Tax recoverable|**Group**
**29 February**
**2024**
**£**
**31,322**
**-**
**1,965**
**2,314**
**14,200**
**49,801**|Group
28 February
2023
(unaudited)
£
19,758
-
4,467
2,149
38
26,412|**Company**
**29 February**
**2024**
**£**
**7,619**
**75,400**
**1,965**
**2,314**
**14,200**
**101,498**|Company
28 February
2023
(unaudited)
£
453
56,023
4,467
2,149
38|
|---|---|---|---|---|
||||||
|||||63,130|
## **19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Bank loans
Other loans (Note 29)
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|**Group**
**29 February**
**2024**
**£**
**10,000**
**10,000**
**38,881**
**6,150**
**4,706**
**32,583**
**102,320**|Group
28 February
2023
(unaudited)
£
10,000
10,000
61,438
7,415
4,706
21,794
115,353|**Company**
**29 February**
**2024**
**£**
**10,000**
**10,000**
**35,507**
**4,731**
**4,706**
**29,193**
**94,137**|Company
28 February
2023
(unaudited)
£
10,000
10,000
41,822
3,469
4,706
18,714|
|---|---|---|---|---|
||||||
|||||88,711|
Bank loans due within one year comprise a Coronavirus Bounce Back Loan of £10,000 (2023 - £10,000) which was drawn down in May 2020. Interest is charged at 2.5% per annum. The loan is unsecured.
Page 32
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
|Deferred income at 1 March 2023 (unaudited)
Resources deferred during the year
Amounts released from previous periods
**Deferred income at 29 February 2024**|**Group**
**29 February**
**2024**
**£**
**6,948**
**2,416**
**(6,948)**
**2,416**|Group
28 February
2023
(unaudited)
£
8,411
-
(1,463)
6,948|**Company**
**29 February**
**2024**
**£**
**6,948**
**2,416**
**(6,948)**
**2,416**|Company
28 February
2023
(unaudited)
£
8,411
-
(1,463)|
|---|---|---|---|---|
||||||
|||||6,948|
Deferred income comprises bookings received in advance.
## **20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
|**Group**
**29 February**
**2024**
**£**
Bank loans
**12,500**
Included within the above are amounts falling due as follows:
**Group**
**29 February**
**2024**
**£**
**BETWEEN ONE AND TWO YEARS**
Bank loans
**12,500**
**BETWEEN TWO AND FIVE YEARS**
Bank loans
**-**||Group
28 February
2023
(unaudited)
£
22,500
Group
28 February
2023
(unaudited)
£
10,000
12,500|**Company**
**29 February**
**2024**
**£**
**12,500**
**Company**
**29 February**
**2024**
**£**
**12,500**
**-**|Company
28 February
2023
(unaudited)
£
22,500|
|---|---|---|---|---|
|||||Company
28 February
2023
(unaudited)
£
10,000|
|||||12,500|
Bank loans due in more than one year comprise a Coronavirus Bounce Back Loan, which was drawn down in May 2020. No interest was payable in the first 12 months. Interest is now charged at 2.5% per annum. The loan is repayable by monthly instalments, with final payment due by May 2026.
Page 33
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **21. FINANCIAL INSTRUMENTS**
||**Group**|Group|**Company**|Company|
|---|---|---|---|---|
||**29 February**|28 February|**29 February**|28 February|
|||2023||2023|
||**2024**|(unaudited)|**2024**|(unaudited)|
||**£**|£|**£**|£|
|**FINANCIAL ASSETS**|||||
|Financial assets measured at fair value|||||
|through income and expenditure|**351,108**|371,520|**350,457**|370,870|
Page 34
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **22. STATEMENT OF FUNDS**
## **STATEMENT OF FUNDS - CURRENT YEAR**
|**UNRESTRICTED FUNDS**
**DESIGNATED FUNDS**
Designated Funds - all funds
**GENERAL FUNDS**
General Funds - all funds
**TOTAL UNRESTRICTED FUNDS**
**RESTRICTED FUNDS**
Restoration projects
**TOTAL OF FUNDS**|**Balance at 1**
**March 2023**
**£**
**724,670**
**2,089,969**
**2,814,639**
**13,916**
**2,828,555**|**Income**
**£**
**-**
**1,016,511**
**1,016,511**
**23,310**
**1,039,821**|**Expenditure**
**£**
**-**
**(990,164)**
**(990,164)**
**(13,745)**
**(1,003,909)**|**Balance at**
**29 February**
**2024**
**£**
**724,670**|
|---|---|---|---|---|
|||||**2,116,316**|
|||||**2,840,986**|
|||||**23,481**|
|||||**2,864,467**|
## **Designated funds**
The Trustees have established a designated fund to maintain the value of the Charity's core assets.
Included within general and designated funds is a revaluation reserve of £1,737,899 (2023 - £1,737,899).
## **Restricted funds**
There are several ongoing restoration projects. The monies received relate to specific restoration projects.
Page 35
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **22. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR (UNAUDITED)**
|**UNRESTRICTED FUNDS**
**DESIGNATED FUNDS**
Designated Funds
**GENERAL FUNDS**
General funds
Subsidiary
**TOTAL UNRESTRICTED FUNDS**
**RESTRICTED FUNDS**
Restoration projects
**TOTAL OF FUNDS**|Balance at
1 March
2022
£
724,670
2,189,927
(31,945)
2,157,982
2,882,652
20,215
2,902,867|Income
£
-
738,251
82,428
820,679
820,679
8,151
828,830|Expenditure
£
-
(803,610)
(85,082)
(888,692)
(888,692)
(14,450)
(903,142)|Balance at
28 February
2023
£
724,670
2,124,568
(34,599)
2,089,969
2,814,639
13,916
2,828,555|
|---|---|---|---|---|
Page 36
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **23. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD**
||**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|
||**funds**|**funds**|**funds**|
||**29 February**|**29 February**|**29 February**|
||**2024**|**2024**|**2024**|
||**£**|**£**|**£**|
|Tangible fixed assets|401,397|-|**401,397**|
|Heritage assets|2,100,570|-|**2,100,570**|
|Current assets|453,839|23,481|**477,320**|
|Creditors due within one year|(102,320)|-|**(102,320)**|
|Creditors due in more than one year|(12,500)|-|**(12,500)**|
|**TOTAL**|2,840,986|23,481|**2,864,467**|
|**ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD - UNAUDITED**||||
||Unrestricted|Restricted|Total|
||funds|funds|funds|
||28 February|28 February|28 February|
||2023|2023|2023|
||£|£|£|
|Tangible fixed assets|431,384|-|431,384|
|Heritage assets|2,067,170|-|2,067,170|
|Current assets|453,938|13,916|467,854|
|Creditors due within one year|(115,353)|-|(115,353)|
|Creditors due in more than one year|(22,500)|-|(22,500)|
|**TOTAL**|2,814,639|13,916|2,828,555|
|||||
Page 37
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 24. ACTIVITIES**
|Net income/expenditure for the period (as per Statement of Financial
Activities)
**ADJUSTMENTS FOR:**
Depreciation charges
Interest paid
Dividends, interests and rents from investments
Loss on the sale of fixed assets
(Increase)/decrease in stocks
(Increase)/decrease in debtors
(Decrease)/increase in creditors
**NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES**|**Group**
**29 February**
**2024**
**£**
**35,912**
**62,377**
**697**
**(571)**
**-**
**(6,489)**
**(23,389)**
**(13,033)**
**55,504**|Group
28 February
2023
(unaudited)
£
(74,312)|
|---|---|---|
|||65,383
941
(82)
274
(9,910)
(1,124)
(6,625)|
||||
|||(25,455)|
|**25.**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
Cash in hand
**TOTAL CASH AND CASH EQUIVALENTS**|**Group**
**29 February**
**2024**
**£**
**351,108**
**351,108**|Group
28 February
2023
(unaudited)
£
371,520|
|---|---|---|
||||
|||371,520|
Page 38
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
## **BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **26. ANALYSIS OF CHANGES IN NET DEBT**
|Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year|**At 1 March**
**2023**
**£**
**371,520**
**(20,000)**
**(22,500)**
**329,020**|**Cash flows**
**£**
**(20,412)**
**10,000**
**-**
**(10,412)**|**Other non-**
**cash**
**changes**
**£**
**-**
**(10,000)**
**10,000**
**-**|**At 29**
**February**
**2024**
**£**
**351,108**
**(20,000)**
**(12,500)**|
|---|---|---|---|---|
|||||**318,608**|
## **27. PENSION COMMITMENTS**
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £10,712 (2023 - £8,526). No balance was due to the scheme at the year end (2023 - £nil).
## **28. OPERATING LEASE COMMITMENTS**
At 29 February 2024 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
|Not later than 1 year
Later than 1 year and not later than 5 years|**Group**
**29 February**
**2024**
**£**
**7,099**
**18,338**
**25,437**|Group
28 February
2023
(unaudited)
£
7,099
25,437
32,536|**Company**
**29 February**
**2024**
**£**
**7,099**
**18,338**
**25,437**|Company
28 February
2023
(unaudited)
£
7,099
25,437|
|---|---|---|---|---|
||||||
|||||32,536|
The following lease payments have been recognised as an expense in the Statement of Financial Activities:
|||**Group**|Group|**Company**|Company|
|---|---|---|---|---|---|
||**29**|**February**|28 February|**29 February**|28 February|
||||2023||2023|
|||**2024**|(unaudited)|**2024**|(unaudited)|
|||**£**|£|**£**|£|
|Operating lease rentals||**7,917**|7,917|**7,917**|7,917|
Page 39
Docusign Envelope ID: FE130F3D-7C3B-4B69-9E35-920FD5029D71
**BRESSINGHAM STEAM PRESERVATION COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **29. RELATED PARTY TRANSACTIONS**
During the year, £23,478 (2023 - £15,121) was recharged to Bressingham Souvenirs Limited in respect of wages and salary costs and £750 (2023 - £750) in respect of a licence fee. A management fee was also charged to Bressingham Souvenirs Limited in respect of overheads amounting to £10,000 (2023 - £10,000).
At the year end, £75,400 (2023 - £56,023) was due to the charity from Bressingham Souvenirs Limited.
At the year end, £10,000 (2023 - £10,000) was due to C R Leah, a trustee of the charity. This amount is included within creditors due within one year as other loans.
## **30. CONTROLLING PARTY**
The company is limited by guarantee and is under the control of the Trustees, who are also the members.
Page 40