2021-03-31-accounts - The A1 Steam Locomotive Trust

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Report ofthe trustees for the year	Report ofthe trustees for the year	(including	1-5
Independent	Auditor's Report		6-8
Consolidated	statement offinancial	activities
Consolidated	and charity balance sheets		10
Consolidated	and charity Statement	ofCashflows
Notes to the	financial statements		12-25

						Note	Restricted	Unrestricted	Total 2021	Total 2020
							funds	funds
								E	E	F
Income:
Income from charitable		activities:
Covenants							369,310		369,310	359,304
Donations and legacies							1,144,349		1,144,349	768,477
Income from other	trading		activities:
Commercial trading	operations						121,631		121,631	880,889
Investment income							174		174	338
Total income							1,635,464		1,635,464	2,009,008
Expenditure:
Expenditure on charitable			activities:
Charitable activities							627,750		627,750	387,266
Costs ofraising funds:
Commercial trading	operations						250,125		250,125	1,014,750
Total expenditure							877,875		877,875	1,402,016
Net. income/expenditure				before			757,589		757,589	606,992
transfers
Transfers
Net movement in funds							757,589		757,589	606,992
Reconciliation offunds
Funds brought forward			at	1	April		5,332,263		5,332,263	4,725,271
2020
Funds carried forward		at 31		INarch		19	6,089,852		6,089,852	5,332,263
2021

Consolidated	and Charity Balan	ce Sh	eets as at	31 March	2021
		Note	Group	Group	Charity	Charity
			2021f	2020f	2021f	2020f
Fixed assets
Tangible assets Investments		14 15	5,137,527	4,788,208	3,111,677 304	3,155,967 304
Current assets			5,137,527	4,788,208	3,111,981	3,156,271
Stock			85,794	85,047	702	702
Debtors Cash at bank and in	hand	16	94,148 1,691,979	78,967 884,082	3,117,219 650,761	2,462,407 187,740
			1,871,921	1,048,096	3,768,682	2,650,849
Creditors: amounts	falling due within one year	17	(919,596)	(504,041)	(196,807)	(68,825)
Net current assets			952,325	544,055	3,571,875	2,582,024
Net assets			6,089,852	5,332,263	6,683,856	5,738,295
The funds ofthe charity
Restricted funds Revaluation reserve		19 19	6,081,264 8,588	5,323,675 8,588	6,675,268 8,588	5,729,707 8,588
			6,089,852	5,332,263	6,683,856	5,738,295

						Group	Group	Charity	Charity
						2021	2020	2021	2020
					Note				F
Net cash flow from operating		activities:
Net cash provided by/(used	in)	operating		activities	21	1,210,740	1,002,801	471,969	392,613
Cash flow from investing	activities
Interest received						174	338	177	52
Purchase offixed assets						(453,017)	(827,461)	(59,125)	(492,266)
Proceeds from sale offixed	assets
Repayment ofbonds
Net cash provided byl (usedin)		investing	activities			~452,843	~827,123	~58,948	~492,214
Change in cash and cash	equivalents		in the reporting
period						757,897	175,678	413,021	(99,601)
Cash and cash equivalents	at the beginning			ofthe year		884,082	708,404	187,740	287,341
Cash and cash equivalents	at	the end ofthe year				1,641,979	884,082	600,761	187,740
Cash and cash equivalents	consist of:
Cash at bank and in hand						1,691,979	884,083	650,761	187,740
Bank loan included in creditors						~50,000		~50,000

											2021	2020
											F
	Incoming resources										1,512,192	1,127,880
	Less: Costs ofgenerating					funds					(1,473)	(7,153)
	Net incoming	resources			available		for	charitable		application	1,510,719	1,120,727
	Charitable expenditure										~441,592	~198305
	Net incoming	resources			before exceptional				items		1,069,127	922,422
	Provision against loan to Tornado						Steam Traction Limited				(123,566)	(134,678)
	Net incoming	resources		after exceptional					items		945,561	787,744
	Total funds brought		forward								5,738,295	4,950,551
	Total funds carried		forward								6,683,856	5,738,295
	Represented	by:
	Restricted funds										6,675,268	5,729,707
	Revaluation reserve										8,588	8,588
											6683856	5738295
4	income from	charitable				activities
											2021	2020
											E
	Covenants										369,310	359,304
											369,310	359,304
	Income from covenants			is	attributable			to restricted		funds.
5	income from	donations
											2021	2020
	Donations										968,856	628,978
	Gift Aid										134,918	100,529
	Other Income										40 575	38970
											1,144,349	768,477

		The P2	Tornado	Tornado	The V4	Total	Total
		Steam	Steam	INerchandising	Construction	2021	2020
		Locomotive	Traction	Limited	Company
		Company	Limited		Limited
		Limited
		E
Turnover		14,819	94,188	12,624		121,631	880,889
Cost of sales		and
administration	costs	(154,917)	(271,009)	(8,461)	(513)	(434,900)	(1,192,085)
Other income			1,467			1,467
Interest receivable			178			181	338
Net Profit		(140,098)	(175,176)	4,166	(513)	(311,621)	(310,858)
The assets and	liabilities ofthe subsidiaries		were:
Fixed assets		2,024,995	855			2,025,850	1,632,243
Current assets		349,784	816,989	24,047	1,593	1,192,413	840,521
Current liabilities		(2,929,042)	(2,369,271)	(7,750)	(5,897)	(5,311,960)	(4,254,840)
		(554,263)	(1,551,427)	16,297	(4,304)	(2,093,697)	(1,782,076)
Aggregate share capital
and reserves		(554,263)	(1,551,427)	16,297	(4,304)	(2,093,697)	(1,782,076)

					2021	2020
	The surplus for the yearis stated after		charging:
	Auditors remuneration				3,500	3,500
	Accountancy and other services Depreciation				7,021 ~98	2,161 92576
9	Analysis ofexpenditure	on charitable		activities
					2021	2020
						F
	Charitable activities				594,476	354,675
	Support costs				33274	32 591
					627,750	387,266
10	Analysis ofexpenditure	on trading	activities
					2021	2020
					E
	Trading activities				255 125	1 D14 75D
					250,125	1,014,750
11	Support costs
					2021	2020
					F
	Printing, postage, stationery	and administration			9,925	15,894
	Legal and professional				5,995	2,161
	Consultancy fees				6,225	244
	Telephone				1,713	766
	Interest payable and similar	charges			2,635	1,020
	Sundry expenses				3,281	9,006
	Governance costs				3,500	3,500
					33,274	32,591

				2021		2020
				F
	Auditor's	remuneration		3,500		3,500
				3,500		3,500
13	Analysis	ofstaff costs
			Group	Group	Charity	Charity
			2021	2020	2021	2020
			F
	Wages		151,623	61,192
	National	Insurance	10,920	10,340
	Pension		3,626	2,141
			166,169	73,673
			Group	Group	Charity	Charity
			2021	2020	2021	2020
	Number	ofstaff

Analysis of st	aff cost	s (cont.)	s (cont.)
Direct expenses	incurred	by trustees		are reimbursed,	if claimed.		The reimbursement of Trustees expenses,			which
mainly relate to	travelling	expenses	in	respect of performing		the above special		projects, was as follows:
							Group	Group	Charity	Charity
							2021	2020	2021	2020
David Elliott							284	15,434	230	230
Graeme Bunker-James							2,144	1,826
Huw Parker							434
Benjamin McDonald							158
Richard Courteney-Harris							439		229
Paul Bruce							66		66
Total							3525	17260	525	230

Group
		A1	P2	Mark 1	Assets	Fixtures,
		Locomotive	Locomotive	Coaches	under	fittings,			Total
					construction	tools	and
						equipment
						E
Cost or
valuation
At 31 March		3,016,716	1,631,104	460,561	481,379		99,305		5,689,065
2020
Additions			393,891	59,000				126	453,017
Disposals
At 31 March		3,016,716	2,024,995	519,561	481,379		99,431		6,142,082
2020
Depreciation
At 31 March		724,627		92,112			84,117		900,856
2020
Charge for year		72,502		24,995			6,202		103,699
Depreciation	on
disposals
At 31 March		797,129		117,107		90,319			1,004,555
2021
Net book
value
At 31 March		2,219,587	2,024,995	402,454	481,379	9,112			5,137,527
2021
At 31 March		2,292,089	1,631,104	368,449	481,379	15,188			4,788,208
2020

Tangible fixed assets	(continued)
Company
	A1	Mark 1	Fixtures, fittings,	Assets under
	Locomotive	Coaches	tools and	construction	Total
			equipment
Cost or valuation
At 31 March 2020	3,016,716	460,561	93,104	481,379	4,051,760
Additions		59,000	125		59,125
Disposals
At 31 March 2021	3,016,716	519,561	93,229	481,379	4,110,885
Depreciation
At 31 March 2020	724,627	92,112	79,055		895,794
Charge for year	72,502	24,995	5,918		103,415
At 31 March 2021	797,129	117,107	84,973		999,209
Net book value
At 31 March 2021	2,219,587	402,454	8,256	481,379	3,111,676
At 31 March 2020	2,292,089	368,449	14,049	481,379	3,155,966

Name	Name					Status	Company Ordinary E1 Share	Company Ordinary E1 Share	Company Ordinary E1 Share	Control
							number
									capital
The P2 Steam Locomotive		Company		Limited		Trading	08549849		2	100%
Tornado Steam Traction	Ltd					Trading	04336467		100	99%
Tornado Merchandising	Limited					Trading	07357964		100	100%
The V4 Steam Locomotive		Company		Limited		Dormant	05417383		100	99%
21"Century Steam Limited						Dormant	11330729		1	1QQ%
21"Century Rolling Stock		Limited				Dormant	11331808		1	100%
Debtors
							Group	Group	Charity	Charity
							2021	2020 f	2021	2020
Trade debtors							20,346	12,686	40,988	15,000
Amount due from Tornado	Steam Traction				Limited				50,733	50,534
Amount due from Tornado	Merchandising				Limited				16,732	14,679
Amount due from The P2	Steam Locomotive Company								2,951,306	2,376,194
Amount due from The V4	Steam Locomotive Company								5,884	5,684
Other debtors							22,226	66,281		316
Prepayments							51,576		51,576
							94,148	78,967	3,117,219	2,462,407
Creditors: amounts falling			due within		one year
							Group	Group	Charity	Charity
							2021	2020 f	2021	2020 E
Bank loan							50,000		50,000
Trade creditors							116,822	100,179	84,761	53,889
Amount due to P2 Steam	Locomotive			Company					7,673	5,643
Amount due to P2 Steam Locomotive				—Construction		Loan
Amount due to V4 Construction			Company						2,852	2,827
Other creditors and accruals							5,576	5,250	6,466	6,466
Deferred income							719,720	393,516
Taxation and social security		costs					27,478	5,096	45,053
							919,596	504,041	196,805	68,825

19 Re	stricted funds
		Revaluation	A1 No	P2 No 2007		V4
		Reserve	60163	Prince of		Locomotive	Total
			Tornado	Wales	f
Group
At 31 March	2020	8,588	2,950,891	2,371,784		1,000	5,332,263
Income for the year			984,955	650,509			1,635,464
Expenditure	for the year		(737,777)	~(149,998			~877 875
At 31 March	2021	8588	3,198,989	2,882,195		1,000	6,089,852
Charity
At 31 March	2020	8,588	2,943,755	2,785,952			5,738,295
Income for the year			861,683	650,509			1,512,192
Expenditure	for the year		(443,065)				(443,065)
Intra group loan provision			(123,566)				(123,566)
At 31 March	2021	8,588	3,238,807	3,436,461			6,683,856

				Group	Group	Charity	Charity
				2021	2020	2021	2020
Net income for the	year			757,589	606,992	945,559	787,744
Interest received				(174)	(338)	(177)	(52)
Depreciation oftangible		fixed assets		103,699	94,054	103,416	93,576
Loss/(profit) on sale	of	fixed assets
Decrease/(increase)	in	debtors		(15,181)	(1,914)	(604,075)	(541,561)
(Decrease)/increase	in	creditors		365,555	310,694	27,247	52,906
Decrease/(increase)	in	stock		748	6,687
Net cash flow from	operating		activities	1,210,740	1,002,801	471,969	392,613