Hayling Light Railway Ltd (A Company limited by Guarantee) Trustees Report and Financial Statements for the year ending 30 June 2022 Company number: 13452960 Charity number: 1197020
Hayling Island Light Railway Ltd
30 June 2022
| Contents | |
|---|---|
| Page | |
| Legal and Administrative Information | 2 |
| Trustees’ Report | 3 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activity | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 - 12 |
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Hayling Island Light Railway Ltd
30 June 2022
Company Information
| Charity Number: | 1197020 |
|---|---|
| Company Registration number: 13452960 | |
| Registered Office: | The Old Surgery |
| 19 Mengham Lane | |
| Hayling Island | |
| Hampshire | |
| PO11 9JT | |
| Trustees: | C Robinson |
| P Barker | |
| C Martin | |
| M Harris | |
| Secretary: | |
| Accountants: | C J Driscoll Chartered Accountants |
| The Old Surgery | |
| 19 Mengham Lane | |
| Hayling Island | |
| Hampshire | |
| PO11 9JT | |
| Bankers: | Natwest |
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Hayling Island Light Railway Ltd
30 June 2022
Report of the trustees
Statement of trustees' responsibilities
The trustees (who are also directors of Hayling Light Railway Ltd for the purpose of company law) 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 Companies Act 2006. 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.
Small company provisions
This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
On behalf of the board
P G Barker Director
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Hayling Island Light Railway Ltd
30 June 2022
Independent examiner’s report to the trustees on the unaudited financial statements of Hayling Light Railway Ltd
I report on the accounts of Hayling Light Railway Ltd for the year ended 30 June 2022 set out on pages 9 to 12.
Respective Responsibilities of trustees and independent examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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to state whether particular matters have come to my attention.
Basis of Independent examiner’s statement
My examination was carried out in accordance with 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 the 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 to indicate that:
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accounting records have not been kept in accordance with section 386 of the Companies Act 2006;
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the accounts do not accord with such records:
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where accounts are prepared on an accruals basis, whether they fail to comply with relevant accounting requirements under section 396 of the Companies Act 2006, or are not consistent with the Charities SORP (FRS102)
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any matter which the examiner believes should be drawn to the attention of the reader to gain a proper understanding of the accounts
C N Clarke
C J Driscoll Chartered Accounts Independent Examiner 23 November 2022
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Hayling Island Light Railway Ltd
30 June 2022
Statement of Financial Activity (including summary income and expenditure account) For the year ended 30 June 2022
| Income (Note 3) Donations and legacies Charitable activities Other trading activity Investment income Total Income Expenditure (Note 6) Raising funds Charitable activities Other Total Expenditure Net Income/(expenditure) before tax Taxation Net Income/(expenditure) after tax before investment gains/(losses) Net gains/(losses) on investments Net Income/(expenditure) Transfers between funds Net Movement in funds Reconciliation of funds: Total funds brought Forward Total funds carried forward |
Unrestricted Restricted 2022 Funds Funds Totals £ £ £ 65,021 65,021 66,846 66,846 125 125 70 70 132,062 - 132,062 - - 78,370 78,370 11,747 11,747 90,117 - 90,117 41,945 - 41,945 41,945 - 41,945 41,945 - 41,945 41,945 - 41,945 - - 41,945 - 41,945 |
|---|---|
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Hayling Island Light Railway Ltd
30 June 2022
Balance Sheet As at 30 June 2022
| Fixed Assets Tangible assets Total fixed assets Current Assets Debtors Cash at bank and in hand Total current assets Creditors amount falling due within one year Net Current Assets Total assets less current liabilities Creditors amounts falling due after more than one year Total net assets or liabilities Funds: Restricted income funds Unrestricted funds Total funds |
Unrestricted Restricted 2022 Funds Funds Totals £ £ £ 80,750 - 80,750 80,750 - 80,750 4,566 - 4,566 22,029 - 22,029 26,595 - 26,595 (400) - (400) 26,195 - 26,195 106,945 - 106,945 (65,000) - (65,000) 41,945 - 41,945 - - - 41,945 - 41,945 41,945 - 41,945 |
|---|---|
The company was entitled to exemption from audit under S477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.
Paul Barker
Director 23 November 2022
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Hayling Island Light Railway Ltd
30 June 2022
Notes to the Accounts
Basis of Preparation
Basis of Accounting
These accounts have been prepared under the historical cost convention with terms recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The accounts have been prepared in accordance with:
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the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014.
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the Charities Act 2011.
Going Concern
These accounts are prepared on a going concern basis.
Change of Accounting Policy
The accounts present a true and fair view and no changes have been made in the accounting policies adopted in these notes.
Changes to Accounting Estimates
No changes to accounting estimates have occurred in the reporting period.
Material Prior Year Errors
No material prior year errors have been identified in the reporting period.
Accounting Policies
Income
These are included in the Statement of Financial Activity (SoFA) when: the charity becomes entitled to the resources;
it is more likely than not that the trustees will receive the resources;
the monetary value can be measured with sufficient reliability.
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by FRS 102 SORP or FRS 102.
Grants and donations are only included in the SoFA when they have met the income recognition criteria above.
In the case of performance related grants, income is only recognised to the extent that the charity has provided the goods or services that meet the condition of the grant.
Donated goods are recognised at a fair value and are recognised in one of the following ways:
if used by charity, the goods are recognised in the SoFA as incoming resources and held as a fixed asset in the accounts
if sold by the charity, the goods are recognised in the SoFA as income from other trading activities and held in stock in the accounts.
If distributed to beneficiaries, the goods are recognised on receipt, held in stock and recognised as an expense at its carrying amount at the point of distribution.
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Hayling Island Light Railway Ltd
30 June 2022
Notes to the Accounts (continued)
Donated services and facilities are recognized in the SoFA when received at the value of the gift, provided it is quantifiable, and recognised as an expense when consumed under the appropriate heading.
The value of any volunteer help is not included in the accounts but is disclosed in the trustees’ annual report.
Income from investments is included when receipts is probable and the amount can be measured reliably.
Expenditure and Liabilities
Liabilities are recognised when it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settler the obligation at the reporting date.
The charity has creditors which are measured at settlement amounts less any trade discounts.
Support costs have been allocated between governance costs and other support costs.
Governance costs comprise all costs involving public accountability of the charity and it’s compliance with regulation and good practice.
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
Assets
Tangible fixed assets are capitalised if they can be used for more than one year and are valued at cost. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life as follows:
Computer equipment
33.33% straight line
Debtors (including trade debtors) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently they are measured at the cash or other consideration expected to be received.
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Hayling Island Light Railway Ltd
30 June 2022
Notes to the Accounts (continued)
Incoming Funds
| Incoming funds: Donations and Legacies Private Donations Charitable Activities General Sales Merchandise Fundraising Secondments Workshops, conferences, seminars Other Trading Activity Miscellaneous Income Investment Income Interest Received Total Incoming Resources |
Unrestricted Restricted 2022 Funds Funds Totals £ £ £ 65,021 - 65,021 65,021 - 65,021 66,846 - 66,846 - - - - - - - - - - - - 66,846 - 66,846 125 - 125 125 - 125 70 - 70 132,062 - 132,062 |
|---|---|
Income Analysis
| In kind Donations (included in Private donations) Book-keeping & Accounting Driver/Ticket Officer/Engineers Total |
2022 £ 1,60 0 37,600 |
|---|---|
| 39,200 |
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Hayling Island Light Railway Ltd
30 June 2022
Notes to the Accounts (continued)
Expenditure
| Expenditure Charitable activities Rent Staff Costs Staff training Consumables Running Costs Repairs and Maintenance Staff Welfare Advertising Travelling expenses Car & Van Hire Premises expenses Printing Other Audit and Accountancy Fees Legal Fees Bank Charges Sundry Expenses Donations Total Expenditure |
Unrestricted Restricted 2022 Funds Funds Totals £ £ £ 4,400 - 4,400 42,300 - 42,300 260 - 260 8,569 - 8,569 723 - 723 14,957 - 14,957 309 - 309 1,679 - 1,679 122 - 122 33 - 33 3,142 - 3,142 1,876 - 1,876 |
|---|---|
| 78,370 - 78,370 2,000 - 2,000 8,604 - 8,604 640 - 640 332 - 332 171 - 171 |
|
| 11,747 - 11,747 |
|
| 90,117 - 90,117 |
Expenditure Details
| 2022 | |
|---|---|
| £ | |
| Independent examiners fees | 400 |
| Assurance services other than independent examination | |
| Tax Advisory Fees | |
| Other Fees |
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Hayling Island Light Railway Ltd
30 June 2022
Notes to the Accounts (continued)
Staff Costs
No employees received employee benefits (excluding employer pension costs) of more than £60,000 for the period.
The average monthly numbers of staff (including the trustees) during the year was as follows:
| Area in which they work | 2022 | |
|---|---|---|
| Train operating staff | Charitable activities | 3 |
| Engineering Staff | Charitable activities | 2 |
| Duty Manager | Charitable activities | 1 |
| Advisors | Governance | 1 |
| __ | ||
| 7 |
Tangible Fixed Assets
| Plant, | |||||
|---|---|---|---|---|---|
| Fixture | |||||
| Land & | machinery | & | |||
| Buildings | & Vehicles | Fitngs | Total | ||
| Cost or Valuaton | £ | £ | £ | £ | |
| at the beginning of the year | 0 | 0 | 0 | 0 | |
| Additons | 80,750 | 0 | 0 | 80,750 | |
| At the end of the year | 80,750 | 0 | 0 | 80,750 | |
| Depreciaton and impairments | |||||
| at the beginning of the year | 0 | 0 | 0 | 0 | |
| Depreciaton | 0 | 0 | 0 | 0 | |
| At the end of the year | 0 | 0 | 0 | 0 | |
| Net Book Value | |||||
| At the end of the year | 80,750 | 0 | 0 | 80,750 |
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Hayling Island Light Railway Ltd
30 June 2022
Notes to the Accounts (continued)
Creditors
----- Start of picture text -----
Amounts falling due
Amounts falling due after more than 1
within 1 year year
2022 2022
£ £ £ £
Trade creditors -
Accruals and deferred income 400
Loans - 65,000
Total 400 - 65,000 -
----- End of picture text -----
Funds Analysis as at 30 June 2022
| Fund Name Type General unres Total Funds as per Balance Sheet |
Balance Balance brought Gains and carried forward Income Expenditure Transfers losses forward £ £ £ £ £ £ - 132,062 (90,117) 41,945 |
|---|---|
| 29,689 132,062 (90,117) - - 41,945 |
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