CRS 2024 Corris Railway Society Registered Charitv 506908 Annual Report and Financial Statements For the year ended 31" December 2024
CRS 2024 Corris Railway Society Registered Charity i06908 CONfENTS Page Legal and administrative inforn]ation Chairn]an's Report on activity Report of the Trustees Independent Examiner's Report 12 Statement of Financial Activities 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to the Accounts 16
CRS 2024 Legal andAdministrative Information Society Officers Presidenl.. Christopher Awdry Vice President,¥." Elfyn Llwyd LIB Sir George White Bt FSA Mrs Elizabeth Overton Member.¥ of the Managepnent Committee who served during the year were asfollows.. Richard W. Hamilton-Foyn (Chair) Patrick J Jolley (Vice Chair) David K Coleman Richard S Greenhough Richard C Shipman Graeme D Jolle}' (Honorary Secretary) Jack Evans (resigned 712024) Ben BrotheoOd (from 10/2024) The Management Committee act as the Trustees of the Charity. Members of Council who served during the year were asfollom's .' John Arnold Sue Benedetto Ben BrotheoOd Richard Bryan (Hon Treasurer) David K Coleman John Davey (from 10/24) Jack Evans (resigned 712024) Richard S Greenhough Richard W Hamilton-Foyn David Ingram Graeme D Jolley Patrick J Jolley Joe Knappett Sam Knappett John A Knight Bernard Morgan William H Newton Alfred J Oxford Stephen J Parr Richard C Shipman John Simms Janicc Stewart
CRS 2024 Financial and Legal Legal Advisors Morris & Bates Ffordd Alexandra Aberystwh Ceredigion SY23 1 PT Accountants UHY Ross Brooke Suite I Windrush Court Abingdon Business Park OX14 ISY Independent Examiner Nigel Kavanagh Brown Chartered Accountant Tideswell Bankers HSBC 19 Great Darkgate Street Aberystwvth Ceredigion SY23 1 DE Barclays Bank 32 High Street Cardigan SA43 1 HH Headquarters Corris Railway Museum Station Yard Corris Machynlleth Po,Y$ SY20 9SH Charity No 506908 Constitution The Corris Railway Society is a registered charity. It is governed by a Constitution dated I lth May 1968. with amendments up to 19th October 2019. Subsidiaries and Associates The Corris Tattoo Locomotive Company Ltd, compan! registration number 3380113, is wholly owned by the Society. and constructs and operates new steam locomotives 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 members of the Society.
CRS 2024 Corris Railway Society Registered Charity 506908 Chairnian's Report for 2024 2024 was a good year for the Corris Railway. Thanks to the efforts of our volunteers and contractors I am pleased to be able to report significant progress on a number of fronts. Perhaps the most exciting development was on the Southern Extension Project. The current phase of work on the new embankment immediately south of our Maespoeth shed area was completed. This is significant as this phase was likelv to be the longest and least certain in the scheme to reopen a stretch of the railaY for about half a mile southwards to a new loop at Goedwig South. Years of preparation had led us to the situation where we were all ready to get on with the building of the embankment but lacked a suitable source of fill material to do so. In 2020, during the Covid Pandemic, we commenced work using fill from a site in Dolgellau. This ran out and work stalled until 2023 when long promised material, spoil from the new road bridge work at Machynlleth, started to be delivered on site. Our contractors Bro Cader worked hard with a selection of large machines to build the complex layers of different materials out of which the new trackbed was constructed. Our Project Manager David Coleman was ever present on site and he .aS able to ivitness the steady gromrth of the lle forn]ation. By the summer of 2024 the embanknient had been completed to track level. As a bonus, the availability of additional spoil from the DoN'ey Bridge Scheme meant that we were able to store material that will be used in the next phase of work. This Nvill include the construction of the piers for the bridge over the Goedwig. the building of the bridge itself and the creation of the fomiation for a run round loop at Goedwig South. With some tidying up of levels etc. we should then be in the position to be able to start thinking about laying some track. I make it sound simple but nothing with regard to this project is ever easy. There are still questions around pemiissions which need to be resolved but we are confident that during 2025 we will be in a position to start the final construction phase. 2024 saw the first full year of operation for our new 'Falcon' locomotive Number l O. It shared the running of our passenger service with Number 7 which was in the last year of its boiler certificate. Number l O, in its very attractive lined livery, proved to be a hit with passengers and volunteers alike and perfornied extremely well. At the beginning of the year work was undertaken to improve the operation of its safety valves but remarkablv little additional work was required. With the exception of Number 7, which, as might be expected in the final year of its ticket. had a few minor problems, all other locomotives ran satisfactorily as required. With the arrival of a new Falcon it was natural that everyone would want to see the two Corris (one now ex) working together. Our good friends on the Talylll'n railwai, shared this view and in June and July the two locomotives operated together first on the Corris and then on the TR. Number 3 operated many services on its old stamping ground including during our Gala celebration. On the morning of the Gala we had the delightful experience of three locomotives, 3,7 and l O raising steam together in Maespoeth Shed. There is no previous record of three engines having been steamed on the same day on the Corris Railway. It might have happened lfore but almost certainly not in the last one hundred years. On the day passenger numbers were excellent until the weather intervened. The planned intensive service 'aS impacted by the early failure of Number 7 (with a relativellr minor gasket problem) but a good tim¢ was had by all. In July Number l O was given the opportunity to stretch its wings on the Talyllyn and was involved in N-o Galas and a photo charter. While at Tymyn th¢ locomotive was manned by TR crews, and they were extremely complimentary about its appearance and perforniance. A seal of approval if V* e ei'er needed one.
CRS 2024 Since we restarted a passenger service on the Corris Railway we have controlled our trains using a system universally known as ' Staff and Tick¢t Whil¢ this is a safe: low tech, system wc have long hankcred for something a littl¢ more int¢r¢sting. We have b¢¢n working towards thc introduction of an Electric Train Staff (ETS) for some time but with the appointment of Samuel Knappett to the post of S&T Foreman a couple of years ago the prospect has started to become a realitv. At our training weekend for operational staff in March, Sam and his leam presented the first working example of our new signalling equipment. Whilst only operating the length of the Carraige Shed it gave everyone the opportunity to explore the use of the system. As the year progressed, installation of the infrastructure to support the Block Machines continued and it is hoped that all Miill be operational for the 2025 season. Thanks to Sam and gang for the major effort thai they have put into this new development. There were many other people and teams who also contributed to the progress that we made in 2024. The Tuesday Gang continued with their varied programme of vital work on a number of projects including the replacement of the Signal Box steps, further work on our heritage waggons and the reconstruction of the Corris Manrider. All their work was completed to a high standard but behind the scenes so far as the general public was concerned. The Manrider was rebuilt for display from parts originally discovered at Maespoeth early in preservation days. Unfortunately, these parts were too frail for practical use but the recreation of an original pedaled Trehicle provides a unique glimpse of the railway in the past. It takes some imagination to work out how this vehicle might haN'e been used given the Corris's manv steep gradients. The Work Weeks Team made an increasing and significant contribution to the railwav s infrastructure. Taking on projects that local and operational volunteers would, perhaps, not have had the opportunity to tackle. Their remodeling of the Machine Shop to separate it from the Engine Shed and the corrosive effects of water: smoke and steam progressed during the year and a marked reduction of damp and corrosion was evident. This work nicely dovetailed with the programme of improl'ements to our machine tools and their positioning within the shop. With wiring and tool storage also improved this is becoming a much more useful and safe space f'or our engineering team to do its precision work. The gang building Carriage 24 also made good progress during the year. Most of the outside of the vehicle is now complete and received its first coats of paint. Much remains to be done to the interior of the carriage before it can enter traffic but we are looking fonvard to the sight of a train of four original pattern Corris carriages working up the Dulas Valley. Thanks to all those involved in these aspects of our activities and many others without whose efforts we would not be able to progress. So far, I have detailed some of the positive aspects of achievements of the Corris Railway during 2024. There are: however, always things that have not gone quite as planned during the year. To some extent we have relied on the income generated by our Santa Special trains to help the Railway Company through the period of the year V¥hen it does not run passenger trains and its income is very low. Unfortunately the Santa Weekend this year V¥as a total wash out 1th heavy storms bringing down trees, blocking local roads and rain escaping from blocked road drains causing a river of water to flow through the engine shed. The inevitable result was the cancellation of all trains and the refunding of much of the money already paid online by prospective passengers. This not only caused disappointment to many children but also a great deal of work for our online ticketing team. On the financial side we had costs for presents and mince pies but no income. Fortunately, the presents can be reused but the income cannot be recovered. Very disappointing. Also on the financial front we suffered an unfortunate hiccup in our plans to move to a team trcasurership model. Following the retircm¢nt of Richard Greenhough at the 2023 A.G.M. Richard Bryan took over the Trcasurcr rol¢ and with our volunteer bookkeeper set about moving our books to a Sage computer- based s)'stem. It M:as planned to use this s)'stem to produce not only our accounts but also provide the monthly management infomialion essential to the efficient running of the organisation. This worked well for most of th¢ year but in November Richard suff¢r¢d a serious health
CRS 2024 problem and had to immediately resign from his position. As a result, the 2024 Accounts will be produced by outside accountants. Fortunately, the efforts of our book-keeper, John Wallbridge, and th¢ move to an ¢ntir¢ly Sag¢ based syst¢m makes this a practical proposition. My personal thanks go to John for all the work that he put in for thc railway. It was gr¢atly appreciated. Richard Hamilton-Foyn Chainnan The Corris Railway Society
CRS 2024 Trustees Report for 2024 The Trustees present their annual report on the affairs of the Charits,, together with the Financial Statements and Independent Examiner's Report for the Irear ended 31 st December 2024. The Trustees have adopted the provisions of the 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 United Kingdom and Republic of Ireland (FRS 102) effective from accounting period commencing l January 2015 or later. Principal objects and activities The objects of the Society as stated in its Constitution are to advance the education of the general public by encouraging and promoting the public interest in the study of the former Corris Railway and to collect and exhibit to the public all historical and educational relics connected with the Railway which the Society may be able to acquire, together th all other items of local interest; e.g. historical, industrial and natural items. The Society meets its objects by operating the Corris Railway Museum which displays relics and photographs of the Corris Railway and the district it served: and has no entry charge for visitors. It also researches and publishes material on the history of the railway and district and runs study weekends examining aspects of the history. Working through its two limited companies the Society has reconstructed a section of the original Corris Railway and built new rolling stock matching that used on the line in the nineteenth and early ttventieth century. Visitors are thus able to experience something of what it was like to travel on the old railway. All passengers on the restored railway are shown round the historic buildings at Maespoeth and given an explanatory talk on the 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 wholly UK based with its headquarters in Gv¥ynedd, Wales. It is governed by a Constitution dated I I th May 1968 (with amendments up to 19th October 2019). The Society, s policy is detern]ined by a Council. which is elected at the Annual General Meeting. The Council deterniines from amongst its members those most appropriately qualified and experienced to hold office on a Management Committee. The members of this Management Committee act as the Trustees of the Charity. The Society is wholly rnn by volunteers from amongst its membership and has no paid employees. During 2024 the Trustees started a comprehensive review to ensure that the existing organisation of the Society with its subsidiary companies remains the most appropriate structure to achieve its objectives. This examination should be completed in 2025. Connected Parties The Society holds a controlling interest in the Corris RailwaTr, Company Limited and the Corris Tattoo Locomotive Company Limited. Both companies are non-profit distributing.
CRS 2024 Review of ActiTr ities A rcvicw of th¢ activitics of th¢ Charity and its associat¢d companies is included in th¢ Chairman's Report. Statement of Public Benefit In setting the objects and actlN'ities 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 encouraged to visit and learn about the history of the railway, the quarries it served, and the communities of the valley through m.hich it ran. Those M'ho take 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 Journal, w.hich is provided free to Society members and aN'ailable on sale to members of the public. Society members also co-operate w'ith other historical researchers studying aspects of the area in which the Charity is based. Policies Reserves . The Society aims to keep its expenditure broadly in line with its income, and avoids making financial commitments unless funds are in hand to meet them. The Society incurs relatively low overheads and is confident that its income streams are sufficienl to meet them. The Trustees have reviewed the Society's Reserves Policy, and resolved to retain the equivalent of one year's operating costs in the General Fund, and io designate the balance of the Unrestricted Funds towards a designated purpose. Income and Investment . Income The Society derives its income from the following sources - Membership subscriptions, donations from members and others, raffles, 100 Club, bank interest and grants. Sufficient income needs to be generated to meet the operating costs of the Society which are - Printing and distribution of the quarterly newsletter "The Corris-Pondent" and the Journal, operation and maintenance of the Corris Railway Museum, and supporting the work of the Corris Railway Company Ltd and the Corris Tattoo Locomotive Company Ltd by fundraising for projects undertaken by the two companies. Following a review of Society expenditure in 2024 it was decided to utilise a more realistic view of the actual costs required to run the society. Thus, costs previously charged entirely to the Corns Railway Company Ltd, such as insurance, were apportioned between the two ¢ntities in relation to their relative usc and ownership.
CRS 2024 Inveslmenls Thc Society maintains a controlling int¢r¢st in th¢ Corris Railway Company Ltd (which acts as its trading arm) and th¢ Corris Tattoo Locomotiv¢ Company Ltd, which has constructed and owns two steam locomotives (No.7 and No.10), each based on the design of the original Corris Railway locomotives. It has also acquired a diesel locomotive (No. I l ) funded by specific donations from Society members. Any funds not needed for day-to-day expenses are placed on bank deposit at the highest available interest rate. Grants . The Society raises fLmds for projects undertaken by the Corris Railway Company Ltd and the Corris Tattoo Locomotive Company Ltd and makes grants and loans to those companies to carry out those projects as required. For many years the Society has utilised loans as the means of recording the transfer of funds to its subsidiaries. This has resulted in a situation M'here the Corris Railway Company Ltd and the Corris Tattoo Locomotive Company Ltd haN'e built up considerable liabilities to the Society £933,688 and £555.848 respectively bv the end of 2023. These have distorted tlie balance sheets of all three entities and caused concern to the trustees. The trustees approached their accountants, who are well versed in the operation of Charities, with this concern and were advised that for 2024 such transfers of funds should be considered as part of the Society's charitsble activities and treated as grants rather than loans. This is reflected in the 2024 Accounts. Furthennore, they recommended that the portion of those existing loans outstanding at the end of 2023 and not coTrered by the book value of appropriate subsidiary company assets should be WTitten off. These funds have been used for the specific purpose for which they were raised, for example the building of two steam locomotives and repayment of these loans by the subsidiary companies would not be possible nor appropriate. Risk Management . The Society's Management Committee has assessed the major risks to which the Society is exposed, in particular those related to the operations and finances of the Society, and is satisfied that systems are in place to mitigate exposure to the major risks. These procedures are periodically reviewed. Fiduciary Failings . The Society is reliant on its volunteer members undertaking work on its behalf in their spare time, and considers their willingness to do so an indication that they have the Society's interests at heart and are unlikely to pose a significant risk. Nevertheless, systems of financial control are in place which largely separate the responsibilit), for incurring costs from that for accounting for expenditure and disbursing the Society's funds. During 2024 a review of the Society's financial control measures decided that they were generally satisfactory. However, it has been agreed that a tightening of procedures and practices should be undertaken. This will help the Trustees to exercise better budgetary control and provide volunteer members with a clear framework within which to operate. It will also reduce fiduciarni risk, improve cash flow forecasting and help record kecping. Th¢ first clements of this revised control framework wer¢ d¢liver¢d successfully in 2024. 10
CRS 2024 Finanee and Accounts ReTr"iew Thc Society has £1,152,076 (2023= £1,886,725) of ass¢ts less curr¢nt liabilities, of which £58,620 (2023: £61,174) arc tangibl¢ fixed assets. The Society has £i18,762 (2023: £317,614) of cash balances available at one month's notice or less. The majority of the cash balances are held in bank deposit accounts. Funds . The Society has the following funds - General Fund - unrestricted funds held to further the Society's aims. The Trustees have chosen to designate monies not required for the Society's operating costs to the Development Fund and the Corris Station Fund. Tattoo Locomotive Fund- funds raised to support the construction and operation of a new steam locomotive by the Corris Tattoo Locomotive Company Ltd. Development 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 further sections of the Corris Railway to passengers. Carriage ,ghedFund_ funds raised toardS the construction of a new carriage shed to house the Society's historical and replica rolling stock. Carriage & Waggon Fund- funds raised for the construction of new replica carriages and waggons. Friends ofthe Corris Ra11Trtr Museum Fund (FOCRM) - funds raised to improve the layouts and fabric of the Museum and acquire relevant artefacts. Permanent Way Fund- funds raised towards the purchase of rail and ancillaries for extending the running line of the Corris Railway. Fa/Lon Locomotive Fund - funds raised to support the construction and operation of a second new steam locomotive by the Corris Tattoo Locomotive Company Ltd. O&K Fund- funds raised to support the purchase and adaptation of diesel locomotive No. I l. Engine Shed RoofFund- funds raised to replace the life-expired roof of the 1878-built engine shed at Maespoeth. Corri,s .Station Fund- 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 during the year, are listed with the legal and administrative details. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial 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. Richard Hamilton-Foyn Chairman Corris Railway Society
CRS 2024 Independent Examiners Report to the Trustees of the Corris Railway Society I report to th¢ trustees on my cxamination of th¢ accounts of the Corris Railway Society for the year ended 31 December 2024. Responsibilities and basis of report As the charity trustees of the Societir l'ou are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Societv's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have follo"ed all the applicable Directions giN'en by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confinn that no material matters have come to my attention in connection with the examination giving me 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 records" or the accounts do not comply with the applicable requirements concerning the fonn and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. 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. Nigel Kavanagh Brown Chartered Accountant Tideswell 2510712025 12
CRS2024 Corris Raihvay Society STATEMENT OF FINANCIAL ACTIVITIES For the Year Ended 31st December 2024 Unrestricted Designated Restricted Funds Funds Funds Total 2024 Total 2023 Income and Endowmentsfrom: Subscriptions Donations & Legacies (including GiftAid) Charitable Activities Grants Other Trading Activities Investments Other 11,335 11,335 144.472 2.302 269 10,635 130,OJ5 2,090 269 212 3,139 269 3,681 4,729 275 1,400 ,566 3,943 870 5.343 2,436 Total 28,950 137207 166,157 146,571 Expenditureon: Raising Fund5 Charitable Activities Depreciation Other Prlor years subsidiary operating expenses 276 142218 276 163,570 2,554 6,483 729,563 2,653 2,828 2,554 95 21.35? 2.554 6,481 261.860 467,703 Total 261.860 610.199 902,446 Net income 1.437 261,860 472.992 7J6,289 138,441 Transfers between funds 8,437 5,391 Net movement in funds 7.000 267251 476.038 7J6,289 138,441 Reconciliation of funds Total funds brought forward 7,0(K) 522,609 1,351,331 1,880,940 1,742,499 Total funds carried forward 14.000 255,3fi8 871,293 1,144,651 1,880,940 13
CRS2024 Corris Raihvay Soc BALANCE SHEET asat 31st December 2024 ?0?4 2023 ixed A&5ets Tangible Trixed Ats 61.174 Invcstrnents Coms Railwav Cotnpany Ltd CO5-1'o0 Locornotive Co Ltd 19.(rfJO I9.6(J 19,7(I) 19,760 Advanced to A580ciateil CornpaniL Corris Railiva! Company Lid Cotns-I'attLK> LocomotiN'e Companv L -1.032 933.688 759.973 1,489_536 Current A&sets Dcbiors & Prepayrncnts Cash al bank and In hat 21 318.762 21 317614 318.783 317.63) Current Liabilities CteditOTS amounts falling due in less than one vear 1.380 et CurreDt Assets 313 723 Toial asscis Icss curreni liabilities 1.151.076 1,886.7?5 CteditOTS amoutit5 falling due In tnore than one )'eat io 5.786 I.IU6.il 1.880.94n Represented by: Resiricied FiiMdg- Tattoo Locomoiive Fund Dcvclopmeni Fund Carriagc Shed Fund Catridge &. Waggon Fund Friends ot.lhc Corris Railw'ay Museum Pcrmancnt Wa}, Fund alcon Locornoljve Fund 5).410 186.878 117.687 166.486 371.147 14i.941 16.?61 18.3(1) 14.674 O&K Fund ngine Shed Ri)of Fund Cotns Station Fund Machine Shop F"und 4.580 73.338 87i.-W3 1.3i1331 De$ig#aied FtsMds- Dcvclopmeni FUJVJ Cotns Station Fund 135.3)8 20,0(K) 5).358 5L•.6 LlnresirieiedFtsnds- General Fund 14.(KK) 1.880.94(1 14
CRS2024 Corris Railway Society Statement of Cash Flojvs For the Year Ended 31st December 2024 2024 2023 Net cash provided by operating activities (A) 728.415 141.235 Cash flows from investin activities Purchase of property, plant & equipment Movements in advances to associated companies 729,563 140.602 Net cash used in investing aetivities IB) 729.563 Net decrease in cash & cash equivalents {A+B) ,148 633 Cash & cash equivalents at (he beginning of ihe year 317,614 316,981 Cash & cash equivalents at the end of the year )18.762 317614 Notes to the cash flow statement Reconciliation of net movement in funds to net cash flow from operating actiTrities 2024 2023 Net movement in fimds 7J6,289 138,441 add depreciation deduct grant transferred froni deferred income Decrease in creditors Decrease in debtors Net cash provided by operating activities 2,554 269 5,589 2,554 269 386 123 141235 728.415 15
CRS2024 Corris Railway Society Notes to the aecounts For the Year Ended 31st December 2024 l Accounting Policies 1.1 Accounting convention The accounts have been prepared under the historical cost convention, with items reco(Jni5ed at cost or transaction value unless Otheni'ise stated in the relevant notes to these accounts. The accounts have been prepared in accordance iyith the Statement of Recommended Practice - Accounting and Reporting by Chariiies preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRSI 02} (effective l January 2015) and the Charilies Ac(2011. The accounts are prepared in sterling, which is the nCtIOnal currency of the Charity. Monetary amounts in these financial staten]ents are rounded to the nearest £. The charity constitutes a public benefit entity as defined by FRS 102. 1.2 Going Concern At the time of approving the financial stalements, the tslee5 have a reasonable expeclation that the Charitv has adequate resources to continue in operdtional existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 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 quanlifiable. Incoming resources are recognised on a receivable basis and included in the financial stslements gross, i.e.before taking account of an), associated expenditure. except where stated otherwise. Income has been credited and expenditure charged to the Income & Expenditure account on the accruals b&sis. 1.4 Allocation of costs As the Charity" ha5 mininial overhead costs, no allocation of costs h&s been made. 1.5 Costs of generating funds Expenses are included as costs of generating funds if they can be directl)" related to a Source of the Charity's income or are for publicity intended to rdj5e the profile of the Charity. 16
CRS2024 Corris Railway Society Notes to the aceounts For the Year Ended 31st December 2024 Charitable Activities The Charity has identified four charitable activities through which it achieves it5 charitable objectives 1.6.1 The production of a quarterly newsletter to keep Society members infomled of its activities and a journal containing the results of historical research which 15 free to members and available for sale to the public. 1.6.2 The operation of the Corris Railway Museurn, which is staffed by volunteer5 and provides free entry to the general public. 1.6.3 Physical. financial and administrative support to the Corris Railway Company Ltd and the Corri5 Tattoo Locomotive Company Ltd. 1.6.4 Guided tours of the Maespoeth 'OrkshopS explaining the history of the Corri5 Railway. 1.7 Governance Costs Governance costs include costs of administering the charity; as the charity ha5 no employees and the Independent Examiner has waived his fees, these are kept to a minimum. 1.8 Tangible fixed assets and depreciation Tangible fixed assets, except freehold land, are stated at cost or valuation less accumula*d depreciation. Depreciation is provided at rates calculated to WTite off the cost or valuation less estimated residual value of each asset over its expected useful life, as follow5 = Up lo and including 2019, depreciation was not charged on buildings, pemianent way and rolling stock. Following a review, the following policies were adopted in 2020 . Land is shown at cost. Buildings are shown at cost. Building repairs are depreciated over their expecled useful life, as follows minor repairs at 10 %. major repairs at 20/0, knth on a straight-line basis. Pemianent Way and Rolling Stock are depreciated at I1• on a straight-line basis. Museum Exhibits, Sign5, Tools and Equipment are depreciated at 200/0 on a straight line basis. 1.9 Investments Investments are shown at cost and represent investments in the Society'5 related companies through which it undertak.es elements of its work. 1.10 Pension Costs The Society h&s no employees, therefore it h&5 no pension costs. l. I l Life Members Subscriptions Life members subscriptions are amortised over a 10 year period. 17
CRS2024 Corris Railway Society Notes to the aecounts For the Year Ended 31st December 2024 1.12 Restricted Funds Restricted funds are those received i¥hich are earniark-ed for specific purpose by the donors. Expenditure which meets the criteria Specified is charged directlj to tlie fund. Restricted funds raised support projects undertaken by ihe Corris Railway Company Ltd or the Corri5 Tatt(x) Locornotive Company Ltd may be used to SUPPOrt grants or loan5 to those companies. 1.13 Unrestricted Funds Funds received or generated for the objects of the Society without a further specified purpose are treated as Unrestricted Funds- some of these resource5 rnay be designated by the Trustees for particular purposes as (hey deem appropriate. The Trustee5 have reviewed the annual running costs of the Society, and decided to designate £20.000 to the Corris Stalion Fund and ihe remaining balance of ihe Lfnrestricted Funds iowards the Development Fund. The Truslees eslimale the annual running costs of the Society to be £14.000, and this sum is represented by the Genernl Fund. 1.14 Critical estimate and judgements and key sources of estimation uncertainty In the application of the Charity's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carrving amount of assets and liabililies that are not readily apparent from other source5. The estiinate5 and associated assuinptions are based on historical experience and other faclors that are considered to be relevanl. Aclual results may differ from these estimates. The estimates and underlying as5uniptions are reviewed on an ongoing basis. Revisions (o accounting estimales are recognised in the period in which the estimate is revised w'here the revision affects onlv that period, or in the period of the revision and fuiure periods where the revision affects both current and furure periods. 1.15 Grants Received As per Note 10, granls from extemaI bodies are laken to revenue in equal portions over a ten-year period. 18
CRS2024 Corris Railway Society Notes to the accounts For the Year Ended 31 st December 2024 2 Resources expended Direcl Expenses Support Costs Depitciation Total 2024 Printin¥& StsLoncry 743 743 Raffle costs 129 129 I Club prizes 147 147 Publicity. Cotn5-Pondcnt aDd JouTnal Pnntsng& 3.578 3.)78 Premises Experk Cornpiiter exwses 8.519 8.)19 1.564 Projcct Exp5 149.166 149,166 288 Sundt).cxpcns 288 Lcg3] & Prof5101 frc5 5.994 5.994 Bank charge5 Govemancec05ts 201 201 Dw£Cttn Pnor>ears siib51diaryopernttngexpense5 2.554 2.-f 54 729..i63 729.563 88).i08 17.384 2.)54 902.446 Compgrative St*temeDt for 2023 Diiecl Expcnses Support Costs Depi¢ciation Total 2023 'intin8& Stationery Raffle c(6ts 1.617 209 1,617 209 lfy) Club pnzc5 Pub]lty 826 826 cols-POndentaThd Jixwnal Piiniin8 & Di]M 2.828 2.828 Mu5euJD buildinsrryrs AcqiiisiiioD of hi510ncal¥nefacts 5ubsctiPtioD5 Lc¥alfcc5 35 35 Bank cliat¥es Goveinance 60 tkweciatio 2.554 2,f 54 ?.888 ?.688 Total r¢50uice5 ¢XPt]]d¢d ait stated aftei char]g -. 2024 2023 Depreciation Iscc notc 1.81 In(lependetLt Examinerf5 RettLun¢ration Amounts payablc under opcrdting ltrascs 2.)$4 Nil 2.554 19
CRS2024 Corris Railway Society Notes to the accounts For the Year Ended 31st Deeember 2024 3 Staff Costs -I'he Sociery had no emplo}'ees during Ihe l'ear or in Ihe preceding year. -lrnstee Expenses No .1 rustees received any remuneraiion or expenses in ihe curreni or preceding year. 5 Corporation Tax As a Tegistered charity the Corris Railwa!. Society is not subject to corporation on its ii'holl charitable activiiies. -rangible Tr-ixed .4ssets Freehold Land Rolling Stock & Buildine5 Pernianent Museum Exhibits 'l-otal & Signs At I si January 2024 Additions At i 1st DeceTnber 2024 54.653 7,118 9,619 75,075 7.118 9.619 7).075 Depreciation At I st January. 2024 Addiiions At 3 1st December 2024 i.520 880 J.401 2.848 712 3.760 i.848 962 4.810 3,685 li.901 2,554 Net book Tr'allle At 1st Januar>. 2024 At 3 1st December 2024 1.] jj ?0.2?2 4_270 .771 61.174 4.810 -58.620 7 Investments 2024 2023 Corris Railwa) Company Ltd Ordinarn Shares u.1 cost Current Account {owed bi, company to SocieTh I 19.660 409.03 48.69 19,660 93J 688 95 J.348 -I'he investment in the Corris Raj1.a). Compan}. Limited, w'hich is a majoriti. shareholding. is sho at Cost. -I'he balance on current account represents funds advanced io rhe compani to progress the Society's objects. 2024 2023 Corris -I'attoo Locomotive Comp4ni' Ltd OTdinatJ' sht5 '.cji cost Cuttent Account lowed bw compani" to Socieh"} 100 350.941 Jil.041 100 555.848 55i.948 The in'esTment in the Corris Tattoo LL)comoiii'e Co Lid (H'hich is ii"holli" oii.ned b5. the Socien'l is ShOn at cost. The Loinp<inJ s m£ijor assets are the new-build "Tattoo" Llass locomotie No.7. the O&k IoLoinotive No. I I, and the e.bUild "Falcon" locotnotive No.10. l-he balance L)n current account represents tunds advanced io ihe compans. for the construction of the l-attoo steam locomoti%'e, raised under the-l-alloo Locomoiiwe resiricied fvnd. for the Falcon steam locornotive, iai5ed under the laicon Locornotii"e restricted lid and the O&K diesel locotnotLI'e_ rSed under the O&K restricted tund. 20
CRS2024 Corris Railway Society Notes to the aecounts For the Year Ended 31st December 2024 Current Assets Debtors .' Prepayments 2024 2023 21 21 21 21 Cash . Deposit ,4ccounls Current Account Tattoo Locomotive Fund Falcon Locomotive Fund Development Fund FOCRM fimd Corris Station Appeal Fund Machine Shop Fund 105.142 4,950 53,156 47.967 82,442 17,337 376 7,392 318,762 56,581 245 51,207 48.775 136,474 16,898 252 7,183 J17.614 Creditors . amounts falling due in less thgn one yr Trade creditors Subscriptions in advance DefetTed income Corris Utd FC utilities IK)nd Accruals 32 879 269 200 ,260 2(M) 3,600 S,060 1,-380 io Creditors . amounts falling due after more thgn one yegr Members, Loans Life Membership Provision Deferred income 7,425 5,786 7.42) 5,786 Deferred income represents grants received from external bodies which is taken to revenue in equal tK)rtions over a ten-year period (see Note 1.15). 21
CRS2024 li Restricted Funds Tall L¢K4) tkvelopmeni Fu] Carriag¢ She41 FUTh] Calage & Wagon Fund FuThJ At 1st January 2024 Incoming Resources Outgoing Resources Transfers At 3 1st December 2024 166.486 371.147 118.445 14i,941 54,625 ?84.)68 28.2)4 32.429 186A7R 117687 F(KRM Pertnanent 'ay alcon Lo Trund und At 1st January 2024 Incoming Resources Outgoing Resources Transfers At 3 1st December 2024 18.360 14,674 456,962 13.348 37,416 24,(KJ8 3.789 17,928 11.iOOI 4.)80 16.:61 1.840 Enwnc Shcd R[ Coms StatM)n Machine Sknp Trund bMI Total At 1st January 2024 Incoming Resources Outgoing Resources Transfers At 3 1st December 2024 13.812 73.338 11.979 1.3il.331 137,207 610.199 13.(k161 875 ?93 916 73.086 14691 5.047 16_163 Deiails ofeachfiind can befoiind on ihefollfflvingpage. 22
CRS2024 Corris RailTh"a!' Soriel)" olt5 lo tbt areounts For th¢ I'tar EDdtd 31st Detember 2024 Re5trictrd Fullds Icontinuedl TuiiooI.oCopnoii¥'gl.iind_fidS raiAto Suwx)rtthecLNcti2Dd(1rali0n0f anew steamli)coJn(*iveb!'the C(51all LocoTnonve ComFkm)' Ltd. )ei'elL)pJJigiiÉJ4 jind_funds rSedt'3rdsIhe applic3tlLraTransWrt& Illork"ilkderand relatedcoststs) the re-wning of fillther stttions of the COlS Rail. to e1)get& incltho the Southetn l¥tension pont->.78 dall0 WOTk5. ( arriaA'L.SIILUl4iifriU- fidS raisedtowards the£0nStnli0Oranel.&ll3£e shdtohousethe Sociffj s and replica rollin¥T Stock. ( urryu7XC' &. K¢TKxiwTriind- fund5 tai5edfoTtheconstruchon of e"replia fdrriage5anduwons 14riefrJds L)fihe< Roilwui'.ffjluseumltMdCfv'(KRV) -fi]ndSSedtolnlplQlEthe]as'outs2ndfabrIC0rlle Mu5eurn and acquiTe rele11 artekns P£'rRignc'Thi M'uvfvurid- fllndSTa15¢dioMdsthC7[ChLseOr1 aDdanCillat]esfoTexl¢ndingth¢TUt81ineOfthe corris1W&I uli¢)nI.L)COllJ¢)iifvel4iiJiU_funds r&sedto supwrtthec4)nStrucuonaDdoJIiOn0f asecond Dewsteam ]LOM01.e by the Com5 Tattoo LoComottr Co[npa). Ltd C)&A P4nJ- fiind5ra15ed 10sllPPOrt Ihepiirchaseand ad3piation ofdiesel 1(wMlVCNo.] I ngine.fhedRLJO]J.IinJ. ndSraised torq)lacethelife-eYpired rwFof the I878.lItenQlne shed atM3esp)eth. ( l.und- tund5ra15ed Iocon51rucl ell. 5Liiion on ihe 511e ofihe onoinal Coms Stknon. hl<7chiovSh¢>pfriinJ- fundS[sed lore-equipthetalway'5WOtkshrnthery. 12 Ullrestricted Furlds GeJJLYai Fw Al 1st JanuaTr'2024 lncLNnB Resources (hil¥Joing eu[c¢S ISe[S At31st Decemb2024 5?9.6(y) ?8.9?0 29? ?47 Desigllated Funds I'he"I"n15IeeshaTeCwedIhe S(Kiet!'5 Re5eTve5 Policv. andre501i"dioretaJn theequivalentof (meyeat'50peTknn£ c05t51n the GeneTal Fund, to designate £?O.OOOto thecortib Stauon Fund. alldtodesi4natetheba])teQftheulJitStnc1ed[llndSlawtheDei1eIop1entrllnd TheTtusteesestimateoneyear'soperatlDgcoststok£14.000 aRdba%ethe[eIedeSiBnaled Llj5.3i8Lothe Dei"eIopmetttlut.
CRS2024 ADaly5isof ne1Cts belwtell tu15 Tangible Fiyed Associat&l C(711eS Net .4ssets CieditiKs Tot3] RcylnLtedFiinds . TattLTr) LocomottNe Fund Develoweiit Fund CarnabTe Shed Pund ca1ge & Waggon Futbl Friend£ of the Corris R1&S.S PeTmanenl Wa}. Trid alcon Locomd]NE FiuMI O&K Fund Enoine Shed Roof F Coms Station Pimd Machine Shop Fund .089 67.510 54.221 55.410 186.878 18.)89 3.062 16.261 1.840 432.894 4.580 30.244 388.(Ul .920 1,85.1 2.660 30.244 2.628 5220 7.848 GenA Trund i8.620 7_425 160.(y68 269.'Tri8 1_1440s1 14 CoThThilmffltunderOpErating Lea5C5 The Socien'has nooperating1th3ses. 15 Related pArty transa£tioDS Durin4the&ear.amollnts prlauS[ treated as loanstorelatedentitieshai"ebeen MTitten off iothestatemeniof financia] Activitses Theseamounts represented expendimre that .111 not be ieijnburb.ed and haletherO[e been reclassifjed charitable expendimie. The Larryiiig 3]lle of the loans has been ieduced to retl¢ct the nel assetsof the teled ¢niitl¢s a5 Perth1 re5tiVe balance sheeis. 24
CRS2024 Corns Railway Soeiety Notes to the Accounts For the Year Ended 31st December 2024 16 c.omparative StAtemtnt of Finlneial Attii'ities Unie5tticted Fund5 tksignated Fund5 RestTicled Fund5 2023 Intome Endowments from: Subscriptions Donations & Lcgacies lineluding CiiftAid) Charitablc ActlVjlLeS CJrdnL Othcr Trading Aetiviiies Invcstments Other 10.635 69.127 10,635 123.843 3,139 269 3.681 4,729 275 54.717 2.475 269 681 4.024 705 275 Total 84.67) 61.897 146.571 Expenditure o Raising Funds Qharitablc .QLttiviiies tkprcciation Other 1.072 2.828 2.554 95 1.581 2,653 2.828 2,554 95 Total I,)81 Nci income 78_125 60.316 138,441 Transfers bets¥'ecn fi]nds 77.125 77,125 Net tnovetnt]]t in fid5 77.12) (A).316 138.441 RecoDciliAtion of funds Total funds broughi fon4 445.484 1.291,015 1,742,499 Total fu]]d5 cattied forward 22.()09 1.880.940 25