DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
Registered number: 00899248 Charity number: 272616
GREAT WESTERN SOCIETY LIMITED
(A company limited by guarantee)
DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Directors and advisers | 1 - 3 |
| Directors' report | 4 - 13 |
| Independent auditors' report on the financial statements | 14 - 17 |
| Consolidated statement of financial activities | 18 |
| Consolidated balance sheet | 19 - 20 |
| Company balance sheet | 21 - 22 |
| Consolidated statement of cash flows | 23 |
| Notes to the financial statements | 24 - 52 |
(A company limited by guarantee)
GREAT WESTERN SOCIETY LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS DIRECTORS AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2023
Directors
R A Preston, Chair ** J B O'Hagan, Deputy Chair C M Thompson, Treasurer (resigned 7 January 2023)
M A Middleton (resigned 8 October 2022)
R J Varley, Secretary A J Keys* R Walker-Jones L Donaldson
M Khan
J B Crouch, Treasurer from 7 January 2023 (appointed 21 May 2022)*
Members of the Finance & General Purposes Committee *Members of the Capital Development Management Committee
Page 1
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
Company registered number
00899248
Charity registered number
272616
Registered office
Didcot Railway Centre Didcot Oxfordshire, OX11 7NJ
Vice president
A R Croucher
Company secretary
R J Varley
Independent Auditors
Wellers Accountants Statutory Auditors Kineton House 31 Horse Fair Banbury Oxon OX16 0AE
Bankers
Lloyds Bank Plc Market Place Didcot OX11 7LQ
Santander Bank plc Bridle Road Bootle L30 4GB
National Westminster Bank plc 131 Crockhamwell Road Woodley Reading RG5 3XZ
Investment Managers
Evelyn Partners (formerly Smith & Williamson) 25 Moorgate London EC2R 6AY
Page 2
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS DIRECTORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
Chief Executive
C Hetherington
Senior Management Team
C Hetherington, Chief Executive ** R J G Antliff, Civil Engineering M F Bodsworth, Business Support Manager R Jermyn, General Manager Ms G Pearce, Finance Manager R King, Education
Members of the Finance & General Purposes Committee *Members of the Capital Development Management Committee
Page 3
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
DIRECTORS' REPORT FOR THE YEAR ENDED 31 JANUARY 2023
The Directors present their annual report together with the audited financial statements of the Company for the 1 February 2022 to 31 January 2023. The annual report serves the purposes of both a Trustees' report and a Directors' report under company law. The Directors 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) (effective 1 January 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
a. Policies and objectives
The Society has the following aims and objects (as amended by changes made to the Memorandum and Articles of Association on 19 September 2015):
1) To preserve, restore and operate as a permanent public exhibition and museum, steam and other railway locomotives, rolling stock and equipment with particular reference to the former Great Western Railway (GWR) and its successors since nationalisation on 1 January 1948 i.e. the Western Region of British Railways (BR), both for historical and educational purposes.
2) To make available for public reference to the history, equipment and operation of the former Great Western Railway and its successors.
The principal activity of the Society during the year under review was that of promoting the Great Western Railway and its successors in all its fields by ensuring the organisation's agreed policies for achieving its objectives were pursued.
b. Strategies for achieving objectives
The Society will endeavour to monitor and increase the funding available from entrance fees, appeals, grant making bodies and its trading and retailing activities. It will also continue to control expenditure to ensure that activities are conducted in the most cost effective manner and endeavour to increase the number of volunteers and enhance their skills.
c. Activities undertaken to achieve objectives
The provision of new attractions with particular emphasis on providing more family friendly exhibits and activities focused on education and interpretation. The promotion of new restoration projects, which will be of a wide interest, to enhance the museum collection and encourage the involvement of people.
Page 4
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
Objectives and activities (continued)
d. Public Benefit
The Directors have had regard to the Charity Commission's guidance on public benefit and supplementary guidance on advancing education and fee charging.
The Society, through the Didcot Railway Centre, provides a heritage experience where visitors can trace the development of railways from the earliest days through the evolution and development of the former Great Western Railway and its successors. The Railway Centre is normally open to the public throughout the year and is also available for educational purposes and supports the national curriculum. An opportunity is also provided for anybody to volunteer to become involved in all aspects of operating a working Heritage Museum. This ranges from practical work on preservation and restoration to management and administration, and training is provided to enable volunteers to enhance their skills.
e. Volunteers
Apart from a core of paid staff the majority of the Society’s operational, restoration and conservation activities are undertaken by volunteers. It is estimated the volunteer input into various Society activities during the year was in excess of 50,000 hours. The Board again wishes to express its sincere thanks to all those members who have supported the Society at the Railway Centre and within the Group during the year.
Achievements and performance
a. Main achievements of the Company
The financial year 2022-23 was the first without restrictions due to the pandemic since 2019-20 but the Russian Invasion of Ukraine in February 2022 and the impact on commodity prices has meant another year of careful financial management at Didcot. The refurbishment of the Coal Stage water tank was completed in August 2022 and we were grateful for generous donations and a helpful grant from the Railway Heritage Trust to ensure this landmark structure is good for another 50 years.
Our visitor numbers and membership subscriptions have increased and enable our finances to be in reasonable shape as an even more ambitious program of major works is about to commence with the development of the new access ramp to the site. A large amount of preparation work has taken place since the winter but we fully recognise when large scale construction work gets underway this needs to be carefully managed. The Capital Development Funds set aside for this project from a large legacy a few years ago will be used to fund this development. We remain grateful to those who remember the Great Western Society in their wills.
The return to steam in April 2022 of 4079 Pendennnis Castle was a memorable occasion and after a period of running in at Didcot the locomotive has now been flying the flag for the GWS on tour at several heritage lines in 2023. The successful 4 Castles event Didcot hosted in March 2023 has re-emphasised how much affection and demand there is for innovative events to attract the enthusiast fraternity.
We recognise that Didcot has to attract a younger family friendly audience and the Paddington events held along with a brand new Christmas Event in December 2022 and the construction of a new Pannier Tank inspired play area will ensure there’s plenty on offer for our younger members.
The long running restoration of loco 1466 is getting closer to completion as material shortages ease and we are hopeful of seeing it in steam later in 2023 with a proper launch event scheduled for 2024.
Cost challenges remain and once the ramp is built our focus will turn to the Engine Shed. Ongoing roof repairs were carried out during 2022/23 but we realise a much more comprehensive programme of repair and renewal
Page 5
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
Achievements and performance (continued)
will be required. Plans are being developed and prospective funders identified to help with such an ambitious project to preserve the jewel in the DRC crown.
The next few years are looking really exciting with more loco and rolling stock restorations underway to ensure Didcot remains in the premier league of heritage railway preservation.
b. Charitable Activities
During the year the Centre was open for 63 Discovery (Static) Days, 113 Running (Steaming and Special Event) and there were 33,200 visitors during the year. Total income from entrance fees was £496,961 which was 4.8% higher than £473,819 in 2022.
Charitable trading income from loco and facilities hire plus sales from catering and the shop totalled £331,445 which was 8.6% higher than £305,144 in 2022.
Donations and legacy income increased from £404,483 to £557,170 whilst grants decreased from £157,328 to £116,454 as the grants received from the Arts Council in support during Covid 19 and under the Government’s CJRS Scheme ended in the previous year. The Board is very thankful for support from The Railway Heritage Trust in 2022/23 and also from a number of individuals who continue to support the Society.
Membership numbers increased to 3,339 from 3,287 last year and income increased from £96,493 to £98,122.
The charity’s subsidiary company Great Western Retail Sales Limited made a gift aided contribution to the charity of £121,470 (2022 £144,761). The prior year benefited from a film hire out contract that was not repeated and higher input costs on food impacted the margins in catering.
Overall unrestricted income increased to £1,103,812 (2022 £1,057,480) and total income was £1,696,734 (2022 £1,465,300).
The total of voluntary restricted fund income for restoration and preservation was £508,940 as compared to £382,789 for last year.
Expenditure overall for restoration and preservation increased from last year and amounted to £1,663,287 as compared to £875,782 last year. The Water Tower restoration was £477,041 and locomotives with notable levels of expenditure included Loco 1014, Loco 1466 and Loco 4709. Expenditure on Loco 4709 included the acquisition of component parts from Loco 7027 and full and final settlement of these amounts will be made in the coming financial year. Further sums totalling £56,408 were spent in connection with the Access Ramp.
The expenditure on the promotion of the Great Western Railway and Western Region of BR amounted to £476,843 as compared with £409,133 last year.
Staff costs increased to £402,930 compared to £362,268 in 2022 reflecting a full year of employment cost compared to prior year where certain staff were furloughed and part-time staff hours reduced especially when DRC was closed until April 2021 the previous financial year.
Total unrestricted expenditure was £1,314,664 (2022 £983,674) and overall total expenditure for the year was £2,355,117 (2022 £1,455,638).
The Directors view the excess of unrestricted fund expenditure over income of £210,852 (2022 surplus £71,983) as a necessary investment in the future of DRC. A further deficit is predicted in 2023/24 when the ramp is completed as the amounts set aside in the Capital Development Fund are used for their intended purpose.
Page 6
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
Achievements and performance (continued)
The unrestricted funds decreased from £2,473,742 to £1,895,505 at the year end and restricted funds decreased from £687,083 to £606,637.
c. Fundraising activities and income generation
Fund raising activities have continued throughout the year with significant amounts raised to help complete the Coat Stage water tower project. The creation of Large Loco and Small Loco funds helps to direct funds to the latest loco overhauls.
The new build loco restricted funds for Loco 1014 and Loco 4709 continue to make good progress.
A new CRM system has been implemented to improve management’s abilities at accessing grants and other funding sources in the future.
Excluding legacies and grants overall donations were £355,188 compared to £310,323 in 2022 which the Directors view as a good achievement.
d. Factors Relevant to Achieve Objectives
The Railway Centre is an outside working heritage museum and is very dependent on admissions which can vary considerably with adverse weather. Restoration projects rely almost entirely on voluntary contributions which can vary depending on the particular interests and priorities of the contributors. As in the past the level of legacy income has continued to have an impact on the activities of the Society.
Financial review
a. Going concern
The Directors have reviewed the forecasts for the next financial year. DRC returned to normal operations in 2022 after the pandemic and as such some of these significant uncertainties have dissipated. Costs continue to be managed carefully and there is a full programme of events in place to attract visitors and income to Didcot. Some notable legacies are also in progress.
Taking into account the level of reserves, as noted in b. below, the Directors have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Page 7
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
b. Reserves policy
Reserves are needed to bridge the gap between income received and the spending needed to maintain and run Didcot Railway Centre as well as unplanned for expenditure. The Directors consider that reserves, apart from funds designated for specific purposes or otherwise committed, are required at a level equating to between three and six months expenditure so as to ensure the day-to-day activities of the Society may continue without disruption. This is particularly important given the seasonal nature of a significant proportion of the Society's income.
However, the GWS Board also acknowledges that the Society's activities need to be constantly developed if it is to continue to attract visitors and members. Consequently, on receipt of large legacies the Directors believe, wherever possible, such monies should be set aside and designated for future projects including developing Didcot Railway Centre into an up to date visitor attraction and associated activities. Due consideration is always given as to how this money should be utilised in the future so as to achieve the Society's charitable objectives and provide the maximum benefit to the Society, its members and those visiting the Didcot Railway Centre.
The balance on the unrestricted funds at 31 January 2023 was £1,895,805 (2022 - £2,473,742), of which £1,021,311 (2022 - £965,672) was represented by fixed assets, £765,092 (2022 - £1,182,423) had been set aside for the Capital Development Fund, £71,982 (2022 - £71,982) has been set aside for specific purposes and £8,150 (2022 - £5,608) was held by regional groups which leaves free reserves of £32,140 (2022 - £248,057). This compares with actual three to six months expenditure of approximately £290,000 based on the current year’s expenditure. The Directors recognise free reserves are currently low but consider that given the funds set aside for specific purposes, which could be released back to free reserves, along with further legacies due the charity has sufficient funds to continue operating in the foreseeable future although they will continue to look to increase the free reserves over the coming years.
c. Material investments policy
The Directors have a general power to invest and disinvest the Charity’s funds in furtherance of the charity’s objects.
The Directors have engaged Evelyn Partners as investment managers using their execution only service whereby they will initially carry out specific instructions for the investment of surplus funds in the short to medium term in Government Bonds with a view to minimal risk of capital loss whilst maximising the income such investments might obtain.
Page 8
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
d. Principal funding
The principal funding is from donations, legacies, appeals, grants, entrance fees, membership subscriptions and charity trading profit. In general, funding from entrance fees, membership subscriptions, grants and the charity trading profit has supported the operation of the Railway Centre whilst funding from donations, legacies and appeals has supported restoration, conservation and development.
The group balance sheet shows total funds of £2,502,442 (2022 - £3,160,825). Included in the total funds is an amount of £606,637 (2022 - £687,083) which is restricted. These monies have been either raised for, and their use restricted to specific purposes, or they comprise donations subject to donor imposed conditions. Full details of these restricted funds can be found in note 19 to the accounts together with an analysis of movements in the year.
Funds totalling £765,092 (2022 £1,182,423) have been designated and set aside by the Directors for the Capital Development Fund, and £71,982 (2022 - £71,982) have been designated and set aside by the Directors for restoration, conservation and development purposes. An analysis of the movements in the funds is set out in note 19 to the accounts.
Structure, governance and management
a. Constitution
Great Western Society Limited (GWS) is a registered charity (Charity Registration No: 272616) and also a company limited by guarantee. The charitable company was formed in 1961, incorporated in 1967 and is governed by a Memorandum and Articles of Association.
b. Methods of appointment or election of Directors
The management of the company and the group is the responsibility of the Directors who are elected and coopted under the terms of the Articles of Association.
The Directors constitute trustees of the charitable company for the purpose of charity legislation.
The GWS Board comprises 3 honorary officers, Chairman, Deputy Chairman, Treasurer and up to a maximum of 15 other members. Following co-option to the GWS Board, both officers and other members have to stand for election at the next Annual General Meeting. Thereafter the officers are re-elected by the GWS Board on an annual basis at the meeting immediately following each Annual General Meeting. One third of the GWS Board, excluding the officers and co-opted members, who have been longest in office since their election have to retire and offer themselves for re-election at each Annual General Meeting.
In accordance with the articles of association, Mrs R Walker-Jones and Mr A J Keys retire by rotation and being eligible offers themselves for re election.
Page 9
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
Structure, governance and management (continued)
c. Organisational structure and decision-making policies
Great Western Society Limited
Within the group structure Great Western Society Limited (the GWS) sits at the top of the hierarchy; it is managed and controlled by the GWS Board. Didcot Railway Centre is operated by Great Western Society Limited, which receives the majority of the group's income and meets all expenditure. The Centre is an accredited museum (AN1463) and run mainly on a voluntary basis; but a small number of permanent staff are employed to undertake the day-to-day running.
Great Western Society Limited is responsible for the Didcot Railway Centre site and buildings. It also owns some items of rolling stock and artefacts, although the majority of the former are vested in and owned by Great Western Preservations Limited, whilst the Society's collection of small relics and artefacts are held by the Great Western Trust.
The Directors consider the Board of Directors, Chief Executive and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the business and charity on a day to day basis.
The Board is supported by a Finance & General Purposes Committee whose membership is made up of a number of the Directors, the Chief Executive and the Finance Manager. Its terms of reference includes being responsible to the Board for the effective management and control of the financial affairs, assets and human resources and formulate for approval of the Board strategies and policies for the effective financial management of the Society and its subsidiary and discharge other responsibilities that may be delegated to it such as oversight of the statutory audit of the accounts.
The Board is also supported by a Capital Development Management Committee whose membership is made up of a number of Directors and individuals whose expertise is in the management of capital projects. Its terms of reference includes being responsible to the Board for the development of a Capital expenditure strategy and the subsequent effective management and control of individual projects through to completion.
The Board has also engaged, with support from AIM (Association of Independent Museums) as part of their Helping Heritage Organisations Prosper programme, in performing a governance review in the light of current best practice, to ensure the Directors are confident in their responsibilities as directors and charity trustees and to bring the Board together as a catalyst for enhancing relationships and understanding across the Board. This has led to a strategic review through a series of Away Days to confirm the way forward in the light of the pandemic.
Didcot Railway Centre Limited
The company is a dormant company, (Registered Company Number 2570530) and is a subsidiary of Great Western Society Limited. All Directors are members of the Society and members of the GWS Board.
Great Western Retail Sales Limited
The company (Registered Company Number 2570514) is a subsidiary of Didcot Railway Centre Limited and undertakes all the Society's trading activities. This includes shop sales, catering, locomotive hiring, etc. All its taxable profits are gift aided to the Society on an annual basis. All Directors are members of the Society with a strong representation coming from the GWS Board.
Page 10
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
Structure, governance and management (continued)
Great Western Restaurants Limited
The company is a dormant company (Registered Company Number 2564895) and is a subsidiary of Didcot Railway Centre Limited. All Directors are members of the Society and members of the GWS Board.
Great Western Preservations Limited
This is a registered charity (Registered Charity Number 1122630) and a private company limited by guarantee (Registered Company Number 2007483) with no share capital. It is managed by a Board of Directors, which meets twice a year. All the Directors are members of the Society and includes representation from the GWS Board. The majority of the group’s collection of locomotives, carriages and wagons is vested in the name of the Great Western Preservations Limited.
Great Western Trust
The Trust is a registered charity (Resgistered Charity Number 289008) and is managed by a Board of Trustees, which meets four times a year. All are members of the Society. Great Western Society Limited has the sole power to appoint trustees.
All of the Group's collection of "Small Relics" (including small artefacts, drawings, prints, photographs, name and number plates, etc.) is vested in the Trust.
Management Co-ordination
The GWS Board has in attendance representatives from Great Western Preservations Limited and the Great Western Trust.
For the purpose of museum accreditation, Great Western Society Limited is the governing body of Didcot Railway Centre and members of Great Western Preservations Limited and Great Western Trust attend GWS Board meetings. The Accreditation Mentor receives minutes of the GWS Board meetings and is invited to attend at least one Board meeting a year. In addition, other meetings may be held during the year concerning specific topics. All are members of the Great Western Society.
d. Pay policy for key management personnel
All the Directors give of their time freely and no Director received any remuneration in the year for their services as Directors. Details of Director’s expenses and related party transactions are disclosed in notes 13 and 27 to the accounts.
The pay of all staff is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the charity and its activities, the Directors benchmark against pay levels locally.
Page 11
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
Structure, governance and management (continued)
e. Financial risk management
The GWS Board has a risk management strategy which comprises a review of the principal risks and uncertainties that the charity and its subsidiaries face and the establishment of policies, systems and procedures to mitigate those risks as far as is practicable.
Financial sustainability is the major risk for both the charity and its trading subsidiary. Attention is also focussed on risks arising following the pandemic and in particular those surrounding the difficulties in retaining and recruiting staff, on non-financial risks such as health and safety of volunteers as well as protecting visitors against accident whilst visiting the Didcot Railway Centre. Many of the activities are also subject to the legislation which applies to mainline rail operations and full compliance is therefore essential. These risks are managed by ensuring accreditation is up to date, having robust policies and procedures in place and regular awareness training for staff and volunteers working in operational areas.
Plans for future periods
Future developments
The receipt of a substantial legacy three years ago has enabled the conservation of the coal stage and water tower to be completed in 2022 and plans are now at an advanced stage for a new visitor entrance ramp to be constructed.
It is envisaged that major fundraising initiatives will be needed in the next few years to ensure the Engine Shed is able to be conserved. A focus on family friendly facilities is also key in order to broaden the visitor base and generate additional income.
Members' liability
In the event of the Society being wound up, members and those within one year of ceasing to be members, are required to contribute an amount not exceeding £1 per person.
Employee consultation and equal opportunities
All employees are kept regularly informed of developments as and when they occur by staff consultation and senior management.
The company and the group has implemented a number of detailed policies in relation to all aspects of personnel matters including: Equality, Access, and Health & Safety policies.
Full details of these policies are available from the company and the group's offices and on the Society’s website.
Page 12
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
Statement of Directors' Responsibilities
The Directors (who are also the Directors of the Company for the purposes of company law) are responsible for preparing the Directors' 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 Directors to prepare financial statements for each financial year. Under company law the Directors 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 Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in 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 Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and 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.
Disclosure of information to auditors
Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
-
so far as that Director is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
-
that Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
Auditors
The auditors, Wellers, have indicated their willingness to continue in office. A resolution proposing Wellers be re-appointed as auditors of the company will be put to the Annual General Meeting.
Approved by order of the members of the board of Directors and signed on their behalf by:
_________ R A Preston
14-07-23 Date:
Page 13
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREAT WESTERN SOCIETY LIMITED
Opinion
We have audited the financial statements of Great Western Society Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 January 2023 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 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 31 January 2023 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 and the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 Directors with respect to going concern are described in the relevant sections of this report.
Page 14
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREAT WESTERN SOCIETY LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Directors 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 our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
-
the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
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 our opinion:
-
the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our 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 Directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the Directors 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 Directors' report and from the requirement to prepare a Strategic report.
Page 15
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREAT WESTERN SOCIETY LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement, the Directors (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 Directors 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 Directors 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 Directors 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 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
-
Through consultation with Trustees we obtained an understanding of the laws and regulations that could reasonably be expected to have a material effect on the financial statements.
-
The outcome of these enquiries and the relevant laws and regulations were communicated throughout our team as well as consideration during team briefing on how fraud may occur in the charity.
-
We identified the laws and regulations to have a direct effect on the financial statements as being the UK financial reporting standards, Charities Act, and trust law. There were no additional fundamental laws and regulations identified related to the operating aspects of the business that may have a material effect on the financial statements.
-
Audit procedures undertaken in response to the potential risks relating to irregularities comprised of: inquiries with management as to whether the charity complies with such laws and regulations, a review of board minutes and a review of the grant application and approval process.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our 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 our Auditors' report.
Page 16
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREAT WESTERN SOCIETY 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, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Christina Nawrocki (Senior statutory auditor)
for and on behalf of Wellers
Accountants Statutory Auditors
Kineton House 31 Horse Fair
Banbury
Oxon
OX16 0AE
18-07-23 Date:
Page 17
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JANUARY 2023
| Note Income from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investments 6 Total income Expenditure on: Raising funds 7,8 Charitable activities 9 Total expenditure Net (expenditure)/income before net losses on investments Net losses on investments Net (expenditure)/income Transfers between funds 19 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 164,684 595,083 333,053 10,992 1,103,812 212,725 1,101,939 1,314,664 (210,852) - (210,852) (367,085) (577,937) 2,473,742 (577,937) 1,895,805 |
Restricted funds 2023 £ 508,940 - 81,396 2,586 592,922 2,262 1,038,191 1,040,453 (447,531) - (447,531) 367,085 (80,446) 687,083 (80,446) 606,637 |
Total funds 2023 £ 673,624 595,083 414,449 13,578 1,696,734 214,987 2,140,130 2,355,117 (658,383) - (658,383) - (658,383) 3,160,825 (658,383) 2,502,442 |
Total funds 2022 £ 561,811 570,312 331,112 2,065 1,465,300 170,723 1,284,915 1,455,638 9,662 (1,823) 7,839 - 7,839 3,152,986 7,839 3,160,825 |
|---|---|---|---|---|
The Consolidated statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 24 to 52 form part of these financial statements.
Page 18
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00899248
CONSOLIDATED BALANCE SHEET AS AT 31 JANUARY 2023
| Note Fixed assets Tangible assets 14 Current assets Stocks 15 Debtors 16 Investments 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 19 Unrestricted funds 19 Total funds |
28,297 150,983 507,247 1,065,316 1,751,843 (270,712) |
2023 £ 1,021,311 1,021,311 1,481,131 2,502,442 2,502,442 606,637 1,895,805 2,502,442 |
20,093 111,540 765,868 1,541,946 2,439,447 (244,294) |
2022 £ 965,672 |
|---|---|---|---|---|
| 965,672 2,195,153 |
||||
| 3,160,825 | ||||
| 3,160,825 | ||||
| 687,083 2,473,742 |
||||
| 3,160,825 |
Page 19
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00899248
CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2023
The Directors 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.
The financial statements were approved and authorised for issue by the Directors and signed on their behalf by:
R A Preston
14-07-23 Date:
The notes on pages 24 to 52 form part of these financial statements.
Page 20
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00899248
COMPANY BALANCE SHEET AS AT 31 JANUARY 2023
| Note Fixed assets Tangible assets 14 Current assets Stocks 15 Debtors 16 Investments 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 19 Unrestricted funds 19 Total funds |
15,854 216,604 507,247 1,015,027 1,754,732 (256,483) |
2023 £ 1,004,193 1,004,193 1,498,249 2,502,442 2,502,442 606,637 1,895,805 2,502,442 |
7,068 243,509 765,868 1,390,652 2,407,097 (202,678) |
2022 £ 956,406 |
|---|---|---|---|---|
| 956,406 2,204,419 |
||||
| 3,160,825 | ||||
| 3,160,825 | ||||
| 687,083 2,473,742 |
||||
| 3,160,825 |
Page 21
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00899248
COMPANY BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2023
The Company's net movement in funds for the year was £ (658,383) (2022 - £7,839) .
The Directors 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.
The financial statements were approved and authorised for issue by the Directors and signed on their behalf by:
................................................ R A Preston
Date:
14-07-23
The notes on pages 24 to 52 form part of these financial statements.
Page 22
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED
(A company limited by guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2023
| Note Cash flows from operating activities Net cash provided by operating activities 22 Cash flows from investing activities Dividends and interests from investments Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments (Increase)/Decrease in short term investments Net cash provided by/(used in) investing activities Cash flows from financing activities Net cash provided by 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 23 |
2023 £ (642,178) 13,578 (106,651) 50,983 - 207,638 165,548 - (476,630) 1,541,946 1,065,316 |
2022 £ 76,148 1,258 (86,568) - (51,999) (6,887) (144,196) - (68,048) 1,609,994 1,541,946 |
|---|---|---|
The notes on pages 24 to 52 form part of these financial statements
Page 23
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
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.
Great Western Society 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.
1.2 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.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.
Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 24
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
1. Accounting policies (continued)
1.3 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.
Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.4 Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.
1.5 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.
1.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £5,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
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.
Page 25
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
1. Accounting policies (continued)
1.6 Tangible fixed assets and depreciation (continued)
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
Buildings - over the life of the lease Long-term leasehold property - over the life of the lease - Plant and machinery 10% straight line - Fixtures, fittings and equipment 12% 15% to 33.3% - straight line - Catering equipment 20% to 100% - reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of financial activities.
1.7 Investments
Investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
Investments held as fixed or current assets are shown at cost less provision for impairment.
1.8 Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
1.9 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.
1.10 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 26
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
1. Accounting policies (continued)
1.11 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.
1.12 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.
1.13 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.
1.14 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Directors 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 Directors 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.
Investment income, gains and losses are allocated to the appropriate fund.
Page 27
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
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.
Critical areas of judgment:
The critical areas of judgement relate to recognition of legacy income, valuation of investments and the clasification between short term deposits and cash at bank.
3. Income from donations and legacies
| Donations Legacies Grants Donations Legacies Grants Government grants |
Unrestricted funds 2023 £ 121,088 27,142 16,454 164,684 Unrestricted funds 2022 £ 14,383 20,311 124,762 19,566 179,022 |
Restricted funds 2023 £ 234,100 174,840 100,000 508,940 Restricted funds 2022 £ 295,940 73,849 13,000 - 382,789 |
Total funds 2023 £ 355,188 201,982 116,454 |
|---|---|---|---|
| 673,624 | |||
| Total funds 2022 £ 310,323 94,160 137,762 19,566 |
|||
| 561,811 |
Page 28
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
4. Income from charitable activities
| Entrance fees Subscriptions and enrolment fees Total 2023 Entrance fees Subscription and enrolment fees Total 2022 |
Unrestricted funds 2023 £ 496,961 98,122 595,083 Unrestricted funds 2022 £ 473,819 96,493 570,312 |
Total funds 2023 £ 496,961 98,122 |
|---|---|---|
| 595,083 | ||
| Total funds 2022 £ 473,819 96,493 |
||
| 570,312 |
5. Income from other trading activities
Income from fundraising events
| Appeal income Raffles Other income Total 2023 |
Unrestricted funds 2023 £ - - 1,608 1,608 |
Restricted funds 2023 £ 66,737 3,934 10,725 81,396 |
Total funds 2023 £ 66,737 3,934 12,333 |
|---|---|---|---|
| 83,004 |
Page 29
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
5. Income from other trading activities (continued)
Income from fundraising events (continued)
| Raffles Other income Total 2022 |
Unrestricted funds 2022 £ - 977 977 |
Restricted funds 2022 £ 18,738 6,253 24,991 |
Total funds 2022 £ 18,738 7,230 |
|---|---|---|---|
| 25,968 |
Income from non charitable trading activities
| Charity trading income - (GWRS) Charity trading income - (GWRS) |
Unrestricted funds 2023 £ 331,445 Unrestricted funds 2022 £ 305,144 |
Total funds 2023 £ 331,445 Total funds 2022 £ 305,144 |
|---|---|---|
6. Investment income
| Unrestricted funds 2023 £ Interest on Government Stocks 10,817 Bank interest receivable 175 Total 2023 10,992 |
Restricted funds 2023 £ - 2,586 2,586 |
Total funds 2023 £ 10,817 2,761 |
|---|---|---|
| 13,578 |
Page 30
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
6. Investment income (continued)
| Interest on Government Stocks Bank interest receivable Total 2022 |
Unrestricted funds 2022 £ 1,807 218 2,025 |
Restricted funds 2022 £ - 40 40 |
Total funds 2022 £ 1,807 258 |
|---|---|---|---|
| 2,065 |
7. Expenditure on raising funds Costs of raising voluntary income
| Unrestricted funds 2023 £ Advertising and marketing 372 Costs of raising voluntary income (continued) |
Restricted funds 2023 £ 2,262 |
Total funds 2023 £ 2,634 |
|---|---|---|
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2022 | |
| £ | £ | £ | |
| Advertising and marketing | 714 | 4,126 | 4,840 |
Page 31
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
7. Expenditure on raising funds (continued)
Charity trading expenses
| Unrestricted funds 2023 £ Charity trading expenses 139,334 Charity trading expenses - loss on disposal 1,961 Charity trading expenses - wages 60,950 Charity trading expenses - national insurance 3,445 Charity trading expenses - pension 528 Charity trading expenses - depreciation 3,758 Total 2023 209,976 |
Total funds 2023 £ 139,334 1,961 60,950 3,445 528 3,758 |
|---|---|
| 209,976 |
Page 32
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
7. Expenditure on raising funds (continued)
Charity trading expenses (continued)
| Charity trading expense Charity trading expenses - loss on disposal Charity trading expenses - wages Charity trading expenses - national insurance Charity trading expenses - pension Charity trading expenses - depreciation Total 2022 |
Unrestricted funds 2022 £ 112,740 704 48,140 1,728 348 2,034 165,694 |
Total funds 2022 £ 112,740 704 48,140 1,728 348 2,034 |
|---|---|---|
| 165,694 |
8. Investment management costs
| Investment management fees Investment management fees |
Unrestricted funds 2023 £ 2,377 Unrestricted funds 2022 £ 189 |
Total funds 2023 £ 2,377 |
|---|---|---|
| Total funds 2022 £ 189 |
Page 33
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
9. Analysis of expenditure on charitable activities
Summary by fund type
| Promotion of the GWR and Western Region of BR Restoration and preservation of locomotives and depot Total 2023 Promotion of the GWR and Western Region of BR Restoration and preservation of locomotives and depot Total 2022 Analysis of expenditure by activities Promotion of the GWR and Western Region of BR Restoration and preservation of locomotives and depot |
Unrestricted funds 2023 £ 476,843 625,096 1,101,939 Unrestricted funds 2022 £ 409,133 407,944 817,077 Activities undertaken directly 2023 £ 171,021 1,638,723 1,809,744 |
Restricted funds 2023 £ - 1,038,191 1,038,191 Restricted funds 2022 £ - 467,838 467,838 Support costs 2023 £ 305,822 24,564 330,386 |
Total 2023 £ 476,843 1,663,287 |
|---|---|---|---|
| 2,140,130 | |||
| Total 2022 £ 409,133 875,782 |
|||
| 1,284,915 | |||
| Total funds 2023 £ 476,843 1,663,287 |
|||
| 2,140,130 |
10. Analysis of expenditure by activities
Page 34
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
10. Analysis of expenditure by activities (continued)
| Promotion of the GWR and Western Region of BR Restoration and preservation of locomotives and depot Total 2022 |
Activities undertaken directly 2022 £ 119,019 847,207 966,226 |
Support costs 2022 £ 290,114 28,575 318,689 |
Total funds 2022 £ 409,133 875,782 |
|---|---|---|---|
| 1,284,915 |
Analysis of direct costs
| Staff costs Depreciation Great Western Echo costs Event staging costs Repairs and maintenance of locomotives, rolling stock, buildings and tracks Rent, rates and water Insurance Coal and oil Electricity Site cleaning and security Total 2023 |
Promotion of the GWR and Western Region of BR 2023 Restoration and preservatio n of locomotives and depot 2023 £ £ - 102,811 - 36,031 38,489 - 132,532 - - 1,287,731 - 15,755 - 80,477 - 64,131 - 32,965 - 18,822 171,021 1,638,723 |
Total funds 2023 £ 102,811 36,031 38,489 132,532 1,287,731 15,755 80,477 64,131 32,965 18,822 |
|---|---|---|
| 1,809,744 |
Page 35
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
10. Analysis of expenditure by activities (continued)
Analysis of direct costs (continued)
| Promotion of the GWR and Western Region of BR 2022 £ Staff costs - Depreciation - Great Western Echo costs 35,901 Event staging costs 83,118 Repairs and maintenance of locomotives, rolling stock, buildings and tracks - Rent, rates and water - Insurance - Coal and oil - Electricity - Site cleaning and security - Total 2022 119,019 |
Restoration and preservation of locomotives and depot 2022 £ 93,616 33,516 - - 546,834 24,706 67,888 30,224 28,505 21,918 847,207 |
Total funds 2022 £ 93,616 33,516 35,901 83,118 546,834 24,706 67,888 30,224 28,505 21,918 |
|---|---|---|
| 966,226 |
Page 36
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
10. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff costs Depreciation Bank charges and interest Sundry expenses Travel and subsistence Postage and telephone Stationery and office supplies Staff expenses Affiliation fees Computer software Profit/loss on disposal of assets Governance costs Total 2023 |
Promotion of the GWR and Western Region of BR 2023 Restoration and preservatio n of locomotives and depot 2023 £ £ 235,196 - - 9,056 16,666 - 18,547 1,256 215 - 8,349 - 6,998 - 1,816 - 1,239 - 7,089 - 205 - 9,502 14,252 305,822 24,564 |
Total funds 2023 £ 235,196 9,056 16,666 19,803 215 8,349 6,998 1,816 1,239 7,089 205 23,754 |
|---|---|---|
| 330,386 |
Page 37
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
10. Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
| Promotion of the GWR and Western Region of BR 2022 £ Staff costs 218,436 Depreciation - Bank charges and interest 18,330 Sundry expenses 19,303 Travel and subsistence 21 Postage and telephone 7,745 Stationery and office expenses 5,363 Staff expenses 1,896 Affiliation fees 258 Computer software 11,626 Governance costs 7,136 Total 2022 290,114 Auditors' remuneration Fees payable to the Company's auditor for the audit of the Company's annual accounts Fees payable to the Company's auditor in respect of: All assurance services not included above All non-audit services not included above |
Restoration and preservation of locomotives and depot 2022 £ - 8,379 - 9,492 - - - - - - 10,704 28,575 2023 £ 12,954 4,200 6,600 |
Total funds 2022 £ 218,436 8,379 18,330 28,795 21 7,745 5,363 1,896 258 11,626 17,840 |
|---|---|---|
| 318,689 | ||
| 2022 £ 11,840 - 6,000 |
11. Auditors' remuneration
Page 38
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
12. Staff costs
| Group Group Company 2023 2022 2023 £ £ £ Wages and salaries 373,336 336,926 312,386 Social security costs 24,637 20,752 21,192 Contribution to defined contribution pension schemes 4,957 4,590 4,429 402,930 362,268 338,007 The average number of persons employed by the Company during the year was as follows: Group 2023 No. Restoration and preservation of locomotives, rolling stock and depot and promotion of the GWR and Western Region of BR 4 Management and administration 7 Commercial trading 15 26 |
Company 2022 £ 288,786 19,024 4,242 |
|---|---|
| 312,052 Group 2022 No. 4 5 8 |
|
| 17 |
The number of full time staff in 2023 is 10. All other members of staff are part time workers.
No employee received remuneration amounting to more than £60,000 in either year.
The key management personnel of the Charitable company comprise the Directors, the Chief Executive, the Civil Engineering Manager, General Manager, Marketing and Events Manager, Finance Manager and Education Manager. The total employment benefits of the key management personnel of the Company were £132,166 (2022 - £139,544).
In addition to permanent employees, the Society relies upon volunteers for help in both the restoration and preservation of locomotives, rolling stock and depot, and fund raising.
Page 39
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
13. Directors' remuneration and expenses
During the year, no Directors received any remuneration or other benefits (2022 - £NIL) .
During the year ended 31 January 2023, no Director expenses have been incurred (2022 - £NIL) .
Page 40
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
14. Tangible fixed assets
Group
| Cost or valuation At 1 February 2022 Additions Disposals At 31 January 2023 Depreciation At 1 February 2022 Charge for the year On disposals At 31 January 2023 Net book value At 31 January 2023 At 31 January 2022 |
Long-term leasehold property £ 142,200 56,408 - 198,608 28,436 2,844 - 31,280 167,328 113,764 |
Plant and machinery & Buildings £ 1,107,419 36,671 - 1,144,090 415,857 23,831 - 439,688 704,402 691,562 |
Fixtures and fittings £ 286,707 - (41,001) 245,706 135,627 18,412 (40,796) 113,243 132,463 151,080 |
Catering equipment £ 36,720 13,572 (9,429) 40,863 27,454 3,758 (7,467) 23,745 17,118 9,266 |
Total £ 1,573,046 106,651 (50,430) 1,629,267 607,374 48,845 (48,263) 607,956 1,021,311 965,672 |
|---|---|---|---|---|---|
Page 41
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
14. Tangible fixed assets (continued)
Company
| Cost or valuation At 1 February 2022 Additions Disposals At 31 January 2023 Depreciation At 1 February 2022 Charge for the year On disposals At 31 January 2023 Net book value At 31 January 2023 At 31 January 2022 Stocks Goods for resale Consumables Other |
Long-term leasehold property Plant and machinery & Buildings Fixtures and fittings £ £ £ 142,200 1,107,419 286,707 56,408 36,671 - - - (41,001) 198,608 1,144,090 245,706 28,436 415,857 135,627 2,844 23,831 18,412 - - (40,796) 31,280 439,688 113,243 167,328 704,402 132,463 113,764 691,562 151,080 Group Group Company 2023 2022 2023 £ £ £ 10,717 11,053 - 1,726 1,972 - 15,854 7,068 15,854 28,297 20,093 15,854 |
Long-term leasehold property Plant and machinery & Buildings Fixtures and fittings £ £ £ 142,200 1,107,419 286,707 56,408 36,671 - - - (41,001) 198,608 1,144,090 245,706 28,436 415,857 135,627 2,844 23,831 18,412 - - (40,796) 31,280 439,688 113,243 167,328 704,402 132,463 113,764 691,562 151,080 Group Group Company 2023 2022 2023 £ £ £ 10,717 11,053 - 1,726 1,972 - 15,854 7,068 15,854 28,297 20,093 15,854 |
Total £ 1,536,326 93,079 (41,001) 1,588,404 579,920 45,087 (40,796) 584,211 1,004,193 956,406 Company 2022 £ - - 7,068 |
|
|---|---|---|---|---|
| 15,854 | 7,068 |
15. Stocks
Page 42
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
16. Debtors
| Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income Current asset investments Short term savings deposits Investment in UK government gilts |
Group 2023 £ 16,380 - 4,360 130,243 150,983 Group 2023 £ 507,247 - 507,247 |
Group 2022 £ 11,211 - 7,340 92,989 111,540 Group 2022 £ 714,885 50,983 765,868 |
Company 2023 £ - 91,470 4,359 120,775 216,604 Company 2023 £ 507,247 - 507,247 |
Company 2022 £ (277) 144,761 7,340 91,685 243,509 Company 2022 £ 714,885 50,983 765,868 |
|---|---|---|---|---|
17. Current asset investments
Page 43
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
18. Creditors: Amounts falling due within one year
| Trade creditors Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income |
Group 2023 £ 180,734 - 13,986 3,462 72,530 270,712 |
Group 2022 £ 52,468 - 3,444 1,189 187,193 244,294 |
Company 2023 £ 179,098 9 8,076 3,462 65,838 256,483 |
Company 2022 £ 50,830 9 (4,732) 1,189 155,382 202,678 |
|---|---|---|---|---|
Page 44
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
19. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Fixed asset fund Steaming fees Capital Development Fund General funds General Fund Total Unrestricted funds Restricted funds Heavy Freight (3822/7202) Locomotive 1338 Locomotive 1340 Locomotive 2999 Locomotive 3738 Locomotive 4079 Churchward Heritage (1363) |
Balance at 1 February 2022 £ 965,672 71,982 1,182,423 2,220,077 253,665 2,473,742 99,932 11,026 - 42,133 28,334 21,239 40,828 |
Income £ - - 10,817 10,817 1,092,995 1,103,812 10,847 96 - 4,215 247 766 170,317 |
Expenditure £ (48,845) - (2,377) (51,222) (1,263,442) (1,314,664) (3,059) - (4) (9,026) - (28,683) - |
Transfers in/out £ 104,484 - (425,771) (321,287) (45,798) (367,085) - - 4 (37,322) (6,658) 6,678 - |
Gains/ (Losses) £ - - - - - - - - - - - - - |
Balance at 31 January 2023 £ 1,021,311 71,982 765,092 |
|---|---|---|---|---|---|---|
| 1,858,385 | ||||||
| 37,420 | ||||||
| 1,895,805 | ||||||
| 107,720 11,122 - - 21,923 - 211,145 |
Page 45
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
19. Statement of funds (continued)
Statement of funds - current year (continued)
| Locomotive 1466 Didcot Development Locomotive 1014 Locomotive 4709 Victorian Carriage 50 Ton Crane Large Loco Fund Carriage Shed Extension Carriage and Wagon Capital Development Fund Water Tower Fund Diamond Jubilee (60th Anniversary) Fund Other Restricted Funds Total of funds |
Balance at 1 February 2022 £ - 52,502 37,832 80,190 45,581 21,622 73,442 - 51,395 - (7,093) - 88,120 687,083 3,160,825 |
Income £ 10,881 12,668 59,704 79,073 7,869 271 1,514 - 30,781 - 189,154 - 14,519 592,922 1,696,734 |
Expenditure £ (86,974) (18,334) (89,098) (270,115) (8,713) (4,849) (273) (636) (19,046) - (477,041) - (24,602) (1,040,453) (2,355,117) |
Transfers in/out £ 76,093 - (13,612) 13,612 - - 12,045 5,466 18,599 - 294,980 - (2,800) 367,085 - |
Gains/ (Losses) £ - - - - - - - - - - - - - - - |
Balance at 31 January 2023 £ - 46,836 (5,174) (97,240) 44,737 17,044 86,728 4,830 81,729 - - - 75,237 606,637 2,502,442 |
|---|---|---|---|---|---|---|
Page 46
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
19. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Fixed asset fund Steaming fees Capital Development Fund General funds General Fund Total Unrestricted funds Restricted funds Heavy Freight (3822/7202) Locomotive 1338 Locomotive 1340 Locomotive 2999 Locomotive 3738 Locomotive 4079 Churchward Heritage (1363) |
Balance at 1 February 2021 £ 923,737 71,982 1,252,628 2,248,347 210,265 2,458,612 90,036 11,025 305 44,648 28,331 50,012 40,597 |
Income £ - - 1,807 1,807 1,055,673 1,057,480 10,878 1 - 6,892 3 4,203 231 |
Expenditure £ (43,929) - (189) (44,118) (939,556) (983,674) (982) - (20,046) (6,005) - (30,976) - |
Transfers in/out £ 85,864 - (70,000) 15,864 (72,717) (56,853) - - 19,741 (3,402) - (2,000) - |
Gains/ (Losses) £ - - (1,823) (1,823) - (1,823) - - - - - - - |
Balance at 31 January 2022 £ 965,672 71,982 1,182,423 |
|---|---|---|---|---|---|---|
| 2,220,077 | ||||||
| 253,665 | ||||||
| 2,473,742 | ||||||
| 99,932 11,026 - 42,133 28,334 21,239 40,828 |
Page 47
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
19. Statement of funds (continued)
Statement of funds - prior year (continued)
| Locomotive 1466 Didcot Development Locomotive 1014 Locomotive 4709 Victorian Carriage 50 Ton Crane Large Loco Fund Carriage Shed Extension Carriage and Wagon Capital Development Fund Water Tower Fund Diamond Jubilee (60th Anniversary) Fund Other Restricted Funds Total of funds |
Balance at 1 February 2021 £ 170 54,268 53,379 63,164 42,691 20,372 - 13,248 50,083 26,497 - 32,668 72,880 694,374 3,152,986 |
Income £ 10,165 29,553 82,326 97,651 10,555 1,250 73,442 1 442 - 15,551 37,789 26,887 407,820 1,465,300 |
Expenditure £ (135,856) (29,319) (98,234) (81,664) (7,665) - - (3,085) - (26,497) (22,644) (2,868) (6,123) (471,964) (1,455,638) |
Transfers in/out £ 125,521 (2,000) 361 1,039 - - - (10,164) 870 - - (67,589) (5,524) 56,853 - |
Gains/ (Losses) £ - - - - - - - - - - - - - - (1,823) |
Balance at 31 January 2022 £ - 52,502 37,832 80,190 45,581 21,622 73,442 - 51,395 - (7,093) - 88,120 687,083 3,160,825 |
|---|---|---|---|---|---|---|
Page 48
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
20. Summary of funds
Summary of funds - current year
| Designated funds General funds Restricted funds |
Balance at 1 February 2022 £ 2,220,077 253,665 687,083 3,160,825 |
Income £ 10,817 1,092,995 592,922 1,696,734 |
Expenditure £ (51,222) (1,263,442) (1,040,453) (2,355,117) |
Transfers in/out £ (321,287) (45,798) 367,085 - |
Balance at 31 January 2023 £ 1,858,385 37,420 606,637 |
|---|---|---|---|---|---|
| 2,502,442 |
Summary of funds - prior year
| Designated funds General funds Restricted funds |
Balance at 1 February 2021 £ 2,248,347 210,265 694,374 3,152,986 |
Income £ 1,807 1,055,673 407,820 1,465,300 |
Expenditure £ (44,118) (939,556) (471,964) (1,455,638) |
Transfers in/out £ 15,864 (72,717) 56,853 - |
Gains/ (Losses) £ (1,823) - - (1,823) |
Balance at 31 January 2022 £ 2,220,077 253,665 687,083 |
|---|---|---|---|---|---|---|
| 3,160,825 |
21. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Tangible fixed assets 1,021,311 Current assets 1,285,206 Creditors due within one year (410,712) Total 1,895,805 |
Restricted funds 2023 £ - 466,637 140,000 606,637 |
Total funds 2023 £ 1,021,311 1,751,843 (270,712) 2,502,442 |
|---|---|---|
Page 49
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
21. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 965,672 1,752,364 (244,294) 2,473,742 |
Restricted funds 2022 £ - 687,083 - 687,083 |
Total funds 2022 £ 965,672 2,439,447 (244,294) 3,160,825 |
|---|---|---|---|
22. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Gains on investments Dividends, interests and rents from investments Loss on the sale of fixed assets Decrease/(increase) in stocks Increase in debtors Increase in creditors Net cash provided by/(used in) operating activities |
Group 2023 £ (658,383) 48,845 - (13,578) 2,168 (8,204) (39,444) 26,418 (642,178) |
Group 2022 £ 7,839 43,929 1,823 (2,065) 704 9,078 (9,864) 24,704 76,148 |
|---|---|---|
Page 50
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
23. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents |
Group 2023 £ 1,065,316 1,065,316 |
Group 2022 £ 1,541,946 |
|---|---|---|
| 1,541,946 |
24. Analysis of changes in net debt
| Cash at bank and in hand Liquid investments |
At 1 February 2022 £ 1,541,946 50,983 1,592,929 |
Cash flows £ (476,630) (50,983) (527,613) |
At 31 January 2023 £ 1,065,316 - |
|---|---|---|---|
| 1,065,316 |
25. 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 £4,957 (2022 - £4,590) Contributions totalling £1,046 (2022 - £789) were payable to the fund at the balance sheet date and are included in creditors.
26. Related party transactions
The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 January 2023.
The charity has taken advantage of the exceptions under FRS8 which means the group does not require disclosure of transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group
Page 51
DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779
GREAT WESTERN SOCIETY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
27. Principal subsidiaries
The following were subsidiary undertakings of the Company:
| Names | Company | Registered office or principal | Principal activity | Class of | Holding | Included in | Included in | |
|---|---|---|---|---|---|---|---|---|
| number | place of business | shares | consolidation | |||||
| Great Western Retail Sales Limited | 02570514 | Didcot Railway Centre, Station | Trading, catering and | Ordinary | 100% | Yes | ||
| Road, Didcot, Oxfordshire, OX11 | operation of a shop | |||||||
| 7NJ | ||||||||
| Didcot Railway Centre Limited | 02570530 | Didcot Railway Centre, Station | Dormant | Ordinary | 100% | Yes | ||
| Road, Didcot, Oxfordshire, OX11 | ||||||||
| 7NJ | ||||||||
| Great Western Restaurants Limited | 02564895 | Didcot Railway Centre, Station | Dormant | Ordinary | 100% | Yes | ||
| Road, Didcot, Oxfordshire, OX11 | ||||||||
| 7NJ | ||||||||
| The financial results of the subsidiaries for the year were: | ||||||||
| Names | Income | Expenditure | Profit/(Loss) | Net assets | ||||
| £ | £ | / Surplus/ | £ | |||||
| (Deficit) for | ||||||||
| the year | ||||||||
| £ | ||||||||
| Great Western Retail Sales Limited | 331,445 | 209,976 | 121,469 | 2 | ||||
| Didcot Railway Centre Limited | - | - | - | 6 | ||||
| Great Western Restaurants Limited | - | - | - | 9 |
The financial results of the subsidiaries for the year were:
Page 52
Docusign En¥ÈlopÈ ID". AOD887E6-45E6-4(KE-887MD5F1476B779