## **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