Compan>. registration number. 1397407 Chariry registraiion number= 514172 North Staffordshire Railway Company (1978) Limited {A company limited by guardntee) Annual Report and Financial Statemenls for the Year Ended 31 December 2023 P L Whittaker 50 Broad Street Leek Staffordshire ST13 5NS
Nortb Staffordshire Railw'ay Companv (1978) Limited Contents Reference and Athninistrative Details Truslee5' Report 2to3 Independen¢ examinerfs report Statement of financial aclivities Balance Sheet 6t07 Notes to the financial statements 8t0 13 The following page does noi forni pan of the statutory financial statements: Statement of financial activilies per fund 14
North Staffordshire Railw'ay Compan!. (1978) Limited Reference and Administrative Details Charity name North Staffordshire Railway Company (1978) Limited Ch8ril) regislration number 514172 Company registration number 1397407 Printipal office Cheddleion Station Cheddleton Leek Staffordshire ST13 7EE Registered 0•¢¢ Cheddleton Station Cheddleion Leek Staffordshi ST13 7EE Trustees N Moorby, Chairn)an A L Croft, Secretary G I Chapman, Treasurer BCDunn J Huls¢ JAKeTr Bankers Barcla>s Bank plc 8i Ha)wood Street Leek Staffordshire ST13 5JW Accountant P L WhittaK"er 50 Broad Street Leek Staffordshire ST13 5NS Page
orth Staffordshire RailTrTr'av CompaDTr (1978) Limited Trustees, Report The trustees are pleased io present their annual report together with ihe unaudited financial statements for the year ended 31 December 20?3. which are also Prepared (o meet the requirements for a direclors. report and accounts for Companies Act purposes. The financial sialemenis comply N'ith the CharÉties Act ?0 I I, the Companies Act ?006. Ihe Memorandum and Articles of Association: and the Statement of Recommended PrdCtice- Accountlng and Reportin8 by Charities. Our Purpose and Activities The purp(vses of the charity are: The preservalton. retainmeni. and restoration of Cheddleton Railway Station by encourdging and promoling 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 rdiS¢ funds from membership fees, grnnts, donations, and sundry income. Further suppon 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 hosted appeals for the purchase of heritage rolling st(Kk and improvements to the infrastructure of the railway. Structure? governance and management The North Staffordshire Railwa>' Company (1978) Limiied is a company limiied by guarantee, governed by its Memorandum and Articles of Association. li is registered as a charity with the Charity Commission. There are cutTenily 602 membet5. each of 'horn agrees to contribute £ l in the event of the charit), winding up. The Chair of trustees. secretary. and treasurer are elecled b!¥ members at the Annual Generdl Meeting each year. Other trustees are elected for three )ears by members at the Annual General Meeting. When considering cfropting Injsiees, the board h&5 regard to the requirements for any specialisi ski115 needed. All major decisions are taken at full meetings of the trusiee5. These are held monthly. The charity has a close relationship wilh the Churnei Valley Railway (1992) PLC. The principal activity of the company is to be a tourisl steam rai1.a},. Finan¢i81 review The company's statement of financial activiiies showed a surplus for the year. We have total reserves of £381.194. Cash reserves total £63.213. of M'hich £42.946 is reserved for specific projects. Trustees re5ponsibilitie5 in relation to the financial Statements The charity trust¢¢s (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 reFX)rt and financial statemen15 in accordance with applicable law and United Kingdom Accouniing Sthndards (United Kingdom Generdlly Accepted Accounting Practice}. Company law and the law applicable to charilies in England and Wales requires the charity trustees to prepare financial statements for each )'ear which give a true and fair view. of the slate of affairs of the charitable company and of the incoming resources and application of resources for thai period, In preparing the financial stalements. the trusiees are required to: select suitable accounttng policies and then apply them consistently; observe the methods and principles in the Charities SORP. Page 2
North Stafford8hire Railwa) Companv (1978) Limited Trnstees, Report mak'e judgements and estimates that are reasonable and prudent: state whether applicable accouniing swidards have been followed, subject to any material deparnires disclosed and explained in the financial sthtements. prepare the financial statements on the going concern basis unless it is inappropriate io presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with r¢asonable accuracy at any time Ihe financial position of ihe charity" and io enable them to ensure that the financial ststements comply with the Companies Act ?006, the Charity Act 201 I, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trusi deed. They are also responsible for safeguarding the Sets of the charity and hence taking reasonable steps for the preveniion of fraud and other Iegularl11e5. Small Company provisions This report has been prepared in accordance with the small companies regime under the Companies Acl ?006. Approved by the Board on 13 September 2024 and signed on its behalf by: N Moorby Trustee Page 3
Independent Examiner's Report to the Trustees North Staffordshire Railw'ay Company (1978) Limited I report on the accounts of the company for the year ended 31 tkcember 2023. which are set oui on pages 5 to 13. Respective responsibilities of trustees and examiner The trustees (who are also the directors of the companj for the puryx)ses of company law} are responsible for the prepardtion of the accounts. The trusiees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 201 l Act) and that an independent examination is needed. Having satisfied rnyself that the charity is noi subject to audit under company law and is eligible for independent exarninatiorn il is my responsibility to: examine the accounts under Section 145 of th¢ 2011 Act. follow the procedures laid in the General Directions given by the Charity Commission under seciion 145 (5) (b} of the ?0 I l Act- and state 'hether particular matters have come lo m). attention. Basis of independent examiner's report My examinalion was carrted out in accordance with the Generdl Directions given by the Charity Commission. An examinaiion includes a review of the accounting record5 kepi by the charity and a comparison of the accounts presented M'ith those records. It also include5 consideration of any unusual items or disclosures in the account5. and seeking explanations from you as trustee5 concerning any such matters. The procedures undertaken do nol provide all the evidence thai would be required in an audit and consequently no opinion is given as 10 whether the accounts present a 'true and fair view and the report is limited to those matters set out in the sthiement below.. Independent examiner's ststement In connection with my examination, no matter has come to my atteniion: ( l ) which gives me reasonable cause to believe that in any malerial respeci ihe requirements: to keep accounting records in accordance with section 386 of the Companies Aci 2006; and to prepare accounts which accord w'ith the accounting records. comply with the accounting requirements of section 396 of the Companies Act ?006 and ii'ith the methods and principles of ihe Statement of Recommended Practice: Accounting and Reporting by Charities have not been mei: or (2) to which. in m%, opinion. attention should be in order to enable a proper understanding of the accounts to be reached. 50 Broad Street Leek Stsffordshire ST13 5NS Peter Lee WThittaker P L Whittak¢r 13 September ?024 Page 4
North Staffordshire Railway Compan). (1978) Limited Statement of Financial Activities (including Income and Expenditure Account) for the Year Ended 31 December 2023 Unrestricted Total Fund5 Funds 2023 Tot81 Funds 2022 Note Incoming resources Incoming? resources from generated funds Voluntary income Other incoming resource5 Total incoming resowces 68.120 68,1?0 54,311 85,000 139.311 68.120 68.120 Resourees expended Costs of generaiing funds Costs of generating voluniary income Other resources expended Total resources expended 66.398 66.398 24,160 100.585 124,745 66.398 66.398 Net movements in funds 1.722 ,722 14,566 Reeoneilialion of funds Total funds brought forward Total funds carried forward 379.472 381.194 379.47? 381.194 365.820 380,386 The notes on pages 8 to 13 forn) an integral part of these financial slatements. Page 5
North Staffordshire Railwai, Company (1978) Limited (Registration number: 1397407) Balance Sheet as at 31 December 2023 2023 2022 Note Fixed assets Tangible assets Investments 187.690 75.632 263,322 188,986 66.632 255.618 Currenl assets Stocks and work in progress Debtors Cash at bank and in hand 55 120.418 55 130.527 48,5?6 179.108 io 183.686 Creditors: Amounts falling due wilhin one year (58.142) (46,668) Net eurrent a55els 125.544 13?.440 Total 8sse¢s less ¢urrent liabilities 388,866 388,058 Credttors: Amounts falling due 8fter more than one year 12 (7,672) (7.672) Net 8ssets 381.194 380.386 The funds of the ¢h2rity: Unrestricted funds Other reserves Unrestricted income funds Total unrestricied fund5 26.444 354,750 381.194 27,356 353.OiO 380.i86 Total charity funds 381,194 380.386 The notes on pages 8 to 13 forni an integral part of these financial statements. Page 6
North Staffordshire Railway Compan!. (1978) Limited (Registration number 1397407) Balance Sheet as at 31 December 2023 conlinued For Ihe financial year ended 31 tkcember 2023. the charity was entiiled to exemption from audit under sedion 477 of the Companies Act ?006 relating io small companies. The members have not required the charity lo obiain an audit of its accounis for the year in question in accordance with Section 476. The directors acknowledge their responsibilities for complying with the r¢quirements of the Act with respect to accounting records and the preparation of accounts. Th¢se accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and with the Financial Reporting Siandard for Smaller Entities {effectiYe April 2008 January 2015). Approved by the Board on 13 September 2024 and signed on its behalf by: N Moorby Trusiee The notes on pages 8 10 13 forni an integral part of these financial statements. Page 7
North Staffordshire Railw'a). Company (1978) Limited Notes to the Financial Statements for the Year Ended 31 December 2023 Accounting policies Basis of preparation The financial statements have been prepared under the historical cost convention and in accordance wilh the Sfalemeni of Recommended Praclice 'Accounting and Reporting by Charities (SORP ?005)', issued in March 2005. the Financial Rewrting Standard for Smaller Eniities {etTective 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 furtherdnce of ihe objectives of the charity. Further details of each fund are disclosed in note 15. Incoming resources Voluniary. income including donaiions and legacies TS recognised where there is entitlement, certainty of receipi and (he amouni can be me&sured with sufficieni reliabilit).. Incoming resources from lax reclaims are included in the sialement of financial activities at the same lime as the gift to which the). relate. Resources expended Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expendinwe is accounied for on an accruals basis and has been cl&ssified under headings thal aggregate all costs relaied to the category. Costs of generdling fimds are the costs associated with attrdcting voluntary income. Support Costs Support costs include central functions and have been allocated to activity cosl caiegories on a basis consisteni wtth 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. Irrecovergble VAT Irrecoverdble VAT is charged againsi the category of re50UTces expended for which it was incurred. Fixed assets Individual fixed assets Costing £0 or more are initially recorded ai cost. Depreciation Depreciation is provided on iangible fixed assets so as to IlTite off the cost or valuation. l¢ss any estimated residual value. over their expec*d useful economic life as follows: Land and Loco Shed Building Restoration Rolling Siock Track Work Equipment 2 % straight line basis ,'0 Straight line basis 50/0 reducing balance basis 50/0 straight line basis IIY/o reducing balance Page 8
Iyorth Staffordshire Railm'ay Company (1978) Limited Notes to the Financial Statements for the Year Ended 31 December 2023 . eoniinued Inveslments Fixed assel inveslments are included at market value ai the balance sheet dale. 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 subsequ¢nl cost. and are charged or crediled io the stalemeni of Ihe financial aaivilies in ihe peri(Kt of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the stsiement of fuwicial activities based on the market value at the year ent Stock Stock is valued at the lower of cost and nel realisable value, after due regard for obsolele and slow moving stocks. Nei realisable value is based on selling price less anticipated costs to compleiion and Selling costs. Items donated for resale or distribution are nol included in the financial statements until they are sold or distributed. Voluntary ineome Unrestricted Tol81 Funds Funds 2023 Total Funds 2022 Donations and legacies Legacies General donations Gift Aid lax reclaimed Subscriptions Other donations Inlerest received 248 54.011 3.401 8.845 1.613 248 54.011 3,401 8.845 1,613 24.814 8.544 9.559 11.393 68.120 68.120 54.311 Grants receivable Unrestricled Total Funds Funds 2023 Tolal Funds 2022 Grants - other agencies 85,000 Page 9
North Staffordsbire Railway Company (1978) Limited Notes to the Financial Statements for tbe Ye8r Ended 31 December 2023 Continued Other incoming resources Unrestricted Total Funds Funds 2023 Totsl Funds 2022 Other income Grants - other agencies 85.000 Total resources expended Don4tion5 and legacies Total Direc¢ Costs Fundraising costs Other fundraising costs Depreciation of tangible fixed assets OITice expenses Subscriptions and donations 2.91? 43.607 8.414 45? 7.047 62.432 2.912 43,607 8.414 452 7.047 62,432 Support costs Sundry and other costs 3.966 3,966 66.398 66,398 Net income Net income is stated after charging: 2023 2022 Depreciation of tangible fixed assets 8.414 7,116 Taxation The company is a regislered charity and is therefore. exempt from Lation. Page 10
North Staffordshire Railwa), Companv (1978) Limited Notes to the Financial Statements for tbe Year Ended 31 December 2023 con¢inued Tangible fixed assets Building Rolling Stock Restoration & elc. Track Land & Loco Shed Total Cost As al l January 2023 Additions As at 31 December 2023 50.1)44 165.592 7.119 172,711 112,5?8 328.164 7.119 335,283 50.044 112,528 Depreciation As ai l January 2023 Charge for the year As at 31 December 2023 18,488 43.396 2.315 45.711 139,180 8.413 147.593 5.098 82.394 19.488 Net book value As al 31 Decernr 2023 As at 31 December 2022 30.556 31,556 90.317 88.296 66.817 187.690 188.984 Investments held as fixed assets Churnet V4lley R8ilwa)' (1992) pl¢ Market value As at l January 2023 and 31 December 2023 75,632 Net book value As ai 31 December ?023 75.632 75.632 As at 31 December 2022 All investment assets were held in the UK. Page 11
North Staffordshire Raikn'av Companv (1978) Limited Notes to tbe Financial Statements for the Year Ended 31 December 2023 conlinued 10 Debtors 2023 2022 Trade debiors Other debtors 119,273 1,145 120.418 130,527 130,5?7 I I Creditors: Amounts falling due within one vear 2023 2022 Trade creditors Accruals and deferred income 58.042 100 58.142 45,327 1.341 46.668 12 Creditors: Amounts falling due after more than one )'ear 2023 2022 (hher credilors 7,672 7,672 13 Members, liability The charity 15 a private company limited bN' guaraniee and consequently does not have share capital. Each of ihe members is liable lo contribute an amount noi exceeding £nil towards the assets of the charity in the evenl of liquidation. Page 12
North Staffordsbire Railwa) Company (1978) Limited Notes to the Financi81 Statements for the Year Ended 31 December 2023 . continued 14 Related parties Controlling entity The charity is controlled by the truslees who are all direciors of the company. 15 Analysis of funds Atl January 2023 At31 December 2023 Incoming resources Resources expended General Funds Unrestricted income fund 379.472 68,120 (66.398) 381.194 16 Net assets by fund Unrestricted Funds Total Funds 2023 Tot81 Funds 2022 Tangible assets nvestments Current assets Creditors: Amounts falling due within one year Credilors: Amounts falltng due after more than one year Nei assets 187.690 75.63? 18i.686 (58.14?) 187.690 75.632 183.686 (58.14?) 188.986 66.632 179.108 (46.668) {7.672) 381.194 (7.67?) 381.194 (7.672) 380.386 Page 13
North Staffordshire Railw'ai. Company (1978) Limited Statement of financial activities b). fund Year Ended 31 December 2023 Unrestricted Unrestricted income fund income fund 2023 2022 In¢oming resources Incoming resources from generated funds Voluntary income Other incoming resources Total incoming resources 68,120 54.311 85.000 139,311 68.1?0 Resources expended Costs of generating fund5 Cosls of generating voluntary income Other resource5 expended Totsl resourc¢5 ¢xpended 66.398 24,160 100.585 124.745 66.398 Net movements in funds ,722 14.566 Reconciliation of funds Total funds brought forward Total fund5 Caled forward 379.472 381.194 365.820 380.i86 This page does not forni part of the statutory financial staiements. Page 14