Northern Viaduct Trust Limited - Charities report - 19.2
Northern Viaduct Trust Limited - Charities report - 19.2
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 31 March 2019 |
| for |
| NORTHERN VIADUCT TRUST LIMITED |
| NORTHERN VIADUCT TRUST LIMITED |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2019 |
| Page |
| Report of the Trustees | 1 to 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 to 6 |
| Notes to the Financial Statements | 7 to 12 |
| NORTHERN VIADUCT TRUST LIMITED |
| Report of the Trustees |
| for the Year Ended 31 March 2019 |
| 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 2019. 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 2015). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and activities |
| The principal objective of the charity is to restore and preserve for the public benefit the fine disused railway viaducts at |
| Smardale Gill, Podgill and Merrygill near Kirkby Stephen, Cumbria and other disused listed viaducts and structures of |
| particular beauty or interest. |
| ACHIEVEMENT AND PERFORMANCE |
| Strategies for achieving objectives |
| The Northern Viaduct Trust has a team of very experienced Trustees with a wide variety of skills. The Trust has |
| established, through the hard work of the Trustees, its business partners and others with which it has worked, a deserved |
| reputation in delivering successful projects. The Trust is able to point to the two National Awards received as indicators |
| of these achievements. |
| The Trust has excellent relationships with numerous organisations both national and local and is well placed to obtain |
| further grants for future suitable projects. The Trust operates a policy of prudent and sound financial management. |
| FINANCIAL REVIEW |
| Financial position |
| The results for the year and financial position of the company are as shown in the annexed financial statements. |
| The Trustees met regularly during the year to 31 March 2019. |
| Following a professional visual inspection of our entire estate, it became clear that major works will be necessary to |
| areas of Smardale Gill Viaduct. Having been made aware that the existing railings may pose a safety risk, it has been |
| necessary to close the viaduct temporarily and at the time of writing, the Trustees are seeking a solution which will |
| satisfy current safety standards, following which the required funding will be sought. The inspection also identified the |
| need for closer examination of areas where water ingress has occurred in the stonework and the Trustees are to approach |
| a number of structural engineers to tender for a full structural survey and schedule of appropriate works, to include a |
| new waterproof deck. It is clear that a major funding package will be vital to enable the Trustees to complete the works |
| envisaged. The Trustees continue to work closely with the Cumbria Wildlife Trust and Yorkshire Dales National Park |
| in all areas of common interest. |
| The Trustees are very grateful for the tremendous support they receive from individuals with respect to donations |
| received, particularly when the trust does not have a regular source of income. The periodic newsletter is well received |
| and provides an excellent way of providing an update on the work of the Trust. The Trustees also acknowledge the |
| support they receive from the local community and the very positive comment from visitors to its walks. |
| In the year to 31 March 2019 a number of long-standing Trustees stood down, having provided valuable contributions to |
| the Trust over many years. At the time of approval and authorisation for issue of these financial statements, a further |
| Trustee has stood down and a new Trustee has joined the Board, bringing most valuable skills and expertise. |
| Investment policy and performance |
| The Trust operates within the Memorandum and Articles of Association and regularly reviews its investment policy. |
| Reserves policy |
| The Trust has a duty to ensure that there are adequate reserves for the maintenance and repair of the structures under its |
| control. The Trustees have a programme of frequent monitoring inspections together with a detailed inspection carried |
| out by an independent engineer once every five years. This enables the Trustees to ascertain the likelihood of a |
| significant expense in the future. The reserves policy takes these matters into account. |
| NORTHERN VIADUCT TRUST LIMITED |
| Report of the Trustees |
| for the Year Ended 31 March 2019 |
| FINANCIAL REVIEW |
| Going concern |
| After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to |
| continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern |
| basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be |
| found in the Accounting Policies. |
| Risk management |
| The Trustees have examined the major strategic business and operational risks which the charity faces and confirm that |
| systems are in place to enable regular reports, in particular reports relating to the structures, to be produced so that the |
| necessary steps can be taken to reduce these risks. |
| FUTURE PLANS |
| No formal plans have been drawn up for the acquisition of any further viaducts. The Trust's immediate aim is to deal |
| with repairs to its viaducts and structures and continue with a period of consolidation. The Trustees are conscious that |
| the investments of the Trust should yield sufficient income and further investment reviews are undertaken to ensure that |
| such yields are maximised from investments and cash balances. |
| 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. |
| Charity constitution |
| The charity is constituted under a Memorandum of Association dated 23 February 1989 and is a registered charity |
| number 702573. |
| Recruitment and appointment of new trustees |
| The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the |
| Articles of Association. |
| Organisational structure and decision making |
| The Northern Viaduct Trust is an independent charity. The Trustees hold regular meetings and receive reports regarding |
| for example, current maintenance, finance and investment reviews etc. |
| Induction and training of new trustees |
| The charity, through the current Trustees, has adequate expertise and resource to enable it to function effectively. |
| However, apart from the situation where a Trustee does not stand for re-election or resigns, the Trustees are always alert |
| to the possibility of inviting individuals who will bring other skills and experience onto the board of Trustees. New |
| Trustees are given advice as to their role and and all Trustees maintain their skills and knowledge through a variety of |
| informal means. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| NORTHERN VIADUCT TRUST LIMITED |
| Report of the Trustees |
| for the Year Ended 31 March 2019 |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Trustees |
| - resigned 26/7/19 |
| - resigned 19/9/18 |
| - resigned 29/3/19 |
| - resigned 23/3/19 |
| - resigned 19/9/18 |
| - resigned 27/3/19 |
| - appointed 11/7/19 |
| Company Secretary |
| Approved by order of the board of trustees on |
| NORTHERN VIADUCT TRUST LIMITED |
| Statement of Financial Activities |
| for the Year Ended 31 March 2019 |
| 31/3/19 | 31/3/18 |
| Unrestricted fund |
Restricted fund |
Total funds |
Total funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Investment income | 2 |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| Total |
| Net gains/(losses) on investments | ( |
) | ( |
) |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
| Transfers between funds | 11 | (8,853 | ) | 8,853 | - | - |
| Net movement in funds | ( |
) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 975,456 |
| NORTHERN VIADUCT TRUST LIMITED |
| Balance Sheet |
| At 31 March 2019 |
| 31/3/19 | 31/3/18 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| Investments | 8 |
| CURRENT ASSETS |
| Cash at bank | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 11 |
| Unrestricted funds | 8,130 | 13,313 |
| Restricted funds | 962,143 |
| TOTAL FUNDS | 975,456 |
| NORTHERN VIADUCT TRUST LIMITED |
| Balance Sheet - continued |
| At 31 March 2019 |
| The charitable company is entitled to exemption from audit under |
| Section 477 of the Companies Act 2006 for the year ended 31 March 2019. |
| The members have not required the company to obtain an audit of its financial statements for the year ended |
| 31 March 2019 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. |
| 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 on |
| NORTHERN VIADUCT TRUST LIMITED |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2019 |
| 1. | 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 2015)', |
| 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. |
| 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. |
| 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 |
| The three historic viaducts and ancillary property are stated at their cost of acquisition of the freeholds, £2 in |
| total plus the cost of initial restoration and of subsequent improvements. No provision is made for depreciation |
| on the grounds that the properties comprise freehold land and structures which are subject to a policy and |
| practice of regular maintenance and repair. They will therefore be kept to the previously assessed (restored) |
| standard. Annual impairment reviews are carried out and a detailed structural survey undertaken every five years |
| by a qualified engineer. |
| 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. |
| 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. |
| Fixed asset investments |
| Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost |
| and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliabily |
| in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, |
| are combined and shown in the heading 'Net gains/(losses) on investments" in the Statement of financial |
| activities incorporating income and expenditure account. |
| NORTHERN VIADUCT TRUST LIMITED |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2019 |
| 2. | INVESTMENT INCOME |
| 31/3/19 | 31/3/18 |
| £ | £ |
| Other fixed asset invest - FII | 4,283 | 4,345 |
| 3. | SUPPORT COSTS |
Management |
Finance |
Governance costs |
Totals |
| £ | £ | £ | £ |
| 202 | 60 | 96 | 358 |
| Activity | Basis of allocation |
| Management | Support Cost |
| Finance | Support Cost |
| Governance costs | Support Cost |
| Support costs, included in the above, are as follows: |
| Management |
| 31/3/19 | 31/3/18 |
| Restoration and Preservation |
Total activities |
| £ | £ |
| Computer running cost | 170 | - |
| Sundries | 32 | 136 |
| Legal and Professional | - | 116 |
| 202 | 252 |
| Finance |
| 31/3/19 | 31/3/18 |
| Restoration and Preservation |
Total activities |
| £ | £ |
| Bank charges | 60 | 55 |
| Governance costs |
| 31/3/19 | 31/3/18 |
| Restoration and Preservation |
Total activities |
| £ | £ |
| Trustees' expenses | 83 | 120 |
| Accountancy and legal fees | 13 | 15 |
| 96 | 135 |
| NORTHERN VIADUCT TRUST LIMITED |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2019 |
| 4. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 31/3/19 | 31/3/18 |
| £ | £ |
| Hire of plant and machinery | 180 | - |
| 5. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 March 2019 nor for the year ended |
| 31 March 2018. |
| Trustees' expenses |
| 31/3/19 | 31/3/18 |
| £ | £ |
| Trustees' expenses |
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted fund |
Restricted fund |
Total funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Investment income |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| Total |
| Net gains/(losses) on investments |
| NET INCOME/(EXPENDITURE) |
| Transfers between funds | (3,971 | ) | 3,971 | - |
| Net movement in funds |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 12,822 | 956,530 | 969,352 |
| TOTAL FUNDS CARRIED FORWARD | 13,313 | 962,143 | 975,456 |
| NORTHERN VIADUCT TRUST LIMITED |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2019 |
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
| Unrestricted fund |
Restricted fund |
Total funds |
| £ | £ | £ |
| 7. | TANGIBLE FIXED ASSETS |
| Freehold property |
| £ |
| COST |
| At 1 April 2018 and 31 March 2019 |
| NET BOOK VALUE |
| At 31 March 2019 |
| At 31 March 2018 |
| 8. | FIXED ASSET INVESTMENTS |
| Listed investments |
| £ |
| MARKET VALUE |
| At 1 April 2018 |
| Impairments | ( |
) |
| At 31 March 2019 |
| NET BOOK VALUE |
| At 31 March 2019 | 167,091 |
| At 31 March 2018 | 169,798 |
| There were no investment assets outside the UK. |
| 9. | CASH AT BANK |
| 31/3/19 | 31/3/18 |
| General fund | Total funds | Total funds |
| £ | £ | £ |
| Bank account no. 1 | 8,013 | 8,013 | 13,196 |
| Bank deposit account | 117 | 117 | 117 |
| Total | 8,130 |
| NORTHERN VIADUCT TRUST LIMITED |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2019 |
| 10. | ANALYSIS OF NET ASSETS BETWEEN FUNDS |
| 31/3/19 | 31/3/18 |
| Unrestricted fund |
Restricted fund |
Total funds |
Total funds |
| £ | £ | £ | £ |
| Fixed assets | - | 792,345 | 792,345 | 792,345 |
| Investments |
| Current assets | 8,130 | - |
| 8,130 | 959,436 | 967,566 | 975,456 |
| 11. | MOVEMENT IN FUNDS |
At 1/4/18 |
Net movement in funds |
Transfers between funds |
At 31/3/19 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 13,313 | 3,670 | (8,853 | ) | 8,130 |
| Restricted funds |
| Restricted Fund | 962,143 | (11,560 | ) | 8,853 | 959,436 |
| TOTAL FUNDS | (7,890 | ) | 967,566 |
| Net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Gains and losses |
Movement in funds |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 4,028 | (358 | ) | - | 3,670 |
| Restricted funds |
| Restricted Fund | 4,283 | (13,136 | ) | (2,707 | ) | (11,560 | ) |
| TOTAL FUNDS | ( |
) | ( |
) | (7,890 | ) |
| Comparatives for movement in funds |
At 1/4/17 |
Net movement in funds |
Transfers between funds |
At 31/3/18 |
| £ | £ | £ | £ |
| Unrestricted Funds |
| General fund | 12,822 | 4,462 | (3,971 | ) | 13,313 |
| Restricted Funds |
| Restricted Fund | 956,530 | 1,642 | 3,971 | 962,143 |
| TOTAL FUNDS | 969,352 | 6,104 | - | 975,456 |
| NORTHERN VIADUCT TRUST LIMITED |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2019 |
| 11. | MOVEMENT IN FUNDS - continued |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Gains and losses |
Movement in funds |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 4,904 | (442 | ) | - | 4,462 |
| Restricted funds |
| Restricted Fund | 4,345 | (3,349 | ) | 646 | 1,642 |
| TOTAL FUNDS | 9,249 | (3,791 | ) | 646 | 6,104 |
| A current year 12 months and prior year 12 months combined position is as follows: |
At 1/4/17 |
Net movement in funds |
Transfers between funds |
At 31/3/19 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 12,822 | 8,132 | (12,824 | ) | 8,130 |
| Restricted funds |
| Restricted Fund | 956,530 | (9,918 | ) | 12,824 | 959,436 |
| TOTAL FUNDS | 969,352 | (1,786 | ) | - | 967,566 |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Gains and losses |
Movement in funds |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 8,932 | (800 | ) | - | 8,132 |
| Restricted funds |
| Restricted Fund | 8,628 | (16,485 | ) | (2,061 | ) | (9,918 | ) |
| TOTAL FUNDS | 17,560 | (17,285 | ) | (2,061 | ) | (1,786 | ) |
| 12. | RELATED PARTY DISCLOSURES |
| There were no related party transactions for the year ended 31 March 2019. |