Company registraiion number: 1766049 Charity registration numb¢r'. 514809 The Pontypool and Blaenavon Railway Company (1983) Limited (A ￿MpanY limiled by 8uarant¢e) Annual Report Financial Siatements for the Year Ended 31 December 2023 HSJ Ac￿untants Ltd S¢vern House Hazell Drive Newport South Wales NPIO 8FY *ADCRIC(2* 3010912024 COMPANIES HOUSE A32 #225 The Pontypool and Blaengvon Railway Company (1983) Limited Contents Tn￿let$, Report I to4 Independent EXamIn¢￿S Report Stsiement of Financial Activities 6107 Balance Sheei Not¢s lo the FingnGial Stst¢ment$ 9t016 The Pontypool and Blaenavon Railway Company (1983) Limited Trusteesl Report The trusteei. who are directors ftir the purp)ses of company law, present th¢ annuAI report together with th¢ financial statements of the charitable company for the year ended 31 D￿¢rnb¢r 2023. Objectives *lld *etivities Objects und The Railw4y Company exists to operate th¢ hcrit88¢ railway including resioration and maintenonce of railway diesel and st¢wn locomotives. railway wriages. railway wagons, buildings and infr&8tTUCturc. This is for the benefil, ple&sure and education of members and visitors to the rnilway. ObJecdvLt, S￿￿￿leS and ddlvities Thc Railway Iwd a busy And pr03pcrous throughout 2023. With it b¢in8 the 40th 8nniv¢r3Bry of the Railway* w¢ welcomed a numb¢r of visiting locomotives. two ol which were the oldegl operational steAm locomotiv￿ in the UK, in the forni of Furness Railw8y 20 and LNWR Coal tank 1054. I1￿¢ visitors were supplcmenlcd by Keightey G&sworks No.2, and Avonside "Crgnford" All passenger servic¢s were opernted by steam in 2023, with the majority being handled by RoS￿h No. l and Hudswell Clarke 1857, with 1219 in a supportin8 role. Work cL)nlinu¢d lo progress on the Diesel fleet and wc hope to welcomc di¢sel 3ervice3 once again at the Railway in 2024. Rosyth No.] p)pped over to the Dean For¢st Railway for their G81a weekend in October and performed perfectly: She did a gre&t job of flying the flag for the PBR! In March the Carriage and Wagon depaitnent lucky enough to r¢¢¢iv¢ Autocoach167 •nd unique 21T mineral wagon to join the home fleei. The team algo complded the long-tern) resloralion of th¢ LMS brake vgn, in timc for the 40th annivcrsary 'rccreation' trains. To mark the Railway's 40th annivers8ry on the August bank holiday weekend. Furness Railway 20 headed up the celebrations with Rosyth No.1 providing a recreation of the first passenger trains from 1983, with a single ach and a brake van, Work has cA)ntInu￿ on TSO 4677 at Williton, ond it 18 n¢arin8 completion. The Railway hopes to have the TSO back in 2024 to bt8in the intuior r¢fil, rcady for operation lal¢r in the year. In Addition to the TSO, work on our I0￿m011Ve 'Ll8nt8rnam Ably. h&8 progr¢s$ed and the hope 18 to steam it again by 2025. Work on lOc￿M0(1ve '7151 S Mech Navvies, continues between Williton and Blaenavon and it 15 hoped the engine will b¢ back in steam by the end of 2024 ￿ well. Work h&8 been held up on both locomotiv¢g du¢ lo delay5 with contractorj. After many years of nmning on VolUnteer-￿Wer. th¢ Railway started inv¢stigating alt¢rnativ¢ options ￿ the operation had become bisger than thc swn of its parts. The Railway entered into an agreern¢nt with Christa Williams to oprraie thc Fircman's Shovcl Tcaroom on our behalf. Christa has improved the offuing inoluding the addition of a hot menu for the first time in A number of years. The Rallway 8r¢atly appreciates the contribulion made from the Pontypool and Blacnavon Railw8y Society for supporting th¢ a¢tivities of the Company. GOS Engineering Bnd Fitzgerald Plant continue to Use our facilities. tn August 2023 our Chair, John T4Wton* pas￿1 away after a long-tcrni illn¢sy. John port of the Railway for over a dec*dc and could often be found in the ti¢kei otTice on running days. John had much enthusi&¥m oftd wfjs a gr¢at suprM)rter orth¢ Railway- he is greatly missed. Page l. Tbe Pontypool and Blaenavon Railway CompaDy (1983) Limited Trustees, Report benefit The Ch8rity'3 obj¢divey and principal activities are to advance the education of the public in the history and d¢velopment of the Pontypool & Blaenavon RAilway. by restorin8 and maintatning the infr8structure to workin8 QTd¢r and op¢r8te the historic railway line ￿sOCiated f8cilitie5 necessary to protecl and preyerv¢ the clwacter of the line. Th¢ tsusiees confirn] that theyrhave wmplI￿ with th¢ requirements of geaion 17 of the Charities Act 2011 to have du¢ regard to the public benefit guidance published by the Charrty Commission for England and Waies. FiD4ncial review Policy on reserves The policy adopted for r￿erVeS is necess￿11Y driven by the restricted fimding oplions open to the ch¥ity. Th¢ objective is that WLrcstricted funds not ￿n￿Diffed or inv¢st¢d in tartgible assets held by the charity should be sufficient to cover anticipated expendilure on a rolling three month period. Principalfundlng soMreeJ Funding for th¢ charity is derivrAI mainly from th¢ activiiies undertaken in pwsuit of its objectiv¢s. Referenct and Admi#istrative Detgilg Charity RegistrAlion Number.. Company Registration Number.. 514809 1766049 The charity is incorpor•t¢d in Wales. 33 Broad Street Blacnavon Pontypool NP4 9NF Registered OffirK: Independent ExamineT: HSJ Accountanti Lid Severn House HJz¢ll Drive Newport South Wales NPIO 8FY Page 2 The Pontypool aDd Blvdenavon Railjvvdy Company (1983) Limited TThsttts' Report Trnjfev •Trd offi¢¢rs The trustees and officers serving during th¢ year and 8in¢e the ycar end were as follows: Trustees: R A Cornelius A Gourlay A Hinshelwood S Mahabir John Paton Rob Polts (appointrd 25 August 2023) M4r¢us Perham c￿15 Bames (appoinied 7 February 2023) Structure• gov¢rnon¢¢ *Dd m*oagem¢nt Nathr¢ 018overnin8 doe4n￿￿1 The Pontypool & blBenavon Railway company (1983) Limited w&8 fomied ￿ a company limited by guarantee on 31 (kiober 1983 and a re8iSt¢red charity on 10 February 1984. Recr¥ilmenl and appoin4m¢nl trltruslees The ¢harity 1$ led by a boaTd of trustees I director4 WE￿ are Tecruited through 4 public recruiim¢nl pro¢¢ss. All trustees Bive their tim¢ voluntarily and r¢rKiv¢ no benefits from the charity. There were no exp¢nsvJ reclaimed by ¢N51¢¢s during the y¢ar. New Injstees appoinl¢d by the Board of Tn￿CeS at meetings throughout the ye￿. based on selection against a regularly updated skills audit. St•tem¢nt of Trnjtees, Respon$lbilltieJ The trustees (who are also the directors of The Pontypool and Bla¢n8von Railwoy Company (1983) Limiled for th¢ Purposes of company law) are responsible for prcparing the tr￿1¢¢5, report and the financial statements in a￿OrdanCe with the United Kingdom AC￿UntIng Siandards Iunited Kingdom Generally Accepted Accountin8 Prnctitt) and applicable law and regulations. Company 14w requires the trustees to prepare ftnancial statements for ¢￿h financial year. Under wmp8ny law th¢ trustees mLL8t noi approve the financial ststcmerhls unless they are satisfied that they give a true and fair view of th¢ state of affairs of the charitabl¢ company and of its inrA)ming rtsour¢es and application of resources, including its incom¢ and expendilur¢. for that period. In preparing these financial statemenw the trustees are requiT¢d to: select suitsble a¢counting policies and apply them con3ist¢nily" observe the m¢thod3 and principles in the Charitie3 SORP: make judgements aj￿ ¢stimales that are re&wnable and prudent. stste whether applicable UK Accounting Standards hav¢ b¢en followed, subject 10 any material depgrtur diwlos¢d and explained in the financial statements. aThl Pag¢ 3 The Pontypool and Blaenavon Rallway Company (1983) Limited Trustees, Report prepare the fmancial ststements on the going concern basis unle55 It is inappropriate lo presume that the charithble Company will rA)ntinuc in business. The tnL8tees are responsible for keeping adequate accounling records that are sufficient to show and explain the charitable company's transactions and disclose with rwonable accuracy * any time th¢ fmancial position of thc charitable company and enable them io ensure that the fmancial statements comply with the Companies Act 2006. They are also r¢sponJible for safeguarding the assets of the charitsble company And hen¢¢ for tfiking r￿Onable steps for the pr¢v¢ntion and del¢¢tion of fraud and other irrewlarilies. The annual re￿rt W&8 approved by the In￿tee$ of the chArity on 27 September 2024 and 3ign¢d on its behalf by: Trustee Page 4 The Pontypool aDd BlaeDavoD Railway Company (1983) Limited IDdependent Examiner's Report to Ibe trustees of The PoDtypool and Blaenavon Railway Company {1983) Limited {"the Company") I report to the charity tr￿￿t￿$ on my examination of the accounts of the Company for the year ended 31 December 2023. Respon8ibili¢ieJ and basis of report As the charity's trustees of the Company (and also its directors for the purpose5 of company law) you are resp)nsible for the preparation of the aco)unts in acwrdance with the requirements of the Companies Ad 2006 ('the 2006 Act,). Having saiisfied myself that the accounts of The PontypYJoI and Blaenavon Railway Company (1983) Limit¢d ar¢ not required to be audited und¢r Part 16 of th¢ 2006 Act and are ¢ligible for ind¢p¢ndcni examination. J r¢port in respect of my examination of your charity's accounts as carricd out under section 145 of the ch￿itIeS Act 2011 ('the 2011 Act')- In c￿lTrg out my examination J have followed thc Directions given by th¢ Charity Commission under section 145{5)(b) of the 2011 A¢1. IndepeDdeDt examltttr'4 ststement I have completed my ¢xamination. I conf￿rn that no matters have rome lo my attention in connection with the examination giving me caus¢ to b¢li¢v¢: a¢￿Willn8 records w¢r¢ not kept in rc8PeCt of Th¢ Pontypool and Blaenavon Railway Company (1983) Limiled &4 r¢quired by 3¢¢1ion 386 of the 2006 Act; or 2. the accounls do nol'accord with tPK)se records. or. 3. the accounts do not comply with the ￿cOUntIng Tequiremcnts of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not & matter congider¢d as part of an indepcndent cxamination. or 4. the accounts have not been prepared in ￿(OrdanCe with the methods and principles of the Statemenl of ReC￿rnmended Practice for acr£sunting Teporling by charilies lapplicablc to Chariiies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelgnd (FRS 102)]. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawm in this rep)rt in order lo enable a proper understandin8 of the accounts to be reached. ACCA Severn House Hazell Drive Newport South Wales NP108FY 28 Seplembcr 2024 Page 5 The Pontypool aDd Blaenavon Railway Company (1983) Limited Statement of FiDaDcial Activities for the Year Ended 31 December 2023 neluding Income aDd Expenditure Account and Stslement of Tolal Reeognised GAins and Losses) Unrestricted fuDds Total 2023 Not¢ ID¢ome *nd Eodowm¢nts from: Donations and l¢gaele$ Other trading ￿livitieS Investment income. 39,849 200.438 1.298 39,849 200.438 1.298 Total income 241,585 241.585 Exp¢Dditure on: Raising f4fftds Charitable activities (251,676) 15,860 (251.676) 15.860 Total expenditure Net expenditure Net movemeni in funds 267,536 267,536 25,951 25,951 (25.951) (25,951) Re¢on¢iliation of funds Total fun&q brought forward 446.373 446 373 Total funds Carried forward 17 420 422 420,422 The not¢s on pages 9 to 16 forni an inteyal part of th¢$¢ fmanciai s￿leMents. Page 6 The PoDtypool and Blaenavon Railway Company (1983) Limited Statement of Financial Aetivities for the Year Ellded 31 December 2023 (In¢ludiDg In¢ome and Expenditure Account and Ststement of Total Recognised Gains and Losses) Uttrestrieted funds Tot￿1 2022 Note In¢om¢ •nd Endowments from: Donations and l¢g8CiVJ Other trading activities Investment income Other income 15.579 198,025 15,579 198.025 2.794 Totsl. incom¢ 216405 216405 Expenditsr¢ 00: Rai3ing fi￿d$ Charitable activities <192,000) 20.232 (192.000) (20,232 Total expendiiure Nel income ' 212.232 212,232 4,173 Nel movemeni in fvnds 4,173 4,173 R¢¢oncllbati•o fjf funds Total fiuids brought forward Total funds urried forwoxd 442.199 442 199 17 446 372 446 372 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 17. The noles on pag¢s 9 to 16 fonn an inte￿1 part of these fina￿1?1 statemcnts. Page 7 The Pontypool alld Blaenavon Railway Company (1983) Limited (Registration number: 1766049) Balanee Sheet as at 31 December 2023 2023 2022 Note Fixed ag$¢ts T￿8]ble a98ets 13 216.592 201,548 Currettt Assets Stocks Debtors Cash al bank and in hand 14 15 500 9.763 soo 16,355 229,685 246.540 254,630 50,800 Credlton: Amoumti fallini due wlthln on• yeAr Net ¢yrrent ijsets 16 203.830 244.824 Net assets 420,422 446,372 Funds of the cbarity: Unr¢stri¢¢ed io¢ome funds Unrestricted funds 420.422 446,372 Tot#1 funds 17 420 422 446,372 For the finoncifyl y¢or cndin8 31 December 2023 the charity w&8 eniitled to exemption from Audit under section 477 of the Companies Act 2006 rel￿1n8 to smoll companie Direelors, responsibilities.. The members have not required the Charity to obtain 4n 8udil of its a¢wunts for the year in question in &c￿rdanCe with section 476. and The directors acknowledge thcir rtsponsibiliiies for complyiog with the rquirements of the Act with respect lo accounting r¢cords and the preparation of aLxounts. The financial Jtatements on pages 6 to 16 w¢r¢ ¥proved by the trustees, and authorised for isJu¢ on 27 Sepiember 2024 And St￿¢d on their behalf by: Trustee The notes on page3 9 to 16 fonn an inte￿￿ part of thes¢ finon¢ial ststements. Page 8 The Pontypool and Blaenavon Raihvay Company (1983) Limited Notes to tbe Financial St2temeDts for the Year Ended 31 December 2023 I Charity status The charity is limited by guarant¢¢, inc4>rporat¢d in Wales, and consequ¢ntly does not have share ￿pital. Each of the truste￿ is liable to ¢ontributc an amount not exceeding £1 towards the assets of the charity in the evenl of liquidation. The address ofits reg1￿cTed office is.. 33 Broad Street Blaenavon Pontypool NP4 9NF These fu)ancial statements were authorised for issue by th¢ trustees on 27 September 2024. 2 AtcouDflNg polltles SummAry of slEnlfitADt •¢¢ounrfng policits and key Iccounline e5tim*tes Thc principa] accounting policies applied in the preparalion of these finan¢ial Jtatements are set out below. Th¢s¢ policies hav¢ been ¢onsist¢nily applied to Bil the years presented unless othmyise slated. St#t¢ment of ¢omplian¢e The financi81 statements have been prepared in accordance wlth A¢counting and Reporting by Charities.. Stsiemeni of Re¢ommend¢d Pr￿tiCe (applicable to charities preparing their a¢￿Unts in accordan¢¢ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) {i55u¢d in Odober 2019) (Charities SORP (FRS 102)). the Financial Reporting Standard applicable in the UK and R¢publi¢ of Ireland (FRS 102) and the Companies ArA 2006. Basls of preparation Th¢ Pontywol and Blaenavon RAilw4y Company (1983) Limited meets the definition of a public bcncfit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transa¢tion value unless otherwise stated in the relevant accounting policy notes. Golng ¢oD¢trn The trustees consider that there are Th) material uncertainties about th¢ ¢harity'$ ability lo ¢ontinue &8 a going ncem nor any significant ar¢as of uncerfainty that affed the carrying value of as5¢ts held by the charity. Exempiloo from preparing * c•sh flow $t*t*ment The charity opted to carly adopl Bulletin I published on 2 February 2016 and have therefore not included a cash flow slat¢m¢nt in these financial stslemcnts. Income And endowments Al! income is recogniscd once the ch￿lty has entitlement to the income. it is probable that the income will be rec¢iv¢d and the amount of the income r¢c¢ivable can be measured reliably. Page 9 The PoDtypool Vdnd Blaenavon Railway Company (1983) Limited Notes to the FiDaDeial SlatemeDts for the Year Ended 31 De¢emb¢r 2023 DonAilons le8acle5 Donations are reC￿gnIsed when the charity has been notified in WTiting of both the amount settlement dale. In the ¢vent that a donation is subject to c4)nditions that require & lev¢1 of perfortnanc¢ by the charity before the dwity is entitld lo the funds. th¢ income is deferred and not recognised until either those conditions are fully met. or the fidfilment of those Conditions is wholly within the control of the charity and it is probable that these condition5 will bc fulfilled in the reporting period. Lega￿ gifts ar¢ recognised on a case by we b￿15 following the grant of probate when the admiThistratorl¢x¢culor for the ¢$tal¢ has comMuni￿ted in writing both the amount and senlemenl datc. In the event that the gift is in the forn) of On ass¢1 other than ¢￿h or a fmgn¢ial asset traded on a recognised 31ock ex¢hgnge. re￿gnItiOn is subject lo th¢ valu¢ of th¢ gift being reliably mwurable with a dcgree of re&sonable accuracy and the title to the asset having been tromsferred to the charity. Inveslmeni Income Divid¢nds are re