2025-01-31-accounts - The Folkestone Leas Lift Company CIO

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Charity registration number: 1197324

THE FOLKESTONE LEAS LIFT COMPANY CIO TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

Beresfords Chartered Certified Accountants 1-2 Rhodium Point Spindle Close Hawkinge, Folkestone Kent CT18 7TQ

The Folkestone Leas Lift Company CIO Contents

	Page
Reference and Administrative Details	1
Trustees' Report	2—4
Independent Examiner's Report	5
Statement of Financial Activities	6
Comparative Statement of Financial Activities	7
Statement of Financial Position	8
Notes to the Financial Statements	9—15

The Folkestone Leas Lift Company CIO Reference and Administrative Details For The Year Ended 31 January 2025

Trustees	Ms C Beare - Chair
	Mr T McGarry (appointed 28/04/2025)
	Mr L Biggs (appointed 28/08/2024)
	Ms R Knight (appointed 28/02/2024)
	Mr A Coleman
	Ms J Atkinson
	Mr E Wealend
	Mr D Hulme
	Mr P Oetzmann
	Mr J Walker-Osborn
Charity Number	1197324
Principal Address	The Workshop
	32-40 Tontine Street
	Folkestone
	Kent
	CT20 1JU
Business	The Workshop
	32-40 Tontine Street
	Folkestone
	Kent
	CT20 1JU
Independent Examiner	Daniel Payne FCCA
	Beresfords
	Chartered Certified Accountants
	1-2 Rhodium Point
	Spindle Close
	Hawkinge, Folkestone
	Kent
	CT18 7TQ

Page 1

The Folkestone Leas Lift Company CIO Trustees' Report For The Year Ended 31 January 2025

The trustees present their report and the financial statements for the year ended 31 January 2025.

Objectives and Activities

Aims and Objectives

Established in 2018 as a Community Interest Company (CIC) in response to the closing of the Lift by HSE in 2017, The Folkestone Leas Lift Company achieved charitable status in January 2022.

The Charity’s objectives, as set out in the governing document, are “For the public benefit, to restore, preserve, maintain, and operate the historic leas lift and its associated rolling stock, buildings and infrastructure to ensure that the water powered cliff side funicular railway continues to operate for the benefit of the local community and visitors to Folkestone and to advance the education of the public about the historic leas lift.”

The Lift is an important part of our industrial heritage. Historic England recommended the Lift for listing on the Heritage at Risk Register. Isabelle Ryan, Assistant Inspector, Historic England, April 2021 quotes: “It is one of only eight water balance cliff lifts in the country, of which only three operate using their original system. It retains its original engineering system, including its 1890 reciprocating pumps and the only working band brake in a funicular railway worldwide.”

The vision is to restore the Grade II* Leas Lift, a cliff funicular railway in Folkestone, to play a more significant role in the town, be recognised for its heritage significance and removed from Historic England’s Heritage at Risk Register. To deliver this a sustainable business model and funding is imperative.

Aims of the charity

The charity's aims are to:

restore the lift cars, waiting rooms, pump room, tanks, track, wheel houses and upper station tunnel and railways and re-open the lift to the public by meeting the requirements of the HSE and Mining Inspectorate
make the upper and lower lift stations accessible
bring the Lift back into use with 21st century facilities
undertake oral history and ‘memories’ projects which will inform permanent interpretative displays telling the stories of the Lift – why it was built, the wider Victorian context, celebrating the engineering behind it, its significance within Folkestone as an iconic heritage site, both in the town’s heyday and today and the community’s memories
deliver a programme of heritage engagement activities through outreach and on-site visits and activities, breaking down economic, physical and attitudinal barriers
create 16 FTE permanent jobs, support apprentices; experience and placement opportunities for young people at school, college and university to enhance their employability
minimise the carbon footprint
ensure Leas Lift is resilient by developing a highly trained workforce, volunteer corps and sustainable business model.

Partnership support has been provided from the National Lottery Heritage Fund, Historic England, Wolfson Foundation, the Pilgrim Trust, the Foyle Foundation and various other national and regional foundations, Folkestone & Hythe District Council, Folkestone Town Council, Folkestone Harbour & Seafront Development Company, Folkestone Town Museum and the Library and Kent Coastal Volunteering.

Public Benefit

Folkestone has a larger than average population of older people and there are six care, residential and nursing homes within a mile of the Lift. The project will actively engage these residents with their local heritage.

The project is named in Folkestone's COVID-19 recovery plans, as part of Folkestone & Hythe District Council’s Place, Economic and Heritage strategies, Creative Folkestone and Kent’s tourism strategies. It will offer a multitude of benefits for local people. As well as improving access to the seafront for people with all levels of mobility and reducing car journeys between the Leas and the seafront, it will attract more tourists to the area which, along with offering quick and easy access between the seafront and the town centre, will boost the local economy, benefitting local businesses, pubs and restaurants.

After a successful tender process Apex Contractors were appointed as the main contractor. The Lift site has transitioned to a construction site. Specially designed construction hoardings have been put in place to engage the community and create the wider site, alongside road closures. The cafe has moved to a container on an adjacent site.

The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.

Page 2

The Folkestone Leas Lift Company CIO Trustees' Report (continued) For The Year Ended 31 January 2025

Contribution made by volunteers

Our Chair and 10 Trustees are volunteers, several of which donate significant hours, overall this team equates to a 1.5 full time equivalent role. Our volunteer network has expanded and now covers Oral History Project, Teachers Advisors Group and Youth Advisory Group. We receive professional volunteer input from finance and programme management as we progress with the refurbishment works on site.

Achievements and Performance

Main Achievements

In the 2024/2025 financial year, the charity achieved the following milestones towards the realisation of the Leas Lift restoration project:

In March 2024 the CIO received the gift of freehold property from the Folkestone Estate.
Having been successfully awarded the National Lottery heritage Fund grant of £4.9m the transfer of property allowed the charity to formally meet Permission to start and commence drawdown of funding.
As a result of the successful tender process Apex Contractor commenced work on site under a 12 week PCSA in November 2024. Post year end, this migrated to full works contract covering the refurbishment and new extension.

Financial Review

Financial Position

Over the year unrestricted reserves increased from £242,652 to £251,759, representing an unrestricted surplus of £9,107 (2024 - £148,744). £99,150 of the unrestricted reserves have been designated to future expenditure and investment in the restoration and development project.

Restricted funds increased from £611,056 to £1,002,475 and are held for the specific purpose of the restoration and development project. Restricted funds include both the investment into the Heritage Asset as part of the project thus far and restricted funding received for future expenditure and investment.

Income and Expenditure projections for the charity indicate that reserves are adequate to fund the charity’s activities for at least the next year.

Reserves Policy

The Trustees consider the appropriate level of free reserves should be maintained at a minimum of 3 months of expenditure incurred.

Structure, Governance and Management

Governing Document

The charity is governed by a CIO Foundation constitution adopted on first registrations with the Charity Commission on 4th January 2022.

The Folkestone Leas Lift Company CIC (company number 11145968) was closed on 4th January 2022 and converted to the new CIO.

Trustee Selection Methods

Apart from the first charity trustees, every trustee must be appointed by a resolution passed at a properly convened meeting of the charity trustees.

In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.

Page 3

The Folkestone Leas Lift Company CIO Trustees' Report (continued) For The Year Ended 31 January 2025

Statement of Trustees' Responsibilities

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

The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements the trustees are required to:

select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charity SORP;
make judgments and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees' report was approved by the board of trustees and signed on its behalf by:

Ms C Beare Trustee 29/11/2025

Page 4

The Folkestone Leas Lift Company CIO Independent Examiner's Report to the Trustees of The Folkestone Leas Lift Company CIO For The Year Ended 31 January 2025

I report to the trustees on my examination of the accounts of The Folkestone Leas Lift Company CIO (the Trust) for the year ended 31 January 2025.

Responsibilities and Basis of Report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner's Statement

Since the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and contents of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Daniel Payne FCCA 29/11/2025 Beresfords Chartered Certified Accountants 1-2 Rhodium Point Spindle Close Hawkinge, Folkestone Kent CT18 7TQ

Page 5

The Folkestone Leas Lift Company CIO Statement of Financial Activities For The Year Ended 31 January 2025

Unrestricted funds £ 17,712 - 7,684 39,230	Restricted funds £ 468,937 - - -	2025 Total funds £ 486,649 - 7,684 39,230	2024 Total funds £ 525,643 14,696 69 89,365
64,626	468,937	533,563	629,773
- (55,519)	- (77,518)	- (133,037)	(21,337) (52,409)
(55,519)	(77,518)	(133,037)	(73,746)
9,107	391,419	400,526	556,027
9,107 242,652	391,419 611,056	400,526 853,708	556,027 297,681
251,759	1,002,475	1,254,234	853,708

The notes on pages 9 to 15 form part of these financial statements.

Page 6

The Folkestone Leas Lift Company CIO Comparative Statement of Financial Activities For The Year Ended 31 January 2025

Unrestricted funds £ 91,491 14,696 69 89,365	Restricted funds £ 434,152 - - -	2024 Total funds £ 525,643 14,696 69 89,365
195,621	434,152	629,773
- (46,877)	(21,337) (5,532)	(21,337) (52,409)
(46,877)	(26,869)	(73,746)
148,744	407,283	556,027
148,744 93,908	407,283 203,773	556,027 297,681
242,652	611,056	853,708

The notes on pages 9 to 15 form part of these financial statements.

Page 7

The Folkestone Leas Lift Company CIO Statement of Financial Position As At 31 January 2025

Unrestricted funds £ - 11,842	Restricted funds £ 7,660 657,007	2025 Total funds £ 7,660 668,849	2024 Total funds £ 664 368,290
11,842 38,994 235,306	664,667 15,015 357,107	676,509 54,009 592,413	368,954 118,789 471,193
274,300 (34,383)	372,122 (34,314)	646,422 (68,697)	589,982 (105,228)
239,917	337,808	577,725	484,754
251,759	1,002,475	1,254,234	853,708
251,759	1,002,475	1,254,234	853,708
		1,002,475 251,759	611,056 242,652
		1,254,234	853,708

On behalf of the board

Ms C Beare Trustee 29/11/2025

The notes on pages 9 to 15 form part of these financial statements.

Page 8

The Folkestone Leas Lift Company CIO Notes to the Financial Statements For The Year Ended 31 January 2025

1. General Information

The Folkestone Leas Lift Company CIO is a charitable incorporated organisation registered with the Charity Commission, registered charity number 1197324. The principal address is The Workshop, 32-40 Tontine Street, Folkestone, Kent, CT20 1JU.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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 charity is a Public Benefit Entity as defined by FRS 102.

2.2. Incoming Resources

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

2.3. Resources Expended

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the 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 an indirect nature necessary to support them.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery 10 years straight line Computer Equipment 5 years straight line

2.5. Heritage Assets

Heritage assets are measured at cost plus donated value of the asset. The main Heritage Asset is The Folkestone Leas Lift which is of cultural significance and once refurbishment is completed will be held at cost each year.

2.6. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

Page 9

The Folkestone Leas Lift Company CIO Notes to the Financial Statements (continued) For The Year Ended 31 January 2025

3. Income from Donations and Legacies

Unrestricted funds £ 7,602 110 - 10,000	Restricted funds £ - - 468,937 -	2025 Total funds £ 7,602 110 468,937 10,000
17,712	468,937	486,649
Unrestricted funds £ 85,103 5,388 1,000 -	Restricted funds £ - - 434,152 -	2024 Total funds £ 85,103 5,388 435,152 -
91,491	434,152	525,643
	2025 Unrestricted funds £ -	2024 Unrestricted funds £ 14,696
	2025 Unrestricted funds £ 7,676 8	2024 Unrestricted funds £ 69 -
	7,684	69
	2025 Unrestricted funds £ 30,326 8,904	2024 Unrestricted funds £ 44,623 44,742
	39,230	89,365

4. Income from Other Trading Activities

5. Investment Income

6. Other Income

Page 10

The Folkestone Leas Lift Company CIO Notes to the Financial Statements (continued) For The Year Ended 31 January 2025

7. Net Income/(Expenditure)

The net income is stated after charging/(crediting):

Depreciation of tangible fixed assets - owned

2025	2024
£	£
775	181

8. Analysis of Expenditure

. Analysis of Expenditure
Restoration of the Folkestone Leas Lift Raising funds Restoration of the Folkestone Leas Lift	Activities undertaken directly £ 3,337 -	Support costs (see note 9) £ 18,000 52,409	2025 Support costs (see note 9) £ 133,037
			2024 Total £ 21,337 52,409
	3,337	70,409	73,746

9. Support Costs

. Support Costs
Employee costs Premises expenses General administration Depreciation Governance costs Premises expenses General administration Depreciation Governance costs	Raising funds £ - 18,000 - -	Restoration of the Folkestone Leas Lift £ 44,742 6,486 181 1,000	2025 Restoration of the Folkestone Leas Lift £ 71,769 10,927 48,566 775 1,000
			133,037
			2024 Total £ 44,742 24,486 181 1,000
	18,000	52,409	70,409

Page 11

The Folkestone Leas Lift Company CIO Notes to the Financial Statements (continued) For The Year Ended 31 January 2025

10. Independent Examiner's Remuneration

10. Independent Examiner's Remuneration
Independent examination of the financial statements 11. Staff Costs Staff costs were as follows: Wages and salaries Social security costs Other pension costs	2025 £ 1,000 2025 £ 68,817 1,015 1,350 71,182	2024 £ 1,000
		2024 £ - - -
		-

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.

12. Average Number of Employees

Average number of employees during the year was: 3 (2024: NIL)

Tangible Assets

Plant & Machinery £ - 6,775	Computer Equipment £ 905 997	Total £ 905 7,772
6,775	1,902	8,677
- 395	241 381	241 776
395	622	1,017
6,380	1,280	7,660
-	664	664

Heritage Assets

4. Heritage Assets
Cost As at 1 February 2024 Additions As at 31 January 2025 Net Book Value As at 31 January 2025 As at 1 February 2024	Buildings £ 368,290 300,559
	668,849
	668,849
	368,290

Page 12

The Folkestone Leas Lift Company CIO Notes to the Financial Statements (continued) For The Year Ended 31 January 2025

The table below displays the five-year summary of heritage assets transactions recognised on the balance sheet:

Acquisitions Buildings 15. Debtors Due within one year Trade debtors Other debtors 16. Creditors: Amounts Falling Due Within One Year Trade creditors Taxation and social security Accruals and deferred income		2025 £ 300,559	2024 £ 229,379
		2025 £ 854 53,155 54,009 2025 £ 35,428 2,933 30,336 68,697	2024 £ 11,146 107,643
			118,789
			2024 £ 84,600 - 20,628
			105,228

17. Pension Commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund.

During the year the charge to the statement of financial activities in respect of defined contribution schemes was £1,350 (2024: £0).

At the statement of financial position date contributions of £NIL were due to the fund and are included in creditors.

18. Movement in Funds

Unrestricted funds General: General unrestricted fund Designated: Designated fund Total unrestricted funds Restricted funds Architectural Heritage Fund National Lottery Heritage Fund Folkestone and Hythe District Council Ian M Foulerton Trust Garfield Weston Foundation The Headley Trust	As at 1 February 2024 £ 125,850 116,802	Income £ 63,278 1,348	Expenditure £ (36,519) (19,000)	As at 31 January 2025 £ 152,609 99,150 251,759 57,472 557,724 56,660 - 85,000 3,647 ...CONTINUED
	242,652	64,626	(55,519)
	57,472 360,112 56,660 4,165 85,000 3,647	- 265,993 - - - -	- (68,381) - (4,165) - -

Page 13

The Folkestone Leas Lift Company CIO Notes to the Financial Statements (continued) For The Year Ended 31 January 2025

As at 1 February 2023 £ 88,908 5,000	40,000 4,000 - - - - - -	- - 4,000 20,000 29,000 20,000 30,000 99,944	- (4,000) - - - (972) - -	40,000 - 4,000 20,000 29,000 19,028 30,000 99,944
	611,056	468,937	(77,518)	1,002,475

	853,708	533,563	(133,037)	1,254,234
	Income £ 102,885 92,736	Expenditure £ (46,877) -	Transfers £ (19,066) 19,066	As at 31 January 2024 £ 125,850 116,802
93,908	195,621	(46,877)	-	242,652
29,553 117,560 56,660 - - - - - - -	27,919 242,733 - 1,000 8,000 85,000 25,000 500 40,000 4,000	- (181) - (1,000) (3,835) - (21,353) (500) - -	- - - - - - - - - -	57,472 360,112 56,660 - 4,165 85,000 3,647 - 40,000 4,000
203,773	434,152	(26,869)	-	611,056

297,681	629,773	(73,746)	-	853,708

19. Transactions with Trustees

None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.

No trustee expenses have been incurred.

Page 14

The Folkestone Leas Lift Company CIO Notes to the Financial Statements (continued) For The Year Ended 31 January 2025

20. Related Party Disclosures

There have been no related party transactions in the reporting period that require disclosure.

Page 15