REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
TRUSTEES' REPORT AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
GCR ROLLING STOCK TRUST |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
TRUSTEES' REPORT AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
GCR ROLLING STOCK TRUST |
GCR ROLLING STOCK TRUST |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 July 2023 |
Page |
Trustees' Report | 1 | to | 2 |
Statement of Financial Activities | 3 |
Balance Sheet | 4 | to | 5 |
Notes to the Financial Statements | 6 | to | 11 |
GCR ROLLING STOCK TRUST (REGISTERED NUMBER: 03927595) |
TRUSTEES' REPORT |
for the year ended 31 July 2023 |
The trustees of the Rolling Stock Trust are pleased to present their report for the 23rd year of the trust - concluded 31st July 2023, and to advise its supporters and all those who have the same interest in saving and restoring of the last remaining fleet of GCR original railway carriages that, despite recent long-term restrictions on work and related activities, the trust remains in good financial heart. This continues through the on-going encouragement and support of its many, much appreciated, donors. |
The trustees continue to adopt the provisions of the 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 aims |
The aim of the trust is to conserve and restore Great Central Railway carriages and to provide education as to their role and influence in the development of rail travel into the modern day. Conservation, given their parlous history, has required (and continues to require) much essential research, applied and coupled with a recognition that account must also be taken of current day regulatory requirements - as a central means of offering the public a practical experience of historic rail travel. |
Stripped bare as these carriages were, conservation / restoration is the most costly part of returning these 'At Risk - registered' carriages to public service. |
Significant activities |
In recent months we have been able to identify and design a considerable range of materials and formal drawings relating to the many key areas of which these carriages (especially 'The Barnums') are composed. We have created the basis of formal work plans, enabling us to carry out restoration of these complex vehicles in an effectively sequential manner. |
As an example, resumption of on-site work now focusses on returning the bogies (so expertly restored by Nemesis Rail) to Carriage No. 228. Current preliminary activity is centred on repairs to equipment 'hidden' by bogies before they are re-fitted. |
Plans for the interiors have now been drawn up, costed and made available to identified specialised contractors to support our small team of experienced volunteers. Practical experience of plan implementation is being recorded as a means of applying 'wrinkles' learnt across the whole fleet owned by the trust. Time and funds are being conserved in this way, coupled with closer relationships with our specialist contractors and suppliers. |
A system of identifying the costs of each work plan has been created, alongside anticipated implementation timescales. This is designed to guide the trust in fund raising and allocation and is running alongside plans to raise the trust's profile via the 'Friends of G. C. R. Rolling Stock Trust'. |
One sad and unexpected event earlier this year was the death of our Chairman Richard Tilden Smith. Richard had devoted much time and expertise in developing the trust and supporting the trustees and volunteers. He and his enthusiasm is much missed, however he has bequeathed a strong following - of interested and supportive individuals and businesses to our aims. The trust appreciates greatly his influence, which encourages us towards further achievements in restoring the G.C. heritage in our possession. |
Continuing to look forward, the trust is pursuing an energetic programme to inform our current donors and supporters about our reaching the key stages of conservation, as well as developing new backers via sponsorship, regular newsletters and keeping up-to-date information on our website. |
This is a massive task for the trust. Activities during this last 12-month have all been designed to effectively exploit all we know about the complex needs of our vintage carriage stock. We are in a good place to successfully achieve this most attractive project and share this with our supporters and the interested public. |
GCR ROLLING STOCK TRUST (REGISTERED NUMBER: 03927595) |
TRUSTEES' REPORT |
for the year ended 31 July 2023 |
FINANCIAL REVIEW |
Reserves policy |
In the trustees' view, the reserves should provide the charity with adequate financial stability and the means for it to meet it's charitable objectives for the foreseeable future. The trustees propose to maintain the charity's reserves at a level which is at least equivalent to 3 months operational expenditure. Gross income from all sources for this year totalled £16,327 (2022 - £13,850) and total revenue expenditure of £14,072 (2022 - £21,508). At the end of the year, 31 July 2023, the unrestricted funds of the charity amounted to £226,968 (2022 - £224,213). |
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. |
New trustees are elected by the 'Board of Trustees'. |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Approved by order of the board of trustees on |
GCR ROLLING STOCK TRUST |
STATEMENT OF FINANCIAL ACTIVITIES |
for the year ended 31 July 2023 |
2023 | 2022 |
Unrestricted | Total |
funds | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 3 |
Charitable activities | 5 |
Investment income | 4 |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
Other recognised gains/(losses) |
Gains on revaluation of fixed assets |
Net movement in funds |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 224,213 |
GCR ROLLING STOCK TRUST (REGISTERED NUMBER: 03927595) |
BALANCE SHEET |
31 July 2023 |
2023 | 2022 |
Unrestricted | Total |
funds | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 14 |
Unrestricted funds | 224,213 |
TOTAL FUNDS | 224,213 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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. |
GCR ROLLING STOCK TRUST (REGISTERED NUMBER: 03927595) |
BALANCE SHEET - continued |
31 July 2023 |
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 |
GCR ROLLING STOCK TRUST |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 July 2023 |
1. | COMPANY STATUS |
The charity is a company limited by guarantee and incorporated in England and Wales. The members of the company are the trustees who are also the directors. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The charitable company's registered numbers and registered office address can be found in the Report of the Trustees. |
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 Charities SORP (FRS102) '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 (FRS102) (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 costs convention as modified by revaluation of certain assets' etc. |
The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous year. |
Income |
All incoming resources are included on 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. |
Voluntary income is received by way of legacies, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. |
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. |
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. it includes both costs that can be allocated directly to such activities and those costs of indirect nature necessary to support them. |
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include costs linked to the strategic management of the charity. |
Irrecoverable VAT is charged as a cost against the act for which the expenditure is incurred. |
Tangible fixed assets |
Tangible fixed assets comprise railway carriages and rail track, which are included at Trustees' valuation to take into consideration the degree of restoration work carried out on each asset individually. No depreciation has been provided on these assets because these items are maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would be immaterial and therefore is not charged in the statement of financial activities. |
The trustees review the assets annually for impairment under FRS102. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures and Fittings - 10 years straight line |
GCR ROLLING STOCK TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
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. |
3. | DONATIONS AND LEGACIES |
2023 | 2022 |
£ | £ |
Gift aid recoverable |
Cash donations |
4. | INVESTMENT INCOME |
2023 | 2022 |
£ | £ |
Deposit account interest |
5. | INCOME FROM CHARITABLE ACTIVITIES |
2023 | 2022 |
Activity | £ | £ |
Grants | Preservation of rolling stock | 600 | - |
6. | SUPPORT COSTS |
Governance |
Management | costs | Totals |
£ | £ | £ |
Preservation of rolling stock | 8,181 | 2,927 | 11,108 |
GCR ROLLING STOCK TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
6. | SUPPORT COSTS - continued |
Support costs, included in the above, are as follows: |
2023 | 2022 |
Preservation |
of |
rolling | Total |
stock | activities |
£ | £ |
Other operating leases | 4,200 | - |
Travel and subsistence | - | 1,026 |
Insurance | 2,430 | 2,416 |
Bank charges | 69 | 103 |
Telephone | - | 282 |
Postage and stationery | 1,482 | 288 |
Accountancy and legal fees | 1,570 | 1,290 |
Marketing | 1,357 | 971 |
11,108 | 6,376 |
7. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases | 4,200 | - |
8. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022. |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Railway | and |
items | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 August 2022 |
Additions |
Revaluations |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
GCR ROLLING STOCK TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 July 2023 is represented by: |
Fixtures |
Railway | and |
items | fittings | Totals |
£ | £ | £ |
Valuation in 2023 | 172,031 | 1,800 | 173,831 |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks of materials |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Gift aid recoverable |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Accrued expenses |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
14. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.8.22 | in funds | 31.7.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 121,966 | 2,625 | 124,591 |
Revaluation reserve | 102,247 | - | 102,247 |
2,625 |
TOTAL FUNDS | 2,625 | 226,838 |
GCR ROLLING STOCK TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
14. | MOVEMENT IN FUNDS - continued |
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 | 16,327 | (14,202 | ) | 500 | 2,625 |
TOTAL FUNDS | ( |
) | 2,625 |
Comparatives for movement in funds |
Net |
movement | At |
At 1.8.21 | in funds | 31.7.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 129,624 | (7,658 | ) | 121,966 |
Revaluation reserve | 77,247 | 25,000 | 102,247 |
206,871 | 17,342 | 224,213 |
TOTAL FUNDS | 206,871 | 17,342 | 224,213 |
Comparative 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 | 13,850 | (21,508 | ) | - | (7,658 | ) |
Revaluation reserve | - | - | 25,000 | 25,000 |
13,850 | (21,508 | ) | 25,000 | 17,342 |
TOTAL FUNDS | 13,850 | (21,508 | ) | 25,000 | 17,342 |
The revaluation reserve represents the excess market value over historic cost for a number of railway items. |
GCR ROLLING STOCK TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
15. | RELATED PARTY DISCLOSURES |