|Report ofthe trustees for the year|Report ofthe trustees for the year|(including|the strategic report)|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|