REGISTERED COMPANY NUMBER: 02060988 (England and Wales) REGISTERED CHARITY NUMBER: 518516
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 29 February 2024
for CHASEWATER LIGHT RAILWAY & MUSEUM COMPANY
59 Wolverhampton Road Stafford Staffordshire ST17 4AW
CHEADLES Chartered Accountants Telegraph House
CHASEWATER LIGHT RAILWAY & MUSEUM COMPANY
Contents of the Financial Statements for the Year Ended 29 February 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 15 |
| Detailed Statement of Financial Activities | 16 | to | 17 |
CHASEWATER LIGHT RAILWAY & MUSEUM COMPANY
Report of the Trustees for the Year Ended 29 February 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 29 February 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of Chasewater Light Railway & Museum Company written in 1986 are as follows:
To promote and to further the education of the public in the history of the railway and general transport heritage of the United Kingdom, with special reference to industrial and light railways and to the West Midlands area; by the creation and operation of museums of all types and, in furtherance of these objects but not otherwise, by the creation and operation of railways, tramways or other forms of transport.
Significant activities
The activities of Chasewater Light Railway & Museum Company are to run heritage industrial steam and diesel passenger services throughout the year in accordance with the objectives written in 1986, and to provide a museum containing artefacts from the local railways and other associated transport systems to educate the public. The company also acquires new exhibits from the local area and holds regular special events where various aspects of the "colliery line" are shown. The company hold numerous events during the year on top of the standard running services which include the local community and other charitable associations.
Public benefit
All trustees are provided with the guidance issued by the Charity Commission on public benefit. It is felt that we confirm to the current guidance, this is continually under review to ensure compliance.
Page 1
CHASEWATER LIGHT RAILWAY & MUSEUM COMPANY
Report of the Trustees for the Year Ended 29 February 2024
FINANCIAL REVIEW
Financial position
For the year ended 29th Feb 24, being essentially the 2023 Season, overall financial performance on the previous year has improved. The major change in financial position has been a net loss of £77k last year becoming a net surplus of £60k in this year. The year ended with a significant reduction in trade debts, which post year end activities have reduced to only transient debts. Tighter control on expenditure has been significant in achieving these improved positions, along with growth in trading surpluses.
Work is underway to better categorise expenditure, and this has enabled marginal train operating costs to be shown in the detail income and expenditure section of these accounts made available to members, with significant further improvements expected for the 24/25 accounts. A period of poor handovers resulted in VAT on train income being assessed sub-optimally in that VAT could not be reclaimed on input costs, and a significant charge in the 22/23 accounts resulted. This has now been corrected and VAT refunds obtained. This is shown for members in the detail expenditure section. The refund has been used post year end to establish, for the first time, a designated reserve for emergencies which will be shown in the 24/25 accounts.
Overall income increased by 19% on the previous year. Premises related income, which relates to activities at Chasewater Heaths, and Donations both increased, as did income from our Bric-a-Brac team which after some years is now being shown separately in the detail income section of these accounts. Membership income was steady.
Special Events, a large financial proportion of which relates to our Santa trains, saw income rise by 29% with a significant increase in gross margin. Shop income fell slightly, but significantly improved management lead to a 13% loss becoming a 19% surplus. Tea Room income rose 27% with a significant increase in gross margin. These gross margins significantly exceed any marginal increases in overhead costs incurred from the activities.
Train Operating income fell significantly, however a gross margin of 70% was achieved. This is based on marginal train operating costs, which take the costs of operating a passenger train on any one day, as opposed to not operating, taken over the year.
We do not attempt to assign our entire overhead cost base to our trading and premises income activities. As a 'railway society' running a working museum, for the public benefit, we maintain our stations, track, stores and museum, and conserve our rolling stock and museum collection as a primary purpose. Income generating activities support this purpose. A purely commercial analysis of our asset base would probably lead to us becoming a property rental business.
Headline expenditure, setting aside VAT adjustments, fell by 9% compared to the previous year. Further setting aside expenditure relating to the trading areas noted above, expenditure fell by 17%.
Heritage assets were revalued, with a small increase in heritage rolling stock and a reduction to zero of the museum collection, in accordance with a revised capitalisation policy noted elsewhere, providing an overall reduction in value of 3%.
In the period from the reporting year end to the date of this report, the financial position has continued to stabilize and improve, which is expected to be the outcome at year end. Whilst expenditure has remained constrained some modest restoration and development is becoming possible.
Reserves policy
We currently have restricted funds (ring fenced monies) of £30,000 for the Locomotive Asbestos, £8,690 for the cost of building a new carriage shed, £934 for the cost of Heritage Centre roof repairs and £2,200 for Narrow Gauge Railway.
All other reserves are unrestricted and will go towards the upkeep of the railway.
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CHASEWATER LIGHT RAILWAY & MUSEUM COMPANY
Report of the Trustees for the Year Ended 29 February 2024
FINANCIAL REVIEW
Valuation Policy Change:
During the year the Trustees have reviewed their policy with respect to the capitalisation of heritage assets that form part, along with loan items, of the Museum Collection. This has been done on advice from the Museum Management Committee, referencing museum sector guidance including that of the Association of Independent Museums.
Assets forming the Museum Collection are in effect inalienable, held in perpetuity, and are mostly irreplaceable. Any financially based valuation would be misleading to the value and significance of the material culture involved. As an Accredited Museum there is an obligation to transfer these assets to other accredited museums, should the museum close or change its collections policy. This is in addition to obligations as a Charitable Trust in respect of charitable property.
The company, both as a Charitable Trust and as the custodians of an Accredited Museum, has a clear duty of care for these assets and to make them available for the enjoyment and education of the public as far as is possible, commensurate with their long term care and preservation. The highest possible standards of collection management are applied, and the catalogues are made available as widely as possible to facilitate all enquires and requests for information, subject to appropriate security and data protection guidelines.
Previously referred to as 'relics' the Museum Collection was donated by the Chasewater Light Railway Society in 1986, and valued by the then trustees at £20,000 on 31/12/1987 for the first accounts of this company. This donation has not been subsequently revalued, and no value has been included for subsequent donations. A Purchase by the company of £3,000 was included, leading to a value at 28/02/2023 of £23,000.
Having adopted this change in capitalisation policy the trustees have revalued the heritage assets that form part of the Museum Collection to a value of £0 at 29/02/2024. This reduction of £23,000 in balance sheet asset values is not regarded as having a materially detrimental effect given total assets of over two million pounds.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a Memorandum and Articles of Association which constitute it as a company limited by guarantee and without share capital, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
Trustees are appointed in accordance with the Articles of Association. Trustee recruitment during the period covered by this report was done. A letter was sent to the current board of trustees who assessed the applicant, and the trustees voted to recruit them. The current trustee structure is outlined in the SMS which is written and authorised by Green Dragon Rail Ltd. This process is being reviewed by the trustees as to effectiveness and accountability.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02060988 (England and Wales)
Registered Charity number
518516
Registered office
Brownhills West Station Chasewater Country Park Pool Lane, Brownhills Walsall WS8 7NL
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CHASEWATER LIGHT RAILWAY & MUSEUM COMPANY
Report of the Trustees for the Year Ended 29 February 2024
Trustees
M E Sealey (resigned 1.6.23) D L Sealey (resigned 1.5.23) M Fellows L Tucker R Thompson J Cowan J Vernon S Westley (appointed 15.6.23) C Stott (resigned 23.4.23) D Williams (appointed 14.1.24)
Company Secretary A Hall
Independent Examiner CHEADLES Chartered Accountants Telegraph House 59 Wolverhampton Road Stafford Staffordshire ST17 4AW
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
..............................................................................
S Westley - Trustee
Page 4
Independent Examiner's Report to the Trustees of Chasewater Light Railway & Museum Company
Independent examiner's report to the trustees of Chasewater Light Railway & Museum Company ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 29 February 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Cheadles Accountants
The Institute of Chartered Accountants in England and Wales
CHEADLES Chartered Accountants Telegraph House 59 Wolverhampton Road Stafford Staffordshire ST17 4AW
Date: .............................................
Page 5
CHASEWATER LIGHT RAILWAY & MUSEUM COMPANY
Statement of Financial Activities
for the Year Ended 29 February 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Charitable activities Other trading activities 2 Investment income 3 Total EXPENDITURE ON Charitable activities Charitable activities Other Total NET INCOME/(EXPENDITURE) Other recognised gains/(losses) Gains/(losses) on revaluation of fixed assets Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 7,367 402,080 2,708 29,960 442,115 384,128 - 384,128 57,987 (44,340) 13,647 2,240,086 2,253,733 |
Restricted funds £ 2,200 - - - 2,200 - - - 2,200 - 2,200 39,625 41,825 |
29.2.24 Total funds £ 9,567 402,080 2,708 29,960 444,315 384,128 - 384,128 60,187 (44,340) 15,847 2,279,711 2,295,558 |
28.2.23 Total funds £ 3,650 343,766 2,725 23,691 373,832 442,963 8,281 451,244 (77,412) 208,519 131,107 2,148,604 2,279,711 |
|---|---|---|---|---|
The notes form part of these financial statements
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CHASEWATER LIGHT RAILWAY & MUSEUM COMPANY
Balance Sheet
29 February 2024
| Notes FIXED ASSETS Tangible assets 8 Heritage assets 9 CURRENT ASSETS Stocks 10 Debtors 11 Cash at bank and in hand CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 1,752,008 391,400 2,143,408 27,995 15,533 94,224 137,752 (27,427) 110,325 2,253,733 2,253,733 |
Restricted funds £ - - - - - 41,825 41,825 - 41,825 41,825 41,825 |
29.2.24 Total funds £ 1,752,008 391,400 2,143,408 27,995 15,533 136,049 179,577 (27,427) 152,150 2,295,558 2,295,558 2,253,733 41,825 2,295,558 |
28.2.23 Total funds £ 1,793,981 402,200 2,196,181 27,602 779 112,957 141,338 (57,808) 83,530 2,279,711 2,279,711 2,240,086 39,625 |
|---|---|---|---|---|
| 2,279,711 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.
-
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. S Westley - Trustee
The notes form part of these financial statements
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CHASEWATER LIGHT RAILWAY & MUSEUM COMPANY
Notes to the Financial Statements for the Year Ended 29 February 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Improvements to property | - 20% on cost and 10% on cost |
|---|---|
| Plant and machinery | - 25% on cost, 10% on cost and not provided |
| Fixtures and fittings | - 25% on cost |
| Computer equipment | - 25% on reducing balance |
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
The Trustees review stock held at the balance sheet date to ensure that only those goods deemed fit for future use or sale are included.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 29.2.24 | 28.2.23 | |
| £ | £ | |
| Subscriptions from Members | 2,708 | 2,725 |
continued...
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CHASEWATER LIGHT RAILWAY & MUSEUM COMPANY
Notes to the Financial Statements - continued for the Year Ended 29 February 2024
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 29.2.24 | 28.2.23 | |
| £ | £ | |
| Property related receipts | 29,040 | 23,340 |
| Deposit account interest | 920 | 351 |
| 29,960 | 23,691 | |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 29.2.24 | 28.2.23 | |
| £ | £ | |
| Depreciation - owned assets | 9,461 | 10,668 |
| Deficit on disposal of fixed assets | 202 | - |
| Accountants fees | 4,400 | 4,200 |
4. NET INCOME/(EXPENDITURE)
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 29 February 2024 nor for the year ended 28 February 2023.
Trustees' expenses
The following expenses were reimbursed to trustees during the year:
£1,709 (2023: £499.99) - Loco Maintenance £Nil (2023: £1,020) - Track & Station Repairs £856 (2023: £197.48) - Repairs £2,422 (2023: £3,133.74) - Special Events expenditure £65 (2023: £1,152.53) - Tea Room Purchases £254 (2023: £213.40) - Postage, freight & Courier £13 (2023: £Nil) - Professional fees £118 (2023: £Nil) - Subscriptions
9 Trustees (2023: 5 ) were reimbursed during the year.
6. STAFF COSTS
Salaries and Wages - £109,506 (2023: £101,688)
The average monthly number of employees during the year was as follows:
| 29.2.24 | 28.2.23 | |
|---|---|---|
| Tea room | 10 | 10 |
| Shop | 1 | 1 |
| Admin & Facilities | 2 | 1 |
| 13 | 12 |
No employees received emoluments in excess of £60,000.
continued...
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CHASEWATER LIGHT RAILWAY & MUSEUM COMPANY
Notes to the Financial Statements - continued for the Year Ended 29 February 2024
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Charitable activities Other trading activities Investment income Total EXPENDITURE ON Charitable activities Charitable activities Other Total NET INCOME/(EXPENDITURE) Other recognised gains/(losses) Gains on revaluation of fixed assets Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 3,150 343,766 2,725 23,691 373,332 442,963 8,281 451,244 (77,912) 208,519 130,607 2,109,479 2,240,086 |
Restricted funds £ 500 - - - 500 - - - 500 - 500 39,125 39,625 |
Total funds £ 3,650 343,766 2,725 23,691 373,832 442,963 8,281 451,244 (77,412) 208,519 131,107 2,148,604 2,279,711 |
|---|---|---|---|
Figures stated are for the year ending 28 February 2023.
continued...
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CHASEWATER LIGHT RAILWAY & MUSEUM COMPANY
Notes to the Financial Statements - continued for the Year Ended 29 February 2024
8. TANGIBLE FIXED ASSETS
| COST At 1 March 2023 Additions Disposals Reclassification At 29 February 2024 DEPRECIATION At 1 March 2023 Charge for year Eliminated on disposal At 29 February 2024 NET BOOK VALUE At 29 February 2024 At 28 February 2023 COST At 1 March 2023 Additions Disposals Reclassification At 29 February 2024 DEPRECIATION At 1 March 2023 Charge for year Eliminated on disposal At 29 February 2024 NET BOOK VALUE At 29 February 2024 At 28 February 2023 |
Short leasehold £ 1,370,000 - - - 1,370,000 - - - - 1,370,000 1,370,000 Fixtures and fittings £ 27,328 - (7,285) - 20,043 27,328 - (7,285) 20,043 - - |
Improvements to property £ 46,313 - - - 46,313 24,265 4,021 - 28,286 18,027 22,048 Computer equipment £ 4,679 - - - 4,679 2,704 493 - 3,197 1,482 1,975 |
Plant and machinery £ 460,885 1,230 (737) (33,540) 427,838 60,927 4,947 (535) 65,339 362,499 399,958 Totals £ 1,909,205 1,230 (8,022) (33,540) 1,868,873 115,224 9,461 (7,820) 116,865 1,752,008 1,793,981 |
|---|---|---|---|
Plant and Machinery includes track and signalling as significant items by value.
continued...
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CHASEWATER LIGHT RAILWAY & MUSEUM COMPANY
Notes to the Financial Statements - continued for the Year Ended 29 February 2024
9. HERITAGE ASSETS
| MARKET VALUE At 1 March 2023 Revaluations Reclassification At 29 February 2024 NET BOOK VALUE At 29 February 2024 At 28 February 2023 |
Total £ 402,200 (10,800) - 391,400 391,400 402,200 |
|---|---|
The heritage assets 'Locomotive, Carriages and Wagons not part of the Museum Collection' previously referred to as 'locomotives, coaches and wagons' have been revalued by the trustees at 29th February 2024 at realisable market value. There is an established market in these heritage assets and valuations are based on this market. Due to the rare nature of these assets it would be misleading to value them on a historical cost basis.
The 'Locomotive, Carriages and Wagons not part of the Museum Collection' had an original valuation of £46,583 on 31/12/1987 following donation by Chasewater Light Railway Society in 1986. They have subsequently been revalued on a number of occasions, and there have been significant additions and disposals.
The heritage assets 'Museum Collection' previously referred to as 'relics' had an original valuation of £20,000 on 31/12/1987 following donation by Chasewater Light Railway Society in 1986.There was one addition of £3,000 and they had a value of £23,000 on 28/02/2023. They have been revalued by the trustees at 29th February 2024 at £0 in accordance with the revised capitalisation policy adopted in respect of these assets.
Cost or valuation at 29 February 2024 is represented by:
| Locomotives, Carriages and Wagons not part of the Museum collection £ Valuation in 2012 90,000 Valuation in 2023 289,200 Valuation in 2024 12,200 391,400 |
Museum Collection £ 20,000 3,000 (23,000) - |
Totals £ 110,000 292,200 (10,800) 391,400 |
|---|---|---|
Following the re-naming and reclassification of the heritage assets the above figures have been changed from prior years to accurately reflect the new classification.
Valuation in 2012 is at 29/02/2012. Valuation in 2023 is net change in value up to 28/02/2023. Valuation in 2024 is Increase/(Decrease) in value in year end 29/02/2024.
continued...
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CHASEWATER LIGHT RAILWAY & MUSEUM COMPANY
Notes to the Financial Statements - continued for the Year Ended 29 February 2024
10. STOCKS
| Stocks 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors VAT Prepayments 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Pensions payable VAT Other creditors Accrued expenses 13. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Asbestos Carriage Shed Roof repair Narrow Gauge Railway TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 442,115 Restricted funds Narrow Gauge Railway 2,200 TOTAL FUNDS 444,315 |
At 1.3.23 £ 2,240,086 30,001 8,690 934 - 39,625 2,279,711 Resources expended £ (384,128) - (384,128) |
29.2.24 £ 27,995 29.2.24 £ 3,792 11,416 325 15,533 29.2.24 £ 5,445 559 249 - 8,448 12,726 27,427 Net movement in funds £ 13,647 - - - 2,200 2,200 15,847 Gains and losses £ (44,340) - (44,340) |
28.2.23 £ 27,602 28.2.23 £ 480 - 299 779 28.2.23 £ 14,043 (433) 220 4,528 8,310 31,140 57,808 At 29.2.24 £ 2,253,733 30,001 8,690 934 2,200 41,825 2,295,558 Movement in funds £ 13,647 2,200 15,847 |
|
|---|---|---|---|---|
continued...
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CHASEWATER LIGHT RAILWAY & MUSEUM COMPANY
Notes to the Financial Statements - continued for the Year Ended 29 February 2024
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Asbestos Carriage Shed Roof repair TOTAL FUNDS |
At 1.3.22 £ 2,109,479 30,001 8,690 434 39,125 2,148,604 |
Net movement in funds £ 130,607 - - 500 500 131,107 |
At 28.2.23 £ 2,240,086 30,001 8,690 934 |
|---|---|---|---|
| 39,625 | |||
| 2,279,711 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Roof repair TOTAL FUNDS |
Incoming resources £ 373,332 500 373,832 |
Resources expended £ (451,244) - (451,244) |
Gains and Movement losses in funds £ £ 208,519 130,607 - 500 208,519 131,107 |
Gains and Movement losses in funds £ £ 208,519 130,607 - 500 208,519 131,107 |
|---|---|---|---|---|
| 131,107 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Asbestos Carriage Shed Roof repair Narrow Gauge Railway TOTAL FUNDS |
At 1.3.22 £ 2,109,479 30,001 8,690 434 - 39,125 2,148,604 |
Net movement in funds £ 144,254 - - 500 2,200 2,700 146,954 |
At 29.2.24 £ 2,253,733 30,001 8,690 934 2,200 |
|---|---|---|---|
| 41,825 | |||
| 2,295,558 |
continued...
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CHASEWATER LIGHT RAILWAY & MUSEUM COMPANY
Notes to the Financial Statements - continued for the Year Ended 29 February 2024
13. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Roof repair Narrow Gauge Railway TOTAL FUNDS |
Incoming resources £ 815,447 500 2,200 2,700 818,147 |
Resources expended £ (835,372) - - - (835,372) |
Gains and Movement losses in funds £ £ 164,179 144,254 - 500 - 2,200 - 2,700 164,179 146,954 |
Gains and Movement losses in funds £ £ 164,179 144,254 - 500 - 2,200 - 2,700 164,179 146,954 |
|---|---|---|---|---|
| 2,700 | ||||
| 146,954 |
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 29 February 2024.
15. RESTRICTED FUNDS
The following restricted funds are in place during the year:
Funds raised for the engine Asbestos. This money is to be used on the upkeep of this engine only. £30,000 of this fund is still in place at the year end. At the year end the amount is held in the savings account.
Donations received for the cost of building a new carriage shed. £8,690 of this fund is still in place at the year end. At the year end the amount is held in the savings account.
Donations received for the cost of roof repair. £934 of this fund is still in place at the year end. At the year end the amount is held in the savings account.
Donations received for the narrow gauge railway. £2,200 of this fund is still in place at the year end.
At the year end the amount is held in the savings account.
16. DETAILED STATEMENT OF FINANCIAL ACTIVITES
A detailed statement of income and expenditure is prepared and made available to members on the following pages. However, not being part of statutory financial statements, they are not included in public filings as a matter of company policy and commercial confidentiality.
Note to expenditure for year end 29 February 2024:
Locomotive maintenance includes £13,627 for fuel (coal and diesel) and Plant hire includes £2,250 for loco hire, which together with Stock movement (fuel) of (2,804) are used to represent marginal Train Operating cost at £13,073 for y/e 29/2/2024.
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