**Babbacombe Cliff Railway CIO**
**Trustees' report and financial statements**
**for the year ended 31 March 2022**
**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 Cooper Mr M G Strange Mr R F Southcombe (resigned 31 August 2022) Mr M J Angelos (resigned 30 September 2022) 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 2022**
The trustees present their report and the financial statements for the year ended 31 March 2022. 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 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 2022**
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
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 Babbacombe Cliff Railway CIO for the year ended 31 March 2022 set out on pages 5 to 11.
## **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:
- examine the accounts under section 145 of the 2011 Act
- to follow the procedures laid down in the General Directions given by the Charity Commission under
- section 145(5)(b) of the 2011 Act and
- to state whether particular matters have come to our attention
## **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:
- (i) which gives us reasonable cause to believe that in any material respect the requirements:
- to keep proper accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
have not been met; or
- (ii) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
...........................................................
## **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 2022**
|**Unrestricted**
**funds**
**Notes**
**£**
**Incoming resources**
**Incoming resources from generating funds:**
Donations and legacies
2
343,846
Investment income
3
33
Other income
2,773
Grants
22,112
_______
**Total incoming resources**
368,764
_______
**Resources expended**
Raising funds
3,551
**Charitable activities**
Charitable
225,581
_______
**Total resources expended**
229,132
_______
**Net (outgoing)/incoming resources for the year**
139,632
Total funds brought forward
245,695
_______
**Total funds carried forward**
385,327
_______|**2022**
**Total**
**£**
343,846
33
2,773
22,112
_______
368,764
_______
3,551
225,581
_______
229,132
_______
139,632
245,695
_______
385,327
_______|**2021**
**Total**
**£**
107,128
10
1,308
87,326
_______
195,772
_______
6,532
196,931
_______
203,463
_______
(7,691)
253,386
_______
245,695
_______|
|---|---|---|
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**|**2022**
**£**
**£**
75,878
2,500
6,311
310,102
_______
318,913
(9,464)
_______
_______
385,327
_______
385,327
_______
385,327
_______|**2021**
**£**
**£**
75,873
2,500
4,334
164,313
_______
171,147
(1,325)
_______
169,822
_______
245,695
_______
245,695
_______
245,695
_______|**2021**
**£**
**£**
75,873
2,500
4,334
164,313
_______
171,147
(1,325)
_______
169,822
_______
245,695
_______
245,695
_______
245,695
_______|
|---|---|---|---|
||||245,695
_______|
||||245,695
_______|
||||245,695
_______|
The financial statements were approved by the trustees on 17 January 2023 and signed on its behalf by
**.................................**
## **Mr L J Yelland**
**Trustee**
**Page 6**
## **Babbacombe Cliff Railway CIO**
## **Notes to the financial statements for the year ended 31 March 2022**
## **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 2022**
## **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|**2022**
**Total**
**£**
334,761
8,719
366
_______
343,846
_______|**2021**
**Total**
**£**
104,807
2,225
96
_______|
|---|---|---|
|||107,128
_______|
**Page 8**
## **Babbacombe Cliff Railway CIO**
## **Notes to the financial statements for the year ended 31 March 2022**
## **3. Investment income**
|Bank interest receivable|**2022**
**Total**
**£**
33
_______
33
_______|**2021**
**Total**
**£**
10
_______
10
_______|
|---|---|---|
## **4. Trustees’ Remuneration and benefits**
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
## **Trustees’ expenses**
There were no trustees’ expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021
## **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:
|**2022**
**Number**
10
_______|**2021**
**Number**
11
_______|
|---|---|
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|**2022**
**£**
1,370
_______|**2021**
**£**
2,459
_______|
|---|---|---|
**Page 9**
## **Babbacombe Cliff Railway CIO**
## **Notes to the financial statements for the year ended 31 March 2022**
|**7.**
**Tangible Fixed Assets**
**Plant and**
**machinery**
**£**
**Cost**
At 1 April 2021
22,761
Additions
7,960
_______
At 31 March 2022
30,721
_______
**Depreciation**
At 1 April 2021
17,708
Charge for the year
3,881
_______
At 31 March 2022
21,589
_______
**Net book values**
At 31 March 2022
9,132
_______
At 31 March 2021
5,053
_______
**8.**
**Stocks**
Stocks
**9.**
**Debtors**
VAT|**Cables**
**£**
35,389
-
_______
35,389
_______
32,726
666
_______
33,392
_______
1,997
_______
2,663
_______|_|_|**Rolling**
**stock**
**£**
88,083
-
_______
88,083
_______
19,926
3,408
_______
23,334
_______
64,749
______
68,157
_______
**2022**
**£**
2,500
_____
**2022**
**£**
6,311
_____|**Total**
**£**
146,233
7,960
_______
154,193
_______|
|---|---|---|---|---|---|
||||||70,360
7,955
_______|
||||||78,315
_______|
||||||75,878
_______
75,873
_______|
||||_|||
||||||**2021**
**£**
2,500
_______|
|||_|_||**2021**
**£**
4,334
_______|
**Page 10**
## **Babbacombe Cliff Railway CIO**
## **Notes to the financial statements for the year ended 31 March 2022**
|**10.**
**Creditors: amounts falling due**
**within one year**
Trade creditors
Other taxes and social security
Other creditors
**11.**
**Analysis of net assets between funds**
Fund balances at 31 March 2022 as represented by:
Tangible fixed assets
Current assets
Current liabilities
**12.**
**Unrestricted funds**
General Funds|**2022**
**2021**
**£**
**£**
5,733
-
1,450
967
2,281
358
_______
_______
9,464
1,325
_______
_______
**Unrestricted**
**Total**
**funds**
**funds**
**£**
**£**
75,878
75,878
318,913
318,913
(9,464)
(9,464)
_______
_______
385,327
385,327
_______
_______
**At**
**At**
**1 April**
**Incoming**
**Outgoing**
**31 March**
**2021**
**resources**
**resources**
**2022**
**£**
**£**
**£**
**£**
245,695
368,764
(229,132)
385,327
_______
_______
_______
_______|_|**2021**
**£**
-
967
358
______
1,325
______
**Total**
**funds**
**£**
75,878
318,913
(9,464)
_______|
|---|---|---|---|
|||_||
||||385,327
_______|
**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 2022**
|**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**|**2022**
**£**
366
334,761
8,719
_______
343,846
33
2,773
16,000
6,112
_______
368,764
_______|**2021**
**£**
96
104,807
2,226
_______
107,128
10
1,308
41,273
46,053
_______
195,772
_______|
|---|---|---|
## **Babbacome Cliff Railway CIO**
## **Detailed statement of financial activities For the year ended 31 March 2022**
|||**2022**||**2021**|
|---|---|---|---|---|
||**£**|**£**|**£**|**£**|
|**RESOURCES EXPENDED**|||||
|_Other trading activities_|||||
|Opening stock|2,500||8,629||
|Purchases|3,551||403||
|Closing stock|(2,500)||(2,500)||
||_______||_______||
|||3,551||6,532|
|_Charitable activities_|||||
|Wages and salaries|110,806||117,500||
|Employers NI|1,751||2,599||
|Pension costs|1,370||2,459||
|Recruitment costs|20||-||
|Rates and water|1,058||-||
|Insurance|11,319||10,792||
|Light and heat|9,446||5,770||
|Telephone and internet|705||1,067||
|Postage and stationery|152||477||
|Advertising|2,511||1,175||
|Travel costs|808||-||
|Accommodation|1,867||-||
|Entertaining|195||-||
|Lift inspections & maintenance|35,461||24,143||
|Repairs & renewals|14,364||16,531||
|Equipment hire|216||521||
|Uniforms and cleaning|528||381||
|Sundry expenses|987||(6,461)||
|Computer costs|200||-||
|Subscriptions & membership fees|2,125||-||
|Staff refreshments|73||-||
|Depreciation of plant and machinery|3,881||2,238||
|Depreciation of cables|666||887||
|Depreciation of rolling stock|3,408||3,587||
||_______||_______||
|||203,917||183,666|
## **Babbacome Cliff Railway CIO**
## **Detailed statement of financial activities For the year ended 31 March 2022**
## **Support Costs**
|_Finance_
Bank charges
_Governance costs_
Accountancy & bookkeeping
4,454
Legal fees
-
Consultancy
5,250
Professional fees
7,350
_______
**Total resources expended**
**Net (outgoing)/incoming resources for the year**|4,610
1,500
3,573
2,917
3,900
_______
17,054
229,132
_______
139,632
_______|1,375
11,890
203,463
_______
(7,691)
_______|
|---|---|---|