CbaTity Tegistrthon uumber. 1172852 Littlehampton Heritage Railway Association Aottual Rep)rt and Fitiatieial StAteme]Jts foT the Year Ended 31 May 2022 Wiston Howe I Wiston Avenue Worthing West Sussex BN14 7QL
LittlehaLnPtOD Heritage Raillvay Association ConteDts RefererLce and Administsative Details Tnte¢s, R¢port 2to3 Independent ExarnineFs Report Staternent of FinaD¢ial Athivities Balance Sh¢tt Notes to the Financial Statemeots 7t014
LittlehamptOD Heritage Railway Association Reference Ydnd Administrative Details Trustees C Shattks D Hatris M Cook G Bashall S Shank¥ Cbarity RegiJtrAtioD Number 1172852 Principal Office The Engine Shed M¢wsbrook Park H¢Ddon Av¢DU¢ Littlebampton West Su&sex BN162LX Page I
Littlehampton Heritsge Raihvsy Association Trustees. Report Th¢ ttustecs, who are dtrectots for the PUTPOS¢S of compyny law. present the arllwal rcport tO8ether with the finattcial ststements of the ebarithble eompany for the yw ended 31 May 2022. Obje¢tiveJ and activities Objects and olms As stat¢d in the charitys Memorand the object of the charity i5: To restore, preserve, exhibit and operate railway IocoTDotives, c•rriage8. wagons, vchicles and other artefacts of historical interest and the Stntllres connected therewith for the benefit and education of the general public and to conserve books. drawings. records. documents, sound aDd visual recordings. cinernatogTaphy* films and photographs and other archive mateTial T¢lating to such artefacts aDd vehicle4 their history and d¢velopmenL Ptsbl¢¢ benefil The Littlehampton Herits8e Railway Association ILHRA) is Tun on a ttoi for profit ba518 and the tnttr have had re8ard to the Charity Commission 8uid4Dce ott public benefit attd paid due regard to it in deciding what activitie3 the charity should undertake. The trusttts confimi thai they have cotclplicd with the requirements ofsectton 4 of thc Charities A¢t 2011 to hllve duc regard io thc public bcncfit guidance publish by the cTrlty Commission for En8land and WAtcs. Achlevements performanee Thc Littlehampton Acrita8¢ Railway contiDues to itt)prov¢ and upgr&d¢ thc tracl th¢ winler maintenaDr programme was at Norfolk Road. the old tttable was rctnoved and rlaced with a YJCW Poilll to iD]prov¢ ease of use wheD runni trai, new rail artd slee5 used throughout the $¢ation area And th¢ platforni w&4 extended to allow four wach ts#ins to be run without blockth8 the p¢destrian crossing when staadmg in the station. N¢w sign boar&% were installed &t l)oth Mewsbook Park and the old Norfo]k Gardens. with the nemeb08Td now readg Norfolk Road, ver'D8 to its origma] name. The improvement ID track alter4tion proved Very beneficial to the volunt¢¢rs throughout the y¢ar with att Cxtremely busy p&ssen8er se&qon. The Guards coach with wheelchair section overhaule4 during the winter of 2022 with thc wheel¢hair seetion ¢nlar8ed io hold four passengers and one wheelchair allowing larger family units io be Carried, the guard portion w&$ enlar8ed to add a Small desk to help with the card reader and to carry promotional leaflets. A Eell Push system was added linking through ttll c4xch¢s •nd thc fow Icwmotives to 8iv¢ a warning si1 opeTation to Drivers and Guards. Winter checks on the carriagc rolling stock ineluded removin8 411 bogies forservicing. A shed with tailway style facia iwrth painted in rni1Y rolows was buili to house the rn cutting and tra¢k $ide ¢uttin8 equipment. Work pross¢S slowly ort the herits8e Queen EIi7Ab¢th rolling stock and Io¢ollLotive. wheel blanks have been Tough profil¢d throughout the year new stc¢l work welded ready for i1[lIng in tbe old railway carriages. Further asse&8mcDi of the en8ine attd dn"ViDg sysieln CODtinues so nMMl¢rn safety pr&ctiye3 can be built in. Training continues with new volunteers and annual reviews of ail operational vohwteers regardiDS safe railwAy operation. In addilion to our stalwart volunteers. thath are also due to Anw District Council and Littlelwnptoll Town Councll for their xnvaiuable b¢lp alld sUPTL Page 2
IAttlehampton Heritage Railjvay Association Trustees. Report Socialund community LHRA colltttiues to operate extremely active Faceb(MTrk and Twilt¢r sites as part of our cojnmunity outreach program. which are regularly updated by our Con)munity Officer. This Continues to get extrenjely p)sitive feedback from the local commL7nity as well as eontitiuitig to give vah]abl¢ lljforntl0ll for tourists. Financial review Policy on reserves The trustees seek to maintain adequate unrestricted Teserves to enable the smooth day to day operations of the charity. At the present moment in lime the truste&8 would like to build the level of unrestricted resetves to eover six months expenditlwe. Inveslmenlpolicy andobjec¢ives Th¢ trwtees may borrow or raise neY for the objccts of the charity on su¢h tern and on such security as may be thought fit and whethcr by the creation and i5su¢ of d¢benkn OT debentuye stock OT otherwise. Thry may also invest monies of the company Dot imtn¢diat¢ly requtred for its pu4)ose in or upon such irtvesthients, securities or ProFty as may b¢ thought fil Subject nevertheless to such eonth"tions (if #nyl as may for the time being be itnposed or reqUId by law and subject also & hereafter provided. struc% 8overntteÈ #nd m#n#getynt Ndmre ofRovernlng document The clwity is rewstrred 08 0 charitable Incoryrntcd or88tiisJtion (Cto) as of 3 May 2017. 0rgdnlststsnrtI Strueiure The cbarity is by a board of trustees who dele8ate the d&y to day operntion to voluuteets. The aDnual report was ap ved by th¢ trustees of the ¢barity on 14 February 2023 and si8ned on its behalf by: C ShaT]ks Tnwce Pagc 3
Littlehampton Heritsge Railway Association Independent Examiner's Report to the trustees of Littlehampton Heritage Railway Association ('the Comp8ny') I report to tbe ¢l)arity tn on roy ¢xamination of the accounts of the Coropany for thc ycar ended 31 May 2022. ReBponsibilitie5 *nd basis of report As the charity's tsijstees of Littlebampton Heritsge Rallway Asso¢iatioD you are r¢sponsibl¢ for the PEep&rntion of the accounts in accordanee with the requirettts of tbe Clwities Act 2011('the Act,). l Teport in respect of my exa1n]0tt of your cFthriry'S accounts as caTried out under section 145 of the Charities Act 2011 ('the 2011 Act.). In earrying out my examin&ion I have followed the Directions &ven by the Chaxity Co)]]mission under stttion 145{5Xb) of th¢ 2011 Art Indepelldetst examiDer'$ ststemett¢ I have ¢omplet¢d my ¢xamingti0Th I confirni tbat no mattrgs have come to my attention in Cole¢On with the examination giving me ¢w to b¢lieve: accowiting records were not kept in resFtrt of Li¢¢l¢hampton Hui¢ag¢ Railway AS51tion as requircd by 8ection 130 of the Act" or 2. the aeeounts do not aeeord with those records. or 3. the accounts do not comply with the applicable requirements concerning the forni and contcnt of accounts set out itt the Clwities {A¢coullts and Reports) RcgulatioThs 28 other than any rcquiremertt that the accounts give a 'tsue and fair view, whicb is not a nMtter considered part of •D independent I have rto eoncerns attd have come acrwJs no o(1r D11¢[$ in ¢oJJn¢¢iioD with the exAmin&tiott to wbich attelltion should bc dTawn in this r¢port irt order to en&blc a propcr understanding of the aCWUDts to be re4¢h¢d. La)lJ o _ M J H¢thn FCA Independent Examiner Wiston House I Wiston Avenue Wortlllng West Susscx BN14 7QL 14 F¢bruary 2023 Pag¢ 4
Littlehamptoll Heritage Railway Association Statement of Financial Activities for Ihe Year Ended 31 May 2022 Unrestricted funds Restricted fuDds Total 2022 Note Income 4nd EndoY4rnents fro Cbarttable activiti&% Investm¢nt income 55.471 2.438 57.909 Total incom¢ 55.473 2.438 57.911 Expenditure on: Charitabl¢ activities {32.609) (1.915) (34.524) Total expenditure 32.609 1,915 34,524 income Transferj betw¢¢D fun&B 22.864 523 3,056 23.387 Nel movement in funds 25.920 (2,533) 23,387 R¢¢oDCi]iatioD of fund$ Tothl funds brought fornrd 62.366 2.547 64.913 Total fi]nds c4rrÉed forward 88.286 Unrestrirted fwDds 14 Restricted fundj 88.300 TotAI 2021 Note IDtome aDd Endowments from: Charitsble activitses Tnvc$tTn¢nt in¢ome 30,068 34,068 Total income 30.072 34,072 Expenditure on: Charitablc activities ,635 18,711 Total expenditure 17.076) .635 18.711 Net income Tran5f¢TS bcttv¢¢n fiu 12.996 1.318 2,365 1,318 15,361 Nel nKpvement in ndS 14.314 1.047 15.361 Reconciliation of fuDds Total fijttds brought forvmrd Total funds ¢4rti¢d forward 48,052 1,5(NJ 49.552 62J66 2.547 64,913 All of the charitys activities derive from conlinuiDg OF¢f¥tti)L% dunD8 the above two piods. The fimds breakdown for 2021 is sbowD in note I l. The notes on pages 7 14 folm au ]DteI part of these financial statements. Page 5
IAttlehampton Heritage Railway Association Oiegistration number: 1172852) Balance Sheet 8$ Ydt 31 MAY 2022 2022 2021 Note Ftsed $$ets Tangible assets Current a$5ets Debtors Cash at bank and in hand 30,796 25.189 5,115 53,998 59.113 40,239 40.239 CreiJitorJ: Ajnounts f•lling dut V4ithin on¢ ye•r io 515 Net current assets 57.504 39,724 Net iiets 88.31X) 64,913 Funds of the charity: Restricted income funds Restricted fjJDds 14 2,547 UDre$trieted ineome funds Unrestri¢t¢d funds 88,286 62.366 Totsl fundj 88.3(Ki 64,913 The fllmncial ststem¢nts on pg¢8 5 t() 14 were approved by the trustees. and authoris¢d for i55u¢ 14 Febnwy 2023 and si8oed on their bebalf by: C Sbanks Trustee The notcs on pagcs 7 to 14 fom) an int¢gral part of thG5e financial statetllents. Page 6
Littlehampton Heritage Railway Association Notes to the Financial Statements for the Year Ended 31 May 2022 l Aeeoulltillg policies Summary of significant aeeounting polieies accounting estimAtes The principal accounting policies applied ill the preparation of these fJnan¢iai stst¢Dients are set out bdow. These policies have been consistently 4>plied to all the yeS presetttr unless otherwise stated. Statement of compliance The r]nancial statetllents b2v¢ be¢D PT¢pgTed in aecord8nee with Accounting 8nd Rep)rtitig by Clwities.. Stsiement of Recommended Pra¢ti¢¢ applible to chan"ti¢s prep8Ting th¢yI accounts in accord8llc¢ with the Finaneial Reporting Standard 8pph'cable in the UK and Republic of ITelaDd (FRS 102) (effe¢tive l January 2015) - (Ch&riti¢8 SORP (FRS 102)). the FiDatieial Reporting Standard Applicable in the UK attd Republic of Treland (FRS 102) and the CIMrilies Act 2011. B9$1$ of preparatioD Littlclthmpton Heritage RAilwAy Association meets the definition of a public benefit eDtity under FRS 102. Asscts and liabilitics ar¢ initially re¢ogtiised at historie4J cost or trattsaction value unless otherwise ststed in the relevant accounting policy notes. The fmatteial ststemellts are prepared in sterliDg wbich is th¢ funrfional ¢UTr¢n¢y of the ¢ntity. Going concern The ttwtees consider that there are no material uncertainties About the charitys ability to continue as a goin8 ¢onccrn nor any $i1ficant areas of uncertainty that affect the carrying value of held by the charity. Judgementg The preparation of th¢ financial statements wuires mana8ement lo make judgements. estimate5 and assumptions ihat affect the amounts reported. Theye e5titnaies and judgements are continually reviewed and are based on experi¢n¢¢ and oth¢T factorn includiti8 exP18t10ns of future events that are believed to be reasortable under the circumstan¢¢s. Ineome and endowmeDts Income is recognised when the cbaTity ha5 entiilement to the funds, any wfornw)ce conth'tions attached to th¢ iiems(s) Of ineome have been me¢ it is pKA)abl¢ that the incffj will be reeeived and the 8mount can be measured reliably. Donations dndleE&des Donations. are re¢o8llised when they ha been cornmunicated in wriling with notifitIOft of both the •mount And settl¢m¢nt d8t¢. In th¢ event that a donation As subject to ¢ondition5 thai requir¢ o level of perforniauee b¢fore the charity is entitled to the fijthls, the Income is defetred and tt rtcogmstd until cither those conditions are llY meL or the fu]fiiment of those conth"tiOJLS is wbolly within tbe control of the cljan.ty and it is probable that those conditioftLS will be fiafilled In the repOrtg perio Legacy 8iPG are recogn on ¥4 w¢ by c&8e basis following the gr8lltg of prob4te when the administratorl executor for the estate has communi(xted ID writing both the amowit and settletlleni date. tn the event that the gift is in the forni of att asset other than cash or a fjnaDCI asset traded on a ttcoglltsed stock exclwige, recognitiott is subje¢t to the value of the being reliable me•suTable with 8 degree of reasonable accurney and the title to the a&8et IMS been transferred to the cljarity. Page 7
LittlehamptOD Heritage Railway Association Notes to the Financial Statements for the Year Ended 31 May 2022 Inv851ment income Interest on fuTh&s held on deposit is included upon notification of the ititertqt paid orpayable by the Bank. Fxpenditure All expendilwe i5 r¢cogDwd oncc de is a legal or c4)Itive obligation to that expenditur< it is probable settlement AS required alld the amount ¢aD b¢ m¢asured r¢liably. All eosts are 8llocated to the applicable expenditure heading thai aggrewe similar eosts io that category. Whe costs cat)not be directly attributed to particular headings they have been allocated on * basis eoDsistrnt with the use of resource4 with central staff ¢osts allocated ort the basis of time spenL and depreciation ¢harg¢s alloc8trd on the POTtion of the ke1.5 use. Other support eosts Are alloethd based on the spread of staff costs. Chftrilable aclivities Charitable expendittwe Comprises those ¢osts in¢urred by the clwity in the delivery of its actLVltics and services ftsr its beneficiaries. li includes both costs can be alloted dire¢tiy to su¢h tiVitieS and those cosL8 of an indir¢d nature to support them. Support costs Support ¢osts include ¢¢lltr41 fi10$ and have been all¢x•t&J to activity cost categories on a bASiS WDSiSt¢DI with thc use of resources. for example. alloliDg prop¢rty costs by floor ar¢gs. or p¢r capit4 stAff costs by the titne SP¢Dt and oth¢r costs by th¢ir GoverDgnc¢ ¢oJts These include the costs attributhble to the ¢barity'S ¢0mpILWt with consttmtional atsd ststutory wu1Ments. iti¢ludw $tr#tegic tnattagettm and tnLSttts's meetiD83 and reimbursed ¢XP¢Dses. Taxation The clwity is consideted to pass the t&sts Set out iti Paragraph I Schedule 6 of the Fin8nrx Aet 2010 and therefort it meets the defillition of 8 ¢haTity foT UK Corporation tLx purposes. Accordingly, th¢ charity is potentially ¢xempt from tsxation in respect of in¢om¢ 01 pItal gains receiycd within categories covercd by CkA8Pter 3 Part 1 l of the Cor"0n Act 2010 or Section 256 of the Taxats'on of Cbargeable Gains Act 1992. to the extent that such income or gains 8r¢ apphcd excl1VelY to ¢haritsble puwes. Tngible fixed s8ets Individual fixed ass¢ts ¢osting £l(K).IX) or ate initially rth)rded at ¢osL Depreciation and #mortisation Depreciation is provided on lan1>1¢ fixed &wts go as to WTite off the cost or Valuatio less any &%timated residual valu4 over their expected effijI e£onomi¢ lif¢ 85 follow8: Asset cla55 Plant and Mhinery Fixlure and fittKngs Equiptuent DeprecialioD method and rate over 4 years 1 S¥0 reducing balance between 2 and 5 years Page 8
LittlehamptoD Heritsge Railway Association Notes to the Finvdncial Statements for the Year EDded 31 May 2022 Trade debtorg TTade d¢btors are amouots due from 0MerS for merClwTh sold or setviw perfornLed itt the ordinary course of businw. Trade debtors are recogoised initi&lly at the trans8ctioD price. They are subsequently mc&%wcd at amortised cost using the effective interest tnetho(L less provision for impairment A provision for the impairnicDt of trad¢ &btors 15 estsblished when there is objective evidence that the charity will Dot be able to collcct all amounts due awordiTJg to the Onll of the r¢ceivables. Cajb and easb eqUivents Cash and cash equivpdlents comptise cash on bAnd 8ttd d¢p(tsits. and other short-tcm) highly liquid inv¢stments that 4re readily ¢onv¢rtible th a knowrn amount of e•sb 8Dd are subj¢¢t to an inSIlficallt risk of cIMn8¢ in value. Fund 5trn¢tUTe Unrestri¢ted incom¢ fijnds are g¢Deral that are anilabl¢ for wse At th¢ bwt¢es discretion in f4utherance of the objectives of the chariry. Restricted incom¢ fimd5 arc th08e doDated (or use in • parts¢ular *Te& or for specific puipo8¢s. th¢ us¢ of wbich is r¢stri¢t¢d to that ar¢4 or puwe. Financiil instruments ClasslJ7cfjhon FinaD¢ial assets aDd fwoncial li8bilities of 8 kind that qualify as b1¢ fitt81&1 iDstsiJm¢nts. Basic fuwiei instrwneots are lnitslY recognised at tr8DS8¢tiOn value and subsequ¢otly measured at their settlement valu¢ with the exception of btnk IoaDS vknicb are 8ubswueDdy measured At atnortisryl Cost using the effectsve interst meth¢wJ. 2 Income from chAritable a¢tivi¢les Unrestrirted funds Genernl Reslrlettd fund$ Total fund$ 57.909 R&ilway operation Total for 2022 55,471 55.471 2.438 2.438 57.909 34,068 Total for 2021 30.068 Page 9
Littlehampton Heritage Rallway Assoclation Notes to the Financial Statements for the Year Ended 31 May 2022 3 Investment illeome UDrestricted funds Gener1 Total fundi Interest receivable and similar income: Int¢TC5t rcc¢ivable ¢)n bank depo$its Total for 2022 Tot1 for 2021 4 Expenditure on £hAritable *¢tivities Activity undert#ke directly Aetivity support costs 2022 Railway Ope10 31,971 Activity IIDdertake directly 1.460 33.431 A¢tivity support cobts 2021 Railway operntions 17.484 340 17,824 In addition to the expenditur¢ anal)TgJ $b)ve. there are also govern costs of £1.093 (2021- £887) v4hich relat¢ dir¢¢tly to charitsble activitses. See note 5 for fi1her detaiL%. Included ID cbaritsbk expenthntye of £33.431 is resIn¢j ¢xpeodittu¢ of £1.915 (2021 £1.635). 5 An41ysi$ ofgovernance and support costs Coverthgnce ¢o$tg UDrestricted funds Gener41 Total funds Independent examiner fees Examination of the finan¢ial ststements 1.093 1,093 Totsl for 2022 1,093 1,093 Total for 2021 887 887 6 Taxation The charity is a regISted cknity is therefoTC exty frnn tsxatiorL Pag¢ 10
Littlehampton Heritage Raihvay Association Notes to the Financial Statements for the Year Ended 31 May 2022 7 Tangible fued assets FurDiture and Other tsllgible ¢qIIiPItI¢Dt ed asset Totsl Cost At l June 2021 Additions 15,083 5,059 24.120 5.870 39,203 10.929 At 31 May 2022 20.142 29.990 50.132 DepredAtlon At l June 2021 Charge for the y¢ar 5,032 2.323 8.982 14,014 5,322 At 31 May 2022 7.355 11,981 19.336 Ntt book value At 31 MBY 2022 12.787 18.009 30.796 At31 May 2021 10.051 15.138 25.189 8 Debtors 2022 Prepayments Otber debtors 3.927 1.188 5.115 9 Casb and casb equivalents 2022 2021 Cash on hand Cash at bank Short-¢erni dcposits 222 303 21.162 18.774 40.239 35,(KK) 18.776 53,998 Page 11
Littlehampton Heritage Railway Association Notes to the Fioaocial Statements for the Year Ended 31 May 2022 lo Creditors: f81]ing due Ivitbin ODe ye*r 2022 2021 Other ¢reditots AccnLai$ 1.608 515 515 Page 12
Littlehampton Heritage Railway Association otes to the Financial Statements for the Year Eoded 3] May 2022 11 FuDd$ Balance At 31 May 21122 BiAnce at I Jwie 2021 IncoD)iDg resources Resources ¢elld¢d TrSfer1 Unrestricted fund$ Géneral Railway Opetation 62.366 55.473 (32.609) 3.056 88.286 Restricted funds Community Tn Track Repairs M¢wsbrook Ticket Office Queen Eli2thbeth 132 800 1.115 500 (118) 14 (800) (1.115) 2.438 2.938 TotAI restricted fundl 2.547 1.915 3.056 14 Total funds 64.913 57.911 34.524 88,300 Balanee At 31 May 2021 Bl2nce at I June 20211 Incoming resotsr¢es ResOVYtes expended Transfers unTtricted fundj General Railway Operation Re$tri¢¢ed Sussex Cotllrrtutiity TnL%t Track Repairs Mewsbrook Ticket Office Queen EIi7Abeth 48.052 30,072 {17.076) 1.318 62.366 IJ {30) (1,318) 132 800 .115 500 81x1 2,7 (1585) Total reytricted funds 1.5(M) 1.635 lJ18 Total fmnds 49552 18.711 64.913 Pagc 13
Littlehampton Heritage Raihvay Association Not to the Finantial Ststements for the Year Ended 3] May 2022 12 Analysts of net funds FinaDcing cash flows At 31 M•y 2022 At I June 2021 Cash at bank and in hand 40.239 13.759 53,998 Net debt 40239 13,759 53.998 13 Related party transacdoDS During the year the ¢lwity tnade the following related party traDsActioThs: Llttlehwpton HerS¢#%e Rllway Llmlled ConfiTmation s¢atem¢ni filing. At the balance sheet date the amount due from Littlehampton Hetitsge Railway Limited was £109 (2021- £Nil). Page 14