Company registration number: 1397407 Charity registration number: 514172
North Staffordshire Railway Company (1978) Limited
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2022
P L Whittaker 50 Broad Street Leek Staffordshire ST13 5NS
North Staffordshire Railway Company (1978) Limited
Contents
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Reference and Administrative Details 1
Trustees' Report 2 to 3
Independent examiner's report 4
Statement of financial activities 5
Balance Sheet 6 to 7
Notes to the financial statements 8 to 14
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The following page does not form part of the statutory financial statements:
Statement of financial activities per fund 15
North Staffordshire Railway Company (1978) Limited Reference and Administrative Details
| Charity name | North Staffordshire Railway Company (1978) Limited |
|---|---|
| Charity registration number | 514172 |
| Company registration number | 1397407 |
| Principal office | Cheddleton Station |
| Cheddleton | |
| Leek | |
| Staffordshire | |
| ST13 7EE | |
| Registered office | Cheddleton Station |
| Cheddleton | |
| Leek | |
| Staffordshire | |
| ST13 7EE | |
| Trustees | G H Bould, Chairman |
| A L Croft, Secretary | |
| G I Chapman, Treasurer | |
| B C Dunn | |
| J Hulse | |
| J A Kerr | |
| N Moorby | |
| E Haywood | |
| Bankers | Barclays Bank plc |
| 83 Haywood Street | |
| Leek | |
| Staffordshire | |
| ST13 5JW | |
| Accountant | P L Whittaker |
| 50 Broad Street | |
| Leek | |
| Staffordshire | |
| ST13 5NS |
Page 1
North Staffordshire Railway Company (1978) Limited
Trustees' Report
The trustees are pleased to present their annual report together with the unaudited financial statements for the year ended 31 December 2022, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association; and the Statement of Recommended Practice – Accounting and Reporting by Charities.
Our Purpose and Activities
The purposes of the charity are:
The preservation, retainment, and restoration of Cheddleton Railway Station by encouraging and promoting public interest in the preservation of steam and other railway locomotives, rolling stock and items of historic interest.
Achievements and performance
The company has continued to raise funds from membership fees, grants, donations, and sundry income. Further support has been received from appeals and Gift Aid.
The profile of the members magazine, The Knotty, has been maintained. The company has continued to support the Churnet Valley Railway, having secured grants totalling £85,000 towards the cost of extension of the railway to Leek.
Structure, governance and management
The North Staffordshire Railway Company (1978) Limited is a company limited by guarantee, governed by its Memorandum and Articles of Association. It is registered as a charity with the Charity Commission, There are currently 618 members, each of whom agrees to contribute £1 in the event of the charity winding up.
The Chair of trustees, secretary and treasurer are elected by members at the Annual General Meeting each year. Other trustees are elected for three years by members at the Annual General Meeting. When considering co-opting trustees, the board has regard to the requirements for any specialist skills needed.
All major decisions are taken at full meetings of the trustees. These are held monthly.
The charity has a close relationship with the Churnet Valley Railway (1992) PLC. The principal activity of the company is to be a tourist steam railway.
Financial review
The company’s statement of financial activities showed a surplus for the year. We have total reserves of £380,386. Cash reserves total £48,526, of which £28,836 is reserved for specific projects.
Trustees responsibilities in relation to the financial statements
The charity trustees (who are also directors of the North Staffordshire Railway Company (1978) Limited for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law and the law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources for that period, In preparing the financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
Page 2
North Staffordshire Railway Company (1978) Limited
Trustees' Report
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Charity Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the small companies regime under the Companies Act 2006
Approved by the Board on 24 July 2023 and signed on its behalf by:
.........................................
G H Bould Trustee
Page 3
Independent Examiner's Report to the Trustees of
North Staffordshire Railway Company (1978) Limited
I report on the accounts of the company for the year ended 31 December 2022, which are set out on pages 5 to 14.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5) (b) of the 2011 Act; and
-
state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
......................................... 50 Broad Street Peter Lee Whittaker Leek P L Whittaker Staffordshire ST13 5NS 19 July 2023
Page 4
North Staffordshire Railway Company (1978) Limited
Statement of Financial Activities (including Income and Expenditure Account) for the Year Ended 31 December 2022
| Note Incoming resources Incoming resources from generated funds Voluntary income 2 Other incoming resources 4 Total incoming resources Resources expended Costs of generating funds Costs of generating voluntary income 5 Other resources expended 5 Total resources expended Net movements in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds £ 54,311 85,000 139,311 24,160 100,585 124,745 14,566 365,820 380,386 |
Total Funds 2022 £ 54,311 85,000 139,311 24,160 100,585 124,745 14,566 365,820 380,386 |
Total Funds 2021 £ 64,270 - |
|---|---|---|---|
| 64,270 | |||
| 37,373 28,980 |
|||
| 66,353 | |||
| (2,083) 386,138 |
|||
| 384,055 |
The notes on pages 8 to 14 form an integral part of these financial statements.
Page 5
North Staffordshire Railway Company (1978) Limited (Registration number: 1397407) Balance Sheet as at 31 December 2022
| Note Fixed assets Tangible assets 9 Investments 10 Current assets Stocks and work in progress Debtors 11 Cash at bank and in hand Creditors: Amounts falling due within one year 12 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 13 Net assets The funds of the charity: Unrestricted funds Other reserves Unrestricted income funds Total unrestricted funds Total charity funds |
2022 £ £ 188,986 66,632 255,618 55 130,527 48,526 179,108 (46,668) 132,440 388,058 (7,672) 380,386 27,356 353,030 380,386 380,386 |
2021 £ £ 196,102 66,232 262,334 55 130,406 43,647 174,108 (44,715) 129,393 391,727 (7,672) 384,055 45,593 338,462 384,055 384,055 |
2021 £ £ 196,102 66,232 262,334 55 130,406 43,647 174,108 (44,715) 129,393 391,727 (7,672) 384,055 45,593 338,462 384,055 384,055 |
|---|---|---|---|
| 262,334 129,393 |
|||
| 391,727 (7,672) |
|||
| 384,055 | |||
| 45,593 338,462 384,055 |
|||
| 384,055 |
The notes on pages 8 to 14 form an integral part of these financial statements.
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North Staffordshire Railway Company (1978) Limited (Registration number: 1397407)
Balance Sheet as at 31 December 2022
......... continued
For the financial year ended 31 December 2022, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the charity to obtain an audit of its accounts 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 accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and with the Financial Reporting Standard for Smaller Entities (effective April 2008 January 2015).
Approved by the Board on 19 July 2023 and signed on its behalf by:
.........................................
G H Bould Trustee
The notes on pages 8 to 14 form an integral part of these financial statements.
Page 7
Notes to the Financial Statements for the Year Ended 31 December 2022
North Staffordshire Railway Company (1978) Limited
1 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities (SORP 2005)', issued in March 2005, the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Companies Act 2006.
Fund accounting policy
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Further details of each fund are disclosed in note 16.
Incoming resources
Voluntary income including donations and grants that provide core funding or are of a general nature is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Incoming resources from tax reclaims are included in the statement of financial activities at the same time as the gift to which they relate.
Resources expended
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Costs of generating funds are the costs associated with attracting voluntary income.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Fixed assets
Individual fixed assets costing £0 or more are initially recorded at cost.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Land and Loco Shed 2% straight line basis Building Restoration 2% straight line basis Rolling Stock 5% reducing balance basis Track Work 5% straight line basis Equipment 10% reducing balance
Page 8
North Staffordshire Railway Company (1978) Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
......... continued
Investments
Fixed asset investments are included at market value at the balance sheet date.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of the financial activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end.
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Items donated for resale or distribution are not included in the financial statements until they are sold or distributed.
2 Voluntary income
| Donations and legacies General donations Gift Aid tax reclaimed Grants - other agencies Subscriptions Other donations Interest received |
Unrestricted Funds £ 24,814 8,544 - 9,559 11,393 1 54,311 |
Total Funds 2022 £ 24,814 8,544 - 9,559 11,393 1 54,311 |
Total Funds 2021 £ 33,641 6,954 4,401 12,117 7,156 1 |
|---|---|---|---|
| 64,270 |
3 Grants receivable
Grants - other agencies
| Unrestricted | Total Funds | Total Funds |
|---|---|---|
| Funds | 2022 | 2021 |
| £ | £ | £ |
| 85,000 | 85,000 | 4,401 |
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North Staffordshire Railway Company (1978) Limited Notes to the Financial Statements for the Year Ended 31 December 2022
......... continued
4 Other incoming resources
| Other income Grants - other agencies |
Unrestricted Funds £ 85,000 |
Total Funds 2022 £ 85,000 |
Total Funds 2021 £ - |
|---|---|---|---|
5 Total resources expended
| Total resources expended | |||
|---|---|---|---|
| Direct costs Fundraising costs Other fundraising costs Depreciation of tangible fixed assets Office expenses Subscriptions and donations Support costs Sundry and other costs |
Donations and legacies £ - - 7,116 920 6,902 14,938 9,222 24,160 |
Other income £ 85,000 15,585 - - - 100,585 - 100,585 |
Total £ 85,000 15,585 7,116 920 6,902 |
| 115,523 9,222 |
|||
| 124,745 |
6 Trustees' remuneration and expenses
During the year J Kerr was paid expenses of £3554.31 of which £2950.00 was donated back.
7 Net income/(expenditure)
Net income/(expenditure) is stated after charging:
Depreciation of tangible fixed assets
| 2022 | 2021 |
|---|---|
| £ | £ |
| 7,116 | 8,925 |
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North Staffordshire Railway Company (1978) Limited Notes to the Financial Statements for the Year Ended 31 December 2022
......... continued
8 Taxation
The company is a registered charity and is, therefore, exempt from taxation.
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North Staffordshire Railway Company (1978) Limited Notes to the Financial Statements for the Year Ended 31 December 2022
......... continued
9 Tangible fixed assets
| Cost As at 1 January 2022 and 31 December 2022 Depreciation As at 1 January 2022 Charge for the year As at 31 December 2022 Net book value As at 31 December 2022 As at 31 December 2021 |
Land & Loco Shed £ 50,044 19,000 (512) 18,488 31,556 31,044 |
Rolling Stock etc. £ 165,592 72,333 4,962 77,295 88,297 93,259 |
Building Restoration & Track £ 112,528 40,729 2,666 43,395 69,133 71,799 |
Total £ 328,164 132,062 7,116 139,178 188,986 196,102 |
|---|---|---|---|---|
10 Investments held as fixed assets
| Market value As at 1 January 2022 and 31 December 2022 Net book value As at 31 December 2022 As at 31 December 2021 All investment assets were held in the UK. 11 Debtors Trade debtors |
2022 £ 130,527 |
Churnet Valley Railway (1992) plc £ 66,632 |
|---|---|---|
| 66,632 | ||
| 66,632 | ||
| 2021 £ 130,406 |
Page 12
North Staffordshire Railway Company (1978) Limited Notes to the Financial Statements for the Year Ended 31 December 2022
......... continued
12 Creditors: Amounts falling due within one year
| Trade creditors Accruals and deferred income |
2022 £ 45,327 1,341 46,668 |
2021 £ 43,302 1,413 |
|---|---|---|
| 44,715 |
13 Creditors: Amounts falling due after more than one year
| Other creditors | 2022 £ 7,672 |
2021 £ 7,672 |
|---|---|---|
14 Members' liability
The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £nil towards the assets of the charity in the event of liquidation.
Page 13
North Staffordshire Railway Company (1978) Limited Notes to the Financial Statements for the Year Ended 31 December 2022
......... continued
15 Related parties
Controlling entity
The charity is controlled by the trustees who are all directors of the company.
16 Analysis of funds
| General Funds Unrestricted income fund |
At 1 January 2022 £ 365,820 |
Incoming resources £ 139,311 |
Resources expended £ (124,745) |
At 31 December 2022 £ 380,386 |
|---|---|---|---|---|
17 Net assets by fund
| Tangible assets Investments Current assets Creditors: Amounts falling due within one year Creditors: Amounts falling due after more than one year Net assets |
Unrestricted Funds £ 188,986 66,632 179,108 (46,668) (7,672) 380,386 |
Total Funds 2022 £ 188,986 66,632 179,108 (46,668) (7,672) 380,386 |
Total Funds 2021 £ 196,102 66,232 174,108 (44,715) (7,672) |
|---|---|---|---|
| 384,055 |
Page 14
North Staffordshire Railway Company (1978) Limited
Statement of financial activities by fund Year Ended 31 December 2022
| Incoming resources Incoming resources from generated funds Voluntary income Other incoming resources Total incoming resources Resources expended Costs of generating funds Costs of generating voluntary income Other resources expended Total resources expended Net movements in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted income fund 2022 £ 54,311 85,000 139,311 24,160 100,585 124,745 14,566 365,820 380,386 |
Unrestricted income fund 2021 £ 64,270 - |
|---|---|---|
| 64,270 | ||
| 37,373 28,980 |
||
| 66,353 | ||
| (2,083) 386,138 |
||
| 384,055 |
This page does not form part of the statutory financial statements.
Page 15