Coinpany registration number= l )97407 Charity registration number: 514172 North Staffordshire Railway Company (1978) Limited (A company limited by Annual Report and Financial Statements <yuarantee) for the Year Ended 31 December 2024 P L Whittaker 50 Broad Street Leek Staffordshire ST13 5NS
North Staffordshire,Railivay Company (1978) Limited Contents Refereiice and Administrative Details Trustees, Report .---------- 2to3 Independent examinei-'s report . Stateinent of financial activities Balance Sheet 6t07 Notes to the financial slatements 8t0 13 The following page does not form part of tlie statutory financial statements: Statement of financial activities per fund 14
North Staffordshire Railway Company (1978) Limited ReferLnce 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 Staftordshire ST13 7EE Registered office Cheddleton Station Cheddleton Leek Staffordshire ST13 7EE Trustees N Moorby, Chairinan A L Croft, Secretary G I Chapman, Treasurer M Henshaw J Hulse JAKerr Bankers Barclays Bank plc 83 Haywood Street Leek Staffordshire ST13 5JW Accountant. P L Whittaker 50 Broad Street Leek Staffordshire STI) 5NS Page I
North Staffordshirq Railway Company (1978) Limited Trustees, Report Tlie trustees are pleased to present their allnual report totscther with the unaudited financial statements for the year ended 31 December 2024, which are also prepared to meet the requiremen.ts for a directors, report and accounts for Compaiiies Act purposes. Tlie financial statements comply with the Charities Act 2011, the Coinpanies Act 2006, the mem.oran.dum 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 piiblic intei.est iii the pi"eservation 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 ma(Fa7ine, The Knotty, has been maintained. The company has continued to support the Churnet Valle! Railway, having received grants towards the Churnet Valley Railway's Leek extension aiid hosted appeals for the purchase of heritage rolling stock and relocation of Cheddleton signal box. During the year: the company took ow'nership of LMS 4F locomotive no 4442? folloiving the win.ding up of its forn]er om'ning company, The 4442? Locomotive Company Ltd. The Churnet Valley Railway will frorn now on be the locomotive's perniaiient base. Structure, oovernance and management The Noith Staffordshire Railway Company (1978) Limited is a company limited by guarantee, governed by its Memora]Idum and Articles of Association. I.t is registered as a charity with the Charity Conunission, l-here are currently 572 menibcrs, each of whom &(Trees to contribute £1 in the event of the charity wiiidino up. The Chair of trustees, secretary and treasui.er are elected by membei"s at the Annual General Meeting each vear. Other trustees are elected for three years by members at the Annual General MeetinLY co-opting trustees, the board has re(yard to the requireni.ents for aiiy specialist skills needed. When considering All Major decisions al'e taken at full meetings of Ihe trustees. These are held monthly. The charity has a close relationship Miith the Churnet Valley Railway (1992) PLC. The principal activity of the company is to be a tourist st¢(lln railway. Financial review The company's statement of financial activities showed a suiylus for the year. We have total I"eserves of £672,433. Cash reserves total £6J,?05, of H,hich £35,617 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 pui"poses of compan), law) are responsible for preparing a trustees, annual report and financial statement.s in accordance with applicabIe law and United Kiii(Fdom Accounting Standards (United Kinodom Generally Accepted Accounting Practice). Company law and the law applicable to charities in England and Wales requires the charity trustees to prepare fmancial statements for each year which giiie 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 pi"eparin(y the financial statements, the trustees are required to: Page 2
North Staffordshire Railway Company (1978) Limited Trustees, Report elect suitable accounting policies aiid then apply them consistently. observe the methods and principles in the Charities SORP; niake judoements and estimates that are reasonable and prudent; state Vi'hether applicable accountiiig standa.rds have been followed, subject to any niaterial departures disclosed and explained in the finaiicial statements; prepare the fjnancial statements on the going coiicern basis unless it is inappropriate to presume that tlie charity will Continue in business. Tlie trustees are responsible for keeping proper accouiiting 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 safe()uarding the assets of the charity and Iience takino reasonable steps for th¢ preveiition of fraud and otlier irregularities. Small company provisions This report has been prepared i.n accord]ee Nvith the small companies regime under the Companies Act 2006 Approved on 18th September 2025 and signed on its behalf by: N Moorby
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 3 J December 2024, which are set out on pages 5 to 13. Respective responsibilities of trustees and examiner Tlie trustees (who are also the directors of the company for the purposes of compafty law) are responsible for the preparation of the accounts. The trustees consi.der that an audit is not required for this year LU]der section 144(?) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified meniber of (named body). Having satisfied myself that the charity is not subject to audit under company laNii and is eIioible for independent examination, it is my responsibilitv to: examine the accounts under section 145 of the 201 l Act; follow the procedures laid doNvn in the General Directions given by the Charity Commission wider section 145 (5) (b) of the ?0 I l Act. and state whether particular matters have come to my attention. Basis of independent examiner's report My examinati.on was carried out in accordance with the General. Directions given by the Charity Commissioii. An examination includes a review of the accounting records kept by the charity and a comparison of the account8 presented with those records. It also includes con.sideration of any uiiusual items or disclosures lll the accounts, and seekin(J explan.ations froin you as trustees concernin(y any such matters. The procedures undeitaken do not provide all the evidence that would be required in an audit and conseq.uently no opinion is given as to Ivhether the accounts present a 'true and fair view, and the report is limited to those matters set out in tlie statement below. Independent examiner's statement Iii connection with my exaniination, no matter has com¢ to my attention: ( l) which gives me reasonable cause to believe that in any Inaterial respect the requireinents: to keep accounting records in accordance w'ith section 386 of the CompanÈes Act 2006. and to pi'epare accounts which accord Nvith the accounting records, coniply with the accountin(T requirements of section 396 of the Companies Act 2006 and with the metliods and principles of the Statement of Reconunended Practice: Accounting and Reporting by Charities have not been met. or (2) to which, in my opinion, attention should be drawn in order to eiiable a proper Iinderstanding of the accounts to be reached. 50 Broad Stre¢t Leek Staffordshire STIJ 5NS Peter Lee Whittaker P L Whittaker 26 September 2025 Page 4
North Staffordshire Railway Company (1978) Limited Statement of Financial AL'tivities (including Ineome and Expenditure Account) for the Year Ended 31 December 2024 Unrestricted Total Funds Funds 2024 Total Funds 2023 N.ote Incoming resources Incoining resources from generated funds Voluntary, income Total incoming resources 378,714 378,714 378,714 378,714 68,120 68,l20 Resources expended Costs of geiierating funds Costs of generatino voluntary iiicome Total resources expended 86,56) 86,563 86,563 86,563 66,)98 66,398 Net moveinents In funds ?92,151 292,151 1,722 Reconciliation of funds Total funds brouJo t forwai"d Total funds Caled fornvard 380,282 672,43J 380,282 67?,4)3 379,472 381.194 The notes on pages 8 to 13 forni an integi'al part of these tinancial statements. Page 5
North Staffordshire Railway Company (1978) Limited (Registration number: 1397407) Balance Sheet as at 31 December 2024 2024 2023 Note Fixed assets Taii(rible assets Investments 479,906 75,682 555,588 187,690 75,6) 263,322 Current assets Stocks and Ivork in pi'ogress Debtors Casli at bank and in hand 55 120,418 63,213 183,686 115,376 63,205 178,i81 Creditors: Amounts falling due within one year 10 (54,064) (58,142) Net current assets 124,517 125,544 Total assets less eurrent liabilities 680,105 388,866 Creditors: Amounts falling due after more than one year I I (7,672) (7,672) Net assets 67?,43J 381,194 The funds of the eharity: Unrestrieted funds Other reserves Unrestricted income funds Total unrestricted funds 25,53? 646,901 672,433 26,444 354,750 381,194 Total charity funds 672,433 381,194 The notes on paoes 8 to 13 fonT] an integral part of these financial statements. Page 6
North Staffordshire Railway Company (1978) Limited (Registration number: 1397407) Balance Sheet as at 31 December 2024 continued For the financial year ended J l December 2024, the Charity was entitled to exeinption 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 acLordance 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 provisioiis applicable to companies subject to the small companies regime and Ivith the Financial Reporting Standard for Smaller Entities (effective April 2008 January 2015). Approved by the Board on 26 September 2025 and signed on its behalf by: N Moorby Trustee The notes on pages 8 to 13 foill] an integral part of these financial statements. Page 7
North Staffordshire Railway Company (1978) Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Accounting policies Basis of preparation Th.e financial statements have been prepared under the historical cost convention and in accord]Ce with the Statement of Recommended Practice 'Accountinu and Reporting by Charities (SORP 2005),, issued in March 2005, the Financial Reportin(F Standard for Smaller Entities (effective January 2015) and the Conipanies Act 2006. Fund accounting policy Unrestricted income funds are general funds that are available for use at the trustees, discretion in tiirthei'ance of the objectives of the charity. Further deta.ils of each fund are disclosed in note 14. Incoming resources Voluntary income includin(T donations, legacies and grants that provide core funding or are of a oeneral nature is reco(Fnised where there is entitlement, certainty of receipt and the amount can be nieasured with sufficient reliability. Incoming resources from tax reclaims are included iii the statement of financiaI activities at the same time as the oift to which they relate. Resources expended Liabilities are recognised as soon as there is a leoal or constructive obligation committing the ch'Ity to the expenditure. All expenditure is accoLinted for on an accruals basis and has been classified under headings that augregate all costs related to the category. Costs of generating funds are the costs associated with attracting voluntary incoine. Support costs Support costs include central functions and have been allocated to activity cost cateoories on a basis consistent with the use of resources: for example: allocatino
property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. IrrecoTrerable VAT Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Fixed assets Individual fixed assets costing £0 or Inore are initially recorded at cost. Page 8
North Staffordshire Railway Company (1978) Limited Notes to the Financial Statements foi" the Year Ended 31 December 2024 contlF?ued Depreeiation Depreciation is provided on tanfjible fixed assets so as to write off Ihe cost or valuation, less any estimated residual value, over th.eir expected useful economic lile as follows: Land and Loco Shed 2 % Straight line basis Building Restoration 2 % straight line basis Rolling Stock 50/0 reducing balance basis Track Work 5 % straight line basis Equipment I 00/0 reducing balance 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 credÉted to the statement of the financial activities in the period of disposal. Unrealised gains and losses represent the movement in market vaIues durino the year and are credited or chartied 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 I'eoard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selltng costs. Items donated for resale or distribution are not included in the fmancial statements until t.hey are sold or distributed. Voluntary income Unrestricted Total Funds Total Funds Funds 2024 2023 Donations and legaeies Legacies General don.ations Gift Aid tax reclaimed Grants - other agencies Subscriptions Other donations Jnterest received 248 54,011 3,401 330,803 6,606 30,000 8,770 2,494 41 378,714 3)0,803 6,606 30,000 8,770 2,494 41 i78,714 8.845 1,613 68,120 Page 9
North Staffordshire Railivay Company (1978) Limited Notes to the FinanLial Statements for the Year Ended 31 December 2024 contii?ued Grants receivable Unrestricted Total Funds Funds 2024 Total Funds 2023 Grants - other agencies 30,000 JO,000 Total resources expended Donations and legacies Total Direct eosts Fundraising costs Other fundraising costs Depreciation of tangible fixed assets Office expenses Subscriptions aiid donations J4,117 31,384 7,783 1,226 7,046 81,556 34,117 3l,384 7,783 1,226 7,046 81,556 Support costs Sundni and other costs 5,007 5,007 86,563 86,56) Net income Net income is stated after chargin<y: 2024 2023 Depreciation of tangible fixed assets 7,783 8,414 Taxation The company is a registered charity and is, therefore, exempt from taxation. Page 10
North Staffordshire Railivay Company (1978) Limited Notes to the Fillancial Statements for the Year Ended 31 December 2024 conlii?ued Tan(yible fixed assets Building .Land & Loco Rolling Stock Restoration & Shed ete. Track Total Cost As at l January 2024 Additions As at J l December 2024 50,044 172,711 300,000 472,711 98,666 321,421 )00.000 6?1,421 50,044 98,666 Depreciation As at l January 2024 Charfye for the year As at 31 December 2024 19,488 1,000 20,488 82,394 4,811 87,205 31,849 1,97) 33,822 133,731 7,784 141,515 Net book value As at 31 December 2024 As at 31 December 2023 29,556 30.556 385,£06 90,317 64,844 66,817 479,906 187,690 Investments held as fixed assets Churnet Valley Railway (1992) plc Market value As at l January 2024 and 31 December 2024 75,682 Net book value As at 31 December 2024 As at 31 December 2023 75,682 75,682 All investment assets were held in tlie UK. Page 11
North StaffordshirL Railway Company (1978) Limited Notes to the Financial Statements for the Year Ended 31 December 2024 cont11711ed Debtors 2024 2023 Trade debtors Other debtors 113,937 1,4)9 115,376 119?7J 1,145 1?0,418 l O Creditors: Amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income 5J,964 100 54,064 58,042 100 58,142 I I Creditors: Amounts falling due after more than one year 2024 2023 Other creditors 7,672 7,672 12 Members, liability Tlie charEty is a private company liinited by guai"antee and consequentlji does not have share capital. Each of the menibers is liable to contribiite an amount not exceeding £nil towards the assets of the charity in the event of liquidation. Paoe 12
North Staffordshire Railway Company (1978) Limited Notes to the Financial Statements for the Year Ended 31 December 2024 continiied 13 Related parties Controlling entity The charity is controlled by the trustees who are all directors of the company. 14 Analysls of funds Atl January 2024 At31 December 2024 Incoming resources Resources expended General Funds Unrestricted income fund J80,?8? 378,714 (86,563) 672,4J3 15 Net assets by fund Unrestricted Funds Total Funds 2024 Total Funds 2023 Tangible assets Investments Current assets Creditors: Amounts fallino due witliin one y'ear Creditors: Amounts fallints diie after more than one year Net assets 479,906 75,682 178,581 (54,064) 479,906 75,682 178,581 (54,064) 187,690 75,632 183,686 (58,14?) (7,672) 672,433 (7,672) 67?,43 J (7,672) 381,194 Page 13
North Staffordshire Railway Company (1978) Limited Statement of financial actRTr"ities by fund Year Ended 31 December ?024 Unrestrieted Unrestricted Rncome fund income fund 2024 2023 Iiicominu resources Incoming resources from generated funds Voluntary income Total incoming resourc¢s J78,714 )78,714 68,120 68,120 Resources expended Costs of (Tenerating funds Costs of creneratino voluntary .income Total resou.rces expended 86,56) 86,563 66,398 66,398 Net movenients in funds 292,151 1,72? Reconciliation of funds Total funds brou(Jht forwai"d Total funds carried forward 380,282 672,4J3 i79,472 J81,194 This page does not fomi part of the statutory financial statements. Page 14