COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINE chartered accountants TRUSTEES, REPORT REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JANUARY 2024 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 accounts and comply with the Coleraine and District 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 1021 (effective 1 January 20151" Objectives and activities The principal activity of the company continued to be that of providing facilities for the construction and operation of models of railway locomotives of all kinds. The company's objective 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 locomatives and demonstration of other engines and vehicles of the steam era. The aim of the company is to provide Ihe 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 learniru 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 to be a normal season with a further 13No dates sel 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 but the weather, on the 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 lo be carried out for next season. As usual maintenance items were dealt with throughout the season with track maintenance, replacement of SIperS and track re- alignment, being the large part and in the closed season due to the exceptionally stormy weather dealing with fallen branche5 and taking down ovèr growing trees absorbed the rest of our maintenance time. Membe 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 Ihernselves 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 to help in the shop or on the slalion 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 1/. 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 al the start of this year and the decision was made to change to another bank because we did not seem to be getting any closer to the finished state nD matter how many questions and form5 were completed. 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 defecit 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 lo fund the various Open Days which the company 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 gx month's expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Coleraine and District Society of Model Engineers's current activities while consideiation is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The Trustees have assessed the major risks lo which the Coleraine and District Society of Model Engineers is exposed, and are satisfied that systems are in place to 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 dLring the year and up lo the date of signature of the financial statements were- Mr S Connell Mr R Morrtson Mr S Wade MrT Hamill Mr R A McAteer Dr N Taylor {Resigned 8 January 2024) (Appointed 8 January 2024) None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £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 Hamill Dated. 23 April 2024 Dated-.23 April 4024