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2021-03-31-accounts

Babbacombe Cliff Railway CIO

Trustees' report and financial statements

for the year ended 31 March 2021

Charity number: 1182292

Babbacombe Cliff Railway CIO

Contents

Page
Legal and administrative information 1
Trustees' report 2-3
Independent examiners' report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 11

Babbacombe Cliff Railway CIO

Legal and administrative information

Charity number 1182292
Business address Babbacombe Downs Road
Torquay
TQ1 3LF
Trustees Mr L J Yelland (Chair)
Mr D A Copper
Mr M G Strange
Mr R F Southcombe
Mr M J Angelos
Mrs J N Ayres
Accountants Best Accountancy Services (Plymouth) Ltd
12 Colebrook Road
Plympton
Plymouth
Devon
PL7 4AA
Bankers HSBC Bank plc
4 The Strand
Torquay
Devon
TQ1 2AB

Page 1

Babbacombe Cliff Railway CIO

Report of the Trustees

For the year ended 31 March 2021

The trustees present their report and the financial statements for the year ended 31 March 2021. The trustees, who served during the year and up to the date of this report are set out on page 1.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Babbacombe Cliff Railway is a registered charity, number 1153962.

Governing document

The charity is controlled by its governing document, a constitution dated 4[th] March 2019, as a Charitable Incorporated Organisation (CIO). The entity converted from a Community Interest Company (CIC) to a CIO with effect from 4[th] March 2019.

Recruitment and appointment of new trustees

The minimum number of trustees is four and the maximum is 6. Trustees are appointed for a term of three years and are eligible for re-appointment at the end of the term. Trustees are appointed by the board of trustees having regard to the skills, knowledge and experience needed for the effective administration of the charity.

OBJECTIVES AND ACTIVITIES

Objectives and activities

The objectives of the charity are to preserve, maintain and operate the historic Babbacombe Cliff Railway and its associated rolling stock, buildings and infrastructure for the public benefit, to ensure that the railway continues to operate for the benefit of the local community and visitors to Torbay.

Public benefit

The trustees are aware of the guidance from the Charity Commission regarding public benefit and can confirm that, in their opinion all of the activities undertaken in the year were for the benefit of the public.

ACHEIVEMENT AND PERFORMANCE

Charitable activities

The main activity of the charity during the year was the operation and preservation of the heritage funicular railway in Babbacombe and associated activities.

FINANCIAL REVIEW

Financial position

At the end of the financial period the charity had free reserves in excess of £130,000.

The reserves policy is to hold approximately £100,000 in reserves to cover planned maintenance, especially the chains which have to be replaced every three years.

Page 2

Babbacombe Cliff Railway CIO

Report of the Trustees

For the year ended 31 March 2021

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees of Babbacombe Cliff Railway are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the board

.................................

Mr L J Yelland

Trustee

Page 3

Plympton St Maurice Childcare Centre

Independent examiner's report to the trustees on the unaudited financial statements of Babbacombe Cliff Railway CIO.

We report on the accounts of Plympton St Maurice Childcare Centre for the year ended 31 March 2021 set out on pages 2 to 10.

Respective responsibilities of trustees and independent examiner

As the charity's trustees you are responsible for the preparation of the accounts, you consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is our responsibility to:

Basis of independent examiner's statement

Our examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

have not been met; or

...........................................................

Mr John Best

On behalf of Best Accountancy Services (Plymouth) Ltd Licensed and regulated by the Association of Accounting Technicians Independent examiner

Page 4

Babbacombe Cliff Railway CIO

Statement of financial activities (incorporating the income and expenditure account)

For the year ended 31 March 2021

Unrestricted
funds
Notes
£
Incoming resources
Incoming resources from generating funds:
Donations and legacies
2
107,128
Investment income
3
10
Other income
1,308
Grants
87,326
_
Total incoming resources
195,772
_
Resources expended
Raising funds
6,532
Charitable activities
Charitable
196,931
_
Total resources expended
203,463
_
Net (outgoing)/incoming resources for the year
(7,691)
Total funds brought forward
253,386
_
Total funds carried forward
245,695
_		 2021
Total
£
107,128
10
1,308
87,326
_
195,772
_
6,532
196,931
_
203,463
_
(7,691)
253,386
_
245,695
_		 2020
Total
£
302,882
316
768
-
_
303,966
_
8,977
258,966
_
267,943
_
36,023
217,363
_
253,386
_

The statement of financial activities includes all gains and losses in the year and therefore a separate statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 5

Babbacombe Cliff Railway CIO

Balance sheet

as at 31 March 2021

Notes
Fixed assets
Tangible assets
7
Current assets
Stocks
8
Debtors
9
Cash at bank and in hand
Creditors: amounts falling
due within one year
10
Net current assets
Net assets
Funds
11
Unrestricted general funds
Total funds		 2021
£
£
75,873
2,500
4,334
164,313
_
171,147
(1,325)
_
169,822
_
245,695
_
245,695
_
245,695
_		 2020
£
£
82,468
8,629
1,972
160,317
_
170,918
-
_
170,918
_
217,363
_
217,363
_
217,363
_		 2020
£
£
82,468
8,629
1,972
160,317
_
170,918
-
_
170,918
_
217,363
_
217,363
_
217,363
_
217,363
_
217,363
_
217,363
_

The financial statements were approved by the trustees on 12 January 2022 and signed on its behalf by

.................................

L J Yelland

Trustee

Page 6

Babbacombe Cliff Railway CIO

Notes to the financial statements for the year ended 31 March 2021

1. Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.

1.1. Basis of accounting

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) 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 2019), Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

1.2. Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included

Gifts donated for resale are included as incoming resources within the activities for generating funds when they are sold.

Income from investments is included in the year in which it is received.

1.3. Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

Page 7

Babbacombe Cliff Railway CIO

Notes to the financial statements for the year ended 31 March 2021

1.4. Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Plant and machinery - 25% on reducing balance
Cables - 25% on reducing balance
Rolling stock - 25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. Donations and Legacies

Ticket sales
Merchandise
Donations		 2021
Total
£
104,807
2,225
96
_
107,128
_		 2020
Total
£
197,480
103,290
2,112
_
386,123
_

Page 8

Babbacombe Cliff Railway CIO

Notes to the financial statements for the year ended 31 March 2021

3. Investment income

Bank interest receivable 2020
Total
£
10
_
10
_		 2019
Total
£
316
_
26
_

4. Trustees’ Remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 not for the year ended 31 March 2020

Trustees’ expenses

There were no trustees’ expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020

5. Staff costs

The average monthly numbers of employees (including the trustees) during the year, calculated on the basis of full time equivalents, was as follows:

2021
Number
11
_		 2020
Number
12
_

No employees received emoluments in excess of £60,000.

6. Pension costs

The company operates a defined contribution pension scheme in respect of the employee. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and was as follows.

Pension charge 2021
£
2,459
_		 2020
£
-
_

Page 9

Babbacombe Cliff Railway CIO

Notes to the financial statements for the year ended 31 March 2021

7.
Tangible Fixed Assets
Plant and
machinery
£
Cost
At 1 April 2020
22,644
Additions
117
_
At 31 March 2021
22,761
_
Depreciation
At 1 April 2020
15,470
Charge for the year
2,238
_
At 31 March 2021
17,708
_
Net book values
At 31 March 2021
5,053
_
At 31 March 2020
7,174
_
8.
Stocks
Stocks
9.
Debtors
VAT		 Cables
£
35,389
-
_
35,389
_
31,839
887
_
32,726
_
2,663
_
3,550
_		 _ _ Rolling
stock
£
88,083
-
_
88,083
_
16,339
3,587
_
19,926
_
68,157
__
71,744
_
2021
£
2,500

2021
£
4,334
__		 Total
£
146,116
117
_
146,233
_
63,648
6,712
_
70,360
_
75,873
_
82,468
_
_
2020
£
8,629
_
_ _ 2020
£
1,972
_

Page 10

Babbacombe Cliff Railway CIO

Notes to the financial statements for the year ended 31 March 2021

10.
Creditors: amounts falling due
within one year
Other taxes and social security
Other creditors
11.
Analysis of net assets between funds
Fund balances at 31 March 2021 as represented by:
Tangible fixed assets
Current assets
Current liabilities
12.
Unrestricted funds
General Funds		 2021
2020
£
£
967
-
358
-
_
_
1,325
-
_
_
Unrestricted
Total
funds
funds
£
£
75,873
75,873
171,147
171,147
(1,325)
(1,325)
_
_
245,695
245,695
_
_
At
At
1 April
Incoming
Outgoing
31 March
2020
resources
resources
2021
£
£
£
£
253,386
195,772
(203,463)
245,695
_
_
_
_		 _ 2020
£
-
-
__
-
_
Total
funds
£
75,873
171,147
(1,325)
____
_
245,695
_

Page 11

Babbacombe Cliff Railway CIO

The following pages do not form part of the statutory accounts.

Babbacome Cliff Railway CIO

Detailed statement of financial activities For the year ended 31 March 2021

Incoming resources
Donations and legacies
Donations
Ticket sales
General sales
Investment income
Bank interest receivable
Other income
Insurance refund
Grants
Council grants
JRS grants
Total incoming resources		 2021
£
96
104,807
2,226
_
107,128
10
1,308
41,273
46,053
_
195,772
_		 2020
£
2,112
197,480
103,290
_
302,882
316
768
-
-
_
303,966
_

Babbacome Cliff Railway CIO

Detailed statement of financial activities For the year ended 31 March 2021

2021 2020
£ £ £ £
RESOURCES EXPENDED
Other trading activities
Opening stock 8,629 8,567
Purchases 403 9,039
Closing stock (2,500) (8,629)
_ _
6,532 8,977
Charitable activities
Wages and salaries 117,500 128,646
Employers NI 2,599 -
Pension costs 2,459 -
Rates and water - 1,576
Insurance 10,792 10,638
Light and heat 5,770 9,970
Telephone and internet 1,067 1,360
Postage and stationery 477 2,057
Advertising 1,175 13,908
Lift inspections & maintenance 24,143 25,934
Repairs & renewals 16,531 39,378
Equipment hire 521 -
Uniforms and cleaning 381 859
Sundry expenses (6,461) 6,204
Events - 4,700
Visitor centre - 767
Depreciation of plant and machinery 2,238 2,668
Depreciation of cables 887 1,183
Depreciation of rolling stock 3,587 3,776
_ _
183,666 253,624
Support Costs
Finance
Bank charges 1,375 1,099
Governance costs
Accountancy & bookkeeping 1,500 425
Legal fees 3,573 500
Consultancy 2,917 2,502
Professional fees 3,900 816
_ _
11,890 4,243
Total resources expended 203,463 267,943
_ _
Net (outgoing)/incoming resources for the year (7,691)
_		 36,023
_