Charity registration number 1176862
Company registration number 10919496 (England and Wales)
STATFOLD NARROW GAUGE MUSEUM TRUST LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
STATFOLD NARROW GAUGE MUSEUM TRUST LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr G Lee
Mr N J Noon
Mr H R Noon
Mr A M Ashworth
Mr P A Lewin
Mr P Ingham
Mr D J Lee
Mr G I Lee
Secretary
Mr H Noon
Charity number
1176862
Company number
10919496
Registered office
The Grain Store
Statfold Barn Farm
Ashby Road
Tamworth
Staffordshire
B79 0BU
Auditor
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
STATFOLD NARROW GAUGE MUSEUM TRUST LTD
CONTENTS
Page
Trustees' report
1 - 4
Statement of trustees' responsibilities
5
Independent auditor's report
6 - 8
Statement of financial activities
9
Balance sheet
11
Statement of cash flows
12
Notes to the financial statements
13 - 24
STATFOLD NARROW GAUGE MUSEUM TRUST LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Articles of Association, 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 (FRS 102) (effective 1 January 2019)".

Objectives and activities

The objects of the charity are:

 

To educate the public in the history and development of our steam heritage by;

 

In furtherance of these objects the Charity may:

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Significant activities

Our aim is to develop our infrastructure, café, car park, toilets, and provide facilities for Junior visitors, creating a more interesting place for all.

The Trust is performing as expected. The growth in footfall and revenue is moving towards the Trust mission to be self-sufficient and more importantly moving away from the reliance on financial support from trustees. We are maintaining a footfall of 120,000 per year and our target is 200,000 per annum. The revenue generated by this will enable the Trust to invest back into the collection.

Achievements and performance
Financial review

The Statement of Financial Activities shows a net deficit for the year of £202,613 for the charity (2022: surplus of £461,710) and a net deficit of £168,743 for the group (2022: surplus of £461,710). Our reserves, all of which are unrestricted, stand at £4,217,532 for the charity (2022: £4,420,145) and £4,251,402 for the group (2022: £4,420,145).

 

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six 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 charity’s current activities while consideration is given to ways in which additional funds may be raised.

 

Whilst this is our aim, the charity continues to be dependent on the support of certain of its Trustees, in the form of donations, to enable it to meet its site development and operating costs. These Trustees have confirmed their intention to continue to provide financial support such that the charity can operate as a going concern and meet its debts and liabilities as they fall due for a period of 12 months from the date of approval of these accounts.

The charity also occupies land and buildings owned by Mr G Lee, one of the Trustees, for which a nominal rental charge is made. A lease is currently being prepared which will secure the charity's right to occupy all the property and land on the site currently occupied, with provision for further expansion if required.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Risks

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Future plans

We aim to extend the amount and variety of our already successful events in order for visitors to learn about steam heritage. We aim to take on board from previous events any way that we are able to improve in order to enhance peoples enjoyment and experience and build up a recurring visitor base for the future which will hopefully build to future generations.

Structure, governance and management

 

Constitution


The company was registered as a charity on 26 January 2018. The charity is a company limited by guarantee and is governed by its Articles of Association.

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 G Lee
Mr N J Noon
Mr H R Noon
Mr A M Ashworth
Mr P A Lewin
Mr P Ingham
Mr D J Lee
Mr G I Lee

The minimum number of trustees shall be two but (unless otherwise determined by ordinary resolution) shall not be subject to any maximum.

 

The charity may by ordinary resolution appoint a person who is willing to act to be a trustee and determine the rotation in which any additional trustees are to retire.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Detailed Income & Expenditure
2023
2022
2021
2020
Income
Fundraising activities
1,148,375
879,288
548,513
112,220
Donations
705,820
1,363,770
1,019,073
1,349,096
COVID grants
-
96
56,754
70,605
Trading activities: in trading subsidiary
324,727
-
-
-
Trading activities: in charity
25,363
63,228
76,782
52,677
Hire of facilities & building rental
52,392
56,302
21,542
12,790
Other (secretarial services, sale of assets)
14,400
22,250
12,000
12,000
Total income
2,271,077
2,384,934
1,734,664
1,609,388
Expenditure
CONSERVATION
Salaries
177,900
148,370
-
-
Direct costs
104,939
96,392
100,554
81,380
Share of support costs
236,570
206,298
-
-
CHARITABLE EVENTS
Staff costs: events
257,297
117,127
67,007
23,325
Staff costs: maintenance
98,297
138,465
311,539
266,922
Depreciation
259,288
259,949
153,319
80,385
Direct costs
554,487
548,100
289,530
86,963
Share of support costs
472,868
355,384
378,042
263,203
NON-CHARITABLE TRADING EVENTS
Direct costs
240,858
16,914
33,757
25,968
Allocation of support costs
37,317
36,225
23,478
20,777
SUPPORT COSTS
Salaries
375,673
256,460
149,873
125,531
Other overheads
323,886
295,705
228,704
121,284
Governance costs
25,416
31,646
17,015
32,896
Depreciation
21,779
14,096
5,928
4,269
Reallocated as above
(746,755)
(597,907)
(401,520)
(283,980)
Total expenditure per accounts
2,439,820
1,923,224
1,357,226
848,923
Fixed assets movements
Depreciation
281,067
274,045
156,896
84,654
Capital expenditure
184,520
737,962
758,307
862,001
Surplus / (Deficit)
(168,743)
461,710
377,438
760,465
NOTE:
Conservation costs are not associated with operation running costs. £519,409 is the cost of complete restoration of Taymar (ongoing) and Baldwin (ongoing). Mease Valley coaches x Liverpool festial, 4 disabled conversion works completed. Cosmetic conservation of Handyman £50,000 donation to the overhaul of Darjeeling Loco. There are also numerous ongoing small museum projects to further the originality of the individual exhibits. The ongoing maintenance and preservation of the Hunslet Archive.
STATFOLD NARROW GAUGE MUSEUM TRUST LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The trustees' report was approved by the Board of Trustees.

Mr G Lee
Trustee
Dated: 2 September 2024
STATFOLD NARROW GAUGE MUSEUM TRUST LTD
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

The trustees, who are also the directors of Statfold Narrow Gauge Museum Trust Ltd for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF STATFOLD NARROW GAUGE MUSEUM TRUST LTD
- 6 -

Opinion

We have audited the financial statements of Statfold Narrow Gauge Museum Trust Ltd (the ‘charity’) and its subsidiary for the year ended 31 December 2023 which comprise the group statement of financial activities, the group and parent charitable company balance sheets, the group cash flow statement and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the group and charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

-

the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

-

sufficient accounting records have not been kept; or

-

the financial statements are not in agreement with the accounting records; or

-

we have not received all the information and explanations we require for our audit.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF STATFOLD NARROW GAUGE MUSEUM TRUST LTD
- 7 -
Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 

STATFOLD NARROW GAUGE MUSEUM TRUST LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF STATFOLD NARROW GAUGE MUSEUM TRUST LTD
- 8 -

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Mark Jackson FCA DChA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
5 September 2024
Chartered Accountants
Statutory Auditor
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ

Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Group
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income and endowments from:
Donations and legacies
3
705,820
1,363,866
Charitable activities
4
1,148,375
879,288
Other trading activities
5
402,482
119,530
Other income
6
14,400
22,250
Total income
2,271,077
2,384,934
Expenditure on:
Raising funds
7
278,175
53,139
Charitable activities
8
2,161,645
1,870,085
Total resources expended
2,439,820
1,923,224
Net (expenditure)/income for the year/
Net movement in funds
(168,743)
461,710
Fund balances at 1 January 2023
4,420,145
3,958,435
Fund balances at 31 December 2023
4,251,402
4,420,145

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
STATFOLD NARROW GAUGE MUSEUM TRUST LTD
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
4,858,386
4,954,932
Current assets
Stocks
14
45,020
27,588
Debtors
15
45,076
45,217
Cash at bank and in hand
55,235
53,002
145,331
125,807
Creditors: amounts falling due within one year
17
(731,972)
(630,375)
Net current liabilities
(586,641)
(504,568)
Total assets less current liabilities
4,271,745
4,450,364
Creditors: amounts falling due after more than one year
18
(20,343)
(30,219)
Net assets
4,251,402
4,420,145
Income funds
Unrestricted funds
4,251,402
4,420,145
4,251,402
4,420,145

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.

The financial statements were approved by the Trustees on 2 September 2024
Mr G Lee
Trustee
Company Registration No. 10919496
STATFOLD NARROW GAUGE MUSEUM TRUST LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
4,858,386
4,954,932
Current assets
Stocks
14
45,020
27,588
Debtors
15
56,434
45,217
Cash at bank and in hand
32,644
53,002
134,098
125,807
Creditors: amounts falling due within one year
17
(754,605)
(630,375)
Net current liabilities
(620,507)
(504,568)
Total assets less current liabilities
4,237,879
4,450,364
Creditors: amounts falling due after more than one year
18
(20,343)
(30,219)
Net assets
4,217,536
4,420,145
Income funds
Unrestricted funds
4,217,536
4,420,145
4,217,536
4,420,145

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 December 2023, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 2 September 2024
Mr G Lee
Trustee
Company registration number 10919496
STATFOLD NARROW GAUGE MUSEUM TRUST LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
196,629
740,765
Investing activities
Purchase of tangible fixed assets
(184,520)
(737,962)
Net cash used in investing activities
(184,520)
(737,962)
Financing activities
Repayment of bank loans
(9,876)
(9,634)
Net cash used in financing activities
(9,876)
(9,634)
Net increase/(decrease) in cash and cash equivalents
2,233
(6,831)
Cash and cash equivalents at beginning of year
53,002
59,833
Cash and cash equivalents at end of year
55,235
53,002
STATFOLD NARROW GAUGE MUSEUM TRUST LTD
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Charity information

Statfold Narrow Gauge Museum Trust Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is The Grain Store, Statfold Barn Farm, Ashby Road, Tamworth, Staffordshire, B79 0BU.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity continues to be dependent on the support of certain of its Trustees, in the form of donations, to enable it to meet its site development and operating costs. These Trustees have confirmed their intention to continue to provide financial support such that the charity can operate as a going concern and meet its debts and liabilities as they fall due for a period of 12 months from the date of approval of these accounts. 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.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance 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 charity 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.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
STATFOLD NARROW GAUGE MUSEUM TRUST LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.5
Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Event centre
2% straight line
Plant and equipment
15% reducing balance
Fixtures, fittings and event equipment
15% - 33% reducing balance
Computers and office equipment
33% straight line
Locomotives, trains and rolling stock
Heritage assets not depreciated

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

The event centre has been built on land owned by one of the trustees for which no rent charge is made. On the basis that the trustees believe they will continue to occupy the land in the long term the event centre is being depreciated over the buildings useful economic life.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
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 at 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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

In the application of the charity’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 other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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 only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
3
Donations and legacies
Charity
Charity
Group
Group
2023
2022
2023
2022
£
£
£
£
Donations and gifts
755,820
1,363,770
705,820
1,363,770
Other government grants
-
96
-
96
755,820
1,363,866
705,820
1,363,866
Donations and gifts
Donations
568,120
1,092,916
568,120
1,092,916
Gift aid receivable
137,700
270,854
137,700
270,854
Distribution from subsidiary
50,000
-
-
-
755,820
1,363,770
705,820
1,363,770

Donations and gifts include cash donations from Mr G Lee of £359,400 (2022: £670,000), Mrs CA Lee of £180,000 (2022: £385,000), Mr G I Lee of £nil (2022: £715) and Mrs T Lee of £nil (2022: £2,000).

4
Charitable activities
Charity & Group
2023
2022
£
£

Steam museum guide books

5,581
6,223

Train driver experience receipts

1,900
6,799

Railway track rentals

12,000
12,000
Income from events
1,128,894
854,266
1,148,375
879,288

Track rental income is receivable from Statfold Engineering, a business in which certain of the Trustees have a financial interest.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
5
Other trading activities
Charity
Charity
Group
Group
2023
2022
2023
2022
£
£
£
£
Sales within trading company
-
-
324,727
-
Fundraising events
25,363
63,228
25,363
63,228

Hire of events centre

38,392
47,802
38,392
47,802

Building rental

14,000
8,500
14,000
8,500
Other trading activities
77,755
119,530
402,482
119,530
6
Other income
Unrestricted
Unrestricted
funds
funds
Charity & Group
2023
2022
£
£

Secretarial services

14,400
13,800

Other income

-
8,450
14,400
22,250

Secretarial services relate to charges made to G & CA Lee for the shared use of resources and facilities.

7
Raising funds
Charity
Charity
Group
Group
2023
2022
2023
2022
£
£
£
£
Fundraising and publicity
Staging fundraising events
-
16,914
-
16,914
Trading costs
Other trading activities
-
-
240,858
-
Support costs
37,317
36,225
37,317
36,225
37,317
53,139
278,175
53,139
STATFOLD NARROW GAUGE MUSEUM TRUST LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
8
Charitable activities
Charity
Charity
Group
Group
2023
2022
2023
2022
£
£
£
£
Staff costs
243,034
255,592
243,034
255,592
Depreciation and impairment
259,288
259,949
259,288
259,949

Conservation of steam collection

282,838
244,762
282,838
244,762

Guide books

-
5,042
-
5,042

Event costs

667,047
543,058
667,047
543,058
1,452,207
1,308,403
1,452,207
1,308,403
Share of support costs (see note 9)
684,022
537,948
684,022
537,948
Share of governance costs (see note 9)
25,416
23,734
25,416
23,734
2,161,645
1,870,085
2,161,645
1,870,085
STATFOLD NARROW GAUGE MUSEUM TRUST LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
9
Support costs
Support costs
Governance costs
2023
Support costs
Governance costs
2022
Basis of allocation
£
£
£
£
£
£
Staff costs
375,674
-
375,674
256,460
-
256,460

Staff time

Depreciation
21,779
-
21,779
14,096
-
14,096

Staff time

Repairs

104,399
-
104,399
145,043
-
145,043

Staff time

Insurances

77,752
-
77,752
39,094
-
39,094

Staff time

Printing and stationery

11,719
-
11,719
7,153
-
7,153

Staff time

Telecommunications

10,339
-
10,339
4,480
-
4,480

Staff time

IT costs and website

8,907
-
8,907
2,794
-
2,794

Staff time

Subscriptions

4,103
-
4,103
4,229
-
4,229

Staff time

Heat and light

73,045
-
73,045
67,017
-
67,017

Staff time

Bank and finance charges

32,739
-
32,739
24,381
-
24,381

Staff time

Office expenses

883
-
883
1,514
-
1,514

Staff time

Audit fees
-
9,600
9,600
-
9,000
9,000
Governance
Legal and professional
-
11,316
11,316
-
20,196
20,196
Governance

Accountancy fees

-
4,500
4,500
-
2,450
2,450
Governance
721,339
25,416
746,755
566,261
31,646
597,907
Analysed between
Trading
37,317
-
37,317
28,313
7,912
36,225
Charitable activities: conservation
228,095
8,475
236,570
197,581
8,717
206,298
Charitable activities: steam events
455,927
16,941
472,868
340,367
15,017
355,384
721,339
25,416
746,755
566,261
31,646
597,907

Governance costs includes payments to the auditors of £9,600 (2022- £9,000) for audit fees.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
10
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
11
Employees

The average monthly number of employees during the year was:

Charity
Group
Charity
Group
2023
2023
2022
2022
Number
Number
Number
Number
57
57
44
44
Employment costs
Charity
Group
Charity
Group
2023
2023
2022
2022
£
£
£
£
Wages and salaries
717,425
829,984
589,861
589,861
Social security costs
51,119
51,119
46,623
46,623
Other pension costs
10,955
10,955
9,880
9,880
779,499
892,058
646,364
646,364

There were no employees whose annual remuneration was £60,000 or more.

12
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

STATFOLD NARROW GAUGE MUSEUM TRUST LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
13
Tangible fixed assets
Charity & Group
Event centre
Plant and equipment
Fixtures, fittings and event equipment
Computers and office equipment
Locomotives, trains and rolling stock
Total
£
£
£
£
£
£
Cost
At 1 January 2023
1,404,074
432,365
822,304
54,398
2,802,194
5,515,335
Additions
-
21,652
151,921
10,947
-
184,520
At 31 December 2023
1,404,074
454,017
974,225
65,345
2,802,194
5,699,855
Depreciation and impairment
At 1 January 2023
65,141
139,641
323,264
32,356
-
560,402
Depreciation charged in the year
28,081
45,254
185,953
21,779
-
281,067
At 31 December 2023
93,222
184,895
509,217
54,135
-
841,469
Carrying amount
At 31 December 2023
1,310,852
269,122
465,008
11,210
2,802,194
4,858,386
At 31 December 2022
1,338,932
292,723
499,040
22,043
2,802,194
4,954,932
STATFOLD NARROW GAUGE MUSEUM TRUST LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
14
Stocks
2023
2022
Charity & Group
£
£
Goods held for resale
45,020
27,588
15
Debtors
Charity
Charity
Group
Group
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
13,749
14,765
15,695
14,765
Amounts owed by subsidiary undertakings
13,304
-
-
-
Other debtors
2,255
-
2,255
-
Prepayments and accrued income
27,126
30,452
27,126
30,452
56,434
45,217
45,076
45,217
16
Loans and overdrafts
2023
2022
Charity & Group
£
£
Bank loans
31,125
41,001
Payable within one year
10,782
10,782
Payable after one year
20,343
30,219

The charity has a bank loan comprising a 2.5% fixed rate loan totalling £50,000 repayable in equal instalments by June 2026, following a 12 month capital repayment holiday.

17
Creditors: amounts falling due within one year
Charity
Charity
Group
Group
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
16
10,782
10,782
10,782
10,782
Other taxation and social security
74,852
39,999
85,424
39,999
Trade creditors
587,578
531,740
588,319
531,740
Amounts owed to subsidiary undertakings
44,545
-
-
-
Other creditors
4,137
2,819
4,137
2,819
Accruals and deferred income
32,714
45,035
43,310
45,035
754,608
630,375
731,972
630,375
STATFOLD NARROW GAUGE MUSEUM TRUST LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
18
Creditors: amounts falling due after more than one year
2023
2022
Charity & Group
Notes
£
£
Bank loans
16
20,343
30,219
19
Retirement benefit schemes
Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £10,955 (2022 - £9,880).

20
Operating lease commitments
Charity & Group

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
-
1,000
21
Related party transactions

The Group has taken advantage of the exemption permitted by FRS 102 Section 33 "Related Party Disclosures" not to provide disclosures of transactions entered into with other wholly owned members of the Group.

 

Trade debtors include the amount of £1,200 (2022: £1,200) due from Statfold Engineering Ltd, a company in which certain of the Trustees hold a financial interest, and £849 (2022: £nil) due from G & CA Lee, a partnership in which certain of the Trustees hold a financial interest.

 

Trade creditors include the amount of £411,043 (2022: £407,243) due to G & CA Lee, a partnership in which certain of the Trustees have a financial interest.

 

The charity's activities are located on land owned by Mr G Lee, one of the trustees, for which annual rent of £1,000 (2022: £1,000) is paid.

 

The charity purchased goods and services in the amount of £12,472 (2022: £45,221) and recharged costs of £41,924 (2022: £16,560) to G & CA Lee, a partnership in which certain trustees have a financial interest.

 

The charity purchased goods and services in the amount of £6,525 (2022: £12,029) and received income of £14,704 (2022: £14,400) from Statfold Engineering Limited, a company in which certain trustees have a financial interest.

 

A distribution of £50,000 was paid to the charity by its subsidiary Statfold Narrow Gauge Museum (Trading) Ltd during the year (2022: £nil), with a further £33,869 to be paid after the year end (2022: £nil).

STATFOLD NARROW GAUGE MUSEUM TRUST LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
22
Subsidiaries

Details of the charity's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Statfold Narrow Gauge Museum (Trading) Ltd
England & Wales
Operation of events and facilities to support the museum (dormant in previous year)
Ordinary
100.00
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Statfold Narrow Gauge Museum (Trading) Ltd
33,870
33,871
23
Cash generated from operations
2023
2022
£
£
(Deficit)/surpus for the year
(168,743)
461,710
Adjustments for:
Depreciation and impairment of tangible fixed assets
281,067
274,045
Movements in working capital:
(Increase) in stocks
(17,433)
(26,474)
Decrease in debtors
141
36,665
Increase/(decrease) in creditors
101,597
(5,181)
Cash generated from operations
196,629
740,765
24
Analysis of changes in net funds
At 1 January 2023
Cash flows
At 31 December 2023
£
£
£
Cash at bank and in hand
53,002
2,233
55,235
Loans falling due within one year
(10,782)
-
(10,782)
Loans falling due after more than one year
(30,219)
9,876
(20,343)
12,001
12,109
24,110
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