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COMPANY REGISTRATION NUMBER: 06258044
CHARITY REGISTRATION NUMBER: 1129939
Ironbridge Railway Trust
Company Limited by Guarantee
Unaudited Financial Statements
31 May 2023
Ironbridge Railway Trust
Company Limited by Guarantee
Financial Statements
Year ended 31 May 2023
Page
Trustees' annual report (incorporating the director's report)
1
Chartered certified accountants report to the board of trustees on the preparation of the unaudited statutory financial statements
6
Statement of financial activities (including income and expenditure account)
7
Statement of financial position
8
Notes to the financial statements
9
Ironbridge Railway Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 May 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 May 2023 .
Reference and administrative details
Registered charity name
Ironbridge Railway Trust
Charity registration number
1129939
Company registration number
06258044
Principal office and registered
Oakwood Cottage
office
Church lane
Shrawley
Worcestershire
WR6 6TS
The trustees
D W Flavell
P J Lyons
(Died 3 December 2022)
B G Oldford
(Retired 14 June 2023)
E Carter
D Owen
(Retired 1 January 2023)
A Christie
Q Mcguiness
(Retired 1 December 2022)
S C Harris
(Appointed 1 December 2022)
IS Baxter
(Appointed 14 June 2023)
Company secretary
D Owen
Accountants
Lindley & Co
Chartered Certified Accountants
Suite 4 Europa House
Europa Way
Britannia Enterprise Park
Lichfield
Staffordshire
WS14 9TZ
Structure, governance and management
Governing document
The charity is a charitable company limited by guarantee incorporated on 24 May 2007 and registered as a charity on 2 June 2009. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.
Recruitment and appointment of trustees
Under the company's articles, there should be no less than five trustees, but there is no limit to the maximum number of trustees. Every trustee must sign a declaration of willingness to act as a charity trustee before they are eligible to vote at any meeting of the trustees.
One third (or the nearest one third) of the trustees must retire at each AGM, those longest in office retiring first and the choice between any of equal service being made by drawing lots. Ian Baxter and Dave Flavell retire by rotation and being eligible offer themselves for re-election.
All the trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in the notes to the accounts.
Induction and training of trustees
Where there is a requirement for new trustees, these would be appointed by the remaining trustees.
The chair of trustees is responsible for the induction of any new trustee, which involves awareness of the trustee's responsibilities, the governing document, administration procedures, the history and objectives of the charity.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees annually review the risks which the charity faces and will be looking at what procedures may be introduced to reduce risk in the coming year.
Objectives and activities
Objectives and aims
The main objectives of the charity include:
To develop, construct, preserve, operate and display and where necessary to restore, use and maintain the standard gauge railway and related historical artefacts known as the Ironbridge Railway and the area running between Buildwas and Bridgnorth via Ironbridge (in the county of Shropshire) connecting to the existing Severn Valley Railway between Bridgnorth and Kidderminster. This can also apply to similar routes as the trustees deem to be beneficial to the objects of charity and to also use and operate the railway at the same time for education and benefits of the public.
To use the railway to promote public knowledge, appreciation and understanding of the historic, educational, scientific and cultural aspects of the railway with particular regard to the age of the railway, its historical significance and its relationship to Ironbridge Gorge World Heritage Site.
To use the railway to promote tourism, sustainable public transport and economic regeneration in the context of the area of benefit in partnership with statutory, voluntary and private sector organisations where beneficial to the objects of the charity.
Significant activities
The Trust undertook four principal activities in support of its objectives during 2022/23 these being:-
1) With monies obtained from Shropshire and Worcestershire Council towards Her Majesty's Government's 'Restoring Your Railway' Initiative. Instruct SLC Rail to undertake a Pre-Feasibility Study into the Engineering difficulties of Reinstating the Former Great Western Railway's Severn Valley Branch's Formation between Buildwas and Ironbridge.
2) Continued dialogue with the Harworth Group who are the new owners of the old Buildwas Power Station and its agent who are re-developing the site.
3) Continued constructive dialogue with the Shropshire County, Telford and Wrekin and Worcestershire Councils.
4} Consult with Revolution VLR to explore if there were areas that we could both work together to further both of our interests
Public benefit
The trustees have due regard to guidance by the Charity Commission on public benefit. When making decisions regarding the charity and its activities, the guidance is taken into account. The charity's aims and objectives are consistent with providing public benefit and increasing awareness of it.
Volunteers
The charity is grateful for the unstinting efforts of its volunteers involved in all aspects of the charity.
Achievements and performance
The main achievements during the year were:-
1) Continuing engagement with The Harworth Group for the future planning of the re-development of the redundant Ironbridge Power Station site including retention of its rail corridors after the closure of the facility.
2) Continuing engagement with Shropshire Council for the future planning of the re-development of the redundant Ironbridge Power Station site including retention of its rail corridors after the closure of the facility.
3) Continuing engagement with Telford and Wrekin Council for the future planning of the re-development of the redundant Ironbridge Power Station site including retention of its rail corridors after the closure of the facility.
4) Continuing engagement with other stakeholders for the future planning of the re-development of the redundant Ironbridge Power Station site including retention of its rail corridors after the closure of the facility.
Financial review
Reserves policy
The trustees consider it necessary to maintain reserves at a level that enables the charity to meet its objectives. Funds may be set aside for special purposes or as reserves against future expenditure. Excess funds may be deposited or invested but money can only be invested after obtaining advice from a financial expert.
Principal funding sources
Principal funding sources are donations and grants.
Plans for future periods
In 2023/24 The Trust's plans include:-
1) Continue dialogue with the Harworth Group and both local authorities to promote that rail transport provides access to Ironbridge and the World Heritage Sites.
2) Seek to ensure the scheme is included within relevant local authority development and planning policies.
3) Identify local, national and any other available sources of capital funding for the scheme.
4) Progressing with local organisations the possibility of incorporating railway heritage sector skills and apprenticeships projects into the re development scheme.
5) Continued dialogue and engagement with statutory and private sector stakeholders including Shropshire, Telford and Worcestershire Councils, Network Rail, Educational bodies promoting heritage skills and private sector industry partners
6)To Continue to seek funding for a feasibility study for a community railway within the Ironbridge Gorge Area and a Heritage Railway through to Bridgnorth, whether or not being successful, with our Restoring Your Railways funding bid.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 26 January 2024 and signed on behalf of the board of trustees by:
D Owen
Charity Secretary
Ironbridge Railway Trust
Company Limited by Guarantee
Chartered Certified Accountants Report to the Board of Trustees on the Preparation of the Unaudited Statutory Financial Statements of Ironbridge Railway Trust
Year ended 31 May 2023
As described on the statement of financial position, the trustees of the charity are responsible for the preparation of the financial statements for the year ended 31 May 2023, which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes.
You consider that the charity is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Lindley & Co Chartered Certified Accountants
Suite 4 Europa House Europa Way Britannia Enterprise Park Lichfield Staffordshire WS14 9TZ
26 January 2024
Ironbridge Railway Trust
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 May 2023
2023
2022
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
470
470
600
----
----
----
Total income
470
470
600
----
----
----
Expenditure
Expenditure on raising funds:
Costs of raising donations and legacies
6
299
299
290
----
----
----
Total expenditure
299
299
290
----
----
----
----
----
----
Net income and net movement in funds
171
171
310
----
----
----
Reconciliation of funds
Total funds brought forward
1,770
1,770
1,460
-------
-------
-------
Total funds carried forward
1,941
1,941
1,770
-------
-------
-------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Ironbridge Railway Trust
Company Limited by Guarantee
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Current assets
Cash at bank and in hand
4,076
3,622
Creditors: amounts falling due within one year
8
2,135
1,852
-------
-------
Net current assets
1,941
1,770
-------
-------
Total assets less current liabilities
1,941
1,770
-------
-------
Net assets
1,941
1,770
-------
-------
Funds of the charity
Unrestricted funds
1,941
1,770
-------
-------
Total charity funds
9
1,941
1,770
-------
-------
For the year ending 31 May 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 26 January 2024 , and are signed on behalf of the board by:
D W Flavell
Trustee
Ironbridge Railway Trust
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Oakwood Cottage, Church lane, Shrawley, Worcestershire, WR6 6TS.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Taxation
The company is exempt from corporation tax on its charitable activities.
Basis of preparation
The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), and the requirements of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) (SORP 2015).
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: The Trustees continue to ensure all expenditure is within the Charity's objectives and sufficient funds are available before committing to any expenditure. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There were no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Fund accounting
Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the purposes of the charity.
Incoming resources
Income All income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: - Donations and legacy income is received by way of donations, legacies, grants and gifts and is included in full in the Statement of Financial Activities when receivable. - Donated services and facilities are included at the value to the charity, being the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market.
Resources expended
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
- Costs of raising funds comprise the costs associated with attracting donations, grants and legacies and the costs of trading for fundraising purposes.
- Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
- Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
- All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis, as set out in the notes to the accounts.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
Ironbridge Railway Trust is a company limited by guarantee and accordingly does not have a share capital.
Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.
5. Donations and legacies
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Donations
Donations
470
470
600
600
----
----
----
----
6. Costs of raising donations and legacies
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Costs of raising donations and legacies - Donations
299
299
290
290
----
----
----
----
7. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
510
510
Other creditors
1,625
1,342
-------
-------
2,135
1,852
-------
-------
9. Analysis of charitable funds
Unrestricted funds
At 1 June 2022
Income
Expenditure
At 31 May 2023
£
£
£
£
General funds
1,770
470
(299)
1,941
-------
----
----
-------
At 1 June 2021
Income
Expenditure
At 31 May 2022
£
£
£
£
General funds
1,460
600
(290)
1,770
-------
----
----
-------
This represents the free funds of the charity which are not designated for any particular purposes. The trustees consider it necessary to maintain reserves at this level to enable financial commitments to be entered into.
10. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Current assets
4,076
4,076
Creditors less than 1 year
(2,135)
(2,135)
-------
-------
Net assets
1,941
1,941
-------
-------
Unrestricted Funds
Total Funds 2022
£
£
Current assets
3,622
3,622
Creditors less than 1 year
(1,852)
(1,852)
-------
-------
Net assets
1,770
1,770
-------
-------
11. Related parties
At the balance sheet date there was an amount of £1,625 (2022 £1,342) due to three of the trustees, I S Baxter, D W Flavell and B G Oldford , in respect of expenses met personally by them. Donations from trustees during the period amounted to £110.