IRIS Accounts Production v24.3.2.46 Other Company accounts True false Pounds 1.4.23 31.3.24 31.3.24 FY FRS 102 Independent examiner Small companies regime for accounts Full Charities SORP true true true true false true false true iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh075836292023-03-31075836292024-03-31075836292023-04-012024-03-31075836292022-03-31075836292022-04-012023-03-31075836292023-03-3107583629ns0:CharitableCompanyLimitedByGuarantee2023-04-012024-03-3107583629ns15:PoundSterling2023-04-012024-03-3107583629ns11:FRS1022023-04-012024-03-3107583629ns11:IndependentExaminationCharity2023-04-012024-03-3107583629ns11:SmallCompaniesRegimeForAccounts2023-04-012024-03-3107583629ns11:FullAccounts2023-04-012024-03-3107583629ns11:CharitiesSORP2023-04-012024-03-3107583629ns16:EnglandWales2023-04-012024-03-3107583629ns11:RegisteredOffice2023-04-012024-03-3107583629ns0:Trustee22023-04-012024-03-3107583629ns0:Trustee32023-04-012024-03-3107583629ns0:Trustee42023-04-012024-03-3107583629ns0:Trustee52023-04-012024-03-3107583629ns0:Trustee12023-04-012024-03-3107583629ns0:Trustee62023-04-012024-03-3107583629ns0:Trustee72023-04-012024-03-3107583629ns0:TotalUnrestrictedFunds2023-04-012024-03-3107583629ns0:TotalRestrictedIncomeFunds2023-04-012024-03-3107583629ns0:Activity82023-04-012024-03-3107583629ns0:TotalUnrestrictedFundsns0:Activity82023-04-012024-03-3107583629ns0:Activity8ns0:TotalRestrictedIncomeFunds2023-04-012024-03-3107583629ns0:Activity82022-04-012023-03-3107583629ns0:TotalUnrestrictedFunds2023-03-3107583629ns0:TotalRestrictedIncomeFunds2023-03-3107583629ns0:TotalUnrestrictedFunds2024-03-3107583629ns0:TotalRestrictedIncomeFunds2024-03-3107583629ns0:TotalUnrestrictedFundsns10:WithinOneYear2024-03-3107583629ns10:WithinOneYearns0:TotalRestrictedIncomeFunds2024-03-3107583629ns10:WithinOneYear2024-03-3107583629ns10:WithinOneYear2023-03-3107583629ns10:AfterOneYearns0:TotalUnrestrictedFunds2024-03-3107583629ns10:AfterOneYearns0:TotalRestrictedIncomeFunds2024-03-3107583629ns10:AfterOneYear2024-03-3107583629ns10:AfterOneYear2023-03-3107583629ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-04-012024-03-3107583629ns10:FurnitureFittingsToolsEquipment2023-04-012024-03-310758362922023-04-012024-03-310758362932023-04-012024-03-310758362912023-04-012024-03-310758362912022-04-012023-03-3107583629ns10:OwnedAssets2023-04-012024-03-3107583629ns10:OwnedAssets2022-04-012023-03-3107583629ns0:TotalUnrestrictedFunds2022-04-012023-03-3107583629ns0:TotalRestrictedIncomeFunds2022-04-012023-03-3107583629ns0:TotalUnrestrictedFundsns0:Activity82022-04-012023-03-3107583629ns0:Activity8ns0:TotalRestrictedIncomeFunds2022-04-012023-03-3107583629ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-3107583629ns10:FurnitureFittings2023-03-3107583629ns10:FurnitureFittings2023-04-012024-03-3107583629ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-03-3107583629ns10:FurnitureFittings2024-03-3107583629ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-3107583629ns10:FurnitureFittings2023-03-3107583629ns10:WithinOneYear2022-03-3107583629ns10:WithinOneYear2023-04-012024-03-3107583629ns10:BetweenOneTwoYears2024-03-3107583629ns10:BetweenOneTwoYears2023-03-3107583629ns10:BetweenTwoFiveYears2024-03-3107583629ns10:BetweenTwoFiveYears2023-03-31
REGISTERED COMPANY NUMBER: 07583629 (England and Wales)
REGISTERED CHARITY NUMBER: 1141801













UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024

FOR

LLANELLI RAILWAY GOODS SHED TRUST

LLANELLI RAILWAY GOODS SHED TRUST






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Balance Sheet 5 to 6

Cash Flow Statement 7

Notes to the Cash Flow Statement 8

Notes to the Financial Statements 9 to 17

LLANELLI RAILWAY GOODS SHED TRUST (REGISTERED NUMBER: 07583629)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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
Significant activities and future plans
The Trust undertook further repairs and restoration of the main Shed including the completion of the remainder of the re-roofing of the north elevation and refurbishment of the windows.

Improvements to the interior of the Shed were also made notably the construction of two meeting Pods which are available for hiring.

The Trust was also successful in obtaining a grant from the Landfill Tax scheme for landscaping works which commenced in December. A further grant from the Great Western Railway enabled the Trust to construct a section of track inside the Shed and bring a two car” Pacer “ train into the Shed. One carriage is now used as café seating area, whilst the other will be converted into a “Caabn Eco” offering eco friendly products for sale to the local community.

The Trust has hosted many community events at the Shed and provides facilities for community groups to meet on a regular basis.

Feasibility studies for the next phase of the project were undertaken with a target for completion of this phase in 25/26

FINANCIAL REVIEW
Financial Position
During the financial year the charity reported a surplus of £103,715 (2023 £94,726). This was as a result of receiving capital grants towards the refurbishment.

The unrestricted reserves at 31 March 2024 were £983,985 (2023 £863,838), these also include designated capital assets. The restricted reserves at 31 March were £54,269 (2023 £70,701), the movement of this balance is the transfer of restricted funds moved to the designated asset fund £124,341 and other restitched funds have been spent on expenses in the profit and loss.

Trustees restrict renovation activity to the level of grants received. There are three factors which will impact the future financial position of the trust. In July 2023 a 5 year lease for office accommodation starting from September 2022 was signed with Carmarthenshire CC. In September 2023 we opened a community café at the Goods shed which allows us to increase our ability to generate our own income. The trust had a loan of £34,000 with Carmarthenshire CC which is included in the creditor balance at 31March 2024 £23,000. In August 2022 trustees signed an agreement to borrow £34,000 from WCVA over 10 years at 5% fixed interest rate. An amount of £23,000 was drawn down in July 2023 and the remaining £11,000 has been drawn down at September 2024.

Reserves policy
The board has examined the charity's requirements for reserves in respect of the main risks to the organisation. Reserves will be held as required to manage operational costs but the key aim of the charity is to renovate the goods shed building so reserves will be utilised as required to meet this objective.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees
The directors of the company are also charity trustees for the purposes of charity law, and in the organisation's Memorandum and Articles are known as the Board.

Elections for the Board take place at the Annual General Meeting.

Members are elected to serve for a period of three years, after which term they are eligible to seek re-election. We aim to ensure that our Board is both representative of the people and communities with whom we work, and has the necessary combined skills and experience to effectively govern the organisation.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07583629 (England and Wales)


LLANELLI RAILWAY GOODS SHED TRUST (REGISTERED NUMBER: 07583629)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024

Registered Charity number
1141801

Registered office
24 Harries Avenue
Llanelli
Carmarthenshire
SA15 3LF

Trustees
A M Doe
N R Griffith (resigned 18.10.24)
G G Parker
Y Rodgers
R W Roper
C F Watson
J Garcia (appointed 21.4.23) (resigned 15.11.24)

Independent Examiner
Alison Vickers
Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

Approved by order of the board of trustees on 26 March 2025 and signed on its behalf by:





R W Roper - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
LLANELLI RAILWAY GOODS SHED TRUST

Independent examiner's report to the trustees of Llanelli Railway Goods Shed Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (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 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 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:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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.








Alison Vickers

Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

26 March 2025

LLANELLI RAILWAY GOODS SHED TRUST

STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 3 2,767 - 2,767 1,900

Charitable activities 6
Charitable 4,349 140,515 144,864 145,992

Other trading activities 4 2,744 - 2,744 1,073
Investment income 5 49,137 - 49,137 11,463
Total 58,997 140,515 199,512 160,428

EXPENDITURE ON
Charitable activities 7
Charitable 63,079 32,606 95,685 65,702

Other 112 - 112 -
Total 63,191 32,606 95,797 65,702

NET INCOME/(EXPENDITURE) (4,194 ) 107,909 103,715 94,726
Transfers between funds 21 124,341 (124,341 ) - -
Net movement in funds 120,147 (16,432 ) 103,715 94,726

RECONCILIATION OF FUNDS
Total funds brought forward 863,838 70,701 934,539 839,813

TOTAL FUNDS CARRIED FORWARD 983,985 54,269 1,038,254 934,539

LLANELLI RAILWAY GOODS SHED TRUST (REGISTERED NUMBER: 07583629)

BALANCE SHEET
31 MARCH 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 13 13,152 - 13,152 15,179
Heritage assets 14 809,868 37,000 846,868 703,608
Investment property 15 213,968 - 213,968 191,704
1,036,988 37,000 1,073,988 910,491

CURRENT ASSETS
Debtors 16 13,685 - 13,685 9,548
Cash at bank 46,507 17,269 63,776 86,441
60,192 17,269 77,461 95,989

CREDITORS
Amounts falling due within one year 17 (94,593 ) - (94,593 ) (71,941 )

NET CURRENT ASSETS (34,401 ) 17,269 (17,132 ) 24,048

TOTAL ASSETS LESS CURRENT LIABILITIES 1,002,587 54,269 1,056,856 934,539

CREDITORS
Amounts falling due after more than one year 18 (18,602 ) - (18,602 ) -

NET ASSETS 983,985 54,269 1,038,254 934,539
FUNDS 21
Unrestricted funds 983,985 863,838
Restricted funds 54,269 70,701
TOTAL FUNDS 1,038,254 934,539

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


LLANELLI RAILWAY GOODS SHED TRUST (REGISTERED NUMBER: 07583629)

BALANCE SHEET - continued
31 MARCH 2024

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


The financial statements were approved by the Board of Trustees and authorised for issue on 26 March 2025 and were signed on its behalf by:





R W Roper - Trustee

LLANELLI RAILWAY GOODS SHED TRUST

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 121,811 120,215
Interest paid (112 ) -
Net cash provided by operating activities 121,699 120,215

Cash flows from investing activities
Purchase of tangible fixed assets - (15,179 )
Purchase of heritage assets (143,260 ) (48,161 )
Purchase of investment property (22,264 ) -
Net cash used in investing activities (165,524 ) (63,340 )

Cash flows from financing activities
New loans in year 23,000 -
Loan repayments in year (1,840 ) -
Net cash provided by financing activities 21,160 -

Change in cash and cash equivalents in
the reporting period

(22,665

)

56,875
Cash and cash equivalents at the
beginning of the reporting period

86,441

29,566
Cash and cash equivalents at the end of
the reporting period

63,776

86,441

LLANELLI RAILWAY GOODS SHED TRUST

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024 2023
£    £   
Net income for the reporting period (as per the Statement of Financial
Activities)

103,715

94,726
Adjustments for:
Depreciation charges 2,027 -
Interest paid 112 -
(Increase)/decrease in debtors (4,137 ) 23,952
Increase in creditors 20,094 1,537
Net cash provided by operations 121,811 120,215


2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 86,441 (22,665 ) 63,776
86,441 (22,665 ) 63,776

Debt
Debts falling due within 1 year - (2,558 ) (2,558 )
Debts falling due after 1 year - (18,602 ) (18,602 )
- (21,160 ) (21,160 )
Total 86,441 (43,825 ) 42,616

LLANELLI RAILWAY GOODS SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Llanelli Railway Goods Shed Trust is a charitable company, limited by guarantee, registered in England and Wales. The charity's registered number and registered office address can be found on the Reference and Administrative Details page.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

All income generated from the cafe operations shall be recognized as revenue when the sale is made, and the goods or services are delivered to the customer.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Improvements to property - Straight line over 10 - 50 years
Fixtures and fittings - Over 5 years

A de minimus level of £500 was set with only those assets costing above £500 capitalised. Assets below £500 will be written off to revenue in the year of acquisition. Depreciation shall be charged on a straight line basis over 5 years for equipment assets and 10 years for exhibit assets assuming no residual value for all of these assets. No depreciation has been charged in the year of acquisition.

Heritage assets
Heritage assets are initially recognised at cost.

Investment property
The office accommodation component of the goods shed has been moved from heritage asset to an investment property as since September 2022 these offices have been leased for income generation purposes.

The trustees feel it is appropriate to value the investment assets on the basis of 10 years of the income they generate.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

LLANELLI RAILWAY GOODS SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.


Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.


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.

Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. DONATIONS AND LEGACIES
2024 2023
£    £   
Donations 2,707 1,835
Members subscriptions 60 65
2,767 1,900

4. OTHER TRADING ACTIVITIES
2024 2023
£    £   
Fundraising events - 863
Cafe income 2,056 -
Room Hire 688 210
2,744 1,073

5. INVESTMENT INCOME
2024 2023
£    £   
Rents received 49,137 11,463


LLANELLI RAILWAY GOODS SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Activity £    £   
Grants Charitable 143,386 145,992
Other income Charitable 1,478 -
144,864 145,992

Grants received, included in the above, are as follows:
2024 2023
£    £   
Carmarthenshire County Council 3,371 25,552
Capital Works 40,000 -
Great Western Rail Grant 27,000 -
Welsh Government CADW - 50,000
Asda - 600
Moondance - 20,840
National Lottery Heritage Fund -Places for nature - 49,000
WCVA Landfill DisposalsTax Communities grant 24,269 -
Neighbourly - Gallagher Community Fund 1,000 -
Awards for all 7,876 -
Catalyst Cymru Community 670 -
Tracks to Nature 39,200 -
143,386 145,992

7. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 8) Totals
£    £    £   
Charitable 90,551 5,134 95,685

8. SUPPORT COSTS
Support
costs
£   
Charitable 5,134

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 2,027 -

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.



LLANELLI RAILWAY GOODS SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. STAFF COSTS
2024 2023
£    £   
Wages and salaries 38,200 23,174
38,200 23,174

The average monthly number of employees during the year was as follows:

2024 2023
Administration 2 2

No employees received emoluments in excess of £60,000.

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 1,900 - 1,900

Charitable activities
Charitable 6,548 139,444 145,992

Other trading activities 1,073 - 1,073
Investment income 2,305 9,158 11,463
Total 11,826 148,602 160,428

EXPENDITURE ON
Charitable activities
Charitable (1,367 ) 67,069 65,702

NET INCOME 13,193 81,533 94,726
Transfers between funds 842,484 (842,484 ) -
Net movement in funds 855,677 (760,951 ) 94,726

RECONCILIATION OF FUNDS
Total funds brought forward 8,161 831,652 839,813

TOTAL FUNDS CARRIED FORWARD 863,838 70,701 934,539

13. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and
property fittings Totals
£    £    £   
COST
At 1 April 2023 and 31 March 2024 10,087 5,092 15,179
DEPRECIATION
Charge for year 1,009 1,018 2,027
NET BOOK VALUE
At 31 March 2024 9,078 4,074 13,152
At 31 March 2023 10,087 5,092 15,179

LLANELLI RAILWAY GOODS SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

14. HERITAGE ASSETS
Total
£   
MARKET VALUE
At 1 April 2023 703,608
Additions 143,260
At 31 March 2024 846,868
NET BOOK VALUE
At 31 March 2024 846,868
At 31 March 2023 703,608

The charity purchased the land and property at former Goods Shed from Network Rail in 2021 for £1. Expenditure incurred in its restoration has been capitalised since its purchase.

15. INVESTMENT PROPERTY
£   
FAIR VALUE
At 1 April 2023 191,704
Additions 22,264
At 31 March 2024 213,968
NET BOOK VALUE
At 31 March 2024 213,968
At 31 March 2023 191,704

The office accommodation component of the goods shed has been moved from heritage asset to an investment property as since September 2022 these offices have been leased for income generation purposes.

The trustees feel it is appropriate to value the investment assets on the basis of 10 years of the income they generate.

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
VAT 13,685 358
Prepayments and accrued income - 9,190
13,685 9,548

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 19) 2,558 -
Trade creditors 29,435 -
Other creditors 53,579 67,175
Accrued expenses 9,021 4,766
94,593 71,941

In August 2022 trustees signed an agreement to borrow £34,000 from WCVA over 10 years at 5% fixed interest rate. An amount of £23,000 has been drawn down in July 2023 and the remaining £11,000 has been drawn down in September 2024


LLANELLI RAILWAY GOODS SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other loans (see note 19) 18,602 -

19. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year on demand:
Other loans 2,558 -
Amounts falling between one and two years:
Other loans - 1-2 years 3,119 -
Amounts falling due between two and five years:
Other loans - 2-5 years 7,837 -
Amounts falling due in more than five years:

Repayable otherwise than by instalments:
Other loans more 5yrs non-inst 7,646 -

20. SECURED DEBTS

Carmarthenshire County Council holds a legal charge over the freehold property comprising the former Railway Goods Shed and adjoining land as security for the payment and discharge of the Secured Obligations for a period ending ten years after the date of the final payment of funding.

21. MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1.4.23 in funds funds 31.3.24
£    £    £    £   
Unrestricted funds
General fund 20,347 (4,194 ) - 16,153
Designated Asset Fund Capital 843,491 - 124,341 967,832
863,838 (4,194 ) 124,341 983,985
Restricted funds
Postcode Community Trust 1,720 (1,720 ) - -
Moondance 20,840 (20,840 ) - -
National Lottery Heritage Fund- Capital 48,141 39,200 (87,341 ) -
Architectural Heritage Fund - 40,000 - 40,000
Landfill Grant- Capital - 24,269 (10,000 ) 14,269
Customer Community Grant Fund- Capital - 27,000 (27,000 ) -
70,701 107,909 (124,341 ) 54,269
TOTAL FUNDS 934,539 103,715 - 1,038,254

LLANELLI RAILWAY GOODS SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

21. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 58,997 (63,191 ) (4,194 )

Restricted funds
Postcode Community Trust - (1,720 ) (1,720 )
Moondance - (20,840 ) (20,840 )
National Lottery Heritage Fund- Capital 39,870 (670 ) 39,200
Architectural Heritage Fund 40,000 - 40,000
Gallagher Community Fund 2023 1,000 (1,000 ) -
Landfill Grant- Capital 24,269 - 24,269
National Lottery Community Fund 7,876 (7,876 ) -
Community Fund 500 (500 ) -
Customer Community Grant Fund- Capital 27,000 - 27,000
140,515 (32,606 ) 107,909
TOTAL FUNDS 199,512 (95,797 ) 103,715


Comparatives for movement in funds

Net Transfers
movement between At
At 1.4.22 in funds funds 31.3.23
£    £    £    £   
Unrestricted funds
General fund 8,161 13,193 (1,007 ) 20,347
Designated Asset Fund Capital - - 843,491 843,491
8,161 13,193 842,484 863,838
Restricted funds
Llanelli Town Council - Remembrance Day
Events

399

(399

)

-

-
Railway Heritage Trust Grant 390,000 (7,813 ) (382,187 ) -
Garfield Weston Foundation 70,992 - (70,992 ) -
Carmarthenshire County Council -
Targeted Regeneration Investment
programme


298,369


-


(298,369


)


-
Welsh Water Rain Community Fund 1,000 (1,000 ) - -
Postcode Community Trust 9,956 (8,236 ) - 1,720
Pilgrim Trust Grant 20,000 (20,000 ) - -
Great Western Limited 15,936 - (15,936 ) -
Welsh Government CADW 25,000 50,000 (75,000 ) -
Moondance - 20,840 - 20,840
National Lottery Heritage Fund- Capital - 48,141 - 48,141
831,652 81,533 (842,484 ) 70,701
TOTAL FUNDS 839,813 94,726 - 934,539

LLANELLI RAILWAY GOODS SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

21. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 11,826 1,367 13,193

Restricted funds
Llanelli Town Council - Remembrance Day
Events

-

(399

)

(399

)
Carmartheshire County Council 28,162 (28,162 ) -
Railway Heritage Trust Grant - (7,813 ) (7,813 )
Welsh Water Rain Community Fund - (1,000 ) (1,000 )
Postcode Community Trust - (8,236 ) (8,236 )
Pilgrim Trust Grant - (20,000 ) (20,000 )
Welsh Government CADW 50,000 - 50,000
Asda 600 (600 ) -
Moondance 20,840 - 20,840
National Lottery Heritage Fund- Capital 49,000 (859 ) 48,141
148,602 (67,069 ) 81,533
TOTAL FUNDS 160,428 (65,702 ) 94,726

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfers
movement between At
At 1.4.22 in funds funds 31.3.24
£    £    £    £   
Unrestricted funds
General fund 8,161 8,999 (1,007 ) 16,153
Designated Asset Fund Capital - - 967,832 967,832
8,161 8,999 966,825 983,985
Restricted funds
Llanelli Town Council - Remembrance Day
Events

399

(399

)

-

-
Railway Heritage Trust Grant 390,000 (7,813 ) (382,187 ) -
Garfield Weston Foundation 70,992 - (70,992 ) -
Carmarthenshire County Council -
Targeted Regeneration Investment
programme


298,369


-


(298,369


)


-
Welsh Water Rain Community Fund 1,000 (1,000 ) - -
Postcode Community Trust 9,956 (9,956 ) - -
Pilgrim Trust Grant 20,000 (20,000 ) - -
Great Western Limited 15,936 - (15,936 ) -
Welsh Government CADW 25,000 50,000 (75,000 ) -
National Lottery Heritage Fund- Capital - 87,341 (87,341 ) -
Architectural Heritage Fund - 40,000 - 40,000
Landfill Grant- Capital - 24,269 (10,000 ) 14,269
Customer Community Grant Fund- Capital - 27,000 (27,000 ) -
831,652 189,442 (966,825 ) 54,269
TOTAL FUNDS 839,813 198,441 - 1,038,254

LLANELLI RAILWAY GOODS SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

21. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 70,823 (61,824 ) 8,999

Restricted funds
Llanelli Town Council - Remembrance Day
Events

-

(399

)

(399

)
Carmartheshire County Council 28,162 (28,162 ) -
Railway Heritage Trust Grant - (7,813 ) (7,813 )
Welsh Water Rain Community Fund - (1,000 ) (1,000 )
Postcode Community Trust - (9,956 ) (9,956 )
Pilgrim Trust Grant - (20,000 ) (20,000 )
Welsh Government CADW 50,000 - 50,000
Asda 600 (600 ) -
Moondance 20,840 (20,840 ) -
National Lottery Heritage Fund- Capital 88,870 (1,529 ) 87,341
Architectural Heritage Fund 40,000 - 40,000
Gallagher Community Fund 2023 1,000 (1,000 ) -
Landfill Grant- Capital 24,269 - 24,269
National Lottery Community Fund 7,876 (7,876 ) -
Community Fund 500 (500 ) -
Customer Community Grant Fund- Capital 27,000 - 27,000
289,117 (99,675 ) 189,442
TOTAL FUNDS 359,940 (161,499 ) 198,441

All restricted funds received which are capital, once spent have been transferred to a designated capital reserve.

Designated capital funds carried forward represent monies received towards capital expenditure.

These include funding from the following over the last 2 years

Railway Heritage Trust
Comprehensive County Council
Garfield Weston Foundation
Postcode Community Trust
Pilgrim Trust Grant
Great Western Limited
Welsh Government
Customer Community Grant
Landfill grant
National Lottery Heritage Fund

22. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.