Company registration number: 02188631 Charity registration number: 1076037
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Vale of Rheidol Railway Limited
(A company limited by share capital) Annual Report and Financial Statements for the Year Ended 31 December 202i
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MMO Limited Wellesley House : 204 London Road | Waterlooville ! Hampshire | PO7 7AN | | | |
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Vale of Rheidol Railway Limited
Contents
| Reference andAdministrative Details | 1 |
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| Strategic Report | 2 |
| Trustees' Report | 3 to6 |
| Independent Auditors' Report | 7 to 10 |
| Consolidated Statement ofFinancial Activities | 11 to 12 |
| Consolidated Balance Sheet | 13 |
| Balance Sheet | 14 |
| NotestotheFinancialStatements | 15to36 |
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Vale of Rheidol Railway Limited
Reference and Administrative Details
Trustees Dr CR H Higgs Mr L A Iolo Mr C § Langer Mr P JN Ellis Charity Registration Number 1076037 Company Registration Number 02188631 The charity is incorporated in England . Registered Office Marwick Farm Loxhill Godalming Surrey GU8 4BE Auditor MMO Limited Wellesiey House 204 London Road Waterlooville Hampshire PO7 7AN Bankers Royal Bank of Scotland Guildford 10 North Street Guildford GUI 4AQ Santander Customer Service Centre Bootle Merseyside L30 4GB
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Vale of Rheidol Railway Limited
Strategic Report for the Year Ended 31 December 2021
The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 December 2021, in compliance with s414C of the Companies Act 2006.
Achievements and performance
Key non-financial performance indicators
Success is measured im passenger numbers, as if these continue to grow the charity can clearly display that it is reaching more people to further its objectives.
Financial review
Policy on reserves
The charity's main activity is the operation of a narrow gauge steam railway. The railway is a working museum which charges fares to passengers in order to maintain its income. The operating costs consist of train running costs, wages, and the maintenance of track, locomotive, rolling stock and buildings.
The cost structure of setting up, financing and operating a railway are of such a magnitude that it is anticipated that the railway will always be able to spend more money in running, maintaining and improvement and development, than it can reasonably be expected to raise from fares, donations and other sundry income.
The trustees do not therefore expect to generate long term or medium term reserves. Any reserves which may be generated during a financial period are expected to be attributed to a future maintenance or development project.
Principalfunding sources
The charity is principally funded by train fares and public donations to the railway and the associated Gift Aid that can be claimed from this. It is also funded by various grants as and when these can be applied for and awarded. The charity is also financially supported by its parent the Phyllis Rampton Narrow Gauge Railway Trust. The strgfggic report was approved by the trustees of the charity on shifts signed on its behalf by:
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LA Iolo
ee
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: Trustees' Report : The trustees, who are directors for the purposes of company law, present the annual report together with the | financial statements and auditors' report of the charitable company for the year ended 31 December 2021.
Vale of Rheidol Railway Limited
Objectives and activities
Objects and aims
The charitable company's activity is the provision of a working museum by the operation of a narrow gauge railway line and associated station and maintenance facilities between Aberystwyth and Devils Bridge, Ceredigion.
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-TheThe charity'sprovision mainof objectives a working are:
a museum by operating as a narrow gauge railway line and associated station between Aberystwyth and Devils Bridge, Ceredigion; including its associated station, workshop and museum assets.
- To advance the education of the public and to promote research (including the publication of the useful results of such research) in matters concerning narrow gauge railways and in particular the narrow gauge railway in the County of Ceredigion which extends from Aberystwyth to Devils Bridge and is known as the Vale of Rheidol Railway and of other railways or tramways which are or may be worked or operated in conjunction or connection herewith and (without prejudice to the generality of the foregoing) matters concerning the history, buildings, tramways, rolling stock, machinery and equipment, the historical operations, the restoration and the current operation of the Vale of Rheidol Railway.
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The achievement of the objectives will further the charity’s purposes by ensuring future community interest in the railway. By growing the presence and increasing visitor numbers the charity is able to educate as many members of the public as possible. All Trustees and senior persons within the charity remain focused on the objectives of the charity.
Objectives, strategies and activities
This year has seen completion of the Weighbridge project. Access for all has been central to our carriage restoration program over the past year. Having successfully applied for and received funding from the coastal communities fund the railway has been busy restoring and converting two historic carriages to enable wheelchair access to the railway. New works have seen the Aberystwyth station site transformed into a replica of a 1930's station this has been partly funded by the welsh government. Staff training has continued with the addition of two new apprentices.
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Public benefit
The Vale of Rheidol Railway operates to demonstrate the operation of a Victorian narrow gauge railway for the benefit of the public.
The railway is open to all members of the public. The public can benefit from and see the preserved locomotives and rolling stock in operation. They are available to be viewed on open days without charge. Various fare concessions | are also available on the railway. | The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have | due regard to the public benefit guidance published by the Charity Commission for England and Wales. | Social investment policies | The charity invests in staff training to ensure vital skills in the running of the railway are not lost.
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Vale of Rheidol Railway Limited
Trustees' Report
There are a number of apprentices working at the charity which is something that is hoped to continue and grow in the future. This coming year the charity hopes to recruit two further apprentices to focus on carriage and wagon building.
Grant making policies
The charity applies for all grants to which it could be entitled to ensure it remains well funded and can continue to work towards its objectives.
Use of volunteers
The charity encourages the use of volunteers where practicable and has seen great success in providing volunteers with roles which provide a sense of achievement and fulfilment.
Going concern
The Trustees are of the opinion that the charitable company is a going concern.
Trustees and Officers
The trustees and officers serving during the year and since the year end were as follows:
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Trustees: Dr CR H Higgs
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Mr LA Iolo MrC5 Langer Mr P JN Ellis
Structure, governance and management
Nature ofgoverning document
The Vale of Rheidol Railway Limited is a charitable company incorporated on 4 November 1987. The charitable company was established under a Memorandum of Association which established the objects and powers of the company, and is governed under its Articles of Association.
Recruitment and appointment oftrustees
All the Trustees! of the charity are directors for the purposes of company law. There is no time limit on how long the Trustees are allowed to serve. The company seeks to recruit Trustees with the range of knowledge necessary to operate a railway and meet its objectives.
Induction and training oftrustees
All the Trustees undergo an induction programme when joining the charity. The subjects covered are the obligations of Trustees; the main documents which set out the operation framework for the charity including the Memorandum and Articles; the financial position and controls as set out in the latest financial statements; future plans and objectives.
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Vale of Rheidol Railway Limited
Trustees’ Report
| Arrangements for setting key managementpersonnel remuneration : There is one remunerated Trustee, which is allowed by the governing document. Aside from the Chief Executive R | Gambrill, no other key personnel are remunerated by the charitable company.
Important non-adjusting events after the financial period
Following the death of PJ Rampton, The Vale of Rheidol Railway Limited is due to receive assets from his estate. The interim estate accounts prepared by Stevens & Bolton dated 29 June 2022 values the estate due to the company as £10,076,698.
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Vale of Rheidol Railway Limited
Trustees' Report
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Vale of Rheidol Railway Limited for the purposes of company law) are responsible for preparing the trustees’ report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations, Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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- make judgements and estimates that are reasonable and prudent:
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and 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.
Disclosure of information to auditor
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Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any
relevant audit information and to establish that the charity's auditor is aware of that information. The trustees
confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
The anny4f report was approved by the trustees ofthe charity on helt signed on its behalf by:
Mr ‘olo
Trustee
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Vale of Rheidol Railway Limited
Independent Auditor's Report to the Members of Vale of Rheidol Railway Limited
Opinion
We have audited the financial statements of Vale of Rheidol Railway Limited (the 'charitable parent company’) and its subsidiaries (the 'group') for the year ended 31 December 2021, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet 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 United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the group's and parent charity's affairs as at 31 December 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 auditor 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 EBthical 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 trustees 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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees 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 auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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Vale of Rheidol Railway Limited
Independent Auditor's Report to the Members of Vale of Rheidol Railway Limited
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 we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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:
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the information given in the Strategic Report and Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Strategic Report and Trustees’ Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Trustees' Report.
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:
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adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
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the parent charitable company financial statements are not in agreement with the accounting records and returns; or
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- certain disclosures of trustees remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
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Responsibilities of trustees
As explained more fully in the Statement of Trustees’ Responsibilities (set out on page 6), the trustees 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.
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Vale of Rheidol Railway Limited
Independent Auditor's Report to the Members of Vale of Rheidol Railway Limited
Auditor 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 an auditor’s report 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
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Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
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Reviewing minutes of meetings of those charged with governance;
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Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
« Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
A further description of our responsibilities is available on the Financial Reporting Council]’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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Vale of Rheidol Railway Limited
Independent Auditor's Report to the Members of Vale of Rheidol Railway Limited
Use of our report
This report is made solely to the charitable parent company’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them in an auditor’s 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 parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Mrse. McIntosh (Senior Statutory Auditor) For and on behalf of MMO Limited, Statutory Auditor
Wellesley House
204 London Road Waterlooville Hampshire PO7 7AN
ates [ede
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Vale of Rheidol Railway Limited
Consolidated Statement of Financia) Activities for the Year Ended 31 December 2021 (including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Unrestricted funds |
Restricted funds |
Endowment funds |
Total 2021 |
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| Note | £ | £ | £ | £ | |
| Income and Endowments from: | |||||
| Donations and legacies | 3 | 1,216,446 | - | - | 1,216,446 |
| Charitable activities | 4 | 533,778 | - | - | 533,778 |
| Other trading activities | 5 | 120,447 | - | - | 120,447 |
| Investment income | 6 | 3,175 | - | - | 3,175 |
| Totalincome | 1,873,846 | - | - | 1,873,846 | |
| Expenditure on: | |||||
| Raising funds | 7 | (181,487) | - | - | (181,487) |
| Charitable activities | 8 | (866,011) | - | - | (866,011) |
| Otherexpenditure | 9 | (16,810) | - | - | (16,810) |
| Total expenditure | (1,064,308) | - | - | (1,064,308) | |
| Netincome | 809,538 | - | - | 809,538 | |
| Netmovement infunds | 809,538 | - | - | 809,538 | |
| Reconciliation offunds | |||||
| Total funds brought forward | 1,329,764 | 651,551 | 633,650 | 2,614,965 | |
| Totalfundscarriedforward | 24 | 2,139,302 | 651,551 | 633,650 | 3,424,503 |
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The notes on pages 15 to 36 form an integral part of these financial statements. Page 11
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Vale of Rheidol Railway Limited
Consolidated Statement of Financial Activities for the Year Ended 31 December 2021 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
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|Unrestricted|Restricted|Endowment|Total|
|funds|funds|funds|2020|
|Note|£|£|£|£|
|Income|and Endowments|from:|
|Donations and legacies|3|376,441|-|-|376,441|
|Charitable|activities|4|11,931|-|~|11,931|
|Other trading activities|5|(42,890)|-|-|(42,890)|
|Investment income|6|2,644|-|-|2,644|
|Total income|348,126|-|-|348,126|
|Expenditure|on:|
|Raising|funds|7|(77,623)|-|-|(77,623)|
|Charitable|activities|8|(409,955)|-|-|(409,955)|
|Total expenditure|(487,578)|-|-|(487,578)|
|Net expenditure|(139,452)|-|-|(139,452)|
|Net movement|in funds|(439,452)|-|-|(139,452)|
|Reconciliation|of funds|
|Total funds brought forward|1,469,216|651,551|633,650|2,754,417|
|Total funds|carried forward|24|1,329,764|651,551|633,650|2,614,965|
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All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 24.
The notes on pages 15 to 36 form an integral part of these financial statements, Page 12
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Vale of Rheidol Railway Limited
(Registration number: 02188631) Consolidated Balance Sheet as at 31 December 2021
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|2021|2020|
|Note|£|£|
|Fixed|assets|
|Tangible|assets|16|3,975,538|3,663,772|
|Heritage|assets|17|3,298,068|2,832,182|
|Investments|56,894|62,017|
|7,330,500|6,557,971|
|Current|assets|
|Stocks|19|87,647|83,883|
|Debtors|20|$5,558|42,499|
|Cash|at bank and in hand|21|771,426|390,968|
|914,631|$17,350|
|Creditors: Amounts|falling due within|one ycar|22|(19,846)|(165,385)|
|Net current|assets|894,785|351,965|
|Total|assets|less|current|Habilities|8,225,285|6,909,936|
|Creditors:|Amounts|falling due|after more|than one|year|23|(4,800,682)|(4,294,871)|
|Net assets|3,424,603|2,615,065|
|Funds|of the|group:|
|Endowment|funds|633,650|633,650|
|Restricted|income|funds|
|Restricted|funds|24|651,551|651,55]|
|Unrestricted|income|funds|
|Called up|share|capital|100|100|
|Unrestricted|funds|2,139,302|1,329,764|
|Total|unrestricted|funds|2,139,402|1,329,864|
|Total funds|24|3,424,603|2,615,065|
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The financial statements on pages 11 to 36 were approved by the trustees, and authorised for issue on .............-+ and signed on their behalf by:
Mr L A Iolo Trustee
The notes on pages 15 to 36 form an integral part of these financial statements. Page 13
Vale of Rheidol Railway Limited
(Registration number: 02188631) Balance Sheet as at 31 December 2021
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|2021|2020|
|Note|£|£|
|Fixed|assets|
|Tangible assets|16|3,975,538|3,663,772|
|Heritage assets|17|3,298,068|2,832,182|
|Investments|56,994|62,117|
|7,330,600|6,558,071|
|Current|assets|
|Stocks|19|4,426|4,426|
|Debtors|20|299,859|216,715|
|Cash at bank and|in hand|41|604,990|285,870|
|909,275|507,011|
|Creditors: Amounts|falling due within one year|22|(14,591)|(155,146)|
|Net current assets|894,684|351,865|
|Total assets less current|liabilities|8,225,284|6,909,936|
|Creditors: Amounts|falling due after more than one year|23|(4,800,682)|(4,294,871)|
|Net assets|3,424,602|2,615,065|
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|Funds|of|the|charity:|
|Endowment|funds|633,650|633,650|
|Restricted|income|funds|
|Restricted|funds|24|651,551|651,551|
|Unrestricted|income|funds|
|Called up share capital|100|100|
|Unrestricted funds|2,139,301|1,329,764|
|Total unrestricted funds|2,139,401|1,329,864|
|Total funds|24|3,424,602|2,615,065|
|The financial statements|on pages|11|to 36 were approved by the trustees, and authorised for issue on|whale20|
|and signed fn|their behalf|by:|
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Mr lo
Trugte
The notes on pages 15 to 36 form an integral part of these financial statements.
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Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
1 Charity status
The charity is limited by share capital, incorporated in England .
The address of its registered office is:
Marwick Farm
Loxhill Godalming Surrey GU8 4BE
| 2 Accounting polictes | Summary of significant accounting policies and key accounting estimates | The principal accounting policies applied in the preparation of these financial statements are set out below. These | policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Vale of Rheidol Railway Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 December 2021.
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No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a loss after tax for the financial year of £809,537 (2020 - loss of £139,451).
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Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
A subsidiary is an entity controiled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the statement of financial activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the charity and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where hecessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Going concern
The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
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Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.
Grants receivable
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Grants are recognised when the group has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
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The donor specifies that the grant or donation must only be used in future accounting periods; or
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The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raisingfunds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Page 17
™
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets of any value are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Work completed in the restoration of assets is funded by surpluses from the Vale of Rheidol Railway Limited and loans from the Phyllis Rampton Narrow Gauge Railway Trust.
Heritage assets
Owing to the unique nature of the heritage assets, the costs of obtaining valuations would be onerous compared with the corresponding benefits to the charitable company and the users of the financial statements. The heritage assets are therefore shown at original cost and are not depreciated. The objective of heritage assets is to display them in the proposed museum. As much documentation as to the provenance of heritage assets is obtained and retained by the charitable company. Access to the assets is carefully managed in order for preservation.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class
Land and Buildings Plant and machinery Motor vehicles Civil engineering and track
Depreciation method and rate
Buildings that are under considerable maintenance are not depreciated, others are at rates from 7 to 50 years straight line 10% or 20% or 25% straight line 20% straight line 2% straight line on track only
Page 18
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business,
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and cail deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of : business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an : unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months | after the reporting date, If there is an unconditional right to defer settlement for at least twelve months after the | reporting date, they are presented as non-current liabilities. | Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
----- Start of picture text -----
,
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| | |
Page 19
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Foreign exchange
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on transtation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity {attributed to non-controlling interests as appropriate).
Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:
1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);
2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and
3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the group.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Page 20
.
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to Tealise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Page 21
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Debt instruments
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount: (ii) a positive fixed rate or a positive variable rate; or (ili) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
{c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than qd) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f} Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs {a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Investments
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Page 22
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7
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
3 Income from donations and legacies
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Unrestricted|
|funds|Total|
|||General|funds|
||Donations|and|legacies;|
|||LegaciesDonations from individuals|501,194138,233|501,194138,233|
|||Gift aid reclaimed|96,389|96,389|
|)|Grants,|including|capital|grants;|
|||Government|grants|480,630|480,630|
|||Total for 2021|1,216,446|1,216,446|
|||Total for 2020|376,441|376,441|
|:|4|Income|from charitable|activities|
|||Unrestricted|
|||funds|Total|
|£|£|
|||General|funds|
|||533,778|533,778|
|:|Total|for 2021|533,778|533,778|
|||Total for 2020|11,931|11,931|
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|
Page 23
|
| !
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
5 Income from other trading activities
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|||||
|---|---|---|---|
|Unrestricted|
|funds|Total|
|General|funds|
|£|£|
|Trading|income;|
|Other trading income|19,189|19,189|
|Other income from other trading activities|101,258|101,258|
|Total for 2021|120,447|120,447|
|Total|for 2020|(42,890)|(42,890)|
|6|Investment|income|
|Unrestricted|
|funds|Total|
|General|funds|
|£|£|
|Other income|from fixed asset investments|3,175|3,175|
|Total for 2021|3,175|3,175|
|Total for 2020|2,644|2,644|
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7 Expenditure on raising funds
a) Costs of trading activities
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|||||
|---|---|---|---|
|Unrestricted|
|funds|Total|
|General|funds|
|Costs|Note|£|£|
|of goods sold|181,487|181,487|
|Total|for 2021|181,487|181,487|
|Total for 2020|77,623|77,623|
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Page 24
7
| |
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
8 Expenditure on charitable activities
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Unrestricted|
|funds|Total|
|General|funds|
|Note|£|£|
|Train|costs|323,761|323,761|
|Staff costs|126,167|126,167|
|Allocated|support|costs|10|186,183|186,183|
|Govemance|costs|10|229,900|229,900|
|Total for 2021|866,011|866,011|
|Total for|2020|409,955|409,955|
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In addition to the expenditure analysed above, there are also governance costs of £229,900 (2020 - £167,002) which relate directly to charitable activities. See note 10 for further details.
9 Other expenditure
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|||||
|---|---|---|---|
|Depreciation,|amortisation|and|other similar costs|
|Total|for 2021|
----- End of picture text -----
----- Start of picture text -----
||||
|---|---|---|
|Unrestricted|
|funds|Total|
|Note|General£|funds£|
|16,810|16,810|
|16,810|16,810|
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:
|
|
Page 25
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
10 Analysis of governance and support costs
Governance costs
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||||||
|---|---|---|---|---|
|Unrestricted|
|funds|Total|
|General|funds|
|£|£|
|Staff costs|
|Wages and salaries|85,939|85,939|
|Audit|fees|
|Audit|of the|financial statements|11,304|11,304|
|Legal|fees|43,533|43,533|
|Marketing|and|publicity|5,757|5,757|
|Depreciation,|amortisation and other similar costs|71,787|71,787|
|Other governance|costs|11,580|11,580|
|Total|for 2021|229,900|229,900|
|Total|for 2020|167,002|167,002|
|11|Net incoming/outgoing|resources|
|Net incoming/(outgoing)|resources|for the|year|include:|
|2021|2020|
|£|£|
|Audit|fees|11,304|4,443|
|Depreciation of fixed|assets|88,597|64,747|
|12|Trustees|remuneration|and expenses|
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During the year the group made the following transactions with trustees: Mr LA Iolo Mr L A Iolo received remuneration of £55,000 (2020: £53,333) during the year.
No trustees have received any other benefits from the charity during the year.
Page 26
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
13 Staff costs
The aggregate payroll costs were as follows:
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||||||
|---|---|---|---|---|
|2021|2020|
|£|£|
|Staff costs|during|the|year were:|
|Wages|and|salaries|212,099|86,647|
|Other|staff costs|7|10|
|212,106|86,657|
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The monthly average number of persons (including senior management / leadership team) employed by the group during the year expressed as full time equivalents was as follows:
----- Start of picture text -----
||||||
|---|---|---|---|---|
|2021|2020|
|No|No|
|Operation of|the railway|35|35|
|Administration|and|support|5|5|
|40|40|
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29 (2020 - 29) of the above employees participated in the Defined Contribution Pension Schemes.
No employee received emoluments of more than £60,000 during the year.
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|||||||
|---|---|---|---|---|---|
|14|Auditors'|remuneration|
|2021|2020|
|£|£|
|Audit|of the|financial|statements|11,304|4,443|
----- End of picture text -----
|
Page 27
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
15 Taxation
The group is a registered charity and is therefore exempt from taxation.
Page 28
| | |
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
16 Tangible fixed assets
Group
|
: | : ! | | |
| Group | |||
|---|---|---|---|
| Land and | Furniture and | ||
| buildings | equipment | Total | |
| £ | £ | £ | |
| Cost | |||
| At 1 January2021 | 3,272,848 | 1,268,566 | 4,541,414 |
| Additions | 392,070 | 12,741 | 404,811 |
| Disposals | (4,449) | - | (4,449) |
| At 31 December2021 | 3,660,469 | 1,281,307 | 4,941,776 |
| Depreciation | |||
| At 1 January 2021 | 227,341 | 650,301 | 877,642 |
| Charge forthe year | 35,985 | 52,611 | 88,596 |
| At 31 December2021 | 263,326 | 702,912 | 966,238 |
| Netbook value | |||
| At 31 December 2021 | 3,397,143 | 578,395 | 3,975,538 |
| At 31 December 2020 | 3,045,507 | 618,265 | 3,663,772 |
| Charity | |||
| Landand buildings |
Furniture and equipment |
Total | |
| £ | £ | £ | |
| Cost | |||
| At | January 2021 | 3,272,848 | 1,268,566 |
| Additions | 392,070 | 12,741 | 404,811 |
| Disposals | (4,449) | - | (4,449) |
| At31 December2021 | 3,660,469 | 1,281,307 | 4,941,776 |
| Depreciation | |||
| At 1 January2021 Chargefortheyear |
227,341 35,985 |
650,301 52,611 |
877,642 88,596 |
| At31 December2021 | 263,326 ae |
702,912 | 966,238 eee i |
| Netbookvalue | |||
| At31 December2021 | 3,397,143 —————— |
578,395 enee eee |
3,975,538 |
| At31December2020 | 3,045,507 | 618,265 | 3,663,772 |
Page 29
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
17 Heritage assets
Group
| Group | ||
|---|---|---|
| Other heritage | ||
| asset class 1 | Total | |
| £ | £ | |
| Cost | ||
| At 1 January2021 | 2,832,182 | 2,832,182 |
| Additions | 465,886 | 465,886 |
| At 31 December2021 | 3,298,068 | 3,298,068 |
| Depreciation | ||
| At 31 December 2021 | - | - |
| Net book value | ||
| At31 December2021 | 3,298,068 | 3,298,068 |
| Charity | ||
| Other heritage | ||
| asset class 1 | Total | |
| £ | £ | |
| Cost | ||
| At ft January 2021 | 2,832,182 | 2,832,182 |
| Additions | 465,886 | 465,886 |
| At31 December2021 | 3,298,068 | 3,298,068 |
| Depreciation | ||
| At31 December 2021 | - | - |
| Netbookvalue | ||
| At 31 December2021 | 3,298,068 | 3,298,068 |
| 18 Fixed asset investments | ||
| Group | ||
| 2021 | 2020 | |
| £ | £ | |
| Otherinvestments | 56,894 | 62,017 |
Page 30
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
| Other investments | ||
|---|---|---|
| Listed | ||
| investments | Total | |
| £ | £ | |
| Cost orValuation | ||
| At | January 2021 | 62,017 |
| Revaluation | (17,295) | (17,295) |
| Additions | 16,773 | 16,773 |
| Disposals | (4,601 ) | (4,601) |
| At31 December 2021 | $6,894 | 56,894 |
| Net book value | ||
| At31 December2021 | 56,894 | 56,894 |
| At 31 December2020 | 62,017 | 62,017 |
| Charity | ||
| 2021 | 2020 | |
| £ | £ | |
| Other investments | 56,894 | 62,017 |
| Shares in group undertakings and participating interests | ||
| Subsidiary | ||
| undertakings | Total | |
| £ | £ | |
| Cost | ||
| At 1 January 2021 | 100 | 100 |
| At 31 December2021 | 100 | 100 |
| Netbookvalue | ||
| At 31 December 2021 | 100 | 100 |
| At31December2020 | 100 | 100 |
Page 31
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Other investments
| Listed | ||||
|---|---|---|---|---|
| investments | Total | |||
| £ | £ | |||
| Cost or Valuation | ||||
| At1January2021 | 62,017 | 62,017 | ||
| Revaluation Additions |
(17,295) 16,773 |
(17,295) 16,773 |
||
| Disposals | (4,601 ) | (4,601) | ||
| At31 December2021 | $6,894 | 56,894 | ||
| Net bookvalue | ||||
| At3} December2021 | 56,894 | 56,894 | ||
| At 31 December2020 | 62,017 | 62,017 | ||
| 19 Stock | ||||
| Group | Charity | |||
| 2021 | 2020 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Stocks | 87,647 | 83,883 | 4,426 | 4,426 |
| 20 Debtors | ||||
| Group | Charity | |||
| 2021 | 2020 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Trade debtors | 45,375 | 32,314 | 41,473 | $,237 |
| Duefromgroup undertakings | - | - | 257,936 | 211,026 |
| Prepayments | 450 | 450 | 450 | 450 |
| Otherdebtors | 9,733 | 9,735 | - | 2 |
| 55,558 | 42,499 | 299,859 | 216,715 |
21 Cash and cash equivalents
| Group | Charity | ||||
|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Cashon | onhand | 4,474 | 3,555 | 4,474 | 3,555 |
| Cash | atbank | 766,952 | 387,413 | 600,516 | 282,315 |
| 771,426 | 390,968 | 604,990 | 285,870 |
Page 32
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
22 Creditors: amounts falling due within one year
| Group | Charity | |||
|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Trade creditors | $8,529 | 13,234 | 57,742 | 12,066 |
| Hire purchase and finance leases | 677 | 3,574 | 677 | 3,574 |
| Other taxation andsocial security | 65,688 | 54,376 | 65,688 | 54,376 |
| VAT grantrepayable | (120,828) | (10,857) | (119,001) | (13,591) |
| Other creditors | - | 88,028 | - | 87,986 |
| Accruals | 15,780 | 15,780 | 9,485 | 9,485 |
| Deferred income | - | 1,250 | - | 1,250 |
| 19,846 | 165,385 | 14,591 | 155,146 | |
| 23 Creditors: amounts falling due afteroneyear | ||||
| Group | Charity | |||
| 2021 | 2020 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Other loans | 4,800,682 | 4,271,372 | 4,800,682 | 4,271,372 |
| Deferred income | - | 23,499 | - | 23,499 |
| 4,800,682 | 4,294,871 | 4,800,682 | 4,294,871 |
Page 33
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
24 Funds
Group
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Balance|at 31|
|Balance|at|1|Incoming|Resources|December|
|January|2021|resources|expended|2021|
|£|£|£|£|
|Unrestricted|funds|
|General|
|General|1,329,764|1,873,846|(1,064,308)|2,139,302|
|Restricted|funds|
|Restricted|651,551|-|-|651,551|
|Endowment|funds|
|Expendable|
|Endowment|633,650|-|-|633,650|
|633,650|-|-|633,650|
|Total fands|2,614,965|1,873,846|( 1,064,308)|3,424,503|
|Balance|at 31|
|Balance|at|1|Incoming|Resources|December|
|January|2020|resources|expended|2020|
|£|£|£|£|
|Unrestricted|funds|
|General|
|General|1,469,215|257,679|(397,130)|1,329,764|
|Restricted|funds|
|Restricted|651,551|-|-|651,551|
|Endowment|funds|
|Expendable|
|Endowment|633,650|-|-|633,650|
|633,650|-|-|633,650|
|Total funds|2,754,416|257,679|(397130)|2,614,965|
----- End of picture text -----
Page 34
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Charity
| Charity | ||||
|---|---|---|---|---|
| Balance at31 | ||||
| Balance at 1 January2021 |
Incoming resources |
Resources expended |
December 2021 |
|
| £ | £ | £ | £ | |
| Unrestricted fands | ||||
| General | ||||
| Unrestricted | 1,329,764 | 1,676,237 | (866,700) | 2,139,301 |
| Restricted funds | ||||
| Restricted | 651,551 | - | - | 651,551 |
| Endowment funds | ||||
| Expendable | ||||
| Endowment | 633,650 | - | - | 633,650 |
| 633,650 | - | - | 633,650 | |
| Totalfunds | 2,614,965 | 1,676,237 | (866,700) | 3,424,502 |
| Balance at 31 | ||||
| Balance at I | Incoming | Resources | December | |
| January2020 | resources | expended | 2020 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General | ||||
| Unrestricted | 1,469,215 | 257,679 | (397,130) | 1,329,764 |
| Restricted funds | ||||
| Restricted | 651,551 | - | - | 651,551 |
| Endowment funds | ||||
| Expendable | ||||
| Endowment | 633,650 | - | - | 633,650 |
| 633,650 | - | - | 633,650 | |
| Totalfunds | 2,754,416 | 257,679 | (397,130) | 2,614,965 |
The specific purposes for which the funds are to be applied are as follows:
The endowment fund relates to assets from British Rail as at 1 April 1989.
Restricted funds include grants received from the Welsh Assembly Government for the ongoing running costs of the shed and workshop. New restricted funds this year relate to the Trackwork claim which was unspent as the year end. Page 35
Vale of Rheidol Railway Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
25 Analysis of net funds
Group
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||||||
|---|---|---|---|---|
|At|31|
|At|1|January|December|
|2021|2021|
|£|£|
|Cash at bank|and|in hand|390,968|390,968|
|Net debt|390,968|390,968|
|At|31|
|At|1|January|December|
|2020|2020|
|£|£|
|Cash|at bank and|in hand|234,786|234,786|
|Net debt|234,786|234,786|
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26 Parent and ultimate parent undertaking
The company's immediate parent is Phyllis Rampton Narrow Gauge Railway Trust, incorporated in England.
These financial statements are available upon request from the registered office or the Charity Commission.
27 Non-adjusting events after the financial period
Following the death of PJ Rampton, The Vale of Rheidol Railway Limited is due to receive assets from his estate, The interim estate accounts prepared by Stevens & Bolton dated 29 June 2022 values the estate due to the company as £10,076,698.
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