Babbacombe Cliff Railway CIO
Trustees' report and financial statements
for the year ended 31 March 2023
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 Mrs J N Ayres Accountants Best Accountancy Services (Plymouth) Ltd Unit 103, The Apex Derriford Business Park Plymouth Devon PL6 5LF 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 2023
The trustees present their report and the financial statements for the year ended 31 March 2023. 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 2023
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 2023 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:
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examine the accounts under section 145 of the 2011 Act
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to follow the procedures laid down in the General Directions given by the Charity Commission under
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section 145(5)(b) of the 2011 Act and
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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:
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(i) which gives us reasonable cause to believe that in any material respect the requirements:
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to keep proper accounting records in accordance with section 130 of the 2011 Act; and
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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 2023
| Unrestricted funds Notes £ Incoming resources Incoming resources from generating funds: Donations and legacies 2 - Charitable activities 290,145 Investment income 3 1,861 Other income 16,352 Grants - _ Total incoming resources 308,358 _ Resources expended Raising funds 1,946 Charitable activities Charitable 219,414 _ Total resources expended 221,360 _ Net (outgoing)/incoming resources for the year 86,998 Total funds brought forward 385,327 _ Total funds carried forward 472,325 |
2023 Total £ - 290,145 1,861 16,352 - _ 308,358 _ 1,946 219,414 _ 221,360 _ 86,998 385,327 _ 472,325 |
2022 Total £ 366 343,480 33 2,773 22,112 _ 368,764 _ 3,551 225,581 _ 229,132 _ 139,632 245,695 _ 385,327 |
|---|---|---|
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 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 2023
| 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 |
2023 £ £ 69,208 2,500 8,845 412,792 _ 424,137 (21,020) _ 403,117 _ 472,325 _ 472,325 _ 472,325 |
2022 £ £ 75,878 2,500 6,311 310,102 _ 318,913 (9,464) _ 309,449 _ 385,327 _ 385,327 _ 385,327 |
|---|---|---|
The financial statements were approved by the trustees on 31 January 2024 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 2023
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 2023
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. Charitable Activities
| Ticket sales Merchandise |
2023 Total £ 283,117 7,028 _ 290,145 |
2022 Total £ 334,761 8,719 _ 343,480 |
|---|---|---|
Page 8
Babbacombe Cliff Railway CIO
Notes to the financial statements for the year ended 31 March 2023
3. Investment income
| Bank interest receivable | 2023 Total £ 1,861 _ 1,861 |
2022 Total £ 33 _ 33 |
|---|---|---|
4. Trustees’ Remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees’ expenses
There were no trustees’ expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022
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:
| 2023 Number 6 |
2022 Number 10 |
|---|---|
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 | 2023 £ 957 |
2022 £ 1,370 |
|---|---|---|
Page 9
Babbacombe Cliff Railway CIO
Notes to the financial statements for the year ended 31 March 2023
| 7. Tangible Fixed Assets Plant and machinery £ Cost At 1 April 2022 30,721 Additions 250 _ At 31 March 2023 30,971 _ Depreciation At 1 April 2022 21,589 Charge for the year 3,184 _ At 31 March 2023 24,773 _ Net book values At 31 March 2023 6,198 _ At 31 March 2022 9,132 _ 8. Stocks Stocks 9. Debtors VAT |
Cables £ 35,389 - _ 35,389 _ 33,392 499 _ 33,891 _ 1,498 _ 1,997 _ |
Rolling stock £ 88,083 - _ 88,083 _ 23,334 3,237 _ 26,571 _ 61,512 __ 64,749 _ 2023 £ 2,500 ___ 2023 £ 8,845 |
Total £ 154,193 250 _ 154,443 _ 78,315 6,920 _ 85,235 _ 69,208 _ 75,878 _ 2022 £ 2,500 _ 2022 £ 6,311 |
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Page 10
Babbacombe Cliff Railway CIO
Notes to the financial statements for the year ended 31 March 2023
| 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 2023 as represented by: Tangible fixed assets Current assets Current liabilities 12. Unrestricted funds General Funds |
2023 2022 £ £ 20,433 5,733 481 1,450 106 2,281 _ _ 21,020 9,464 _ _ 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 2022 resources resources 2023 £ £ £ £ 385,327 308,358 (221,360) 472,325 |
2022 £ 5,733 1,450 2,281 __ 9,464 ____ Total funds £ 75,878 318,913 (9,464) |
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|---|---|---|---|
| _ |
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| _ 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 2023
| Incoming resources Donations and legacies Donations Charitable Activities Ticket sales General sales Investment income Bank interest receivable Other income Insurance refund Grants Council grants JRS grants Total incoming resources |
2023 £ - 283,117 7,028 _ 290,145 _ 1,861 16,352 - - _ 308,358 |
2022 £ 366 334,761 8,719 _ 343,480 _ 33 2,773 16,000 6,112 _ 368,764 |
|---|---|---|
Babbacome Cliff Railway CIO
Detailed statement of financial activities
For the year ended 31 March 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| RESOURCES EXPENDED | ||||
| Other trading activities | ||||
| Opening stock | 2,500 | 2,500 | ||
| Purchases | 1,946 | 3,551 | ||
| Closing stock | (2,500) | (2,500) | ||
| _ | _ | |||
| 1,946 | 3,551 | |||
| Charitable activities | ||||
| Wages and salaries | 92,459 | 110,806 | ||
| Employers NI | - | 1,751 | ||
| Pension costs | 957 | 1,370 | ||
| Recruitment costs | - | 20 | ||
| Rates and water | 1,060 | 1,058 | ||
| Insurance | 13,288 | 11,319 | ||
| Light and heat | 14,681 | 9,446 | ||
| Telephone and internet | 743 | 705 | ||
| Postage and stationery | 137 | 152 | ||
| Advertising | 1,474 | 2,511 | ||
| Travel costs | 12 | 808 | ||
| Accommodation | - | 1,867 | ||
| Entertaining | - | 195 | ||
| Lift inspections & maintenance | 36,821 | 35,461 | ||
| Repairs & renewals | 2,662 | 14,364 | ||
| Equipment hire | 216 | 216 | ||
| Uniforms and cleaning | 270 | 528 | ||
| Sundry expenses | 164 | 987 | ||
| Computer costs | 20 | 200 | ||
| Subscriptions & membership fees | 117 | 2,125 | ||
| Staff refreshments | 50 | 73 | ||
| Depreciation of plant and machinery | 3,184 | 3,881 | ||
| Depreciation of cables | 499 | 666 | ||
| Depreciation of rolling stock | 3,237 | 3,408 | ||
| _ | _ | |||
| 172,051 | 203,917 |
Babbacome Cliff Railway CIO
Detailed statement of financial activities
For the year ended 31 March 2023
Support Costs
| Finance Bank charges Governance costs Accountancy & bookkeeping 3,573 Legal fees 17,811 Consultancy 13,874 Professional fees 7,522 _ Total resources expended Net (outgoing)/incoming resources for the year |
4,583 4,454 - 5,250 7,350 _ 42,780 221,360 _ 86,998 |
4,610 17,054 229,132 _ 139,632 |
|---|---|---|