|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| ## ## ## |27.|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| ## ## ## ## ## ## ##