Company registration number: 04294363 Charity registration number: 1095790
East Kent Railway Trust (A company limited by guarantee)
Financial Report
31 January 2023
East Kent Railway Trust Report and accounts Contents
| Page | |
|---|---|
| Trustees' report | 1 |
| Balance sheet | 2 |
| Notes to the accounts | 3 |
Company registration number: 04294363 Charity registration number: 1095790
East Kent Railway Trust
(A company limited by guarantee)
Trustees' Report
The trustees, who are also the directors East Kent Railway Trust for the purpose of company law, present the annual report together with the financial statements of the charitable company for the period ended 31 January 2023.
The Trustees have found rental income and donations to be satisfactory.
Infrastructure and rolling stock maintenance has been maintained, also at a satisfactory level.
A new small artefacts museum has been created.
Trustee Directors
The trustee directors shown below held office during the whole of the period to 31st January 2023
Mr D Harris Mr A C Coe Mr A Hodges Mr A Fox Mr K Caley Mr C Keverne Mr D Macey
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the trustees of the charity on 30 October 2023 and signed on its behalf.
Mr D Harris Chairman and Trustee
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East Kent Railway Trust
Independent Examiner's Report to the trustees of East Kent Railway Trust
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the period ended 31 January 2023
Responsibilities and basis of report
As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”)
Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.
I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:
• accounting records were not kept in accordance with section 386 of the Companies Act 2006;or
• the accounts do not accord with such records; or
• the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
•the accounts have not been prepared in accordance with the Charities SORP (FRS102).
Red Business Solutions Limited Accountants
35 Coxhill Gardens River Dover Kent CT17 0PX
28 October 2023
2
East Kent Railway Trust Profit and Loss Account for the year ended 31 January 2023
| Turnover Direct Costs Gross profit Administrative expenses Operating profit Profit before taxation Tax on profit Profit for the financial year |
2023 £ 116,648 (47,067) 69,581 (58,959) 10,622 10,622 - 10,622 |
2022 £ 103,307 (36,294) 67,013 (51,142) 15,871 15,871 - 15,871 |
|---|---|---|
3
Company registration number: 04294363 Charity registration number: 1095790
East Kent Railway Trust
(A company limited by guarantee)
Balance Sheet as at 31st January 2023
| Notes Fixed assets Tangible assets 3 Current assets Debtors 4 Cash at bank and in hand Creditors: amounts falling due within one year 5 Net current assets Net assets Capital and reserves Other Reserves Profit and loss account |
2023 £ 210,803 6,900 42,237 49,137 (33,876) 15,261 226,064 54,101 171,963 226,064 |
2022 £ 196,506 7,117 43,007 50,124 (31,188) 18,936 215,442 54,101 161,341 215,442 |
|---|---|---|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Harris Chairman and Trustee Approved by the board on 30 October 2023
4
East Kent Railway Trust Notes to the Accounts for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings In accordance with the property Plant and machinery 25% / 20% / 10% on reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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East Kent Railway Trust Notes to the Accounts for the year ended 31 January 2023
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
| 2 Employees Average number of persons employed by the company |
2023 Number 0 |
2022 Number 0 |
|---|---|---|
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East Kent Railway Trust Notes to the Accounts for the year ended 31 January 2023
3 Tangible fixed assets
| Land and buildings Plant and machinery etc £ £ Cost At 1 February 2022 196,109 105,141 Additions 16,350 15,296 At 31 January 2023 212,459 120,437 Depreciation At 1 February 2022 68,304 64,750 Charge for the year 5,304 8,762 At 31 January 2023 73,608 73,512 Net book value At 31 January 2023 138,851 46,925 At 31 January 2022 127,805 40,391 4 Debtors Other debtors 5 Creditors: amounts falling due within one year Trade creditors Amounts owed by group undertakings and undertakings in which the company has a participating interest Amounts owed to group undertakings and undertakings in which the company has a participating interest |
Motor vehicles £ 32,760 - 32,760 4,450 3,283 7,733 25,027 28,310 2023 £ 6,900 - 6,900 2023 £ 8,326 25,550 33,876 |
Total £ 334,010 31,646 365,656 137,504 17,349 154,853 210,803 196,506 2022 £ 6,900 217 7,117 2022 £ 5,638 25,550 31,188 |
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6 Other information
East Kent Railway Trust is a private company limited by guarantee and incorporated in England. Its registered office is:
Station Road Shepherdswell Dover Kent CT15 7PD
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East Kent Railway Trust Detailed profit and loss account for the year ended 31 January 2023
This schedule does not form part of the statutory accounts
| Turnover Direct Costs Gross profit Administrative expenses Operating profit Profit before tax |
2023 £ 116,648 (47,067) 69,581 (58,959) 10,622 10,622 |
2022 £ 103,307 (36,294) 67,013 (51,142) 15,871 15,871 |
|---|---|---|
8
East Kent Railway Trust Detailed profit and loss account for the year ended 31 January 2023
| Sales Donations Membership Insurance and rent recovered Other income Direct Costs Repairs and maintenance Fuel Other direct costs Administrative expenses Employee costs: Travel and subsistence Premises costs: Rates and water Light and heat General administrative expenses: Telephone and internet Postage and stationery Advertising Insurance Licences and subscriptions Waste Depreciation Legal and professional costs: Accountancy & Bookkeeping fees |
2023 £ 64,557 2,997 16,816 32,278 116,648 35,813 1,753 9,501 47,067 3,607 3,607 165 16,580 16,745 1,505 5,054 540 8,199 1,354 1,472 17,349 35,473 3,134 3,134 58,959 |
2022 £ 45,829 2,625 18,856 35,997 103,307 26,076 1,829 8,389 36,294 672 672 507 11,842 12,349 1,025 3,086 1,465 8,663 1,198 1,004 19,239 35,680 2,441 2,441 51,142 |
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