The 762 Club
Charity No. 1139839
Company No. 07401325
Trustees' Report and Unaudited Accounts
31 December 2020
The 762 Club Contents
| Pages | ||
|---|---|---|
| Trustees' Annual Report | 2 to 4 | |
| Independent Examiner's Report | 5 | |
| Statement of Financial Activities | 6 | |
| Summary Income and Expenditure Account | 7 | |
| Balance Sheet | 8 | |
| Notes to the Accounts | 9 to | 14 |
| Detailed Statement of Financial Activities | 15 to | 16 |
Page 1
The 762 Club 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 unaudited financial statements of the charity for the year ended 31 December 2020.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 07401325
Charity No. 1139839
Principal Office
26 Oaklands Bideford Devon EX39 3HW
Registered Office
c/o Accountancy Edge Ltd 12 Culm Close Bideford Devon EX39 4AX
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:
P. Miles J.H. Pain M.E.G. Swainson
Company Secretary
J.H. Pain
Accountants
Accountancy Edge Limited 12 Culm Close Bideford Devon EX39 4AX
Bankers
Lloyds Bank plc 5 High Street Bideford Devon EX39 2AD
Page 2
The 762 Club Trustees Annual Report
OBJECTIVES AND ACTIVITIES
The charity's objects are specifically restricted to the following: to build, preserve, operate and exhibit for the public benefit, for educational benefit and instructional purposes locomotives of historical or scientific interest.
In particular this related to a Baldwin 2-4-2 steam locomotive named "LYN" which was designed and built by the charity and now operates on the nascent Lynton & Barnstaple Railway modelled on the historic locomotive LYN, but engineered using modern designs and technology to provide an efficient, easy-to-maintain and powerful engine that is fit for very many years service in the 21st Century.
The charity is now working on the building of two iconic Manning Wardle 2-6-2 steam locomotives YEO and EXE both of which also operated exclusively on the Lynton & Barnstaple Railway
The longer term aspiration will be to complete the set of original Lynton & Barnstaple railway steam locomotives that ran on the original line with two further Manning Wardle steam locomotives named TAW and LEW.
As Trustees of the charity we have have given due consideration to the Charity Commission’s published guidance on the Public Benefit requirement under the Charities Act 2011. The charity benefits the public through the advancement of scientific and technical knowledge involved in the design and construction of iconic steam locomotives. When the locomotives are completed they will be available to the public and will assist in educating them about steam locomotion and narrow gauge railways. Volunteers have made a great contribution to the project in the year under review.
ACHIEVEMENTS AND PERFORMANCE
LYN continues in regular revenue earning services to the L&B CIC at Woody Bay in North Devon. Due to the Coronavirus pandemic and temporary cessation of operations due to national Government restrictions during the lockdown period The 762 Club agreed to stop invoicing for steaming fees to the L&B CIC for the duration that the railway was not operating or in a recovery mode. This meant no steaming fee income from 1st January 2020 to 31st July 2020 with invoicing resuming from the 1st August 2020. LYN has continued to perform faultlessly.
Fundraising continues for Project YEO and EXE. Purchasing of components has been delayed due to the Pandemic as suppliers are furloughed but we hope in 2021 to procure and have cast the cylinders alongside other key items.
FINANCIAL REVIEW
The Trustees consider the performance of the charity in the year to be satisfactory.
LYN is now earning the charity a return through commercial steamings, which is anticipated to be sufficient to fund future maintenance of the locomotive.
The charity is now seeking to raise funds to construct sister locomotives.
The charity aims to keep sufficient free reserves to cover the ongoing maintenance costs of LYN.
PLANS FOR FUTURE PERIODS
As noted, the charity is now steaming LYN and is managing the construction of two additional locomotives.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is governed by its Memorandum and Articles of Association incorporated on 8 October 2010 as amended 1 November 2010.
In addition to the power of the charity to appoint trustees at a general meeting, the Board of Trustees have power to appoint an eligible person as a trustee to fill a vacancy or act as an additional trustee.
Page 3
The 762 Club Trustees Annual Report
The procedures adopted for the induction and training of trustees involve access to minutes of previous trustees' meetings, the advice of existing trustees, and the Charity Commission publication "The Essential Trustee".
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 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
J.H. Pain Company Secretary 23 September 2021
Page 4
The 762 Club Independent Examiners Report
Independent Examiner's Report to the trustees of The 762 Club
I report to the charity trustees on my examination of the accounts of The 762 Club for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.
Responsibilities and basis of report
As the trustees of the charity (and also its directors 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 charity are not required to be audited 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.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements under section 396 of the 2006 Act 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 (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
James Hellyer MA (Cantab.) FCA Chartered Accountant Accountancy Edge Limited 12 Culm Close
Bideford Devon
EX39 4AX 23 September 2021
Page 5
The 762 Club Statement of Financial Activities
for the year ended 31 December 2020
| Notes Income and endowments from: Donations and legacies 4 Other trading activities 5 Other 6 Total Expenditure on: Raising funds 7 Charitable activities 8 Other 9 Total Net gains on investments Net income 10 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 |
Unrestricted funds 2020 £ 37,336 11,106 35 |
Total funds 2020 £ 37,336 11,106 35 |
Total funds 2019 £ 84,773 12,324 - |
|---|---|---|---|
| 48,477 430 1,543 838 |
48,477 430 1,543 838 |
97,097 311 1,477 828 |
|
| 2,811 - |
2,811 - |
2,616 - |
|
| 45,666 - |
45,666 - |
94,481 - |
|
| 45,666 | 45,666 | 94,481 | |
| 45,666 834,565 |
45,666 834,565 |
94,481 740,084 |
|
| 880,231 | 880,231 | 834,565 |
Page 6
The 762 Club Summary Income and Expenditure Account
for the year ended 31 December 2020
| Income Gross income for the year Expenditure Total expenditure for the year Net income before tax for the year Net income for the year |
2020 £ 48,477 48,477 2,811 2,811 45,666 45,666 |
2019 £ 97,097 |
|---|---|---|
| 97,097 | ||
| 2,616 | ||
| 2,616 | ||
| 94,481 | ||
| 94,481 |
Page 7
The 762 Club Balance Sheet
at 31 December 2020
| Company No. 07401325 Notes 2020 £ Fixed assets Tangible assets 12 706,637 706,637 Current assets Debtors 13 1,860 Cash at bank and in hand 172,533 174,393 Creditors:Amount falling due within one year 14 (799) Net current assets 173,594 Total assets less current liabilities 880,231 Net assets excluding pension asset or liability 880,231 Total net assets 880,231 The funds of the charity Restricted funds 15 Unrestricted funds 15 General funds 764,531 Designated funds 115,700 880,231 Reserves 15 Total funds 880,231 |
2019 £ 706,637 |
|---|---|
| 706,637 5,647 123,081 |
|
| 128,728 (800) |
|
| 127,928 834,565 |
|
| 834,565 | |
| 834,565 | |
| 754,851 79,714 |
|
| 834,565 | |
| 834,565 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 31 December 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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.
Approved by the board on 23 September 2021
And signed on its behalf by:
J.H. Pain Trustee 23 September 2021
Page 8
The 762 Club 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 9
The 762 Club 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:
Plant & machinery 0% straight line
The residual value of the locomotive is equal to or higher than its historical cost. Therefore no depreciation is provided.
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.
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.
Page 10
The 762 Club Notes to the Accounts
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.
3 Statement of Financial Activities - prior year
| Income and endowments from: Donations and legacies Other trading activities Total Expenditure on: Raising funds Charitable activities Other Total Net income 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 |
Unrestricted funds 2019 £ 84,773 12,324 97,097 311 1,477 828 2,616 94,481 94,481 94,481 740,084 834,565 |
Total funds 2019 £ 84,773 12,324 |
|---|---|---|
| 97,097 311 1,477 828 |
||
| 2,616 | ||
| 94,481 | ||
| 94,481 | ||
| 94,481 740,084 |
||
| 834,565 |
4 Income from donations and legacies
| Donations Sponsorship |
Unrestricted £ 37,336 - 37,336 |
Total 2020 £ 37,336 - 37,336 |
Total 2019 £ 79,773 5,000 |
|---|---|---|---|
| 84,773 |
Page 11
The 762 Club Notes to the Accounts
5 Income from other trading activities
| Steaming fees 6 Other income Advertising 7 Expenditure on raising funds Costs of generating voluntary income Donations Fundraising trading costs Sale of donated items and memorabilia 8 Expenditure on charitable activities Governance costs Trustees' indemnity insurance 9 Other expenditure General administrative costs Legal and professional costs |
Unrestricted £ 11,106 11,106 Unrestricted £ 35 35 |
Total 2020 £ 11,106 11,106 Total 2020 £ 35 35 |
Total 2019 £ 12,324 |
|---|---|---|---|
| 12,324 | |||
| Total 2019 £ - |
|||
| - | |||
| Unrestricted £ - 430 430 Unrestricted £ 1,543 1,543 Unrestricted £ 88 750 838 |
Total 2020 £ - 430 430 Total 2020 £ 1,543 1,543 Total 2020 £ 88 750 838 |
Total 2019 £ 305 6 |
|
| 311 | |||
| Total 2019 £ 1,477 |
|||
| 1,477 | |||
| Total 2019 £ 103 725 |
|||
| 828 |
Page 12
The 762 Club Notes to the Accounts
10 Net income before transfers
| This is stated after charging: Independent Examiner's fee 11 Staff costs No employee received emoluments in excess of £60,000. 12 Tangible fixed assets Cost or revaluation At 1 January 2020 At 31 December 2020 Net book values At 31 December 2020 At 31 December 2019 13 Debtors Trade debtors VAT recoverable 14 Creditors: amounts falling due within one year Accruals and deferred income |
2020 £ 750 2020 £ - 1,860 1,860 2020 £ 799 799 |
Plant & machinery £ 706,637 706,637 706,637 706,637 |
2019 £ 725 Total £ 706,637 |
|---|---|---|---|
| 706,637 | |||
| 706,637 | |||
| 706,637 | |||
| 2019 £ 3,600 2,047 |
|||
| 5,647 | |||
| 2019 £ 800 |
|||
| 800 |
Page 13
The 762 Club Notes to the Accounts
15 Movement in funds
| Restricted funds: Unrestricted funds: General funds Designated funds: YEO fund EXE fund Total Revaluation Reserves: Total funds |
At 1 January 2020 754,851 44,443 35,271 79,714 834,565 |
Incoming resources (including other gains/losses ) £ 12,491 23,240 12,746 35,986 48,477 |
Resources expended £ (2,811) - - - (2,811) |
At 31 December 2020 £ 764,531 67,683 48,017 |
|---|---|---|---|---|
| 115,700 | ||||
| 880,231 |
Purposes and restrictions in relation to the funds:
| Designated funds: | |
|---|---|
| YEO fund | To finance the construction of the locomotive, YEO. |
| EXE fund | To finance the construction of the locomotive, EXE. |
16 Analysis of net assets between funds
| Fixed assets Net current assets Reconciliation of net debt Cash and cash equivalents Net debt |
At 1 January 2020 £ |
Unrestricted funds £ 706,637 173,594 880,231 Cash flows £ |
Total £ 706,637 173,594 |
|---|---|---|---|
| 880,231 | |||
| At 31 December 2020 £ |
|||
| 123,081 | 49,452 | 172,533 | |
| 123,081 123,081 |
49,452 49,452 |
172,533 | |
| 172,533 |
17 Reconciliation of net debt
18 Related party disclosures Controlling party
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 14
The 762 Club Detailed Statement of Financial Activities
for the year ended 31 December 2020
| Income and endowments from: Donations and legacies Donations Sponsorship Other trading activities Steaming fees Other Advertising Total income and endowments Expenditure on: Costs of generating donations and legacies Donations Costs of other trading activities Sale of donated items and memorabilia Total of expenditure on raising funds Governance costs Trustees' indemnity insurance Total of expenditure on charitable activities General administrative costs, including depreciation and amortisation Depreciation of Plant & machinery Bank charges Legal and professional costs Independent examination fees |
Unrestricted funds 2020 £ 37,336 - 37,336 11,106 11,106 35 35 48,477 - - 430 430 430 1,543 1,543 1,543 - 88 88 750 750 |
Total funds 2020 £ 37,336 - 37,336 11,106 11,106 35 35 48,477 - - 430 430 430 1,543 1,543 1,543 - 88 88 750 750 |
Total funds 2019 £ 79,773 5,000 |
|---|---|---|---|
| 84,773 | |||
| 12,324 | |||
| 12,324 | |||
| - | |||
| - | |||
| 97,097 305 |
|||
| 305 | |||
| 6 | |||
| 6 | |||
| 311 1,477 |
|||
| 1,477 | |||
| 1,477 - 103 |
|||
| 103 | |||
| 725 | |||
| 725 |
Page 15
| Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward The 762 Club Detailed Statement of Financial Activities |
838 2,811 - 45,666 45,666 - 45,666 834,565 880,231 |
838 2,811 - 45,666 45,666 - 45,666 834,565 880,231 |
|
|---|---|---|---|
| 828 | |||
| 2,616 - |
|||
| 94,481 | |||
| 94,481 - |
|||
| 94,481 | |||
| 740,084 | |||
| 834,565 |
Page 16