## **The Lynton and Barnstaple Railway Trust**
**Charity No. 1082564**
**Company No. 04040633**
**Trustees' Report and Audited Accounts**
**31 December 2020**
**The Lynton and Barnstaple Railway Trust Contents**
||Pages|
|---|---|
|Trustees' Annual Report|2 to 5|
|Auditor's Report|6 to 8|
|Statement of Financial Activities|9|
|Summary Income and Expenditure Account|10|
|Balance Sheet|11|
|Notes to the Accounts|12 to 23|
|Detailed Statement of Financial Activities|24 to 26|
Page 1
**The Lynton and Barnstaple Railway Trust Trustees Annual Report**
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the audited financial statements of the charity for the year ended 31 December 2020.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Company No. 04040633**
## **Charity No. 1082564**
## **Principal Office**
Woody Bay Station Parracombe Barnstaple Devon EX31 4RA
## **Registered Office**
Woody Bay Station Parracombe Devon EX31 4RA
## **Directors and Trustees**
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:
J. Barton I.P. Cowling P. Curson G.N. Hunt P. Miles A.J. Nicholson J.H. Pain (Resigned 17 October 2020) P. Snashall C.E. Summers M.E.G. Swainson
## **Company Secretary**
A.J. Nicholson
## **Accountants**
Accountancy Edge Limited 12 Culm Close Bideford Devon EX39 4AX
Page 2
**The Lynton and Barnstaple Railway Trust Trustees Annual Report**
## **Bankers**
Lloyds Bank Plc 17 Cross Street Barnstaple Devon EX31 1BE
## **Solicitors**
Wollens Solicitors Avery House Liberty Road Barnstaple Devon EX31 3TL
## **Auditors**
Fawley Judge & Easton Chartered Certified Accountants 1 Parliament Street Hull HU1 2AS
## **OBJECTIVES AND ACTIVITIES**
The purposes of the charity as set out in its governing document are as follows: 1) To acquire preserve and restore for the public benefit items of historical, architectural, engineering or scientific value in connection with railways; and, 2) To advance the education of the public in the history, sociology and technology of narrow-gauge railways and railways in general by the acquisition, restoration, preservation, creation and exhibition of railway locomotives, carriages, rolling stock, equipment, artefacts, documents and records, together with any appropriate land, buildings and structures in particular but not exclusively those of the former Lynton & Barnstaple railway in Devonshire and to provide educational and training facilities to those engaged in the restoration and operation of the railway or railways generally.
The main activities undertaken in relation to those purposes were the submission of planning applications to North Devon District Council and the Exmoor National Parks Authority, which were all approved after the balance sheet date. The charity purchased further land and was able to secure ownership of more track-bed. It has also supported the Lynton & Barnstaple Railway Community Interest Company in the operation of the railway line at Woody Bay.
As Trustees of the charity we have given due consideration to the Charity Commission's published guidance on the Public Benefit requirement under the Charities Act 2011.
The major activity of the charity has been work on the ongoing project to re-open the Lynton to Barnstaple Railway. The charity has expanded its landholdings, carried out work to improve its heritage rolling stock, and continued to reach out to stakeholders.
## **ACHIEVEMENTS AND PERFORMANCE**
Through the Lynton and Barnstaple Railway Community Interest Company, the charity has continued to operate a heritage railway for the benefit of the public. The charity provides the railway assets used in this operation. This attracted tourists to the Exmoor National Park area and directly and indirectly increased employment.
Page 3
**The Lynton and Barnstaple Railway Trust Trustees Annual Report**
## **FINANCIAL REVIEW**
The Trustees considered the charity's financial position at 31 December 2020 to be satisfactory. Despite the difficult operating conditions in the year, the charity was still able to generate an operating surplus £156,615. As the Trustees anticipated fundraising may be restricted by the ongoing Covid-19 pandemic they used available funds to pay down the charity's debts. They believe this leaves the charity in a strong position going forward, with no large sums that may require early repayment.
The Board of Trustees has examined the charity's requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets or fixed asset investment held by the charity should be sufficient to cover administrative expenses, loan interest, and the servicing of membership commitments for a period of twelve months. This would indicate that unrestricted cash reserves of around £17,000 should be in place. The charity has
designated £17,000 of funds for this purpose. However, the charity's unrestricted cash reserves fall short of this target because the majority of funds are tied up in fixed assets. The Trustees are aware that the charity needs to secure more unrestricted funds in the form of easily realisable assets.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The governing document of the charity is the Memorandum and Articles of Association establishing the company under company legislation. The governing document is dated 25 July 2000 as amended 4 October 2003 and 24 March 2007.
The Trustees are always trying to identify members whose skillsets and interests would make them a suitable Trustee. The Board of Trustees can co-opt new Trustees during the year, but such appointments are subject to ratification at the charity's Annual General Meeting.
New Trustees are provided with training and induction as follows: they are provided with copies of minutes of previous meeting of the Board of Trustees; they are encouraged to seek help and guidance from any of the current Trustees; and, they are encouraged to read the Charity Commission publication, ‘The essential trustee’ (CC3).
The charity has a subsidiary company, The Lynton and Barnstaple Railway Community Interest Company. This is controlled by the charity as its controlling shareholder, but day to day management of the company is delegated to its own board of directors.
## **Statement of trustees' responsibilities in relation to the financial statements**
The Trustees are responsible for preparing the Trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Company law requires the trustees to prepare financial statements for which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, for the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed,
- subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Page 4
## **The Lynton and Barnstaple Railway Trust Trustees Annual Report**
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of information included on the company's website .
## **Statement of disclosure of information to auditor**
So far as the trustees are aware, there is no relevant audit information of which the company's auditors are unaware and each trustee has taken all the steps that he or she ought to have taken as a trustee in order to make himself or herself aware of any relevant information and to establish that the company's auditors are aware of that information.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
P. Miles
Trustee
31 March 2021
Page 5
**The Lynton and Barnstaple Railway Trust Audit Report Qualified**
## **Independent Auditor's Report to the Members of The Lynton and Barnstaple Railway Trust**
## **Opinion**
We have audited the accounts of The Lynton and Barnstaple Railway Trust (the 'charitable company') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the Notes to the Accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the accounts:
- give a true and fair view of the state of the charitable company's affairs as at 31 December 2020 and of its profit/loss for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the trustees' use of the going concern basis of accounting in the preparation of the accounts is not appropriate; or
- the trustees have not disclosed in the accounts any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the accounts are authorised for issue.
## **Other information**
The other information comprises the information included in the trustees' report and accounts, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information.
Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
## **Basis for qualified opinion**
Page 6
**The Lynton and Barnstaple Railway Trust Audit Report Qualified**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard , and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We were appointed as auditors of the company to carry out an audit on the financial statements to 31 December 2021, this was the first year the charity was audited. We were unable to satisfy ourselves by alternative means concerning the valuation of the land and rolling stock as at 31 December 2020 or 31 December 2021. Since the land and rolling stock enter into the determination of the financial performance, we were unable to determine whether adjustments might have been necessary in respect of the valuations for the year reported in the income statement.
## **Opinion on other matters prescribed by the Companies Act 2006**
- In our opinion, based upon the work undertaken in the course of the audit:
- the information given in the trustees' report for the financial year for which the accounts are prepared is consistent with the accounts; and
- the trustees' report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the accounts are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the trustees' responsibilities statement found in the trustees' report, the trustees (who are also the directors of the charitable company for the purpose of company law) are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the accounts**
We have been appointed under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Page 7
**The Lynton and Barnstaple Railway Trust Audit Report Qualified**
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of this report**
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Jonathan Leathley FCCA Senior Statutory Auditor Fawley Judge & Easton Chartered Certified Accountants 1 Parliament Street Hull HU1 2AS
## 28 October 2021
Fawley Judge & Easton Chartered Certified Accountants is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a charity under section 1212 of the Companies Act 2006.
Page 8
**The Lynton and Barnstaple Railway Trust Statement of Financial Activities**
## **for the year ended 31 December 2020**
|**Notes**
**Income and endowments**
**from:**
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other
8
**Total**
**Expenditure on:**
Raising funds
9
Charitable activities
10
Other
11
**Total**
Net gains on investments
**Net income**
12
Transfers between funds
**Net income before other**
**gains/(losses)**
**Other gains and losses**
Gains on revaluation of
fixed assets
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricte**
**d funds**
**2020**
**£**
151,609
17,974
371
7,413
10,000|**Restricted**
**funds**
**2020**
**£**
263,340
-
-
160
-|**Total funds**
**2020**
**£**
414,949
17,974
371
7,573
10,000|**Total funds**
**2019**
**£**
512,250
21,618
4,278
8,580
-|
|---|---|---|---|---|
||187,367
25,879
15,148
112,641|263,500
-
-
140,584|450,867
25,879
15,148
253,225|546,726
21,088
13,852
167,157|
||153,668
-|140,584
-|294,252
-|202,097
-|
||33,699
7,516|122,916
(7,516)|156,615
-|344,629
-|
||41,215
-|115,400
-|156,615
-|344,629
181,500|
||41,215
3,183,402|115,400
561,510|156,615
3,744,912|526,129
3,218,783|
||3,224,617|676,910|3,901,527|3,744,912|
Page 9
**The Lynton and Barnstaple Railway Trust Summary Income and Expenditure Account**
## **for the year ended 31 December 2020**
|Income
Interest and investment income
**Gross income for the year**
Expenditure
Interest payable
Depreciation and charges for
impairment of fixed assets
**Total expenditure for the year**
Net income before tax for the year
**Net income for the year**|**2020**
**£**
443,294
7,573
450,867
281,390
-
12,862
294,252
156,615
156,615|**2019**
**£**
538,146
8,580|
|---|---|---|
|||546,726|
|||184,811
273
17,013|
|||202,097|
|||344,629|
|||344,629|
Page 10
**The Lynton and Barnstaple Railway Trust Balance Sheet**
## **at 31 December 2020**
|**Company No.**
**04040633**
**Notes**
**2020**
**£**
**Fixed assets**
Intangible assets
15
140
Tangible assets
16
3,157,775
Investments
17
81,296
3,239,211
**Current assets**
Debtors
18
8,261
Investments
19
115,000
Cash at bank and in hand
625,616
748,877
**Creditors:**Amount falling due within one year
20
(86,561)
**Net current assets**
662,316
**Total assets less current liabilities**
3,901,527
**Creditors:**Amounts falling due after more than one year
21
-
**Net assets excluding pension asset or liability**
3,901,527
**Total net assets**
3,901,527
**The funds of the charity**
**Restricted funds**
22
Restricted income funds
676,910
676,910
**Unrestricted funds**
22
General funds
2,065,276
Designated funds
17,000
2,082,276
**Reserves**
22
Revaluation reserve
1,142,341
1,142,341
**Total funds**
3,901,527|**2019**
**£**
160
3,131,836
77,546|
|---|---|
||3,209,542
73,130
115,000
464,946|
||653,076
(87,706)|
||565,370
3,774,912
(30,000)|
||3,744,912|
||3,744,912|
||561,510|
||561,510
2,024,061
17,000|
||2,041,061
1,142,341|
||1,142,341|
||3,744,912|
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by the board on 31 March 2021
And signed on its behalf by:
M.E.G. Swainson Trustee
31 March 2021
Page 11
**The Lynton and Barnstaple Railway Trust Notes to the Accounts**
## **for the year ended 31 December 2020**
- 1 **Accounting policies**
## **Basis of preparation**
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **Change in basis of accounting or to previous accounts**
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
## **Fund accounting**
- Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
- Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
- Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
## **Income**
- Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
- Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
- Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 12
**The Lynton and Barnstaple Railway Trust Notes to the Accounts**
## **Expenditure**
- Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
- Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
- Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
- Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
- Other expenditure These are support costs not allocated to a particular activity.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Tangible fixed assets and depreciation**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
|useful life:||
|---|---|
|Freehold property|0% straight line|
|Leasehold property|0-20% straight line|
|Track-work|5% straight line|
Heritage rolling stock and locomotives are well maintained and their residual values are thought to be equal to or greater than their carrying values. Therefore they are depreciated at a rate of 0%. Freehold land and certain rolling stock are subject to revaluation and are carried at market value.
## **Intangible fixed assets and amortisation**
Intangible fixed assets (including purchased goodwill, patents and trademarks) are carried at cost less accumulated amortisation and impairment losses.
## **Trade and other debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Page 13
**The Lynton and Barnstaple Railway Trust Notes to the Accounts**
## **Trade and other creditors**
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## 2 **Company status**
The company is a private company limited by guarantee and consequently does not have share capital.
During the year under review, and since the reporting date, the charity has been materially and adversely affected by the Coronavirus pandemic and the actions taken by central government to control and limit its spread. It's too soon to quantify the effect that the actions of central government will have on the economy, but the Trustees believe that the fundraising environment is likely to be more challenging. Before the reporting date, the charity paid down its debts and the Trustees believe this leaves it in a strong position. The going concern accounting convention has therefore been adopted.
Page 14
**The Lynton and Barnstaple Railway Trust Notes to the Accounts**
## 3 **Statement of Financial Activities - prior year**
|3
**Statement of Financial Activities - prior year**|||||
|---|---|---|---|---|
|**Income and endowments from:**
Donations and legacies
Charitable activities
Other trading activities
Investments
**Total**
**Expenditure on:**
Raising funds
Charitable activities
Other
**Total**
**Net income**
Transfers between funds
**Net income before other**
**gains/(losses)**
**Other gains and losses:**
Gains on revaluation of fixed assets
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
4
**Income from donations and legacies**
Donations
Legacies receivable
Sponsorship
Subscriptions|**Unrestricted**
**£**
42,440
40,649
-
68,520
151,609|**Unrestricted**
**funds**
**2019**
**£**
206,401
21,618
4,278
8,289
240,586
21,088
13,852
72,970
107,910
132,676
181,257
313,933
181,500
495,433
2,687,970
3,183,403
**Restricted**
**£**
263,340
-
-
-
263,340|**Restricted**
**funds**
**2019**
**£**
305,850
-
-
291
306,141
-
-
94,187
94,187
211,954
(181,257)
30,697
-
30,697
530,813
561,510
**Total**
**2020**
**£**
305,780
40,649
-
68,520
414,949|**Total funds**
**2019**
**£**
512,250
21,618
4,278
8,580|
|||||546,726
21,088
13,852
167,157|
|||||202,097|
|||||344,629
-|
|||||344,629
181,500|
|||||526,129
3,218,783|
|||||3,744,912|
|||||**Total**
**2019**
**£**
354,605
98,561
560
58,524|
|||||512,250|
Page 15
**The Lynton and Barnstaple Railway Trust Notes to the Accounts**
## 5 **Income from charitable activities**
|Draw tickets and 100 Club
Magazine adverts
6
**Income from other trading activities**
Sale of scrap metals and
woods
7
**Income from investments**
Property rental income
Dividends
Interest receivable
8
**Other income**
Government grants
9
**Expenditure on raising funds**
_Costs of generating voluntary_
_income_
Donations
Sponsorship
Subscriptions|**Unrestricted**
**£**
7,380
-
33
7,413|**Unrestricted**
**£**
17,659
315
17,974
**Unrestricted**
**£**
371
371
**Restricted**
**£**
-
-
160
160
**Unrestricted**
**£**
10,000
10,000
**Unrestricted**
**£**
65
-
25,814
25,879|**Total**
**2020**
**£**
17,659
315
17,974
**Total**
**2020**
**£**
371
371
**Total**
**2020**
**£**
7,380
-
193
7,573
**Total**
**2020**
**£**
10,000
10,000
**Total**
**2020**
**£**
65
-
25,814
25,879|**Total**
**2019**
**£**
20,673
945|
|---|---|---|---|---|
|||||21,618|
|||||**Total**
**2019**
**£**
4,278|
|||||4,278|
|||||**Total**
**2019**
**£**
8,259
8
313|
|||||8,580|
|||||**Total**
**2019**
**£**
-|
|||||-|
|||||**Total**
**2019**
**£**
933
175
19,980|
|||||21,088|
Page 16
**The Lynton and Barnstaple Railway Trust Notes to the Accounts**
## 10 **Expenditure on charitable activities**
|_Expenditure on charitable_
_activities_
Draw tickets and 100 Club
_Governance costs_
Trustees expenses
Trustees Indemnity Insurance
AGM costs
Companies House fees
11 **Other expenditure**
Repair and refurbishment of
charity assets
Other interest payable
Motor and travel costs
Premises costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs
Legal and professional costs
12 **Net income before transfers**
This is stated after charging:
Depreciation of owned fixed assets
Amortisation of intangible fixed assets
Auditors' remuneration
Independent Examiner's fee|**Unrestricted**
**£**
7,594
-
-
18,952
12,862
3,552
69,681
112,641|**Unrestricted**
**£**
10,559
203
2,211
2,162
13
15,148
**Restricted**
**£**
28,191
-
-
-
-
-
112,393
140,584
**2020**
**£**
12,842
20
2,500
-|**Total**
**2020**
**£**
10,559
203
2,211
2,162
13
15,148
**Total**
**2020**
**£**
35,785
-
-
18,952
12,862
3,552
182,074
253,225|**Total**
**2019**
**£**
10,492
381
-
2,966
13|
|---|---|---|---|---|
|||||13,852|
|||||**Total**
**2019**
**£**
44,518
273
568
17,087
17,013
4,820
82,878|
|||||167,157|
|||||**2019**
**£**
16,993
20
-
1,995|
Page 17
**The Lynton and Barnstaple Railway Trust Notes to the Accounts**
## 13 **Trustee remuneration and expenses**
One or more of the trustees has been paid expenses in the current or prior periods.
|**2020**
**2019**
**Number**
**Number**
Number of trustees paid expenses
-
1
The nature of the reimbursed expenses
The nature of these expenses was reimbursed postage and
travel costs.
**£**
**£**
Total expenses reimbursed to trustees
-
381
14 **Staff costs**
No employee received emoluments in excess of £60,000.
15 **Intangible fixed assets**
**Patents and**
**trade-marks**
**Total**
**£**
**£**
**Cost**
At 1 January 2020
200
200
At 31 December 2020
200
200
**Amortisation and**
**impairment**
At 1 January 2020
40
40
Amortisation charge for the
year
20
20
At 31 December 2020
60
60
**Net book values**
At 31 December 2020
140
140
At 31 December 2019
160
160
Intangible fixed assets comprise the patent of Manning Wardle & Company.|**2020**
**2019**
**Number**
**Number**
Number of trustees paid expenses
-
1
The nature of the reimbursed expenses
The nature of these expenses was reimbursed postage and
travel costs.
**£**
**£**
Total expenses reimbursed to trustees
-
381
14 **Staff costs**
No employee received emoluments in excess of £60,000.
15 **Intangible fixed assets**
**Patents and**
**trade-marks**
**Total**
**£**
**£**
**Cost**
At 1 January 2020
200
200
At 31 December 2020
200
200
**Amortisation and**
**impairment**
At 1 January 2020
40
40
Amortisation charge for the
year
20
20
At 31 December 2020
60
60
**Net book values**
At 31 December 2020
140
140
At 31 December 2019
160
160
Intangible fixed assets comprise the patent of Manning Wardle & Company.|**2020**
**2019**
**Number**
**Number**
Number of trustees paid expenses
-
1
The nature of the reimbursed expenses
The nature of these expenses was reimbursed postage and
travel costs.
**£**
**£**
Total expenses reimbursed to trustees
-
381
14 **Staff costs**
No employee received emoluments in excess of £60,000.
15 **Intangible fixed assets**
**Patents and**
**trade-marks**
**Total**
**£**
**£**
**Cost**
At 1 January 2020
200
200
At 31 December 2020
200
200
**Amortisation and**
**impairment**
At 1 January 2020
40
40
Amortisation charge for the
year
20
20
At 31 December 2020
60
60
**Net book values**
At 31 December 2020
140
140
At 31 December 2019
160
160
Intangible fixed assets comprise the patent of Manning Wardle & Company.|
|---|---|---|
|||200|
|||40
20|
|||60|
|||140|
|||160|
||||
||||
Page 18
**The Lynton and Barnstaple Railway Trust Notes to the Accounts**
## 16 **Tangible fixed assets**
|**Land and**
**buildings**
**£**
**Cost or revaluation**
At 1 January 2020
1,280,166
Additions
3,439
At 31 December 2020
1,283,605
**Depreciation and**
**impairment**
At 1 January 2020
6,466
Depreciation charge for the
year
959
At 31 December 2020
7,425
**Net book values**
At 31 December 2020
1,276,180
At 31 December 2019
1,273,700
17 **Investments**
**Investment**
**in**
**Subsidiaries**
**£**
**Cost or revaluation**
At 1 January 2020
77,490
Additions
3,750
At 31 December 2020
81,240
**Net book values**
At 31 December 2020
81,240
At 31 December 2019
77,490
**Investment in Subsidiaries**
The company has the following subsidiary undertakings:
**Name of company**
**Country of**
**incorporation**
**(if not UK)**
**Class of**
**shares held**
Lynton and Barnstaple
Railway Community Interest
Company
England &
Wales
Ordinary A
Manning Wardle & Company
Limited
England &
Wales
Ordinary
L&B Blackmoor Company Plc
England &
Wales
Ordinary A|**Plant &**
**Machinery**
**£**
1,848,825
35,342
1,884,167
57,232
2,287
59,519
1,824,648
1,791,593
**Other**
**investments**
**- Listed**
**£**
26
-
26
26
26
**% age of**
**shares held**
**%**
100
100
100|**Track-work**
**£**
193,135
-
193,135
126,592
9,596
136,188
56,947
66,543
**Other**
**investments**
**- Unlisted**
**£**
30
-
30
30
30
**Capital and**
**reserves at**
**end of the**
**relevant**
**year**
**£**
453,864
453
12,500|**Total**
**£**
3,322,126
38,781|
|---|---|---|---|
||||3,360,907|
||||190,290
12,842|
||||203,132|
||||3,157,775|
||||3,131,836|
||||**Total**
**£**
77,546
3,750|
||||81,296|
||||81,296|
||||77,546|
||||**Profit/(loss**
**) for the**
**relevant**
**year**
**£**
63,334
-
-|
Page 19
**The Lynton and Barnstaple Railway Trust Notes to the Accounts**
## 18 **Debtors**
|Trade debtors
Other debtors
Prepayments and accrued income
19 **Current asset investments**
Unlisted investments
20 **Creditors:**
amounts falling due within one year
Other loans
Amounts owed to group undertakings
Loans from trustees
Accruals and deferred income
21 **Creditors:**
amounts falling due after more than one year
Other loans|**2020**
**£**
5,800
1,703
758
8,261
**2020**
**£**
115,000
115,000
**2020**
**£**
14,800
35,229
32,032
4,500
86,561
**2020**
**£**
-
-|**2019**
**£**
70,699
1,673
758|
|---|---|---|
|||73,130|
|||**2019**
**£**
115,000|
|||115,000|
|||**2019**
**£**
14,800
29,636
35,282
7,988|
|||87,706|
|||**2019**
**£**
30,000|
|||30,000|
Page 20
**The Lynton and Barnstaple Railway Trust Notes to the Accounts**
## 22 **Movement in funds**
|22 **Movement in funds**||||||
|---|---|---|---|---|---|
||**At 1 January**
**2020**
403,060
19,424
85,057
34,600
3,155
1,109
-
15,105
561,510
2,024,061
17,000
17,000
1,142,341
1,142,341
3,744,912|**Incoming**
**resources**
**(including**
**other**
**gains/losses)**
**£**
112,098
20,811
25
-
48,898
13,720
19
67,929
263,500
187,367
-
-
-
-
450,867|**Resources**
**expended**
**£**|**Gross**
**transfers**
**£**
(50,495)
-
10,125
-
-
(14,393)
105,800
(58,553)
(7,516)
7,516
-
-
-|**At 31**
**December**
**2020**
**£**
464,663
12,044
95,207
34,600
3,575
436
41,904
24,481|
|**Restricted funds:**
**Restricted income funds:**
Track bed appeal
Locomotives and heritage
coaches (includes Yeo)
OSHI
Land purchase fund
All Aboard
General Manager's
equipment fund
TWAO Reserve
Other small funds
_Total_
**Unrestricted funds:**
**General funds**
**Designated funds:**
Contingency fund
_Total_
**Revaluation Reserves:**
Revaluation fund
_Total revaluation reserves_
**Total funds**||||||
||||-|||
||||(28,191)|||
||||-|||
||||-|||
||||(48,478)|||
||||-|||
||||(63,915)|||
||||-|||
||||(140,584)
(153,668)
-
-
(294,252)|||
||||||676,910|
||||||2,065,276
17,000|
||||||17,000|
||||||1,142,341|
||||||1,142,341|
|||||||
||||||3,901,527|
Purposes and restrictions in relation to the funds: Revaluation reserves Represent the amount by which investments exceed their historical cost.
Restricted funds: Track bed appeal The Track bed appeal exists to raise funds for the purchase of the track bed of the former Lynton and Barnstaple Railway. Locomotives and heritage The Locomotives and Heritage coaches fund exists to finance the operation coaches (includes Yeo) and maintenance of the Kerr Stuart build locomotive No 2451 , known as "Axe", the heritage coaches, and to build a replica of the original Lynton and Barnstaple Manning Wardle 2-6-2T known as Yeo.
Page 21
**The Lynton and Barnstaple Railway Trust Notes to the Accounts**
|**es to the Accounts**||
|---|---|
|OSHI|The OSHI (Old Station House Inn) fund represents monies received to|
||finance the plans and corporate structures required to expand the railway|
||at Blackmoor Gate.|
|Land purchase fund|The land purchase fund represents funds held for future purchases of land,|
||and comprises shares in the Lynton & Barnstaple Railway Community|
||Interest Country which were exchanged for shares previously held in|
||Exmoor Associates Limited.|
|All Aboard|The All Aboard fund exists to finance the planning permissions and|
||Transport and Works order required to reinstate the railway between|
||Lynton and Barnstaple.|
|General Manager's|The General Manager's equipment fund finances the purchase of tools and|
|equipment fund|machinery needed by the General Manager.|
|TWAO Reserve|This fund is held to finance preparations for obtaining a Transport and|
||Works Act Order.|
|Other small funds|These funds financed the purchase of various small fixed assets for the|
||charity's general purposes.|
|Designated funds:||
|Contingency fund|The purpose of these funds is to represent the cost of servicing|
||membership obligations for one year in the event of the charity's income|
||sources declining.|
## 23 **Analysis of net assets between funds**
|Fixed assets
Investments
Net current assets
**Reconciliation of net debt**
Cash and cash equivalents|**At 1 January**
**2020**
**£**|**Unrestricted**
**funds**
**£**
3,157,915
34,196
32,506
3,224,617
**Cash flows**
**£**|**Restricted**
**funds**
**£**
-
47,100
629,810
676,910
**New**
**HP/Finance**
**leases**
**£**|**Total**
**£**
3,157,915
81,296
662,316|
|---|---|---|---|---|
|||||3,901,527|
|||||**At 31**
**December**
**2020**
**£**|
||464,946|160,670||625,616|
||464,946
(44,800)
(44,800)
420,146|160,670
30,000|-|625,616
(14,800)|
|Borrowings|||||
|Net debt||30,000
190,670|-
-|(14,800)|
|||||610,816|
## 24 **Reconciliation of net debt**
Page 22
**The Lynton and Barnstaple Railway Trust Notes to the Accounts**
25 **Related party disclosures**
|**Related party disclosures**||||
|---|---|---|---|
|||**2020**|**2019**|
|**_Transactions with related_**|**_parties_**|**£**|**£**|
|_Name of related party_|C.E. Summers|||
|_Description of relationship_
_between the parties_|Trustee and member of the charity|||
||During the year Mr C.E. Summers continued|||
|_Description of transaction_|to extend a loan to the charity. The loan is|||
|_and general amounts_|interest free and has no fixed date for|||
|_involved_|repayment|||
|_Amount due from/(to) the_|_related party_|(32,032)|(32,032)|
|_Name of related party_|M.E.G. Swainson|||
|_Description of relationship_
_between the parties_|Trustee and member of the charity|||
||During the year Mr M.E.G. Swainson|||
|_Description of transaction_
_and general amounts_|continued to extend a loan to the charity.
The loan was repaid before the reporting|||
|_involved_|date.|||
|_Amount due from/(to) the_|_related party_|-|(3,250)|
|**_Controlling party_**||||
The company is limited by guarantee and has no share capital; consequently there is no one individual in control of the company.
Page 23
**The Lynton and Barnstaple Railway Trust Detailed Statement of Financial Activities**
## **for the year ended 31 December 2020**
|**Income and endowments from:**
Donations and legacies
Donations
Legacies receivable
Sponsorship
Subscriptions
Charitable activities
Draw tickets and 100 Club
Magazine adverts
Other trading activities
Sale of scrap metals and woods
Investments
Property rental income
Dividends
Interest receivable
Other
Government grants
**Total income and endowments**
**Expenditure on:**
Costs of generating donations and
legacies
Donations
Sponsorship
Subscriptions
**Total of expenditure on raising**
**funds**
Charitable activities
Draw tickets and 100 Club
Governance costs
Trustees expenses
Trustees Indemnity Insurance|**Unrestricte**
**d funds**
**2020**
**£**
42,440
40,649
-
68,520
151,609
17,659
315
17,974
371
371
7,380
-
33
7,413
10,000
10,000
187,367
65
-
25,814
25,879
25,879
10,559
10,559
203
2,211|**Restricted**
**funds**
**2020**
**£**
263,340
-
-
-
263,340
-
-
-
-
-
-
-
160
160
-
-
263,500
-
-
-
-
-
-
-
-
-|**Total funds**
**2020**
**£**
305,780
40,649
-
68,520
414,949
17,659
315
17,974
371
371
7,380
-
193
7,573
10,000
10,000
450,867
65
-
25,814
25,879
25,879
10,559
10,559
203
2,211|**Total funds**
**2019**
**£**
354,605
98,561
560
58,524|
|---|---|---|---|---|
|||||512,250|
|||||20,673
945|
|||||21,618|
|||||4,278|
|||||4,278|
|||||8,259
8
313|
|||||8,580|
|||||-|
|||||-|
|||||546,726
933
175
19,980|
|||||21,088|
|||||21,088
10,492|
|||||10,492|
|||||381
-|
Page 24
**The Lynton and Barnstaple Railway Trust Detailed Statement of Financial Activities**
|AGM costs
Companies House fees
**Total of expenditure on charitable**
**activities**
Other expenditure
Repair and refurbishment of
charity assets
Other interest payable
Travel and subsistence
Premises costs
Rent
Rates
Light, heat and power
Other premises costs
General administrative costs,
including depreciation and
amortisation
Amortisation
Depreciation of land and
buildings
Depreciation of Plant &
Machinery
Depreciation of Track-work
Bank charges
Equipment expensed
Subscriptions
Sundry expenses
Legal and professional costs
Audit/Independent examination
fees
Accountancy and bookkeeping
Consultancy fees
Solicitor's fees
Other legal and professional
costs
**Total of expenditure of other costs**
**Total expenditure**
Net gains on investments|2,162
13
4,589
15,148
7,594
-
7,594
-
-
16,296
1,726
930
-
18,952
20
959
2,287
9,596
1,041
2,444
67
-
16,414
(1,643)
2,000
1,469
1,500
66,355
69,681
112,641
153,668
-|-
-
-
-
28,191
-
28,191
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
112,393
112,393
140,584
140,584
-|2,162
13
4,589
15,148
35,785
-
35,785
-
-
16,296
1,726
930
-
18,952
20
959
2,287
9,596
1,041
2,444
67
-
16,414
(1,643)
2,000
1,469
1,500
178,748
182,074
253,225
294,252
-|2,966
13|
|---|---|---|---|---|
|||||3,360|
|||||13,852
44,518
273|
|||||44,791|
|||||568|
|||||568|
|||||16,296
-
695
96|
|||||17,087|
|||||20
422
6,915
9,656
949
-
550
3,321|
|||||21,833|
|||||3,500
1,995
1,225
-
76,158|
|||||82,878|
||||||
|||||167,157|
|||||202,097
-|
Page 25
**The Lynton and Barnstaple Railway Trust Detailed Statement of Financial Activities**
|**Net income**
Transfers between funds
**Net income before other**
**gains/(losses)**
**Other recognised gains and losses**
Gains on revaluation of fixed
assets
Other Gains
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|3,183,402
3,224,617|33,699
7,516
41,215
-
-
41,215
561,510
676,910|122,916
(7,516)
115,400
-
-
115,400
-
-|156,615
-
156,615
-
-
156,615
3,744,912
3,901,527|344,629
-|
|---|---|---|---|---|---|
||||||344,629
181,500
-|
||||||526,129|
||||||3,218,783|
||||||3,744,912|
Page 26