2021-03-31-accounts

Registered number: 01891491 Charity number: 291515

RAILWORLD

(A Company Limited by Guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

RAILWORLD

(A Company Limited by Guarantee)

CONTENTS

	Page
Reference and Administrative Details of the Charity, its Trustees and Advisers	1
Chairman's Statement	2 - 4
Trustees' Report	5 - 9
Independent Examiner's Report	10
Statement of Financial Activities	11
Balance Sheet	12 - 13
Notes to the Financial Statements	14 - 27

(A Company Limited by Guarantee)

RAILWORLD

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees	B T Pearce FRSA MBE, Chairman
	D Johnson, Vice Chairman
	P Marshall, Vice Chairman
	Dr D Ball
	R H Cawood
	B E Pennill
	M B Woolhouse (resigned 16 March 2021)
Company registered number 01891491 Charity registered number 291515 Registered office Railworld Oundle Road Peterborough Cambs PE2 9NR Accountants Streets Chartered Accountants Enterprise House 38 Tyndall Court Peterborough Cambs PE2 6LR

Page 1

RAILWORLD

(A Company Limited by Guarantee)

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

The chairman presents his statement for the year.

The Railworld Wildlife Haven is a much-loved attraction and community asset due to the efforts and support of a wide range of volunteers, companies, groups and individuals from every part of our community. 2020/21 has been a challenging period due to the Covid-19 pandemic and like a lot of charities, we have faced difficulties which include the closure of our attraction for a number of months.

Our environmental project ‘Railworld Wildlife Haven’ gives equal prominence to the charity’s promotion of encouraging protection of the environment and inspiring environmentally friendly interest in railways and rail travel. As we progress, we are endeavouring to emphasise more our role of public education, or ‘pilgrim centres’ as Rev Richard Paten, our founding Chairman called them. Our strapline is ‘Entertain and Educate about our World - Volunteers creating Habitat for Nature with Model Railways.’ Our visitor base is worldwide, as are views to our website, and we are hopefully, educating in many ways, people from all over the world.

Our visitor experience continues to grow as do our contributions to the wider community. The Board of Trustees and everyone involved in the Railworld Wildlife Haven continue their passion to promote the crucial causes of protecting our environment and promoting a sustainable community for this and future generations to cherish and enjoy.

The Charity’s object is to create an earth centre plus an eco-transport centre to advance the education of the public in all aspects of sustainable living and sustainable transport including railway travel.

Since the Covid-19 outbreak, thankfully, the world appears to be taking a greater interest in our natural world and the need for greater biodiversity. We need to, as a charity, emphasise the important links between nature and climate, especially bearing in mind the predictions that climate scientists made 40 years ago, are starting to become more evident with increased world temperatures, rainfall, hurricanes and wildfires.

The Board continues to review and manage costs and invest resources to grow recurring income. I wish to acknowledge the role of fellow trustees, who as the Board, are responsible for overseeing the charity’s strategy and operations.

Our work with the 'Circular Peterborough Initiative', part of a worldwide initiative, which is concerned with how our city and other forward-thinking cities will function in 2050, continues. Many cities across the world have joined the initiative. There are seven ‘R’s relating to the initiative as follows:

1. Rethink 2. Redesign 3. Repurpose, Reuse & Share

2. Repair 5. Remanufacture

3. Recycle 7. Recover

Railworld Wildlife Haven is Champion of 'REPURPOSE, 'REUSE & SHARE’

Part of the 'Circular Peterborough Commitment' involves pledging to adopt these practical steps wherever possible. The 'Circular City Champions Scheme' involves a group of organisations that are passionate about embedding circular economy principles within their own activities and helping to drive change within the city. 2050 is a long way off — but we are not acting for ourselves, but for our children's children. An example of how this works was Peterborough City Council supporting Railworld with the donation of materials which have been removed from use, such as 30 tonne of Victorian granite kerb stones rescued from the city centre and now forming part of the garden alongside our new walkway for pedestrians across the car park.

Page 2

(A Company Limited by Guarantee)

RAILWORLD

CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

In support of the Council's plan to create sustainable transport routes across the city centre, our pedestrian and cycle ramp and CCTV and lighting scheme continue to help provide a safe passage across our charity’s land. The CCTV has been used by the police to assist them with their investigations into criminal activities and provides a well-lit and CCTV protected route between Railworld Walk and entrances to the south site at Pleasure Fair Meadow and Cubitt Way.

Highlights during the year were:

• We were informed by Trip Advisor that our constant high ratings for the attraction had put the Railworld Wildlife Haven in the top 10% of its worldwide attractions.

• Promotional talks were given virtually to Rotary clubs in Yorkshire and Essex.

• Kennedy Wild Bird Food continues to supply all of the wild bird food.

• Volunteer Peter Cox is continuing to look after the RTV31 Archives. A major fundraising campaign has been launched for digitisation of the 35mm archive film of Tracked Hovercraft Limited.

• Schneider Electrical apprentices have completed two of the four major environmental control system projects. They have created QR codes for 15 information signs and designed and built a touch screen control for the children’s ‘Thomas’ layout.

• The National Lottery funded footpath along the edge of the railway, which was an extension of the pedestrian ramp, was completed within the deadline.

• The Railworld Wildlife Haven undertook a programme of Community Team Days in which approximately 90 people from local companies provided materials and undertook a wide range of tasks. Thank you to all the managers and staff at the following firms, who made these events such a success: Perkins Engines Company Limited, Circlefire, BGL Group, Yorkshire Building Society and Stantec.

• Our work with Peterborough Tourist Attractions Focus Group continues.

• Artist Martyn Hanks of Preston donated more drawings and maps for the Railworld Wildlife Haven.

• Circlefire Electrical, provided, certified and maintained our fire-fighting equipment. They also carried out emergency lighting and portable appliance tests all free of charge.

• Simon Kelsall has been providing IT and computer support.

• ‘The Gardens Trust’ featured Railworld Wildlife Haven on its website

Railworld Wildlife Haven acts as a focal point for volunteering and as a community asset, supporting the City's public services and civic society. It provides car parking on football match days and for major events as part of the public safety and traffic management arrangements made by the Police, Council and Peterborough United FC. The charity provides facilities for The Village Turners, a U3A group that trains and supports people in wood turning and carving as well as Peterborough Beekeepers.

Regarding the charity’s operations, feedback from visitors remains positive, made possible by our small team of volunteers who give their time generously to ensure every visitor has a great day out. I would like to thank Rebekah White, our part-time Attraction Manager, who oversees the attraction with Bob Clarke, Paul Sewell, Nigel Barlow and Joe Fitzjohn. I would like to thank the following dedicated volunteers which include Elvin Edis, Charlie Stevens, Bob Harris, John Beeby, Pete Nunn, Bernard Lane, Rod Wadsley, Paul Mitchell, Sue WinfieldChislett, Will Martin, Roman Falinski, the Crane Family, Chris Miller, Derrick Mulvana and Bill Griffiths who maintain the grounds, Wildlife Haven, mechanical and electrical maintenance and who keep the Garden and Model railways on track, Sharon Chittock who has responsibility, on a voluntary basis, of the preparation and day to day running of the charity’s management accounts and Ken Ince who has created software to help with our accounts.

Page 3

(A Company Limited by Guarantee)

RAILWORLD

CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

I also wish to extend my special thanks to those who support the promotion of the attraction so that more people can discover and enjoy a visit to the Railworld Wildlife Haven.

• Editors of The Peterborough Telegraph, ESP and Nene Steam, who continue to support our environmental endeavours.

• Tim Fisher of OneWord Graphics for his remarkable patience and understanding to improve the artwork and signage around the Railworld Wildlife Haven.

• Martin Reed of PrintBox whose generous support enabled the design and production of over 10,000 leaflets.

All of these efforts continue to support the project. We have for over five years been rated as the second most popular attraction in Peterborough on TripAdvisor. Social media continues to remain important as we extend our environmental message.

Brian Pearce MBE FRSA Chairman Date: 15 November 2021

Page 4

RAILWORLD

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their annual report together with the financial statements of the charity for the year from 1 April 2020 to 31 March 2021. 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) (effective 1 January 2019).

Since the charity qualifies as small under section 382 of the Companies Act 2006, the 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 principal objects of the charity are:

• to advance the education of the public in all aspects of sustainable transport as part of the United Nations range of measures to combat human induced climate change

• to advance the education of the public in all aspects of railway travel as a widely acknowledged form of sustainable transport

• to create an eco-transport centre open to the public for the aforesaid purposes

• to promote the research and study of man's mobility and its impact on the world and to publish the useful results of this research

• to emphasise the role of public education centres in contributing to mutual understanding between the peoples of the world

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)'.

b. Strategies for achieving objectives

Our strategies are based around the following

• provide an interesting and entertaining visitor attraction

• educate visitors particularly younger visitors of the impact of global and environmental changes

• develop the Wildlife Haven to be more biodiverse

• develop the two model railways

• work with other environmental charities to improve the natural environment of Peterborough

Page 5

RAILWORLD

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities (continued)

c. Activities undertaken to achieve objectives

• attracting visitors is still our major priority. The charity’s facilities are open to the general public to ‘Entertain and Educate’ about current environmental issues including transport, biodiversity, our natural world, sustainable transport and the railways' contribution. We also receive visits from schools and other groups to help them understand environmental awareness and its importance.

• develop the Wildlife Haven as a habitat creation programme and which is accessible to all

• develop its visitor attraction, maintaining and improving it with help from local company ‘Team Days’

• the displays are always being expanded and improved to be more relevant

• presentations to various organisations such as schools, Rotary clubs and Women’s Institutes

• promote ourselves via the internet, our website, promotions, social media.

• recruit volunteers to develop the Railworld Wildlife Haven and to explain to visitors about the need to be environmentally aware and to protect the future.

d. Main activities undertaken to further the charity's purposes for the public benefit

The charity’s facilities are open to the general public and include visits from local schools and other groups to learn about our natural world, environmental awareness as well as sustainable transport and railways. The Wildlife Haven is accessible to all and, as such, the trustees believe the charity has fully complied with the Charity Commission’s guidance with regard to public benefit.

Achievements and performance

a. Going Concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to meet its liabilities for the foreseeable future. The Wildlife Haven was closed for long periods due to national restrictions and visitor numbers were lower when the charity was able to open.

In addition to funds raised by the charity, Railworld received a £25,000 grant from Peterborough City Council, from the UK Government's Retail, Hospitality and Leisure Fund, which has helped to support the charity through the covid-19 lockdowns and reduce the net loss for the year to £7,830 (2020 surplus of £57,603). The level of cash reserves means that the charity remains in a sound financial position and the trustees continue to monitor all activities, so that they can continue to maintain and improve facilities for the future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Review of activities

Details of the activities undertaken during 2020/21 are set out in the Chairman’s Statement.

c. Fundraising activities and income generation

The charity is primarily funded by income received from visitors. In previous years, it has also received income generated from commercial initiatives such as the provision of a café, the sale of second-hand books and the use of the car park. These fundraising activities were transferred to the charity's trading subsidiary company during the prior year, with all trading profits being donated to the charity.

Page 6

RAILWORLD

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Financial review

a. Review for the year

The trustees have continued to keep the level of activity within the available cash resources.

The Statement of Financial Activities shows:

• total income £69,098 (2020 £135,528) from charitable and fundraising activities, including £25,000 covid grant (2020 National Lottery restricted grant of £9,850 and an unrestricted legacy of £15,000).

• total expenses £76,298] (2020 £77,925) including governance costs, of which depreciation charges amounted to £7,614 (2020 £7,463)

• net outgoing resources in the year amounted to £7,830 (2020 net incoming resources £57,603)

b. Reserves policy

The trustees recognise their duty of responsible stewardship over Railworld's assets.

The long-term policy of the charity is to establish cash reserves at a level which is sufficient, but not excessive, to finance the normal activities of the charity for a period of at least six months and on the basis of current expenditure, the charity seeks to maintain the general reserve at a balance of £45,000 to £50,000, representing six months operating costs. However, given the impact of the coronavirus pandemic, the trustees are pleased that the actual level on the general reserve, as shown in note 19, exceeds the minimum requirement as they can continue to maintain and develop the charity's facilities in spite of the current uncertainties.

c. Material investments policy

The charity's surplus funds are held in bank deposit accounts, which generate a small amount of interest but have minimal risk to the capital invested.

d. Freehold land and buildings

The charity owns approximately 16 acres of freehold land included in its assets at cost.

Structure, governance and management

a. Constitution

Railworld is registered as a charitable company limited by guarantee and was established on 1 March 1985 and the Memorandum of Association was amended 9 October 2008.

b. Railworld Trading Limited

Railworld Trading Limited was incorporated on 2 May 2017, as a wholly-owned subsidiary of Railworld. On 20 January 2020 the charity hived down its trading activities to Railworld Trading Limited. The trading profits of Railworld Trading Limited are covenanted to the charity under a Deed of Covenant dated 20 January 2020.

Page 7

RAILWORLD

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management (continued)

c. Methods of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.

d. Policies adopted for the induction and training of Trustees

Should the existing trustees consider it necessary to appoint further trustees, they would ensure that adequate training was provided, and that any candidate would have the required skills in management and planning and would have empathy with the objectives of the charity.

e. Organisational structure and decision-making policies

Railworld is based in central Peterborough, from which it operates a public visitor attraction. The operation and incremental development is largely carried out by volunteers. Railworld employs four part-time members of staff. The trustees are involved in the day-today management of the charity during the year and expect to continue to actively manage the charity for the foreseeable future.

The board of trustees meets a minimum of four times a year, to direct, review and monitor the work and management of the charity.

There was a minimum of seven trustees throughout the year.

f. Related party relationships

Some of the charity’s trustees are also, individually, involved in a number of other businesses and organisations, but there are not any related party transactions requiring disclosure in the accounts.

g. Financial risk management

The trustees actively review the major risks which the charity faces. The trustees believe that they have systems in place to mitigate these risks.

Railworld is committed to achieving its principal objectives and the trustees believe that this is best attained by keeping a strong liquid financial position. Although current interest rates are low, the funds are protected against the risks of long-term impairment of the values inherent in other forms of investment which is of paramount importance to a small charity.

The trustees continually monitor and review health and safety issues relating to the Railworld site. During the year, further maintenance has been made to the car park to ensure pedestrian safety and enforcement of parking fees.

Members' liability

The Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up.

Page 8

RAILWORLD

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Future Developments

The Board of trustees has resolved to adopt the following priorities for the 2021 visitor season:

• Railworld Wildlife Haven attraction’s opening days align with Nene Valley Railway

• Improve the guided tours for visitors

• Review merchandise and cafe products, tariffs and promotional efforts to increase sales and profit margins

• Progress Health and Safety priorities

• Organise special family ‘themed’ days independently and with other associated environmental groups

Covid-19

The final Board meeting of the financial year 2020/21 was held on 17 March 2021. At that stage, the UK had just come out of lockdown and the impact of Covid-19 for the charity as well as the world remains uncertain.

We continued where possible during the year, and in line with Government guidelines, to keep the attraction ready for re-opening.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the charity 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 charity and of its incoming resources and application of resources, including its 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 charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity 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:

Brian Pearce FRSA MBE

Chairman Date: 15 November 2021

Page 9

RAILWORLD

(A Company Limited by Guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021

Independent Examiner's Report to the Trustees of Railworld ('the charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2021.

Responsibilities and Basis of Report

As the Trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

Signed: Dated: 15 November 2021

Jonathan Day ACA

Streets Chartered Accountants

Enterprise Court, 38 Tyndall Court, Commerce Road, Lynchwood, Peterborough, Cambs PE2 6LR.

Page 10

RAILWORLD

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Note Income from: Donations and legacies 4 Charitable activities 5 Other trading activities 6 Investments 7 Other income 8 Total income Expenditure on: Raising funds 9 Charitable activities 10 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2021 £ 47,802 13,634 - 30 7,632 69,098 - 49,997 49,997 19,101 1,222,255 19,101 1,241,356	Restricted funds 2021 £ - - - - - - - 9,850 9,850 (9,850) 9,850 (9,850) -	Total funds 2021 £ 47,802 13,634 - 30 7,632 69,098 - 59,847 59,847 9,251 1,232,105 9,251 1,241,356	Total funds 2020 £ 41,545 28,673 65,028 282 -
				135,528
				7,128 70,797
				77,925
				57,603
				1,174,502 57,603
				1,232,105

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 14 to 27 form part of these financial statements.

Page 11

RAILWORLD (A Company Limited by Guarantee) REGISTERED NUMBER: 01891491

BALANCE SHEET AS AT 31 MARCH 2021

Note Fixed assets Tangible assets 15 Investments 16 Current assets Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Provisions for liabilities Total net assets	8,799 158,447 167,246 (2,811)	2021 £ 1,105,582 100 1,105,682 164,435 1,270,117 (28,761) 1,241,356	50,206 121,767 171,973 (2,560)	2020 £ 1,091,353 100 1,091,453 169,413 1,260,866 (28,761) 1,232,105

Page 12

RAILWORLD (A Company Limited by Guarantee) REGISTERED NUMBER: 01891491

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2021

Note Charity funds Restricted funds 20 Unrestricted funds 20 Total funds	2021 £ - 1,241,356 1,241,356	2020 £ 9,850 1,222,255
		1,232,105

The charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

B T Pearce FRSA MBE Chairman Date: 15 November 2021

The notes on pages 14 to 27 form part of these financial statements.

Page 13

(A Company Limited by Guarantee)

RAILWORLD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. General information

As set out in the trustees' report, Railworld, is an incorporated charity registered in England and Wales. The address of their registered office is Oundle Road, Peterborough, Cambs. PE2 9NR.

The financial statements are prepared in sterling, which is the functional currency of the entity.

2. Accounting policies

2.1 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Railworld 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.

2.2 Going concern

As noted in the trustees' report, the UK has experienced a pandemic of the coronavirus. The potential effects to the charity and its future prospects cannot be fully quantified but the trustees remain committed to the protection of the organisation and the situation is being regularly reviewed by the trustees. Accordingly the financial statements have been prepared on a going concern basis.

2.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the 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.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income from the provision of services falling within the company's ordinary activities, for example from takings for admissions, is recognised on receipt, net of Value Added Tax (where applicable).

2.4 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 on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Page 14

(A Company Limited by Guarantee)

RAILWORLD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.4 Expenditure (continued)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Government grants

Government grants are recognised under the performance model. Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable.

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 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.

In addition to the charity's assets classified as Land and Buildings and Plant and Machinery (note 14) Railworld owns a number of heritage assets, which are standing exhibits. Cost information is not available for these assets and conventional valuation approaches lack sufficient reliability for these assets to be included in the accounts.

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:

• Freehold property Freehold footbridge 1.7% per annum straight line, Freehold buildings 10% per annum straight line Prefabricated buildings 25% per annum straight line Freehold land is not depreciated - Plant and machinery 20% per annum straight line - Fixtures and fittings 20% per annum straight line or reducing balance - Computer equipment 20% per annum straight line or reducing balance

Page 15

(A Company Limited by Guarantee)

RAILWORLD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.8 Investments

Fixed asset 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 Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.9 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.

2.10 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.

2.11 Liabilities

Liabilities and provisions 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 charity 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 in the Statement of Financial Activities as a finance cost.

2.12 Financial instruments

The charity 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.

2.13 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 charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity 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.

Page 16

(A Company Limited by Guarantee)

RAILWORLD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

3. 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 charity 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:

Tangible fixed assets are recognised at cost or valuation, less accumulated depreciation and any impairments. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the company's fixed assets is tested as soon as changed conditions show that a need for impairment has arisen.

4. Income from donations and legacies

Unrestricted funds 2021 £ Donations BGL Group 7,234 Railworld Trading Limited 13,476 Other donations 2,092 Legacies Patricia Anne Seaman - Grants National Lottery - Government grants 25,000 47,802 Total 2020 31,695	Restricted funds 2021 £ - - - - - - - 9,850	Total funds 2021 £ 7,234 13,476 2,092 - - 25,000 47,802 41,545	Total funds 2020 £ 2,661 7,833 6,201 15,000 9,850 -
			41,545

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RAILWORLD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

5. Income from charitable activities

	Unrestricted	Total	Total
	funds	funds	funds
	2021	2021	2020
	£	£	£
Entrance fees	13,634	13,634	28,673

6. Income from other trading activities Income from fundraising events

Unrestricted funds 2021 £ Car parking and room hire - Cafe and shop sales - - Investment income Unrestricted funds 2021 £ Bank interest received 30	Total funds 2021 £ - - - Total funds 2021 £ 30	Total funds 2020 £ 49,388 15,640
		65,028
		Total funds 2020 £ 282

7. Investment income

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RAILWORLD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Other incoming resources

	Unrestricted	Total	Total
	funds	funds	funds
	2021	2021	2020
	£	£	£
Refund of bank charges	7,632	7,632	-

9. Expenditure on raising funds

Fundraising trading expenses

Unrestricted funds 2021 £ Shop and cafe expenses - Bank and credit card charges - -	Total funds 2021 £ - - -	Total funds 2020 £ 6,114 1,014
		7,128

10. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted funds 2021 £ Visitor attraction 49,997 Total 2020 70,797	Restricted funds 2021 £ 9,850 -	Total funds 2021 £ 59,847 70,797	Total funds 2020 £ 70,797

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RAILWORLD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

11. Analysis of expenditure by activities

Visitor attraction Total 2020	Activities undertaken directly 2021 £ 58,053 68,997	Support costs 2021 £ 1,794 1,800	Total funds 2021 £ 59,847 70,797	Total funds 2020 £ 70,797

Analysis of direct costs

Staff costs Depreciation Visitor leaflets and publicity Postage and stationery Bank charges Site development and maintenance Heat and light Insurance Telephone and broadband Equipment repairs and renewals Professional fees Sundry expenses and subscriptions Accountancy fees	Total funds 2021 £ - 8,403 3,673 448 63 27,980 2,687 2,818 179 4,777 4,663 784 1,578 58,053	Total funds 2020 £ 11,994 7,465 6,512 470 - 7,087 3,204 2,982 213 23,726 3,792 275 1,277
		68,997

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(A Company Limited by Guarantee)

RAILWORLD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

11. Analysis of expenditure by activities (continued)

Analysis of support costs

	Museum
	and wildlife	Total	Total
	haven	funds	funds
	2021	2021	2020
	£	£	£
Governance costs	1,794	1,794	1,800

12. Independent examiner's remuneration

	2021	2020
	£	£
Fees payable to the charity's independent examiner for the independent
examination of the charity's annual accounts	1,794	1,800
Fees payable to the charity's independent examiner in respect of:
Bookkeeping and payroll	-	504
Other advice	-	773

13. Staff costs

Wages and salaries	2021 £ - -	2020 £ 11,994
		11,994

The average number of persons employed by the charity during the year was as follows:

	2021	2020
	No.	No.
Management	-	1

No employee received remuneration amounting to more than £60,000 in either year.

The charity's key management personnel are the trustees, who all give their time on a voluntary basis.

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(A Company Limited by Guarantee)

RAILWORLD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

14. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

One trustees received reimbursement for materials purchased for specific projects, amounting to £6,192 in the current year. Trustees and other volunteers are authorised to purchase materials and other goods on behalf of the charity in situations where the need is urgent and normal credit facilities are not available (2020 - £9,852 was reimbursed to trustees).

15. Tangible fixed assets

Cost or valuation At 1 April 2020 Additions Disposals At 31 March 2021 Depreciation At 1 April 2020 Charge for the year On disposals At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020	Freehold property £ 1,508,565 18,125 (5,693) 1,520,997 427,030 5,533 (5,693) 426,870 1,094,127 1,081,535	Plant and machinery £ 15,927 595 - 16,522 11,270 1,468 - 12,738 3,784 4,657	Fixtures and fittings £ 21,420 3,322 - 24,742 17,720 887 - 18,607 6,135 3,700	Computer equipment £ 9,843 590 - 10,433 8,382 515 - 8,897 1,536 1,461	Total £ 1,555,755 22,632 (5,693) 1,572,694 464,402 8,403 (5,693) 467,112 1,105,582 1,091,353

Included in freehold property is land at cost of £1,012,200 (2020 - £1,012,200) which is not depreciated.

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(A Company Limited by Guarantee)

RAILWORLD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

16. Fixed asset investments Cost or valuation At 1 April 2020 At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 Principal subsidiaries	Investments in subsidiary companies £ 100
	100
	100
	100

The following was a subsidiary undertaking of the charity:

Name		Company	Registered office or principal	Registered office or principal	Registered office or principal	Principal activity	Principal activity
		number	place of business
Railworld Trading Limited		10747668	Railworld, Oundle Road,			Management of car
			Peterborough, PE2	9NR		park, lettings, shop
						and cafe
Class of	Holding	Included in
shares		consolidation
Ordinary	100%	No
The financial	results of the subsidiary for the year were:
Name			Income		Expenditure		Net assets
				£		£	£
Railworld Trading Limited			33,815			33,815	100

The financial results of the subsidiary for the year were:

Page 23

(A Company Limited by Guarantee)

RAILWORLD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

17. Debtors

Due within one year Amounts owed by group undertakings Other debtors Prepayments and accrued income Tax recoverable	2021 £ 7,144 - 1,655 - 8,799	2020 £ 43,687 4,627 1,482 410
		50,206

18. Creditors: Amounts falling due within one year

Trade creditors Accruals and deferred income	2021 £ 998 1,813 2,811	2020 £ 575 1,985
		2,560

19. Provisions

At 1 April 2020	Provisions £ 28,761
	28,761

In the year ended 31 March 2017, the charity recognised a provision of £32,222 for consultancy services provided by Warwick Business Management Limited in connection with the potential sale of land. In May 2018, the charity received a final invoice for these services totalling £28,761 and the provision was amended. As settlement of these costs is dependent on the sale of land, and no agreement has been reached at the date of signing the accounts, the trustees have continued to recognise the potential costs as a provision falling due after one year.

Page 24

RAILWORLD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

20. Statement of funds

Statement of funds - current year

					Balance at
	Balance at 1			Transfers	31 March
	April 2020	Income	Expenditure	in/out	2021
	£	£	£	£	£
Unrestricted funds
Fixed asset fund	1,091,354	-	(8,403)	22,632	1,105,583
General fund	130,901	69,098	(41,594)	(22,632)	135,773
	1,222,255	69,098	(49,997)	-	1,241,356
Restricted funds
National Lottery	9,850	-	(9,850)	-	-
Total of funds	1,232,105	69,098	(59,847)	-	1,241,356
Statement of funds - prior year
					Balance at
	Balance at			Transfers	31 March
	1 April 2019	Income	Expenditure	in/out	2020
	£	£	£	£	£
Unrestricted funds
Fixed asset fund	1,085,896	-	(7,465)	12,923	1,091,354
General fund	88,606	125,678	(70,460)	(12,923)	130,901
	1,174,502	125,678	(77,925)	-	1,222,255
Restricted funds
National Lottery	-	9,850	-	-	9,850
Total of funds	1,174,502	135,528	(77,925)	-	1,232,105

Page 25

(A Company Limited by Guarantee)

RAILWORLD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

20. Statement of funds (continued)

General Fixed Asset Fund - The general fixed asset fund represents assets which are owned by the charity and used in furtherance of its charitable objects.

General Fund - The general fund represents the charity's free reserves which are available as cash or liquid resources to be used in furtherance of its charitable objects.

Restricted Fund - In March 2020, the charity was awarded a grant of £9,850 from National Lottery Awards for All, to be used to extend a footpath along the edge of the railway. The work on the footpath took place during the year.

21. Summary of funds

Summary of funds - current year

General funds Restricted funds	Balance at 1 April 2020 £ 1,222,255 9,850 1,232,105 Balance at 1 April 2019 £ 1,174,502 - 1,174,502	Income £ 69,098 - 69,098 Income £ 125,678 9,850 135,528	Expenditure £ (49,997) (9,850) (59,847) Expenditure £ (77,925) - (77,925)	Transfers in/out £ - - - Transfers in/out £ - - -	Balance at 31 March 2021 £ 1,241,356 -
					1,241,356
					Balance at 31 March 2020 £ 1,222,255 9,850
Summary of funds - prior year
General funds Restricted funds
					1,232,105

Page 26

(A Company Limited by Guarantee)

RAILWORLD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2021 £ Tangible fixed assets 1,105,582 Fixed asset investments 100 Current assets 167,246 Creditors due within one year (2,811) Provisions for liabilities and charges (28,761) Total 1,241,356	Total funds 2021 £ 1,105,582 100 167,246 (2,811) (28,761) 1,241,356

Analysis of net assets between funds - prior year

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Provisions for liabilities and charges Total	Unrestricted funds 2020 £ 1,091,353 100 162,123 (2,560) (28,761) 1,222,255	Restricted funds 2020 £ - - 9,850 - - 9,850	Total funds 2020 £ 1,091,353 100 171,973 (2,560) (28,761) 1,232,105

23. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

24. Related party transactions

The charity's income includes a donation of £13,476 (2020 £7,833) from Railworld Trading Limited, its subsidiary undertaking. At the reporting date, Railworld Trading Limited owed the charity £7,144 (2020 £43,687).

Page 27