Charity registration number.- I1728i2 Littlehampton Heritage Railway Association Annual Report and Financial Statements for the Year Ended 31 May 2024 Hod50n & Co Wistoii l.lousc I Wislon Avenue Worthin&' West Sussex BN14 7QL
Littlehampton Heritaae Raihvay Association Contents Reference 8lld Administrative Details Trustees, Reporr 2to4 Slalemenl ot"Trustees' Responsibilities Independent IxaminLr'% Report Slatement of Financial Activities Balance Sheet Notes lo Ihe Financial Sialements 910 17
Littlehampton Heritage Railway Association Reference and Administrative Details Trustees D Harris R Cook S Shatths P Robert5 C Shanks Charity Registration Lyumber 11728i2 Registered Olee The Engine Shed Mewsbrook Park 14eiidon Avenue Litilehamplon West Sussex FIN16 2LX Independent ExJminer Hodson & Co Wislon House I Wiston Av¢nue Worrhing We51 Sussex BN14 7QL Page I
Littlehampton Heritage Railway Association Trustees, Report The trustees, present Ihc annual report together ivith the financial statements of the Lharity for the year eTTrded 31 May ?024. Objeetives and activities Objecl.s and uims As stated in the charily's niemortinduTn, Ihe object of the charity is.. To restore, preservL, cxhibil and operate railway locomotives, carri<qftes, waiions. vehicles and other arteftlL15 or historical interest and thu StruLlures Lonnected therewith for tlie benetit ai)d eduLatioii ot the byeneral publiL and to conserve booki draN1ngs, reLord5, doculnenls, sound and visual recordin&ys. cinematOg7raphy. films and photographs and other archive tnaierial relating lo such artefacls and vehicles, their history and development. Piiblic beiiefll The Littleliampton Herilagc Railivay A550Li<ltioii (LHRA) is run on a not for profit b¢lS15 and the trusiees have had reg)ard to the Charity Commission guidiince on public bcii¥fil and paid due reg<ird to il li) deLidin¥ what activilics tlie chtirity should undertake. 'I'he trustees coiifm that they have conipliLd with the requirem¢nts of seLlion 4 ol- the ChariliLS Act 201 I to have due regard to the public benefit guidancL published by the Charity Comiiiission lor England and WalLS. Achievements and performance Tliis year ive LelebratLd 75 yuars of operating the oldest opcratiniy 12 114inch gauLye railivay in Ihe UK and ive hLld a gF1( la inviliii&y vi%iling< stL<im giibyines truni Ruislip i< nd Exinoor ovlr ? days. 'fhis &Jenerated a husFe interest trom the hLrit<TrgTe railway cniliusi<l.818 acros8 tl)e C.OLintry. DLSPite a bigF increasc in coal and eleLtriLity priLe we manaLycd 10 hold our pi'ices for an 8ih consecutive year but Ihis will be closely nioiiilored for the next season. DuriiiLF the ivinlcr closed season a large %LClion of triiLk and sleepers W¢lS replacLd ii)elLidiiig Icvelling and re ballaslu)gy this was underlaken by the volunteers resulting in a lar¥e investmcnl of appro.K £27,000. The diesel clcclric engiiie 'Albert" Ivhich was oivned by two of the members was PLirch1c sed ivliich means we now have three eiigines solely owned noNv by LHRA. Our juiiior iiienibcr 8Llienie Lonlinued to be well suppoited which ive hope lo ijroiv on and encoura(ye yuun&itr members of lh¥ publii lo become involved with the railway. Several of our policies ivere updalcd and improved namely oiir safegTuarding (Ind Kisk assessments. Our S¢inta specials cottliiiiie to be 1£ huge success Ihrouuhoul the Lommunity and sold out ivithin i day5 of being 011 sale lo the gLncral publiL and something7 we hope to improve on for 2024. We have and are stil I working iviih the Blind Veterans Association to ensure we can supply a suithblL Service for Ihcm Lo enjoy now and into the future. Other improvement5 for the year included a new feli roof and updalinTh the Horne control system so that we cali get remote nolifiLalion of a tLrc or snioke and auor openingT alam. To assist in d¢creasingy our ¢leLtrical iosls a nelv supplier ivas found and all fliiorescent lighting NTras replaced ivith ILd li¥hiing. This also iinproved our _green slalus and (Ilong ivith this ive are trialling new eNvironmiiilally triendly ¥oal, this is slill under evaluation. Page 2
Littlehampton Heritaue Railway Association Trustees, Report Structure? governance and management Natiire ufgoveriiipig dociimenl The charily 1.% rcgi.%lered as a charitable incorporatLd organisation (CIO) as of 3 May 2017. Organi.satioiial slriiL'tiire The Lhariry is nin by a board of trustees who deleoale the day lo day operation to voluiiteers. Financial instruments ObjeclivL',s andpullLles The cliarity oiily has linancial a%%et5 and financial liql bilities of a kind thai quali ly as b<lSiL financial inslrurnents. Basic financial inslrunicnls are initially recoJ() ised2 Él transaction valLIL ai)d subsequently measured al their seiilemenl value ikilh thL exception of bank loans which are subsLqueiitly measured at <tn)ortised cost using the eftcctive ii)leresl melhod. The annual report was approved by the ttUSiLLS of the Lharity on . . and signed on ils behalf by., C Slianks. I'rustee Page 4
Littlehampton Heritage Railway Association Trustees, Report To help support other railways ive und¢rtook- the refiirbishment of a boLJie for Fairbourne railivay in North Wales who we have a good relationship with ivith Ruislip and Exbury. (iarden5. We are also trialling new comm syslem sockets on one of our eng7ines 'Philippa" and it this proves successful il vill be rolled out across all our enoines including 'Christopher" a steam enginL owncd and buili by one of our members. Lastly we have been success[ in passinu out i)eiv guards and Ltrivers and there has been a small increase in our membership. We also worked closely with "Friends. of Mewsbrook Park" by donatin¥ a family ticket for tr(tvel on the train for all neNv <iiid exislin&i Inenibers for one vear. Financial review Puli¢J on reserves The Iruslees seek lo maintain adequale unrestricted reserves lo enable the 5muuih day lo day operations of the harity. Al the pre%Lnl momLnl in liniL Ihe IrusieLS ivould l ike lo build thc level of unre%iriLted reservL.% to cover six monihs e.xpenditure. Ivrmen1 policy aiid objeL'live.s 'I'he trusleL)S Ill<ly burroiv or r<iise Inoney for the obj¥Ll% Ot IliL cliarity on siiLh terms c1nd on sucli SCCLlI'ity <15 niay be Ihougyhl lil and wligiher by the LreiLlion and is.4UL> ol. dLbentures or debeiilurL slolk or oiherivise. -rhey may also invest monies ol. the con)paIiJ' not iinm<dialLly required fur ils purposL in or upon such investments, seLurities or pri)PLIIy ILS may bL thought til, subj¢Lt nevertheless to such coiidilions (i I. any) as In£ly lor the liiiie bLin&) bL 1111PO8L'd or rc4uifLd by laii and subjeLt also a5 hL'rLaller provided. Going eonLern l-lie cliarily has rLviewed il's finunLi<il perfiinnancc and g¥ncral reserves po.sition. 'I'he charity h¢iS ad¢quat¢ financial rLsources ai)d is able lo niaiia&?e il's busincss risks. The charity's plannin(F process has taken into LonsidLfcltion Ihe Current econoniic cliniale iTriid ils potential impact on rhe various sources of income and plannLd Lxpeiiditure. Taking into account all faLtors the Lhiirity ha.s reason<ible expeLtatiun thai li has adequ<ile resol¢¢5 lo coniiTILie in OPLralional eiisiLnc¢ lor Ihl toi-csccablc future and believe thai there are no nialerial uncerlaiiities that Liill into Ihe ¢harily'S ability lo conliniie in operc11ion. Trustees and officers The trustees and ol'licer.s serving, duriiiil the year and since the ye<1r eiid ivere as follows.. Trustees: D H<qrris R Cook G Bashdll (resigned 3 November 2023) S Shanks P Roberts (appointed 12 October 2023) C Slianks Page 3
Littlehampton Heritage Railiva}' Association Statement of Trustees, Respnnsibilities The Iruslees are responsible for preparing the trusrees, report and the financial siaiements in accordaiice iyith applicable law and United Kingdom Accounting Standards (United Kintsdom Generally Accepted Accounting Practice). Charity SORI) requires the tNstees to prcparL fin(Incial statemeiils for eacli fanCIal year. The trustees must not approvc the fin{Li<ll statetnenls unless IhLy are %ali5fied that tliey give a irue and fair view of the state ot affairs of IhL charity (Ind of the incoming resources aiid (Ipplication of resources, includingi its income and expenditure, ot thc charity for that period. In preparing Ihcsc finanLial statements, the trustees are required to-. select suitable accounrino policÉes and apply them consistently. observe the methods and principles in the Charities SORP. make jud¥ements and estimates Ihac are reasonable and prudent. state whether applicable accounting standards. comprising FRS 102 have been followed, subject to any matLrial dcparturtts disclosed and explained in the fuianLiiil siaiements, and preP<e the financial slatemenls on the going Loncern basis unless il is inappropriate to presume that Ihe Lliiirilable compaiiy will con¢inuL in business. The Iruslees ¢ire respon.%iblL for keepiiigy accountiiigi records that disclo%L willi rLasonablL accur(tL)' £11 (Y time the Iinancial position ol- the Lli(irity. ThLy arc al80 responsibl¥ tor %aleguardll)lY Ihl as%LlS of the charity and hence for tdkingJ rL&%on<ible steps tor the prLveiilion and detection of fraud and L)IhLr irrL&iJul<irilies. -I'he trustees are responsible tor ihe mainienanLe (ind inl¢gvriiy of the corporate fin¢la1 inlorniacion included on the charity's website. Le¥i%lation &)overnin&F the preparation and dis.%eminaiion ot" financial staieinenls Inay ditrcr Iroii) legislation in other jurisdictions. Approvcd by the trustees of the charity on and sigyned on ils behalt by: C Sl)ank's Trustee PagL )
Littlehampton Heritaoe Railway Association
Independent Eiaminer's Report to the trustees of Littlehampton Herltage Railway
Association ('the Company,)
I rcport lo thc charity trustees on my examination of the accounts of the Cumpany for the year ended 31 May
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts. The charity's trustees consider
Ihdl <tn audit i.% not rlquircd lor Ihi% year under section 144 of the Charities Aci 2011 ("Ihe Charities Act") and
Iliat an uidependenl exaniinalion is needed.
Having) satistied myself that Ihe charity is not subjeLI to audit and is eligible t.or independent examin<ttion, it is
my responsibility lo..
exiimine the ¢lLLounls undLr seLli()n 145 of thc Charities Act,
lo follow the procedures laid down in the gencral Directions given by the Charity Commission (under section
145{i){b) of the Charities Act), and
lo stale wheiher partiLular n)atters have come lo my attention.
Basis of independent examiner's statement
My e.X<imination ivas carriLd out in accordance iviih general Directions &Fiven by Ihe Charity Commission. An
xamin
Littlehampton Heritage Railway Association Statement of Financial Activities for the Year Ended 31 May 2024 Unrestricted funds Note Ineome 2nd F.ndowments from: Charitable aclivilie% Investment income $3.?5? 4?3 53.247 Total income $3.67) Expenditure on: Charitsble activities (66,?16) 66,216 Total expenditure 66,216 Nel expenditure Net movement in funds (12.541) (12,i41) Reconciliation of funds '] otal funds brought fonvard 96,668 96,668 Total funds carried forward 12 Unre$triclcd fun(15 84,1?7 Total 20?3 RebtriLted funds Note Income and Endowments from: Charitable activities Invc.slmLnl incom¢ 47.1149 83 47,849 83 Total inconie 47,932 Expcnditure on: CharilablL aclivitics (39,564 39,564) I'olal expenditure (39,i64) (39,564) Net income Transfers betiveen flfftds 11,368 14 8,368 1141 Net movLment in funds 8,382 8,368 ReconciliJtion L)f funds Total tiinds brought fonvard 88,286 IJ 88.iOO Total tiind5 carried forward 116.668 All ot the charity's activities derive from continuin(J operations durings the above tsvo periods. I'he funds breakdo1 for 2U23 is shown in note l? The notes on pages 9 to 17 form an integral part of thesc tinancial stalemenls.
Littlehampton Heritage Railivay Association (Registration number: 11728i2) Balance Sheet as at 31 May 2024 2023 Note Fixed assets Tangiblc a%%eis 46,60? 39,302 Cu rrent assets DLblors Cash al and in hand 6,610 31,68S 6,678 10 38,29) 58,081 Creditors: Amounts falling due withiii one year 770 715 Net current assets 37,)?) Net assets 84,1?7 Funds of the charlty: UnrestriLted income funds Unrestricicd I"und8 84,1•7 96,668 Total fund 84.1?7 9() 6()8 'll)e cial Sl<ilements on pages 7 10 17 were approved by tlie Irusiee%, and authori8Ld lor is8u¢ on Zgkind signed on their behall. by: C Shanks I rust¢¥ The notes on pabjes 9 to 17 form an inte¥al part of these financial statements.
Littlehampton Heritaoe Railway Association Notes to the Financial Statements for the Year Ended 31 May 2024 I Charity status The charity is a Charitable Incorporated Or(ranisation (CIO) and consequ¢ntly does not have a share capital. ThL address ot ils registered office is: ThL Enoinc Shed Mcivsbrook Park Heiidon A venue Littlehanipton West Su%%ex BN16 ?LX 2 Accounting policies Summary of 5ignifJcant accounting policies and key accounting estimates Tlic principal accountino policies applied in the prcparalion ot ihc%¥ Ia1)cIal sialLmLiils (Ifu set out bLIo¥v. Tliese policiLS havL been consisienlly applied 10 all thL years pre8enicd, unless otherwise sl£iled. Statement of compliance I'he financial staiemenls liave been prepared in accordanLe wiih Accounting and Reporting by Charities.. Staleincnt ot. ReLonmi¥nded Practice appl icable to cliariiie8 preparii)g (heir aLLoiill15 in aLlordLe with ilie F'iiianLi<il Ileporting, Siand<ird applic<ible in ilie Uik <ind RepubliL ()f Ireland (FKS 102} (ef'tecliv¢ l Jtiniiilry 2015) - (Charities SOIII) (F'IIS 102)), the Financial Reporting Standard applicabl¢ in IhL IJK and Republic of IrLland (fR% I O?) and the Charities Act 2011. Ba.si.s of prcparalion LittlLhaniptoi) Herilcltie Ilailway Association Ineets the definition of a public bcncfit entily under FRS I O? Assets aiid liabilities are initl<illy recoonised ai historical cost or transaction V£iliie Linl¢ss otherwise staled in thc relevant accounting poliLy notes. Thc t-mancial stat¢men15 are prepared in sterling which is the fuiictional currency ol" thL cnlily. Cjoing LonL'ern Thi Iruslc¢s con8id¢r th1( t there are no nialcrial unc¢rtainties aboul th¢ charily's abilily lo conlinuL as a going concerii iior any SI{? iticant areas ot-111)ceitainty that aftLCt the carryiiig7 value ofasseis held by the charity. Judgements 'l-he prepar<i1ion of the finanLial 5ldt¢menls requires manauenient 10 make judgements, estimates and &8sutnptions that atTecl the amounts reported. These estimates and jiidgemLnls are conlinually revieived and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumst(inLes. Income and endowments Inconie is recoiynised ivhen the charity has enliilemenl lo the funds, any performance Conditions attached to the items{s} of incoTne have been niel, il Is probable that the inLome iiill be received and the amount can be mLasurcd rLI iably. Pa17e 9
Littlehampton Heritage Railivay Association
Notes to the Financial Statements for the Year Ended 31 May 2024
Doiiaiiuns and le&FuLies
Donalions, Ic re recognised when they have been corTllnunicated in ivriting ivith notificaiion of both the amount
and seiilen]eiit date. In the event that a donation is subject to conditions that require a levLI of perlornianc
before the charity is entitled to the ftjnds, the income is deferred and not reco(Fnised until either those conditions
arc fully met, or the fulfilment ot those Coiidilions is ivholly within the control of the Lh(trity (Ind it 1% probable
Ihal Ihose Collditions ivill be tiilfilled in the reponing period.
Leoacy gJiftS ¢ire reco¥iised on a case by ce basis folloNvinu the yanling of probdle ivhen the adminislralorl
execlilor for tlie estate has conllnunicated in wrilingv both the amount and settlement d£iie. In IhL cvcnl thal lh¢
(yift is in the fomi of an Set oihLr ihan cash or a fancial asset ¢raded on a recognised stock exchanbJc,
rcco¥nition is subject to the value ot the gift beii)(r reliable MeEUrable willi a de&)ree of reasonable (ICLuraLy and
the title lo the asset has been transferred lo the chariry.
InVrmen1 inc()me
Interest on funds held on deposit is incluited upun notifiL(Ition of the inlerest paid or payable by the Bank.
Fxpenditure
All expendi¢urL is reLog>nised once there is a legal or Lonstruclive obligation to that expenditure, il is probable
seiilemenl 18 required 1<iid the amount can be measured reli<ibly. All LOS15 arc allocalLd lo the appliLable
expenditurL heddingT II)Glt <lg'grr¢gate sitnilar costs lo that categvory. Wher¢ Lost5 Laniioi bl directly allribiited to
particular lieadiii&i5 they liave been allocated on a basis consistent iviili the lis¢ of resourcL.%, lyith central slal't
COS15 £tlloca¢¢d oli Il)L basis of liiiie speni, and depreLi
Littlehampton Heritage Railivay Association Notes to the Financial Statements for the Year Ended 31 May 2024 DepreLi¥ltion and amortisation Depreciation is provided on tanuible fi.xed assets so as to write off th¢ cost or V¢lluation, less any estimated residual value. over their expecLed useful economic life as lolloiYs= Asset class Plant and Incichinery Fixture and fittingis Equipment Depreciation method and rate over 4 yec1rs l jO/o reducin(F balance belivcLI) 2 and 5 Ye(s Trade debtors Triide debtors are amounts due Irom Luslomers for merchandise sold or serviLes performed itTr the ordinary coiirse ol- business, Trade dLbt()rs are recoyiised initially at the transactiun price. They are subsequently measured at amortised cost usiniy the et'feciive interest iiiethod, less provision for impairnienl. A provision tor the impaimienl of trade dLbtors is eslablisl)ed iyhen there is objLCtive evidence tlial the ch1( rity will not bl able to col lecl illl <inioun15 due acLording to lh¢ origuidl lern)s ol- IhL fLceivables. Cash and cash cquivalents Cash Q<nd Lash equiv<ilLnls Loiiiprise cash on hicnd and call deposits, ¢ind other 5hort-Icrni highly liquid inv¥stmenis Ihai are readily LonvertiblL lo a k'no¥vTI aniouiil ol. C2L%h and Èire siibjecl lo ali Insi11 Icani risk uf chanije in value. Fund struLture UnresificiLd inLonie fvnds arc gLllLf<il fiinds thai arL available tor use at the Iruslees discretion ITI rthlrancL of the objLclives of Ihe cliai'ily. Financial instruments Cla.i.si]i£'all(In Financial assets and financial liabilities ol. a kiiid that qualify <iS b<iSiC fiiianLial instrumei)Is. Basic liiianLial instruments are initially reLogTnised ilt Iransaciioii value and subsequLnily me(Isur¥d al Ih¥ir s¢'lllLmenl valiiL' viih Ilie exception ol. b¢ink Io<ins which are subsequently measured al Ic morrised cost usin& the efteLlive inlersl melliod. 3 Income from charitable activities Unrestricted funds General T()Inl Railway operation Total for 2024 i3,2)2 i3,252 Total for 2023 47,849 47,849 Page 11
Littlehampton Heritage Railway Association Notes to the Financial Statements for the Year Ended 31 May 2024 4 Investment income Unrestrieted Total fundg General Interest receivable and 5iTnilar income. Interest receivable oil bank deposits 4?3 4?3 Tolal for 2024 4?.1 4?3 Total for 2023 83 83 5 Expenditu re on charitable activities Unrestrieted funds GeDer#l Totul 2024 Note Railivay opuralion Allocatcd support costs Govern(11)Le Lost5 ()3,812 1,378 63,81? 1,378 ()6,?16 Unreslricted funds GenLr#l Total 2023 Note Railway operaiion Al luca¢ed support cost5 (iovemance costs 37,207 37,207 1.20? 1,155 3(),564 Actlvisy undertaken directly Actii ity support cost.s 2024 Railway operali0115 63,812 Activity undertake directly 1,378 6).190 Activity support Costs 2093 Railway operations 37,?07 1,202 i8,409 In addition to the expenditure analysLd abov¢, there are also gov¢mance costs of £1,026 (2023 - £1,155) Ivhich relate directly to Lharitable activities. See note 6 for furth¢r d¢tails. Page 12
Littlehampton Heritage Railway A550ciation Notes to the Financial Statements for the Year Ended 31 May 2024 6 Analysis of goiernanee and Support costs Goi'ernance cosls Unrestricted funds General Total funds Independenl exaininer fees Examination ot the fuJanLial st(ttements 1.026 1.0:6 Total for 2024 1,026 Total for 2023 1.155 7 Taxation Thc cliarity is a regislere(I charity and is Iherefore exempt trom ia.Yaiion. Page 13
Littlehampton Heritage Railway Association Notes to the Financial Statements for the Year Ended 31 May 2024 8 Tangible fjxed assets Furniture and Other tangible equipment rixed asset Total C05t At l June 2023 Additions ?0.69g 4),01 I 65.71 14.IX)O At 31 M(iy 2024 ?0.699 79.710 Depreeiation At I Jlme 20?3 ch(ge for the year .916 16,482 6.408 6.7UO At 31 May ?0?4 .3.1.108 Net book value Ac 31 May 20?4 8,574 38.1)?¥ 46,602 Al 31 May ?023 10,773 !8.$)9 9 Debtors 2024 2023 l)repaymenls Oiher debtors 5,0.)7 1,5)3 5,117 6,610 C) ()78 10 Cash and cash equivalcnts 2024 2023 Cash on liaThd Cash at bank Sliort-terni deposits 170 27,373 23,860 7.?.51 11.685 51,403 Paue 14
Littlehampton Heritage Railway Association Notes to the Financial Statements for the Year Ended 31 May 2024 I I Creditors: amounts falling due 1th1n one year 2024 9023 Olh¥r Lreditors Accruals 768 714 770 71? Pa(ye 15
Littlehampton Heritage Railway Association Notes to the Financial Statements for the Year Ended 31 May 2024 12 Funds Balance ut I June 2023 Incoming resources Resources expended Balanee at31 May 2024 Unrestricted funds General Railway Operation i3,67) 84,127 ljalaDee at 31 May 20?3 IIAlance at I June 2022 Incoming rcsourLes Resources expenijed Transfers Unrestrictcd funds General Railway Operaiion 88.?86 47,932 (39.564) 14 96,668 Restricted Sussex Lomniunily Trust 14 Total funds 47932 Pagye 16
Littlehampton Heritage Railway Association Notes to the Financial StatemL'nt5 for the Year EndL¥d 31 May 2024 13 An4qlysis of net funds tnancing cash flows Ai31 May 2024 At l June 2023 Cash at bank aiid in hand 51,403 19,7111 31.685 Net debt 51403 19,718 14 Rel%lL.d rty trAnsxctiUllS There were no I'elaled party traiisaclions in Ihe year. Page 17