Company registration number.. (KJ519844 Charity registration number.. 1164157 SFATh) Modern Electric Tramways Ltd IA company limrted by share caprtall Annual Report and Flnanci81 Slalements for the Year Ended 310ecembef 2024 Modern Electric Tramways Ltd Contents Reference Admlnlslralive Details Trustees. R6PQrt 2to11 Indep9nd&nl Auditors, Report 12to15 C¢)nsolidaled Statement of Financ￿1 ActNibe$ 16 Con501idaled Balance Sheet 17 Balance Sheet 18 Consolidatad Statem•nt ol Cash Fbws 19 Stgt8m8nt of Cash FI￿￿$ 20 Notes to th¢ Financi81 St8tèm•nts 211044 Modern Electric Tramways Ltd Refornnca and Administrative Detalls Chi•f Executlv• Officer Jennifer Mary Nunn Trusts•$ Bruce Charfe5 Wame$ Dawd William Keay Mark Andrew Homer Ninla Elvzabeth Stone Wendy Louise Anita O'Neill Charity Registration Numbor 1164157 Company Registration Numb•r (KJ519844 Register•d Offle• Riv8rside Dèpot Harbour Road Seaton Devon EX12 2NQ Weslcotts ISW) LLP Timberfy South Str8et Axminsler Devon EX13 SAD Audltor Solleltoxs Dunn and Baker 21-22 Soulhemhay East Exeter Devon EX1 1QQ 8ank•rs Lloyds Bank The Square S&alon Devon EX12 2QH Page 1 Modèrn Electrie Tramways Ltd Trustees, Report The trustees. who are dir8ctors for the purposes of company law. a￿ pleased lo present the annual report together with the consolidated financial slalements and auditors. report of the charity and ils subsidiary for the year ended 31 December 2024 which are also prepaf•d to m8el the requIre￿entS for a directors, report and accounts for Companies Act purposes. The financial statements compty with the Charities Act 2011, Companies Act 2006, the Memorandum and A￿clOS of Association, and Accounting and Reporting by Charities.. Staternenl of Recommended Pradice applicable 10 tharthes preparing théir accounts in ac¢ordance with the FinanThal Reporting Standard appllcable in the UK 8nd Republlc of1￿13nd IFRS1021. Chalrs Report 2024 1am delighled to introduce Modem Electric Tramways Llmiled's ninth set of annual accounts since the shareholders unanimously voted for the business lo become a charity in Octobèr 2015. It is worth tsking a ffloment to consider just how far the Tramway has come Since th81 cOn￿rg10n - which has seen us maintain a focu5 on growth, resilience and a mixed revenue model that underpins our overal strategy. Since that conversion our annual revenue has grown from £789.000 10 £2,049,000 and w8 have added £4,686,0(xi tts our ba18nce shaet. This is tastamènl lo thè wsion. ambthon and drive of OUT board, bul particulaHy that of our rnanagement team, who have been instrumental in this growth. Thi$ report dèmon$tr8ley that the Board of DiTeclor5 and Management learn remain dedicated to meeting OUT charitable objects,. developing and diversifying our operations.. growing revenue,. investing heavity in the safety and efficiency of our infrastruciure & fi8el and strengthening the balanc8 shaet. 11 also demonstrates that we arè a lèader in both thè Hèiit89è Rail 8nd Tourist Attraction sectors. 2024 got off to a Ilying 819rt wfth the acqulsitlon of th8 freehdd for the fomer Sealon Jura8SIC Building. adjacent to Seaton Tram Slalion. Seaton Jurassic had sadly dosed its doors to Visitors in Autumn 2021 after it's operator could not make rt commercAally viable. Securing this incredible space, with a sound business plan for success, was an opportunty that we could not miss. Following several years of negotiation with East Dèvon Dislrid Council and olher pathers from the original project. we collected the keys and rapidly 9Ot to work converting the 8P8ce into an incredible soft play cent￿ and our Last Day of the Dinosaurs animatronic exhibition. With great foresight we had sourced a wide rangè of 8nimatronic dinosaurs from The Natural History Museum a few years earfier which were a￿ayS part of this WKler *7sion. R&branded as Jurassic Discovery. the space now contributes to bolh community and tourism experiences in the town. Th¢ frgehold purchase w85 made possible Ihrough a generous gift from Lyn Shears. Without her support 0￿r thè ye8r8. in memory of her lat8 husband. Trevor, the Tramway would not be in the Strong and SU￿sSful place that il Is now. Page 2 Modèrn Electric Tramways Ltd Trustees. Report Against all odd5, our management, stsff and volunteers transformed this space in under ￿efve weeks for the soft play cenlre. which opened in late March. Just sixteen weeks later we were fully opan. Following an offiaal launch on the 27th of July, by our guest Professo( Paul Barrett renowned palaeontologist and author from ihe Natural History Museum, our new attraction v4a$ réady to wel¢orne Msitors wlh rave rewews an¢J excited gasps. l arn pleased to say that, even in our first year of operation, JuTassc Discovery is making a Significant Impad on our wsitor experience and lo oui revenue. Thè combination of outdoor and indoor altractKJns is prowng lo be the perfect balance for extending our season and ¢JiverSi￿.ng our markets. Desplle the incredible resource that went into opaning Juia55ic Discovery on schedule, we did not take our eye off the ball wtth othèr aspec15 of the business. Our ethos is to prote¢t and develop our heritage offer whilst always adding lo the customer experience. In Fèbmary wè openèd our new children's play area at Colyton Stat￿n prowding an exciting and modern space for our stnaller visitors to play and have fun. Our hentage offor was enhanced in September with the re-acquisilion of Cai 23, The first to be built by our founder Claude Lane, back in 19491 The purchase. delivery 8nd inte￿retatIOn of Car 23 was generously funded by board member Mark Homer, and I would like to extend my sincere thanks for this. For a charity like ours, the devil is in the detail. As well as focussing on the more glamouious aspects on our hgrilage and visitor offer, we also had to move and renovate our unique Victorian uiinal. An imwrtanl. If a Iitue quirky, part of our history. In October we also had our first inspection in frfteen years from The Office of Road and Rail IORRI. As we had expected, there were a range of recommendations and requirements from the ￿0-daY inspection that we immediately actèd upon. l am delighled lo report that all thé priority actions from the report were actioned by the end of the year, satis￿.￿g the inspector. Lee Taylor. oui Engineering and Operab'ons Manager, with support from Janny Nunn mu51 be thanked for the professional and constructive way he dealt wrth this important inspection. Il's fair to say that the experience has contributed to OUT thinking and processes to the benefrt of the charity. l am pleased to report that, despite the challenges, in 2023 The Tramway achieved rgvenue of £2.049 million, 9.4°A higher than in 2023. Of this £1.881 m was as a direct result of our charitablé a¢twityes and trading operations - a new record. Secondary spend, through Seaton Trainway (Enterprises) Ltd. our trading subsidiary, performed partieulady well this year and exceeded our expectations in an economic dimate that remains thallenglng for tourist attraction5. maintenan￿ work and renewal on our infra51ruclure was. once again. ongoing this year. We spent a total of £364.000 during the year on our plant, equipment and fixlures. The board and management are committed lo rllaintaining this approach, ensuring that we remain 3 safe, modem and reliable altraclion complianl with all relevant legislation. Our wide range of special events continued lo attract new and diverse audiences lo the Tramway. A particular highlight was the Natural Sealon Festival which we have now organised for thre8 years. Held on the samts weekend that we opened our dinosaur exhibition, the fèstival attracted thousands of pèoplè to thè town. Rasing the profile ol the local ar8a, the Tramway and building a sense of ornrnunily and belonging for local p80pIe. In 2024 we maintain8d and enhanced our position as one of the South West's leading visitor attradions - rellected in the 8ddilion of several awards lo our 'Trophy Cabinet,. Our Chi&f Exècultve Officer will cover these in more detail in her report. Every such accoladè that wé recèive ￿fleCtS on, and clearly illustrates, the tireless worf( of the whola teatn in making sure our ¥isttor experience is the besl it can be. Page 3 Modern Elèctric Tramways Ltd Trustsas, Report Our year ¢kJsed with the welcorne nows that we had been awarded a grant of £88.600 1¢)wards work connected with Juras6ic Discovery, from The National Lottery Herrtag& FU￿1. I would like to give my heartfelt thanks to all our wonderful staff and volunleets who go so many axlra miles lo ensure that Sealon Tramway continu9$ to thrive and exceed the expectations of our visitors. They bring profe$$ionali3m anij commitmènt. along with great skn'll and good humour lo their jobs. high1￿hled in the comrnents received on ￿vIeW siles and elsewhe￿. Our CEO Jenny Nunn and hèr management team have, as always, proved themselves Sncredibly adept, innovative and adaplatAe in meeting a range of challenges and s8vzing OPPOrtunrbes as they me along. We are truly privileged lo have such a team of leaders in charge of thè busin&ss. This is particularty true in a year where they have pulled together to gel a br3nd-new, higtFqualty tourist attraction open and welcoming wsitors in just six months. 18lso pay tribute to my felltsw MET directors for giving their lime. expertose and wlse counsel. I hope you find the contents of this report interesting, and that it will perhaps inspire you lo pay a vlsfi to seg for yourself why Seaton Tramway holds a special place in so many hearts. Page 4 Modern Electric Tramways Ltd Trustees. Report Chief Executive Officer's Report 2024 Thè 'Dream Team, is not an erfoneous term when f( comes lo our staff and volvnleers at Seaton Tramway and the motivation and collaboration was particularfy evident at the very start of the year with the acquisition of the forrner Seaton Jurassic building. Wth assistance from local contr8¢lors, thè team made up of staff and volunteers from all Tramway departmènts came togethèr under one vision to 8nablè op8ning at record speed of the Soft Play & Café aiea just ahead ol the Eastèr braak on 28th M8rch and subsequently the Last Day of the Dlnosaur5 exhibition on 27th July 2024. Mention Should also be made here of the Jurassic Discovery management team, centre manager, Mel Rowe and assistant manager, Annabel Hinds who through hard work, gril and determination havè together forged a dynamic team and viable business in the short period since it opened ils doors. Applwng the same philosophy we have successfully applied lo the Tramway," the soaal media ¢omments alone are tèstament lo the ￿ntinUIng enjoyment.. great customer service and fun visrto¥s receive al Jurassic Discovery. Having established the commercial framework and seeing fooffall increase and visitor spend grow. we continue to develop and enhance thè over811 product Wtth some exerting néw features within the garden area and f05siI room made possible with funding from the National Lottery Heritage Fund. This will enable u5 to ulilise these a55els for educational and community projects but more importantly cornplement Ihe essential work we already do at the Tramway.11 is difficult lo comment definitively on the performance of Jurassic Discovery without 8 year's worth of data on footfall and staffing levels but aftar nine months of operation, we are confident that the business model is more than sustsinabie with 36,000 visitors in this period. Against the backdrop of global uncertainty and a ¢ost-of-living crisis, th9 Tramway saw visitor numbers increase year on y&ar from 87,000 to 93,(XKJ in 2024, a 7¢h increasè. A good proportion of rèvenuè also comes fiorn secondary Spend in our gift shops and cafes, all very much part of the visiloi offer, along with our Special Days Out programme of even15. culrninaling al the end of every year with the htghly successful and muc￿E0Ved The Polar ExpressTM Tram Ride Experience. It IS tny firm belief that no heritage railway or lourisl attracts'on can rernain static, f( musl rnove with the tirnes and deliver above and beyond wgltof expectations. Of course, much ol the work on th& infrastructure is never seen by the visrtor, nor are the high costs fulty grasped in maintaining aging assets such as Ira¢k, roling stock. t￿lI￿1n9$ and land. This work by our engineering leam never ends. complie2ted by incrèased dem8nds on health & safely regulation, upon which we never faller. As costs increase, the burden year on year 9ets heawei on busine&8 but it is of paramount importance that we adhere strictly to our salety-fiTSt poliry and give the visitor the best &star experience possibl8. Consequenlly, we must remain in step with inflatir)n and pri¢0 our produots accordingly. l arn grateful lo have a board that is supportive of all proposals Ihe management team and I pul lo them and that il alk)ws us th8 scope to develop new initiatives and probl8m-solve without unnecessary bureaucracy. This, I believe is at the heart of the Tramway s su¢¢ess. led by a team of indwiduals, highly skn'lled in each of Iheii discAplines logelher with our much appreciated arid hard.working volunteers and staff. Page 5 Modern Electrlc Tramways Ltd Trustees. Report Aw•rd¥ RaeÈivèd for 2024: DEVON TOURISM AWARDS . GOLD.. Experience of the Year- The Story Tram . GOLD.. Accessible & Indusive Tourism SILVER.. Large Attraction of the Year . SILVER.. Tourism Event of the Year- Th8 Polar Express Tram Ride HERITAGE RAILWAY AsSOC￿TION AWARDS * Environmental Innovalior7 Award - The Natural Seaton Festival Rai￿aY ofthe Year, Commendation JURASSIC BUSINESS AWARDS Café, Pub and Casual Dining Award - The Tramslop Café Tourism Businéss of the Year- Sealon Tramway Business of the Year- Seaton Tramway SOUTH WEST TOURISM EXCELLEN EAWA • GOLD.. Expèriènce of thè Yè8T BRONZE.. Lar9e Allraction of the Year la￿T1￿M￿y- Learning and Activity 2024 was an exryling. evenl-filled year, wrth ihe Learning and Actiwty team further develoF4ng our programme of cornmunily activities, the launch of new events al Jurassic Discovery, and a second National Lottery Heritage Fund bid for funding for an enwronment-focused project. Pag8 6 Modern Electrlc Tramways Ltd Trustees, Report Thé 8ctNty programme stsrted in January with another ¥Asit from tha Dinomania team and their impressive dinosaur puppets. offeiing educational and entertaining family shows in Seaton slalion. Activities then continu&d from March to October, with ten Slory Tram sessions for IixldlÈrs and their parents (all sessions were sold OLrtI. eleven Memory Trams and three Wetland Explorer Trams for people with dementia, one Ouiet Tram for people wlth specthc sensory needs, and seven school visits. An add((ional 'Sensory Story Tram, event look place in April for young children with additional needs, and in May the Tramway hosted a specAal day for home-educated childfen whith included on biology, history and geography woikshops. Feedb8¢k from these even15 was eXcel￿nI, with comment5 9uch as: "l just want8d to drop you a no18 to say thank you for our recent visit. The children had a fantasti¢ tsme and loved both the tram ridè and seeing the bird spoth"ng. It was rèally accommodating of you to sort out the timings lo suit our requests and the day worked really well.. ISL Gabriel's Schiiol. Newburyl 'Tram visit was lovely. Stsff and volunteers were arnazing and so helpful. Good to havè tram lo ourselves. 'High lea. at garden room was amazing, and rnore than we expectedl So. thank you for a first-dass experience, the team lell very well looked after.{Demenlia Adventurel On 27th and 28th July the Tramway oncè again hosted the Natural Seaton Festival, and Ihe new Jurassic Discovery animalionic dinosaui exhibilioll was offi(yally opened. The week9nd was full of music, entertainment, food and stalls which included homemade Jewellery, lo¢al art, reflexoltsgy lasler sessions. alpaca-wool goods (with tha alpacas thèmsèlvès also attracting lots of attenlionl. fac8 painbng and charity inforniation stalls. Hands-on activitiès indudad exotbc animal handling. beekeeping demonstrations. free fftnes5 sessions, minibeast hunting al the Wetlands, uabbing at Exmoulh Harbour, a shooting rang8 and beach atL We also ian a special birdwatching tra￿ for the festival weekend. Entertainment throughout the weekend look place on Tesco Plaza. Thury Harcourt Place, on the beath and In the arnphilhealre behind Sealon Trarnway Stslion and included a jazz and Swing vocalist, Sealon Majorettes. a ukulele band, a drumming demonslralion, a jazz band, and 8 puppet show. The festival finished wilh a fvn dog show. On Saturday evening a Motown, soul. and disco band perfomiad in Seaton StatKJn. On Sèalon b&ach, British Divers Marin& Life Rescue demonstrated dolphin rescue procedijres and Iheie was also a display from Sidmoulh Inshore Reswe. In addition to the Tramwals leaming and activty programme, the opening of Jurassic Discovery enabled u5 to launch a new Dino Detective booklet, along with ￿and new activities, including 44 birthday parties for chihlren and adults. weekly 'Craft Fridays, in the soft play area and speaal pilot soft play sessions for home-educalgd children. We also hosted 70 people in the education room for the East Dèvon Tourism Confèrèn¢e in Novèmbèr. Flnally, In September we submltted a second fvnding bld to the Natlonal Lottery Heritage Fund for an environmenl-Ih8med project. The fo(JJs of the project was lo further iJevek)p the JurassiG Diswvery garden, inst811 new outdoor Interpretation on environmèntal issues *J¢h as ejimate changè and sustainability, develop a formal leaming programme for schools, work Mth local organisation5 and individuals to deliver a programme of new 8nvironm8ntal aciivilies, and commission wildlife surveys and species counts in the Jurassic Dlscovery garden and along the length of the line between Sealon and Colyton. In January 2025 we received the excellent news that the fundlng bld had been successful. Page 7 Modorn Elactrlc Tramways Ltd Tru8tè88' Report Obj•ctive$ and •¢tlvftloS Objoels andalms The objects for whith the Charfly is est8blished are for the public benefit lo.. secure the preservation, restoration, improvement, 8nhancem8nt and mainlen8n¢è of faaturès of historical and industrial interest inthding the pro¥lsion of an electric tramway and narrow 98uge heritage Irarns.. • advanca the education of the general pubts'c.. - in the hlstory. heritage and opwation of tramways and narrow gauge heritage trams,. and more generally in the native wildlrffr, Ilora and fauna of Devon and Dorsel,. and . athian<* thè arts, cutture. hérit8yè and consèrvation in tha Araa of Benefif- and * lo further such other exdusively d)arltable objectivès as the Directors, in their di5crntion, deter-min&. here the Area of Ben8fft means the South West of England. Modern EleL*ric Tramways Ltd wa8 8stsbli8hed as a company in 1953 by cla￿10 Lane, however h18 development of trams pre-dates thi5 to the p05t-war years. Claude brought his tramway from Eastboume to Seaton in 1970 when the system was established on the line of the former S8al¢n branch rai￿aY line. From those eady days, thè Tramway has dèveloped. extending to Colyton and the former railway slalion and e51abli5hing an E(knardian style Slalion in Seaton in 1995. During its 52 yeaT3 in Seaton millions of people have enjoyed riding on the Tramway antl it Is now an estsblished and much-loved part of the Sealon lo Colyton landscape. Prior to 1970 the track bed and station at Colyton was occupied by the branch line which conl￿ted from Se*on lo the main Yevvil Jun¢bon to Exeter line at Seaton Junction. The branch line operated from 1868 and played an important rtsle transforming Seaton into a seaside holiday town as well as providing an important local and goods service. The branch line was d05ed in 1966 under the Beeching closures, with Claude Lane evenlualy purchasing 3 miles of the line from Sealon lo C￿￿On. Page 8 Modern Electric Tramways Ltd Trustees, Report In addf(ion to the trams themselves tt)e Tramway passes alongslde the River Axe and through the Sealon Wetlands nature resetve. Sealon Tramway provides a gieal opportunity lo wew the birds and wildlife of this area and also to prowde access to it. Seaton ligs on th¢ Jurassic Coast wtth the Tramway providing easy access lo the ¢08s1 from Colyton. Se81on Tramway are working cb5ely with the Jurassic Coast team and local partneTS on numerous even15 including organizing the Natural Seaton Festival to be held in Juty 2023 The Seaton Jurassie operated by Devon Wildlife Trust ceased ttading in Sepletnber 2021 and has been closed to the public since that point. Thè hopè is that another oper*or can bé found as Soon as possiblè by EDDC as the ctsnlre forms part of the important tourism offer of the lown. Publi¢ benent The trustees confirni th* they have compli&d w6th the requlremenls of sedion 17 of the Charitles Act 2011 to have aue rogarcl to the public benefit guidance published by the Charity Commission for England and Waks. Achhv•m•nts and p•rforman¢• Modem Electric Tramways Ltd {METI trades as Seaton Tramway and achieved charitable status on 28th October 2015. The principle ¢haritsble a¢tivty is (>peialing 8 Vlsitor attraction, also provldiny a public transport servieè. Sè8ton Tramway provides a heTitage trarn Service between Seaton, Cotyford and Colyton in Devon, along most of the roule of the former Seaton-seaton Junction branch line. The Se￿ice opeiales from mid-February until New Year's Day, with a daily service behveen Easter and the end of October. In addition, Seaton Tramway provides a Tange of special events and activitses, such as The Polar ExprassTkl Tram Ride, Dinosaur Tram Adventur&, Fairy SpÈfy81, Tram Driving Lessons and Biid Watching trips. a5 well as regular theatrical and musical events. Flnanelal r•vlew During 2024, the group re¢eived total income of £2,049.126 12023.. £1.955.3591 of which £2,031,026 12023.. £1,675,359) was in the fomi of unrestricted fund5, with £18,1￿) 12023.. £280,000) from slricted funds. Expenditure lolalled £2,269,816 12023.. £1.888,6401, of which £2,229,125 12023.. £1,879,713) was unrestricted and £40,691 12023.. £8.9271 was restricted. Capital expenditure Ihis year includes investment in new plant and ma¢hlnery. The Stslemenl of Financial Activty Shry￿s an unrestricted Surplus of the year of £61,901 12023.. deficit £204.3541. This includes an unrestricted depreciation charge of £238,335 12023.. £165.6611 on freehold property, leasehold propety, plant, machinery, fixture and fitt4'ngs. As a￿laY$, additw)nal expenditure has been vital in maintaining the heritage assets and ensuring a robust and safe infrastructurè in which lo opÈr8t8. Polley on rÈ$wvés The charity endeavours to maintain suitable reserves that will allow continued charilable and trading operations in excess of six w8èks, in the èvent of saasonal fluctuations in visitor numbers or oth8r axlraordinary circumstances. Plans for futur• perlod$ Alms and k•y obJ•ctlv•s for fulur• p•rAods The chaiity looks forward to a prosperous Summer season, safely welcoming more visitors. Through these mainstay charitable activrties together wlh innovatsve new ideas and projects, the ¢h8rity hopes lo buikj on its financial reserves. Page g Modern Eloctric Tramways Ltd Trustèès. Report SIN¢turO1 govèrnancè and m•n•ggm•nt Naturn of governing document Modern Eleetri¢ Tramw8ys LiTniled obtsined charitable stattjs on 28 October 2015 and is govemed a8 a charitable company by 115 Articles of Association as amgnd•d by special resolution dated 24 September 2015. The charity preSen￿Y has ffive board rnembers and a core staff ol ninè plus one apprentice assisted by part-time staff and volunteers. The Tramway Management team comprises.. Chief Executive- Jenny Nunn CotnmerrA81 M8nager- Steve Waite Engineering & Operational Manager- Lee Taylor Marketing Manager- Josh Castree Tschnical Enginèèring Managei- Harry Sibley The Tramway staff are assisted by a signthcanl complement of volunteers. There are 26 volunteer drivers, who do a minimum of 14 days per annum of 6 hours per shiftlday. There are also five.meet & Greet. roles at Seaton vtho do 1-2 days each pèr week during the operaling season along two volunteer engineers at the ¢ompanWs Rivorsl¢Je Depot. Commercial activits.ès (catering and rèt8ill arè undèrtaken by Seaton Tramway IEntefprises} Ltd, which is a wholly owned Subsidiary of Sealon Tramway and passes all profts lo tt5 parent, Modem Electric Tramways Ltd. As a charity Ilmiied by shares, thè sharehdders have the power lo appolnt direciors. The managemènt team and existing d1￿ctOrS would recomrnend individuals to the shareholdèrs for appointment based on the skills and expertise they ale able to provide lo the charity. Once appointed direGtois are fully inducle¢J by prowding them with all key policies, plans, training and detailed guidance of their obligations as a director. Statèmènt of tru8ts•s' r•$pon8ibllltk8 The trustees {who ale also the directors ol Modem Electric Tramways Ltd for the purposes of cornpany law} are responsible for preparing the trustèès, report and the financial ststemènls in accordance with applicable law and United Kingdom A¢¢tsunling Standards (Unileil Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Standard applicablè in the UK and Republic of Ireland". Company law requires the Iruslees lo prepare financial statemenls for ea¢h financial year. Under company law the trustees must not approve the financial statements unless they 8rÈ s8ti$ffied th81 they give a true and fair of thè slate of affairs of the parenl charitable company and the group and of the incoming resources and application of resources, induding VLS income and expenditure. of the ¢harilable group fc>r that period. In preparing these finanu81 statèments. the trustees arè required lo.. select suitable accountsng poliaes and apply them consistentty., obs&rve the methods and principles in the Chariti'es SORP., makejudg8ments and estimates that are reasonable and prudent., 51ale whether applicable a¢￿untIng standards. comprising FRS 102 have been followed, subject to any material departures disclosed and Èxplained in the financial statements-, and prepar& the financial slalernenls on the going concern basis unless li is inappropriat& lo presume that Ihe parent charitable company will continue in business. P8ge 10 Modern Electric Tramways Ltd Tru8tse8' Report Thè Iruslees are responsible for keeping proper accounting rècords that can disclose with reasonable accuracy al any lime the financial posthon ol the parent charitsble company and the group and enable them to 8nsure th31 the financAal statements comply with the Companies Act 2006. They aro also responsible for safeguarding the assets of the parent charitable company and the group and hence for taking reasonable steps for the preventtrjn and detection ol fraud and othèr irregularities. Thè Ituslees ale responsible for the maintenance and integrity of the corporate and financlal information included on the charitable cotnpany's website. Legislabon governing the prepafalion and dissemination of financial slalemenls may differ from legislation in olherjurisdictions. Dbsclosurè of infomiation to audltor E8¢h Iiuslee has taken steps that they ought to h8ve taken as a Irusl@e in ordèr to make thémsèlves aware of any ralevant audit infomation and lo establish that the charity's auditor is aware of that information. The Injstees confirm that there is no relevant information that they know of and of which they know the auditor is unaware. The annu81 report was approved by the Ifustees of the charity on behalf by.. and signad on ils BNCÉ Charlès Miames Twslee Davi William Keay Trustee Page 11 Modern Eloctric Tramways Ltd Indopondent Auditor's Report to the Members of Modern Electric Tramways Ltd Oplnlon We have audited the finaneial statements of Modem Electric Tramways Ltd Ithe 'charitable parent companll and its subsidiaries (the 'group'l for the year ended 31 Decerllber 2024, which cornpri5e th8 Consolidated Statement of FinancAal Activities. Consolidated Balance Sheet, Balance Sheet, Consolidated Stslemenl of Cash Flows, Statement of Cash Flows and Notes lo the Financial Statements, including a summary of $ignifi¢anl a￿unting poliae5. The financial ￿porting framework that has been applied in their préparation is United Kingdom Accounting Stsndards, comprising Charities SORP - FRS 102 'The FinancAal Reporting Standard applicable in Ihe UK and Republic of Ireland, and applicable law (United ￿ngdoM G8n•rally Accepted Accounting Pradice). In our opinion the financlal stslements.. give a true and fair view of the slate of thè group's and parent charity's affairs as al 310ecernber 2Q24 and of its incoming resources and application ol resources, including its incomè and èxpenditure. for the year then ended-, have been property prepared in accordance wlh United Kingdom Generally Accepted Accounting Pfaclice," and have been prepared in accordance wth the requirements of the Companies Act 20￿. Bas￿ for opinlon We ¢ondu¢led our audit in accordance wth Inlemational Standards on Auditing IUKI IISA5 IUKI) and applicable law. Our rèsponsibilities Ljndèr those standards are further described in the auditor responsibilrties for the audit ol the financial slalemenls section of our report. We are independent of the group in accordance with th8 ethical requirements that are relevant lo our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis lor our opinion. Concluslons r91ating to yolng ¢on¢grn In auditing the finanaal statements, we have conduded that the trustees use of the going concem basis of accoLFnting in the preparalion ol the finanual statements is appropriate. Based on the work we hav& perfom8d. we have not identifjed any material uncertainlie5 relating lo events or condhions that, individually or collecb"v&ly. may cast significant doubl on the group's ability lo continue a5 a going concern for a period of al least twelve months from when the ongbnal ffinancial statemenls were authorised for issue. Our r8sponsibilities and the responsibiliiies of tha trustees with respect to going concern are described in the relevant sections of Ihls report. Othèr Inforniatlon The trustees are responsible for the other information. The olhei infomalion comprlses the informÈtitsn included in the annual report. other than the finanaal statements and ¢xJr audilorfs report thereon. Our opinion on the financial statements does not cover the other inforrnalion and. except to the exlenl olherbyise explicilly statad in our report, we do not axpiass any foim of assurance conclusic*n thereon. Page 12 Modern Electric Tramways Ltd Independent Auditor's Report to the Members of Modern Electric Tramways Ltd In connection with our audl of the financial stslemenls, our responsibility is to read the other inftsm8lK)n and, in doing so. consider whether the other information is materially inconsistent wfLh the financaal statements or our knowledge obtained in the audit or otherwise appeals lo ba materially misstated. If we identify such material in¢onsistena8s or apparent material rnisslatemenls, we are required to deterniine whethèr there is a material misstatèment in the financAal statements OT a material misststemenl of the olhef information. If. based on the work we have perfoimèd, we conclude Ihat there is a material misstatement of this other information, we are required lo report that fact. We have nothing to r8POrt in this regard. Opinion on other matter pr•scribod by tho Companies Act 2006 In our tspinion, based on the work undertaken in the course of the audit.. the information given in the and Trustees. Report lor the financial year for which the ffinancial statements are prepared is consislenl with the financial slalements., and the and Trustees. R&pDrt have bèan prèpared in accordance with applicable legal requiiements. Matters on which we are required to report by exception In Ihg light of our knowledge and understanding of Ihtr group and Ihe parent charflable company and ils environment obtained in the course of the audit. we have not idenltfied material misslat¢menls in the and the Trustees. Report. We hav• nothing to report in resp8d of the following matters wthere the Companies Act 2￿6 requires us to Teport to you if, in our opinion.. adequata accounting records have not been kept by thè parènt charttablè company, or retums adequate for our audit have not been received from branches not visrted by us,. or the p8renl ¢harrtable company finanu81 st81ements are not In ag￿ement wtth the accounting records and retuin5', or certain disclosures of trustees remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audit. R•sponsibilit59s of trustees As explalned more fully In the Statement of Iruslees, responslbililies {sel oijl on page 101, the trusteès are responsible for the preparation of the financial slalernenls and for being $81isfiéd that thèy give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial slatamenls that are free from matèrial misstat•m8nt. whether due to fraud or grror. In preparing Ihe financial stalemenls, the Iruslees are responsible foi assessing tha charit￿s ability to conlinue as a going concern, disdosing, as applicable, matters related lo going concem and using the going concem basis of accounting unless the trustees either intend lo liquidate the charity or lo cease opèrations. or have no realist￿ alternativ6 but lo do so. Page 13 Modorn Electric Tramways Ltd Independent Auditor's Report to the Members of Modern Electric Tramways Ltd Auditor responsibilities for the audrt of th• flnanelal statsm•nts Our objectives are lo obtain re8s0nable assurance about whether the financi81 statements as a whole are free from material misslalement, wliether due lo fraud or error, and 10 155ue an auditorfs report that indudes our opinion. Reasonable assurance is a high level of assuran￿, but is not a guarantee that an audit conducted in accordance with ISAS {UKI will a￿ayS dètect a material misststemenl when 11 exists. Misslatemenls can arise from fraud or error and are considered material if. individually or in thè aggregate. they could reasonably be expected to influence the econom￿ decisions of users taken on the basi5 of these financial stslemènts. As part of an audit in accordan￿ with ISAS (UK), w8 exerclse professional judgement and m8inlain professional scepticAsm throughout the audit. We also.. Identify and assess the risks of rnaterial misstalemenl of the financial stslernènts, whether due lo fraud or error, design and perfom) audit procedures responsive lo th05e risks, and obtsin aLJdrt evidencè that is sufficient and appropri8ta to provide a basis for our opinion. The risk of not delecling a material misslatemenl resulting from fraud is highèr than for on8 resulii'ng from error, as fraud may involve collusion, forgery, intentional omissions, mi5repre5enlalions, or the override of int&mal control. • Obtain an understanding of inlemal control relevant lo the audit in order lo design audit procedures that arè appropriate in thè circumstancès, but not for the purpose of expressing an opinion on the effectiveness of the charity's inlemal control. Evaluate thè 8ppropriAtenÈs$ of 8ceounting polieiès usèd and th8 reasonableness of accounting eslimale5 and related dI￿losUre5 made by the trustee5. * Conclude on the appropriateness of the trustees use of the going concem basls of Accounting 8nd. based on the audit evidence obtained. whether a rnaterial uncertainty exists related 19 events or conditions that may cast significant doubt on the chanty's ability lo continue as a going coneern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report lo the related disdosures in the financial statements or, if such disdosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditDrfs report. However, future evenls or wnditions may catjse the charity to cease lo conts.nue as a going concèm. Evaluate the over811 piesentalion, structure and content of Ihe finanrAal statements, induding the disclosures, and whelher the financAal statements represent the undertwng transactions and events in a manner that achieves fair presèntation. Page 14 Modern Electrlc Tramways Ltd Independent Auditor's Report to the Members of Modern Electric Tramways Ltd Irregularili&s, including fraud, are instsnces of non-cempliance with laws and regulations. We design procedures in line with our respons1￿.1411e$. outlined above, lo deted material misstatements in respect of irregulanties, induding fraud. The extent to which our procedures ale capable of delecling irregularilie5. in¢luding fiaud 15 d¢lailed below". We identrfRd areas of laws and regulation5 that could reasonably be ex￿eted lo have a material effect on the financial statements from our general commercial and sector experience and through discussion wrth the trustees and managemenl. We Communicated identified laws and regulations Ihioughoul our team, and remained alert lo any indications of non-￿mplIance throughout the audit. The charity is subject to laws and regulations th31 govem the preparation of the finanThal statements, induding financial reporting legislation, and othor charity legislation. The charity is also subject to othèr laws and regulations whèrè thè consequèneÉs of non-eompliance could have a material impa¢l on the amounts or disdosures within the financial slalemenls, including but not limited lo, empk)ymgnl, anti-bribery and an1￿MoneY laundering. Owing lo the inherent limitations of an audit. there is an un8voidable risk that we may not have d81ected som8 material misstatements in the financial stalemenls, even though we have propeTIy planned and performed our audrt in a¢¢ordan¢e with auditing standards. In any audit, there remains a higher risk of non-deteclion of irtegularilies, a5 these may involve Collusion, forgery, intentional ornissions. misrepresantalions, or th• override of inlernal controls. We are not iesponsible for preventing non-compliance and cannot be expected to detect non-compliance wrth all law8 and regulations. We comfflunicale with Ih05e charged with govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, induding any significant defici8ncie8 in internal rA)ntrol that we identify during our audrt. Use of our rgport This report is made solely to the Charitable parent compangs Iruslees, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undèrtaken so that we might state to the group's trustees those matters we are required lo stale to them in an audilorfs report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyon6 other than the charitable parent company and its trustees as a body, ft>r our aud>t work. for this report, or for the opinions w8 have forme(l. Èuait Carrington FCA jS8nior Statutory Auditor) For and on behalf of Westcotts (SWI LLP, Statutory Auditor Timbedy South Street Axminster Devon EX13 SAD Date.. Page 15 Modern Electric Tramways Ltd Consolidated Statement of Financial Activities for the Year Ended 31 December 2024 Ilncluding Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and L08ses) Unre$lri¢ted funds Restrlctod fund$ Total 2024 Total 2023 Note Income and Endowments from: DonatK•ns and leg8des Charitable activities Other trading actiwties Inveslment income Other income 63,358 1,251,892 629.796 780 85,220 18,100 81,458 1,251,892 629,796 760 85,220 347,196 1.159,556 433.446 1.765 13,396 Total income 2,031.026 18,100 2,049,126 1,955.359 expènditure on., Raising funds Charitable activilEs 1629,0221 {1.600,1031 1629,0221 11,640,794) 1392,031) 11,496.6081 140,691} Total expenditure {2.229,125 40,691} 2,269,816} 1,888,639 Net lexpenditureifincoma Transfers between funds 1198,0991 260,CX)O (22,591} 1260,0001 I220,6￿} 86.720 Nèt movèment in funds 61,901 (282,5911 1220,690} 66,720 Reconciliation of funds Total funds brought fon¥ard Total funds carried fotward 25 5.633.485 556,604 6,190,089 6,123,369 5.895.386 274,013 5.969,399 6,190,089 All of thè group's actiwlie5 derive from continuing 0￿rat￿)n$ during the above two Petiods. The funds brèakdown for 2023 15 shown in note 25. Th8 notes on pages 21 to 44 form an integral part of Ihgse finan¢ial statements. Page 16 Modern Electric Tramways Ltd (Reglstration numbor: 005198441 Consolidated Balance Sheet as at 31 Decembor 2024 2024 2023 Nots Fixed a55ets Tangible assets Heritage asse15 16 17 4,461,593 2,000,000 4,026,659 2,000.000 6,461.593 6.026.659 Current as$ets Stocks Dèbtors Cash al bank and in hand 19 20 92,188 107,927 37,830 76.092 43,800 408,370 528,262 237,945 CrÈditorn: Amounts falling due wilhin one year N•t curTent (liabiliti￿lIasSets Total assets le88 current liabilities 21 438,958 211,134 1201,0731 317,128 6.260.580 6,343,787 Creditors: Amounts falling duè aft•r more than on• y￿r 22 Net assèts 1291,1811 153,6981 6.190,089 5.969.399 Fund$ of the group: Ro8tricted income fund8 R¢stri¢ted fvnds 274.013 556.604 Unr•stricted Incom• funds Called up share capital Unrestricted funds Revaluation ￿serve 23.781 3,592,401 2,079.204 23.781 3.530.500 2,079,204 Total unrestricted funds 5.695.386 5.633,485 Total funds 25 S,￿9,399 6,190,089 The financ on 25.1.4 I statements on pages 16 to 44 were approved ty the trustees, and aulhorised for issue and sign8d on their bèhalf by.. Mark Andrew Homer Truslee The notes on pages 21 to 44 fomi an integral part of these finanaal statements. Page 17 Modorn Ele¢tric Tramways Ltd (Registration number: 00519844) Balance Sheet as at 31 December 2024 2024 2023 Note Fix•d ass•ts Tangible assets Heritage assets Invèstments 4,4S1,593 2,000.000 50,000 4,026,659 2.000,000 50.000 17 6,511.593 6,076,659 Current a$s•ts Debtors Cash at bank and in hand 20 123,785 5.425 131,253 275,577 129,210 40S,830 Credltors: Amounts lalllng due wlthln y￿r Nèt curr•nt IliabilltlesVassÈts 21 (398,8261 1175,141 (269,6161 231,689 Totsl a$$ets le$$ current liabilitie$ 6,241,977 6,308,348 153,698 Creditors: Amounts falling due aftOT morn than on• year 22 Met assets 291,181 5,950,796 6,154,650 Funds ofthe charity: Restricted incom• lunds R851ricted fvnds 274.013 556,604 Unrestricted incom• funds Called up share capital Unre51ricled fund5 Revaluation reserve 23,781 3,573.798 2.079.2f)4 23.781 3,495,061 2.079.204 Total unrestricted funds 5,676,783 5.598.046 Total funds 25 5,950.7 6.154.es0 The nc I statements on pages 16 10 44 were approved by the trustees, and authorised for issue nd Signed on their behalf by: Mark Andrew Homer Trustee The notes on pages 21 to 44 form an intagral part of these finan¢ial Statements. Page 18 Modorn Ele¢tri¢ Tramways Ltd Consolidated Statement of Cash Flow8 for the Year Ended 31 December 2024 2024 2023 Note Cash flows from opèrating activities Net cash lexpenditurellincome 1220.6901 66.720 Adjuskn•nts to cash flows Imm nonsI chargè for the y88r represènts conltibulions payable by the group lo the scheme and amounted lo £30,896 12023= £20.1081, of thi5 £23,526 relating to the parent charity and £7,370 is relab'ng lo the trading subsidiary. Page 36 Modern Elèctrlc Tramways Ltd Notes to the Financial Statsments for the Year Ended 31 December 2024 25 Funds Group Balance at 31 December 2024 Balan¢• at 1 January Incoming Resources 2024 rnsourc •xpgnded Trnnsfers Unrestrict•d funds General Unrestricted Funds Called Up Share Capital Revaluation Reserve 3.530,500 23.781 2,079.204 2,031,026 12,229,125} 260.(XJO 3.592,401 23,781 2.079,204 5.633,485 2,031,026 2,229,125} 260.000 5.695,386 Rostrlctsd lund6 Curture Recovery Fund Travels through Heritag8 and thè Axè Valley Welland Hall Project EDDC AONB Grant EDDC Innovation and Resilience Grant Seaton Jurassic Cantr Tram 23 14,000 12,0001 12.000 187.204 94.075 2,555 13,3441 11,882) 3651 163.860 92.193 2.190 18,770 260,000 115,0001 3.770 1260,(K)O) 18,100 18,100 556,604 18,100 140.6911 I260,￿0) 274,013 Total lunds 6,190,089 2,049.126 2,269,816 5.969.399 Pagg 37 Modern Electrie Tramways Ltd Notes to the Financial Ststements for the Yèar Ended 31 Docember 2024 Balan¢e at 1 January 2023 Balancg at 1 January 2023 Balonce at Resour¢oJ 31 Oecember expended 2023 Unrestrictsd fund$ G•neral Unrestricted Funds Caled Up Share Capital Rovaluation Reserve 3.734,853 23.781 2.079.204 1.875,359 11,879,712) 3.530,500 23,781 2.079,204 5,837,838 1,675,359 1,879,712) 5,633,485 Restricted funds Curture Re￿Very Fund Travels through Heritage and the Axe Valley Wetland Halt Project EDDC AONB Grant EDDC Innovation and Rèsilience Grant Sèaton Jurassic Centre 16,000 12,0001 14,000 170,616 95,995 2,920 13,4121 (1,9201 12651 167,204 94,075 2,555 20,000 260,000 280,000 11,2301 18,770 260,000 556.604 285,531 8.92n Total lunds 6,123,369 1,955,359 11,888,639) 6,190,089 Page 38 Modern Elèctric Tramways Ltd Notes to thè Financial Statomènts for the Year Ended 31 Docomber 2024 Charlty Balanee at 31 Dec•mber 2024 8alance at 1 January 2024 Incoming RÈ$ouwces resources expended Transf•rs Unr•strletèd fund$ General Unrestricted Funds Called Up Share Capital Revaluation Reserve 3,495,061 23,781 2,079,204 1,418,841 11.600,1041 280,000 3,573,798 23.781 2,079,204 5,598.046 1,418,841 1,600,104) 260,000 5,676.783 Restrlcted lunds Culture Recovery Fund Travels through Heritage and thè Axè Valley Welland Hall Project EDDC AONB Grant EDDC Innovation and Resilience Grant Sèaton Jurassic Centre Tram 23 14.000 12,0001 12,000 167,204 94.075 2,555 13,3441 11,8821 13651 163,860 92,193 2,190 18.770 260,000 115.000) 3,770 {260,000) 18.11KI 118,1001 18,100 274.013 40,691 260,000) 556,604 Total funds 6,154,650 1.438.941 {1.640.795 S.9￿.796 Balance at I January 2023 Balance at 31 DeCem￿r 2023 Incoming resources Resources axpended Unr•$trl¢ted funds Genernl Unieslricted Funds Called Up Share C8Pltal Revaluation R¢serve 3,699,414 23.781 2,079,2D4 1,283,328 11,487,681) 3,495,C61 23,781 2,079.204 5,802,399 1,283,328 1,487,681 5,598.046 Page 39 Modorn Electric Tramways Ltd Not•s to the Financlal Statements for the Year Ended 31 December 2024 Balance at 1 January 2023 Balanc• at 31 Docembèr 2023 Incoming resources Resourcas expended Re8tri¢tsd fvndg Cutture Recovery Fund Tr8vals thiough Heritage and the Axe Vallay WellarKI Hall Project EDDC AONB Grant EDDC Innovation and Resiliencè Grant Sealon Jurass￿ Centre 16,0 (2,000) 14,000 170,e16 95.995 2.920 {3,412) {1,9201 {3651 167,204 94,075 2.555 20,000 260.000 {1,230) 18,770 260,000 285,531 280.000 8.9271 556.604 Totsl funds 6,087,930 1.496,608 6,154.650 Page 40 Modern Electrlc Tramways Ltd Notes to the Flnancial Statsments for the Year Ended 31 December 2024 The speafic purposes for which the funds are lo be applied are as follows.. CuKLJre Recovery Fund Coronavirus supporl grant to assi51 the charitys recovery from the pandemic. Travels through Heritage and the Axe Valley - This has be8n lunded by the National Lottery Heritage Fund and The Garfield Weston Foundation. Wetland Hatt Project - Plan, develop and constsuet a new Wetland Hatt. Part funded by the Fine Foundation. S88ton Tram Station This fund represen15 a proportion tsf caFitalised costs of th8 S8aton Tram Slalion building paid for restricted funds. The restriction 15 being lffted over the useful IKe of thè asset in line with depreciation. EDDC AONB- This grant was received to fund equipment to be used al the Riverside Hatt sile. EDDC Innovation and Resilience Grant- This grant was received to fvnd 8 trarn chassis build. Sealon Jurrasic Centre - This fund represents a proportion of capilalised costs of the Sealon Jurassic C8ntre buikling paid lor with restricted funds. The restriction is being lifted over the useful lrfe of the asset in line wth depreciation. Tfatn 23 - Mark Homer donated £18,770 as a restricted donation in order for MET to purchase, transport and prowde a mobile display casg ft)r Car 23. This was thè first ever trarn built by founder, Claude Lane, and rt operated in publi¢ for the first time on 2nd July 1949 al the Hadley Hous8 fete in Barnel. Its success ultimately led lo the establishment of Sealon Tramway. Uniestricled Funds These are available for usè al the discretion of the Trustèes in furtherance of the objectives of the charity. These include £27,561 and £910,016 which were the Capital redemption reserve and Share premium account réspectively. Given th8 changp in oonstitulion and restrictions on dislribubons, these separatè r8serves no longer serve any purpose. Page41 Modern Electric Tramways Ltd Notes to the Flnanclal Statsments for th9 Year Ended 31 December 2024 26 Anatysis of net assets betw••n funds Group Total funds at31 December 2024 Unrestrlcted fund• Gen&ral Restricted funds Tangible fixed assels Heritsge assets Current assets Current liabilities Creditors over 1 year 4,187,580 2,000,000 237,945 1438,9581 1291,1811 274,013 4,461,593 2,000,000 237,945 1438,9581 291,1811 5.969.399 Total net assets 5,695,386 274,013 Total funds at31 Docembèr 2023 Unre$trictsd funds Gènernl Re$tri¢t¢d funds Tangible fixèd 8ssèt$ Heritage assets Current assets Currenl liabiliiies Creditors over 1 yèar Totsl net assets 3.470,055 2.(X)O.000 528.262 {211,1341 153,698 556,604 4,026,659 2,000,000 528,282 1211,134) 153,698 5.633.485 556,604 6.190,089 Charity Total funds at31 December 2024 UnTegtricted funds Gèn•rnl Restricted funds Tangible fixed assets Heritage assets Fixed asset investments Currènt assets Currènt liakn'liti'88 Creditors over 1 year Total net assets 4.187,580 2.000.000 so,o(Ks 129,210 1396,8261 291,181 274,013 4.461,593 2,OCM).000 50,000 129,210 1398,8261 291,181 5,676,783 274,013 5,950,796 Page 42 Pllodern Ele¢tri¢ Tramways Ltd Notes to the Financlal Statèments for the Year Endod 31 December 2024 Total funds at31 December 2023 Unrestrict•d lund$ General ReBtrlcted funds Tangible fixed assets H8ritage assets Fixed asset investments Cuffent assets Current liabilities Creditors over 1 year Tot81 net assets 3,470,055 2,000,0(YJ 50,000 4C6.830 1175,1411 1153.fj981 5.598,(146 s￿,80¢ 4,02e.659 2,000.000 50,000 406.830 1175,1411 1153.6981 6.154.650 556.604 27 Analysls of nèt fvnds Group At31 December 2024 At 1 January 2024 Financlng ¢a$h flow$ Cash al bank and In hand Bank overdratt 408,370 1370.5401 129.6741 1400.2141 1174.6641 1137.4831 1712.361 37,830 129,6741 8.156 1229,4741 1291.1811 1512.4991 At31 D¢¢•mber 2023 408.370 154,810) {153,698) 199.862 Debt due within one year Debt due after more than one year Nel (lebl At 1 January 2023 Finan¢ing cash flows Cash al bank and in hand Debl due within one year Debt due after more than one year Nel debt 434,212 154,212) 1208,508) {25.8421 1598} 54,810 408,370 154,8101 1153.6981 199,862 171,492 28,370 Page 43 Modorn Eloctric Tramways Ltd Notès to tho Flnanclal Statements for the Year Endèd 31 December 2024 28 Related party transactions Related parties comprise trustees land close members of their f8milièsl. subsidiarles, key man8gemenl personnel (and dose members ol their families) and anyon8 carrying out business in partnership wllh any wth any of the aforementionod parties. Four indmduals, who are either a trustee of the charitable company or a director of ts trading subsidiary, hold shares in Ihe charitable company. These carry voting rights. but no ability to share in thé income or capital of thè charity. In all cases the shareholding is less than 5% of the total issues Shared capital. During the year ended 31 December 2024 the charity paid £5,586 12023.. £25,030) to Kuloko. a business owned by Nicola Stone Itruslg91. for serVi￿S rendered. This transaction was on commèrcial lenrs and the related party dedared thèir interést and was not invofved in the decislon-making process lo engage the services of the company. During the year. Mark Homer ltrusteel and Bruce Wames {trusteel lent loans lo the Charity. As al the year end. £365.893 was still oulslanding on these loans. Interest is charged on the loans al 3.75Y. from Decetnb&r 2024. 29 Company limltod by shares Modein Electric Tiamways Limited was a private company limited by shares, origlnally incorporated in 1953. The company obtained chariiable status on 28 October 2015 and is now gov6rn8d as a Charitable company by it5 Articles of Association as amended by special resolution dated 24 September 2015. The control of the company vests with Mrs L G Shears by virtue of hei majority shareholding. However, the amended Articlas of Association place significant restrictions on this ontrol and Mrs L G Sh88cs mu51 act in the inteiesls of the charity. 30 Golng cone•m As at 31 December 2024 the group balancè shèèt showed net current liabilities of £201.013 12023= net current assets of £317.1271. The TIu51ee'5 believe the charity lo be able to mèet its financial obligations as Ihey fall due foi the next 12 months. and Iherefofe (xTrn5ider the going eoncèm basis of accounting lo be appropriate. Page 44