SITTINGBOURNE AND KEMSLEY LIGHT RAILWAY LTD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Regislered Company No: 01036616 Registered Clwity No: 1057079
SITTINGBOURNE AND KEMSLEY LIGHT RAILWAY LIMITED FIINAINCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 INDEX Report of the Tntte5 1 Director5 Independent Examiner's Report the Tntee5 Sthtemeni of Financial Activities Balance Sheet 7- 12 Notrs to the FInaClaI Statements
s1[NGBOURNE AND KEMSLEY LIGHT II41LWAY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 Page The TrusteelDirert¢)TS submit their report together with the tLdIted financial ststements for th¢ y¢ar ¢nd¢d 31° DeCeber 2020 Ob ectives and Activities The ChaTity is pritnarily engaged in the advancement of the edu¢ati(yn of the public by the estsblithment and preservation of a workillg najyow-gauge heritage rdilway. Achievements alld PerformaDce In October 2019 we had successfully celebrdted our 50 Anniversary of the handing over ceremony for the Light Railway by Bowaters United Kin¥dotn Paper Company which crea1 the Sittingtrf)urne and Kemsley Light Railway. Sadly, our celebrntions of the 50 anniversary Lif our firsi passenger trains in the Spring of 1970 had to be cancelled in 2020 but we hope to mark the occasion as soon as pra¢tical tn the future. The CoronaviTU5 pandernic resulted in us beillg ullable to start our plantted services at Easter 2020 and we were required to close the railway completely from March until Jtjne 2020 resulting in tDezllber5 beillg UDable lo complete the 2019120 winter prowamme of maintenance and repairs. After a loi of backgrimrnd WO a safe working environment was estsblished and working volunteers were able io return to the railway in June 2020. Wilh funher work we were able to commence a reduce4J passenger service with appropriate distallcIg and extrd hygiene and cleaning arrangements from the trglEing of Augus12020. The safe operation of passenger trnins Continu until 1° Nov¢mkr 2020 and g¢nerat ii¢k¢t r¢venues of £8,000 which was about 25010 of a nomial full year. With the c105ure of our souvenir shop and a redueed menu in our FtPlate Café those only managed to deliver about 170/0 of our expected incorne. Unfortunately. we were not perniittedto open forourpopular Christmas trnins in Deeember 2020 which left us with a %ignificant revenue gap at the eDd of the year. Up to the end of2020 we received grdnts forsupportofsmall businesses from thegovernmeni (administered by Swale Borough Council) totalling £11,334 which, combined with current cxpenditure reductions whilst the county was locked down, has provided support to partially cover the shortfall in revenues frorn nottna] activÈties. Tolal appeal donations have delivered about £31.000 io fund ongoing work on the railway and we are extremely grate1 to our Enember5 and oth¢rs for th¢ir support during these difficult times. In October 2020 we were awarded a signifiGqnt govtrnm¢nt Department for Digital. Culture. Media & Spon (DCMS) Recovery Fund for Heritage Grnnt of £26,500 which, coupled with many hours of volunreer lime over the winier. enabled us to delkver long awaited enhancements to provide toilet and staff facilitÈe¥ step-frtt acc£s4 improved securÉty and Morage facilities at Sillingbourne Viaduct. By the end of December 2020 our specialist contractOTS had been able to alTTt05t complete the 5chedulLxI maintenance prngramme on Milton Regis viaduct with additional restoration work on the two Prenlls Quay Bridges although weather conditions required sorne finishsng work5 in early 2021. With f]nancial 511PPOrt frorn our mernbers and some SUPEM)rt from our contrdctor. Messrs SÈrdCS Ltd.. we were able to invest £JO.800 {£24.800 in tkcember 2020 and £6,000 in June 2021) and can now stan raistng funds for the nexi siage or maintenan¢e which we plan forthe winter of 2022r2023. At the end of 2020, after ov¢r a year oldelays by the Land Registy, a 25 yur lease between DS Smith plc and SKLR Limited (th¢ Charitvl for Kemsley Down Terniinal site starting in 2019 was fina]ly regisled. In June 2020 an agreetnent for the use of the rest of the railway land was signed beiween SKLR Heritage {the freeholder) and SKLR Limited (the Charity) for a peri1 of 999 years. During these very difficult titnes the volunteers of the railway have continued to contribute Considerable titne and effort towards maintainints and developing the rdilway for the benefit and education of the public. Considerable'behind the scenes" wotk continues to tske place tl) esrablish a secure future for the rdilway as a key part of the regeneraÈion of SittinglxTrwne and Milton Regis. The future of the railway requsres ongoing and active support from our members and any who hav¢ noi actively panicipated before are strono¥ly invit¢d io ¢ontsci Officers li51ed in "The New Bogie- to support the Charity and share the enjoynent. GLN)d relations continue with Swale Borough Coun¢il and the finther development of Mihon Creek County Park is progressing very slowly. The upgrading of Milton Regis (Asda) Station will take place in the medium term following a clarifitation of further developrnent of the Country PaTk. The deVelOpent of a Skate Park and Barge Museutn at Sittingbourne on the Wharf Site was ¢ompleted by the end of 2020. Post Balance Sheet Events Iletween January and Mid_Al 2n21 fiirther gtbvernrnent supryrt for small businesses were reeeiv¢d totallins £17,716. All additional grant of £J.400 from Kent County Coullcil for stordge coupltd with much voluner effort spurred the completion of the Sirtingboume Viaduct works in time to resto a reduced train s¢rYice for pre-booked passengers with appropriate distancing and extra hygiene and cleaning aTrangernents from the beginning of May 2021. With the fuTther easing of restrictions in mid-july 2021 the Trustee Directors will increase the trdiD Service for the summer school holidays and we hope to firtish th¢ of th¢ aSOn inrluding our Christmas trains. The Trustees are confident that we will continue to be able to deliver a safe and w)pular pr(Mluct to enhance our support for the aiTns and objectives of the Charity.
sIINGBouRNE AND KEMSLEY LIGHT RAILWAY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 Page 2 Finaneial Review The railway has adequat¢ r¢s¢rvcs to continue as a going tcern until the end of the 2021 operdling season and the Trustee Directorg are actively eKplorrng additional funding sources to help to deliverplanned developrnents intended to improve ourvisitors, experiences. Income for th¢ year was £76,783, a decr¢&s¢ from £100.248 in 2019. EXndItUre for th¢ year w&5 £78.307, a d¢cr¢&s¢ from £88.880 in 2019. Overall, the Charity tnade a loss of £1.524 a]n$t a surplus of £1 1.)68 in 2019. The net asset position of the charity has reduced from £51,198 to £49.674. See note on the Reserves policy below. Reserves Polic The Charity relies upon CLrnt ttading income forthe fijlfilmentof its objectives. Certain historic reserves are identified in the fll)ancial ststem¢nts. There are no restrictions upon the use of funds in fiern¢e of the Charity's aims. Unresthcted funds at the year-end amounted to £6.652 {2019- £24.796). Desiated fimds at the year-end amounted to £45.22 {2019- £26.402) as sel out in noie 9. Total funds as at 31 December 2020 were £49.674 (2019- £51.198). Goin Con£erD Despit¢ probl¢tn5 f4us¢d by the ¢oroDaviru$ pand¢tnic 5inre the y¢Jr¢nd th¢ Ttustees have rjow ¢oThplet¢d a 25-Ye lease at peppercoTn rent to secure the fvwre of the K¢msley Down Ttrn]inai as well securing the futllre of the rernainder of the line from Sittingboume Viadu¢i T¢rminal. The railway re-opened thToughout in May 2012 and has operated annually sin¢e. Train services after the initial Coronavirus lockdown reswned in May 2020 through to the end of October but we were unabl¢ to op¢n for th¢ popular Chrisimas period. The actions that the Trustees have tsken to respond to the reduced revenues Èn 2020 and to prOtt the Charity as a going con¢em are described in the Post BalarÉce Sheet Events atM)ve. The TnleeS are satisfied that these accounts axe correctly prepared on a going con¢em basis. Plans for Future Periods The TTUStee5 and the Charity are coullnitted to the contiDuing preservatioD and pre5entatioD to the public of th¢ forni¢r Bowat¢r'5 natrow-gauue industrial railway. From reference to the scctioD "Goillg Concetn- above it will be undeT5tood the Trn5tees are developing l(Trng terni plans at this time. Structure GoverDance Mana Constitution The Company was registered as a Charity on 25th July 1996. The Ctlty is a CoMpY Limited by Guarantee and is register¢d by its Memorandllm and Articles of Association. emtnt Trustee Direetors and their aplintment The Charity is lilted by guarantee and no Share Capitsl. Each TrUSe is liable to c(mtribute a surn not exceeding £1 in the event of the Chartty being wound up while they are members, or within one year of cesL0n of being a member. It is rnallaged by a Board of Trustee Directors. Two are appoinied by viThe of their office (Finance Manager and Managing Director) and tht remaindtt are elected In rotation in arcordance with the Charity's Articles of A$)ciatIon. There are no employees" the Charity being operat¢d ¢ntirely by volunteers. At the Annual General Meeting lo be held on Saturday 14 Augum 2021. Mrs EM Fuller will KC5ign in accordance with Clauses 30 and 3 1 of the Charity's ArtÈcles of ASSO¢ialion and, beinu eligible, will offer herself for re-election. Trnstee Ènduetion attd trailltug Most Tst¢eS have already becn farniliar with the Charity throu haying served YoluDteer5 or 5ervic£ in the local community. New Trustee5 are briefed on their legal obligations under Charity and company law. the coDteDt of the Memorandum and Articles of Association, the Board and decision making processe& recent fmancial perfomiance alld future plalls. Trustee Directors and their iterests No coniract exisis wilh a Cornpany in whiclj a Tru5t¢e DiECCtor or their immdiate family has an interesL Risk management The current and anticipated risks to the Ctwsty are revkewed by Tn at their Tegular mtttings. The Charity is subject to especial risk5 due to the nature of its railway operatioDs alld coll5ideRtioD of these risks is aided by active In¢Mbip of th¢ Heritage Railway Association and r¢gulatory b(xii¢s.
SITTINGBOURNE AND KKMSLEY LIGHT RAILWAY LIMrrED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 Page 3 Reference aDd AdmÉnistrative Detsils Com re istered number 01036616 Re istered chari number 1057079 Re istered office 51 Russell Drive Whitstable Kent CT5 2RG Inde ndeni Examiner P. Haining Esq., Fcffj Kings Mill Praciice Bankers Natwest plc Sittingl)ourne Kent MEIO 4EQ Trustee Directors Secreta The Trustee Diteciors of ihe Charity during the period and thereafter are as follows.. Elected Tnwees Paul Vincent Besl Daniel James Pile Ernesi Edwin Alb¢rt TombReSIgned l (ktober 2020) Elizabeth Margaret Fuller David John Prii¢hard Paul Andrew Williams (Appoint¢d 6 June 2020) Trustees by virtue of Office Finance Manager John Reginald Fuller Vacancy The Company Secretay of the Chariry during the period and thereafter is Nicholas Guy Widdows. Trustees, Res nsibilities in Relation to the Finaneial Ststements The Trustees {who are also directors of Stttingboume and Kemsley Light Railw2y Limited for the purpose of cornpany law) are responsible for preparing the Trnlee$. report and the financial ststememts in accordaice with applicabl¢ law and United Kingdom A¢counring Slandards (United Kingdom Generally Accepied Accounting Prnctice). Company law requires thc Trustee DiTec¢oT5 to PTepare financTal starernents for each financial yvdr. Under company law the Trnsteemirectors must not approve the financial sratements Unless they are satisfied thev gave a true and fair view of the state of affaits of tht chatitable coPanY aDd of the illcoming re50urce5 and application of r¢sources, including the income and expenditLre, of the chariiable ¢ompany for that period. In preparing these finallcial statements, th¢ Trustees are required io: 5¢1¢¢t suitable arcounling policies and then apply them consisnily' observe the methods and principles of the Charitie5 SORP 2015; make judgements and accounting esLimates that are reasonable and prudenL prepare the financial statements Oll a going conrxm b&5is unl5 it is inappropriate to presume that the charity will continu¢ in operation. The Twstees are responsible for keeptng adeque accounting record5 that are suificient io thow and explain the charitable company's transactions and disclose with reasonable ac£uracy at a¢iy lime the finallcial position of the charitable company and enable them to ensure that the fukancÈal statetTtents complv with the Companies Aci 2006. They ate alw responsible for safeguording the assets of the charitable Company and hence for tsking r&wnable steps for the preveniion and de(lon of fraud and other irregularities. In preparing this rewrL the Trustees have taken adv8nthge of the small ¢ompalli¢5 ex¢mptions provided by section 415A of the Companies Act 2006. Thig report was approved by the Trustees oll 29 July 2021 and sigDed OD their behalf by: N G Widdows Company Secretary
REPORT OF THE INDEPENDENT EXAMIIYER TO THE TRUSTEES OF SITTINGBOURNE AND KEMSLEY LIGHT RAILWAY LIMITED FOR THE YEAR ENDED 31st DECEMBER 2020 Page 4 I report on the financial statements of th¢ ¢haritable company forthe year ended 31st Dx¢Tnber 2020. This report is made solely to the charity's IStS. as a body, in aCCordate wÉth section 145 of th¢ Charities Act 2011 and regulations ade under section 154 of that Act. My WO h&% been undertaken so that I might state to the chatity's trnstees those matters l a required to stat¢ to them in this report and for no oth¢r purpose. To the fullest exieni pennitted by law. I do not accept OT assume responsibilily to anyone otherthan the charity and the charity's tyustees as a b(Kly, formy worK forthis report or forthe opinions I have fornied. RESPECTtVE RESPONSIBILITIES OF TRUSTEES AND EXAMtNER The charity'% trustees (who are also the directors of the company for the purposes of company lawl. sre responsible f(Trr the prepardtion of financial statements. The tru%tees consider thai an audit is Dot Tequired for this year under 5e£tion 144 (2) of tbe Charities Act 2011 {Ihe'201 l Act.) and that an independent exami[110ll is needed. Having satisfied fftyself that the charity is not subject to audit under comp&ny law and is eligible for independent examination, it is my responsibility.. to examine the financial stalelnents under section 145 of the 201 l ACL to follow the procedures laid down in the G¢n¢rnE DirectiOD5 given by the Charity Commission under section 145 (5) (b) of the 2011 Act; and to state where particular matters have come to my attentiOII. BASIS OF INDEPENDENT EXAMINER'S REPORT My examination was carr2ed out in accordance with the General Directions given the Chartry Cornmission. An exarnination includes a review of the accounting records kepi by the charity and a comparison of the financial statements presented with those records. It also includes considerdtion of any UTtusual items or disclosures in the fjnancial statem¢nts and seeking explanations from you as trustees ¢onceming any such matters. The procedure5 undertaken do not provide all the evidence that would be required in an audiL and onsequently no opinion is given as to whether the fuwicial 5tateTnents prcscnt a Itue and fail view ar]d thr report 15 limited to those matteT5 Set out in the ststement below. INDEPENDENT EXAMINER'S STATEMENT In ¢onne¢tion with my examination, no matter has ¢ome to my attention: (a) which gives me reasonable cws¢ to beli¢ve that in any material respect the requirements . - to keep accountin8 records in ac£ordance with section 386 of the Companies Act 2006: and - to prepar¢ finan¢ial statements which accord with the ac¢ounting records and to ¢omply with the accounting requirements of section 396 of the Companies Act 2006 and wtth ffleth(Mls and principles of the Statement of Recommended Practice . Accounting and Reporting by Chariti¢s hav¢ not been meL or Ib) to which, in Tny opinion. attention shollld be dr&wn in order w enable a pmper undetstsllding of the financial statements to be reached. PETER HAINING P¢ter Haining FCA The Kings Mill Practice. Chartered Accountants Homs Lodge Meres LaD¢ Cross- in-Hand Heathfield Easi %ussex TN21 OTY Date . i ts August 2021
SITTtNCBOURNE AIW KEMSLEY LIGHT RAILWAY LIMITED STATEMFNT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 Page 5 Designated Unrestricted 2020 2019 Note INCOME FROM: Charitable activities MeTnb¢r5' Subs¢riptions General donations Designated Fund Incorne= Locomotive R¢sratIOn Coath 204 R¢stordtion Sittingbourne Securiry SOS Appeal donations linc. Viaduct) l¥oject Sittingbourne Ticket&, Special Trdins Publitaiions and Souvenir5 Refreshmenis saM and Beer Events Christmas Opening Inwestments Bank interest received Other Sundry Total 3.891 175 3J91 17S 3,374 I,)05 5098 5,898 1.000 838 29.405 23,8SO 7.977 1,078 2,67 19.149 1.000 6.207 11.569 838 29,40S 23JS0 7.977 1,078 2,67(1 30,366 4,895 2,102 6,290 60.991 IS792 76.783 100,248 EXPENDITURE ON: Chariiable activities Cost ot Sales Operaiing Costs (Comm. + Eng.) SOS Appeal Expenditllre(inc Viaduct) Sittin¥bouTne Security Projeci Sittingbourne Support Costs Independent examiDers fee 2J58 15565 2J58 22,142 24.980 5.160 7.654 J4J18 995 17,399 36,656 17,480 265 6577 24,980 5.160 7ffj54 14518 995 14.755 2,325 Totsl 44J71 33.936 78J117 88.880 Net Movement in FuDds 16ffi20 (1&144) (1.524) 11.368 Transfers RECONCILtATION OF FUNDS: Total fund5 brought forward 4112 24,796 51,198 Total funds carried forward 43.022 6,652 49.674 51.198 All transaction5 are deTived from conttnuing activities. All recOlsed gains and losses are included in the statement offinancial acrivities.
SITTINGBOURNE AND KEMSLEY LIGHT RAILWAY LIMITED Page 6 Oiegistered Number 01036616) BALANCE SHEET AS AT 31 DECEMBER 2020 Note 2020 2019 FIXED ASSETS Tangible As5¢ts 14 17 CURREKf ASSETS Stocks Debtors 3,908 6,992 4,270 2.842 Loan to SKLR Herilage {Repayable in more thaTr l year) Cash in hand and in ballk 3926 51.16 45_569 5i.681 CREDITORS (amounts due within one year) NET CURRENT ASSETS 49.660 TOTAL ASSETS less CUIiRENT LIABILITIES 49,674 51.198 UNRESTRICTED CHARITY FUNDS Designated Funds General Funds 43,022 6,652 26,402 24.796 TOTAL FUNDS 49.674 51.198 The company's fmancial statements have been prep in accordance with the spwial provisions applicable to companies subject to the small companies regime of the Companies Act 2006. Th¢ Trustees consider that the coropany is entitled w exemption froln thc requircm¢nt to have an audit under the provisions of section 477 of the Companies Aet 2006 I¢ Act-) and members haye not required the company to obtain an audit for the year in question in a¢cordance with se¢rion 476 of the ACL The Ttvsiees acknowledge their responsibilty for complying with the requirements of the Compatties Act 2006 with respect to accouniing records and the preparaiion of the financid statements. The financial statements were appToved and authorised for issue by the Tnsttts on 14 August 2021 and signed on their behalf, by: DJ Pile PA Williams Trustee Director The accompanying notes forrn a integrdl part of these fmancial ststements.
SITTINGBOURNE AND KEMSLEY LIGHT RAILWAY LI[TED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Page 7 Accountin2 Policies 1.1 Basis of Accounting Sittingbourne and Kemsley Light Railway Limited is a eornpany limited by guardntee in the United KingdoTn. In the event of the charity being wound up, the liability in respect of the guardntee is limited to £1 per member of the charity. The address of the r¢gistered office is given in the charity information on page 3 of these financial staternents. The nattjre of the chariry's operations and principal activities are Set out on page l. The charty nstituteS a public benefit etitV as defffled by FRS 102. The fin3ncial 5tateTnents have been prepared i accordance wÈih Accounting and Reporttng by Chattties". seEDeI of Rttommended Ptactice applicable to charities preparing their accounts in accordaDce with the Financial Rew)rting StsDdard applicable in the UK (FRS 102). the Financial Reporting Stsnthrd applicable in the United Kingdom (FRS 102). the Charities A 2011. UK Generally Aecepted Practice as it applie5 from l Janw 2015 and the Charity SORP (FRS102) arnended for Update Bulluin l. The fmancial sNements are prepared oll a going concan b&8is under the historical cost COT]Vth]tioll. odIficd to include cenain items at fair value. The financial ststements are prepared in sterling which is the fimctional currtncy of the charity. The significant a¢cow)ting WFli¢ies applied in the prepaYion ofthese financial ststements are set out below. These policies hav¢ been consistently applied to all years ptesenied unless otherwise statoj. The presentation and functiona] currency are in British £ and have been rounded to the nearest £. 1.2 Fund #ecoutsting General funds are unrestricted ndS which are available for use at the discretion of the TnteeS in furtherdnce of the general objectiv&% of the company and which have not been designatrd for other putpose5. D¢signated funds comprise unreslricted fimds that have been Sel aside the Trustees for particular pu4)oses. The aim and u% of ¢a¢h d¢sign¢d fund 15 Set out in no to the fllwtcial swements. IJ Tangible fixed assets and depreeiatio Tangible fixed assets are stat¢d at cost less depreciation. Depreci&ion is provided at rates Calculat to write off the cost of fixed assets, less their estimat¢d residual value. over their expected useful Iivc5 on the following bases.. Buildings Rolling Siock Sundry Plant and Equipment Electronic Equiptnent 201/b on written down value 20/ 011 Cost 7.5°h on cost 2/0 On Cost 1.4 Incothe All incorne included in the Ststement of Financial Activities when the company is legally eniitled to the incorn¢ w]d th¢ atllount call be quantified with rrasonable accLW. 1.5 Expenditure All expenditure i5 accounted for on an a¢¢nlS basis and h&8 been included under expense categories. Support cosrs are those cOS incurred direeily supFth of expenditi]re on the objects of the charity. Governance costs are those incurred with adminiswion of the charity and compliance with consiimti¢)nal a statutory requirements. Costs of raising funds are costs in¢uTred ill attracting voluntary tnwn¢ and those incurred in trling activities that raise fund5. Charitable activities and GoVernCe costs are cosrs incurrfyj on the company's operations including support costs and costs relating to the governance of the company apportioned to charitsble activitie& 1.6 Stocks Stocks are Yatued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
srrTINGBOURNE AND KEMSLEY LIGHT RAILWAY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Page 8 1.7 Debtors Trade and other debtors are measured ai transaction price less any Émpainnent unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest . Loans are initiallv measured at fair value and are subsequently measured at amortised Cost using the effecÈive InteSt methiml any impairmenL 1.8 Creditors Trade and other creditors are measured * their tmsaction price unless the arrangement constitutes a fmancing transaction in which case the trdnsaclion is measured pte5ent value of fubjre payments discounted at prevailing market rate of interest. Other fancial liabilities are iniiially easUred at fair value net of their transaction costs. They aTr subsequently measured amortised cost USiDg the etTe¢(ive interest method. 1.9 Judgements and key sourees of eStiation ullcertainty Ac¢ounting esttmates and judgements are ¢ontinualli' evaluated and are based on historical experience and other factors. including expectatioll5 of tUre events that are believed to be reasojjable under the circumstances. The following judgements (apart from those involving esiimates) have been made in the proce of 4)plying the aiKTrve accounting policies that have had the most signifjcant effect on arnounts recognised in the fmancial statements.. Useful economic lives of tantsible The annual depreciation charge for tangible assets 15 Sensitive to Clnge5 in the estimated use1 economic lives and residual value5 of the assets. The useful economic lives and residual veS are re-assessed annually. They are amended when necessary to reflect current estitnates, based on technological advancernen¢ fure investments. economic utili5ation and the physical condition of the assets. See noie 5 for the carrying amouni of the propery plant and equipmeni and note 1.3 for the useful economic lives for each class of &ts. There are no key as5umption5 concerning the fvtur¢ and other key sources of estimation unce]nty at the reporttng date that have a significant risk of causing a material adjustEDellt to the catryillg amounts of assets and liabiliti¢s within th¢ next financi year. 1.10 Golng concern The financial Staments have been prepared a going concern basis as the trusttts believe that material uncenainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditse is sufficient with the level of reserves for the charity to be able kn conliT]ue as a going concern. C05t of5ale5 21120 2019 Publications and Souvenirs Refreshments Steam and Beer Christmas Opening 449 2,409 2,511 6.918 3.829 4.141 17.i99
SIINGBouRNE AND KEMSLEY LIGHT RAILWAY LIMtTED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Page 9 Operating costs 20211 2019 CoDirnercial Departn)ent costs Retail- Catering Equipment R¢tail - Staff Cat¢ring Retail - Sundry Operating- Opetating Manager Operating- Motive Power Operating- Stations / Landscaping Marketing- Leaflets, Posiers dc Marketing- Advertlsing Marketing- PR and Sundries 382 274 324 .9S7 27S 544 620 1,237 1,056 2,699 1.359 455 1,133 195 7J33 8,024 EDgiMeeriDg Department Costs Locomotive Engineer Locomotive Restordtion Fun¢ls Carriage and Wagon Engineer Coach 204 Restoration Fund Permanent Way Enginter Buildings Engineer Electritral Engineer 2,069 6J77 1.815 9.649 7.428 1.304 697 6,013 3.056 485 2,032 1,4119 907 14109 28,632 TOTAL 22,142 36.656 Support costs 202fl 2019 Security {inc. Defibrillator Fwid Raising) Editor Managing Director/Company Secretary tkpartments Insurance Depreciation Bank ChaTges Curator Edu¢atiOII Sundries 2510 3119 2.482 7,015 2,624 1,347 566 8.093 1,074 (29) 962 14518 14,755
SITTINGBOURNE AND KEMSLEY LIGHT RAILWAY LIMITED NOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 DECEMBER 2020 Page 10 Tangible Fixed A$s¢ts BlIding$ Rolling Stock Electronic Equipment Plant Equipment Totsl COST At l January 2020 6.454 DEPRECIATION At l January 2020 Charge for the year 6,435 14,000 6,453 9,796 36.684 Ai 31 December 2020 6.438 14.0(X) 6.453 9,796 36,687 NET BOOK VALUE At 31 DECEMBER 2020 li 14 At 31 DECEMBER 2019 14 Stoeks 2020 2019 Publications and Souvenirs Refreshmenis Chrlstmas Presents 3,636 3,704 294 272 272 3.908 4.270 Debtors 2020 2019 Value Added Tax 2,842 6,992 2,842 Creditors (amounts falliDg due within One year) 2020 2019 Independeni examiner's fee 1500 2,500 150
SITTINGBOURNE AND KEMSLEY LIGHT RAILWAY LIMITED NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR FNDFD 31 DECEMBER 2020 Pag¢ll Stattment of funds- curreDt year Balanty Balanee gt 31.Dec.20 lJn.20 Income Expenditure Transfers Unrestricted fund General fund 24,796 15,792 Designated funds SOS Appeal Donation5 illc VÈadu¢¢ Repairs 1,406 29,405 (24,9801 5,83 1 Locomotive + Coach Restoration Project Sittingbourne {DCMS Grant) SlttingboLne Sexurtty Fence 19,054 6.898 (6.5m 19,375 23,850 838 (7,654) 15.160) 16,196 1.620 5,942 26,402 60,991 (44,371) 43.022 TOTAL FUNDS 51.198 7&783 (78J07) 49.074 StaterneRt offuThds- prior year Babnce Balance at 31.Deo19 lJall.19 Income Expenditure Trtssftrs unrestrict fund General fvnd 48 6i,010 42.603 DesignAted funds Appcal Fund Donations for= Viaduci Rcpair5 2.639 (17,300) 14.661 Locomotiv¢ 4 Coach Restot7tion 7.030 (8,125) 20.149 19,054 Sittingboume Security Fence (265) (180) 6207 5,942 1,406 SOS Appeal 1.586 9.069 (25.870) 42.603 26,402 TOTAL FUNDS J9J31 IIKb248 (88.880) 51.198 Designated funds eal fund for viaduct aDd ma orre Ars It is considered prndent to make provision primarily formaintenance of Milton Regis Viaductwhich is under the oV31ght of a qualified Consulting Structurdl Engineer. An ongoing maintenance programme lor this IO0+ year old sthEcture requires investment of approximately £20.000 every two year5 and allocataon of fimds requires more than one fanCIal periiKi. Funds ean also be used for othcr major repairs a5 con3ide1¢4J appiopiic by the Trusiees. lil iliis yeat funds httve b replace securiiy fencing ai Sittingknume Viaduct Tern)inal. Locomotiv¢ and Coach Restoration Major overhaul of the Railway's operdtional steam locomoiives is generally required every ll yeas and it is therefore n¢c¢s5ary lo raise funds atjd to make provi51011 toi this work over a long periryl. Passenger C¢)aches also need pertodic major overhaul. Unrestrieted eneral fvlld This fund represent5 the charity's available assets to spend on charithble activities after aIlowing for a suitable level of reserves.
STTTINGBOURNE AND KEMSLEY LIGHT RAILWAY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Page 12 10. Staff costs #Dd trustee remulltrntio During theperh] no Trustees received any Temuneration, benefits in kind. norhad any expenses reimbursed (to 31112r2019- £nil). All stsff are volunteer5 and therefore staff are Nil both for 2020 and 2019. 11. Company Limited by Gratrt The Charity is limited by guarantee and accordin&tsly h&$ no share capital. The liabiliry guaranteed by exh tee is £1. Ai i l DeceTnber2020 there were 6 trustees. 12. Covid-19 During the period and subsequent to the peri(Ml governments in Europ< Chini the UK 8nd elsewhere have taken llnpreCedend measures to suppress the spread ofcovid-19. The Trustees have assessed the ope10nal alld financial irnpact on the Charity in th¢ Trustees. Annual Report ots page l and ill tbe gotng concern statemeni at no* 1.10.