The trustees present their annual report and financial statements for the year ended 30 September 2025.
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 company's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)".
The society's objectives are to advance the education of the public in the history and development of railway locomotives and railway vehicles by providing, constructing and operating a seven and a quarter inch gauge passenger carrying miniature railway with ancillary buildings.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the company should undertake.
Due to the repercussions of an incident on the 1st December 2024 public running at the railway only operated in a very restricted way while major changes were undertaken to the way public trains operate.
A new operating system has been designed and implemented including a new automatic signal system. A range of new documents were produced and a new training programme put in place.
Defects in our rail over river bridge were discovered during a schedule inspection and the bridge has been replaced with a culvert.
Work with the landlord regarding a new lease has been continued to be delayed while the Estate of the late Mr John Francis goes through land registry.
The critical mass of workers active on the site is declining and there are barely enough active members to tackle the amount of work to be done. The number of volunteers required on any given running day has increased in line with the new H&S Policy. We have also lost a number of members who have passed away over the last year.
The charity continues to provide a miniature railway with steam, diesel and electric locomotives, railway vehicles, an infrastructure replicating the railway environment of a bygone era and preserved our industrial heritage by maintaining traditional engineering skills and passing these on to a new generation. This is becoming more and more important as older members cease to be active.
Some of our Trustees have stepped down recently with the complicated registration requirements with Companies House and we look forward to electing new members at our AGM.
Parents, children, grandparents, grandchildren and other family and social groups have interacted together and with our "experts" as they discussed the past and the changes seen over the generations.
Our members demonstrated how things work and how things are done, These interactions helped build family bonds and create lifelong memories as well as teaching the engineering and science of the railways and engineering in Northern Ireland.
2024/25 has been a very busy year for the railway in terms of infrastructure and planning. We hope the following year will bring back a much more interactive season with the general public as we welcome them back on site on a more regular basis.
The results for the year are set out in detail on pages 5 to 13. The company returned net outgoing resources for the year of £4,864 (2024 - £1,142 net incoming resources), leaving unrestricted funds of £103,770 (2024 - £107,524) and restricted funds of £14,250 (2024 - £15,360).
Unrestricted funds are needed:
a) to provide funds which can be designated to specific projects to enable these projects to be undertaken at short notice; and,
b) to cover administration, fund-raising and support costs without which the charity could not function.
The directors consider it prudent that unrestricted reserves should be sufficient to 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.
The trustees have assessed the major risks to which the company is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
The company is governed by its Memorandum and Articles of Association. The company is not-for-profit and is limited by guarantee, the liability of its members being limited to £1.
The trustees, who are also the directors for the purpose of company law, and who served during the year were:
One third of the Directors must retire at each AGM, those longest in office retiring first and the choice between any of equal service being made by drawing lots.
Mr Jim Thompson resigned from the Board on 30 September 2025 due to ill health and subsequently passed away 19 October 2025. He will be fondly remembered.
This report has been prepared in accordance with the provision applicable to companies entitled to the small companies exemption.
The trustees' report was approved by the Board of Trustees.
We report on the financial statements of the company for the year ended 30 September 2025, which are set out on pages 5 to 13.
Basis of independent examiner's report
We have examined your charity accounts as required under section 65 of the Charities Act and our examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.
Our role is to state whether any material matters have come to our attention giving us cause to believe:
1. That accounting records were not kept in accordance with section 386 of the Companies Act 2006
2. That the accounts do not accord with those accounting records
3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the 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
4. That there is further information needed for a proper understanding of the accounts to be reached.
We have completed our examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention.
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.
Belfast and County Down Miniature Railway Society Ltd is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Century House, 40 Crescent Business Park, Lisburn, BT28 2GN. The business address is 60 Upper Gransha Road, Donaghadee, BT21 0LZ.
The financial statements have been prepared in accordance with the company's Memorandum and 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)". The company is a Public Benefit Entity as defined by FRS 102.
The company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the company. 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.
At the time of approving the financial statements, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
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 or grantors 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.
Cash donations are recognised on receipt. Other donations are recognised once the company 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.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Property, plant and equipment 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:
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.
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.
The company 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 company's balance sheet when the company 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.
Basic financial assets, which include trade and other receivables 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, including trade and other payables 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Miniature railway
Miniature railway
Rent
Insurance
Light and heat
Postage and stationery
Loco parts / fuel
Site and building expenses
Gardening and site maintenance
Advertising
Sundry expenses
Bank charges and interest
Accountancy
Description of charitable activities
The charity's only charitable activity is to advance the education of the public in the history and development of railway locomotion and railway vehicles by providing, constructing and operating a seven and a quarter inch guage passenger carrying miniature railway, along with raised track for three and a half and five inch locomotives with ancillary buildings.
The average monthly number of employees during the year was:
The charity is exempt from corporation tax on it's charitable activities.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
DRAP - NI Rural Development Programme - To provide financial support for the improvement of the station building and for the provision of a toilet block on the premises.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
The Board agreed to designate £4,320 in the year towards solicitor costs that may be associated with the ongoing legal claim regarding the accident on site on 1 December 2024.
There were no disclosable related party transactions during the year (2024 - none).