REGISTERED COMPANY NUMBER:
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REGISTERED CHARITY NUMBER:
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REPORT OF THE TRUSTEES AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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FOR |
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LLANGOLLEN RAILWAY TRUST LIMITED |
REGISTERED COMPANY NUMBER:
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REGISTERED CHARITY NUMBER:
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REPORT OF THE TRUSTEES AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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FOR |
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LLANGOLLEN RAILWAY TRUST LIMITED |
LLANGOLLEN RAILWAY TRUST LIMITED |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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Report of the Trustees | 1 | to | 5 |
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Independent Examiner's Report | 6 |
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Statement of Financial Activities | 7 |
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Balance Sheet | 8 | to | 9 |
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Notes to the Financial Statements | 10 | to | 20 |
LLANGOLLEN RAILWAY TRUST LIMITED (REGISTERED NUMBER: 03040336) |
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REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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The trustees who are also directors of the charity for the purpose of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2020. |
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This report has been prepared in accordance with the small company regime of the Companies Act 2006. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) Accounting and reporting by Charities 2011. The trustees have complied with the duty in section 17(5) of the 2011 Charities Act. |
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OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The objectives of the charity remain the same, being to support the restoration and preservation of the Llangollen Railway for the benefit of the public. |
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The main objectives for the year continue to be:- |
- The management, maintenance and restoration of a heritage railway. |
- To proceed with the construction of a full station facility to be known as Corwen Station. |
- The production of Steam at Llangollen, the in house magazine of the Railway. |
- The encouragement of volunteer activity in support of the above aims. |
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Public benefit |
The Llangollen Railway has a very high profile both locally and nationally and its interaction with the public is vital. The public and the towns of Llangollen and Corwen benefit enormously by the railway's presence as a tourism, leisure, transport and educational facility. |
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The line first opened in the 1860s and is operated to 21st century standards in a way that in addition to being educational allows a fun and safe experience, knowing that participation is helping to preserve real history for the future. |
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The Railway is open to all, either on a visitor level or as an opportunity to volunteer as a working member. "Everyone is welcome" has always been a cornerstone of the Railway's philosophy, and since restoration started over forty years ago it has provided an enhancing experience for innumerable people locally, nationally and internationally. |
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The Railway has a very significant effect on the local economy both in the employment it provides and also the number of visitors it attracts to the Dee Valley and North East Wales. |
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Statement of compliance |
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The trustees have referred to the Charity Commission's general guidance on public benefit when reviewing the 2020 activities and making plans for future periods, and believe that they have complied with their duty to have due regard to this guidance. |
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LLANGOLLEN RAILWAY TRUST LIMITED (REGISTERED NUMBER: 03040336) |
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REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The new Corwen station has made enormous progress during the year and it was hoped to open it at the start of the 2021 season. The pandemic delayed both of course. |
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A huge amount of work has been done during 2020 to the platform, track, signal box, water tower and station building. Much remains to be done at the time of going to print, the team is confident of practical completion ahead of the reopening of the Railway now anticipated for late July or early August. |
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The Railway owes a huge debt of gratitude to all the staff and volunteers who continue to provide all the administrative and practical assistance as the new station project progresses. The volunteers are working tirelessly in all weathers, to construct the platform and the on platform building, renovate the signal box, spread the ballast, etc. |
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This is not to ignore the considerable efforts of volunteers in other departments who also clear vegetation, maintain carriages, locomotives, stations, signals and 101 other tasks that are needed to operate a successful railway. The trustees are very grateful to them all. |
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We are very appreciative of the National Heritage Lottery Fund and Welsh Government Culture Fund, both of whom made significant grants during the year to help the Trust to assist the cashflow of Llangollen Railway PLC for which trading continued to be extremely difficult. |
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The Trust's other income sources are reduced this year as both Austin 1 and Jennifer have been undergoing major repairs and therefore have not been available for hire, a situation which should be remedied during 2021. Work to bring locomotive 7754 back into steam continues, the funding is in place. Hopefully we will see it back on the tracks in 2021. Berwyn station house continues to enjoy a good level of holiday bookings. |
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Locomotive 3802 was sold during the year by the directors of Great Western 3802 Ltd. The Trust holds approximately 45% of the shares and there will be a payment to the Trust, possibly around £60,000, once final corporation tax computations have been completed. The accounts show the Trust invested £106,024 in the company. However, the shares were actually gifted partly, if not wholly, by Mr Alan Moore to whom we express our gratitude as the cash will come in very useful as we start to think about reopening post-pandemic and the event noted below. A provision for £45,000 has been accounted for within these financial statements. |
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Investment performance |
The nature of the Trust's funding is such that there will never be enough funds to do everything we wish to achieve in terms of heritage restoration. The Trust continues to depend very heavily on donations, legacies and grants to carry out larger projects in particular, for example the building of Corwen Station. |
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As funds are invariably tight the annual accounts are unlikely ever to report a significant net income and occasionally there will be net expenditure. |
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FINANCIAL REVIEW |
Investment policy and objectives |
Where surplus funds arise these are invested in short term interest bearing deposit accounts. |
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Reserves policy |
The trustees have established the level of reserves (that is, those funds that are freely available) that the charity ought to maintain. Reserves are needed to bridge funding gaps, cater for unforeseen events and special projects arising. The trustees consider that the minimum level of reserves to be held is £60,000. |
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The trustees review the reserves needed on a regular basis but at this stage we are not able to retain any. |
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LLANGOLLEN RAILWAY TRUST LIMITED (REGISTERED NUMBER: 03040336) |
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REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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FINANCIAL REVIEW |
Restricted funds | £ |
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Total Restricted funds | 1,841,750 |
Less: |
Restricted Tangible assets | (1,641,262) |
Restricted Investment | (61,024) |
Restricted funds held for future |
periods (Bank): | 139,464 |
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Unrestricted funds: | 345,477 |
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FUTURE PLANS |
The trustees have two primary objectives which are to plan for reopening the Railway and to complete the permanent station at Corwen, to be known as Corwen Station. |
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Future trading will be solely in the name of the Trust, until such time as legal advice has been obtained on the best corporate vehicle(s) and structure. |
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It remains to be seen what affect the pandemic has on future passenger loadings. Engineering will become an in-house maintenance operation only given the difficulties of the recent past. It is hoped we might still obtain some external contract work in Carriage & Wagon. |
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The enthusiasm of our volunteers will be crucial if we are to succeed. It is very clear from our forecasts that overheads at previous levels are unsustainable. |
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Hence the trustees remain very keen to extend the membership of the Trust and hence the volunteer base. We will continue to promote volunteer recruitment across the whole spectrum of society. |
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STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
Llangollen Railway Trust Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 6th March 1995. It is registered as a charity with the Charity Commission, number 1046614. Anyone over the age of 18 can become a member of the company. Each member agrees to contribute £1 in the event of the charity being wound up. |
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Appointment of new trustees |
As set out in the Articles of Association one third of the trustees retire by rotation each year and shall if they so wish offer themselves for re-election. The trustees have the power to co-opt such trustee(s) as they see fit, such trustee(s) co-opted shall be appointed until the following AGM, where they may stand for reappointment. |
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Organisational structure |
The board of trustees, which shall number a minimum of four with no maximum numbers, administers the charity. The board generally meets at least monthly. |
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Induction and training of new trustees |
New trustees undergo a training process to explain to them their statutory obligations under charity and company law, the Memorandum and Articles of Association, the organisational structure and decision-making process. Trustees are encouraged to attend suitable external events where these will enhance the substance and quality of their role. All trustees, both existing and newly appointed, are required to confirm that they have read and understood the Charity Commission booklet CC3A, "The essential trustee" and CC3 "The essential trustee, what you need to know". |
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LLANGOLLEN RAILWAY TRUST LIMITED (REGISTERED NUMBER: 03040336) |
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REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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STRUCTURE, GOVERNANCE AND MANAGEMENT |
Related parties |
The charity had a 23.2% holding in Llangollen Railway Plc as at the balance sheet date (see Post Balance Sheet Event above) and is the holding company of Llangollen and Corwen Railway (Trading) Limited, which is dormant. |
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All three companies have a degree of common stewardship and are all involved in the promotion of the Railway with their members, the general public and local government. |
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REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
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Registered Charity number |
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Registered office |
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Trustees |
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Company Secretary |
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Independent Examiner |
Anthony Lewis F.C.C.A |
Chartered Accountant |
M. D. Coxey and Co. Limited |
Chartered Accountants |
25 Grosvenor Road |
Wrexham |
LL11 1BT |
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LLANGOLLEN RAILWAY TRUST LIMITED (REGISTERED NUMBER: 03040336) |
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REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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REFERENCE AND ADMINISTRATIVE DETAILS |
Bankers |
National Westminster Bank Plc |
62 Mostyn street |
Llandudno |
Conwy |
LL30 2WY |
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POST BALANCE SHEET EVENTS |
The disastrous losses of Llangollen Railway PLC in the 3 years 2018-20 totalling over £900,000, together with three significant contractual disputes and other issues in engineering and other accumulated debts meant the PLC could no longer continue to trade. The company was placed into administration on 25th March 2021. |
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A net amount of £103,749 owing by the PLC to the Trust is irrecoverable, and the Trust's shareholding in the PLC is worthless. It has therefore been necessary to record a total provision in these accounts of £279,310. |
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The previous board of both the PLC and the Trust resigned en masse on 26th September 2020. The trustees forming a new board were co-opted on 3rd October 2020. |
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Disentangling the affairs of the Trust from the PLC has proved extremely problematic and has absorbed innumerable hours by each trustee to the extent of being almost a full-time job on occasion. The trustees have completed the purchase from the administrators of the PLC's intellectual property rights, software, data, systems, office equipment, etc. We will now be able to turn our attention to plans for reopening which will hopefully be in late July or early August. |
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Appeals have gone out to raise funds for some rolling stock and other essential items of plant and equipment owned by the PLC which the Trust needs to acquire if possible. So many members of the public, Trust members and shareholders of the PLC have responded very generously and the trustees wish to express their gratitude accordingly. We have also enjoyed the considerable support of local media and the Railway press which has helped to boost donations greatly. |
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Much work has been necessary to establish internal governance on a strong footing to rebuild confidence with the funding agencies. It is hoped they will help us with our working capital needs ahead of and immediately after reopening. |
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This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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Approved by order of the board of trustees on
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
LLANGOLLEN RAILWAY TRUST LIMITED |
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Independent examiner's report to the trustees of Llangollen Railway Trust Limited ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2020. |
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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'). |
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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. |
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Independent examiner's statement |
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Chartered Accountant which is one of the listed bodies. |
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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: |
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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)). |
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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. |
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Anthony Lewis F.C.C.A |
Chartered Accountant |
M. D. Coxey and Co. Limited |
Chartered Accountants |
25 Grosvenor Road |
Wrexham |
LL11 1BT |
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3rd July 2021 |
LLANGOLLEN RAILWAY TRUST LIMITED |
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STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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31.12.20 | 31.12.19 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
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Other trading activities | 3 |
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Investment income | 4 |
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Total |
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EXPENDITURE ON |
Raising funds | 5 |
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Charitable activities | 6 |
General costs |
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Property costs |
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Total |
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Net gains/(losses) on investments | ( |
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NET INCOME/(EXPENDITURE) | ( |
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Transfers between funds | 15 | (18,588 | ) | 18,588 | - | - |
Net movement in funds | ( |
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RECONCILIATION OF FUNDS |
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Total funds brought forward |
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TOTAL FUNDS CARRIED FORWARD |
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2,194,479 |
LLANGOLLEN RAILWAY TRUST LIMITED (REGISTERED NUMBER: 03040336) |
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BALANCE SHEET |
31ST DECEMBER 2020 |
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31.12.20 | 31.12.19 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
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Investments | 11 |
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CURRENT ASSETS |
Debtors | 12 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 13 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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NET ASSETS |
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FUNDS | 15 |
Unrestricted funds | 345,477 | 376,894 |
Restricted funds: |
Restricted | 1,841,750 | 1,817,585 |
TOTAL FUNDS |
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2,194,479 |
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2020. |
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The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2020 in accordance with Section 476 of the Companies Act 2006. |
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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. |
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LLANGOLLEN RAILWAY TRUST LIMITED (REGISTERED NUMBER: 03040336) |
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BALANCE SHEET - continued |
31ST DECEMBER 2020 |
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These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
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The financial statements were approved by the Board of Trustees and authorised for issue on
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LLANGOLLEN RAILWAY TRUST LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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1. | ACCOUNTING POLICIES |
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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, with the exception of investments which are included at market value. |
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The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. |
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Status and principal activities |
Llangollen Railway Trust Limited is a company limited by guarantee, incorporated in England and Wales. Its Registered Office is The Station, Abbey Road, Llangollen, Denbighshire, LL20 8SN. |
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The principal activity of the company is that of the repair and maintenance of transport equipment. |
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Financial reporting standard 102 - reduced disclosure exemptions |
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': |
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• | the requirements of Section 7 Statement of Cash Flows; |
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the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c). |
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Significant judgements and estimates |
In the application of the Company’s accounting policies, management are required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: |
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- Estimated useful lives and residual values of fixed assets: |
The carrying value of fixed assets are reviewed each year end for indicators of impairment triggers. If such triggers exist, management would be required to carry out a formal impairment review using a discounted cash flow model to determine their value in use on a cash-generating unit basis. The value in use calculation requires management to estimate the future cash flows expected to arise from the cash-generating unit and a sustainable discount rate in order to calculate the present value. |
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Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during current and prior accounting periods. |
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- Estimated write down of stock to net realisable value: |
Stock valuation has been based on an estimated useful life and residual value deemed appropriate by the directors. The estimated write down of stock to net realisable value is reviewed annually and revised as appropriate by the directors. |
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- Revenue recognition: |
LLANGOLLEN RAILWAY TRUST LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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1. | ACCOUNTING POLICIES - continued |
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Significant judgements and estimates |
In making its judgement, management consider the detailed criteria for the recognition of revenue as set out within Section 23 of FRS 102. The directors are satisfied that the recognition point being typically when goods are delivered and legal title has passed is correct. |
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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. |
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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. |
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Raising funds |
Costs of generating funds comprise those costs directly attributable to the commercial activities of the Trust. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Land, Buildings and Improvements | - |
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Plant and machinery | - |
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The vintage locomotives are not depreciated. |
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Expenditure of a capital nature is recognised as an addition to fixed assets. All fixed assets are stated at cost. |
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Taxation |
The charity is exempt from corporation tax on its charitable activities. |
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Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
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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. |
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Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. |
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Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors and trade creditors. |
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Trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received. |
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Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
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LLANGOLLEN RAILWAY TRUST LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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1. | ACCOUNTING POLICIES - continued |
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Financial instruments |
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The charity's functional and presentational currency is the Pound Sterling (£). |
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2. | DONATIONS AND LEGACIES |
31.12.20 | 31.12.19 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Donations | 208,006 | 5,027 |
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Gift aid | 47,724 | - |
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Legacies | 21,274 | - |
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Grant income | 47,655 | 5,877 |
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324,659 | 10,904 |
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Grants received, included in the above, are as follows: |
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31.12.20 | 31.12.19 |
£ | £ |
Welsh Assembly | 5,877 | 33,642 |
Cadwyn Clwyd | 7,655 | 2,741 |
Denbighshire CC Covid-19 | 40,000 | - |
53,532 | 36,383 |
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3. | OTHER TRADING ACTIVITIES |
31.12.20 | 31.12.19 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Fundraising events | - | 86,514 |
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Subscriptions | 32,119 | - | 32,119 | 27,262 |
Magazines, raffles and locomotive hire | 3,018 | - | 3,018 | 1,800 |
Holiday letting income | 8,351 | - | 8,351 | 21,202 |
Other sales | 3,375 | - | 3,375 | 155 |
46,863 | 86,514 |
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LLANGOLLEN RAILWAY TRUST LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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4. | INVESTMENT INCOME |
31.12.20 | 31.12.19 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Bank interest | 25 | - | 25 | 56 |
Interest received on gift aid payments | - | - | - | 201 |
25 | - |
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5. | RAISING FUNDS |
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Other trading activities |
31.12.20 | 31.12.19 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Hire of plant and machinery | 1,745 | - | 1,745 | - |
Bad debts | 103,748 | - | 103,748 | - |
Steaming expenses | 3,675 | - | 3,675 | 9,150 |
Holiday letting expenses | 9,913 | - | 9,913 | 11,475 |
119,081 | - | 119,081 | 20,625 |
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6. | CHARITABLE ACTIVITIES COSTS |
Support |
costs |
£ |
General costs | 58,068 |
Property costs | 78,508 |
136,576 |
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7. | NET INCOME/(EXPENDITURE) |
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Net income/(expenditure) is stated after charging/(crediting): |
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31.12.20 | 31.12.19 |
£ | £ |
Depreciation - owned assets |
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Hire of plant and machinery | 1,745 | - |
Independent examiner fees | 2,500 | 2,150 |
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LLANGOLLEN RAILWAY TRUST LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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8. | TRUSTEES' REMUNERATION AND BENEFITS |
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There were no trustees' remuneration or other benefits for the year ended 31st December 2020 nor for the year ended 31st December 2019. |
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Trustees' expenses |
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There were no trustees' expenses paid for the year ended 31st December 2020 nor for the year ended 31st December 2019. |
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9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
|
|
|
|
Other trading activities |
|
|
|
Investment income |
|
|
|
Total |
|
|
|
|
|
EXPENDITURE ON |
Raising funds |
|
|
|
|
Charitable activities |
General costs |
|
|
|
Property costs |
|
|
|
|
Total |
|
|
|
|
NET INCOME/(EXPENDITURE) |
|
( |
) | ( |
) |
|
Transfers between funds | (5,322 | ) | 5,322 | - |
Net movement in funds | ( |
) | ( |
) | ( |
) |
|
RECONCILIATION OF FUNDS |
|
Total funds brought forward | 377,540 | 1,825,607 |
|
|
TOTAL FUNDS CARRIED FORWARD | 376,894 | 1,817,585 | 2,194,479 |
|
LLANGOLLEN RAILWAY TRUST LIMITED |
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
|
10. | TANGIBLE FIXED ASSETS |
Land, |
Buildings |
and | Plant and |
Improvements | machinery | Totals |
£ | £ | £ |
COST |
At 1st January 2020 |
|
|
|
Additions |
|
|
|
At 31st December 2020 |
|
|
|
DEPRECIATION |
At 1st January 2020 |
|
|
|
Charge for year |
|
|
|
At 31st December 2020 |
|
|
|
NET BOOK VALUE |
At 31st December 2020 |
|
|
|
At 31st December 2019 |
|
|
|
|
11. | FIXED ASSET INVESTMENTS |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
MARKET VALUE |
At 1st January 2020 |
|
|
281,585 |
Impairments |
|
( |
) | (220,560 | ) |
At 31st December 2020 |
|
|
61,025 |
NET BOOK VALUE |
At 31st December 2020 | 1 | 61,024 | 61,025 |
At 31st December 2019 | 1 | 281,584 | 281,585 |
|
There were no investment assets outside the UK. |
|
The company's investments at the balance sheet date in the share capital of companies include the following: |
|
Subsidiary |
|
|
Registered office:
|
Nature of business: Hire of locomotives |
% |
Class of share: | holding |
|
|
|
|
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) |
|
LLANGOLLEN RAILWAY TRUST LIMITED |
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
|
11. | FIXED ASSET INVESTMENTS - continued |
|
Associated company |
|
|
Registered office: The Station, Abbey Road, Llangollen, Denbighshire, LL20 8SN |
Nature of business: Heritage steam railway |
% |
Class of share: | holding |
|
|
|
|
£ | £ |
Aggregate capital and reserves |
|
|
Loss for the year |
|
( |
) |
|
In 2007 the Trust purchased £86,024 worth of shares in Great Western 3802 Ltd. Another £20,000 worth of shares were purchased in 2009. The total cost of the investment in Great Western 3802 Ltd at 31st December 2019 was £106,024. |
|
Locomotive 3802 was sold during the year by the directors of Great Western 3802 Ltd. The Trust holds approximately 45% of the shares and there will be a payment to the Trust, possibly around £60,000, once final corporation tax computations have been completed. |
The accounts currently show the impaired investment amounting to £61,024 in the company in advance of the disposal proceeds due in 2021. |
|
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Due from Llangollen Railway plc | - | 5,040 |
VAT |
|
|
Prepayments and accrued income |
|
|
Gift aid | 16,369 | 6,051 |
|
|
|
LLANGOLLEN RAILWAY TRUST LIMITED |
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
|
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Bank loans and overdrafts (see note 14) |
|
|
Trade creditors |
|
|
Directors loans 2019 | 10,000 | 14,000 |
VAT | - | 3 |
Other creditors |
|
|
Due to Llangollen Railway plc | - | 92,827 |
Accruals and deferred income |
|
|
|
|
|
14. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
31.12.20 | 31.12.19 |
£ | £ |
Amounts falling due within one year on demand: |
Bank overdrafts |
|
|
|
15. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.1.20 | in funds | funds | 31.12.20 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 376,894 | (12,829 | ) | (18,588 | ) | 345,477 |
|
Restricted funds |
Restricted | 1,817,585 | 5,577 | 18,588 | 1,841,750 |
|
TOTAL FUNDS |
|
(7,252 | ) |
|
2,187,227 |
|
Net movement in funds, included in the above are as follows: |
|
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 371,547 | (208,816 | ) | (175,560 | ) | (12,829 | ) |
|
Restricted funds |
Restricted | 97,418 | (46,841 | ) | (45,000 | ) | 5,577 |
|
TOTAL FUNDS |
|
( |
) | ( |
) | (7,252 | ) |
|
LLANGOLLEN RAILWAY TRUST LIMITED |
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
|
15. | MOVEMENT IN FUNDS - continued |
|
Comparatives for movement in funds |
|
Net | Transfers |
movement | between | At |
At 1.1.19 | in funds | funds | 31.12.19 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 377,540 | 4,676 | (5,322 | ) | 376,894 |
|
Restricted funds |
Restricted | 1,825,607 | (13,344 | ) | 5,322 | 1,817,585 |
|
TOTAL FUNDS | 2,203,147 | (8,668 | ) | - | 2,194,479 |
|
Comparative net movement in funds, included in the above are as follows: |
|
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 132,698 | (128,022 | ) | 4,676 |
|
Restricted funds |
Restricted | 40,078 | (53,422 | ) | (13,344 | ) |
|
TOTAL FUNDS | 172,776 | (181,444 | ) | (8,668 | ) |
|
A current year 12 months and prior year 12 months combined position is as follows: |
|
Net | Transfers |
movement | between | At |
At 1.1.19 | in funds | funds | 31.12.20 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 377,540 | (8,153 | ) | (23,910 | ) | 345,477 |
|
Restricted funds |
Restricted | 1,825,607 | (7,767 | ) | 23,910 | 1,841,750 |
|
TOTAL FUNDS | 2,203,147 | (15,920 | ) | - | 2,187,227 |
LLANGOLLEN RAILWAY TRUST LIMITED |
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
|
15. | 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 | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 504,245 | (336,838 | ) | (175,560 | ) | (8,153 | ) |
|
Restricted funds |
Restricted | 137,496 | (100,263 | ) | (45,000 | ) | (7,767 | ) |
|
TOTAL FUNDS | 641,741 | (437,101 | ) | (220,560 | ) | (15,920 | ) |
|
Restricted Funds: | Balance b/fwd | Income | Transfers | Expenditure | Balance c/fwd |
Pannier Fund 7754 | 18,523 | 5,026 | - | (1,838 | ) | 21,711 |
Engine Shed | 25,000 | - | - | - | 25,000 |
Wagon Fund | 770 | - | - | (110 | ) | 660 |
Corwen Extension | 1,530,033 | - | 552 | (41,355 | ) | 1,489,230 |
Flail Appeal | 6,239 | - | - | - | 6,239 |
Investment | 106,024 | - | - | (45,000 | ) | 61,024 |
CCRD | - | 86,514 | - | - | 86,514 |
Grant - platform project | 130,996 | 5,877 | 18,036 | (3,538 | ) | 151,372 |
1,817,585 | 97,418 | 18,588 | (91,841 | ) | 1,841,750 |
|
16. | CAPITAL COMMITMENTS |
31.12.20 | 31.12.19 |
£ | £ |
Contracted but not provided for in the financial statements | - | - |
|
LLANGOLLEN RAILWAY TRUST LIMITED |
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
|
17. | RELATED PARTY DISCLOSURES - continued |
|
17. | RELATED PARTY DISCLOSURES |
|
During the year ended 31st December 2020 the following transactions took place between Llangollen Railway Plc, of which the Trust owns 23.2% of the ordinary share capital, and Llangollen and Corwen Railway (Trading) Limited, which is owned solely by the Trust. |
|
|
2020 | 2019 |
£ | £ |
|
Sales | 2,419 | 1,800 |
Purchases | (14,176) | (65,720) |
|
As at 31st December 2020 the following balances were outstanding: |
|
Debtors | Debtors | Creditors | Creditors |
2020 | 2019 | 2020 | 2019 |
£ | £ | £ | £ |
Llangollen Railway plc | - | 5,040 | - | 92,827 |
Llangollen and Corwen Railway (Trading)
Limited |
2,813 |
2,794 |
- |
- |
|
|
Llangollen Railway plc is a guarantor for the Trust up to a liability in sum of £125,000. |
|
Please note Llangollen Railway PLC entered into administration on 25th March 2021. |
|
18. | GUARANTEES BY MEMBERS |
|
The company is limited by guarantee. Each member has agreed to pay £1 in the event if the charity being wound up. |