OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-12-31-accounts

The Lynton and Barnstaple Railway Trust

Charity No. 1082564

Company No. 04040633

Trustees' Report and Audited Accounts

31 December 2021

The Lynton and Barnstaple Railway Trust Contents

Pages
Trustees' Annual Report 1 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 24
Detailed Statement of Financial Activities 25 to 27

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 2021.

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 C.G. Duffell G.N. Hunt P. Miles

A.J. Nicholson (Resigned 12 November 2021) 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

Crosse Wyatt Solicitors 7 East Street South Molton Devon EX36 3BX

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 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

The charity is delighted to be the new owner of 'The Halt' at Parracombe. Not only does this mean we own another station, but perhaps more significantly, for the first time in our history, we own all the track-bed from Woody Bay Station to and including Parracombe Halt. This joins up two of the railway's long-closed stations. This bring us even closer to being able to re-open an extended section of the railway for the first time.

FINANCIAL REVIEW

The Trustees considered the charity's financial position at 31 December 2021 to be satisfactory. Despite the ongoing Coronavirus pandemic, the charity was still able to generate an operating surplus of £700,568. We were pleased to overcome the challenges of the fundraising environment to be able to secure enough money to purchase land vital to our goal of the future re-opening the railway.

We were especially pleased to receive a donation of £30,000 from the Lynton and Barnstaple Railway Community Interest Company, which has had a successful trading year despite national events!

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:

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 2022

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 2021 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:

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:

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. 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

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:

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 For and on behalf of Fawley, Judge & Easton Chartered Certified Accountants 1 Parliament Street Hull HU1 2AS 14 June 2022

Fawley, Judge & Easton 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 2021

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
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricte
d funds
2021
£
134,165
36,908
468
7,451
9,000		 Restricted
funds
2021
£
764,839
-
-
-
-		 Total funds
2021
£
899,003
36,908
468
7,451
9,000		 Total funds
2020
£
414,949
17,974
371
7,573
10,000
187,992
25,473
24,328
124,843		 764,839
-
-
77,618		 952,830
25,473
24,328
202,461		 450,867
25,879
15,148
253,225
174,644
-		 77,618
-		 252,262
-		 294,252
-
13,348
767,409		 687,221
(767,409)		 700,568
-		 156,615
-
780,757 (80,189) 700,568 156,615
780,757
3,224,617		 (80,189)
676,910		 700,568
3,901,527		 156,615
3,744,912
4,005,374 596,722 4,602,095 3,901,527

Page 9

The Lynton and Barnstaple Railway Trust Summary Income and Expenditure Account

for the year ended 31 December 2021

Income
Interest and investment income
Gross income for the year
Expenditure
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		 2021
£
945,379
7,451
952,830
227,884
24,378
252,262
700,568
700,568		 2020
£
443,294
7,573
450,867
281,390
12,862
294,252
156,615
156,615

Page 10

The Lynton and Barnstaple Railway Trust Balance Sheet

at 31 December 2021

Company No.
04040633
Notes
2021
£
Fixed assets
Intangible assets
15
120
Tangible assets
16
3,805,160
Investments
17
87,116
3,892,396
Current assets
Debtors
18
4,021
Investments
19
115,000
Cash at bank and in hand
680,953
799,974
Creditors:Amount falling due within one year
20
(90,275)
Net current assets
709,699
Total assets less current liabilities
4,602,095
Net assets excluding pension asset or liability
4,602,095
Total net assets
4,602,095
The funds of the charity
Restricted funds
21
Restricted income funds
596,722
596,722
Unrestricted funds
21
General funds
2,846,033
Designated funds
17,000
2,863,033
Reserves
21
Revaluation reserve
1,142,341
1,142,341
Total funds
4,602,095		 2020
£
140
3,157,775
81,296
3,239,211
8,261
115,000
625,616
748,877
(86,561)
662,316
3,901,527
3,901,527
3,901,527
676,910
676,910
2,065,276
17,000
2,082,276
1,142,341
1,142,341
3,901,527

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 2022

And signed on its behalf by:

P. Miles Trustee

31 March 2022

Page 11

The Lynton and Barnstaple Railway Trust Notes to the Accounts

for the year ended 31 December 2021

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

Income

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

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:

Freehold property 0% straight line Leasehold property 0-20% straight line Plant & Machinery 0-33% straight-line Motor vehicles 20% reducing balance 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. Patents and trademarks 10% straight-line

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.

Page 13

The Lynton and Barnstaple Railway Trust Notes to the Accounts

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.

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.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

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
Other
Total
Expenditure on:
Raising funds
Charitable activities
Other
Total
Net income
Transfers between funds
Net income before other
gains/(losses)
Other gains and losses:
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
£
47,919
12,404
402
73,440
134,165		 Unrestricted
funds
2020
£
151,609
17,974
371
7,413
10,000
187,367
25,879
15,148
112,641
153,668
33,699
7,516
41,215
41,215
3,183,402
3,224,617
Restricted
£
359,372
405,467
-
-
764,839		 Restricted
funds
2020
£
263,340
-
-
160
-
263,500
-
-
140,584
140,584
122,916
(7,516)
115,400
115,400
561,510
676,910
Total
2021
£
407,290
417,871
402
73,440
899,003		 Total funds
2020
£
414,949
17,974
371
7,573
10,000
450,867
25,879
15,148
253,225
294,252
156,615
-
156,615
156,615
3,744,912
3,901,527
Total
2020
£
305,780
40,649
-
68,520
414,949

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
Subscriptions		 Unrestricted
£
36,908
-
36,908
Unrestricted
£
468
468
Unrestricted
£
7,374
7
70
7,451
Unrestricted
£
9,000
9,000		 Total
2021
£
36,908
-
36,908
Total
2021
£
468
468
Total
2021
£
7,374
7
70
7,451
Total
2021
£
9,000
9,000		 Total
2020
£
17,659
315
17,974
Total
2020
£
371
371
Total
2020
£
7,380
-
193
7,573
Total
2020
£
10,000
10,000
Unrestricted
£
-
25,473
25,473		 Total
2021
£
-
25,473
25,473		 Total
2020
£
65
25,814
25,879

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
Magazine adverts
Governance costs
Trustees expenses
Trustees Indemnity Insurance
AGM costs
Companies House fees
11 Other expenditure
Repair and refurbishment of
charity assets
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		 Unrestricted
£
15,639
759
28,574
24,378
1,380
54,113
124,843		 Unrestricted
£
15,115
240
223
-
8,362
388
24,328
Restricted
£
5,225
-
-
-
-
72,393
77,618
2021
£
24,358
20
2,675		 Total
2021
£
15,115
240
223
-
8,362
388
24,328
Total
2021
£
20,864
759
28,574
24,378
1,380
126,506
202,461		 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
2020
£
12,842
20
2,500

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.

2021
Number
Number of trustees paid expenses
2
The nature of the reimbursed expenses
The nature of these expenses was reimbursed
travel expenses.
£
Total expenses reimbursed to trustees
223
14 Staff costs
No employee received emoluments in excess of £60,000.
15 Intangible fixed assets
Patents and
trade-marks
£
Cost
At 1 January 2021
200
At 31 December 2021
200
Amortisation and
impairment
At 1 January 2021
60
Amortisation charge for the
year
20
At 31 December 2021
80
Net book values
At 31 December 2021
120
At 31 December 2020
140
Intangible fixed assets comprise the patent of Manning Wardle & Company.		 2021
Number
Number of trustees paid expenses
2
The nature of the reimbursed expenses
The nature of these expenses was reimbursed
travel expenses.
£
Total expenses reimbursed to trustees
223
14 Staff costs
No employee received emoluments in excess of £60,000.
15 Intangible fixed assets
Patents and
trade-marks
£
Cost
At 1 January 2021
200
At 31 December 2021
200
Amortisation and
impairment
At 1 January 2021
60
Amortisation charge for the
year
20
At 31 December 2021
80
Net book values
At 31 December 2021
120
At 31 December 2020
140
Intangible fixed assets comprise the patent of Manning Wardle & Company.		 2020
Number
2
postage and
£
204
Total
£
200
200
60
20
80
120
140

Page 18

The Lynton and Barnstaple Railway Trust Notes to the Accounts

16 Tangible fixed assets

Tangible fixed assets
Cost or revaluation
At 1 January 2021
Additions
At 31 December 2021
Depreciation and
impairment
At 1 January 2021
Depreciation charge for the
year
At 31 December 2021
Net book values
At 31 December 2021
At 31 December 2020		 Land and
buildings
£
1,283,605
628,708
1,912,313
7,425
2,070
9,495
1,902,818
1,276,180		 Plant &
Machinery
£
1,884,167
28,181
1,912,348
59,519
9,661
69,180
1,843,168
1,824,648		 Motor
vehicles
£
-
14,854
14,854
-
2,971
2,971
11,883
-		 Track-work
£
193,135
-
193,135
136,188
9,656
145,844
47,291
56,947		 Total
£
3,360,907
671,743
4,032,650
203,132
24,358
227,490
3,805,160
3,157,775

A professional valuation of the charity's freehold land and buildings was carried out in April 2008 by R J Smith FRICS of Phillips Smith & Dunn, professional valuers. The value of the property held at that date on an existing use basis was £325,000. The Trustees do not believe that the valuation of this freehold land and buildings has changed materially since that date.

The equipment donated by the Lynton & Barnstaple Railway Company Limited in 2007 were revalued on receipt by the Trustees at open market value. The Trustees do not believe that the valuation of this equipment has changed materially since that date.

Land at Blackmoor Gate donated to the charity in 2010, was valued by Roger Ladbury FRICS, Chartered Surveyor and Land Agents, at £23,000 in March 2011. All other land is held at purchase price. The Trustees do not believe this land has materially changed in value since its purchase.

In 2015 the four heritage coaches were revalued by the Trustees with a valuation of £250,000 each, a total of £1,000,000. The Trustees do not believe that the valuation of these coaches has changed materially since that date.

Page 19

The Lynton and Barnstaple Railway Trust Notes to the Accounts

17 Investments

17 Investments
Investment Other Other
in investments investments
Subsidiaries - Listed - Unlisted Total
£ £ £ £
Cost or revaluation
At 1 January 2021 81,240 26 30 81,296
Additions 5,820 - - 5,820
At 31 December 2021 87,060 26 30 87,116
Net book values
At 31 December 2021 87,060 26 30 87,116
At 31 December 2020 81,240 26 30 81,296
Investment in Subsidiaries
The company has the following subsidiary undertakings:
Capital and
reserves at Profit/(loss
Country of end of the ) for the
incorporation Class of % age of relevant relevant
Name of company (if not UK) shares held shares held year year
% £ £
Lynton and Barnstaple Ordinary A
Railway Community Interest England & and Ordinary
Company Wales B 100 564,239 132,217
Manning Wardle & Company England &
Limited Wales Ordinary 100 453 -
England &
L&B Blackmoor Company Plc Wales Ordinary A 100 12,500 -
The Lynton and Barnstaple Railway Trust owns 100% of the Ordinary A shares in the Lynton and
Barnstaple Railway Community Interest Company. The enhanced voting rights of these shares give it
control of that company.
18 Debtors
2021 2020
£ £
Trade debtors 1,800 5,800
Other debtors 1,463 1,703
Prepayments and accrued income 758 758
4,021 8,261
19 Current asset investments
2021 2020
£ £
Unlisted investments 115,000 115,000
115,000 115,000

Page 20

The Lynton and Barnstaple Railway Trust Notes to the Accounts

20 Creditors:

amounts falling due within one year

Creditors:
amounts falling due within one year
Other loans
Amounts owed to group undertakings
Loans from trustees
Accruals and deferred income		 2021
£
14,800
36,943
32,032
6,500
90,275		 2020
£
14,800
35,229
32,032
4,500
86,561

Page 21

The Lynton and Barnstaple Railway Trust Notes to the Accounts

21 Movement in funds

21 Movement in funds
At 1 January
2021
464,663
12,044
95,207
34,600
3,575
436
41,904
24,481
676,910
2,065,276
17,000
17,000
1,142,341
1,142,341
3,901,527		 Incoming
resources
(including
other
gains/losses)
£
641,783
31,318
16,563
-
41,056
1,633
-
32,486
764,839
187,992
-
-
-
-
952,830		 Resources
expended
£		 Gross
transfers
£
(839,741)
(14,441)
2,385
-
-
-
(41,904)
126,292
(767,409)
767,409
-
-
-		 At 31
December
2021
£
265,978
23,696
114,155
34,600
12,264
2,069
-
143,960
Restricted funds:
Restricted income funds:
Track bed appeal
Locomotives and heritage
coaches
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
(727)
(5,225)
-
-
(32,367)
-
-
(39,299)
(77,618)
(174,644)
-
-
(252,262)
596,722
2,846,033
17,000
17,000
1,142,341
1,142,341
4,602,095

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 coaches operation and maintenance of the Kerr Stuart build locomotive No 2451 , known as "Axe" and the heritage coaches. 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.

Page 22

The Lynton and Barnstaple Railway Trust Notes to the Accounts

es to the Accounts
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.

22 Analysis of net assets between funds

Analysis of net assets between funds
Fixed assets
Investments
Net current assets
Reconciliation of net debt
Cash and cash equivalents
Borrowings
Net debt		 Unrestricted
funds
£
3,805,280
35,296
74,142
3,914,718
At 1 January
2021
£		 Restricted
funds
£
-
51,820
635,557
687,377
Cash flows
£		 Total
£
3,805,280
87,116
709,699
4,602,095
At 31
December
2021
£
625,616 55,337 680,953
625,616
(14,800)
(14,800)
610,816		 55,337
-
-
55,337		 680,953
(14,800)
(14,800)
666,153

23 Reconciliation of net debt

Page 23

The Lynton and Barnstaple Railway Trust Notes to the Accounts

24 Related party disclosures

Related party disclosures
2021 2020
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)
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 24

The Lynton and Barnstaple Railway Trust Detailed Statement of Financial Activities

for the year ended 31 December 2021

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
Subscriptions
Total of expenditure on raising
funds
Charitable activities
Draw tickets and 100 Club
Magazine adverts
Governance costs
Trustees expenses
Trustees Indemnity Insurance
AGM costs		 Unrestricte
d funds
2021
£
47,919
12,404
402
73,440
134,165
36,908
-
36,908
468
468
7,374
7
70
7,451
9,000
9,000
187,992
-
25,473
25,473
25,473
15,115
240
15,355
223
-
8,362		 Restricted
funds
2021
£
359,372
405,467
-
-
764,839
-
-
-
-
-
-
-
-
-
-
-
764,839
-
-
-
-
-
-
-
-
-
-		 Total funds
2021
£
407,290
417,871
402
73,440
899,003
36,908
-
36,908
468
468
7,374
7
70
7,451
9,000
9,000
952,830
-
25,473
25,473
25,473
15,115
240
15,355
223
-
8,362		 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
2,162

Page 25

The Lynton and Barnstaple Railway Trust Detailed Statement of Financial Activities

Companies House fees
Total of expenditure on charitable
activities
Other expenditure
Repair and refurbishment of
charity assets
Motor and travel costs
Fares
Premises costs
Rent
Rates
Light, heat and power
Premises insurances
Premises repairs and
maintenance
Other premises costs
General administrative costs,
including depreciation and
amortisation
Amortisation
Depreciation of land and
buildings
Depreciation of Plant &
Machinery
Depreciation of Motor vehicles
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		 388
8,973
24,328
15,639
15,639
759
759
16,296
388
217
542
6,963
4,168
28,574
20
2,070
9,661
2,971
9,656
797
-
563
20
25,758
2,425
1,995
-
2,422
47,271
54,113
124,843
174,644		 -
-
-
5,225
5,225
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
727
71,666
72,393
77,618
77,618		 388
8,973
24,328
20,864
20,864
759
759
16,296
388
217
542
6,963
4,168
28,574
20
2,070
9,661
2,971
9,656
797
-
563
20
25,758
2,425
1,995
-
3,149
118,937
126,506
202,461
252,262		 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

Page 26

The Lynton and Barnstaple Railway Trust Detailed Statement of Financial Activities

The Lynton and Barnstaple Railway Trust
Detailed Statement of Financial Activities
Net gains on investments
Net income
Transfers between funds
Net income before other
gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 -
13,348
767,409
780,757
-
780,757
3,224,617
4,005,374		 -
687,221
(767,409)
(80,189)
-
(80,189)
676,910
596,722		 -
700,568
-
700,568
-
700,568
3,901,527
4,602,095		 -
156,615
-
156,615
-
156,615
3,744,912
3,901,527

Page 27