Registered Charity No. **1183029** 

**The Heritage Electric Trains Trust (A Charitable Incorporated Organisation)** 

## **REPORT OF THE TRUSTEES** 

**FOR THE PERIOD 01[st] April 2022 To 01[st] April 2023** 



## **REFERENCE AND ADMINISTRATIVE DETAILS** 

**Charity number:** 

**Charity number:** 1183029 **Trustees:** Graeme Gleaves (Chairman) Ian Brown Neil Bennett Mark Walling **Registered office:** LAVINIA LODGE 36 STRAYFIELD ROAD ENFIELD EN2 9JF 

**Bankers: Santander UK plc** LONDON NW1 3AN 



## **TRUSTEES’ REPORT** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing document** 

The Charity is a Charitable Incorporated Organisation and its governing document is a constitution dated April 08[th] 2019. 

## **Recruitment and appointment of Trustees** 

The Trustees are the first named Trustees named on the governing document, there have been no changes to the Trustees during the period of this report. 

## **OBJECTIVES AND ACTIVITIES** 

The Charity has objects for 'The advancement of education of the public in the subject of sustainable rail transport through the means of preservation, restoration and public display of historic rolling stock and other items of railway interest relating to the story of the development of electrically propelled railways.' This can be by the publication of material for educational purposes, arranging of displays and securing artefacts for public display; either alone or working with other organisations with similar aims. 

We have referred to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.  In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. 

## **ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW** 

This report covers the first full period when the country was not restricted by the pandemic and life returned to normal. Like any other organisation The Charity has begun to rebuild itself from the previous two years and adjust to the circumstances that were thrust upon it and adjust to the aftermath. The Charity has not acquired any further artefacts during the period of this report and has not sought to reduce its collection, the trustees have committed to pick up the projects that they had begun to progress before the pandemic and continue to pursue them in accordance with the original plans; albeit with those plans severely delayed. The eight vehicles owned by the Charity continue to enjoy undercover storage but the arrangements for four of them have been to remove them from their current facility to a cheaper outdoor one to maximise the income of the Charity so more of it can be directed at the renovation project of the remaining four vehicles so they can go on public display at the planned railway museum in Margate. At the end of the period the track to accommodate these four vehicles had been prepared to accept them after an eighteen month construction project undertaken by volunteers working for the Charity and an allied organisation. 

The Charity has communicated with supporters and the wider public throughout the period of this report on aspects of its work. This has been in the form of printed media by the production of a magazine, reporting on progress and future plans, sent out to supporters. In addition the Charity has run social media accounts that provide updates on the progress of projects and also images and stories relevant to the history of the trains that the Charity has in its care. This has been a very useful resource and method of engagement and informing people in the absence of physically being open to the public whilst the trains are awaiting renovation and the museum to hold them is constructed and awaits a date to open to the public. 

The Charity has continued to work with the Railway Heritage Register Partnership and published a register of preserved electric multiple units and railcars in the UK. This document has been thoroughly researched and was updated during the period of this report. The latest version is available for public free download at the RHRP website (www.rhrp.org.uk/surveystatus.htm). 



## **PLANS FOR THE FUTURE** 

The Charity continues to run a fundraising campaign to both fund the restoration and renovation of the unit that is to remain on display to the public at Margate, being the primary project for the Charity. The estimated cost of this first vehicle is expected to be in the region of £50-60000, additional funds are being raised to fund the removal and safe storage of the second train and a spare vehicle, The estimated cost of this aspect of the project is £12000. The Charity will be seeking tenders from professional specialist contractors for the renovation work as the removal of the other vehicles will be achieved soon. The Charity has engaged with organisations that hold public events where speakers and presentations are invited and will be attending in the next 12-18 months to deliver talks of the work of the Charity and the history of those trains and their socio-economic impact. 

## **FUNDRAISING ACTIVITIES BY THE CHARITY** 

During the period of this report the Charity has taken donations from the wider public, both individual persons and businesses in support of its work. All funds raised are held in the Charities own bank accounts and no funds are held elsewhere. 

## **CONTRIBUTION MADE BY VOLUNTEERS** 

The Charity has exclusively used the services of volunteers during the period of this report, in addition to the services of the Trustees. The Charity has a volunteer Book Keeper to assist in the management of financial records and other volunteers have been undertaken the hands on construction work at Hope Farm, Sellindge, Kent where a siding has been laid to accommodate the four vehicles that are to be removed from Margate. This involved both groundwork and construction to create a siding to hold the vehicles. The work has been largely completed by the end of the period of this report. 

## **FINANCIAL POSITION** 

This report covers the fourth year of the Charity's existence. The Trustees had adopted a very sustainable approach to seeking donations based primarily upon regular contributions from supporters so as to be able to predict income streams and budget accordingly. In addition one off donations are welcomed. The Charity has been able to meet its direct requirements during the period and has no outstanding liabilities. The relocation of four vehicles from Margate to Sellindge is a large scale one off project and monies required for this have been set aside in a separate savings account. The Trustees have no concerns that the Charity will not be able to meet its planned financial responsibilities in the year ahead but have identified that as the project progresses there will be a need to attract larger scale support from other sources. 

## **RESERVES POLICY** 

The trustees have adopted the following reserves policy. They will aim to ensure that, at all times, the level of reserves is appropriate to the level of the activities the charity is undertaking. This policy is being enacted and reserves are being built up to meet expected costs of planned work. 

## **TRUSTEES' RESPONSIBILITIES STATEMENT** 

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The Trustees prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity 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 2015 (FRS 102); 

- 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; 

- 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  adequate  accounting  records  that  disclose  with  reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial 



statements comply with the legal requirements the Charity is bound by. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **ON BEHALF OF THE TRUSTEES:** 

GRAEME STEPHEN GLEAVES – CHAIRMAN OF THE TRUSTEES Dated  31 **/01/2024** 

Signed master copy held at the registered office. 



## **THE HERITAGE ELECTRIC TRAINS TRUST (A CHARITABLE INCORPORATED ORGANISATION)** 

||**STATEMENT OF FINANCIAL ACTIVITIES**|**STATEMENT OF FINANCIAL ACTIVITIES**||||
|---|---|---|---|---|---|
||**(including Income and Expenditure Account)**|||||
||**for the period 01st April 2022**|**To 01st April 2023**||||
|||||Total|Total|
||Notes|Unrestricted|Restricted|2023|2022|
|||£|£|£|£|
|**INCOME FROM:**||||||
|**Voluntary income:**||||||
|Grants||-|-|-|1,660|
|Donations||8,148|-|8,148|9,791|
|**Trading Activities**||-|-|-|-|
|**Other income**||1,502|-|1,502|1,444|
|||______|______|______|______|
|**Total income**||9,650|-|9,650|11,235|
|||`══════`|`══════`|`══════`|`══════`|
|**EXPENDITURE ON:**||||||
|**Charitable activities:**||||||
|Activities and services|2|8,722|-|8,722|8,640|
|-||||||
|Governance costs|3|-|-||-|
|||______|______|______|______|
|**Total expenditure**||**8,722**|-|8,722|8,640|
|||`══════`|`══════`|`══════`|`══════`|
|**(Net expenditure)/net income for**||||||
|**the period before transfers**||**928**|-|928|2,595|
|Transfer between funds||-|-|-|-|
|||______|______|______|______|
|Net movement in funds|||-||-|
|**Reconciliation of funds**||||||
|Total funds brought forward||8,120|-|8,120|7,357|





||______|______|______|______|
|---|---|---|---|---|
|Total funds carried forward|8,120|-|8,120|7,357|
||`══════`|`══════`|`══════`|`══════`|



All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year. 

The notes on pages 8 to 11 form part of these financial statements 



## **THE HERITAGE ELECTRIC TRAINS TRUST (A CHARITABLE INCORPORATED ORGANISATION)** Charity No. 1183029 

## **BALANCE SHEET for the period 01[st] April 2022   To 01[st] April 2023** 

|||2023|2022|
|---|---|---|---|
||Notes|£|£|
|**CURRENT ASSETS**||||
|Cash at bank and in hand||8,120|7,357|
|||______|______|
|**LIABILITIES**||||
|Creditors falling due within one year|5|-|-|
|**NET CURRENT ASSETS**||8,120|7,357|
|||______|______|
|**NET ASSETS**||8,120|7,357|
|||=======|=====|
|**FUNDS OF THE CHARITY**||||
|Unrestricted income fund||8,120|7,357|
|Restricted funds||-|-|
|||________|________|
|**TOTAL CHARITY FUNDS**||8,120|7,357|
|||`══════`|`══════`|



The financial statements were approved and authorised for issue by the Trustees on December 01[st] 2023 

## **ON BEHALF OF THE BOARD:** 

GRAEME STEPHEN GLEAVES – CHAIRMAN OF THE TRUSTEES 

Signed master copy held at the registered office. 

The notes on pages 8 to 11 form part of these financial statements 



## **THE HERITAGE ELECTRIC TRAINS TRUST (A CHARITABLE INCORPORATED ORGANISATION) Charity No. 1183029** 

## **NOTES TO THE FINANCIAL STATEMENTS for the period 01[st] April 2022   To 01[st] April 2023** 

## 1. **ACCOUNTING POLICIES** 

## **General information and basis of preparation** 

The Heritage Electric Trains Trust is a charitable incorporated organisation in England. The address of the registered office is given in the charity information on page 1 of these financial statements.  The nature of the charity’s operations and principal activities are the advancement of education of the public in the subject of sustainable rail transport through the means of preservation, restoration and public display of historic rolling stock and other items of railway interest relating to the story of the development of electrically propelled railways. 

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been  prepared  in  accordance  with  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) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of  Ireland (FRS  102),  the Charities Act 2011 and UK Generally Accepted Practice. 

The financial statements are prepared under the historical cost convention.  The financial statements are presented in sterling which is the functional currency of the charity and are rounded to the next £1. 

The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated. 

## **Funds** 

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

## **Income recognition** 

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any conditions have been met, the amount can be measured reliably and it is probable that the income will be received. 

For donations and grants to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. 

Members subscriptions are accounted for on a receivable basis 

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). 



## **1. ACCOUNTING POLICIES** (cont’d) 

## **Expenditure recognition** 

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings: 

- Expenditure on charitable activities includes the costs incurred by the charity in delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of indirect nature necessary to support them. 

- Governance  costs  include  costs  associated  with  meeting  the  constitutional  and  statutory requirements of the Charity and include fees and costs linked to the strategic management of the Charity. 

- Other expenditure represents those items not falling into the category above. 

## **Tangible fixed assets** 

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.  Cost includes costs directly attributable to making the asset capable of operating as intended. 

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life. The charities policy is that heritage rolling stock and buildings are not depreciated. 

## **Tax** 

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. 

## **Going concern** 

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern 



|**2**.|**ACTIVITIES AND SERVICES**|2023|2022|
|---|---|---|---|
|||**£**|£|
||Site maintenance & improvement|-|-|
||Preservation & restoration|-|-|
||Reallocation of assets|-|-|
||Projects|-|-|
||Grants to exhibit owners|-|-|
||**Operating expenses**:|8,640|8,640|
||Insurance|-|-|
||Advertising, PR, printing & postage|82|-|
||Room hire|-|-|
||Rates|-|-|
||Telephone & internet|-|-|
||Site light, heat, power & fuel|-|-|
||Other fees & expenses|-|-|
||Loss on disposal of assets|-|-|
||Accountancy fees|||
|||______|______|
|||8,722|8,640|
|||`══════`|`══════`|
|**3.**|**GOVERNANCE COSTS**|2023|2022|
|||£|£|
||Accountancy and Examination fees|-||
|||______|_______|
|||-||
|||`══════`|`══════`|



. 

## **4** . **DIRECTORS / TRUSTEES REMUNERATION** 

No Trustee received any remuneration or reimbursed expenses during the period 01[st] April 2022 to 01[st] April 2023 



|**5**.<br>**CREDITORS FALLING DUE WITHIN ONE YEAR**<br>Accruals and deferred income<br>__<br>`══`|2023<br>£<br>0<br>____<br>___<br>0<br>`════`<br>`══`|2022|
|---|---|---|
|||£<br>0<br>____<br>0<br>`════`|



## **6. TRUSTEES REMUNERATION** 

No trustee received any remuneration during the year. 

## **7. ULTIMATE CONTROLLING PARTY** 

The charity is under the control of its Trustees. 

## **8. RELATED PARTY TRANSACTIONS** 

There were no related party transactions for the period of this report.