REGISTERED CHARITY IYUMBER: 29224 Report of the Trnstees •nd Fin%ncial St#tsments for the Ye*r Ended 31 D¢¢¢mber 2023 for Phyllis Rampton Nirrow G*uge Rallway Trust Ashmok & Co 9 Broad Stffe¢ Llandovery Cam)anhtnshire SA20 OAR Phyllis Rampton N#rrov4 Gauge Rallway Trust CoDtents of the Flninclal Ststem¢nts for the Y¢8r Ended 31 Dtctmber 21123 P*ge RtfereTh¢e And Admlnffiltrative Details Report of the Trvst¢e$ Report of the IndeptndeDt Authtors Con501id*ted StAtement of FI￿￿¢5*1 A¢tlvits¢$ Balante Sheets 9tolO sh Trlow Ststement Notss to the C#5h Flow Ststement Notes to the Fin%n¢ial Statsments 13 to 26 Phylli5 Rarnpton IY*rrow G#ug¢ Railway Trn$t Referenee Admlnlstratlve Det*ilB for the Ye*r Ended 31 Dectmber 21123 TRUSTEES N Acomb D W Evarts (appointed 22.1223) S Langer A knher (￿mOVed 22.1223) PRINCIPAL ADDRE&S Vale of Rheidol Raihvay Park Avenue Aberystwytb Ceredigion SY23 1 PG REGISTERED CHARITY NUMBER 292240 AUDITORS Ashmoie &Co 9 Broad Strcet Llandovery Carniarthenshire SA20 OAR HSBC 110 High Street Goda]ming Surrey GU7 IDP CAF Bank Lllnited 25 Kings Hill Avenu¢ Kings H Wesi Malling Kent ME194JQ SOLICITORS Sttvens & Bohon LLP Wey House Farnham Road Guiklford Surrey GUI 4YD Poge I Phyllls R*mpton Narrow Gauge Rallway Trust Report of the Tru$t¢ts for the Year Ended 31 Deeemb¢r 21123 The tTU5t¢es PTe$ent ihetr ￿port with lh¢ fjnancial stat¢mfnt5 of the dwritabk group for the ytar ended 31 tkc¢tnber2023. The tn]stees have adoptfd the provision5 of Accounting ond Re￿rting by Charities.. Statemfflt of Re¢onTheThied Prnctice applicable to charities Preparing their a¢¢0￿1$ in accordance with the Finanrial R¢porting Standanl ippli¢obl¢ in th¢ UK and Republic of Ireland {FRS 102) {effeciiv¢ l January 2019). OBJECTIVES AND ACTIVITIES Objectlves and aims Th¢ obj¢c¢ive5 of th¢ Phylb$ Ramptort Narrow Gauge Tn]st are to prescrve. exhibit, display and to loan for demon$traiion for the pub]ic benefit and forthe advance]n¢nt of te¢hni¢aL hisiori¢al and generdl education steajn and oiherrnilwoy ]o¢omotiv¢s. rollti)g stock. equipmcnt. machines and wthi¢h ar¢ of {a)hi8toiical operational and general interest and in addition Ib) of educational va]ue. Public benefit The Phyllis Ramplon N8rrowGaug¢ Raih¥ay Trnsi supports the work of Its subsNJi8ry eniity the Vak of Rheidol Railway Ltmited {re￿i¢T¢d charity number 1076067). The Vale of Rheidol Railway Lunited's piiThcipal activity is the provisiott, for Ihe benefii of thc public. of a WOrk￿g museum by the operation of a narrow-gauge railway litie tO8etherwth a&%ociated station and Ma￿1t￿an¢t fa¢iliii¢$ benveen Aberystwyth and tkvil's Bridge in th¢ ¢otsttty of Cered18￿￿. The raihv2y is OP¢n to all members of the public. The public Can b¢nefii from and see the Preserved locomotives and rollti)g stock iti operdtN)n. Varnus fare concessKbns are aLw availabk inchlditig dtseounts forehildren and large group$ and both sin8ie and return jOUrn¢y5 availabk. Accessible toilet5 facilities in both Aberystwyth and Devil's Bndge. All trntns have accessible areas, wilh one acce5siTr*k opeTL ca￿1#ge with ramp a¢¢ess and a lar8erwhcelchairbay and one FllStIGuard ¢arria8e has an enclosed I&￿r wh¢¢]chstr bay wryth ramp access on each trdin. Do8s arc wekome to tTavelMryth passenger5 in third r￿sS fora Small charge Ss are 8uide dogs HJ fust ¢]ass and third cla55 fora small cha￿. The publi¢ will furth¢rben¢fit by tbe Vale of RheidolRaiiway Litnited openitig a new natrow-gau8e raihvay museum ill the Great Wesiern Radvdy hcomotive shed uj Abcrystwyth - offKr41 openingsehcdulcd io be Spring 2024. The tru5te¢5 confrm thattlley hav¢ COTnpli¢d with th¢ requremenis of section 17 Charilies Act 2011 to have due regard to the public benefit gu￿8￿¢¢ pub]i%b¢d by the Charity Commissiorl forEngJand alld Waks. A¢dvlJes Ihjring Ihe yearihe fll)ancial support provided by the Phy])is Rampton Narrow Gauge Raijway Trust to Lts subsidiary entity Ihe Vale of Rhevjol Railway Limited has inc]uded.. FUnd￿g thc PUT¢hise by the Vole of Rheidol Raihv8y Limited of a Ford Model T CHI adapied io rnn a Tharrow-￿Ugc Taihnyy a rep]Ka of a bn¢ itbSP¢¢tion vehicle which operated on the Matii 2. rallway system ID the USK Thi8 will be displayed in the Vale of Rheidol Raihvay Limil¢d's n¢w mus¢um. Cotttnbutiot) to th¢ ¢osÈs of restoration wotk Ca￿￿d oui by the Vak of Rheidol Railway Lunited in its SuTTey wotkshop of narrow-gauge heritage locomotives and G8￿1￿8es. Thi8 has inch]ded.. The transfer til August 2023 of a Di¢k K¢rr IDcomotive from the Vak of Rheidol R¥ihvay'$ Sulley workshop io Aberysiwyth fordJsp]ay in the Vale of RheKlol's Dew mus¢llm. The reStorat￿n of a narn)w-gaug¢ 15k of Man Composite carria8e F68 wljich is duc to be compkted and delivered fordisp]ay in the Vak of Rheidol Rathvay's new museum in 5PTing 2024. ContinuingTe$toraiion of a Ruston Proctorparaffitl lo¢omotive. Page 2 Phylli8 Rampton Nirrow Gauge R*ilw*y Tru$t R¢port of the Trustees ror the Y¢8r Ended 31 December 2023 FINANCIAL REVIEW Prlntlpal fulldlng sourtes The funds of ihe Phylli% Rampton Narrow Gauge Raihv8y Trnst come from the iDCOTne genernt¢d fTh>m its portfolio of investments and in¢om¢ tarncd on bank deposiis. Following thc death of P J Rampt(Fll th¢ Phyllis Rampton Na￿wGaUg¢ Railway Tw$1 became entitkd to the r¢5idu¢ of hi% estate. During the y¢arfund5 totaiin8 £2,074,494 were received as part of that ¢niitkment. Investment poll¢y and obJectlve5 During th¢ y¢ar th¢ trustees appointcd Ja]ne5 Hambr(i and Panners LLP as new fftnvestmeni mana8¢rs. James Hambro manage the illveslr(Lents of ihe PhyUi5 Rampton Nam)w Gauge Railway Trust und¢ran Inv¢stmenl Po]Ky Ststement agreed with the tn151¢¢s which aim$ to maxllnise the income and capit741 ￿turnS tsn *Jv¢siment frorn a miKed Tisk portfolio. Reserves poll¢y It is the policy of ih¢ Phyllis Ramplon NaTrow Gauge R#Èlway Tw$t to maintain unrestricted fund$ which aff the free reserves of the eharity suff]cient to COVeT m#na8¢mettl. adminisiration and support cost5. As at 31 D¢c¢Enber 2023 total funds amounted to £24.143.020 (2022 restaied: £21,077,716). There were no rtstri¢ied fundsa5at th¢ yearended 31 December2023 nor 3 1 D¢¢ember2022. Totalendowment fund amounted to £633,650 as at th¢ y¢ar¢nd¢d 3 1 Decembei2023 and 31 December2022. CoTrng concern After making appropriate enquwies th¢ twstees have a reasonabk expe¢tat#)n that th¢ Phyllis Rampton NatrowGauge R8ihvay TTUSt ha5 adequhte ￿soul¢eS to ¢oniinue in operational existence for the fores¢esble future. For this reason they continue to adopt the going concern basi8 when p￿paring the fman¢ial statements. Further detai15 of the going ¢ort¢¢m basis can be found on the accountin8poki¢$. FUTURE PLANS The Phylli5 Rampton Nam)w Gauge RaJ]way Trust will contitlue to moxiM￿ returns on th¢ investment portfo]h) to provide suffjcient fulld5 to $upport it$ subsidiary cntty the Vale of Rheid()l Railway Limited. STRucfuRE, COVERNANCE AND MANAGEMENT CovernlDg document The Phylli% Ramplon N8Trow &uge Raihvay Tnjst i8 controlled by its goveming do¢um¢nt, & deed of tW51. #nd con8titute5 an unitLcorporat¢d charity. ChArlty ¢onstltudoD The Phyth's Ramplon Na￿oW Gauge Rldway TnJ$l was foundal in 1985 by a tkciaration of Trn$t. The TNst ts o re8iStered charity (charity number292240}. Org4nl$atlonxl $tru¢tsre &Dd deelsion mY4klDR The tru$t¢es have m4 re8ularly in 2023. ove￿¢¢1[1g the op¢r21iODS of its subsidiary entity th¢ Vak of Rheidol Raihvay Limited. and detern)ining the general policy of the charily and ils long tern slrdtcgy, to ¢tt$ur¢ the obje£tives of the Phyllis Ramplon NarrowGauge Raihv8y TThst are achieved. Method of *ppolntment of trustees Th¢ mana8ema)l of the Phyllis Ramplon N￿￿OW Gauge Railway Trnst 15 the r¢sponsbility of the tftLStees who are appointed under Ihe iernis of the Declardtion of Tn]st. The Phylli5 RaTI￿10￿ N&rrow Gaug¢ Rathvay Trust 5ceks to Jr¢n)tl D¢W miste¢s with the aim of ensuring that the baiaTJee of ski115 andexp¢rien¢¢ hekl by the Board of trn5tees is maintain¢d andrelevant to the objectives of ihe charity. David WyDnc Evans was appointed an odditional trnstec during the y￿r aT¥J brings engtiJeerin8 expertise and busfftess txpciicnce to the Board. Prior to their appointma)l. prospective irust¢es arc provided wilh ¢opies of the Decjatation of TN$t #nd the latest fuJ*ncial statements. Pa8e 3 Pkyllh Rampton Narrow G*u Rxllway Trust Re￿rt oCth¢ TrMit¢tJ foT the Ye•r Ended 31 December 21123 STRUCTURE, GOVERP4ANCE AND MANAGEMENT Melhod of•ppoiD*Jnent or ekrtioD ofTrusleps- colltinyed Pr05peciiv¢ new trust￿5 invit¢d io •tt¢Dd a nwnb¢rof Bo3rd H]eetin8s of th¢ tms&5 8]Ml its sllbsidiary uJ¢ity where they have art o￿ortuni1Y to discuss the operdlion of the charity and fulure plans and objethives can b¢ explained to them. Prospective are also provided with copies of th¢ Charity Commissions fjuidan¢¢- Yh¢ e55¢ntial trus*e whal YO￿ n¢¢d lo know. what you ]Jeed to do" and 'fhariiy TnLsiee'. wh81's ittvolved" Prior 10 thew fornial •ppkiniment prospective ntw tnistees are also required to complete the Ch&rity Commi&sion'5 Truslee Eligi￿"1)ry Declaralion attd HMRC'S Fit and ProperPerson Declaration. rhe trU￿ee5 have considered the nJajoT Strate￿Ie* busitte&8 Ind opuaiional risk wbich the Phyllis Rarnptou Narrow Gauge R￿"[WaY Trust faces and confirn that SyM¢T￿5 have b¢¢n ¢sMblish¢d k) ffj•bl¢ regul&rreports to be wothed that the n¢ccss&ry steps ¢aTh be tsken to le&4en the risk. srATEMENT OF TRUST8ES' RESPONSJBILITlkS The ￿￿treS are responsible for p￿p9n￿8 th¢ li¢port of the Tntstees and ihe fin8Lci21 sta*ments in accordante wsth applicabl¢ law and United Kin8dorn Accds and princKplcs in the Charity SORP. make judgements and estimates thai are reasortable 9JJd prudeni: siaie whethet appbcable accouttiing stsndan15 have b¢cn follow¢& 5ubjKt to ally rnateri&l depArtwes disclosed arrfl explained in the fiuancial prepare the financial #atcmtnts on the going cotKfflJ basis unlcs5 it is inJpprowi&t¢ lo pr¢sume thai the d￿{ty will Coniinue in busin￿. The tr￿ste¢s art re$ponsible for k&pi08 proper aCc￿nI•￿8 Tttords which di%lose wilh rea50nable afCLfftCy ai #ny time the fbnancial position of the charity and io ¢nable them to ¢tLsure that the fil￿nCIal statements comply with the ChaTIIics Act 2011, the Chwity and RepoF1sI Re8ulatiotts 2008 the provisio￿5 of the Injsi d¢d. They Ire al￿> rtspoTLStble foT safeguardLEI8 th¢ assas of the chariry and hence for thking rca50nabl¢ sleps for the prevetttioth and detection of frsud 2nd other itwularities. Apptoved by ord¢rof the ix)8rd of Irusiees on... . - and signcd OD its b¢hAlf by.. N Aeomb- Trustee P8Be 4 Rtport of tlle Independent Auditors to the Trn$t¢t$ of Phyllis Rarnpton N*rTOW G*vg¢ RAi1￿Y Trwt Opinio We have audited the f]nancBI 51&tements of Phyllis RamptrAJ Narn)w Gau8e Railway Trnst (Ihe'charitable patent) and rts Subs￿1¢5 ItILe 'group'} for the y¢ar ended 31 December2023 which comprise the Consolidatd Ststanent of Financial ActLViti¢s. th¢ consol￿at￿l Ba]atte Sheet. the Balan(% Sheet. the Cortso]hlaied Cash Flow Statanent and note5 to the fiiancial $toteM￿lS. mc]uding a summary of sibmifi¢ant a￿0￿￿ting policies. The finaTL¢o1 r¢portit18 framework thai has been applicd in their prepardli(In is app]L¢able Jaw and United Kingdom throunimg Standards (Unii¢d Ku)gdom G¢n¢rally Acccpted Accounting Pra¢ti¢e}. ID our opinion the fmancial sta¢¢ment5- ghve a tn]e and far view of th¢ state of the group$ affairs as at 3 1 Ikcember 2023 and of 11$ in¢oming resource5 Y4nd appbcatioll of re50urc¢5, forih¢ year then ended., have b¢en prop¢rly prepared in accordance with United Kingdom Generally Accepted Accounting Prncti¢¢' and hav¢ b¢en pr¢par¢d in a¢¢ordanee with the requirem¢ni$ of ihe Companies Act 2006. Basis for opinion We conducted 0￿raUdIt in accordance It)l¢marN)nal Standatd5 on Auditing IUK) OSAS (UK)) and applicable law. Our r¢sponsibiliti¢s und¢T ihos¢ $iandards are furthcr described in the Auditors, r¢sponskThililies for the audit of the rm#n¢k41 stsi#neni$ s¢¢tion of our report. We Ind¢p￿dent of the 8roup in accordance with the ethica r¢quir¢Tnents that ar¢ r¢kvanl to our audtl of ihe fmancial 5ts1fflJ¢n15 in th¢ UK including the FRC'S Ethic31 StaThthrd, aNI we have fulfilkd our other ethical T¢sponsibilities irt ac¢ordan¢e with these requirernents. We b¢li¢ve that the audit evidence we have obtained ￿ $uffKient and aPPJDpriate to provide a basi5 forouropiniot). Con¢lusion$ rel#ting to golng ¢oncern Inaudiiingthe fmanck)I statements, we have conclud￿1 ¢h4t the ttuslee$' use of the ￿]ng concern basts Of a¢¢ounting Ihe preparntion of the fJnancBI statcments 15 appropriate. Based thc WOTk ￿ have perfomi&l, we hav¢ noi identif￿d any material uncenainiie$ relatin8 to events or conditions thai. indivmiualiy or collective]y, may CASI SI￿)rf]¢8tJt doubt on the charity's ability io ¢onl￿ve as a goin8 concern for a period of at least twelve rnonths from when the flnancial statements authoiysed For tssue. OUT responsi￿1]ItieS and the responsbilities of the tTUStees wilh resp¢¢t to gY)in8 concern are de%nbed in tb¢ r¢kvant s¢ctions of this report. other Informlllo The trustees A￿ ￿SpOns￿k for the other infonnation. The other iryfomjatiott compri8CS the inforniation included in the Annual Report, other than rhe fmancial stateTnent5 and our Report of the Independent Auditor5 thereon. Our opinion on the fllwncRI 5t#temfflis dLXS noi wver tbc oiher inf0M￿lion a￿[, ex¢¢rrt io tbe extent otherwise explicitty stated in ourreport, we do not exp￿$8 any fojm of a85uranc¢ conclusKtrn th¢reon. Jn ronn￿tiO1) Mryth our audit of the fll)anc&]I statements. ourresponsibility is 10 read the other lljfornialion and, in doing $0, Cons￿er wtheiher the other information is n￿teriallY in¢ot)sistent with the fina￿jaI siatemth¢s or our ln5 we wuir¢ for our audit. Page 5 RepDrt of the Ind¢p¢ttdellt Auditors to the Trvs¢ee5 of Phyll1$ Rampton N*rrow Gauge Railway Trust Re$ponslbllld¢$ of trustees As explaincd more fully llj the Statement of TN51¢es' Responsibilrties, the Irustees are r¢spon51bie for ihc prcparation of the fmancial statements wthich give a true And far vi¢w, and for such internal conttL)l as the tn]ste¢$ d¢i¢mJine is necessary lo enabk the of fman¢ial statements that are fre¢ frotn material mis#atem¢Dt. w6cther due to fraud orerror. In pr4viing the finaD¢#l statanents, the lJustees are r¢spon51bk for assessing the charity's ability to rontULII¢ a5 a gouig ¢ottcem, disckTrsill8, as applicable. matters r¢￿ted lo goitl8 concem and using the gouig ¢onc¢rn bÈ$i$ of ar￿uAliti¥ unless the tnLStees either intend to liquidate Ihe ¢harily orto ¢¢ase operat20ns. or hav¢ no ]vaknstK oltemative bui to do so. Our respoDslbllltlts for the #udSt of the fin2ncl*l stAternents We hav¢ been aFyoittled as audrtors under Section 144 of the Chariti¢5 A¢1 2011 and ￿pOrt ID accordance wth the Act and ff]evanl ￿8￿￿tIOnS mad¢ or havingeffect th¢r¢under. Our obj¢ctiYes are to obtain r¢asonabk assurnts¢¢ abo￿ whether the fLnancMI stHtun¢ttt$ a$ a wlkoje are free frorn material mis5tatfmenl. whetheT due lo frnlld or error. and Io issue a Report of lh¢ Independthl Auditors Ihat includes our opinion. Reasonabk assutart¢e is a high l¢vel of assurance. but is nol a guaran1¢¢ thai an audit conducted in accordajjce with ISAS IUK} will always delect a material mkS5tatema)t when li eX￿ls. Misstatement5 can ark4¢ fTom fraud or error and are consxlered material rf. individualty or in the a8gre8aie. they a)uk] ￿&sINbty be ￿pe¢￿I to inflv¢rtc¢ the etonomic decisions of user5 taken on the bosis of thes¢ fmancifjl statement5. The exttnt to which ourproc¢dures are capable of delecting irregularitK5. includitig fraud detailed below. Irk Tela¢K)n to fts￿1, the objectives of our audit are to identify and a$se$$ the ri8k of material misst#iement of ihe finan¢ial stsianenrs due to fraud. to obtsin sufficient a￿111 evidence rcgarding the assessed risks of maietial misllaianeni du¢ to fr&lld through deswing and Impiernent￿lg OFPP)pTiate responses #nd to respo1￿ 8pptDprot¢ty to f￿￿d or5uspected fraud identified duiing th¢ audit. However. it L5 the PTin)ary responsiTr)ility of managem¢nt. Wlth the oversight of those charged wilh governance, to cnsur¢ that the rntity's ope￿I10nS gre concluded in accordaTL¢¢ wryih the pJDvisJons of jaws a￿] reguiat¥)n$ And for ihe preveniion and detectKTrn of fraud. In ideniifying and assessing risks of material misstatcment lll respect of trTegubriti¢s, ID¢￿dIng fraud. the a￿jE1 ngageTn¢nt l¢am'. - obtain¢d an ulldeT5tsnding of the nature of the industry and 5wlor, ujrluding the ]e8al and regulatory fmmewoJl( that the company operates in and how the con]pany is complyingwiih the ]egdl and rcguiarity frnmewo]*' inquired of rnanagem￿t. and tkns¢ ctMTged with govemance, aFx)ut their own LdentifKation alsd assessment of the risks of itregularities. inc]udillg any known a¢iuaL su$pecied or alleged instances of fTaUd; -discu5sed Matte￿ about [KIn￿<￿￿p[lante with ]aws and re8ulation5 and knw fro￿ t1)￿t oc¢urincludin8assessment of how apd Whe￿ th¢ financial statements may be 5U5ceptibl¢ to fraud. A$ a re8uIt of these procedures we con5id¢r the most si￿)r￿aDt laws and regulaiions that hav¢ a dw¢¢i impad on the f]llancial statemcnts FRS102. 2nd the Compnies Aci 2006. We perfortn¢d audit proceih]res to del￿1 non-CO]np]iance wtlich may Iwv¢ a material I￿Pa¢￿ on Ihe fmancial slatan¢nt5 whirh ltie￿ded reviewing fujancial stat¢Tn¢nt di5ck>surt$. Thr audit engageM¢￿t team identified ihe T15k of Ma￿gemen1 ov¢Jrid¢ of controls as #Tea where th¢ fma2Jc￿J statements were most susceptiTrple to materi81 mssstaiement due to fra￿]. Audit procedu￿$ perfomjed inc]ud¢d bul werc noi limited to evv41ualing the business ral*)naie in Tejation lo any significant, unusual tran￿¢tiOnS and tranM(*ion5 ¢ntcred into outs¥i¢ the nomial course of business. A further descriptK>n of our responsibilities for th¢ audit of the fjnaneinl 5titemenis is located on the Fujancial Reporting Councd's ￿bSite at ww.frc.or&uklaudiiorsresponsiThiliiie5. This de$¢rtption fomis part of our Report of the Independent AuditQTS. Pagc 6 Report of the Indepeod¢nt Auditors to the Trustees of Phy115$ R#mpton NarroY4 Gauge Railway Trust Ug¢ of frur report This report is made sokly ¢0 the group's tn15te¢s, as a b(Kiy, in acconlance wilh Part 4 of the ChaTitie$ IAc¢ounts and R¢pons} Regll]atiDns 2008. Our audit work has be¢n urtd¢fiakL%) 80 that we might state to the ¢haiity'$ tnistees those matters we are Tequred to stst¢ to than ￿ an a￿lti0￿, Jyport and for no (*h¢r PUTpose. To the fullest exient pcrn]itt¢d by law. w¢ do not ai¥ept or assum¢ responsibfiity to anyixje ottjer thon ihe ¢h*iiiy and the charity's INslees as a body, for ouraudit work. forihi5 repon, or forth¢ opinions we have fonned. A5hmole E]igbL le lo act as auditor ￿ t¢mis of Se¢iitsn 1212 of the Companies Act 2006 9 Broad Siteet Llandov¢ry Camiarthenshire SA20 OAR 21..1?: Joay.. Pa8e 7 PbyllS$ RamptOD Narrow G*u¥e Rallway Tr￿1 CoRs01idated St8temeni of Fln*nel*l A¢tlvltles for the YeAr Ended 31 De¢ember 2023 31.12.23 Total funds 31.12.22 Total fuTJds os JY$tat¢d Unrestiicted fund R¢51Tiried fund Endowment fund Note5 COME AND ENDOWNIENfs FROM Donations and legaciES 2,616,829 2,616,829 10236.995 Ch8ritsble attiyltles Railway 1.105,478 1,105,478 751,682 Othcr trading activiti¢5 Investment income Other uJ¢om¢ 545,301 102,950 174263 545.301 102.950 174263 564.702 96.866 To¢*1 4544821 4544821 11653,612 EXPENDITURE ON Raisin8 flltlds 34,954 34,954 187,523 Chariknble #¢tivities Railway Trnding ,595,535 284,029 1.595,535 284,029 1,459,112 234,856 Tot*1 1914518 1,914518 1881.491 N¢¢ gains ort irtv¢stm¢nts 435.001 435001 25.002 NET INCOM 3,065 J04 3,065304 9,797,123 RECONCILIATION OF FUP4DS To¢¥1 fun(ts brought fonY2r As previously TEPOrted Prior yearadjustment 20,593,705 1149.639) 633.650 21227J55 (149,639) 11280,593 A$ reststrd 20.444.066 633,650 21.077,716 11280,593 TOTAL FUNDS CARRIED FORWARD 23.509 370 633 650 24.143 020 21077716 Th¢ notes forn) part of th¢5e finallcial statements Page 8 Phyllls Rxmpton Narrow Gauge Rsllway Trust Con501idated B#lince Sh¢e¢ 31 Deeember 2023 31.12.23 Total funds 31.12.22 Total funds as restated UnresttKted fund RestrKted fund EndowTr£nt fund Not¢8 FIXED A&SETS Tangjble assets Herilage assets Investments 14 13272,816 3,920242 3,537,005 13272,816 4.553,892 3,537,005 12,784,620 4,511,991 2.6672 18 633.650 16 20,730,(h3 633,650 21J63,713 19.963.829 CURRENf ASSETS Stocks Debtors Cash ai bank and in hand 108.913 220.947 2 J84,982 108,913 220,947 2584,982 98,004 108,617 1.048,768 19 2,914,842 2.914,842 1255,389 CREDITORS Amounts fa]lJn8 due within onc year 20 (135535) (135,535) (141,502} IYET CURRENT ASSETS 2,779J07 2,779,307 1,113,887 TOTAL ASSETS LESS CiIRRENT LIABILITIES 23,509,370 633.650 24,143,020 21,077,716 CRED￿01L$ Amounts fallmg due aftermorc than one ycar ET ASSETS 23 509 370 633.650 24 143 020 21077716 FUP*DS UnTr￿n¢t¢d futhd$ Endowment funds 21 23,509,370 633.650 20,444,066 633,650 TOTAL FiQYDS 24 143020 21077716 All the 8roup's activities derive from continuing operations durn8 the above two period5. The notes forni part of these fmancial statements Pag¢ 9 Pbyllls R*ThptoD Narrow G* Rgllw•)' Tr￿￿¢ Chxrlty BAiaMte Sbeet JI December 2023 3).12.23 31.12.22 Totsl fundB Unrestrict¢d IFIXED A&8ETS Heritage asws Inv¢sthJa)ts 15 16 iO,l(K) 10.1 70 2 602 759 3.477,170 2,612.859 CURRENT ￿$sETs Debtors Cash at bank 18 19 5250.622 S.059.948 302451 7.072.688 5.362.399 CREDITORS Amounts fallinB 4thJ¢ wthin orK y 20 I14￿84) (2,1001 NET CURRENf ASSETS 7.058 604 60.299 TOTAL A&8ETS LESS CURRENT LIABIL￿[E5 10.535.774 7.973.158 NET ASSETS 10 535 774 7.973 158 Fuf4DS 21 Unr¢slricted 10 53S 774 7.973 158 TOTAL FUTrIDS io 7 973 158 The firwi¢illl stsiements W¢T¢ approved by the Board of Ttustses and aythoris&l for i55Ut Oll aTxI wer¢ si8J*d on its bdlalf by.. N Acomb- Tru$t¢e The )￿leS fonn patt of these fmancial st#¢¢ments Pag¢ 10 Phyllis N#rr•w G*￿ge R#ilv*y Trust Conwlldated Cask Flow Statement for the Y¢8r Ended 31 December 2023 31.12.23 31.12.22 Notes Cg4sh now5 from operating acllvltles Cash gen¢rated from operatK>ns 1,699,670 9.722,888 Net cash provKied byl{used in) opcrdtingactivities 1,699.670 9,722,888 Cg45h from Ényestlttg *¢llYldes Purchase of tangbl¢ r]xed a55ets Purchas¢ ofherit3g¢ a55¢15 Purrha5¢ Of fix¢d a$s¢i inv¢$kn¢nls Sak of fjxed ass¢t Sak of h¢ritag¢ assets Sate of fixed asset investments Ini¢r¢sl r¢c¢ived Ihvidends TtteÉved (593.1401 153,966) (2.419,507} 218.587 12.065 2,371,535 11,004 91.946 18,999.337) 11.210.872) (151271) 117,833 7,049 288,672 16,526 80,340 Net cash provided by investujg activities 361.476) 9,851.060) Cash flibw5 frnm firt*nclng #¢dvStle$ Loall wayrna)Is in y¢ar Capiial repayments in year 197.723 298 252,217 (975) Net cash P￿vided by fm8t)¢ingR¢tivities 198021 251 42 Change ID cash gnd equlyalents In the reportlng perlod Cash cash equivalents #t the btglnthlng Of the reporllng perlod 1,536215 123,070 1.048.767 925,697 C#sh equlvilents It the end of the reporting perlod 2.584.982 1,048,767 The tjoies forn) part of th¢s¢ fmancial Statements Pagell Phylli5 Rampthrt Narrow Gauge R*tlwoy Tr￿t Note5 to the Cash Flow StatemeDt for the YeAr Ended 31 Dttember 2023 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPEIL4TING ACTIVITIES 31.1223 31.12.22 Ntt Income for the reporllng perlod (AS p¢r the StatsmeDt ofFlnanelil A¢tivities) Adjustment5 for: Depreciat￿￿ Charges {GainllLosses on invcstmcnt IPtofiillloss on disposal of f￿¢￿ awts Inl¢r¢st received Gain on inv¢5tm¢nt Divid¢nd re¢eived In¢rtase in stock Ilncreasevdec￿5e in debtOES Ilncreaseydecrta5c crediloT5 3,068,604 9.797,123 56.745 (821.815) 1170,388) (11,0041 55.973 141.618 16,450 (16,526} 3,692 (80,340) (10,357) 1262,031) 77,286 (91.9461 110.9091 (490,4991 170.882 Net cash provided byl(used in) optr#tions 1,699 670 9 722 888 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.23 Cash tlow At 31.12.23 Net c*$h Cashot bankhnd in haTkl 1,048.767 1536215 2 584,982 Tol#l 1048 767 1.536 2 584 982 The noies fonn port of these fmancial statements Page12 Phyllis N#rrtsw G#ug¢ R*ilw#y Trn$t No¢¢9 trtr the Fingntlal Ststements for th¢ Y¢ar Ended 31 December 2023 AccouNrir4G POLICIES Basi5 of prep*ring the fin#n¢141 $tstements The finoll¢BI slat¢m¢nts of th¢ group. ￿4)ICh is a public ben¢frt entity under FRS 102, hav¢ b¢¢n pr¢pared ID accordance with the Chariiies SORP (FRS 102} 'A¢collntin8 and Reporting by Chariiies- Siatan¢ni of Re¢vmm¢nded Prn¢ti¢e app]J"cable io charitks preparing their accounts in accordance wrtb the Fmancial Reporting Standard appjicabk ill the UK and RepublK of Ire￿nd IFRS 1021 {¢ifective l January 20191,. Financial Reporillig Standard Iff2 Th¢ Financial Reporting Standard app]itabie in the UK and Republic of Ireland.. the c￿litiCS Act 2011 and ihe Compani¢$ Act 2006. Th¢ rmanc￿l statements hav¢ be￿ pr¢rArtd under ihe hi51orical cost ¢onvenLK)iJ, wjih the ¢x¢¢ption of investsnents which are included at ma￿@ value, as modifled by the r¢vY41ua¢ion of certain a$$¢t$. Phyllis Rampon Narn)w Gaug¢ Railvdy Trust meet5 lh¢ defwitpJn of 3 publ￿ benefrt entlty under FRS 102. Assets and liabilities are in ttkng1]y reco￿Li5¢d at histori¢ cost or trnn•¢iion va]ue unless otherwise stated uj th¢ relevant accounling policy notes. Ba51s of eonsolld*tl•n The ¢onsolklaI￿ fmatseAI slatanenis consolidate the f]ThancMI 51atcmaJt5 of the ¢brity and its subsidiary ut)dertakiny drawn up to 31 Dec¢mb¢r2023. No statcment of fmancialactivit*$ tsPTesent¢d for the ¢hgriiy as pern)ittal by section 408 of the Q)mrAnies Aci 2006. A subsidiary is an entity controlled by the cK9rity. Control 15 achieved Whe￿ the charity has the POW￿ to govern the fmancial and operatingpolicies of aTJ entty do as to obtain benefits fwm its activit￿5. The results of Subs￿laneS acquired or di%posed of thring the year are included in the statanent of fm#n¢ial activities fTrbm ihe effe¢tive date of a¢quisition or up to the ¢ffective date of disposal a5 appropriate. Where ne¢essary,#dju#mo)1$ are tnade to the fmattial staltments of subsidiaries to bring their ?rGountitiB politits into line wilh those used by the group. The purehase Mthh￿ of accounting is U5¢d to ac¢ouni forbusin¢$$ ¢ombll)atuTrns tTrAt re8uIi in th¢ acquK4ition of sub5idiari¢s by the group. Th¢ ¢o$t of a business combination is measured as the fair value of the asseis given, equity inginJm¢t*ts isslled and ]iabiiities incuTred or assumed at the dat¢ of ex¢hathge, plus cosis dittctty attra)utable to the business combination. Identifiable ass¢t5 a04u￿d and lJJbditit5 and cotrtingent babilities assumed in a business coMbinat￿n are measured initially al thetrfaii valu¢$ ai the acquisition dat¢. Any ¢xces5 of the cost of ihe businc5s combination over the 3<4ui¥ets lliteJYst in th¢ n¢t faÉr vah]e of the id¢niifiable a5set$, liabi]rties and conlingent liabi]rties ￿¢08￿]sed is recorded as goodwilL loter1￿]¢$ athptd by the 8TOUP. Non-conlrolling interest in the net a5%t$ of ¢ryJso]Klai¢d subsidiaries arc identifled scparately from the gTOUP'$ ¢qUity theTrin. NO￿-t0t)Itolling interests consist of amoLmt8 of t1￿$¢ interesis at ihe dale of the original bu$iness ¢ombinaiion and the non-contTolling shar¢hokJe¢5 5hart of djanges in equiiy since tbe d8t¢ of th¢ ¢ombination. Totsl comprehthskve iThcome is attrjbuted to ts)rt40titrolling irtteresis even if thi5 results in ihe non-eontrolling Ulterests havuLBa d¢fKit baknh¢¢. Intome All in¢om¢ is ￿COgnised once the charity has entitlement to the income, it ts probabk that ihe income will be receivd and the amount of the income receivable can be m¢a5uffd re]iabty. Page 13 eorttinued... Phyllis Rampton N*rrow Gauge Rallway Trust Notes t• the FIAanclal Stst¢ments - ¢onllnued for the Year Ended 31 Dteember 2023 ACCOUNfiNG POLICIES - tontlnued Donations and legaeie5 I*)nalions are ￿COgniSed wb¢n lh¢ dwriiy has been notifwd in ￿￿11]ng of both the atnount athj seiilemthi dale. In th¢ event that a doTOtiort is subj¢¢t to ¢4)nditions ihat requite a level of p¢rforn]atLC¢ by th¢ Gharity b¢for¢ the harily is ¢ntil]ed lo the funds, the income is defeThed and r￿>t recogn￿d uniil ¢ith¢r those conditions fully ll¢l, OT Ih¢ fu]fihnenl of tknse conditions i8 wholty wrthin th¢ control of th¢ charity a]¥1 il is probable that these ¢ot)ditM)ns will be fulfilled in the reporting period. Legacy ￿ftS arc r¢cognk8¢d on a ¢8s¢ by ¢as¢ Imsis fo]kTrwing the grant of prvbaie whert the #dn)tiJtsitaioilexe¢uior for th¢ ¢$tst¢ toD￿U￿￿tel in w7itiDg both the amount 3Dd seiikmenl dale. In the ¢veni Ihal the gifi is in the fomi of an ass¢1 other than cash OT a finanrial a55¢1 tTaded on a Tecognis¢d stock exchange, reCognit￿n is subject to the ￿1￿¢ of the gJft beiThg r¢ls&bty mtssurable with a de8Tee of rea50rnbk accuracy and the title of th¢ asset h￿v￿g b¢en tTonsf¢trtd to the ¢hariiy. Crants recelwable Granis are reCO￿￿ed wllen the group has an entiikment to the futKls ind any Conditions linked to th¢ grdnt have been mti. Where perforniance conditions aTe attathed to the and alt yet to be met, the income is reco￿ls¢d as a liabilrty and inC￿ded on the b#lat)¢e $heei as d¢f¢rred income to be reka5ed. Glfts In klthd Gift5 in kind are reCO￿L$¢d in different ways dependent on how rh¢y ar¢ used by the charity.. (i) Those dotHted for resak produce income when they 8re sold. They are valued at the an￿Unt a¢ttwlty Teatised. (li) Thos¢ donated for onwonl irsnsmis$ion to beneficiaries are included in the St#temthi of FinaneialAciivates as incomin8 resources and resources expended when th¢y ar¢ distribut¢d. They are va￿ed at the am¢Junt the charity woukl hav¢ had to pay to acquire the]n. (iiil Those donated to Use by the charity it5¢1f art iD¢luded whet) receivable. They are valued al th¢ arnount the chaTity wouki hav¢ had to pay to a¢qllire them. InveJtm¢nt IncoDJe Interest on fund5 h¢5d on dep05Lt 15 inGluded whett receivable and the arnouni bc m￿su[Ed re]ob]y by th¢ charity. this nomiauy UPOTJ nOtif￿all0￿ of the itileresl paMI orpayable by the bank. Expendlture Ail expenditure 15 ￿¢08n1$¢d onc¢ the￿ is a l¢gal or constjwctive 0bkngat￿n lo the Cxp¢ndrtu￿, ti ￿ probabk s¢til¢wn¢nt is r¢qutr¢d and Ihc amount be M£aw￿d Tebabty. All costs Y4re alk>¢at¢d to ihe appbcabje ¢Kp¢ndiluff headmg that Sllniiar cosis lo that ￿tegOry. Where rosls ¢inTJOt b¢ directly attnbuted to partKul]r h￿ding5 ihey have bcen allocated on a ixsis ¢onsisi¢nt with th¢ lls¢ of resources, with central staff cost5 allocated on ¢he ba$]$ of time spent, and depreciation charges alk)cated on the portion of ihe assets used. Other 5UPPOrt cost5 ar¢ alk>cated bas￿ On the spr¢ad lif $iaff c4)sts. Raisffing funds These are cost8 inCU¥T¢d in attrnding voknniary it)¢om¢. th¢ management of investmfflt5 and those in¢utted i irndfjig a¢tiviiie$ thai rai8¢ funds. Charltsble attivltiei Charitabk expenditu￿ ¢on)prise5 those ¢ost$ incurred by the charity in thc delivery of it5 a¢tiviti¢s and s¢ryi¢es for its benefwiaries. It ui¢ludes both costs thai can be allocated directty to such activities and thos¢ cost$ of an indirect È)aillre necessary to support them. Page 14 continued... Phylli$ Rampton NarrowGau¥e R•llwiy Trwt Nots$ to the Fln•nelal Statsmellts - fontlmued for the Year Ended 31 Detembtr 2023 AccouNfING POLICIES - eontinued Swport Costs Support ro#s in¢tude ¢¢ninl fundions ind h8ve b¢oL ajbcatcd to activity cost otegoiies on a basis ¢onsisteDt with the u$¢ of r¢source$. for example. allocatin8 property costs by tloor#teas, orp¢rCapita, Staff ¢ost$ by time spend and oihercosts by theirusage. CoverDance tosts These includ¢ the ¢o$t$ atlnbutabk to lh¢ charity's ¢omphance with constitutK>nal and ststytory r¢quir¢m¢nts. in¢luding audit, sirategi¢ management and trnstccs meetings and teimbursed eAp¢ns¢$. Government ¥Tants Govemment grants are Te¢ognised based ott th¢ a¢¢nJal model a￿] are measured at the fair valu¢ of ihe osset r¢¢eived or ttceivable. Grants are classified as relating either to r¢venue or io ass¢ls. Grants rela1￿)8 10 revenue are reco￿Ls¢d in income over tk period ￿ ithich th¢ r¢laied costs are reco8t)ised. Grants relating to assets are recO￿ls¢d over thc c¥pcrted useful life of the asset. Where part of z Wdni relatin8 to an asset is deferred. il 15 ￿e0￿LSed a5 def¢￿ed income. Tanglble flxed assets Individual fLxed a5sels of any value aTC initial]y Trrorded ot ¢o$t, kss and subsquent accumukntcd depreciation and subsequent accumulated tmpainnent1055es. WO￿ ¢ompk¢ed in ihe r¢sioraiion of a$s¢is i% funded by SU￿bj5¢S from the GTOUP. FAxed asset Inveslments Fixed asset investment5. other than programm¢ r¢￿t￿ tiivestments, intluded at rna￿et value at th¢ FAlan sh¢¢t dat¢. R¢a]i4¢d gains and losses on mvestmenis are calcuiatcd as tbe difference between sales pn)¢¢eils and Iheir moJ*¢t value at the start of rhe yEar. or their 5ubsequ¢TJt cost, and art ¢harged or eredited to the stsiem¢nt of Ftllaneial AetlVLties in the pemd of d25posal. unrea￿ed ￿inS and k>85e5 represent the tnovanent iti market values durmg the year and are credI￿d or charged to the Statemcllt of Financial Acttvi¢ie5 based tsn th¢ Ma￿¢t value at the year end. Herltsg¢ assets Owing lo the uniqu¢ nature of herilage a58els, the c05t5 of obtaititsig valuations wou]d be onerous comrAred with the corre5POtNJing benefits tts th¢ Group. Th¢ heJitag¢ assets are Ihcrcfore ￿e0rded at origitL#I cosl 8EKI are not depreciaitd. The tsbje¢¢ive of the heritage ass¢is is to display them in the pro]x)5ed muswm. As mu¢h documentation as to the provenaoce of heritage asse15 i% obtain¢d and T¢tauJ¢d by the Group. Access to the a55ets is carefully manaFd in order forpTe5¢Tvation. PaEe15 continued... Phyllis Rampton N•rrow Gguge R*1]￿Y Truyt Notes to the FIA*ncl41 Ststem¢Dts - contlnued for the Year Ended 31 December 2023 AccouNfiNG POLICIES - tontinued Depretiation and *morli$atlo Dep￿ciatIOn is prov￿¢d on thngJbl¢ fixed awts $0 as ￿ wryitc off the ¢ost or valuation, less any estimated IESidual value, ov¢rthetr expected useful economK life as foiiows.. $¢t Class Ikpretiation Method Ind r*te Land and building5 Buildings that are under ron5xl¢rnble maitltenance ate not depreciated. other5 are al rnt¢$ from 7 to 50years straithi line basis. Plant and machinery 10•/o or200/• or 25Yo straight bne basis Motorvehicles 204/0 $ltxl￿1 line bosis Civil ¢nguicerng athd iratk 2°h strnight lin¢ basis on trdck onty Buslness combinatioD5 Bu5in¢5s coTnbinatPJn5 #Jt a¢¢ount¢d for under the PU￿haSe rndhd. Where necessary, adillsimthts are rnade to th¢ fThn¢ial $fat•nents of subsidiaries to brng the accounting pokies used into line with ihosc used by th¢ group. All inter-8TOUP tran*dions. FAlantts, income ajhl ¢xpens¢s are e]tininat8J on con501idation. A¢cotthn¢e with sect￿1) 35 of FKS 102. Section 19 of FRS 102 kns been applied tn these financi&l staiemenis in respect of business combinations effected piyor lo the date of transition. T%xatio The chaTity is ¢onsid¢red to pas$ th¢ tests set out in Paragraph I S¢heduk 6 of the Finance Act 2010 aThJ th¢refoJY it meets the defmition of a charity for UK ¢orp(Iraiion lox pU￿oses. Accordingly, th¢ charity iq poientialty exempt from laxation llj respect of itirome or ¢apiial gdms received within categoTi¢S COV¢rtd by Chapter 3 Pdrt 11 of the Co￿o￿tion Tax A¢t 2010 or Scclion 256 of the Taxation of Clwrg¢abk Gains Acl 1992, to the ext¢nt ihat $u¢h in¢om¢ or gains are applied exclusively to chaTitabk pury)08¢s. Fund $tructyr¢ Unresiri¢l¢d income fvnds are general funds that are availabk for use at the trnstce di%cretion in furth¢rnrKe of th¢ obje¢lives ofihe group. Restricted itkcome funds o]r those dotsqt¢d for use in a particular arta or for 5p¢¢xfK PU￿OseS, the use of which restricted to thai area orpurpos¢. Sto¢k Stock is va]ued at the lower of cosi at)d estimated selllljg PTKe kss costs to ¢ompleie and selL after thje re￿ard forob501ele and slow Jnovrng stocks. Co$t Is detemiined using the fJTSt-in. fuSt￿Ut IFIFO). Trade Debtors Trdde debtors are amounts due frcdn ¢u$iomers for mercItand￿e 50bJ or services perfomi¢d in the ordÉnary OUT5¢ of bu5ines$, Trade dd)tors are recognised initiatty at th¢ trnnsa¢tion price. They are subsequentty mt4sured at amonis¢d COSI Using the cffective interest Tnethod, le$$ proV￿l0￿ for Jmpaimient. A provisiorb for the impaim)ent of trade debtors is ¢stablish¢d when ihe]t is obje¢iiv¢ evidence that the chaiity will not be abk to ¢o]kcl all amounts due according to the origtiial temis of the rcceivabks. Page 16 continued... Phyllis Ramplon Narrov4 Gauge Railivay Tr•5t Notes to the Fln*n¢l•l Ststements - tODtlnued for the Year End¢d 31 Detember 2023 ACCOUNfINC POLICIES - eontinved C%5h cAsh equlv#ltnts C&5h aDd ￿sh equivalellts compIise cash on balxl and d¢posit4 and rth¢r 5hort4erni h￿lty li]uJd vestments that readily convertibk IQ 2 know￿ amount of cash are are subject to an ]Thsi￿lfIra￿t tisk of h3ng¢ in vakn¢. Trath ¢r¢dltors Trade ¢￿dItorS are Obl]￿tIOns to pay for good5 or servi¢¢s that have been aCqUi￿d in the ordinary Cours¢ of busines5 from 5uppli¢r5. A¢counts payabl¢ are cknssified as current ]iabiltiK5 ￿ tlL¢ Gharity does not hay¢ an unco￿11170naI nghis, at th¢ ¢NI of the reJx)rting pcriod, to defer settkment of Ihe ¢r¢diior for at least Iwefve months 8fierthe reporting dat¢. If there i8 an uncondi110T￿l right to def¢r seiikm¢ni forat Jeast months afi¢rthe reporting date. they are prescnled as non-cu￿¢￿1 liabiliii¢s. Trade crediiors are ￿COgniSed inilially at the tran￿r¢i￿N P￿¢ and subsequently measured al amorti%ed cost using the effectyve interest m¢thod. Golng Concern The InJ51ees consider ihat there are no material un¢¢rtsinties aFA)ut the group s ability to continue a5 a going concern not any Significant areas of unc¢rtallJty that affccl the ¢arryin8values of a5set5 h¢]d by th¢ ￿Up. DONATIONS AND LEGACIES 31.12.23 31.12.22 Gifts IA)nations 9250,055 986,940 2.616.829 2,616,829 10236,995 OTHER TRADING AcfiviTIES 31.12.23 31.1222 as restot¢d R¢nt21 in¢ome Book iThcorne Sojarincome Surr¢y income Managemeni charge Vale of Rheidol TrddiThg Ltd 5,302 5292 (1.600) 3.723 249,637 10200 297.450 9,290 64,927 10,200 455,582 545 JOI 564,702 II¥VESTMENT INCOME 31.1223 31.12.22 (Xher fjxed a58el inv- UnFII tkp051t account Inte￿$t InteTC5t within portfolio 94.261 19 8.670 96.866 102,950 96,866 Page17 ¢oniinu¢d... Phylli$ R*mpton Narroiv Gauge Railway Trust Notes th the Financial Stslemethts - eontlnutd for tht YeAr EDded 31 Deeember 2023 INCOME FROM CHARITABLE ACTIVITIES 31.12.23 31.12.22 as ￿$tated Activity R&iiway Railway Rallway Trdin fares Carpa Grdnts 694J17 751,682 399249 1105478 751,682 Grdnts r¢¢¢iv¢d, inchjded in th¢ above, are as fo]bws: 31.12.23 31.12.22 a$ ffsialed Visit Waks Grdnt Railway Heritage Trust Coastal Community Grant 194249 105,000 100,000 399249 RAISING FUNDS R*l$lttg donations And legacies 31.12.23 31.12.22 Insuronce SyDdrtes Legal and pn)fe85ional fee5 Support costs 12,290 147,675 486 6,656 167,107 lllvestmenl man•gemenl ¢03ts 31.12.23 31.12.22 Portfotio management Invesllnent advice 23,914 11,040 20.416 34,954 20.416 34,954 1 $7,523 Page 18 ¢ontit)u¢d... Phyllis Rampton N*rrow Gauge ltsilway Trust Note5 to the Finanei41 St#t¢m¢nts - ¢ontinutd for the Year Ended 31 Deeember 2023 CHARITABLE AcfivITIKS COSTS Support COsts1see note 8) Dtrect Costs Totals Gry>up 1,118,308 761256 1,879,564 SUPPORT COSTS Governance cost8 Management Tothb Group 707279 53.977 761,256 Included witlLU] gov¢manc¢ ¢osi$ is alldiiors, fee amounting to £5.000 for Phyllis Rampton Nam)w Gauge Rai]way Trust12022.' £2,787) £8333 forthe Vale of Rhemlol Railway Limiied {2022.. £6,656)and £2,467 forth¢ Vak of Rheidol TrddllJ8 Limited 12022.. £3.388) NET INCOMEI(EXPEf4DATinlE) Net incomcl{expenditure) 1$ stat¢d Aft¢r¢harginpJlcrediiin81'. 31.12.23 31.12.22 as restated AudiioTS' fee Auditors. fee fornon audit wo Deprcciation- owned assets sujplu￿{d¢f￿1I) djsposal of fired as￿tS 15,800 7,900 56,745 (170,3881 9,443 J 0.044 55,972 16,450 TRUSTEES, REMUNEIL4TION AND BEf4EFITS Ihjring the yearthe ￿up made the followingtrnnsa¢lions with trnslees.. Mr L AP Lolo received remuneTrtion of £71,000 {2022.. £68,000) durm8 the year. The ￿m￿nerat￿>n Wds agred at board kv¢l and approval obtained forth¢ Charity Commission. No Iwslees have received any other beJJ¢fit$ fttsm th¢ ¢harity durin8 ihe year. PE4ge 19 conlinued... Phyllis RamptoN Narrow Gauge Rfillwgy Trust Notes to the Financial Statements - continlled for the Year ENd¢d 31 December 2023 io. TRUSTEES, REMUNERATION AND BEP4EFITS - contlnued Trustees expetkses Durn)g the y¢ar Trustces withiTh the 8roup received irav¢l expenses of £591 for the yedr akded 31 Lk¢anber 2023 {2022.. Nil) STAFF COSTS 31.12.23 31.12.22 Wages and salaries So¢ial security costs Empk>yers Pension 795.515 54.684 795,066 61,519 13.036 865 J97 869.621 Stsff C2t¢gorles The numb¢rof staff¢mployed by the ¢harily durin8 the year was as follows.. 31.12.23 31.12.22 Operation of the railway Administration and support 33 35 37 40 The Dumberof e￿ploYeeS whose emoluments fell within the following bands was.. 31.1223 31.12.22 £60,001-70,000 £70,00140,000 Pa8e20 continued... Pbylli$ R4mpltstt Narrow Gauge R#llw8y Tr￿$¢ Notes to Ihe Flnanelal St*tsmekts - ¢ontlnu¢d for the Year Ended 31 Deeembtr 2023 12. COMPAIL4TIVES FOR THE STATEMENf OF FINANCIAL ACTIVITIES Uorcstricted fund kestricted fund Endowm¢nt fund Total funds a5 restai¢d INCOME AND ENDOWMENfs FROM thnalions and kgacies 10,236,995 10236,995 Charitable aetiwitlel Roi]way 751,682 751,682 Other trading activities Investment income Other income 564,702 96,866 564,702 96,866 3,367 Total 11,653.612 11,653,612 EXPENDITURE ON Raisirtg funds 187.523 187,523 Charltable activltitl Railway Trading ,459,112 234.856 1.459,112 234,856 Tot•1 881,491 1.881,491 Net on investment 25,002 25,002 NET INCOME Tr*n$fert be¢v¢en funds 9,797,123 651.551 9,797,123 (651,551) Ntt movement In funds 10.448.674 (651.551) 9,797,123 RECONCILIATION OF FUNDS Total fut)ds broU￿t f0Th￿rd 9,995,392 651,551 633,650 11280,593 TOTAL FUNDS CARIUED FORWARD 20,444,066 633,650 21,077,716 13. PRIOR YEAR AWUSTMENT Prior year adjuslment made for dUPl￿alL0￿ emJts on debtors in Vale of Rhemlol Railwdy Ltd a¢cowJts for £149.639. Page21 continued... Phyllis Rxmpton Narrow G#u%¢ Railivay Trust Notes to the Financial Ststements - toDtIDued for the Ye8r Ended 31 Dttember 2023 14. TANGIBLE FIXED ASSETS Gn)up FT¢ehobJ property P]anl and ma¢hinery Motor v¢hi¢les TotaL8 COST At l JaDuary 2023 Additions Di%posats 12,482,109 584,489 (48,199) 1,314,921 8.65 1 9,800 13,806,830 593,140 {48,1991 At 31 tk¢em￿r 2023 13,018,399 J J23.572 9,800 14,351,771 DEPRECIATION At l January 2023 Chorge for year 263,326 758.884 54.785 1.022,210 56,745 1,960 At 31 Deeember 2023 263,326 813,669 J.078 955 NET BOOK VALUE At 31 Detemb¢r 2023 12.755.073 509.903 13.272 816 At 31 December 2022 12218,783 556,037 9.800 12,784,620 Page 22 conlinued... Pbyllls ￿mpIon Narrow Gauge R•llw*y TTliSt Notes tri th¢ FinAncial Staternents - continued for the Year Ended 31 De¢ember 21123 15. HERITAGE ASSETS Total Group Ai l January 2023 Additions Di%p05als 4.511,991 53,966 112,065} At 31 tkcember 2023 4,553,892 NET BOOK VALi At 31 Ik¢emb¢r2023 4,553,892 At 3 I Decernber2022 4 511991 Inc]uded in herita8e a5set5 are a55ets hckj by the subs¥Jiary company, Vak of Rheidol Rallway Limited with a net book value of £4,543.792 (2022.. 4.501,891). 16. FIXED ASSET INVESTMEP4TS Shares in oup undertakings Listed investtn¢nts TotoL8 Al l January 2023 AdditK>ns Dw05als 506,756 2.422.050 2.928.806 2.419,507 2,419,507 {2,200,2101 {2.200,210) At 31 December 2023 506 756 2 041347 3 148 103 PROVISIONS At l January 2023 Provi8iott foryear Etsninaled on disposal 261,588 (388,9021 61,588 261,S88 {388,902) 261,588} At 3 1 December 2023 (388,902) {388,902) NET BOOK VALUE Ai 31 tkc¢mb¢i 2023 506,756 3,030249 3,537,OOS At 3 1 December 2022 506.756 2.160,462 2,667,218 Inchlded ill listed investments are invcstments he]d by the SUbs￿lary company. Vak of RheKiol Railway Lllnited with a net book value of £69,935 (2022.. £64,459). Page 23 conlinu¢d... Phylli$ Ramplon Narrow Gauge R•I1￿Y Trv$t Notes to Iht Flnallcl•l StstemeTrt5 - continued for the Year Ended 31 D¢¢¢mber 21123 17. STOCKS 31.12.23 1.12.22 31.12.23 31.12.22 Group Group a5 reslated Cha￿Y Charity 85 Ifstatcd Stock 18. DEBTOILS: AMOUNfs FALLING DUE WJTHIN OP4E AR 31.12.23 31.12.22 31.12.23 31.12.22 Group Group as Tesioied Charty Charity Trnde tkbioys Amounts owed by group undertakin8S VAT PrepaymentB Other Debtor5 (WIP) 111.798 56,649 5250.022 5.059.948 16.763 450 34,736 7,499 73 19 CLSH AT BANK 31.12.23 31.12.22 31.12.23 31.12.22 Group GA)up as r¢siated Charity ChaIity Cash on hand Cash ai bank Cash per inYe8tmellt portfoho 5,207 881,001 6,333 950.470 128,140 216,925 526 20. CREDITORS: AMOUNfs FALLING DUE WITHIN ONE IIAR 31.12.23 31.12.22 31.12.23 31.12.22 Group Group as restated Charity Chaiity Hire PuTchase Trdde ¢r¢ditors &)cial secllrity and other taxes AccNed ¢xpen5es (298} 45.553 78.369 28256 76,995 Page 24 conttiiued... Phyllis Rampton Nxrrow G*ug¢ Railway Trust Notes to the Fln*Nl*l Ststtmtnts - continued for the Year Ended 31 Deeember 2023 21. MOVEMENT IN FUNDS Net movement in fund5 year adjustment Ai 31.1223 At 1.1.23 Unrestricted funds General fund 20,593,705 {149.6391 3,065,304 23.509,370 EDdoThTn¢nt funds Endowrynent fund 633,650 633,650 TOTAL FUNDS 21227,355 {149.6391 3.065,304 24,143,020 Net movement ij) funds. included in the above are as follows: Incoming resout¢es Resources expended Gain5 and 105ses Movement in funds Unrestrlcted funds General fund 4,544,821 (1.914.Sl8) 435,001 3,065.304 TOTAL FUNDS 4,544,821 (1.914.518) 435,001 3,065,304 Cornparativts for mov¢m¢n¢ f¥ndJ N¢t movement it) funds Transfe betwcen fund5 At 31.12.22 1.1.22 Unr¢$tri¢ted funds Genernl fund 9,995,392 9,797,123 651,551 20,444,066 R¢strlcttd fund8 R¢siricted fund 651,551 (651,551) EndowiD¢nt funds Endowm¢nt fund 633,650 633,650 TOTAL FiiNDS 11280,593 9,797,123 21,077,716 Comparative net movem¢nt in funds, included iti the &bove are as folkTrws'. Incomitig resouY¢es R¢sOu￿eS expended Gains and ]osses Mov¢m¢nt funds Unrestricted funds General fund ,653.612 (1.881.491) 25,002 9.797,123 TOTAL FUNDS 11.653 612 (1 881491 9.797 123 Page 25 continued... Phyll1$ Rampt•n Narrow Gauge R*llwiy Tr￿t T4ot¢s to the FlnAnclal Statements - continued for the Ye*r Ended 31 D¢¢¢mb¢r 2023 21. MOVEMENT IIY FUM)S - con￿nUed A cunent year12 months and PTioryear12 month5 ¢ombined position is as follo￿. mov¢meni in fuDds At 31.12.23 At 1.122 Unre5tritted futsds Gener41 fund 11280,593 12,862,427 24,143,020 TOTAL FUNDS 11280.593 12,862,427 24.143.020 A currnit year 12 month8 and piioryear 12 months combin¢d nei movement in funds, included the abov¢ar¢ as follows.. Incomin8 sourees Resources expend Gainsand k>sse$ Movement in funds Unre$trltted funds Generdl fund 16,198,433 13,796,009) 460,003 12.862,427 T(KfAL FUNDS 16,198,433 3.796 009 460,003 12 862,427 22. RELATED PARTY DISCLOSURES Ther¢ were no related party transactions forth¢ yearended 31 De¢ember 2023. 23. FUNDS The specrfic purpose forwhich the fund5 ar¢ to be appl*d as folk)ws: The endowment fund rciate5 to assets frorn Britith Rall as at l Apiil 1989. This poge do¢s not fonn part of the statutory fm8n¢i&l stsi¢ments Page 26