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COMPANY REGISTRATION NUMBER: SC198517
CHARITY REGISTRATION NUMBER: SC030238
Skye and Kyle Rail Development Company
Company Limited by Guarantee
Unaudited Financial Statements
For the year ended
31 December 2023
Skye and Kyle Rail Development Company
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2023
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
6
Statement of financial position
7
Notes to the financial statements
8
Skye and Kyle Rail Development Company
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 December 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 December 2023 .
Reference and administrative details
Registered charity name
Skye and Kyle Rail Development Company
Charity registration number
SC030238
Company registration number
SC198517
Principal office and registered
Railway Buildings
office
Railway Station
Kyle of Lochalsh
IV40 8AQ
The trustees
T G Campbell
P Macmillan
(Retired 15 May 2023)
A I Campbell
M J M Campbell
C Langlands
Independent examiner
M J Macnab, BSc, FCCA
Tulloch Street
Dingwall
Ross-shire
IV15 9JY
Structure, governance and management
Skye and Kyle Rail Development Company incorporated on 29th July 1999 as a Company Limited by Guarantee and does not have any Share Capital. The Organisation is governed by its Memorandum and Articles of Association. The management of the Organisation is the responsibility of the Trustees who are elected under the terms of the Articles. A list of those serving is given above.
Objectives and activities
The primary objective of the Company as stated in the articles of incorporation is to advance education by the promotion, protection, and conservation and development of the historical background and importance of the Kyle Line, being the railway line between Inverness and Kyle of Lochalsh.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
Our museum reopened at Easter 2023 after a three year closure due to Covid and rebuilding works. The signal box continues to be available for letting with the first floor for long term residents and the ground floor for short term visitors. The museum attracted a total of five volunteers who carried out the daily activities of the museum and sales on trains. General supervision was by T.Campbell who attended on a daily basis and looked after the accounts and shop trading. A grant of £18700 was given by Highland Council and £2000 by Historic Environment Scotland to upgrade the museum exhibits and presentation of local historical information. The Friends of the Kyle Line donated £1500 to the project with £2750 coming directly from SKR funds. These upgrade works involved all the directors on a voluntary basis except for T.Campbell who was paid £2,500 for project management by SKR as part of their contribution
The museum has been the subject of almost unanimous approval and has increased its local presence, with many local people visiting and expressing approval.
Long standing director Peter Macmillan had resigned on the 15th May 2023 which leaves four directors where a quorum required for decisions and meetings is three. T.Campbell had expressed a desire to reduce his input to the accounting and daily running of the museum and is concerned that he should not be the only person to understand the functioning of the charity as is currently the case. Directors who have kindly given a lot of time are not agreeable to further involvement in the basic running of the business and the solution may be as follows
Seek a part time finance officer/curator possibly from another local charity. Attract additional directors who may be willing to provide financial expertise. T.Campbell to continue until the end of the 2024 season while handing over to one of the above.
Financial review
The museum had an income of £14466.13 in the period April to December 23, of which profit on trade is estimated at £8,000. Most of this income was in the period May to October with negligible income in the other months. This profit barely covers running costs of the station premises and excludes payments to T.Campbell. See notes of daily costs from the 2022 accounts for a sample view of running costs.
Plans for future periods
We are looking forward to a more streamlined and professional operation in the future but staff recruitment is seen as key to this.
In the meantime, T.Campbell has run the business as agreed by directors in 2013. He has been paid mileage and some accommodation expenses as well as an hourly rate for project management and general museum management. He hopes to withdraw from the general museum management this year when a new staff member is appointed.
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 and the strategic report were approved on 16 April 2024 and signed on behalf of the board of trustees by:
T G Campbell
Trustee
Skye and Kyle Rail Development Company
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Skye and Kyle Rail Development Company
Year ended 31 December 2023
I report to the trustees on my examination of the financial statements of Skye and Kyle Rail Development Company ('the charity') for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 (‘the 2005 Act’), the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination.
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 the charity’s accounts carried out under section 44(1)(c) of the 2005 Act. In carrying out my examination I have followed the requirements of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Independent examiner's statement
Since the charity is required by company law to prepare its accounts on an accruals basis and is registered as a charity in Scotland your examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). I can confirm that I am qualified to undertake the examination because I am a registered member of the Association of Chartered Certified Accountants 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:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act, section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; or
2. the financial statements do not accord with those records or with the accounting requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006; or
3. the financial statements 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
4. the financial statements 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.
M J Macnab, BSc, FCCA Independent Examiner
Tulloch Street Dingwall Ross-shire IV15 9JY
16 April 2024
Skye and Kyle Rail Development Company
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 December 2023
2023
2022
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
22,200
22,200
23,129
Other trading activities
6
34,660
34,660
16,674
--------
--------
--------
--------
Total income
34,660
22,200
56,860
39,803
--------
--------
--------
--------
Expenditure
Expenditure on raising funds:
Costs of other trading activities
7
26,201
26,201
18,968
Expenditure on charitable activities
8,9
24,577
16,726
41,303
44,856
--------
--------
--------
--------
Total expenditure
50,778
16,726
67,504
63,824
--------
--------
--------
--------
--------
--------
--------
--------
Net expenditure and net movement in funds
( 16,118)
5,474
( 10,644)
( 24,021)
--------
--------
--------
--------
Reconciliation of funds
Total funds brought forward
13,323
6,493
19,816
43,837
--------
--------
--------
--------
Total funds carried forward
( 2,795)
11,967
9,172
19,816
--------
--------
--------
--------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Skye and Kyle Rail Development Company
Company Limited by Guarantee
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible fixed assets
15
6,464
6,610
Current assets
Stock
16
6,880
5,471
Debtors
17
1,071
1,285
Cash at bank and in hand
2,505
18,018
--------
--------
10,456
24,774
Creditors: amounts falling due within one year
18
7,748
11,568
--------
--------
Net current assets
2,708
13,206
-------
--------
Total assets less current liabilities
9,172
19,816
-------
--------
Funds of the charity
Restricted funds
11,967
6,493
Unrestricted funds
( 2,795)
13,323
--------
--------
Total charity funds
19
9,172
19,816
--------
--------
For the year ending 31 December 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 accounts have been prepared in accordance with the provisions applicable to companies subject to small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 16 April 2024 , and are signed on behalf of the board by:
T G Campbell
Trustee
Skye and Kyle Rail Development Company
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Scotland and a registered charity in Scotland. The address of the registered office is Railway Buildings, Railway Station, Kyle of Lochalsh, IV40 8AQ.
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
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
(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.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - 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 to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
10% straight line
Equipment
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Limited by guarantee
Company limited by guarantee
5. Donations and legacies
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Donations
Donations
Grants
Highland Council Grant
18,700
18,700
Museums and Galleries Grant
Friends of the Kyle Line
1,500
1,500
Historic Environment Scotland
2,000
2,000
Highland & Islands Enterprise
----
--------
--------
22,200
22,200
----
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Donations
Donations
2,292
2,292
Grants
Highland Council Grant
Museums and Galleries Grant
9,000
9,000
Friends of the Kyle Line
Historic Environment Scotland
Highland & Islands Enterprise
11,837
11,837
-------
--------
--------
2,292
20,837
23,129
-------
--------
--------
6. Other trading activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Shop income
9,469
9,469
Museum Admissions
4,997
4,997
Rental Accommodation Income
20,194
20,194
16,674
16,674
--------
--------
--------
--------
34,660
34,660
16,674
16,674
--------
--------
--------
--------
7. Costs of other trading activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Shop costs
26,201
26,201
18,968
18,968
--------
--------
--------
--------
8. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Upgrade of Signal Box and Museum
23,828
16,726
40,554
Support costs
749
749
--------
--------
--------
24,577
16,726
41,303
--------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Upgrade of Signal Box and Museum
14,036
30,089
44,125
Support costs
731
731
--------
--------
--------
14,767
30,089
44,856
--------
--------
--------
9. Expenditure on charitable activities by activity type
Activities undertaken directly
Grant funding of activities
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
£
Upgrade of Signal Box and Museum
1,908
38,646
40,554
44,125
Governance costs
749
749
731
-------
--------
----
--------
--------
1,908
38,646
749
41,303
44,856
-------
--------
----
--------
--------
10. Net expenditure
Net expenditure is stated after charging/(crediting):
2023
2022
£
£
Depreciation of tangible fixed assets
146
210
----
----
11. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
750
735
----
----
12. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2023
2022
£
£
Wages and salaries
2,708
3,634
-------
-------
The average head count of employees during the year was 1 (2022: 1 ). The average number of full-time equivalent employees during the year is analysed as follows:
2023
2022
No.
No.
Number of staff - type 1
1
1
----
----
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
13. Trustee remuneration and expenses
T G Campbell has been paid fees of £8,530 as project manager of the upgrade to the signal box and museum. A I Campbell has been paid £2,708 through the payroll.
T G Campbell has claimed £5,466 for accommodation, meals, fuel and other sundry expenses.
14. Transfers between funds
15. Tangible fixed assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
9,411
6,606
16,017
-------
-------
--------
Depreciation
At 1 January 2023
8,969
438
9,407
Charge for the year
44
102
146
-------
-------
--------
At 31 December 2023
9,013
540
9,553
-------
-------
--------
Carrying amount
At 31 December 2023
398
6,066
6,464
-------
-------
--------
At 31 December 2022
442
6,168
6,610
-------
-------
--------
16. Stocks
2023
2022
£
£
Raw materials and consumables
6,880
5,471
-------
-------
17. Debtors
2023
2022
£
£
Trade debtors
482
Prepayments and accrued income
550
Other debtors
39
1,285
-------
-------
1,071
1,285
-------
-------
18. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,868
6,997
Trade creditors
1,757
4,327
Social security and other taxes
123
244
-------
--------
7,748
11,568
-------
--------
19. Analysis of charitable funds
Unrestricted funds
At 1 January 2023
Income
Expenditure
At 31 December 2023
£
£
£
£
General funds
13,323
34,660
(50,778)
(2,795)
--------
--------
--------
-------
At 1 January 2022
Income
Expenditure
At 31 December 2022
£
£
£
£
General funds
28,092
18,966
(33,735)
13,323
--------
--------
--------
--------
Restricted funds
At 1 January 2023
Income
Expenditure
At 31 December 2023
£
£
£
£
Upgrade of Signal Box and Museum
6,493
22,200
(16,726)
11,967
-------
--------
--------
--------
At 1 January 2022
Income
Expenditure
At 31 December 2022
£
£
£
£
Upgrade of Signal Box and Museum
15,745
20,837
(30,089)
6,493
--------
--------
--------
-------
20. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Tangible fixed assets
6,464
6,464
Current assets
9,412
1,044
10,456
Creditors less than 1 year
(7,748)
(7,748)
-------
-------
--------
Net assets
8,128
1,044
9,172
-------
-------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Tangible fixed assets
6,610
6,610
Current assets
24,292
482
24,774
Creditors less than 1 year
(11,568)
(11,568)
--------
----
--------
Net assets
19,334
482
19,816
--------
----
--------
21. Prior year adjustments