ids. Company Registration No. N1025202 (Northern Ireland) chartered accountants COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINEERS LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 18G
COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINE chartered accountants CONTENTS Page Legal and administrative information Trustees, Report report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 7-11
COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINE chartered accountants LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr S Connell Mr R Morrison MrT Flamill Mr R A McAteer Dr N Taylor (Appointed 8 January 2024) Secretary MrJKBoyd Charity number 101185 Company number N1025202 Reglstered office 74 Ballykelly Road Tullyhoe LIMAVADY Co Londonderry BT49 9DS Independent examlner IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1BG
COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINE chartered accountants TRUSTEES, REPORT REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JANUARY2024 The Trustees present their annual report and financial statements for the year ended 31 January 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to IIE accounts and comply with the Coleraine and DistriGI Society of Model Engineers's Memorandum, the Companies Act 2006 and "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 IFRS 102) (effective 1 January 20151 Objectlves and activities The principal activily of the company continued lo be that of providing facilities for the construction and operation of models of railway locomotives of all kinds The company's objeGtive is to educate the public, from school age to adult, in the history and development of railway locomotion by the use of working model steam railway locomotives and demonstration of other engines and vehicles of the steam era. The aim of the company is to provide the public with an insight into the development of railway travel and achievements of our fore fathers by the use of working models of the steam era incorporating learniro with enjoyment and to provide an environment within which miniature locomotives can be constructed, maintained and operated by the public. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Coleraine and District Society of Model Engineers should undertake. Achievements and performance Easter Monday 1 Oth April 2023 started the year's summer season which promised lo be a normal season with a further 13No dates set and then the usual 2N0 Santa Specials in December. Open Days during the summer season all went well with weather influencing enjoyment at limes. The first Santa Special Day was successful bul the weather, on tho second day which changed drastically in the afternoon closed proceedings and ended the enjoyment for all. Numbers attending throughout the year were fewer as the trend seems to be, as a result of the covid times, and a reassessment of charges may have to be carried out for next season. As usual maintenance items were dealt with throughout the season with track maintenance, replacement of sleepers and track re- alignment, being the large part and in the closed season due to the exceptionally stormy weather dealing with fallen branches and taking down over growing trees absorbed the rest of our maintenance time. Members continue to add additional features to the site for the younger visitor, another 00 gauge layout located in the rear building, external track layouts and a bubble train especially popular with the younger visitor. The recently introduced glass of non-alcoholic mulled wine, tea or coffee beside the large fire was greatly enjoyed at Xmas time especially the second day with the adverse weather. For those who braved the weather on the Santa Special Days, everyone enjoyed themselves with a train ride and then arriving at Santa's Halt to go on a visit to the Grotto and receive a present from Santa himself. We have had two adult and three junior members join the club within this reporting period and on cccasional open days we have a further four persons willing io help in the shop or on the station platform. One of these newly joined adult members has purchased and has recommissioned a 7 /4 gauge locomotive with the objective of operating il on our track giving us an added attraction on our Open Days. Likewise one of the junior members has recently obtained a small 7 ¼ gauge loco and he will receive instruction and guidance to enable him to operate and enjoy his loco on our track in the near future. The problem we had with our bank remained at the start of this year and the decision was made to change to another bank because we did not seem to be gelling any closer lo the finished state no matter how many questions and forms were cornpleled. This was achieved successful and all necessary systems set in place within a short period of lime and all has worked well throughout the remainder of the season. Financial review The financial statements show a net defecil of £729 in the current year. The primary source of income for the company is from membership fees. The members of the company pay membership to allow the company to operate and develop. The monies received in membership fees are used to pay general operating expenses of the company and are also depended on to fund the various Open Days which the Gompany holds.
COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINE chartered accountants TRUSTEES, REPORT REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JANUARY 2024 It is the policy of the Coleraine and District Society of Model Engineers that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and sx month's expenditure. The Trustees consider that reserves al this level will ensure that, in the event ol a significant drop in funding, they will be able to continue the Coleraine and District Society of Model Engineers's current activities while consideration is given to ways in which additional funds may be raised. This level ol reserves has been maintained throughout the year. The Trustees have assessed the major risks to which the Coleraine and District Society of Model Engineers is exposed. and are satisfied that systems are in place lo mitigate exposure to the major risks. structure, governance and management The Coleraine and District Society of Model Engineers is a company limited by guarantee. The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were.. Mr S Connell Mr R Morrison Mr S Wade Mr T Hamill Mr R A M¢Ateer Dr N Taylor (Resigned 8 January 20241 (Appointed 8 January 20241 None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to conlribule £1 in the event of a winding up. The Trustees, report was approved by the Board of Trustees and signed on their behalf by.. MrJKBoyd Mr T Hamlll Dated.. 23 April 2024 Dated.23 April 2.024 (l)
COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINE chartered accountants INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINEERS LTD I report on the financial statements of the Coleraine and District Society of Model Engineers for the year ended 31 January 2024, which are set out on pages 510 11. Respective responslbllltles of Trustees and examin8r As the charity Iruslees (and also the directors of the company for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. 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 65 of the Charities Act (Northern Ireland) 2008., to follow the procedures laid down in the general Directions given by the Charity Commission under section 65(9}{bl of the Charities A¢l', and to slate whether particular matters have come to my attention. Basis of independent examiner's report I have examined your charity accounts as required under section 65 of the Charities Act and rny examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(91(b) of the Charities Act. The examination included 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 charity trustees concerning any such matters. My role is to slate whether any material matters have come to my attention giving me cause lo believe.. That accounting records were not kept in accordance with section 386 of the Cornpanies Act 2006 That the accounts do not accord with those accounting records That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the 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 That there is further information needed for a proper understanding of the accounts lo be reached. Independent examiner's statement I have completed my examination and have no concerns in respect of the matters11) to (41 listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. Alison Wallace (FCA) IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1 BG Dated.. 23 April 2024
COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINE chartered accountants STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2024 Unrestricted funds 2024 Unrestricted funds 2023 Notes Income from: Donations and legacies Charitable activities 320 6,426 225 6,850 Total Income 6,746 7,075 Expenditure on: Charitable activities 7,475 5,666 Total expenditure 7,475 5,666 Net incomellexpenditurel and movement in funds (7291 1,409 Reconcillatlon of funds: Fund balances at 1 February 2023 6,214 4,805 Fund balances at 31 January 2024 5,485 6,214 The statement of financial activities includes all gains and105ses recognised in the year. All income and expenditure derive from continuing activities.
COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINE chartered accountants BALANCE SHEET AS AT 31 JANUARY2024 2024 2023 Notes Current assets Cash at bank and in hand 5,485 6,214 Net Current assets 5,485 6,214 Net assets excludlng pension IlabllSty 5,485 6,214 The funds of the Coleraine and Dlstrlct Society of Model Englneers Unrestricted funds 5,485 6,214 5,485 6.214 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2024. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and Ihe preparation of financial statemenls. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial slalements have been prepared in accordance with the provisions applicable to compani8s subjecl to the small wmpanies regime. The financial statements were approved by the Trustees on 23 April 2024 Mr R Morrison Mr T Hamill Company registration number N1025202 (Northern Ireland)
COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINE chartered accountants NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUAR Y 2024 Accounting policies Charity information Coleraine and District Society of Model Engineers Ltd is a private company limited by guarantee incorporated in N'orthern Ireland. The registered offi'ce is 74 Ballykelly Road, Tullyhoe, LIMAVADY, Co Londonderry, BT49 9DS. 1.1 Accounting convention The financial statements have been prepared in accordance with Ihe Coleraine and District Society of Model Engineers's governlng document, the Companies Act 2006 and "Accounting and Reporting by Charities= Statement of Recommended Practice applicable lo 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) The Coleraine and District Society of Model Engineers 15 a Public Benefit Entity as defined by FRS 102. The Coleraine and District Society of Model Engineers has taken advantage Df the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the Coleraine and District Society of Model Engineers. Monetary amounts in these financial slalemenls are rounded to the nearest £. The Iinancial statements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Golng concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the Coleraine and District Society of Model Engineers has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. 1.4 Incoming resources Income is recognised when the Coleraine and District Society of Model Engineers is legally entitled to it after any perforrnance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Coleraine and District Society of Model Engineers has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINE chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 Accounting pollcies Icontlnuedl 1.5 Resources expended Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party, il 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 classified by activity. The costs of each activity are made up of the total of dir&1 costs and shared costs, including support costs involved in undertaking eaGh activity. Direct costs attributaNe to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not atlribulable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs ale allocated on the basis of time spent. and depreciation charges are allocated on the portion of the assel's use. All expenditur8 is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Premises overheads have been allocated on a floor area basis and other overheads have been allocated on the basis of the head count. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with bank5. Other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised, Sasic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction Price unless the arrangement constitutes a financing transaction. where the debt instrument is measured al the presenl value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 1.7 Taxatlon No provision is required for taxation as the company is defined as a charity for taxation purposes. Crltlcal accounting estlmates and judgements In the application of the Coleraine and District Society of Model Engineers's accounting policies, the Trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and olher factors that are considered to be relevant. Actual results may differ frorn Ihese eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects IlY that period, or in the period of the revision and future periods where the revision affects both current and future periods.
COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINE charteréd accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Income from donations and legacies U nrestricted funds 2024 Un restrlcted funds 2023 Donations and gifls Membership fees 20 300 225 320 225 Income from charitable activities 2024 2023 Open days, exhibitions and sponsorship 6,426 6,850 Expen diture on charitable activities Total 2024 Total 2023 Dlrect costs Pui chases Rent and Rates Power. light and heat Repairs and maintenance Insurance Bank charges Miscellaneous 1.279 2.064 363 1.138 1,903 27 41 556 1,056 132 1,358 1,775 86 43 6,815 5,006 Share of support and governance costs {see note 6) Governance 660 660 7.475 5,666 Analysis by fund Unrestricted funds 7,475 5,666
COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINE chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Support costs allocated to activitles 2024 2023 Governance costs 660 660 Analysed between: Total 660 660 Net movement in funds 2024 2023 The nel movement in funds is stated after chargingl(crediting)'. Trustees None of the Trustees (or any persons Connected with them) received any remuneration during the year, but one trustee was reimbursed a lolal of £192.21 for expenses incurred (2023- 2 trustees were reimbursed total of £605.57). Employees There were no employees during the year. 10 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been Set aside out of unrestricted funds by the trustees foi specific purposes. At 1 February 2023 Incomlng resources Resources At 31 January expended 2024 General funds 6,214 6.746 {7,475) 5,485 Previous year: At 1 February 2022 Incoming resourcos Resources At 31 January expended 2023 General funds 4,805 7,075 {5,666) 6,214 10-
COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINE chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 11 Related party transactlons During the year ground rent was paid to a related party (Jan-24 - £2,000). 11