2021-12-31-accounts - Modern Electric Tramways Limited

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Modern Electric Tramways	Modern Electric Tramways	Ltd
Registration Number	00519844
Charity Number 1164157
Contents
			Page
Legal and administrative	information
Trustees' report			2 - 13
Auditor's report to the	trustees		14-17
Consolidated statement	offinancial activities		18
Consolidated balance sheet			19
Charity balance sheet
Consolidated statement	ofcash	flows	21-22
Notes to the financial statements			23-40

Charity Number		1164157
Company Registration	Number	00519844
Business Address		Riverside Depot
		Harbour Road
		Seeton
		Devon
		EX122NQ
		www. tram.co.uk
		info@tram. co.uk
Registered Office		Riverside Depot
		Harbour Road
		Seaton
		Devon
		EX122NQ
Trustees		Nicola EStone
		Mark A Homer
		David W Keay
		Bruce CWames
Chief Executive Officer		Jennifer M Nunn
Auditors		Thomas Westcott	LLP
		Timberly
		South Street
		Axminster
		Devon
		EX135AD
Bankers		Lloyds Bank
		The Square
		Seaton
		Devon
		EX122QH
Solicitors		Dunn and Baker
		21-22 Southemhay	East
		Exeter
		Devon
		EX1 1QQ

					Year ended	Year ended	Year ended	Year ended
					31/12/2021	31/12/2021	31/12/2021	31/12/2020
					Unrestricted	Restricted	Total	Total
					funds	funds	funds	funds
				Notes
Income and endowments			from
Donations		aud legacies			183,778	518,579	702,357	794,675
Charitable		activities			1,032,076		1,032,076	419,063
Other trading activities					382,954		382,954	208,469
Investments					54		54	23
Other					50,477		50,477	38,067
Total					1,649,339	518,579	2,167,918	1,460,297
Expenditure	on
Raising funds					306,936		306,936	200,221
Charitable		activities			645,393	727,403	1,372,796	991,377
Total					952,329	727,403	1,679,732	1,191,598
Net movement		in funds			697,010	(208,824)	488,186	268,699
Total funds brought forward					5,325,360	550,079	5,875,439	5,606,740
Total funds carried forward					6,022,370	341,255	6,363,625	5,875,439

				31/12/2021		31/12/2020
		Notes		K
Fixed assets
Tangible assets		15		4,011,080		4,125,314
Heritage assets		16		2,000,000		2,000,000
Investments
				6,011,080		6,125,314
Current assets
Stock		18	83,706		86,695
Debtors		19	39,449		58,293
Cash atbank and in hand			716,431		683,480
			839,586		828,468
Creditors: amounts	falling
due within one year		20	(210,683)		(614,402)
Net current asset/(liabilities)				628,903		214,066
Total assets less current liabilities				6,639,983		6,339,380
Creditors: amounts	falling	21
due after one year				(276,358)		(463,941)
Net assets				6,363,625		5,875,439
Restricted funds		26		341,255		550,079
Uarestricted funds:		27
Designated funds
Unrestricted funds				3,919,385		3,222,375
Called up share capital				23,781		23,781
Revaluation reserve				2,079,204		2,079,204
Total funds				6,363,625		5,875,439

				31/12/2021		31/12/2020
		Notes	g		g
Fixed assets
Tangible assets		15		4,011,080		4,125,314
Heritage assets		16		2,000,000		2,000,000
Investments				50,000		50,000
				6,061,080		6,175,314
Current assets
Stock		18
Debtors		19	179,879		135,325
Cash at bank and in hand			562,416		614,844
			742,295		750,169
Creditors: amounts	falling
due within one year		20	(198,832)		(610,288)
Net current asset/(fiabiTities)				543,463		139,881
Total assets less current liabilities				6,604,543		6,315,195
Creditors: amounts	falling	21
due after one year				(276,358)		(463,941)
Net assets				6,328,185		5,851,254
Restricted funds		26		341,255		550,079
Unrestricted funds:		27
Designated funds
Unrestricted funds				3,883,945		3,198,190
Called up share capital				23,781		23,781
Revaluation reserve				2,079,204		2,079,204
Total funds				6,328,185		5,851,254

		Year ended	Year ended	Year ended	Year ended
		31/12/2021	31/12/2021	31/12/2021	31/12/2020
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
Cash flows from operating activities:		f			f
Net income for the reporting period
(asper the Statement ofFinancial Activities)		697,010	(208,824)	488,186	268,699
Adjustments for:
Depreciation oftangible fixed assets		142,215	22,367	164,582	162,515
(Profit)/loss on disposal oftangible F.A.		(934)		(934)
Other interest receivable		(54)		(54)	(23)
Income from investment properlies		(7,920)		(7,920)	(7,579)
Revaluation ofheritage assets
Revaluation ofinvestment prop.
Changes in:
(Increase) in stock		2,989		2,989	(35,858)
(Increase)/decrease in debtors		18,844		18,844	39,380
Increase/(decrease) in creditors		(35,662)		(35,662)	(6,989)
Cash generated &om operations		816,488	(186,457)	630,031	420,145
Interest received		54		54	23
Net cash provided by operating	activities	816,542	(186,457)	630,085	420,168
Cash flows from investinz activities:
Purchase oftangible assets		(26,698)	(23,650)	(50,348)	(328,903)
Proceeds &om sale oftangible F.A.		934		934
Rents &om investments		7,920		7,920	7,579
Net cash provided by investing	activities	(17,844)	(23,650)	(41,494)	(321,324)
Cash flows from financing activities:
Repayment ofbonowings		(555,640)		(555,640)	(56,083)
Cash inflow from borrowings					304,500
Net cash provided by financing	activities	(555,640)		(555,640)	67,498
Total net cash movements		243,058	(210,107)	32,951	666,342
Cash and cash equivalents at stmt ofyear		440,018	243,462	683,480	17,138
Cash and cash equivalents atveer end		683,076	33,355	716,431	683,480
The notes on pages 23to 40form an integral			part ofthese financial statements.

			Year ended	Year ended	Year ended	Year ended
			31/12/2021	31/12/2021	31/12/2021	31/12/2020
			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
						f
Cash in hand			683,076	33,355	716,431	683,480
Overdraft	facilities repayable	on demand
			683,076	33,355	716,431	683,480
Analysis	ofchanges in net debt
			As at		Other	As at
			01/01/2021	Cash flow	changes	31/12/2021
			0	f
Cash			683,480	32,951		716,431
Overdraft	repayable on demand
Loans falhug due within one		year	(408,057)	368,057		(40,000)
Loans due	after more than one year		(463,941)	187,583		(276,358)
Hire purchase —less than one year			(5,069)	5,069
Hire purchase —more than one year
			(193,587)	593,660		400,073

Freehold land	No depreciation	charge
Assets under construction	No depreciation	charge
Short leasehold property	Straight line over the lease term
Freehold property	2%straight line
Buildings	2%straight line
Plant and machinery	10%aiid 20% straight line

Donations	an	d le	gacies
				Year ended	Year ended	Year ended	Year ended
				31/12/2021	31/12/2021	31/12/2021	31/12/2020
			Unrestricted		Restricted	Total	Total
				funds	fuads	funds	funds
				g		f
Donations				1,164		1,164	101,906
Gift aid				62,473		62,473	77,114
Govcrmnent		grants		120,141		120,141	176,559
Grants					518,579	518,579	439,096
				183,778	518,579	702,357	794,675
Gift aid stated		above includes f49,318claimed in relation to 'explorer'				admission tickets	(2020:f48,72
Charitable	activities
				Year ended	Year ended	Year ended	Year ended
				31/12/2021	31/12/2021	31/12/2021	31/12/2020
				Unrestricted	Restricted	Total	Total
				funds	funds	funds	funds
					E	g
Admission	-tram		fares	838,376		838,376	416,655
Admission	-themed tram fares			188,862		188,862	439
Tours, experience			days and other	4,838		4,838	1,969
				1,032,076		1,032,076	419,063

Other trading activities
	Year ended	Year ended	Year ended	Year ended
	31/12/2021	31/12/2021	31/12/2021	31/12/2020
	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
	g		g
Gift shop and cafe (inci. subsidiary)	349,135		349,135	137,407
Advertising	(384)		(384)	3,438
Rent aod service charges	7,920		7,920	7,579
Other	26,283		26,283	60,045
	382,954		382,954	208,469

5.	Investments	Investments
					Year ended	Year ended	Year	ended	Year	ended
					31/12/2021	31/12/2021	31/12/2021		31/12/2020
					Unrestricted	Restricted		Total		Total
					funds	funds		funds	funds
										f
	Bank interest				54			54		23
					54			54		23
6.	Other
					Year ended	Year ended	Year	ended	Year ended
					31/12/2021	31/12/2021	31/12/2021		31/12/2020
					Unrestricted	Restricted		Total		Total
					funds	funds		funds		funds
					f			f
	Wayleave				8			8		8
	Insurance	claims			46,326		46,326			16,217
	Other goods snd services									1,872
	Taxrelief				4,143			4, 143		19,970
					50,477		50,477			38,067
7.	Raising funds
					Year ended	Year ended	Year ended		Year	ended
					31/12/2021	31/12/2021	31/12/2021		31/12/2020
					Unrestricted	Restricted		Total		Total
					funds	funds		funda		funda
					f					f
	Purchases	snd	direct costs		115,587		115,587			42,103
	Direct staff costs				155,117		155,117		129,882
	Rates snd	waste disposal			3,983			3,983		7,495
	Light snd	heat			12,182			12,182		8,510
	Maintenance,		repairs and uniforms		8,097			8,097		2,227
	Bank charges		and merchant fees		5,034			5,034		3,068
	Other support		snd governance	costs	6,939			6,939		6,936
					306,939		306,939		200,221

. Charitable activities
	Year ended	Year ended	Year ended	Year ended
	31/12/2021	31/12/2021	31/12/2021	31/12/2020
	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
Direct staff costs (incl. training)	60,832	375,317	436,149	334,673
Contract labour costs	6,144	4,634	10,778	3,745
Themed fare costs	41,007	30,925	71,932	881
Fleet, tmck and overhead repairs	39,757	148,939	188,696	71,400
Engineering and equipment costs	19,158	14,448	33,606	9,950
Property maintenance and repairs	18,491	13,944	32,435	18,501
Uniforms aud pmtective clotlung	2,185	1,648	3,833	806
Consumables and sundries	6,744	4,743	11,487	5,824
Office equipment (incl. equip. hire)	1,795	1,354	3,149	2,458
Power, light and heat	12,044	9,082	21,126	13,613
Rent, rates, cleaning and waste disposal	13,297	9,668	22,965	23,542
Insurance	20,039	15,112	35,151	41,719
Advertising, promotion and website	19,390	14,622	34,012	50,016
Cornmunicatioa and IT	10,227	7,712	17,939	18,895
Printing postage and stationery	4,839	3,649	8,488	4,909
Legal fees		1,273	1,273	5,543
Pmfessional fees and subscriptions	2,902	3,463	6,365	4,002
Audit and accountancy fees	6,631	5,001	11,632	10,915
Bank charges and merchant fees	7,099	5,414	12,513	6,353
Interest charges (incl. hire purchase)	5,947	4,485	10,432	14,955
Other support and governance costs	183,870		183,870	152,453
HLF activities and related expenses	21,714	29,603	51,317	33,709
Depreciation	142,215	22,367	164,582	162,515
Depreciatioa eliminated on disposal
Gains on disposal offixed assets	(934)		(934)
	645,393	727,403	1,372,796	991,377

alysis ofsupp	ort c	asts
						Year ended	Year ended
				Raising	Charitable	31/12/2021	31/12/2020
				funds	activities	Total	Total
Governance
Directors and	officers' insurance				882	882	697
Directors' meetings,		travel and subsistence			1,551	1,551	542
Human Resources
Administrative	and	management	staff	6,939	181,437	188,376	158,150
				6,939	183,870	190,809	159,389

						Year ended	Year ended
						31/12/2021	31/12/2020
						g
Net incoming		resources	are stated atter charging:
Depreciation		and other	amounts	written offtangible fixed assets		164,582	162,515
Auditor's	remuneration		and other accountancy		services	6,631	10,915
Gains on	disposals oftangible			fixed assets		(934)
						170,279	173,430

mployment costs
		Year ended	Year ended
		31/12/2021	31/12/2020f
Wages and salaries		721,438	575,731
Social security costs		44,256	30,193
Pension costs (contributions	and scheme fees)	9,511	15,363
Staffrecruitment, training	and welfare costs	4,029	992
		779,234	622,279

	Year ended	Year ended
	31/12/2021	31/12/2020
	Number	Number
Parent	37	35
Subsidiary	13	13
Total employees	50	48

Summary oftrading results	Year ended	Year ended
	31/12/2021	31/12/2020
Tulllovef	375,427	197,653
Total expenditure	(308,020)	(200,644)
Net profit for the year	67,407	(2,991)
Amount gift-aided to the charity	(56,153)
Retained profit	11,254	(2,991)
The assets and liabilities ofSeaton Tramway	(Enterprises) Limited were:
Fixed assets
Current assets	237,768	155,332
Liabilities falling due within I year	(152,328)	(81,146)
Funds	85,440	74,186

Tangible fixed assets	Preehold	Short leasehold	Plant,
ofthe group	land and	land and	equipment	Assets under
	buildings	buildings	and fixtures	construction	Total
Cost
At 1 January 2021	1,103,232	2,749,249	1,036,244	392,237	5,280,962
Additions			50,348		50,348
At 31December 2021	1,103,232	2,749,249	1,086,592	392,237	5,331,310
Depreciation
At 1 January 2021	330,609	135,681	689,358		1,155,648
Charge forthe year	17,186	54,985	92,411		164,582
At 31December 2021	347,795	190,666	781,769		1,320,230
Net book values
At 31December 2021	755,437	2,558,583	304,823	392,237	4,011,080
At 31December 2020	772,623	2,613,568	346,886	392,237	4,125,314

							Group	Group		Charity	Charity
						31/12/2021		31/12/2020	31/12/2021		31/12/2020
							g			g
	Historical costs									50,000	50,000
	The charity's		fixed asset investments			relate to its	trading subsidimy, with		the historical costs being the
	nominal share			value. Because the		subsidiary	would not	be able to	trade	without	the charity's
	collaboration,		the market value ofthe investment				is deemed	to be its retained		reserves only. All fixed
	asset investments			are held within the		United Kingdom.
1$.	Stock
							Group	Group		Charity	Charity
						31/12/2021		31/12/2020	31/12/2021		31/12/2020
							g	f		f
	Closing stock						83,706	86,695
							83,706	86,695
19.	Debtors
							Group	Group		Charity	Charity
						31/12/2021		31/12/2020	31/12/2021		31/12/2020
	All amounts	fall		due in less than Iyear				f		g
	Trade debtors						4,884	2,442		4,884	2,442
	Other debtors						4,680	40,428		10,371	40,428
	Prepayments		and accrued income				29,885	15,423		29,885	15,423
	Amounts due		fiom subsidiary		undertakings					134,739	77,032
							39,449	58,293		179,879	135,325

for	the year ended 31December 2021
20.	Creditors
		Group	Group	Charity	Charity
		31/12/2021	31/12/2020	31/12/2021	31/12/2020
	All amounts fall due in less than Iyear				f
	Trade creditors	95,223	137,606	86,473	136,760
	Other creditors	5,000	5,000	5,000	5,000
	Accruals snd deferred income	60,846	48,996	58,173	46,626
	Social security and other taxes	9,614	9,674	9,186	8,776
	Short term loans and overdrafts	40,000	408,057	40,000	408,057
	Hire purchase		5,069		5,069
	Amounts due to subsidiary undertakings
		210,683	614,402	198,832	610388
21.	Creditors
		Group	Group	Charity	Charity
		31/12/2021	31/12/2020	31/12/2021	31/12/2020
	All amounts fall due atter I year
	Bank loans	276,358	463,941	276,358	463,941
	Hire purchase
		276,358	463,941	276,358	463,941

			Group	Group	Charity	Charity
			31/12/2021	31/12/2020	31/12/2021	31/12/2020
			f	f	K
Audit			3,623	3,450	3,623	3,450
Other	accountancy	services	8,009	7,465	5,565	5,359
			11,632	10,915	9,188	8,809

				Unrestricted	Restricted	Total
				31/12/2021	31/12/2021	31/12/2021
Fund balances		as represented	by:	K	K
Tangible	fixed	assets		3,703,180	307,900	4,011,080
Heritage	assets			2,000,000		2,000,000
Investments
Current	assets			806,231	33,355	839,586
Current	liabilities			(210,683)		(210,683)
Long term liabilities				(276,358)		(276,358)
				6,022,370	341,255	6,363,625
Comparative		year
				Unrestrleted	Restricted	Total
				31/12/2020	31/12/2020	31/12/2020
Fund balances		as represented	by:			K
Tangible	fixed	assets		3,818,697	306,617	4,125,314
Heritage	assets			2,000,000		2,000,000
Investments
Cmrent	assets			585,006	243,462	828,468
Current	liabilities			(614,402)		(614,402)
Long term liabilities				(463,941)		(463,941)
				5,325,360	550,079	5,875,439

Analysis ofnet assets betwe	en funds —	Charity
		Unrestricted	Restricted	Total
		31/12/2021	31/12/2021	31/12/2021
Fund balances as represented	by:	t
Tangible fixed assets		3,703,180	307,900	4,011,080
Heritage assets		2,000,000		2,000,000
Investments		50,000		50,000
Current assets		708,940	33,355	742,295
Current liabilities		(198,832)		(198,832)
Long term liabilities		(276,358)		(276,358)
		5,986,930	341,255	6,328,185

		Unrestricted	Rtstricted	Total
		31/12/2020	31/12/2020	31/12/2020
Fund balances as represented	by:			f
Tangible fixed assets		3,818,697	306,617	4,125,314
Heritage assets		2,000,000		2,000,000
Investments		50,000		50,000
Current assets		506,707	243,462	85,825
Current liabilities		(610,288)		(610,288)
Long tean liabilities		(463,941)		(463,941)
		5,301,175	550,079	5,851,254

Group restrict	ed funds - 2021
		At 1Jan	Incoming	Outgoing	At31Dec
		2020	resources	resources	2020
		g	g		g
Culture Recovery Fund		209,750	435,050	(626,800)	18,000
Travels thmugh	Heritage and the Axe Valley	199,825	79,879	(79,880)	199,824
Wetland Halt Project		100,499		(356)	100,143
Seaton Tram Station		40,005		(20,002)	20,003
EDDC AONB	Grant		3,650	(365)	3,285
		550,079	518,579	(727,403)	341,255

Group restricted funds - 2020
	At 1Jaa	Incoming	Outgoing	At31Dec
	2020	resources	resources	2020
NLHF Emergency Covid-19 Support		48,700	(48,700)
Kick Start Grant		3,000	(3,000)
Culture Recovery Fund		217,550	(7,800)	209,750
Travels through Heritage and the Axe Valley	138,487	93,847	(32,509)	199,825
Wetland Halt Project	25,000	75,499		100,499
Seaton Tram Station	60,007		(20,002)	40,005
	223,494	438,596	(112,011)	550,079

Group unrestricted	Group unrestricted	funds - 2021	At					At
			IJanuary	Incoming	Outgoing			31December
			2021	'resollrccs	resources	Revaluations		2021
			K	g			g	g
Unrestricted	funds ofthe group		5,325,360	1,649,339	(952,329)			6,022,370
Charity unrestricted		funds - 2021	At					At
			1Jaauary	Incoming	Outgoing			31December
			2021	resources	resources	Revaluations		2021
			g
Unrestricted	funds ofthe charity		5,301,175	1,277,836	(592,081)			5,986,930
Group unrestricted		funds - 2020	At					At
			IJanuary	Incoming	Outgoing			31December
			2020	resources	resources	Revaluations		2020
			0	g			f.
Unrestricted	funds ofthe group		5,383,246	1,021,701	(1,079,587)			5,325,360
Charity unrestricted		funds - 2020	At					At
			IJanuary	Incoming	Outgoing			31December
			2020	resources	resources	Revaluations		2020
			g
Unrestricted	funds ofthe charity		5,306,069	887,593	(892,487)			5,301,175