Company registration number: NI030901
Charity registration number: 20821
The Giant's Causeway and Bushmills Railway
(A company limited by share capital)
Annual Report and Financial Statements for the Year Ended 31 December 2021
The Giant's Causeway and Bushmills Railway
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the Charitable Company for the year ended 31 December 2021. The directors have adopted the provisions of the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP - FRS102), in preparing the annual report and financial statements of the Charity.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Mr Seymour Sweeney Ross Sweeney
Structure, governance and management
The Company is a Charity limited by guarantee. The Company is recognised as a Charity by HM Revenue and Customs (reference XR20821) and is registered with the Charities Commission NI (reference 101467). The registered office address is The Old Barn, 6 Seaport Avenue, Portballintrae, BT57 8SB.
The Company is governed by its Memorandum and Articles of Association dated June 1996, as amended by special resolution in June 1998. In the event of the Company being wound up members are required to contribute an amount not exceeding £1. The Board is responsible for the overall governance of the Company and is actively involved in the day to day management of the organisation.
Risk management
The directors have conducted a review of the major risks to which the Charity is exposed. Financial risk is reviewed on a monthly basis having due regard to ongoing income and expenses, particularly in the winter months when income generally reduces.
Attention has also been focussed on non-financial risks arising from fire and the health and safety of visitors, employees and the general public using the public paths adjacent to the railway line. These risks are managed by ensuring that creditation is up to date, having robust policies and procedures in place, and regular awareness training for staff working in these operational areas.
Statement of Trustees' Responsibilities
The trustees (who are also the directors of The Giant's Causeway and Bushmills Railway for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
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The Giant's Causeway and Bushmills Railway
Trustees' Report
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Objectives and activities (and how they deliver public benefit)
The objects of the Company is to advance the education of the public in terms of the history and background to the World's first Hydro Electric Tramway operating from Portrush to Bushmills and onwards to the Giant's Causeway which commenced operation in 1883 but sadly ceased its operations in 1949. In order to assist the general public the Company operates a heritage railway between Bushmills and the Giants's Causeway along the original trackway of the 1883 Hydro Electric Tram. The Company maintains the rolling stock, railway buildings, bridges and other structures necessary for its' operation which includes the Sunstrans pathway running parallel with the rail track between Bushmills and the Giant's Causeway. The Company sells tickets to travel on the diesel powered locomotive whose carriages are an exact replica of those of the 1880's and also facilitates talks to local school children on the history of the Tramway. In this way the company generates sufficient income in order for it to be able to sustain the provision of the aforementioned services, where any surplus funds are reinvested in the Company which is a 'not for profit' organisation.
The public benefit, not only to local guests and visitors, but also to the many international visitors who experience the nearby UNESCO World Herigage Site (Giant's Causeway) is at the heart of the Company's operations and displays, by virture of its' actions and achievements, the best attributes of the Charity which goes 'hand in hand' with the public's education. By virtue of the Company being able to generate sufficient income to ensure operation of its's services throughout the year confirms a major achievement for the Charity.
Achievements and performance
As noted above, the Company continued its' efforts to educate the public by operation of the locomotive engine and facilitation of school trips. This continued to be impacted by the Covid-19 pandemic, with the Company being forced to cease operations for the months of January, February and March 2021, and in line with all local attractions in the area suffered a reducdtion in visitor numbers.
Plans for future periods
The Company has now resumed operations and continues with its' activities to raise awareness of the historic railway site and the locomotive engines. In the past year the success of various television productions have shown the interest the wider public have in the history of rail travel. The Company expects that now all Covid-19 restrictions have been lifted and internnational travel is commencing once more to attract additional visitors during the incoming year. This will enable them to promote the educational interest and historical story to be told about the Giants' Causeway train and the Railway Company.
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The Giant's Causeway and Bushmills Railway
Trustees' Report
Financial review
The majority of the Charity's income arises from sales of tickets on the heritage train journey between Bushmills and The Giant's Causeway. This was subsidised during the year by various government funding initatives set up to assist businesses and charitable organisations to withstand the effects of the pandemic. Work continued on repairs to the railway line, surrounding pathways, platforms, train carriages and terminus building. During the year major improvement work was carried out to the bridge which is part of the railway track. Work continued on the restoration of two original steam engines owned by the Charity which are in a state of disrepair. It is the intention that these be restored as time and funds permit going forward.
Policy on reserves
Reserves are needed to bridge the gap between the spending and receiving of income and to cover unplanned emergency repairs and other expenditure. All of the charities funds are unrestricted, and at 31st December 2021, the Company had reserves of £13,205.
Funds held as custodian trustee on behalf of others
The charity does not hold any funds on behalf of others.
Small companies provision statement
This report has been prepared in accordance with the small companies regime within Part 15 of the Companies Act 2006.
The annual report was approved by the trustees of the charity on 25 April 2022 and signed on its behalf by:
......................................... Mr Seymour Sweeney Trustee
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The Giant's Causeway and Bushmills Railway
Independent Examiner's Report to the trustees of The Giant's Causeway and Bushmills Railway ("the Company")
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021.
Responsibilities and basis of report
As the charity’s trustees of The Giant's Causeway and Bushmills Railway (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 Giant's Causeway and Bushmills Railway 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 the charity’s accounts as carried out under section 65 of the Charities Act (Northern Ireland) 2008 . In carrying out my examination I have followed the Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act.
Independent examiner’s statement
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 Giant's Causeway and Bushmills Railway as required by section 386 of the 2006 Act; or
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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.
...................................... Karen McIlhatton the Institute of Chartered Accountants in Ireland
22-30 Broadway Avenue Ballymena Co. Antrim BT43 7AA
25 April 2022
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The Giant's Causeway and Bushmills Railway
Statement of Financial Activities for the Year Ended 31 December 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Total | |||||
|---|---|---|---|---|---|
| Unrestricted | 2021 | ||||
| Note | £ | £ | |||
| Income | |||||
| Turnover | 129,831 | 129,831 | |||
| Other income | 3 | 32,276 | 32,276 | ||
| Total income | 162,107 | 162,107 | |||
| Expenditure on: | |||||
| Train operating costs and administrative expenses | (176,048) | (176,048) | |||
| Total expenditure | (176,048) | (176,048) | |||
| Net expenditure | (13,941) | (13,941) | |||
| Net movement in funds | (13,941) | (13,941) | |||
| Reconciliation of funds | |||||
| Total funds brought forward | 27,146 | 27,146 | |||
| Total funds carried forward | 13 | 13,205 | 13,205 | ||
| Total | |||||
| Unrestricted | 2020 | ||||
| Note | £ | £ | |||
| Income | |||||
| Turnover | 142,385 | 142,385 | |||
| Other income | 63,051 | 63,051 | |||
| Total income | 205,436 | 205,436 | |||
| Expenditure on: | |||||
| Train operating costs and administrative expenses | (156,849) | (156,849) | |||
| Total expenditure | (156,849) | (156,849) | |||
| Net income | 48,587 | 48,587 | |||
| Transfer to loan liability | (362,563) | (362,563) | |||
| Net movement in funds | (313,976) | (313,976) | |||
| Reconciliation of funds | |||||
| Total funds brought forward | 341,122 | 341,122 | |||
| Total funds carried forward | 13 | 27,146 | 27,146 |
All of the charity's activities derive from continuing operations during the above two periods.
The company has no recognised gains or losses for the year other than the results above.
All funds are unrestricted.
The notes on pages 7 to 11 form an integral part of these financial statements. Page 5
The Giant's Causeway and Bushmills Railway
(Registration number: NI030901) Balance Sheet as at 31 December 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 8 | 281,292 | 273,114 | ||
| Current assets | |||||
| Stocks | 400 | - | |||
| Debtors | 9 | 6,953 | 27,342 | ||
| Cash at bank and in hand | 10 | 100,059 | 97,071 | ||
| 107,412 | 124,413 | ||||
| Creditors: Amounts falling due within one year | 11 | (12,936) | (7,818) | ||
| Net current assets | 94,476 | 116,595 | |||
| Net assets | 375,768 | 389,709 | |||
| Other long term creditors | 12 | 362,563 | 362,563 | ||
| Funds of the charity: | |||||
| Unrestricted income funds | |||||
| Unrestricted funds | 13,205 | 27,146 | |||
| Total funds | 13 | 375,768 | 389,709 |
For the financial year ending 31 December 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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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 provisions applicable to companies subject to the small companies regime under The Companies Act 2006 and with Charities SORP - FRS 102.
The financial statements on pages 5 to 11 were approved by the trustees, and authorised for issue on 25 April 2022 and signed on their behalf by:
.........................................
Mr Seymour Sweeney Trustee
The notes on pages 7 to 11 form an integral part of these financial statements. Page 6
The Giant's Causeway and Bushmills Railway
Notes to the Financial Statements for the Year Ended 31 December 2021
1 Charity status
The charity is limited by share capital, incorporated in Northern Ireland.
The address of its registered office is: The Old Barn 6 Seaport Avenue Portballintrae Co Antrim BT57 8SB
These financial statements were authorised for issue by the trustees on 25 April 2022.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2008.
Basis of preparation
The Giant's Causeway and Bushmills Railway meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Income recognition
Incoming resources are included in the Statement of Financial Activites when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Incoming resources include income from sales of service.
For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to that donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.
Income from government grants are recognised at fair value when the Charity has entitlement after performance conditions are met, and it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
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The Giant's Causeway and Bushmills Railway
Notes to the Financial Statements for the Year Ended 31 December 2021
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognsied where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Tangible fixed assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Freehold land and buildings 2% straight line basis Plant and equipment 25% straight line basis Motor vehicles 25% reducing balance basis Rolling stock 5% straight line basis Rolling stock held for investment Nil
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO) method.
Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of financial activities in administrative expenses.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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The Giant's Causeway and Bushmills Railway
Notes to the Financial Statements for the Year Ended 31 December 2021
3 Other income
Other income includes government assistance received by the Company during the Covid-19 Pandemic.
4 Net incoming/outgoing resources
Net outgoing resources for the year include:
| Net outgoing resources for the year include: | |||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Other non-audit services | 3,250 | 2,300 | |
| Depreciation of fixed assets | 11,752 | 21,125 |
5 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
6 Staff numbers
The monthly average number of persons (including directors) employed by the charity during the year was as follows:
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| No | No | |||||
| Staff | members | 8 | 8 | |||
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The Giant's Causeway and Bushmills Railway
Notes to the Financial Statements for the Year Ended 31 December 2021
7 Taxation
The Charity's activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts.
8 Tangible fixed assets
| 8 Tangible fixed assets |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Land and | Plant and | |||||||||||
| buildings | equipment | Motor vehicles | Total | |||||||||
| £ | £ | £ | £ | |||||||||
| Cost | ||||||||||||
| At 1 January 2021 | 304,095 | 318,953 | 23,500 | 646,548 | ||||||||
| Additions | 18,585 | 1,417 | - | 20,002 | ||||||||
| At 31 December 2021 | 322,680 | 320,370 | 23,500 | 666,550 | ||||||||
| Depreciation | ||||||||||||
| At 1 January 2021 | 230,103 | 120,823 | 22,508 | 373,434 | ||||||||
| Charge/ (credit) for the year | 6,454 | 5,122 | 248 | 11,824 | ||||||||
| At 31 December 2021 | 236,557 | 125,945 | 22,756 | 385,258 | ||||||||
| Net book value | ||||||||||||
| At 31 December 2021 | 86,123 | 194,425 | 744 | 281,292 | ||||||||
| At 31 December 2020 | 73,992 | 198,130 | 992 | 273,114 | ||||||||
| 9 Debtors |
||||||||||||
| 2021 | 2020 | |||||||||||
| £ | £ | |||||||||||
| Prepayments | - | 250 | ||||||||||
| VAT recoverable | 6,721 | 3,069 | ||||||||||
| Other debtors | 232 | 24,023 | ||||||||||
| 6,953 | 27,342 | |||||||||||
| 10 Cash and cash equivalents | ||||||||||||
| 2021 | 2020 | |||||||||||
| £ | £ | |||||||||||
| Cash on hand | 6,246 | - | ||||||||||
| Cash at bank | 93,813 | 97,071 | ||||||||||
| 100,059 | 97,071 |
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The Giant's Causeway and Bushmills Railway
Notes to the Financial Statements for the Year Ended 31 December 2021
11 Creditors: amounts falling due within one year
| 2021 | 2020 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| £ | £ | ||||||||||||||||
| Trade creditors | 5,555 | 2,679 | |||||||||||||||
| Other creditors | 91 | 91 | |||||||||||||||
| Accruals | 7,290 | 5,048 | |||||||||||||||
| 12,936 | 7,818 | ||||||||||||||||
| 12 Other long term creditors | |||||||||||||||||
| 2021 | 2020 | ||||||||||||||||
| £ | £ | ||||||||||||||||
| Other loans | 362,563 | 362,563 | |||||||||||||||
| 13 Funds | |||||||||||||||||
| Balance at | 31 | ||||||||||||||||
| Balance | at 1 | Incoming | Resources | December | |||||||||||||
| January 2021 | resources | expended | 2021 | ||||||||||||||
| £ | £ | £ | £ | ||||||||||||||
| Unrestricted funds | |||||||||||||||||
| General | 27,146 | 162,107 | (176,048) | 13,205 | |||||||||||||
| Balance | at | ||||||||||||||||
| Balance at | 1 | Transferred | 31 | ||||||||||||||
| January | Incoming | Resources to loan |
December | ||||||||||||||
| 2020 | resources | expended liability |
2020 | ||||||||||||||
| £ | £ | £ | £ | £ | |||||||||||||
| Unrestricted funds | |||||||||||||||||
| General | 341,122 | 205,436 | (156,849) (362,563) |
27,146 |
14 Related party transactions
At the year end the Company owed the directors £91 (2020: £91). No interest was charged on the amount outstanding.
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