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2023-03-31-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 2023 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 2023

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 34

VINTAGE TRAINS CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023

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 2023. 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 2019).

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 2023

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

Following the Covid-19 pandemic, during which time our train operations, carried out by Vintage Trains Limited, were suspended, we recommenced operations from August 2021 and a full train programme was promoted in 2022.

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 2019, 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 lifting of covid-19 restrictions a full programme of train operations was launched for 2022. However, this was disrupted due to the rail network being closed as a result of strike action. A number of trains had to be cancelled and where possible they were rearranged. Also due to the dry summer a number of ‘steam’ trips had to be cancelled or rescheduled with diesel traction. Whilst passenger numbers were better than 2021 they were still below pre-covid levels.

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 continuing to reenergise and build a successful business once more to enable us to continue to maintain the activities on a sound financial footing.

Disposal of Stratford Land

During the year the trustees have disposed of an interest in freehold land next to Stratford Station. Net proceeds of £960k were received on 29[th] July 2022. They have been used to support enhancements on the Tyseley site and also the ongoing refurbishment of the ‘Tyseley Collection’ together with support for the activities of Vintage Trains Limited.

Page 2

VINTAGE TRAINS CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023

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 its principal wholly owned subsidiary Tyseley Locomotive Works Ltd, together with the activities of Vintage Trains Community Benefit Society Group and its 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 a net increase in funds for the period of £37,531 (2022: £274,403 – net decrease) and our total funds at a surplus of £277,237 (2022: £239,706).

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

The Tyseley engineering facility is fully operational and the site has been enhanced by the construction of a purpose build carriage maintenance facility with the support of an ERDF grant. A full programme of train operations was promoted for 2022. However, they were disrupted by strike action and fire safety restrictions.

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 2023 the total funds held by the Trust are £506,273 (2022: £734,091). This includes restricted funds of £112,569 (2022: £113,412) and unrestricted funds of £393,704 (2022: £620,679).

The unrestricted funds include £319,264 (2022: £238,990) of fixed assets, a long term creditor of £nil (2022: £53,000) and a loan of £Nil (2022: £350,000) to Vintage Trains Ltd all of which cannot be realised at short notice.

The remaining unrestricted available reserves amount to £74,440 (2022: £84,689). 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.

Page 3

VINTAGE TRAINS CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023

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 RG Thorne Mr IJ Bertram Mr RJ Cadge

Company Secretary

Mr P Sturgeon

Page 4

VINTAGE TRAINS CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023

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 10 November 2023 and signed on its behalf by:

Mr CM Whitehouse - Trustee

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 2023 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:

Page 6

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

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 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:

Page 7

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

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.

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 Chartered Accountants, Statutory Auditor Granville Hall Granville Road Leicester LE1 7RU

Date : 10 November 2023

Page 8

VINTAGE TRAINS CHARITABLE TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE PERIOD ENDED 31 MARCH 2023

Notes
INCOMING RESOURCES
Incoming resources from generated funds
Voluntary Income
2
Donations and legacies received
Grants
Activities for generating funds
Commercial trading operations
Preservation of steam and other
railway locomotives
Investment income
Interest received
3
Other income
4
Incoming resources from charitable
activities
Museum and open day receipts
5
Total incoming resources
RESOURCES EXPENDED
Cost of generating funds
Commercial trading activities
Charitable activities
Preservation of steam and other
railway locomotives
6
Governance costs
7
Total resources expended
NET INCOMING/ (OUTGOING) RESOURCES
RECONCILIATION OF FUNDS
Total funds brought forward
Transfer between funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds

£
21,375
-
3,017,419
-
8,011
940,553
96
3,987,454
3,833,296
89,144
26,640
3,949,080
38,374
(896,606)
(100)
(858,332)		 Restricted
funds
£
37,185
-
-
-
-
-
-
37,185
-
38,028
-
38,028
(843)
113,412
-
112,569		 2023 Total
funds
£
58,560
-
3,017,419
-
8,011
940,553
96
4,024,639
3,833,296
127,172
26,640
3,987,108
37,531
(783,194)
(100)
(745,763)		 2022 Total
Funds
£
124,816
116,880
1,345,578
-
7,589
-
1,403
1,596,266
1,580,527
265,362
24,780
1,870,669
(274,403)
(508,791)
-
(783,194)

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 34 form part of these financial statements.

Page 9

VINTAGE TRAINS CHARITABLE TRUST

CONSOLIDATED BALANCE SHEET AT 31 MARCH 2023

Notes
FIXED ASSETS
Intangible assets
12
Tangible assets
13
Investments
CURRENT ASSETS
Stocks
15
Debtors
16
Cash at bank
CREDITORS
Amounts falling due within one
year
18
NET CURRENT ASSETS/
(LIABILITIES)
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more
than one year
19
PROVISIONS FOR
LIABILITIES
NET ASSETS		 Unrestricted
funds
£

56,147

342,480
-
398,627

6,457

724,624
295,570
1,026,651

(1,034,434)
(7,783)
390,844

(226,176)
-
164,668		 Restricted
funds
£
-
60,982
-
60,982
-
-
51,587
51,587
-
51,587
112,569
-
-
112,569		 2023 Total
funds
£
56,147
403,462
-
459,609
6,457
724,624
347,157
1,078,238
(1,034,434)
43,804
503,413
(226,176)
-
277,237		 2022
Total
Funds
£
56,714
349,314
-
406,028
14,811
437,785
105,055
557,651
(581,805)
(24,154)
381,874
(142,168)
-
239,706

Page 10

VINTAGE TRAINS CHARITABLE TRUST

CONSOLIDATED BALANCE SHEET - CONTINUED AT 31 MARCH 2023

Notes
FUNDS
21
Unrestricted funds
Restricted funds
Non-controlling interest
TOTAL FUNDS		 Unrestricted
funds
£

(858,332)
-
1,023,000
164,668		 Restricted
funds
£
-
112,569
-
112,569		 2023
Total
funds
£
(858,332)
112,569
1,023,000
277,237		 2022 Total
Funds
£
(896,606)
113,412
1,022,900
239,706

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 10 November 2023 and were signed on its behalf by:

Mr CM Whitehouse - Trustee

Mr MG Gilbert - Trustee

Page 11

VINTAGE TRAINS CHARITABLE TRUST

COMPANY BALANCE SHEET AT 31 MARCH 2023

Notes
FIXED ASSETS
Intangible assets
12
Tangible assets
13
Investments
14
CURRENT ASSETS
Debtors
16 &
17
Cash at bank and in hand
CREDITORS
Amounts falling due within
one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
CREDITORS
Amounts falling due after
more than one year
19
NET ASSETS		 Unrestricted
funds
£

1,147

319,264

206
320,617
109,776
7,277
117,053

(43,966)
73,087
393,704

-
393,704		 Restricted
funds
£
-
60,982
-
60,982
-
51,587
51,587
-
51,587
112,569
-
112,569		 2023
Total
funds
£
1,147
380,246
206
381,599
109,776
58,864
168,640
(43,966)
124,674
506,273
-
506,273		 2022 Total
funds
£
1,714
334,669
50,206
386,589
472,521
18,016
490,537
(90,035)
400,502
787,091
(53,000)
734,091

Page 12

VINTAGE TRAINS CHARITABLE TRUST

COMPANY BALANCE SHEET - CONTINUED AT 31 MARCH 2023

Notes
FUNDS
21
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£

393,704
-
393,704		 Restricted
funds
£
-
112,569
112,569		 2023
Total
funds
£
393,704
112,569
506,273		 2022 Total
funds
£
620,679
113,412
734,091

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 10 November 2023 and were signed on its behalf by:

Mr CM Whitehouse- Trustee

Mr MG Gilbert – Trustee

Page 13

VINTAGE TRAINS CHARITABLE TRUST

CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 MARCH 2023

Notes
Cash flows from operating activities
Cash generated from operations
A
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Proceeds from sale of tangible fixed assets
Net cash provided by investing activities
Cash flows from financing activities
Capital repayments in year
Repayment of other borrowings
Net cash provided by/(used in) financing
activities
Change in cash and cash equivalents in the reporting
period
Cash and cash equivalents at the beginning of the reporting
period
Cash and cash equivalents at the end of the reporting
period		 2023
£
(527,217)
(527,217)
(174,582)
1,013,180
838,598
(53,000)
(16,279)
(69,279)
242,102
105,055
347,157		 2022
£
(255,306)
(255,306)
-
-
-
-
(10,832)
(10,832)
(266,138)
371,193
105,055

Page 14

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 MARCH 2023

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

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Profit on disposal of fixed assets
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operations		 2023
£
37,531
61,668
(940,553)
8,354
(286,839)
592,622
(527,217)		 2022
£
(274,403)
53,723
1,167
(12,809)
(322,302)
299,318
(255,306)

B. ANALYSIS OF CHANGES IN NET DEBT

Net cash
Cash at bank
Debt
Mortgage
Other borrowings
Total		 At 1.4.22
£
105,055
105,055
(53,000)
(89,168)
(142,168)
(37,113)		 Cash flow
£
242,102
242,102
(53,000)
(16,279)
(69,279)
172,823		 At
31.03.23
£
347,157
347,157
-
(72,889)
(72,889)
274,268

Page 15

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023

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 2019)', 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 2023 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.

Page 16

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2023

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.

During the year, the group received measures under the Coronavirus Job Retention Scheme. The amounts received are include within the accounts on an accruals basis.

Grant income is credited in the period to which it relates.

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

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.

Page 17

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2023

2. DONATIONS AND LEGACIES - GROUP

Donations
Legacies
Grants
Grants received, included in the above, are as follows:
Heritage Lottery Recovery Fund
3.
INVESTMENT INCOME – GROUP
Interest received
4.
OTHER INCOME - GROUP
Profit on disposal of land
5.
INCOME FROM CHARITABLE ACTIVITIES – GROUP
Museum and open day receipts

Page 18

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2023

6. CHARITABLE ACTIVITIES COSTS - GROUP

6.
CHARITABLE ACTIVITIES COSTS - GROUP
Depreciation and Amortisation
Legal fees
Bank charges
Admin expenses
Restoration costs
Repairs and renewals
Staff costs
Open day costs
CHARITABLE ACTIVITIES COSTS – GROUP – RESTRICTED
Depreciation and Amortisation
Repairs and renewals
Staff costs
Open day costs
7.
GOVERNANCE COSTS – GROUP
Auditors' remuneration
8.
NET INCOME/(EXPENDITURE) – COMPANY
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Depreciation - owned assets
Patents and licences amortisation		 2023
£
56,223
-
510
14,478
-
-
15,960
1,973
89,144
2023
£
-
73
-
37,955
-
38,028
2023
£
26,640
26,640
2023
£
26,640
55,656
**567 **		 2022
£
46,099
10,191
704
16,833
-
23,910
167,625
-
265,362
2022
£
30,914
22,994
77,860
-
131,768
2022
£
24,780
24,780
2022
£
18,200
45,531
568

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no Trustees' remuneration or other benefits for the period ended 31 March 2023 nor for the year ended 31 March 2022 except as disclosed in Note 22.

TRUSTEES' EXPENSES

Trustees' expenses totalling £516 (2022: £Nil) were paid for the period ended 31 March 2023.

Page 19

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2023

10. STAFF COSTS - GROUP

Wages and salaries
Social security costs
Pension
The average monthly number of employees during the period was as follows:
Management
Administration
Manufacturing/Train Crew		 690,592
70,780
11,627
772,999
2023
6
10
24
40
2023
£		 493,493
43,331
8,901
545,725
2022
5
10
18
33
2022
£		 493,493
43,331
8,901
545,725
2022
5
10
18
33
2022
£
33

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

No member of staff received emoluments in excess of £60,000 in either year.

During the period key management personnel of group entities received remuneration totalling £152,392 (2022: £127,200).

11. COMPARATIVES FOR THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES – 31 MARCH 2022

INCOMING RESOURCES
Incoming resources from generated funds
Voluntary Income
Donations and legacies received
Grants
Activities for generating funds
Commercial trading operations
Investment income
Interest received
Other income
Incoming resources from charitable activities
Museum and open day receipts
Total		 Unrestricted
funds
£
92,309
-
1,345,578
7,589
-
1,403
1,446,879		 Restricted
Funds
£
32,507
116,880
-
-
-
-
149,387		 Total funds
£
124,816
116,880
1,345,578
7,589
-
1,403
1,596,266

Page 20

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2023

11. COMPARATIVES FOR THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES – continued

RESOURCES EXPENDED
Cost of generating funds
Commercial trading activities
Charitable activities
Preservation of steam and other railway locomotives
Governance costs
Total
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
12.
INTANGIBLE FIXED ASSETS
GROUP
COST
At 1 April 2022
At 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for year
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 Unrestricted
funds
£
1,541,507
133,594
24,780
1,699,881
(253,002)
(643,604)
(896,606)		 Restricted
Funds
£
39,020
131,768
-		 Total funds
£
1,580,527
265,362

24,780
1,870,669
(274,403)
(508,791)
(783,194)
Patents and
licences
£
60,848
60,848
4,134
567
4,701
56,147
56,714		 Total funds
£
1,580,527
265,362
24,780
170,788 1,870,669
(21,401)
134,813		 (274,403)
(508,791)
113,412 (783,194)

Page 21

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2023

12. INTANGIBLE FIXED ASSETS – continued

COMPANY
COMPANY
COST
At 1 April 2022
At 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for year
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 Patents and
licences
£
5,848
5,848
4,134
567
4,701
1,147
1,714

13. TANGIBLE FIXED ASSETS

GROUP

GROUP

COST
At 1 April 2022
Additions
Disposals
At 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for year
Eliminated on
disposal
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 Freehold
property
£
58,766
-
(58,766)
-
-
-
-
-
-
58,766		 Leasehold
property
£
314,251
-
-
314,251
148,250
11,843
-
160,093
154,158
166,001		 Rolling
stock and
trackwork
£
240,178
160,000
-
400,178
130,278
43,812
-
174,090
226,088
109,900		 Plant and
machinery
£
76,941
14,582
-
91,523
62,294
6,013
-
68,307
23,216
14,647		 Computer
equipment
£
2,259
-
-
2,259
2,259
-
-
2,259
-
-		 Totals
£
692,395
174,582
(58,766)
808,211
343,081
61,668
-
404,749
403,462
349,314

Page 22

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2023

13. TANGIBLE FIXED ASSETS - continued

COMPANY
COST
At 1 April 2022
Additions
Disposals
At 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for year
Eliminated on
disposal
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 Freehold
property
£
58,766
-
(58,766)
-
-
-
-
-
-
58,766		 Leasehold
property
£
221,232
-
-
221,232
55,230
11,844
-
67,074
154,158
166,002		 Plant and
machinery
£
-
160,000
-
160,000
-
10,668
-
10,668
149,332
-		 Fixtures
and
fittings
£
240,178
-
-
240,178
130,278
33,144
-
163,422
76,756
109,900		 Computer
equipment
£
2,259
-
-
2,259
2,259
-
-
2,259
-
-		 Totals
£
522,435
160,000
(58,766)
623,669
187,767
55,656
-
243,423
380,246
334,668

Included in cost or valuation of land and buildings is freehold land of £nil (2022 - £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 its 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 £2,598,816 (2022: £2,705,685).

14. FIXED ASSET INVESTMENTS - COMPANY

FIXED ASSET INVESTMENTS - COMPANY
Shares in
group
undertakings
£
MARKET VALUE
At 1 April 2022 50,206
Impairments (50,000)
At 31 March 2023 206
NET BOOK VALUE
At 31 March 2023 206
At 31 March 2022 50,206

Page 23

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2023

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. A provision for potential impairment has been made in the year against the value of these shares. 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 £1,061,648 (2022: £559,315) and total resources expended were £1,303,239 (2022: £755,252) resulting in net outgoing resources for the period of £241,591 (2022: £195,937) which included a dividend received of £61,928 (2022: £244,127) from Tyseley Locomotive Works Limited.

The charity also made a grant of £177,000 (2022: £17,000) 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 2023

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 2023 were as follows:

Expenditure
Result
Total assets
Total liabilities
Net assets/(liabilities)
being reserves
Income		 Great
The
Western
Blue
Pullman
Vintage
Trains
Limited
Limited
£
-
-
- -		 Great
The
Western
Blue
Pullman
Vintage
Trains
Limited
Limited
£
-
-
- -
Tyseley
Locomotive
Works
Limited
£
(1,973,885)
61,928

832,006
(825,703)
6,303
2,035,813		 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 £61,540 (2022: £244,127) 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
£
£
1,532,306
7,500
(1,873,143)
(1,312)
(340,837)
6,188
228,743
858,264
(1,867,730)
(1,047)
(1,638,987)
857,217

Page 25

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2023

15. STOCKS

Group
2023
2022
£
£
Stock
6,457
16,566
6,457
16,566
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
2023
2022
£
£
Trade debtors
249,280
228,322
Amounts owed by group
undertakings
-
-
Other debtors
472,055
186,469
VAT
3,289
22,994
724,624
437,785		 Company
2023
2022
£
£
-
-
-
-
Company
2023
2022
£
£
-
-
76,397
83,773
29,702
38,603
3,289
145
109,388
122,521		 Company
2023
2022
£
£
-
-
-
-
Company
2023
2022
£
£
-
-
76,397
83,773
29,702
38,603
3,289
145
109,388
122,521
122,521

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

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

Amounts owed by group
undertakings		 Company
2023
2022
£
£
-
350,000
-350,000

The debtor over one year is a loan to its group company Vintage Trains Limited of £Nil (2022: £350,000). The loan has interest charged at 2% with no repayment due until Vintage Trains Limited has positive net worth.

A provision for a potential bad debt has been raised against the loan in the year.

Page 26

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2023

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdraft
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income		 Group
2023
2022
£
£
636,063
231,986
18,527
16,716
292,471
333,103
1,034,434
581,805
23,713 -		 Group
2023
2022
£
£
636,063
231,986
18,527
16,716
292,471
333,103
1,034,434
581,805
23,713 -		 Company
2023
2022
£
£		 Company
2023
2022
£
£
- - -
231,986
16,716
333,103
581,805		 17,601
-
26,465
44,066		 870
-
89,165
90,035

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

Loan
Accruals and deferred income		 Group
2023
2022
£
£
49,176
142,168
177,000
-
226,176
142,168		 Company
2023
2022
£
£
-
53,000
-
-
-
53,000		 Company
2023
2022
£
£
-
53,000
-
-
-
53,000
53,000

The loan balance represents two Bounce Back loans of £50,000 each taken out in 2021 with no interest or repayments due in the first 12 months. The loan term is 6 years with interest charged at 2.5%.

In 2022 there was a third loan which was an interest free mortgage from Stratford - upon - Avon District Council secured by a first legal charge on the freehold land owned by the company. This loan has been repaid in the year following the sale of the land.

Page 27

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2023

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		 2023
£
60,000
240,000
435,000
735,000		 2022
£
60,000
240,000
495,000
795,000

The charitable company has just over 12 years remaining on a 25 year operating lease in respect of the leasehold property.

21. MOVEMENT IN FUNDS

GROUP

GROUP
Unrestricted funds
General fund
General fund - non controlling interest
Restricted funds
Clifford
Pacers
Kolhapur
Bloomer
Tools
Drivers Club
Miniature Railway
Non controlling interest
TOTAL FUNDS		 At 1.4.22
£
547,603
(1,444,209)
(896,606)
95,679
1,400
3,259
6,529
303
700
5,542
113,412
1,022,900
1,022,900
239,706		 Net
movement
in funds
£
373,023
(334,649)
38,374
-
-
340
(125)
(73)
500
(1,485)
(843)
-
-
37,531		 Transfers
between
funds
£
(100)
-
(100)
-
-
-
-
-
-
-
-
100
100
-		 At 31.3.23
£
920,526
(1,778,858)
(858,332)
95,679
1,400
3,599
6,404
230
1,200
4,057
112,569
1,023,000
1,023,000
277,237

Page 28

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2023

21. MOVEMENT IN FUNDS - continued

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

GROUP
Unrestricted funds
General fund
General fund - non controlling interest
Restricted funds
Pullman
Kolhapur
Bloomer
Defiant
Tools
5043
Drivers Club
Miniature Railway
Non controlling interest
TOTAL FUNDS
COMPANY
Unrestricted funds
General fund
Restricted funds
Clifford
Pacers
Kolhapur
Bloomer
Tools
Drivers Club
Miniature Railway
TOTAL FUNDS		 At 1.4.22
£
620,679
620,679
95,679
1,400
3,259
6,529
303
700
5,542
113,412
734,091		 Incoming
resources
£
2,447,648
1,539,806
3,987,454
1,211
340
100
28,736
-
2,250
500
4,048
37,185
-
4,024,639
Net
movement
in funds
£
(226,975)
(226,975)
-
-
340
(125)
(73)
500
(1,485)
(843)
(227,818)		 Resources
expended
£
(2,074,625)
(1,874,455)
(3,949,080)
(1,211)
(225)
(28,736)
(73)
(2,250)
-
(5,533)
(38,028)
-
-
(3,987,108)
Transfers
between
funds
£
-
-
-
-
-
-
-
-
-
-
-		 Movement
in funds
£
373,023
(334,649)
38,374
-
340
(125)
-
(73)
-
500
(1,485)
(843)
-
-
37,531
At 31.3.23
£
393,704
393,704
95,679
1,400
3,599
6,404
230
1,200
4,057
112,569
506,273

Page 29

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2023

21. MOVEMENT IN FUNDS – continued

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

COMPANY
Unrestricted funds
General fund
Restricted funds
Pullman
Kolhapur
Bloomer
Defiant
Tools
5043
Drivers Club
Miniature Railway
TOTAL FUNDS
Comparatives for movement in funds
GROUP
Unrestricted funds
General fund
General fund - non controlling interest
Restricted funds
Big Potential Fund
Heritage Lottery Fund
Clifford
Pacers
Kolhapur
Bloomer
Tools
Drivers Club
Miniature Railway
Non controlling interest
TOTAL FUNDS		 At 1.4.21
£
724,583
(1,368,187)
(643,604)
8,220
423
126,170
-
-
-
-
-
-
134,813
1,023,000
1,023,000
514,209		 Incoming
resources
£
1,024,463
1,024,463
1,211
340
100
28,736
-
2,250
500
4,048
37,185
1,061,648
Net
movement
in funds
£
(176,980)
(76,022)
(253,002)
(8,220)
(423)
(30,491)
1,400
3,259
6,529
303
700
5,542
(21,401)
(100)
(100)
(274,503)		 Resources
expended
£
(1,265,211)
(1,265,211)
(1,211)
(225)
(28,736)
(73)
(2,250)
-
(5,533)
(38,028)
(1,303,239)
Transfers
between
funds
£
-
-
-
-
-
-
-
-
-
-		 Movement
in funds
£
(240,748)
(240,748)
-
340
(125)
-
(73)
-
500
(1,485)
(843)
(241,591)
At 31.3.22
£
547,603
(1,444,209)
(896,606)
-
-
95,679
1,400
3,259
6,529
303
700
5,542
113,412
1,022,900
1,022,900
239,706

Page 30

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2023

21. MOVEMENT IN FUNDS – continued

Comparative net movement in funds, included in the above are as follows:

GROUP
Unrestricted funds
General fund
General fund - non controlling interest
Restricted funds
Legacies Received
Big Potential Fund
Defiant
Heritage Lottery Fund
Clifford
Pacers
Kolhapur
Bloomer
Tools
Drivers Club
Miniature Railway
Non controlling interest
TOTAL FUNDS		 Incoming
resources
£
878,655
568,224
1,446,879
10,000
-
3,388
116,880
-
1,400
3,259
6,529
1,231
700
6,000
149,387
-
-
1,596,266		 Resources
expended
£
(1,055,635)
(644,246)
(1,699,881)
(10,000)
(8,220)
(3,388)
(117,303)
(30,491)
-
-
-
(928)
-
(458)
(170,788)
(100)
(100)
(1,870,769)		 Movement
in funds
£
(176,980)
(76,022)
(253,002)
-
(8,220)
-
(423)
(30,491)
1,400
3,259
6,529
303
700
5,542
(21,401)
(100)
(100)
(274,503)

Page 31

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2023

21. MOVEMENT IN FUNDS – continued

Comparatives for movement in funds

COMPANY
Unrestricted funds
General fund
Restricted funds
Big Potential Fund
Heritage Lottery Fund
Clifford
Pacers
Kolhapur
Bloomer
Tools
Drivers Club
Miniature Railway
TOTAL FUNDS		 At 1.4.21
£
795,215
795,215
8,220
423
126,170
-
-
-
-
-
-
134,813
930,028		 Net
movement
in funds
£
(174,536)
(174,536)
(8,220)
(423)
(30,491)
1,400
3,259
6,529
303
700
5,542
(21,401)
(195,937)		 Transfers
between
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 At 31.3.22
£
620,679
620,679
-
-
95,679
1,400
3,259
6,529
303
700
5,542
113,412
734,091
Comparative net movement in funds, included in the above
COMPANY
Unrestricted funds
General fund
Restricted funds
Legacies Received
Big Potential Fund
Defiant
Heritage Lottery Fund
Clifford
Pacers
Kolhapur
Bloomer
Tools
Drivers Club
Miniature Railway
TOTAL FUNDS		 are as follows:
Incoming
resources
£
409,928
409,928
10,000
-
3,388
116,880
-
1,400
3,259
6,529
1,231
700
6,000
149,387
559,315		 Resources
expended
£
(584,464)
(584,464)
(10,000)
(8,220)
(3,388)
(117,303)
(30,491)
-
-
-
(928)
-
(458)
(170,788)
(755,252)		 Movement
in funds
£
(174,536)
(174,536)
-
(8,220)
-
(423)
(30,491)
1,400
3,259
6,529
303
700
5,542
(21,401)
(195,937)

Page 32

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2023

21. MOVEMENT IN FUNDS – continued

Defiant

A donation amounting to £3,388 were received in 2022 to be spent on the 5080 Defiant. It was fully expensed in 2022.

Pacers

Donations amounting to £1,400 were received in 2022 to be spent on maintenance of the Pacers. At 31 March 2023 £1,400 (2022: £1,400) remains unallocated.

Kolhapur

Donations amounting to £340 (2022: £3,259) were received to be spent on maintenance and restoration works for the Kolhapur. At 31 March 2023 £3,599 (2022: £3,259) remains unallocated.

Bloomer

Donations amounting to £100 (2022: £6,529) were received to be spent on maintenance and restoration of the Bloomer. During the year £225 (2022: £Nil) was spent on associated activities. At 31 March 2023, £6,404 (2022: £6,259) remains unallocated.

Tools

Donations amounting to £1,231 were received in 2022 to be spent on tools. £73 (2022: £928) was expensed in the year. At 31 March 2023 £230 (2022: £303) remained unallocated.

Drivers Club

During the year donations amounting to £500 (2022: £700) were received to be utilised on the Jubilee Drivers Club which offers subscribers the unique opportunity to drive trains at Tyseley. At 31 March 2023 £1,200 (2022: £700) remains unallocated.

Miniature Railway

During the year donations amounting to £4,048 (2022: £6,000) were received to be spent on the Miniature Railway project. During the year £5,533 (2022: £458) was spent on associated activities. At 31 March 2023 £4,057 (2022: £5,542) remained unallocated.

Clifford

The Trust received substantial legacy from the estate of the late David Clifford which has been applied to the restoration of former Great Western Railway locomotives and turntable. £126,170 was brought forward from 31 March 2021. During the year £nil (2022: £30,491) was spent on related activities. At 31 March 2023 £95,679 (2022: £95,679) remained unallocated.

Page 33

VINTAGE TRAINS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2023

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.

During the year, Vintage Trains Charitable Trust received a donation of £nil (2022: £80,000) from 7029 Clun Castle Limited, a charitable company which shares common Trustees and Directors.

23. NON-CONTROLLING INTERESTS

At 31 March 2023 the share capital issued by Vintage Trains CBS amounted to £1,073,000 (2022: £1,073,000). At this date £1,023,000 (2022: £1,023,000) 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 34