Company registration number: 1654756
Charity registration number: 513241
FOXTON INCLINED PLANE TRUST Company limited by guarantee
Unaudited financial statements
31 December 2023
FOXTON INCLINED PLANE TRUST Company limited by guarantee
Contents
| Page | |
|---|---|
| Directors and other information | 1 |
| Directors report | 2 - 3 |
| Accountants report | 4 |
| Statement of comprehensive income | 5 |
| Statement of financial position | 6 - 7 |
| Statement of changes in equity | 8 |
| Notes to the financial statements | 9 - 12 |
FOXTON INCLINED PLANE TRUST Company limited by guarantee
Directors and other information
| Directors | S R M Park | |
|---|---|---|
| J M Matts | ||
| D R Harris | ||
| M P Knight | (resigned 20 April 2023) | |
| G A Parsons | ||
| M G Beech | ||
| P Hitchcock | ||
| Company number | 1654756 | |
| Registered office | The BoilerHouse at Foxton Locks | |
| Middle Lock, Gumley Road | ||
| Foxton | ||
| Leicestershire | ||
| LE16 7RA | ||
| Business address | The BoilerHouse at Foxton Locks | |
| Middle Lock, Gumley Road | ||
| Foxton, Market Harborough | ||
| Leicestershire | ||
| LE16 7RA | ||
| Accountants | Cedar Accountancy Limited | |
| Sanat Rosa | ||
| Broughton Road | ||
| Stoney Stanton | ||
| Leicestershire | ||
| LE9 4JA | ||
| Bankers | HSBC Bank plc | |
| 15 High Street | ||
| Market Harborough | ||
| Leicestershire |
Page 1
FOXTON INCLINED PLANE TRUST Company limited by guarantee
Directors report Year ended 31 December 2023
1. Objectives
The current Objectives of the Trust are:
-
~ To promote encourage and foster public understanding and enjoyment of all aspects of the Foxton Inclined Plane ("the Plane") including any associated features or land in the surrounding area;
-
~ To promote the restoration of the Plane to good and navigable structural and mechanical order and condition.
2. Organisation of the Trust
The Council is comprised of the Directors of the Trust, who are also its Trustees.
3. Review of activities and future developments
The accounts indicate a deficit of £6,890 compared to the deficit last year of £13,654.
As at 31st December 2023 the trust had accumulated reserves of £30,139 which are stated after a retained provision of £10,000 for the Museum Maintenance Fund.
Improvements in visitor numbers and revenues together with control over costs resulted in a reduced loss for the year. Further improvement will be dependent on our ability to raise our profile, increase the quality of visitor experience at the museum and the Inclined Plane and extend educational development and outreach through local schools.
We continue to work on improving the visitor experience on the site, through developing the museum display and narrative, offering guided tours of the Inclined Plane and providing focused special exhibitions.
Our commitment to welcoming different communities to the museum was recognised in the Leicestershire and Rutland Heritage Awards for 2023 where we received the New Directions in Heritage Award. Our continued focus on improving our engagement with local schools will be enhanced by grant funding received from Leicestershire County Council in 2024.
4. Reserve Policy
The movement of Engineering study funds into our general reserve remains outstanding at this time.
5. Directors
The directors (who are also Trustees) who held office during the year are as stated below:
S R M Park Chairman J M Matts D R Harris M P Knight (resigned 20 April 2023) G A Parsons M G Beech P Hitchcock
Directors responsibilities
-
select suitable accounting policies and apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
Page 2
FOXTON INCLINED PLANE TRUST Company limited by guarantee
Directors report (continued) Year ended 31 December 2023
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Independent Examiner
Cedar Accountancy Limited, of Leicester were re-appointed by the Trust as the Independent Examiners.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
This report was approved by the Board on 16 September 2024 and signed on its behalf by
S R M Park G A Parsons Director Director
Page 3
FOXTON INCLINED PLANE TRUST Company limited by guarantee
Accountants report to the board of directors on the preparation of the unaudited statutory financial statements of FOXTON INCLINED PLANE TRUST Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Cedar Accountancy Limited
Sanat Rosa Broughton Road Stoney Stanton Leicestershire LE9 4JA
16 September 2024
Page 4
FOXTON INCLINED PLANE TRUST Company limited by guarantee
Statement of comprehensive income Year ended 31 December 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Turnover | 39,813 | 29,508 | |||
| Cost of sales | (5,963 | ) | (4,627 | ) | |
| Gross profit | 33,850 | 24,881 | |||
| Administrative expenses | (40,740 | ) | (39,675 | ) | |
| Other operating income | - | 1,140 | |||
| Operating loss | (6,890 | ) | (13,654 | ) | |
| Loss before taxation | 5 | (6,890 | ) | (13,654 | ) |
| Tax on loss | - | - | |||
| Loss for the financial year and total | |||||
| comprehensive income | (6,890 | ) | (13,654 | ) |
All the activities of the company are from continuing operations.
The notes on pages 9 to 12 form part of these financial statements.
Page 5
FOXTON INCLINED PLANE TRUST Company limited by guarantee
Statement of financial position 31 December 2023
| Note Fixed assets Tangible assets 6 Current assets Stocks Debtors 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Total assets less current liabilities Provisions for liabilities Net assets Capital and reserves Accumulated surplus Members funds |
2023 £ 3,775 2,112 - 35,261 37,373 ) (1,009 |
£ 3,775 36,364 40,139 ) (10,000 30,139 30,139 30,139 |
2022 £ 3,684 1,908 1,559 40,866 44,333 ) (988 |
£ 3,684 43,345 47,029 ) (10,000 37,029 37,029 37,029 |
|---|---|---|---|---|
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The notes on pages 9 to 12 form part of these financial statements.
Page 6
FOXTON INCLINED PLANE TRUST Company limited by guarantee
Statement of financial position (continued) 31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024, and are signed on behalf of the board by:
S R M Park Director
G A Parsons Director
Company registration number: 1654756
The notes on pages 9 to 12 form part of these financial statements.
Page 7
FOXTON INCLINED PLANE TRUST Company limited by guarantee
Statement of changes in equity Year ended 31 December 2023
| Profit and loss account £ At 1 January 2022 50,683 Loss for the year ) (13,654 Total comprehensive income for the year ) (13,654 At 31 December 2022 and 1 January 2023 37,029 Loss for the year ) (6,890 Total comprehensive income for the year ) (6,890 At 31 December 2023 30,139 |
Total £ 50,683 ) (13,654 ) (13,654 37,029 ) (6,890 ) (6,890 30,139 |
|---|---|
Page 8
FOXTON INCLINED PLANE TRUST Company limited by guarantee
Notes to the financial statements Year ended 31 December 2023
1. General information
The company is a private company limited by guarantee, registered in United Kingdom. The address of the registered office is The BoilerHouse at Foxton Locks, Middle Lock, Gumley Road, Foxton, Leicestershire, LE16 7RA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Page 9
FOXTON INCLINED PLANE TRUST Company limited by guarantee
Notes to the financial statements (continued) Year ended 31 December 2023
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Page 10
FOXTON INCLINED PLANE TRUST Company limited by guarantee
Notes to the financial statements (continued) Year ended 31 December 2023
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Limited by guarantee
The company has no share capital and is limited by guarantee. In the event of winding up, the liability of each member is limited to £1.
5. Surplus before taxation
Surplus before taxation is stated after charging/(crediting):
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Depreciation of tangible assets | 1,259 | - |
Page 11
FOXTON INCLINED PLANE TRUST Company limited by guarantee
Notes to the financial statements (continued) Year ended 31 December 2023
6. Tangible assets
| Short leasehold property Plant and machinery Fixtures, fittings and equipment £ £ £ Cost At 1 January 2023 7,803 13,908 2,908 Additions 1,350 - - At 31 December 2023 9,153 13,908 2,908 Depreciation At 1 January 2023 4,119 13,908 2,908 Charge for the year 1,259 - - At 31 December 2023 5,378 13,908 2,908 Carrying amount At 31 December 2023 3,775 - - At 31 December 2022 3,684 - - 7. Debtors 2023 £ Other debtors - 8. Creditors: amounts falling due within one year 2023 £ Social security and other taxes 23 Other creditors 986 1,009 |
Total £ 24,619 1,350 |
|---|---|
| 25,969 | |
| 20,935 1,259 |
|
| 22,194 | |
| 3,775 | |
| 3,684 | |
| 2022 £ 1,559 2022 £ - 988 988 |
Page 12
FOXTON INCLINED PLANE TRUST Company limited by guarantee
The following pages do not form part of the statutory accounts.
FOXTON INCLINED PLANE TRUST Company limited by guarantee
Detailed income statement Year ended 31 December 2023
| Turnover Donations Grants Subscriptions including gift aid Shop sales Bank interest received Museum entry fess including gift aid Engineering fund interest received Cost of sales Opening stock Museum shop purchases Closing stock Gross profit Gross profit percentage Overheads Administrative expenses Other operating income Sundry income Operating surplus Operating surplus percentage Surplus before taxation |
2023 £ 1,210 500 1,243 11,953 709 23,825 373 39,813 ) (1,908 ) (6,167 ) (8,075 2,112 5,963 33,850 % 85.0 ) (40,740 ) (40,740 - - ) (6,890 % 17.3 ) (6,890 |
2022 £ 398 - 1,153 8,568 315 18,992 82 29,508 ) (2,250 ) (4,285 ) (6,535 1,908 4,627 24,881 % 84.3 ) (39,675 ) (39,675 1,140 1,140 ) (13,654 % 46.3 ) (13,654 |
|---|---|---|
Page 14
FOXTON INCLINED PLANE TRUST Company limited by guarantee
Detailed income statement (continued) Year ended 31 December 2023
| Overheads Administrative expenses Museum salaries Staff money purchase pension costs Rent payable Rates Insurance Light and heat Museum and site maintenance Printing, postage and stationery Advertising Computer costs Consultancy fees Accountancy Bank charges General expenses Subscriptions Depreciation of tangible assets |
2023 £ ) (25,055 ) (576 ) (795 ) (147 ) (2,491 ) (3,890 ) (3,311 ) (677 - ) (1,441 - ) (550 ) (538 - ) (10 ) (1,259 ) (40,740 |
2022 £ ) (23,112 ) (407 ) (729 ) (265 ) (2,210 ) (4,034 ) (1,674 ) (696 ) (736 ) (2,891 ) (1,100 ) (500 ) (1,193 1 ) (129 - ) (39,675 |
|---|---|---|
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