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2021-03-31-accounts

REGISTERED COMPANY NUMBER: 02848449 (England and Wales) REGISTERED CHARITY NUMBER: 1040904

REPORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021 FOR VINTAGE TRAINS CHARITABLE TRUST

Mark J Rees LLP, Statutory Auditor Chartered Accountants Granville Hall Granville Road Leicester LE1 7RU

VINTAGE TRAINS CHARITABLE TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 8
Consolidated Statement of Financial Activities 9
Consolidated Balance Sheet 10 to 11
Company Balance Sheet 12 to 13
Consolidated Cash Flow Statement 14
Notes to the Consolidated Cash Flow Statement 15
Notes to the Financial Statements 16 to 32

VINTAGE TRAINS CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2021

The Trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period ended 31 March 2021. The Trustees have adopted the provisions of 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 2015).

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charitable company's aims and objectives and in planning future activities. In particular, the Directors have considered how planned activities will contribute to the aims and objectives set.

OBJECTIVES AND ACTIVITIES

The principal activity and objectives of the charitable company are to encourage and promote public interest in the preservation of steam and other railway locomotives and rolling stock, machinery and equipment of historical interest, and in railways, locomotives, rolling stock, and railway machinery and equipment generally.

In the furtherance of this objective, we have continued with the restoration of our collection of locomotives and rolling stock. We are one of the most highly respected providers of specialist heritage engineering services in the United Kingdom and consequently we are able to attract significant external engineering work which is undertaken by our wholly owned subsidiary, Tyseley Locomotive Works Limited, whose customers include not only the heritage railway sector, but also modern railway operators. In the course of its activities, Tyseley Locomotive Works Limited propagates the use of engineering skills and techniques otherwise at risk of extinction. Our employees, apprentices and volunteers learn new skills, providing them with unique knowledge available in very few other environments, and this is a sound basis for their future careers.

The Vision - VINTAGE TRAINS: EXPRESS STEAM TRAINS ENGINEERING A FUTURE FOR EVERYONE

Our Mission

To share the romance and excitement of express steam trains with the world.

We will do this by:

Our Values

Page 1

VINTAGE TRAINS CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2021

Our Brand - Vintage Trains has a strong and recognised brand which is made up of several elements:

Due to the restrictions arising from the Covid-19 pandemic our train operations, carried out by Vintage Trains Limited, were suspended for the whole of the year under review. However, we recommenced operations from the end of July 2021 following an extended period of “hibernation”.

To enable our Vision and Mission to be achieved, we work closely with Vintage Trains Community Benefit Society (CBS). This was formed under the Co-operative and Community Benefit Societies Act with Financial Conduct Authority (registration number 7668). We are the Parent of this company and are entitled to appoint the majority of its board of directors and, in the majority of circumstances, have member control. The CBS opened a Community Share Offer on 1 December 2017, approved by the Financial Conduct Authority, and this closed on 30 April 2019, having raised some £1.1 million in share capital. The purpose of the offer was to encourage community involvement in railways, from a base at our Tyseley depot, including the establishment of a company to operate express steam trains on the national railway network.

ACHIEVEMENT AND PERFORMANCE

We continue to have custodial stewardship of the 7029 Clun Castle Limited collection of locomotives and rolling stock. The Directors closely monitor the performance of its trading subsidiary, Tyseley Locomotive Works Limited in accordance with tried and tested financial methodology and business reporting. It has adopted the same practice with Vintage Trains Community Benefit Society and its subsidiary Vintage Trains Limited.

Tyseley Locomotive Works continued to provide specialist engineering and restoration services to the heritage railway industry and also on our own collection of locomotives and rolling stock. It has also managed the development of the historic Great Western Railway depot.

In 2020, Vintage Trains Limited gained a five year safety certificate and a five year track access agreement, so providing a solid base for future development. We are in good standing with the West Midlands Rail Alliance, Network Rail and the Office of Rail and Road.

Following the successful launch of the 2020 train programme the business was hit by the impact of the Covid-19 pandemic. The directors of Vintage Trains Limited took the strategic view early on that the social measures imposed by the Government would restrict loadings on the trains to make them uneconomical. As a result, all trains operations were suspended throughout the year under review. The launch of the 2021 programme was deferred, not finally being issued until after the year end with operations recommencing at the end of July 2021.

Engagement with our volunteers had to be significantly curtailed throughout the year under review, due to the pandemic restrictions. There was little or no access to the Tyseley site due to social distancing and safety reasons. Also the curtailment of the train programme meant no opportunity for volunteer support. However, since the year end and with easing of restrictions there has been a steady increase in activity both on site and with the relaunch of the train programme.

The Trustees would like to thank all our staff and volunteers for their continued commitment and patience during the “lock-down” and look forward to reenergising and building a successful business once more to enable us to continue to maintain the activities on a sound financial footing.

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VINTAGE TRAINS CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2021

FUTURE STRATEGY

We will ensure our collection of locomotives and carriages continue to operate on the main line, so providing a secure future for them continuing to fulfil the purpose for which they were designed. This will also deliver economic and social improvement, public benefit and enjoyment through the development of a tourist business run by a main line heritage railway company open to everyone. In turn, this will secure engineering, operating and business knowledge and skills for our children and future generations and we will engage with a wider and more diverse audience to deliver these objectives.

In addition we will continue to:

FINANCIAL REVIEW

As explained in note 1, Basis of Consolidation, these accounts include the results of Vintage Trains Charitable Trust plus it’s principal wholly owned subsidiary Tyseley Locomotive Works Ltd, together with the activities of Vintage Trains Community Benefit Society Group and it’s subsidiary, Vintage Trains Ltd by virtue of control over board appointment. A more detailed analysis of the activity of each entity is set out in note 14 on pages 23 to 25.

The Group Statement of Financial Activities shows net decrease (2020 decrease) in funds for the period of £304,679 (2020: deficit £715,452) and our total funds at a surplus of £514,209 (2020: £819,388).

The major sources of funds were the trading activities of Tyseley Locomotive Works Limited.

The Trustees have continued to use the substantial legacy from the estate of the late David Clifford towards the restoration of former Great Western Railway locomotives and turntable. It is treated as a restricted fund.

At the period end, and at the date of signing these accounts, coronavirus represents both a risk to the group and its people. The operations at Tyseley Locomotive Works were substantially curtailed throughout the period but have now returning to full operations. The train programme for Vintage Trains was suspended throughout the period, but recommenced in July 2021. Both companies were able to benefit from the Coronavirus Job Retention Scheme and also draw down Business Bounce Back Loans. The group was able to secure significant grants from the Heritage Lottery Covid-19 Recovery Fund and the Culture Recovery Fund.

RESERVES POLICY

The policy of the Trustees is to maintain a level of reserves which will provide a stable base for the Trust’s continuing activities and enable the Trust to adjust to any significant change in resources through both known and unplanned events, whilst ensuring that excessive funds are not accumulated.

At 31 March 2021 the total funds held by the Trust are £930,028 (2020: £1,125,926). This includes restricted funds of £134,813 (2020: £262,381) and unrestricted funds of £795,215 (2020: £863,545).

The unrestricted funds include £310,299 (2020: £139,620) of fixed assets, stock of £Nil (2020:£223,033) and a loan of £350,000 (2020: £350,965) to Vintage Trains Ltd all of which cannot be realised at short notice.

The remaining unrestricted available reserves amount to £134,916 (2020: £149,927). The Trust considers it necessary to hold this level of reserves in order to meet operational commitments which equates with a range of between six and twelve months unrestricted expenditure, in order to provide sufficient funds to finance expenditure on charitable activities and governance costs.

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VINTAGE TRAINS CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The charity is governed by its Board of Directors and decisions made at Board Level are actioned by the senior management team.

Recruitment and appointment of new trustees

The company may appoint Directors by ordinary resolution and the Directors may appoint to fill a vacancy or add an additional Director. Appointments made by the Directors during the period must be ratified at the next Annual General Meeting.

Director Induction and Training

All new Directors receive an information pack covering past history, structure and governance, together with a financial information pack covering both the Trust and its trading subsidiaries.

Risk management

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02848449 (England and Wales)

Registered Charity number 1040904

Registered office

670 Warwick Road Tyseley Birmingham B11 2HL

Trustees (all of whom served throughout the period up to the date of this report except where stated) Mr CM Whitehouse Mr MG Gilbert Mr VE Michel Mr DW Keay Mr WT Hunt (Emeritus trustee – non-voting) Mr RG Thorne (Emeritus trustee – non-voting) Ms A Ezekwesili (Appointed 6 May 2021) Ms A Nairne (Appointed 6 May 2021)

Company Secretary

Mr P Sturgeon

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VINTAGE TRAINS CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2021

REFERENCE AND ADMINISTRATIVE DETAILS Auditors

Mark J Rees LLP, Statutory Auditor Chartered Accountants Granville Hall Granville Road Leicester LE1 7RU

STATEMENT OF TRUSTEES RESPONSIBILITIES

The Trustees (who are also the directors of Vintage Trains Charitable Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (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 those financial statements, the Trustees are required to;

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 to 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.

In so far as the Trustees are aware:

AUDITORS

The auditors, Mark J Rees LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of Trustees on 29 September 2021 and signed on its behalf by:

Mr CM Whitehouse - Director

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VINTAGE TRAINS CHARITABLE TRUST

Opinion

We have audited the financial statements of Vintage Trains Charitable Trust (the 'parent charitable company') and its subsidiaries (the ‘group’) for the period ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, Company Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VINTAGE TRAINS CHARITABLE TRUST

within the Report of the Trustees.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

We have determined that the principal risk areas where material irregularities could occur were related to posting manual journal entries to manipulate financial performance, revenue recognition, and significant one – off or unusual transactions.

Our audit procedures were designed to respond in particular to these identified risks (including non-compliance with laws and regulations and fraud).

Our audit procedures included but were not limited to:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VINTAGE TRAINS CHARITABLE TRUST

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body in accordance with Part 4 of the Charities (Accounts and Reports) Regulation 2008. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body, and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mr P Bott FCA (Senior Statutory Auditor) for and on behalf of Mark J Rees LLP, Statutory Auditor Chartered Accountants Granville Hall Granville Road Leicester LE1 7RU

Date: 7 October 2021

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VINTAGE TRAINS CHARITABLE TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE PERIOD ENDED 31 MARCH 2021

2021 2020
Unrestricted Restricted Total funds Total funds
fund fund
Notes £ £ £ £
INCOME RESOURCES
Incoming resources from generated funds
Voluntary income 2
Donations and legacies received 20,995 - 20,995 31,684
Grants 65,167 225,220 290,387 22,270
Activities for generating funds
Commercial trading operations 947,197 - 947,197 3,371,995
Investment income 3
Interest received 7,132 - 7,132 1,761
Other income 4 34,000 - 34,000 -
Incoming resources from charitable
activities
Museum and open day receipts 5 - - - 34,703
Total incoming resources 1,074,491 225,220 1,299,711 3,462,413
RESOURCES EXPENDED
Costs of generating funds
Commercial trading operations 877,927 225,220 1,103,147 3,989,782
Community benefit society - - - 12,353
Charitable activities
Preservation of steam and other railway 6 355,975 127,568 483,543 158,530
locomotives
Governance costs 7 17,700 - 17,700 17,200
Total resources expended 1,251,602 352,568 1,604,390 4,177,865
NET INCOMING RESOURCES (177,111) (127,568) (304,679) (715,452)
RECONCILIATION OF FUNDS
Total funds brought forward (466,493) 262,381 (204,112) 511,340
TOTAL FUNDS CARRIED FORWARD (643,604) 134,813 (508,791) (204,112)

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the period. All incoming resources and resources expended derive from continuing activities.

The notes on pages 16 to 32 form part of these financial statements.

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VINTAGE TRAINS CHARITABLE TRUST

CONSOLIDATED BALANCE SHEET AT 31 MARCH 2021

2021 2020
Unrestricted Restricted Total funds Total funds
fund fund
Notes £ £ £ £
FIXED ASSETS
Intangible assets 12 60,904 - 60,904 64,726
Tangible assets 13 277,607 122,389 399,996 298,875
338,511 122,389 460,900 363,601
CURRENT ASSETS
Stocks 15 2,000 - 2,000 378,398
Debtors 16 115,483 - 115,483 245,497
Cash at bank 358,769 12,424 371,193 506,332
476,252 12,424 488,676 1,130,227
CREDITORS
Amounts falling due within one year 18 (202,367) - (202,367) (416,106)
NET CURRENT ASSETS 273,885 12,424 286,309 714,121
TOTAL ASSETS LESS CURRENT
LIABILITIES 612,396 134,813 747,209 1,077,722
CREDITORS
Amounts falling due after more than one year 19 (233,000) - (233,000) (258,334)
PROVISIONS FOR LIABILITIES - - - -
NET ASSETS 379,396 134,813 514,209 819,388
FUNDS 21
Unrestricted funds (643,604) (466,493)
Restricted funds 134,813 262,381
Non-controlling interest 23 1,023,000 1,023,500
TOTAL FUNDS 514,209 819,388

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VINTAGE TRAINS CHARITABLE TRUST

CONSOLIDATED BALANCE SHEET - CONTINUED AT 31 MARCH 2021

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements were approved by the Board of Trustees on 29 September 2021 and were signed on its behalf by:

Mr CM Whitehouse - Trustee

Mr MG Gilbert - Trustee

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VINTAGE TRAINS CHARITABLE TRUST

COMPANY BALANCE SHEET AT 31 MARCH 2021

2021 2020
Unrestricted Restricted Total funds Total funds
fund fund
Notes £ £ £ £
FIXED ASSETS
Intangible assets 12 2,282 - 2,282 2,697
Tangible assets 13 257,811 122,389 380,200 87,705
Investments 14 50,206 - 50,206 50,206
310,299 122,389 432,688 140,608
CURRENT ASSETS
Stocks 15 - - - 300,759
Debtors 16 & 17 481,551 - 481,551 543,398
Cash at bank 102,933 12,424 115,357 221,241
584,484 12,424 596,908 1,065,398
CREDITORS
Amounts falling due within one year 18 (46,568) - (46,568) (27,080)
NET CURRENT ASSETS 537,916 12,424 550,340 1,038,318
TOTAL ASSETS LESS CURRENT
LIABILITIES 848,215 134,813 983,028 1,178,926
CREDITORS
Amounts falling due after more than one year 19 (53,000) - (53,000) (53,000)
NET ASSETS 795,215 134,813 930,028 1,125,926
FUNDS 21
Unrestricted funds 795,215 863,545
Restricted funds 134,813 262,381
TOTAL FUNDS 930,028 1,125,926
Charitable company’s surplus/(deficit) (195,898) 46,046
for the financial year

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VINTAGE TRAINS CHARITABLE TRUST

COMPANY BALANCE SHEET - CONTINUED AT 31 MARCH 2021

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements were approved by the Board of Trustees on 29 September 2021 and were signed on its behalf by:

Mr CM Whitehouse -Trustee

Mr MG Gilbert - Trustee

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VINTAGE TRAINS CHARITABLE TRUST

CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 MARCH 2021

2021 2021 2020
Notes £ £
Cash flows from operating activities:
Cash generated from operations A (135,139) (547,214)
Net cash provided by (used in) operating
activities (135,139) (547,214)
Cash flows from investing activities:
Purchase of fixed assets - (35,486)
Sale of tangible fixed assets - -
Net cash provided by (used in) investing - (35,486)
activities
Cash flows from financing activities:
Share issue - 93,000
Sale of tangible fixed assets - -
Net cash provided by (used in) investing - 93,000
activities
Change in cash and cash equivalents in the B
reporting period (135,139) (489,700)
Cash and cash equivalents at the beginning of
the reporting period 506,332 996,032
Cash and cash equivalents at the end of the
reporting period 371,193 506,332

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VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 MARCH 2021

A. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

OPERATING ACTIVITIES
2021 2020
£ £
Net income/(expenditure) for the reporting period (as per the statement
of financial activities) (304,679) (715,452)
Adjustments for:
Depreciation charges 24,836 37,537
Disposal of fixed assets - -
(Increase)/Decrease in stocks 254,433 (200,519)
(Increase)/Decrease in debtors 130,014 (539,677)
Increase/(Decrease) in creditors (239,743) (208,457)
Net cash provided by (used in) operating activities (135,139) (547,214)

B. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.4.20 Cash flow changes At 31.03.21
£
Net cash
Cash at bank 506,332 (135,139) -
371,193
Total 506,332 (135,139) -
371,193

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VINTAGE TRAINS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charitable group, which is a public benefit entity under FRS 102, 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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.

STATUS OF COMPANY

The company is limited by guarantee and does not have any share capital (company registered number 02848449, charity registered number 1040904) . The liability of the member is limited but shall not exceed £1.

BASIS OF CONSOLIDATION

The consolidated accounts incorporate the results of the period ended 31 March 2021 of Vintage Trains Charitable Trust and its wholly owned subsidiary companies as set out in note 14.

It also consolidates, by virtue of control, Vintage Trains Community Benefit Society and its wholly owned subsidiary Vintage Trains Ltd, which under Vintage Trains Community Benefit Society’s articles of association, Vintage Trains Charitable Trust has the ability to appoint the majority of its board.

INCOME

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. For legacies, the entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received.

Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charitable company earns the right to consideration by its performance. Where income is received in advance of performance it is treated as deferred income and included within creditors.

EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Website costs are being amortised evenly over their estimated useful life of four years.

Patents and Licences consist of a trademark and the application costs to obtain a train line operating licence from the Office of Rail and Road.

Trademarks are capitalised then amortised through the profit and loss account by equal instalments over their estimated useful economic life up to a maximum of 10 years.

The operating licence will continue to be in force until revoked by the Office of Rail and Road. As there is no evidence that this will occur as of the approval date of the financial statements, it has been determined that the asset has an indefinite life.

The accounting policy will be reviewed annually to assess whether the life of the licence has become definite, in which case the asset will be amortised evenly over the remaining useful life.

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VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold land - Not depreciated Land and buildings - Equal instalments over the lease period Rolling stock and trackwork - 10-15 years Plant and machinery - 3-4 years

STOCKS

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

TAXATION

The charity is exempt from corporation tax on its charitable activities.

FUND ACCOUNTING

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

OPERATING LEASES

Rentals under operating leases are charged on a straight line basis over the life of the lease.

GOVERNMENT GRANTS

Government grants received in respect of capital expenditure relating to the leasehold property have been deferred on the balance sheet and will be released to the profit and loss account in accordance with the depreciation policy for the leasehold property.

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

CREDITORS

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

GOING CONCERN AND COVID-19

After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

At the year end and the date of signing these accounts, Coronavirus continues to represent both a risk to the Trust and its people but as explained in the trustees report the operations of Tyseley Locomotive Works have now returned to normal.

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VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2021

GOING CONCERN AND COVID-19 - continued

The Trust is taking active measures to ensure its people remain safe and healthy. Measures include additional education on cleanliness, self-isolation, social distancing and the ability to work from home and roster patterns where necessary. There are regular business continuity and health and safety meetings/discussions to ensure compliance with the measures introduced. The actions taken by the Trustees post year end, as explained in the Trustees’ report, are considered sufficient to these accounts being prepared on the Going Concern basis.

2. DONATIONS AND LEGACIES - GROUP

Donations
Legacies
Grants
Grants received, included in the above, are as follows:
7029 Clun Castle Limited
Big Potential Fund
Heritage Lottery Recovery Fund
3.
INVESTMENT INCOME – GROUP
Interest received
4.
OTHER INCOME - GROUP
Hire income
5.
INCOME FROM CHARITABLE ACTIVITIES - GROUP
Museum and open day receipts		 2021
£
20,995
-
290,387
311,382
2021
£
65,167
-
225,220
290,387
2021
£
7,132
2021
£
34,000
2021
£
-
-		 2020
£
31,684
-
22,270
53,954
2020
£
-
5,870
16,400
22,270
2020
£
1,761
2020
£
-
2020
£
34,703
34,703		 2020
£
31,684
-
22,270		 2020
£
31,684
-
22,270
53,954
2020
£
-
5,870
16,400
22,270
2020
£
1,761
2020
£
-

Page 18

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2021

6. CHARITABLE ACTIVITIES COSTS - GROUP

Depreciation and Amortisation
Legal fees
Bank charges
Admin expenses
Restoration costs
Staff costs
CHARITABLE ACTIVITIES COSTS – GROUP – RESTRICTED
Depreciation and Amortisation
Legal fees
Restoration costs
Staff costs
GOVERNANCE COSTS – GROUP
Auditors' remuneration
NET INCOME/(EXPENDITURE) – COMPANY
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Depreciation - owned assets
Patents and licences amortisation		 2021
£
24,836
1,359
762
1,527
446,370
8,689
483,543
2021
£
565
-
127,003
-
127,568
2021
£
17,700
17,700
2021
£
11,500
3,462
710		 2020
£
37,537
21,381
918
63,358
-
35,336
158,530
2020
£
706
2,416
-
13,984
17,106
2020
£
17,200
17,200
2020
£
11,230
6,418
710

7.

8. NET INCOME/(EXPENDITURE) – COMPANY

Net income/(expenditure) is stated after charging/(crediting):

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no Trustees' remuneration or other benefits for the period ended 31 March 2021 nor for the year ended 31 March 2020 except as disclosed in Note 22.

TRUSTEES' EXPENSES

There were no Trustees' expenses paid for the period ended 31 March 2021 nor for the year ended 31 March 2020.

Page 19

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2021

10. STAFF COSTS - GROUP

AFF COSTS - GROUP
Wages and salaries
Social security costs
Pension		 530,232
47,132
11,783
589,147
2021
£		 1,278,031
113,603
28,401
2020
£
1,420,035

The average monthly number of employees during the period was as follows:

Management
Administration
Manufacturing/Train Crew		 2021
5
10
20
35		 2020
5
10
41
56

No member of staff received emoluments within the range of £60,000 to £69,999 (2020 - 1).

No member of staff received emoluments within the range of £130,000 to £139,999 (2020 - 1).

During the period key management personnel of group entities received remuneration totalling £59,185 (2020: £202,173).

11. COMPARATIVES FOR THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES – 31 MARCH 2020

Unrestricted Restricted
 Total funds
fund fund
£ £ £
INCOMING RESOURCES
Donations received 31,684 - 31,684
Grants - 22,270 22,270
Commercial trading operations 3,371,995 - 3,371,995
Investment income 1,761 - 1,761
Other income - - -
Museum and open day receipts 34,703 - 34,703
Total 3,440,143 22,270 3,462,413
RESOURCES EXPENDED
Commercial trading operations 3,739,782 250,000 3,989,782
Community benefit society 12,353 - 12,353
Charitable activities 141,424 17,106 158,530
Governance costs 17,200 - 17,200
Total 3,910,759 267,106 4,177,865
NET INCOME/(EXPENDITURE) (470,616) (244,836) (715,452)

Page 20

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2021

11. COMPARATIVES FOR THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES -
continued
Unrestricted Restricted
 Total funds
fund fund
£ £ £
RECONCILIATION OF FUNDS
Total funds brought forward 4,123 507,217 511,340
TOTAL FUNDS CARRIED FORWARD (466,493) 262,381 (204,112)
12. INTANGIBLE FIXED ASSETS
GROUP Website Patents
Total
and
licences
£ £ £
COST
At 1 April 2020 13,630 60,678 74,308
Additions - 170 170
At 31 March 2021 13,630 60,848 74,478
AMORTISATION
At 1 April 2020 6,601 2,981 9,582
Charge for period 3,407 585 3,992
At 31 March 2021 10,008 3,566 13,574
NET BOOK VALUE
At 31 March 2021 3,622 57,282 60,904
At 31 March 2020 7,029 57,697 64,726

Page 21

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2021

12. INTANGIBLE FIXED ASSETS - continued

COMPANY Patents and
licences
£
COST
At 1 April 2020 5,678
Additions 170
5,848
AMORTISATION
At 1 April 2020 2,981
Charge for period 585
At 31 March 2021 3,566
NET BOOK VALUE
At 31 March 2021 2,282
At 31 March 2020 2,697

13. TANGIBLE FIXED ASSETS

GROUP
Freehold
property
Leasehold
property
Rolling stock
and
trackwork
Plant and
machinery
Computer
equipment
£
£
£
£
£
COST
At 1 April 2020
58,766
314,251
121,006
76,941
10,234
Additions
-
-
121,965
-
-
--
At 31 March 2021
58,766
314,251
242,971
76,941
10,234

DEPRECIATION
At 1 April 2020
-
124,275
95,933
56,823
5,292
Charge for period
-
12,131
3,351
2,804
2,558
At 31 March 2021
-
136,406
99,284
59,627
7,850
NET BOOK VALUE
At 31 March 2021
58,766
177,845
143,687
17,314
2,384
At 31 March 2020
58,766
189,976
25,073
20,118
4,942		 Total
£
581,198
121,965
703,163
282,323
20,844
303,167
399,996
298,875

Page 22

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2021

13. TANGIBLE FIXED ASSETS - continued

COMPANY
Freehold
property
Leasehold
property
Plant, rolling
stock and
trackwork
Computer
equipment
£
£
£
COST
At 1 April 2020
58,766
47,241
118,213
2,259
Additions
-
173,991
121,965
-
At 31 March 2021
58,766
221,232
240,178
2,259
DEPRECIATION
At 1 April 2020
-
43,141
94,362
1,271
Charge for period
-
244
2,652
565
At 31 March 2021
-
43,385
97,014
1,836
NET BOOK VALUE
At 31 March 2021
58,766
177,847
143,164
423
At 31 March 2020
58,766
4,100
23,851
988		 Totals
£
226,479
295,956
522,435
138,774
3,461
142,235
380,200
87,705

Included in cost or valuation of land and buildings is freehold land of £58,766 (2020 - £58,766) which is not depreciated.

Vintage Trains Charitable Trust has, under the terms of a loan agreement with 7029 Clun Castle Ltd (a related charitable company by virtue of common directorships), the use of locomotives and rolling stock owned by 7029 Clun Castle Ltd in it’s activities.

The net book value of the assets included within the loan agreement as set out in the accounts of 7029 Clun Castle Ltd is £3,218,539 (2020: £3,638,722).

14. FIXED ASSET INVESTMENTS - COMPANY

Shares in
group
undertakings
£
MARKET VALUE
At 1 April 2020 50,206
Additions -
Disposals -
At 31 March 2021 50,206
NET BOOK VALUE
At 31 March 2021 50,206
At 31 March 2020 50,206

Page 23

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2021

14. FIXED ASSET INVESTMENTS - continued

There were no investment assets outside the UK.

The company owns the whole of the issued share capital, comprising 2 ordinary £1 shares, in each of Birmingham Railway Museum Limited, Tyseley Locomotive Works Limited and Metropolitan Railway Carriage & Wagon Company Limited. The company also owns the whole of the issued share capital, comprising 100 ordinary £1 shares, in Great Western Vintage Trains Limited and The Blue Pullman Limited.

Name Activity
100% Subsidiaries
Tyseley Locomotive Works Limited General and mechanical engineering and hire of
locomotives and rolling stock
Birmingham Railway Museum Limited Agent for mainline charters (currently dormant)
Metropolitan Railway Carriage & Wagon Company Dormant Company
Limited
Great Western Vintage Trains Limited Dormant Company
The Blue Pullman Limited
 Dormant Company

The company also owns 50,000 £1 shares in Vintage Trains CBS, a community benefit society which the Trust controls by its ability to control the Board. Details are:

Vintage Trains CBS Community benefit society to raise funds for the
set up and maintenance of a mainline railway
company
Vintage
Trains
Limited		 (100% Operation of express steam and heritage diesel
subsidiary of Vintage Trains CBS) trains

As permitted by Section 408 of the Companies Act 2006 the parent charity's Statement of Financial Activities has not been included in these financial statements. The parent charity's total incoming resources for the period were £497,481 (2020: £416,037) and total resources expended were £693,379 (2020: £369,991) resulting in net outgoing (2020: incoming) resources for the period of £195,898 (2020: £46,046) which included a dividend received of £145,007 (2020: £326,334) from Tyseley Locomotive Works Limited.

The charity also made a grant of £156,324 (2020: £250,000) to Tyseley Locomotive Works Limited in the period.

Page 24

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2021

14. FIXED ASSET INVESTMENTS - continued

The results for the period and the aggregate assets, liabilities and capital and reserves of the 100% subsidiary undertakings at 31 March 2021 were as follows:

Income
Expenditure
Result
Total assets
Total liabilities
Net assets/(liabilities)
being reserves		 Great
The
Western
Blue
Pullman
Vintage
Trains
Limited
Limited
£
-
-
-
-		 Great
The
Western
Blue
Pullman
Vintage
Trains
Limited
Limited
£
-
-
-
-		 Tyseley
Locomotive
Works
Limited
£
1,002,842
855,395
147,447
277,255
(272,897)
4,358		 Birmingham
Railway
Museum
Limited
£
-
-
-
-
(2,975)
(2,975)		 Metropolitan
Railway
Carriage
& Wagon
Company
Limited
£
-
-
-
2
(2)
-
- -
100
100
(100)
(100)
-
-
-

Tyseley Locomotive Works Limited paid a dividend of £145,007 (2020: £326,334) to the charitable company.

The results for the period and the aggregate assets, liabilities and capital and reserves of the investment in Vintage Trains CBS which is consolidated by virtue of control, was as follows:

Turnover
Expenditure
Result
Total assets
Total liabilities
Net assets/(liabilities) being reserves		 Vintage
Trains Vintage Trains
Limited
CBS
£
£
184,495
200
295,247
509
(110,752)
(309)
175,327
852,234
1,394,759
-
(1,219,432)
852,234

Page 25

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2021

15. STOCKS

Group
2021
2020
£
£
Stock
2,000
378,398
2,000
378,398
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
2021
2020
£
£
Trade debtors
73,027
102,492
Amounts owed by group
undertakings
-
-
Other debtors
37,300
97,854
VAT
5,156
45,151
115,483
245,497		 Group
2021
2020
£
£
2,000
378,398
2,000
378,398		 Company
2021
2020
£
£
-
300,759
-
300,759
Company
2021
2020
£
£
8,124
7,066
123,427
182,450
-
198
-
2,719
131,551
192,433

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

17. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Amounts owed by group
undertakings		 Company
2021
£
350,000
350,000		 2020
£
350,965
350,965

The debtor over one year is a loan to its group company Vintage Trains Limited of £350,000. The loan has interest charged at 2% with no repayment due until 1 January 2023.

Page 26

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2021

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Deferred government grants
Deferred grants
Social security and other taxes
VAT liability
Other creditors
Amounts owed to
group undertakings		 Group
2021
2020
£
£
74,329
153,327
-
4,222
-
4,222
9,789
25,859
6,169
54,760
112,080
173,716
-
-
202,367
416,106		 Company
2021
2020
£
£
237
1,202
-
-
-
-
-
-
84
-
46,247
25,878
-
-
46,568
27,080

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Loan
Accruals and deferred income
Deferred government grants
Deferred grants		 Group
2021
2020
£
£
153,000
53,000
80,000
80,000
-
60,167
-
65,167
233,000
258,334		 Company
2021
2020
£
£
53,000
53,000
-
-
-
-
-
-
53,000
53,000

There are 3 loans. The first loan is an interest free mortgage from Stratford - upon - Avon District Council secured by a first legal charge on the freehold land owned by the company.

The mortgage may be repayable if a steam servicing centre is not developed on the land.

The second and third loans are Bounce Back loans with no interest or repayments due in the first 12 months. The loan term is 6 years with interest charged at 2.5%

Page 27

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2021

20. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years
In more than five years		 2021
£
60,000
240,000
555,000
855,000		 2020
£
60,000
240,000
615,000
915,000

The charitable company has a 25 year operating lease in respect of the leasehold property.

21.

MOVEMENT IN FUNDS
GROUP
At 1.4.20
Net
movement in
funds
At 31.03.21
£
£
£
Unrestricted funds
General fund
General fund – non controlling interest
796,187
(1,262,680)
(71,604)
(105,507)
724,583
(1,368,187)
TOTAL UNRESTRICTED FUNDS
(466,493)
(177,111)
(643,604)
Restricted funds
Big Potential Fund
8,220
-
8,220
Heritage Lottery Fund
988
(565)
423
Clifford
253,173
(127,003)
126,170
TOTAL RESTRICTED FUNDS
262,381
(127,568)
134,813
NON-CONTROLLING INTEREST
1,023,500
(500)
1,023,000
TOTAL FUNDS
819,388
(305,179)
514,209		 MOVEMENT IN FUNDS
GROUP
At 1.4.20
Net
movement in
funds
At 31.03.21
£
£
£
Unrestricted funds
General fund
General fund – non controlling interest
796,187
(1,262,680)
(71,604)
(105,507)
724,583
(1,368,187)
TOTAL UNRESTRICTED FUNDS
(466,493)
(177,111)
(643,604)
Restricted funds
Big Potential Fund
8,220
-
8,220
Heritage Lottery Fund
988
(565)
423
Clifford
253,173
(127,003)
126,170
TOTAL RESTRICTED FUNDS
262,381
(127,568)
134,813
NON-CONTROLLING INTEREST
1,023,500
(500)
1,023,000
TOTAL FUNDS
819,388
(305,179)
514,209		 MOVEMENT IN FUNDS
GROUP
At 1.4.20
Net
movement in
funds
At 31.03.21
£
£
£
Unrestricted funds
General fund
General fund – non controlling interest
796,187
(1,262,680)
(71,604)
(105,507)
724,583
(1,368,187)
TOTAL UNRESTRICTED FUNDS
(466,493)
(177,111)
(643,604)
Restricted funds
Big Potential Fund
8,220
-
8,220
Heritage Lottery Fund
988
(565)
423
Clifford
253,173
(127,003)
126,170
TOTAL RESTRICTED FUNDS
262,381
(127,568)
134,813
NON-CONTROLLING INTEREST
1,023,500
(500)
1,023,000
TOTAL FUNDS
819,388
(305,179)
514,209
134,813
1,023,000
514,209

Page 28

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2021

21. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
Resources
 Movement in Movement in
resources expended funds
£ £ £
Unrestricted funds
General fund 899,031 (970,635) (71,604)
General fund – non controlling interest 175,460 (280,967) (105,507)
TOTAL UNRESTRICTED FUNDS 1,074,491
(1,251,602)		 (177,111)
Restricted funds
Big Potential Fund - - -
Heritage Lottery Fund 225,220 (225,785) (565)
Clifford - (127,003) (127,003)
225,220
(352,788)		 (127,568)
Non-Controlling Interest -
(500)		 (500)
TOTAL FUNDS 1,299,711
(1,604,890)		 (305,179)
COMPANY Net
At 1.4.20 movement in At 31.03.21
funds
£ £ £
Unrestricted funds
General fund 863,545
(68,330)		 795,215
Restricted funds
Big Potential Fund 8,220
-		 8,220
Heritage Lottery Fund 988
(565)		 423
Clifford 253,173
(127,003)		 126,170
TOTAL FUNDS 1,125,926
(195,898)		 930,028
Net movement in funds, included in the above are as follows:
Incoming
Resources
 Movement in
resources expended funds
£ £ £
Unrestricted funds
General fund 272,261
(340,591)		 (68,330)
Restricted funds
Big Potential Fund -
-		 -
Heritage Lottery Fund 225,220
(225,785)		 (565)
Clifford -
(127,003)		 (127,003)
TOTAL FUNDS 497,481
(693,379)		 (195,898)

Page 29

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2021

21. MOVEMENT IN FUNDS – continued

Comparatives for movement in funds

Net
movement in
GROUP At 1.1.19 funds At 31.3.20
£ £ £
Unrestricted funds
General fund 545,340 250,847 796,187
General fund – non controlling interest (541,217) (721,463) (1,262,680)
TOTAL UNRESTRICTED FUNDS 4,123 (470,616) (466,493)
Restricted funds
Big Potential Fund 2,350 5,870 8,220
Heritage Lottery Fund 1,694 (706) 988
Clifford 503,173 (250,000) 253,173
TOTAL RESTRICTED FUNDS 507,217 (244,836) 262,381
Non-Controlling Interest 930,500 93,000 1,023,500
TOTAL FUNDS 1,441,840 (622,452) 819,388
Comparative net movement in funds, included in the above are as follows:
Incoming Resources
 Movement in
resources expended funds
£ £ £
Unrestricted funds
General fund 1,613,564 (1,362,717) 250,847
General fund – non controlling interest 1,826,579 (2,548,042) (721,463)
TOTAL UNRESTRICTED FUNDS 3,440,143 (3,910,759) (470,616)
Restricted funds
Big Potential Fund 5,870 - 5,870
Heritage Lottery Fund 16,400 (17,106) (706)
Clifford - (250,000) (250,000)
TOTAL RESTRICTED FUNDS 22,270 (267,106) (244,836)
Non-Controlling Interest 93,000 - 93,000
TOTAL FUNDS 3,555,413 (4,177,865) (622,452)

Page 30

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2021

21. MOVEMENT IN FUNDS – continued

Comparatives for movement in funds

Comparatives for movement in funds
Net
movement in
COMPANY At 1.1.19 funds At 31.3.20
£ £ £
Unrestricted funds
General fund 572,663 290,882 863,545
Restricted funds
Big Potential Fund 2,350 5,870 8,220
Heritage Lottery Fund 1,694 (706) 988
Clifford 503,173 (250,000) 253,173
TOTAL FUNDS 1,079,880 46,046 1,125,926
Comparative net movement in funds, included in the above are as follows:
Incoming Resources
 Movement in
resources expended funds
£ £ £
Unrestricted funds
General fund 393,767 (102,885) 290,882
Restricted funds
Big Potential Fund 5,870 - 5,870
Heritage Lottery Fund 16,400 (17,106) (706)
Clifford - (250,000) (250,000)
TOTAL FUNDS 416,037 (369,991) 46,046

Big Potential Fund

Big Potential was a £20m Big Lottery Fund grant that provided support to charities and social enterprises to help them work out how social investment could help them become more sustainable, build their capacity and scale up to deliver greater social impact. Vintage Trains Charitable Trust received £47,160 under this scheme to assist with launching its Community Benefit Society, Vintage Trains CBS. At 31 March 2021, £8,220 remains unallocated.

Heritage Lottery Fund

Resilient Heritage grants are awarded to help strengthen charitable organisations, and build the capacity of staff and volunteers to better manage heritage in the long term. This has now been fully expended. Vintage Trains Charitable Trust was successful in applying for a £90,000 grant under the scheme towards an £118,000 project involving the recruitment of a Business Development Manager and Volunteer Liaison Officer and related expenditure to help fulfil these aims.

During the year the group benefitted from the Heritage Lottery Fund Covid 19 Recovery Fund. The group received £49,900 to help support the group and to assist in covering various staff costs and overhead expenses. This was fully utilised in the year.

Page 31

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2021

The group also received £194,800 from the Heritage Lottery Fund Culture Recovery Fund during the year. This fund offered financial support for cultural organisations that were financially stable before Covid-19. This was utilised to improve airflow in carriages and on various marketing, staff and other overhead expenses.

Clifford

The Trustees were delighted to be notified of a substantial legacy form the estate of the late David Clifford which is to be applied to the restoration of former Great Western Railway locomotives and turntable.

22. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption under section 33 of FRS 102 not to disclose transactions with group companies.

23. NON-CONTROLLING INTERESTS

As at 31 March 2021 the share capital issued by Vintage Trains CBS amounted to £1,073,000. At this date £1,023,000 (2020: £1,023,500) was held outside of the group.

Vintage Trains Charitable Trust has legal control over Vintage Trains CBS as it holds the power to appoint the majority of the board and to the majority vote at general meetings.

Page 32