2022-12-31-accounts - Modern Electric Tramways Limited

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			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
Charity balance sheet			20
Consolidated statement	ofcash flows		21-22
Notes to the financial statements			23 - 39

Charity Number	Charity Number		1164157
Company	Registration	Number	00519844
Business Address			Riverside Depot
			Harbour Road
			Seaton
			Devon
			EX122NQ
			www. tram.co.uk
			infotram. co.uk
Registered	Office		Riverside Depot
			Harbour Road
			Seaton
			Devon
			EX122NQ
Trustees			Nicola EStone
			Mark A Horner
			David W Keay
			Bruce C Warnes
Chief Executive Officer			Jennifer M Nunn
Auditors			Westcotts (SW)LLP
			Timberly
			South Street
			Axminster
			Devon
			EXI35AD
Bankers			Lloyds Bank
			The Square
			Seaton
			Devon
			EX122QH
Solicitors			Dunn and Baker
			21-22 Southernhay	East
			Exeter
			Devon
			Exl 1QQ

					Year ended	Year ended	Year ended	Year ended
					31/12/2022	31/12/2022	31/12/2022	31/12/2021
					Unrestricted	Restricted	Total	Total
					funds	funds	funds	funds
				Notes
Income and endowments			from
Donations	and	legacies			62,232	42,000	104,232	702,357
Charitable	activities				1,083,272		1,083,272	1,032,076
Other trading		activities			424,334		424,334	382,954
Investments					275		275	54
Other					9,585		9,585	50,477
Total					1,579,698	42,000	1,621,698	2,167,918
Expenditure	on
Raising funds				7	371,690		371,690	306,936
Charitable	activities			8	1,392,540	97,724	1,490,264	1,372,796
Total					1,764,230	97,724	1,861,954	1,679,732
Net movement	in funds				(184,532)	(55,724)	(240,256)	488,186
Total funds brought forward					6,022,370	341,255	6,363,625	5,875,439
Total funds carried forward					5,837,838	285,531	6,]23,369	6,363,625

				31/12/2022		31/12/2021
		Notes			g
Fixed assets
Tangible assets		15		3,947,272		4,011,080
Heritage assets		16		2,000,000		2,000,000
Investments
				5,947,272		6,011,080
Current assets
Stock		18	83,315		83,706
Debtors		19	82,402		39,449
Cash at bank and in hand			434,211		716,431
			599,928		839,586
Creditors: amounts	falling
due within one year		20	(215,323)		(210,683)
Net current asset				384,605		628,903
Total assets less current liabilities				6,331,877		6,639,983
Creditors: amounts	falling	21
due after one year				(208,508)		(276,358)
Net assets				6,123,369		6,363,625
Restricted funds		26		285,531		341,255
Unrestricted funds:		27
Designated funds
Unrestricted funds				3,734,853		3,919,385
Called up share capital				23,781		23,781
Revaluation reserve				2,079,204		2,079,204
Total funds				6,123,369		6,363,625

				31/12/2022		31/12/2021
		Notes	g
Fixed assets
Tangible assets		15		3,947,272		4,011,080
Heritage assets		16		2,000,000		2,000,000
Investments				50,000		50,000
				5,997,272		6,061,080
Current assets
Stock		18
Debtors		19	249,545		179,879
Cash at bank and in hand			260,319		562,416
			509,864		742,295
Creditors: amounts	falling
due within one year		20	(210,698)		(198,832)
Net current asset				299,166		543,463
Total assets less current liabilities				6,296,438		6,604,543
Creditors: amounts	falling	21
due after one year				(208,508)		(276,358)
Net assets				6,087,930		6,328,185
Restricted funds		26		285,531		341,255
Unrestricted funds:		27
Designated funds
Unrestricted funds				3,699,414		3,883,945
Called up share capital				23,781		23,781
Revaluation reserve				2,079,204		2,079,204
Total funds				6,087,930		6,328,185

		Year ended	Year ended	Year ended	Year ended
		31/12/2022	31/12/2022	31/12/2022	31/12/2021
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
Cash flows from operating activities:
Net income for the reporting period
(as per the Statement ofFinancial Activities)		(184,535)	(55,724)	(240,259)	488,186
Adjustments for:
Depreciation oftangible fixed assets		161,312	22,369	183,681	164,582
(Protit)/loss on disposal oftangible F.A.					(934)
Other interest receivable		(275)		(275)	(54)
Income from investment properties		(9,087)		(9,087)	(7,920)
Revaluation ofheritage assets
Revaluation ofinvestment prop.
Changes in:
(Increase)/decrease in stock		391		391	2,989
(Increase)/decrease in debtors		(42,953)		(42,953)	18,844
Increase/(decrease) in creditors		4,640		4,640	(35,622)
Cash generated from operations		(70,507)	(33,355)	(103,862)	630,031
Interest received		275		275	54
Net cash provided by operating	activities	(70,232)	(33,355)	(103,587)	630,085
Cash flows from investing activities:
Purchase oftangible assets		(119,870)		(119,870)	(50,348)
Proceeds from sale oftangible F.A.					934
Rents from investments		9,087		9,087	7,920
Net cash provided by investing	activities	(110,783)		(110,783)	(41,494)
Cash flows from flnancing activities:
Repayment ofborrowings		(67,850)		(67,850)	(555,640)
Cash inflow from boirowings
Net cash provided by financing	activities	(67,850)		(67,850)	(555,640)
Total net cash movements		(248,865)	(33,355)	(282,220)	32,951
Cash and cash equivalents at start ofyear		683,076	33,355	716,431	683,480
Cash and cash equivalents at year end		434,211		434,211	716,431

			Year ended	Year ended	Year ended	Year ended
			31/12/2022	31/12/2022	31/12/2022	31/12/2021
			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
					g
Cash in hand			434,211		434,211	716,431
Overdraft	facilities repayable	on demand
			434,211		434,211	716,431
Analysis	ofchanges in net debt
			As at		Other	As at
			01/01/2022	Cash flow	changes	31/12/2022
			g
Cash			716,431	(282,220)		434,211
Overdraft	repayable on demand
Loans falling due within one		year	(40,000)	(14,212)		(54,212)
Loans due	after more than one year		(276,358)	67,850		(208,508)
Hire purchase —less than one year
Hire purchase —more than one year
			400,073	(228,582)		171,491

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%and 20% straight line

onations an	d legacies
		Year ended	Year ended	Year ended	Year ended
		3V12/2022	31/12/2022	31/12/2022	31/12/2021
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
Donations		540		540	1,164
Gift aid		52,692		52,692	62,473
Government	grants	5,000		5,000	]20,14I
Grants		4,000	42,000	46,000	5]8,579
		62,232	42,000	104,232	702,357

			Year ended	Year ended	Year ended	Year ended
			31/12/2022	31/12/2022	31/12/2022	31/12/2021
			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
					t
Admission	- tram	fares	843,063		843,063	838,376
Admission	- themed tram fares		225,291		225,291	188,862
Tours, experience		days and other	14,918		14,918	4,838
			1,083,272		1,083,272	1,032,076

Other trading activities
	Year ended	Year ended	Year ended	Year ended
	31/12/2022	31/12/2022	31/12/2022	31/12/2021
	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
			K
Gift shop and cafe (incl, subsidiary)	409,913		409,913	349,135
Advertising	5,334		5,334	(384)
Rent and service charges	9,087		9,087	7,920
Other				26,283
	424,334		424,334	382,954

			Year ended	Year ended	Year ended	Year ended
			31/12/2022	31/12/2022	31/12/2022	31/12/2021
			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
	Bank	interest	275		275	54
			275		275	54
6.	Other

Other
		Year ended	Year ended	Year ended	Year ended
		31/12/2022	31/12/2022	31/12/2022	31/12/2021
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
Wayleave		8		8	8
Insurance	claims	9,577		9,577	46,326
Other goods and services
Tax relief					4,i43
		9,585		9,585	50,477

Raising f	unds
						Year ended	Year ended	Year ended	Year ended
						31/12/2022	31/12/2022	31/12/2022	31/12/2021
						Unrestricted	Restricted	Total	Total
						funds	funds	funds	funds
Purchases	and	direct	costs			147,129		i47,129	115,587
Direct staff costs						167,810		167,810	155,117
Rates and	waste disposal					2,854		2,854	3,983
Light and	heat					34,325		34325	12,182
Maintenance,		repairs	and uniforms			5,445		5,445	8,097
Bank charges		and merchant		fees		6,208		6,208	5,034
Other support		and governance			costs	7,919		7,919	6,939
						37i,690		371,690	306,939

. Charitable activities
	Year ended	Year ended	Year ended	Year ended
	31/12/2022	31/12/2022	31/I2/2022	31/12/2021
	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
Direct staff costs (incl. training)	482,658	20,676	503,334	436,149
Contract labour costs	7,784		7,784	10,778
Thcmcd fare costs	109,368		109,368	71,932
Fleet, track and overhead repairs	91,485	36,728	128,213	188,696
Engineering and equipment costs	22,968		22,968	33,606
Property maintenance and repairs	34,758		34,758	32,435
Uniforms and protective clothing	5,452		5,452	3,833
Consumablcs and sundries	17,605		17,605	11,487
Olfice equipment (incl. equip, hire)	2,293		2,293	3,149
Power, light and heat	36,018		36,018	21,126
Rent, rates, cleaning and waste disposal	27,346		27,346	22,965
Insurance	35,966		35,966	35,151
Advertising, promotion and website	43,971		43,971	34,012
Communicauon and IT	17,613		17,613	17,939
Printing postage and stationery	8,598		8,598	8,488
Legal fees	18,293		18,293	1,273
Professional fees and subscriptions	12,090		12,090	6,365
Audit and accountancy fccs	12,116		12,116	11,632
Bank charges and merchant lees	10,912		10,912	12,513
Interest ctsarges (incl. hire purchase)	11,016		11,016	10,432
Other support and governance costs	205,597		205,597	183,870
IqLHF activities and related expenses	17,321	]7,952	35,273	51,317
Dcprcciation	161,312	22,368	183,680	164,582
Depreciation eliminated on disposal
Gains on disposal offixed assets				(934)
	1,392,540	97,724	1,490,264	1,372,796

alysis of	supp	ort c	osts
							Year ended	Year ended
					Raising	Charitable	31/12/2022	31/12/2021
					funds	activities	Total	Total
						g
Governance
Directors'	and	officers* insurance				943	943	882
Directors'	meetings,		travel and subsistence			1,803	1,803	1,551
Humau Resources
Administrative		and	management	staff	7,919	202,851	210,770	188,376
					7,919	205,597	213,516	190,809

et incomi	ng	resources	for the	year
						Year ended	Year ended
						31/12/2022	31/12/2021
Net incoming		resources	are stated after charging:
Depreciation		and other	amounts	written offtangible fixed assets		183,680	164,582
Auditor's	remuneration		and other accountancy		services	12,116	11,632
Gains on	disposals oftangible			fixed assets			(934)
						195,796	175,280

mployment costs
			Year ended	Year ended
			31/12/2022	31/12/2021
			g
Wages and salaries			808,902	721,438
Social security costs			54,812	44,256
Pension costs (contributions		and scheme fees)	13,677	9,511
Staff recruitment,	training	and welfare costs	4,523	4,029
			881,914	779,234

	Year ended	Year ended
	3V12/2022	31/12/2021
	Number	Number
Parent	37	37
Subsidiary	14	13
Total employees	51	50

						% ofequity
						share capital
Name ofsubsidiary				Country	ofincorporation	held
Seaton Tramway (Enterprises)		Limited		England	and Wales	100
Seaton Tramway	(Enterprises)		Limited	(company number 09712545)

Summary oftrading results			Year ended	Year ended
			31/12/2022	31/12/2021
				g
Turnover			410,005	375,427
Total expenditure			(379,034)	(308,020)
Net profit for the year			30,971	67,407
Amount gift-aided to the charity			(30,971)	(56,153)
Retained profit				11,254
The assets and liabilities ofSeaton Tramway		(Enterprises)	Limited were:
Fixed assets
Current assets			257,208	237,768
Liabilities falling due within	1 year		(171,768)	(152,328)
Funds			85,440	85,440

Tangible fixed assets	Freehold	Short leasehold	Plant,
ofthe group	land and	land and	equipment	Assets under
	buildings	buildings	and fixtures	construction	Total
				K
Cost
At 1 January 2022	1,103,232	2,749,249	1,086,592	392,237	5,331,310
Additions			119,870		119,870
Transfer	392,237			(392,237)
At 31 December 2022	1,495,469	2,749,249	1,206,462		5,451,180
Depreciation
At I January 2022	347,795	190,666	781,769		1,320,230
Charge for the year	17,186	54,985	111,507		183,678
At 31 December 2022	364,981	245,65]	893,276		],503,908
Net book values
At 31 December 2022	1,130,488	2,503,598	313,186		3,947,272
At 31 December 2021	755,437	2,558,583	304,823	392,237	4,011,080

Heritage assets -heritage trams	Heritage	Total
	Trams	31/12/2022
At 1 January 2022	2,000,000	2,000,000
Revaluation
At 31December 2022	2,000,000	2,000,000

ixed asset	investments
		Group	Group	Charity	Charity
		31/12/2022	31/12/2021	31/12/2022	31/12/2021
		g		g
Historical	costs			50,000	50,000

18.	Stock
							Group	Group	Charity	Charity
							31/12/2022	31/12/2021	31/12/2022	31/12/2021
							g		g
	Closing	stock					83,315	83,706
							83,315	83,706
19.	Debtors
							Group	Group	Charity	Charity
							31/12/2022	31/12/2021	31/12/2022	31/12/2021
	All amounts		fall due in less than			I year	g			g
	Trade debtors						6,199	4,884	6, 199	4,884
	Other debtors						3,175	4,680	11,430	10,371
	Prepayments			and accrued income			73,028	29,885	73,028	29,885
	Amounts	due		from subsidiary	undertakings				158,888	134,739
							82,402	39,449	249,545	179,879

for	the year ended 31Decemb	er 2022
20.	Creditors
			Group	Group	Charity	Charity
			31/12/2022	31/12/2021	31/12/2022	31/12/2021
	All amounts fall due in less than	I year
	Trade creditors		53,414	95,223	49,556	86,473
	Other creditors			5,000		5,000
	Accruals and deferred income		97,405	60,846	93,956	58,173
	Social security and other taxes		10,292	9,614	12,974	9,186
	Short term loans and overdrafts		54,212	40,000	54,212	40,000
	Hire purchase
	Amounts due to subsidiary undertakings
			215,323	2]0,683	210,698	198,832
21.	Creditors
			Group	Group	Charity	Charity
			31/12/2022	31/12/2021	31/12/2022	31/12/2021
	All amounts fall due after I year			K
	Bank loans		208,508	276,358	208,508	276,358
	Hire purchase
			208,508	276,358	208,508	276,358

			Group	Group	Charity	Charity
			31/12/2022	31/12/2021	31/12/2022	3V12/2021
Audit			3,895	3,623	3,895	3,623
Other	accountancy	services	8,221	8,009	4,830	5,565
			12,116	]1,632	8,725	9,188

				Unrestricted	Restricted	Total
				31/12/2022	3I/12/2022	31/12/2022
Fund balances		as represented	by:
Tangible	fixed	assets		3,661,741	285,531	3,947,272
Heritage	assets			2,000,000		2,000,000
Investments
Current	assets			599,928		599,928
Current	liabilities			(215,323)		(215,323)
Long term liabilities				(208,508)		(208,508)
				5,837,838	285,531	6,123,369
Comparative		year
				Unrestricted	Restricted	Total
				31/12/2021	31/12/2021	31/12/2021
Fund balances		as represented	by:
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

			Unrestricted	Restricted	Total
			31/12/2022	31/12/2022	31/12/2022
Fund balances as represented		by.
Tangible	fixed assets		3,661,741	285,531	3,947,272
Heritage	assets		2,000,000		2,000,000
Investments			50,000		50,000
Current	assets		509,864		509,864
Current	liabilities		(210,698)		(210,698)
Long term liabilities			(208,508)		(208,508)
			5,802,399	285,531	6,087,930

				Unrestricted	Restricted	Total
				31/12/2021	31/12/2021	31/12/2021
Fund balances as represented		by:			I
Tangible fixed assets				3,703,180	307,900	4,011,080
Heritage assets				2,000,000		2,000,000
Investments				50,000		50,000
Cunent 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
Group restricted funds	-	2022
				At IJan	Incoming	Outgoing At 31Dec
				2022	resources	resources 2022
Culture Recovery Fund				18,000		(2,000) 16,000
Travels through Heritage	and the		Axe Valley	199,824	42,000	(71,208) 170,616
Wetland Halt Project				100,143		(4,148) 95,995
Seaton Tram Station				20,003		(20,003)
EDDC AONB Grant				3,285		(365) 2,920
				341,255	42,000	(97,724) 285,531

Group restricted funds	- 2021
		At IJan	Incoming	Outgoing	At 31Dec
		2021	resources	resources	2021
Culture Recovery Fund		209,750	435,050	(626,800)	18,000
Travels through 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 unrestricted	Group unrestricted	funds - 2022	At					At
			IJanuary	Incoming	Outgoing			31December
			2022	resources	resources	Revaluations		2022
Unrestricted	funds ofthe group		6,022,370	1,579,698	(1,764,230)			5,837,838
Charity unrestricted		funds - 2022	At					At
			1January	Incoming	Outgoing			31December
			2022	resources	resources	Revaluations		2022
				g
Unrestricted	funds ofthe charity		5,986,930	1,175,717	(1,360,248)			5,802,399
Group unrestricted		funds - 2021	At					At
			IJanuary	Incoming	Outgoing			31December
			2021	resources	resources	Revaluations		2021
							g
Unrestricted	funds ofthe group		5,325,360	1,649,339	(952,329)			6,022,370
Charity unrestricted		funds - 2021	At					At
			IJanuary	Incoming	Outgoing			31December
			2021	resources	resources	Revaluations		2021
			g
Unrestricted	funds ofthe charity		5,301,175	1,277,836	(592,081)			5,986,930