CRS2Q23 Corris Railway Society Registered Charity 506908 Annual Report and Financial Statements For the year ended 31" December 2023
CRS 2Q23 Corris Railway Society Reglstered Charity 506908 CONTENTS Page Legal and administrative infonnation 34 Chairnlan's Report on activity Report of the Trustees 8-11 Independent Examiner's Report 12 Statement of Financial Activities 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to the Accounts 16-25
CRS2023 Legal and Administrative Information Society Officers President.. Christopher Awdry Vice Presidents.. Elfyn Llyd LIB Sir George White Bt FSA Mrs Elizabeth Overton Members of the Management Committee who served during the year were asfollows.. Richard W. Hamilton-Foyn (Chair) Patrick J Jolley (Vice Chair) David K Colcman Richard S Greenhough (Honorary Treasurer) Richard C Shipman Graeme D Jolley (Honorary Secretary) Jack Evans The Management Committee act as the Trustees of the Charity. Members of Council who served during the vear were asfollows . John Arnold (appointed 21 st October 2023) Susan Benedetto Ben Brotherwood Richard Bryan (co-opted 22nd October 2023) David K Colernan Jack Evans Ricliard S Grcenhough Peter A Guest (died 26th Jiily 2023) Richard W Hamilton-Foyn David Tngrarn Graeme D Jolley Patrick J Jolley Joc Knappett (appointcd 21 st October 2023) Sam Kllappett John A Knight Bernard Morgan (appointed 21 st October 2023) Willialn H NeNvton Alfred J Oxford Stephen J PaiT Richard C Shipman John Simms Janice Stewart
CRS 2023 Financial and Legal Legal Advisors MoiTiS & Bates Ffordd Alexandra Aberystwyth Cercdigion SY23 IPT Independent Examiner Nigel Kavanagh Brown Chaitered Accountant Tideswell Banlcers HSBC 19 Great Darlcgate Street Aberystwyth Ceredigion SY23 IDE Barclays Bank 32 High Street Cai"digan SA43 IHH Headquarters CO1$ Railway Museurn Corris Macliynlleth Powys SY20 9SH Charity No 506908 Constitutlon Thc Corns Railway Soci¢ty is a registered charity. It is govcrned by a Constitution dated I Ith May 1968, with amcndments up to 19di October 2019. Subsidiaries and Associates The Corris Tattoo Locomotive Company Ltd, company registration r]umber 3380113, As wholly owncd by the Society, and constructs and operates new steam locolliotives for the Corris Railway based on the design of the railway's original locomotives. The Corris Railway Company Ltd, company registration number 1284837, operates as the Society's trading company. Under the company's Memorandum and Articles the Society has a built-in majority shareholding and all other shareholders must be Inembers of the Society.
CRS 2Q23 Corris Railway Society Registered Charity 506908 Acting Chairnian's Report for 2023 After what was considered to be good year of progress in 2022, with many aspects of the railway moving forward, 2023 got off to an unfortunatc start Wlth our Chairnian Richard Hamilton-Foyn suffering a heart attack and having to remove himself from Énvolvenient in the railway. Following Richard's temporary withdrawal, some projects were re-delegated which meant that 2023 continued to build on the success of 2022, the key element being the delivery of locomotive No. 10 in late August. Voluntcer nunibers rernained fairly good, with limited cancellations of scheduled rnnning days throughout the year; the highlights below show what was achieved. If anything has been inissed, then I can only apologise - everything our volunteers do is appreciated. We are enonnously grateful to the dedicated team of volunteers who have the most fantastic ' can do, attitude and endless enthusiasm and dedication to the railway. Equally it is difficult to single out any one person, but we do need to pay tTibute to Peter Guest who we sadly lost in 2023. Having been a major part of the railway for nearly forty years, and also the drivAng force through much of the worlc for No. 10, we were so pleased he got to see No. 10 in steam in 2022 at Alan Keefs. We are all indebted for his many years of tireless work. Locomotive No. 10 Starting in January there were a number of on-site visits to Keefs, to s¢¢ wh¢re we were up to with the build, and to tentatively try to put a delivery date down. WoTk continued through to Aprillmay, and finally agreement was reached to attempt delivery bcfore the end of August. We had to factor in testing and acceptanc¢, and still leave time to run the loco publicly before we closed for the season at the end of September. The launch date was set for the 8" September, and we know there were some late nights at Keef8 prior to dclivery, On the 30 Auoust, the loco was delivered by our boiler inspector Graham Morris, and then began the start of a very busy nine days of testing. Friday 8, September ended lip being a glorious, hot summer's day and the loco performed faultlessly - with rnany of the loco sponsors and press in attendance. On Sattirday 9d, September the loco ran the first public service, and continued to run through September. We ran extra days in S¢ptember and decided to run through the first tliree weeks of October as well, in order to maximise the arrival of Mid-wales's newest engine. Oiir thanks must go to the team at Keefs for making this all possible, and the voliinteers behind the scenes who worked on the financing and planning to inake sure we could achieve this significant milestone.
CR3 ?Q23 Extendin Southityayds 2023 proved to be a quiet year for extending south - thi5 all due to the delayed work on the new Machynlleth Dyfi Bridge scheme. Fill material which had been promised was not avdilable during 2023, and tl]is meant that we were unable to buiId the embanlanent. Some material was delivered in smaller quantitles, and this meant there was soine worli done, but it was evident that the main supply of material would not happen until 2024. Other Pro ects Volimteers working in the carriage shed fitted new Sprung Bliffers at one end of both the PW and S&T waggons, removing the diimb buffers improving the ability to a mixed train using our steam locomotives. Additionally worlc was completed on rebuilding the timber trestle slab waggon, allowing it to be moved to the North end of the carriage shed and be seen by the passengers as part of history of the line. Carriage 24 continlied to be worked on, with much of the woodmroi'k being cornpleted. With the anniial vislt of the TR Tracksiders in Ju11e, a number of outstanding tasks were completcd. These includcd finisliing the fencing at Corris Station and extending the point lever platfomi, rc-roofing the dog slied (which has been subsequently designated for PW use), painting at the miiseum and building a ncw base for the signal at Maespoeth. Civil En ineeriI2 In March, the southern pit in tlie engine shed was altered to allow better drainage, slightly more lieight and improved access. This was in preparation for the arrival of No. 10 later in the year, allowing pit access to both locomotives as required. Railwa Érations 'ith the cessation of Welsh coal mining we started to use Heritage Steam coal, a variant of what is known as Eco Coal, a more environmentally friendly coal with si(rnificant less smol<e emissions. This was in response to the HRA guidelines issued to the whole heritaoe sector to reduce ernissions and cut C02 levels. WhÉlst we supported this initiative, the coal is more expensive and we also saw the effect of the Ukraine warlenergy supply issues cause the cost of all coal to more than double. In August, our eA-Dean Hill bralke Van Nuinber 220 'Boudicca' returned from the TR after an agreed 5-year loan period - repainted and with buffers now fitted.
CRS 2Q23 Ive had a N'ery successful Model Railway Exhibition in August, and along with the Santa trains in December much needed funds were raised and our thantis must go to both sets of teams rnnning these eiTents. Other Areas At our October AGM weekend, Richard Greenhough stood down as Honorary Treasurer and we thank him for many years of fvlfilling this role. Richard Bryan was elected as Honorary Treasurer and John Wallbridge took on the role of book-keeper to assist moving fonvard. We also agreed that proposals for looking at the constitution, tlie make-iip of the society and its two companies would be taken forward and worked on for 2024 - this is again following recommendations of the HRA and the Charities Commission whiLh other heritage railways are also working on. All of the above shows that 2023 was another busy year, and with healthy passenger numbers and two steam engines we are all looking fonvard to 2024 and beyond. Patriclc Jolley Acting Chairman Corris Railway Society
CRS 2023 Trustees Report for 2023 The Trustees present their annual report on the affairs of the Charity, totrether with the Financial Statements Ed Independent Examiner's Report for the year ended 31st December 2023. The Trustees haiTe adopted th¢ provisions of the Accounting and Reporting by Cliarities . Statement of Recommended Practice applicable to charities preparing thetr accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) effective from accounting period commencing l January 2015 or later. Principal objects activities The objects of the Society as stated in its COnstition are to advance the education of the general piiblic by encouraging and promoting the public interest in the study of the former C.orris Railw'ay and to collect and exhibit to the piiblic all historical and educational relics connected with the RaiIway which the Society may be able to acquire, together with all other items of local interest. e.g. historical, industrial and natural iterns. The Society meets its objects by opei'ating the Corris Railway Museuin which displays relics and photographs of th¢ Corris Railway and the district it served, and has no entry charge for visitors. It also reseaTches and publishes Inaterial on the history of the railway and district and runs study weekends exarnining aspects of the hislory. Working through its two liinited companies the Society has reconstructcd a scction of thc original Corris Railway and bLiiIt new rolling stock matching that used on the line in the nineteenth and carly twentieth century. Visitors are thus able to experience something of what it was lilce to travel on the old railway. All passengers on the restor¢d railway are shown round thc historic buildings at Maespoeth and given an explanatory talk on thc railway's history. Membership of the Society is open to all individuals and organisations which subscribe to the Society's objects. Organisational Structure The Charity is ivholly UK based with its headqiiarters in Gwynedd, Wales. It is governed by a Constitution dated Ilth May 1968 (WAth amendments up to l9tli October 2019). The Society's policy is deterniined by a Council, which is elected at the Annual General Meeting. The Council determines from amongst its Members those most appropriately qiialified and experienced to hold office on a Management Committee, The members of this Management Conimittee act as the Trustees of the Charity. The Society is wholly run by volunteers from amongst its membership and has no paid ernployees.
CRS 2023 Connected Parties The Societ}, holds a controlling interest in the CoiTiS Railway Company Limited and the Corris Tattoo Locomotive Company Limited. Both companies are non-profit distributing. Review of Activities A review of the activitles of the Charity and its associated companies is included in the ChainrAan's Report. Statement of Pllblic Benefit In setting the objects and activities of the Charity, the Trustees have given careful consideration to the Charity Commission's general guidelines concerning public benefit. By opening the Corris Railway Museum with no entry charge, members of the public are encoiiraged to visit and learn about the history of the railway, the quarries it serve(L and the COTnmuniti¢s of the valley through which it ran. Those who tal<e the opportunity to travel on the restored section of the railway are also given a guided tour of the railway's historic engine shed and works and a short talk on the railway's history. The Society also encourages members to research into aspects of local history and publishes the results in its Joiirnal, which is provided free to Socicty Incmbers and available on salc to mcmbers of the public. Society members also co-operate with other historical rescarch¢rs studying aspects of the area in which th¢ Charity is based. Policies Reserves . The Society aims to kecp its expendire broadly in line with its income, }d avoids making financial commitsnents unless fLU]ds are in hand to meet thein. The Society incurs relatively low overheads and is confident that its income streams are sufficient to nicet them. The Trustees have reviewed the Society's Reserves Policy, and resolved to retain the eqUAIFalent of one year's operating costs in the Gcneral Fund, and to designate the balance of the Unrestricted Funds towards the Development Fund. Income and Investment . Income The Society derives its income from the following sources - Membership subscriptions, donations trom n]embeTS and others, an annual Model Railway Exhibition, raftles, l 00 Club, bank interest and grants. Sufficient incoEn¢ necds to be generated to rneet the operating costs of the Society which are -
CRS 2023 Printing and distribution of the quarterly newsletter "The Corris-Pondent and the Journal, operation and maintenance of the Corris Railway Mi useum, and supporting the work of the Corris Railway Company Ltd and the Corris Tattoo Locomotive Company Ltd by fundraising for projccts undertaken by the two companies. Jnvestments The Society maintains a controlling interest in the Corris Railway Company Ltd (which acts as its trading arm) and the Corris Tattoo Locomotive Company Ltd, which has constructed and owns two steam locomotives (IN0.7 and No. l O), each based on the design of the original Corris Railway locomotives. It has also acquired a diesel locomotive (No. I l ) ftLnded by specific donations from Society members. Any funds not needed for day-to-day expenses are placed on bank deposit at the ighest availabIe interest rate. The Society raises ftu]ds for projects imdertaken by the Corris Railway Cornpany Ltd and the Corris Tattoo Locornotive Company Ltd and makes grants and loans to those companies to carry out those Projects as required. Risk Management . The Society's Management Committee has assessed the major risks to which the Society is cxposed, in particular those related to the opcrations and finances of the Socicty, and is satisfied that systems are in place to mitigate exposure to the major risks. Thcse procedures are periodically reviewed. Fiduciary Failings Thc Socicty is rcliant on its volunteer inembers undertaking work on its behalf in their spare time, ld considers their willingness to do so an indication that they have the Society's interests at heart and ai"e unlikely to pose a signiticant risk. Nevertheless, systems of financial control are in place which largely separate the I"espon5ibility for iucurring costs from that for accounting for ¢xp¢nditure and disbursing the Society's funth. Finance and Accounts Review The Society has £1,886,726 (2022 .'£1,748,006) of assets less current liabilities, of which £61,174 (2022 £6J,728) are tangible fixed assets. The Society has £317,614 (2022: £316,981) of cash balances available at one month's notice or less. The majority of the cash balances are held in banlc dcposit accounts. 10-
CRS ?0?3 Funds . The Society has the following funds - GeFzeral Fund - unrestricted funds held to further the Society's aims. The Trustees have chosen to desiJ(T ate monies not required for the Society's operating costs to the Development Fund and the Corris Station Fund. Tattoo Locomotive Fund - fLmds raised to support the construction and operation of a ne, steam locomotive bv the Corris Tattoo Locomotive Company Ltd. Developmeni Fund - funds raised towards the application for a Transport & Works Order, construction costs of the Southern Extension, and other related costs to enable the re-opening of furth¢T sections of the Corris Railway to passengers. Carriage Shed Fund - funds raised towards the construction of a new carriage shed to house the Society's historical and replica rolling stoclc. Carriage & Waggon Fupzd _ funds raised for Ihe construction of new replica carriages and waggons. Friends of the Corris Railway Musez4m Fund (FOCRM) - funds raised to improve the layouts and fabric of the Museum and acquire relevant artefacts. Permanent Way Fund - ftmds raised towards the purchase of rail and ancillaries for extending the running line of the Corris Railway. FalLon Locon70tive Fund- funds raised to support the construction and operation of a second new Sieam locomotive by" the Corris Tattoo Locomotive Company Ltd. O&K Fund- funds raised to support the purchase and adaptation of diesel locomotive No.11. Engine Shed Roof Fund- funds raised to replace the life-expired roof of the 1878- built engine shed at Maespoeth. Corris Siation Fiind - funds raised to construct a new station on the site of the original Corris Station. Machine Shop Fund - funds raised to re-equip the railway's workshop machinery Trustees Responsibilities The members of the Society's Management Committee, who served as Trustees durirjg the year, are listed with the legal and adrnlnistrative details. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the flnancial position of the Society, for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Patrick Jolley Acting Chairnian Corris Railway Society
CRS2U23 Independent Examiners Report to the Trustees of the Corns Railway Society I report to the trustees on my examination of the accounts of the Corris Railway Society for tEie year ended 31 December 2023. Responsibilities and basis of report As the charity trustees of the Society you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in r¢spect of my examination of the Society's accoiints carricd OLIt under section 145 of the 201 l Act and in carrying out my examination I have followcd all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examtner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the exairination giving ine cause to believe that in any material respect . accounting records were not kept in respect of the Society as required by section 130 of the Act; or the accounts do not accord with those rccords. or the accounts do not comply with the applicable requirernents concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts giv¢ a 'true and fair view, which is not a matter considered as part of an Independent examÈnation. 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 tlie accounts to be reached. Nigel Kavanagli Brown Chartered Accountant Tideswcll 15th October 2024 12
CRS 2023 Corris RailFYay Society STATEMENT OF FINANCIAL ACTIVITIES For the Year Ended 31st December 2023 Unrestricted Designated Restricted Funds Funds Funds Total 2023 Total 2022 Income and Endowments from . Subscriptions Donations & Legacies (including GiftAid) Charitable Activiiies Grants Other Trading Activities Investments Other 10,635 69,127 664 269 3,000 705 275 10,6i5 123,843 3,139 269 3,681 4.729 275 10,750 235,494 3,189 1,353 4,275 411 1,126 54,717 2,475 681 4,024 Total 84,675 61,897 146.571 ?56,597 Expenditure on Raising Fimds Charitable Activities Depreciation Other 1.072 2,828 2,554 95 1,581 2,653 2,828 2,554 95 1,417 2,875 2,554 347 Total 6,55Q 1.581 8.131 7,193 Net incorne 78,125 60,316 138,441 949,404 Transfers between ndS 77,125 77,125 Net movement in funds 1,000 77,125 60,316 138,441 249,404 Reeonciliation of funds Total funds brought forward 6,000 445.484 1,291,015 1,742,499 1,493,095 Total fimds carried fOard 7,000 .5?2,609 1,3f1,731 1.880,940 1,742,499 13-
GRS 2023 Corns RailTrvay Society BALANCE SHEET asat 31st December 2023 2023 2022 Fiyed Assets rangible Fixed Assets 61,174 63.728 Investments Corris Railway Compan} Ltd Coryis Tattoo Locomotiiie Co. Ltd 19,660 loo 19,660 100 19.760 19.760 Advanced to AssoelLted C.omp#nles Corris Roil%iay Company Ltd Lorris Tattoo Lt>CQTnolive Company Ltd 933,688 555,848 877,845 471,089 1.489.5.77 1.348.935 Current Asscts Debtors & Prepayinents Cash at banlc and in hand 21 317,614 .717.6.15 144 316,981 117,1?5 Current Liabilities Creditors .' amounts falling due in less than one year 1.542 Net Current A$Jtli 31(1 2$5 -315,5%3 Total assets less ¢urrei)I liabilities 1,886,726 1,748,006 Creditors '. amovnis falling due irt rnore than one year 10 5,786 5,507 Net *ssels 1.8gn,9411 1.742,499 Represented by: Restricl#d Funds- Tattoo Locomotive Fund Dei"elopmeiit Fund Carriage Shed Fund Carriage & Waggon Fund Friends of the Corris Railway MuseuTn 166,486 371,14? 145,941 54.625 18,360 164.564 358,114 145,941 49,625 17,431 F- l_l PeTman¢nt Way Fund Faleon Locornolive Fund O&K Fund Engtne Slied Roof Fwid Corri5 %tation Fund Machine Shop Fund 14.674 456.962 24,008 13,812 73,338 11,979 14,674 422,742 24,008 13,812 73.150 6,954 1..151,331 1,2L)1,015 Deyignoiedfzv7d&- Development Fund Corris Ststion Fund 12 12 502,609 20,000 425,484 20.000 )22,609 445.484 UnresiriefedFunds- General Fund 12 7,000 6,000 1.880.940 1,742.499 14-
CRS 2023 Corris Railivay Society Staternent of Cash Flows For the Year Ended 31st December 2023 2023 2022 Net cash provided by operating activities (A) 141,235 250.526 Cash tlows from investin activities Purchase of Property. plant & equipment Sums advanced to associated companTes 140,602 93,100 Net cash used In Inv¢5tlng activities (B) 140,602 93,100 Nei decrease in cash & Cash equivalents (A+B) 633 157,426 Cash & cash equivalents at the beginntng of the year 316,981 159,555 Cash & cash equivalents at the end of the year 317,614 316,981 Notes to the eash flow statement Reconciliation of net movement in funds to net ea$h flow from operating aetivities 2023 2022 Net movement in fid5 138,441 249,404 add depreciation deduct grant transfe]Ted from deferred in¢orne Decrease in creditors Decrease in debtors Net cash provided by operating actLVIti¢s 2,554 269 386 123 141,235 2,554 1,353 65 144 250,526 15
CRS 2023 Corns Railway Society Notes to the accounts For the Year Ended 31st Decejnber 2023 l Accounting Policies l. l Aecounting eonvention The accounts have been prepared under the historical cost convention, with items recognised at cost or transaetion value unless otherwise stated in the relevant notes to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRSI 02) (effective l Jlinuary 2015) and the Charities Act 2011. The accounts are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these flliancial statements are rounded to the nearest £. The charity constitute5 a public benefit eniity as defined by FRS 102. 1.2 Going Concern At the time of approving the financial Statements, the trustees have a reasonable expectation that the Charity has adequate Tesources to continue in operational existence for the foreseeable future. Thus the tNstees continue to adopt the going concern basis of accounting in preparing the financial staiements. 1.3 Incoming resources All income is accounted for as soon as the Charity has entitlement to the income and there is probability of receipt and the amount is quantifiable, Incorning resources are recognised on a receivable basis and included in the financial statements gross, i.e.before taking account of any associated expenditure, except wher¢ stated otherwise. Income has been credited and expenditure ¢harg¢d to the Income & Expenditure account on the accruals basis. 1.4 Allocation of costs As the Charity has minimal overhead costs, no allocation of costs has been Made. 1.5 Costs of generating funds Expenses are included as costs of generating funds if they can be directly related to a source of the Charity's income or are for publicity intended to raise the profile of the Charity. 16-
CRS 2023 Corris Railway Society Notes to the accounts For the Year Ended 31st December 2023 1.6 Charitable Activities The Charity has idenlified four charitable activittes through which it achieves its charitable objectives . 1.6.] The production of a quarterly newsletter to keep Society members infornled of its activities and a journal containing the results of historical research which is free to membeT5 and available for sale to the public. 1.6.2 The operation of the C.oi'ris Railway Museurn, which is 51affed by volunteers and provides free entry to the general public, 1.6.3 Physical, financial and administrative support to the Corris Railway Company Ltd and the Corris Tattoo Locomotive Company Ltd. 1.6.4 Guided tours of the Maespoeth workshops explaining the history of the Corris Railway, 1.7 Governance Costs Governance costs include costs of administering the charity; as th¢ charity has no employees and the Independent Examinèr has waived his fees. these are kept to a minirnum. 1.8 Tangible fixed assets and depreciation Tangible f)xed assets, except freehold land, are stated at Cost or valuation less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected usefLtI life, as follows Up to and including 2019, depreciation was not charged on buildings, pernianent way and rolling stock. Following & review, the following policies were adopted in 2020 Land is shown at ¢ost. Buildings are shown at cost. Building repairs are depreciated over their expected useful life, as follows minor repairs at l O %, major repairs at 20/4. both on a strai8ht.line basis. P¢nManent Way and Rolling Stock are depreciated at l O % on a straight-line basis. Museum Exhibits, Signs, Tools and Equipment are depreciated at 20Q/o on a scraight line basis. 1.9 Investments Inv¢stm¢nts are sho at cost and represent inveslments in the Society's related companies through which it undertake5 element5 of its work. 1.10 Pension Costs The Society has no eEnployees, therefore it has no pension costs. l.I l Life Members Subscrxptions Life membets subs¢ription5 are amortised over a l O year period. 17-
CRS 2023 Corris Railivay Society Notes to the accounts For the Yexr Ended 31st December 2023 1.12 Restricted Funds Restricted funds air those received which are earmarked for specific purpos¢ by the donors. Expenditure which meets the criteria specified is charged directly to the fund. Restricted funds raised to support projects undertaken by the CO]S Railway Company Ltd or the Corris Tattoo Locomotive Conipany Ltd rnay be us¢d io support grants or loans to those companies. 1.13 Unrestricted Funds Funds received or generated for the objects of rhe Society without a further specified purpose are treated as UnTestricted Funds,. some of these resouTce5 may be designated by the Trustees for particular purposes as they deein appropriate. The Trusiees have reviewed the annual running costs of the So¢i¢ty. and decided to designate £20.000 to the Corris Station Fund and tlie remaining balance of the Unrestricted Funds towards the Development Fund, The Trustees estimate the annual running costs of the Society to be £7,000. and this sum is represented by the General Fund. 1.14 CritiCAI estlmate and judgements and key sources of estimatlOD uncertaintv In the application of the Charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabTlities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other fartors that are considered to be relevant. Actual results niay differ from thcse egtimales. The ¢stimates and underlying assumptions are r¢vi¢wed on an ongoing basis. Revisions to accounting estiinat¢s ar¢ rccogniscd in thu period in which the estimate is revised Nvhere the revision affects only that period, or in the period of the revision and fvture periods where the revision affects both current and future periods. 1.15 Grants Reeeived As per Nore l O, grants from external bodies are tsken to revenue in equal portions over a t¢n-ycar period, 18-
CRS 2023 Corris Railway Society Notes to the accounts For the Year Ended 31st December 2023 2 Resources expended DiTect Expenses Support Costs Depreciaiion Total 2023 Priniin8 & Stationery Raffle costs .617 209 826 1,617 209 100 Club prizes 826 Publicity Corri$-Pond¢nt and Journal Printing & Dislribution Mu5¢um building repairs Acqui8]tirJ Testoration & display ot'histOTieai artefact5 Subscriptions t£Mal fees Bank charges Govemance c05tS 2,828 2,8?8 35 60 60 Depreciation 2,554 2,554 2,888 2,688 Comparative Statement for 2022 Direct Expenses Support Costs Deprecialion Total 2022 PTinlin8 & Sislion¢ry R8JYi¢ cos(s 632 59 59 726 100 Club prizes Publicity cols-Pondent and Journal Printing & Digtributlon MuseuTn building rwjrs Acquisition of higttsrital artefacts SubscriptlDns L¢gal Te¢5 Bank Charges 726 2,87S 2,875 35 272 272 GoveTnanEe costs 40 40 DBpr¢ciat20n 2,554 2,554 2,554 Total resources expended are slated after charging '. 2023 2022 Depreciation (see note 1.8) Ind¢pendent Examiner's Remuneration Amounts payable under operatinfj leases 2,554 2,554 Nil Nil Nil 19-
CRS 2Q23 Corris RailFsay Society Notes to the accounts For the Year Ended 31st December 2023 3 Staff Costs The Society had no employees during the year or in the preceding year. 4 Trustee Expenses No Trustees cellIed any remuneration or expenses in the current oi. pitceding year. 5 Corporation Tax As a registered charity the Corri5 Railivay Society is not subject to corporatton tsx on its wholly charitable activities. 6 Tangibl¢ Fixed Assets Freehold Land Rolling Stock Pern)anenl & Buildings Way Museum Exhibits Total & Signs Cfjst At 1st Januwy 2023 Additions Al 31 sl December 2023 54.653 7,118 9.619 3,685 54,653 7,118 9,(i19 3,685 Depreciation At Ist January 2023 Additions Ai 31 st December 2023 2,640 880 2,136 712 2.848 2,886 962 -1.848 3,685 11,-147 2,f 54 1.1,901 3,685 Net book value At Isi January 2023 At 31si DeMber 2023 4,982 4,270 51,133 61.174 7 Investments 2023 2022 Corri$ Railway Company Ltd Ordinarv Shares fu) cost Current Account (owed b> company to Society} 19,660 93.1688 95.7.i48 19,660 877,845 897,y05 The investment in th¢ Corris Raili*a)' Company lJimited, which is a majority sharebolding.. is shown al cost. The balance on current account represents funds advan¢ed 10 the company lo progi'es% the So¢iety'5 objects. 2023 2022 Corrlls Tattoo Locomotive Company Ltd Ordinary Shares (al cost Curr¢nt Ac¢ounl (oived b). company to Society) loo 555,848 555,g48 100 471,089 471.189 The investment in the Corris Tattoo Locomotive Co Ltd (which is i%'holly owned by ihe Society,) is shown ai cost. The company, s major assets are the new-build Tattoo" class locomotive No.7, the O&K locomotive No.1 I, and the new,.build "Falcon" Socomotive No.10. The balance on current account represents funds advanced to the compan}, for the construction of the Tattoo steam locomotive, raised under the Tattoo Locomotive restricted fund, for the Falcon steam locomotive. raised under the Falcon Locomotive restricted fund, and the O&K diesel locornotive, raised under the O&K restricTed fund. -20-
CRS 2023 Corris Railway Society Notes to the accounts For the Year Ended 31st December 2023 CurreDt Assets DebloT8 '. Prepayments 2023 2022 21 21 144 144 Cash .' Deposit Accollnts CuTrellt Ac¢ount Tattoo Locomotive Fund Falcon Locon)olive Fund Development Fund FOCRM fuE)d Corris Station Appeal Fund MachiJ]¢ Shop Fund 56.581 245 51,207 48,775 136.474 16.898 252 7,183 317654 31,010 100 35,384 100,705 129,591 16,539 1,451 2.201 316,(}81 Creditors . wmounts falling due in le$s than one year Trade ereditors Subscriptions in advance Deferred inoDme Corris Utd FC. uiilities bond 32 879 269 200 182 890 269 200 1,542 io C.'reditors . amount5 f#llin% du¢ after more than one yefir Members, Loans Life Membership Proi'ision Def¢rr¢d in¢om¢ 5,786 5,238 269 5,507 D¢f¢rred Incomt represents grants received frorn exlernal bodi¢5 H,hi¢h is taken to revenue in equal portions over a ten-year p¢riod (see Note 1.151, li R¢stri¢ted Funds ThttoD Loco Fuiid tkv¢lopm¢nt Fund Carriage Sl*d Futtd Carriage & WB¥on Fund At 1st Junuary 2023 Incoming R¢sovrces Outgoing R¢sources Ai 31 st Decernber 2023 164.564 1,922 J58,114 J3,242 209 145,941 49.625 s,ooo F(KRM Pund Pennent Way Falton Loco Fund Fllttd Ai I gt January 2023 Incoming Resources Olltgoing Resources At 31st Drnber 2023 ?7.431 14,674 422,742 34,76S 545 450.962 24,QO8 826 24.(Kl8 Engine Sli¢d Roof FiThd Coms Stlltio Fiind Machine Sliop Fiind Totai At lyt Jttnuarv 2023 Incoming Resources Outgoiiig Resources At 31st Dccember 2023 73.150 188 6.954 5.025 1,898 Delails ofeochfurLdcan befoundon shff followingpage. 21
CRS 2023
Corris Railway Society
r4otes to the accounts
For the Year End¢d
31st December 21]23
Re5tricttd Fllnd8 leontiniied)
Tai¢oD Locomotiv8 FuKd - funds Taised to support the construciion and operation of t new steam IocoJnIir by the
Corris Tattoo Ltcoillotive Compaw Ltd.
Dare/oprteBI Fupd- fLinds raised Towards the application for a Transport & li'orks Ord¢r and related Costs to enable
the re-opening ol'furth¢r seciions of the Corris Railwas. to passeiigers, including the Southem Extcnsion
Pont-y-Goedwfjg deviation works,
Carriage ShedFurtd- fvnds taised tOWaTds tlie construction of a new carriage shed 10 howse the Society's hisiori¢al
and repliett rolliiig siock
Carriage &. H¢Jggon FuMd- funds raised for the construction of new, replica ¢artiage5 and lwdggons,
FriÉryds ofihe Corris Railivay,Vtssetwi Fund (FOCRIVf) - funds raised to impTQVC 11)e layou1$ and fabTlC of the
Museuin and aequire relevant art¢facts.
PerTraneni Iyay huKd. funds raised toMErds the PithaS£ ot rail and aneillaries for ¢xt¢ndJns th¢ running line of the
CorTiS Railiiay.
Falcon Locomoiii* FuKd - fmnds raised ID support the consiruetton and opcration of & second new ste locomotive
by tli¢ Corris Tattoo Locon7otive Compaiiy Ltd.
O&KFFakd- funds raised to 5UPPOrt the PUTch#se and adapiation of d1¢5¢1 locomotii'e ND.) I.
Engine ShedRoof - funds raised to r¢plac¢ the life-expired roof of (he 1878.built engine shed at Maespoeth.
CopTl$ s110 Fynd - fund5 Taised to Conluct a new station on the site of the original CoTris Station.
Ma¢hipJeShop - funds raised to re
P4 000 C>
Z f& ro r4
CRS 2023 Corris Railway Society Notes to the Accounts For the Year Ended 31st December 2023 17 Compthrxtive Stattment of Financial .4etivitie5 Unrestricted Funds Designated Fw)ds R¢stric(¢d Funds 2022 Income Endoivments from . Subscription5 Donations & 1£8acies lincludit)g GifL4idl Chariiable Activities Gr&nts Other Trading Aetivities Investmellts Orher 10,750 54.006 1202 1,333 3,000 69 1,126 10.750 235.494 3.189 1,353 4275 411 1,126 181.488 1,987 1,275 342 Tolai 71.506 18&.092 256.598 Expendlture OD . Rai5108 Funds ChaTltabl¢ A¢liviries D¢pr¢ciats'on Other 632 2,875 2,554 307 786 1,418 2,873 2,554 347 40 Total 6,368 826 7.1¥4 Net incon)e 65,138 184,267 249.404 TransfeTS bctWBen funds 64.137 64,137 Net movement in ndS 1,001 64,137 184,267 249,404 ReeoAeiliAtion of fund$ Tolai funds broughi forward 5,000 381,347 1.106,748 ,493,095 Total fimd$ Cayried fonvard 44.S.484 1.291,015 1.742 41)9 -25-