OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-09-30-accounts

Company registration number: 02197956 Charity registration number: 298459

Bodmin and Wenford Railway Trust

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 30 September 2020

Bodmin and Wenford Railway Trust

Contents

Reference and Administrative Details 1
Trustees' Report 2
Statement of Trustees' Responsibilities 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 15

Bodmin and Wenford Railway Trust

Reference and Administrative Details

Chairman P J Andrews Trustees W K Searle S R Lightfoot P J Andrews A E Moore CBE D S Searle D I Nelson H A Howe P G FitzGerald OBE DL Principal Office Bodmin General Station Lostwithiel Road Bodmin Cornwall PL31 1AQ Registered Office Unit 22 Callywith Gate Ind. Estate Launceston Road Bodmin Cornwall PL31 2RQ The charity is incorporated in England. 02197956

Company Registration Number Charity Registration Number Independent Examiner

298459 Bennett Jones & Co Unit 22 Callywith Gate Ind. Estate Launceston Road Bodmin Cornwall PL31 2RQ

Page 1

Bodmin and Wenford Railway Trust

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 30 September 2020.

Objectives and activities

Public benefit

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Structure, governance and management Financial instruments

Objectives and policies

The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

Credit risk

The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

The annual report was approved by the trustees of the charity on 27 May 2021 and signed on its behalf by:

......................................... P J Andrews Chairman and Trustee

Page 2

Bodmin and Wenford Railway Trust

Statement of Trustees' Responsibilities

The trustees (who are also the directors of Bodmin and Wenford Railway Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

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 charitable company 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:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees of the charity on 27 May 2021 and signed on its behalf by:

......................................... P J Andrews Chairman and Trustee

Page 3

Bodmin and Wenford Railway Trust

Independent Examiner's Report to the trustees of Bodmin and Wenford Railway Trust

I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 September 2020 which are set out on pages 5 to 15.

Respective responsibilities of trustees and examiner

As the charity’s trustees of Bodmin and Wenford Railway Trust (and also 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 Bodmin and Wenford Railway Trust 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 your charity’s accounts as 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 Bodmin and Wenford Railway Trust 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.

......................................

Unit 22 Callywith Gate Ind. Estate Launceston Road Bodmin Cornwall PL31 2RQ

27 May 2021

Page 4

Bodmin and Wenford Railway Trust

Statement of Financial Activities for the Year Ended 30 September 2020 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Investment income
Other income
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
17
Note
Income and Endowments from:
Donations and legacies
3
Investment income
Other income
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
17
Unrestricted
funds
£
27,157
1,118
19,505
47,780
(201,111)
(201,111)
(153,331)
(153,331)
2,260,416
2,107,085
Unrestricted
funds
£
79,637
2,071
30,680
112,388
(280,541)
(280,541)
(168,153)
(168,153)
2,428,569
2,260,416
Unrestricted
funds
£
27,157
1,118
19,505
Total
2020
£
27,157
1,118
19,505
47,780 47,780
(201,111) (201,111)
(201,111) (201,111)
(153,331) (153,331)
(153,331)
2,260,416
(153,331)
2,260,416
2,107,085 2,107,085
Total
2019
£
79,637
2,071
30,680
112,388
(280,541)
(280,541)
(168,153)
(168,153)
2,428,569
2,260,416

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2019 is shown in note 17.

Page 5

Bodmin and Wenford Railway Trust

(Registration number: 02197956) Balance Sheet as at 30 September 2020

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
15
Creditors: Amounts falling due within one year
16
Net current assets
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
17
2020
£
1,717,719
218,658
1,936,377
8,588
136,252
190,582
335,422
(164,714)
170,708
2,107,085
2,107,085
2,107,085
2019
£
1,708,552
218,658
1,927,210
8,588
8,089
358,243
374,920
(41,714)
333,206
2,260,416
2,260,416
2,260,416

For the financial year ending 30 September 2020 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements on pages 5 to 15 were approved by the trustees, and authorised for issue on 27 May 2021 and signed on their behalf by:

......................................... P J Andrews Chairman and Trustee

Page 6

Bodmin and Wenford Railway Trust

Notes to the Financial Statements for the Year Ended 30 September 2020

1 Charity status

The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: Unit 22 Callywith Gate Ind. Estate Launceston Road Bodmin Cornwall PL31 2RQ

The principal place of business is: Bodmin General Station Lostwithiel Road Bodmin Cornwall PL31 1AQ

These financial statements were authorised for issue by the trustees on 27 May 2021.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

Bodmin and Wenford Railway Trust 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 notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Page 7

Bodmin and Wenford Railway Trust

Notes to the Financial Statements for the Year Ended 30 September 2020

Income and endowments

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 the income receivable can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Tangible fixed assets are initially recorded at cost, and thereafter are shown less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Page 8

Bodmin and Wenford Railway Trust

Notes to the Financial Statements for the Year Ended 30 September 2020

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Page 9

Bodmin and Wenford Railway Trust

Notes to the Financial Statements for the Year Ended 30 September 2020

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

3 Income from donations and legacies

Donations and legacies;
Donations from individuals
Unrestricted
funds
General
£
27,157
27,157
Total
2020
£
27,157
27,157
Total
2019
£
79,637
79,637

4 Expenditure on raising funds

Total 2020 £

5 Expenditure on charitable activities

Railway Heritage Support costs
Governance costs
Unrestricted
funds
General
£
197,001
4,110
201,111
Total
2020
£
197,001
4,110
201,111
Total
2019
£
278,768
1,773
280,541

Page 10

Bodmin and Wenford Railway Trust

Notes to the Financial Statements for the Year Ended 30 September 2020

6 Net incoming/outgoing resources

Net outgoing resources for the year include:

Depreciation of fixed assets
Profit on disposal of fixed assets
2020
£
105,686
21,287
2019
£
106,456
-

7 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

8 Staff costs

The aggregate payroll costs were as follows:

The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:

Trustees
No employee received emoluments of more than £60,000 during the year.
9
Independent examiner's remuneration
Other fees to examiners
Examination-related assurance services
2020
No
8
2020
£
2,600
2019
No
8
2019
£
1,700

Page 11

Bodmin and Wenford Railway Trust

Notes to the Financial Statements for the Year Ended 30 September 2020

10 Taxation

The charity is a registered charity and is therefore exempt from taxation.

11 Tangible fixed assets

Cost
At 1 October 2019
Additions
Disposals
At 30 September 2020
Depreciation
At 1 October 2019
Charge for the year
Eliminated on disposals
At 30 September 2020
Net book value
At 30 September 2020
At 30 September 2019
Land and
buildings
£
582,955
135,269
-
718,224
259,098
24,610
-
283,708
434,516
323,857
Furniture and
equipment
£
10,972
-
-
10,972
10,018
143
-
10,161
811
954
Other
tangible fixed
asset
£
2,058,265
5,380
(40,321)
2,023,324
674,524
80,933
(14,525)
740,932
1,282,392
1,383,741
Total
£
2,652,192
140,649
(40,321)
2,752,520
943,640
105,686
(14,525)
1,034,801
1,717,719
1,708,552

Included within the net book value of land and buildings above is £6,854 (2019 - £6,854) in respect of freehold land and buildings and £427,662 (2019 - £317,003) in respect of leaseholds.

12 Fixed asset investments

Shares in group undertakings and participating interests

2020
£
218,658
2019
£
218,658

Page 12

Bodmin and Wenford Railway Trust

Notes to the Financial Statements for the Year Ended 30 September 2020

Shares in group undertakings and participating interests

Cost
At 1 October 2019
At 30 September 2020
Net book value
At 30 September 2020
At 30 September 2019
13 Stock
Stocks
14 Debtors
Trade debtors
Other debtors
15 Cash and cash equivalents
Cash on hand
Cash at bank
16 Creditors: amounts falling due within one year
Trade creditors
VAT grant repayable
Accruals
Subsidiary
undertakings
£
218,658
Total
£
218,658
218,658
218,658
218,658
2019
£
8,588
218,658
218,658
218,658
2020
£
8,588
2020
£
15,137
121,115
136,252
2020
£
42
190,540
190,582
2020
£
1,528
7,456
155,730
164,714
2019
£
5,400
2,689
8,089
2019
£
42
358,201
358,243
2019
£
26,338
(1,824)
17,200
41,714

Page 13

Bodmin and Wenford Railway Trust

Notes to the Financial Statements for the Year Ended 30 September 2020

17 Funds

Unrestricted funds
General
Designated
Total funds
Unrestricted funds
General
Designated
Total funds
Balance at 1
October 2019
£
1,988,701
271,715
2,260,416
Balance at 1
October 2018
£
2,038,697
389,872
2,428,569
Incoming
resources
£
45,259
2,521
47,780
Incoming
resources
£
110,545
(118,157)
(7,612)
Resources
expended
£
(201,111)
-
(201,111)
Resources
expended
£
(160,541)
-
(160,541)
Balance at 30
September
2020
£
1,832,849
274,236
2,107,085
Balance at 30
September
2019
£
1,988,701
271,715
2,260,416

18 Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Unrestricted funds
General
£
Designated
£
1,717,719
-
218,658
-
61,186
274,236
(164,714)
-
1,832,849
274,236
Unrestricted funds
General
£
Designated
£
1,708,552
-
218,658
-
103,205
271,715
(41,714)
-
1,988,701
271,715
Total funds
£
1,717,719
218,658
335,422
(164,714)
2,107,085
Total funds
£
1,708,552
218,658
374,920
(41,714)
2,260,416

Page 14

Bodmin and Wenford Railway Trust

Notes to the Financial Statements for the Year Ended 30 September 2020

19 Related party transactions

During the year the charity made the following related party transactions:

Bodmin and Wenford Railway PLC

(Two of the Charity's trustees, P G FitzGerald OBE and S R Lightfoot are Directors of Bodmin and Wenford Railway PLC. The Charity is the company's largest shareholder owning 36% of the issued share capital) During the year the Trust rented locomotives to the Company which totalled £9,000 (2019: £15,675) The lease payments made by the Charity to Cornwall Council were also recharged at £9,750 (2019: £9,750) The Charity also paid £105,000 (2019: £Nil) in respect of advances against future maintenance work done by the Company on the Trust's behalf. At the balance sheet date the amount due from Bodmin and Wenford Railway PLC was £2,689 (2019 - £5,400).

Page 15

Bodmin and Wenford Railway Trust

Detailed Statement of Financial Activities for the Year Ended 30 September 2020

Income and Endowments from:
Donations and legacies (analysed
below)
Investment income (analysed below)
Other income (analysed below)
Total income
Expenditure on:
Charitable activities (analysed below)
Total expenditure
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
2020
Unrestricted funds
Designated
£
General
£
-
27,157
1,021
97
1,500
18,005
2,521
45,259
-
(201,111)
-
(201,111)
2,521
(155,852)
2,521
(155,852)
271,715
1,988,701
274,236
1,832,849
2020
Total
£
27,157
1,118
19,505
47,780
(201,111)
(201,111)
(153,331)
(153,331)
2,260,416
2,107,085
Total
2019
£
79,637
2,071
30,680
112,388
(280,541)
(280,541)
(168,153)
(168,153)
2,428,569
2,260,416

Page 16

Bodmin and Wenford Railway Trust

Detailed Statement of Financial Activities for the Year Ended 30 September 2020

Donations and legacies
Appeals and donations
Investment income
Interest on cash deposits
Interest on cash deposits
Other income
Other income
Other income
Charitable activities
Rent and rates
Loco maintenance
Loco maintenance
2020
Unrestricted
funds
General
£
27,157
27,157
2020
Unrestricted funds
Designated
£
General
£
1,021
-
-
97
1,021
97
2020
Unrestricted funds
Designated
£
General
£
1,500
-
-
18,005
1,500
18,005
2020
Unrestricted
funds
General
£
(11,256)
-
-
2020
Total
£
27,157
27,157
2020
Total
£
1,021
97
1,118
2020
Total
£
1,500
18,005
19,505
2020
Total
£
(11,256)
-
-
Total
2019
£
79,637
79,637
Total
2019
£
1,843
228
2,071
Total
2019
£
-
30,680
30,680
Total
2019
£
(12,726)
(41,914)
(476)

Page 17

Bodmin and Wenford Railway Trust

Detailed Statement of Financial Activities for the Year Ended 30 September 2020

Loco maintenance
General maintenance
Equipment repairs and renewals
Donations
Donations
Loco hire
Depreciation of long leasehold property
Depreciation of plant and machinery
Depreciation of other tangible
(Profit)/loss on sale of tangible fixed assets held for
charity's own use
Independent examiner's fee
Legal and professional fees
Sundry expenses
Bank charges
2020
Unrestricted
funds
General
£
(85,986)
(1,412)
(497)
-
(13,451)
-
(24,610)
(143)
(80,933)
21,287
(2,600)
(750)
(700)
(60)
(201,111)
2020
Total
£
(85,986)
(1,412)
(497)
-
(13,451)
-
(24,610)
(143)
(80,933)
21,287
(2,600)
(750)
(700)
(60)
(201,111)
Total
2019
£
(36,189)
-
-
(78,086)
-
(2,921)
(23,957)
(168)
(82,331)
-
(1,700)
-
(13)
(60)
(280,541)

Page 18