# 



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|Patron ofNene Valley Railway|Patron ofNene Valley Railway|Patron ofNene Valley Railway|HRH The Duke ofGloucester|HRH The Duke ofGloucester|
|---|---|---|---|---|
|Honorary|President||Lord BS Mawhinney|Kt. (deceased)|
|Honorary|Vice President||Cllr CSwift O.B.E||
|Trustees|- Elected||KJ Parkinson||
||||P Marshall||
||||SJ Bell||
||||M A Kerfoot (Chair)||
||||S L Derry||
||||TJJennings||
|Trustees|- Appointed||A LDates|(resigned 10December 2020)|
||||P Corrigan|(resigned 18October 2020)|
||||SA Costello||
||||RJ Dixon|(appointed 5 November 2020)|
||||E A Walters|(appointed 6May 2021)|
|Key management||personnel|SPiggott||
||||KShaw||
|Secretary|||N McGregor||
|Charity number|||263617||
|Company|number||1038056||
|Museum|number||1636||
|Principal|address||Wansford<br>Station||
||||Old North Road||
||||Stibbington||
||||Peterborough||
||||PEB6LR||
|Registered office|||Wansford<br>Station||
||||Old North Road||
||||Stibbington||
||||Peterborough||
||||PEB 6LR||





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||||Page|
|---|---|---|---|
|Chairman's|report|||
|Trustees'<br>report|||2-7|
|Statement oftrustees'||responsibilities||
|Independent|auditor's|report|9-12|
|Consolidated|statement|offinancial activities|13|
|Consolidated|balance sheet||14-15|
|Charity balance sheet|||16-17|
|Consolidated|statement|ofcash flows|18|
|Notes to the|financial statements||19-39|





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|||||Unrestricted|Designated||Restricted|Endowment|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||funds|funds||funds||funds|||
|||||2021|2021||2021||2021|2021|2020|
||||E<br>Notes|||f||f|f|f|f|
|Income from:||||||||||||
|Donations<br>and|other|||||||||||
|fund raising income|||4|69,029|37,782||67,660|||174,471|164,645|
|Incoming resources||||||||||||
|from charitable||||||||||||
|activities|||5|247,897||||||247,897|1,200,286|
|Commercial<br>trading||||||||||||
|operations<br>and||||||||||||
|investment<br>in trading||||||||||||
|subsidiary|||3|51,154||||||51,154|286,055|
|Investments|||6|187|||8,808|||8,995|11,902|
|Other income|||7|251,600||||||251,600||
|Total income and||||||||||||
|endowments||||619,867|37,782||76,468|||734,117|1,662,888|
|Expenditure<br>on:||||||||||||
|~dpi<br>d<br>d||||||||||||
|Commercial<br>trading||||||||||||
|operations<br>and||||||||||||
|investment<br>in trading||||||||||||
|subsidiary|||8|42,124||||||42,124|216,310|
|Charitable<br>activities|||10|740,344|43,506||50,060|||833,910|1,506,215|
|Total resources|expended|||782,468|43,506||50,060|||876,034|1,722,525|
|Net gains/(losses)||on||||||||||
|investments|||14||||(23,049)|||(23,049)|27,938|
|Net incoming/||||||||||||
|(outgoing) resources||||||||||||
|before transfers||||(162,601)|(5,724)||3,359|||(164,966)|(31,699)|
|Gross transfers||||||||||||
|between funds||||171,868|(92,853)||(79,015)|||||
|Net movement|in|funds||9,267|(98,577)||(75,656)|||(164,966)|(31,699)|
|Fund balances at||1||||||||||
|February 2020||||1,725,661|221,418||521,803||579|2,469,461|2,501,160|
|Fund balances|at|31||||||||||
|January 2021||||1,734,928|122,841||446,147||579|2,304,495|2,469,461|
|The statement|of|financial|activities includes||all gains and|losses recognised|||in the year.|||





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||||2021||2020||
|---|---|---|---|---|---|---|
|||Notes|E|E|6|6|
|Fixed assets|||||||
|Tangible assets||15|1,967,816||1,946,512||
|Investments||17||285,084||373,679|
||||2,252,900||2,320,191||
|Current assets|||||||
|Stocks||19|54,379||49,020||
|Debtors||20|16,481||81,290||
|Cash at bank and in|hand||278,476||307,078||
||||349,336||437,388||
|Creditors: amounts|falling due within|21|(175,308)||(178,920)||
|one year|||||||
|Net current assets||||174,028||258,468|
|Total assets less current liabilities|||2,426,928||2,578,659||
|Creditors: amounts|falling due after|22|(122,433)||(109,198)||
|more than one year|||||||
|Net assets|||2,304,495||2,469,461||
|Capital funds|||||||
|Endowment<br>funds||26||579||579|
|income funds|||||||
|Restricted funds||28|446,147|||521,803|
|Unrestricted<br>funds:|||||||
|Designated<br>funds||27||122,841||221,418|
|General unrestricted|funds||1,734,928||1,725,661||
||||2,304,495||2,469,461||





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||||2021||2020|
|---|---|---|---|---|---|
|||Notes|f|f|f|
|Fixed assets||||||
|Tangible assets||15|1,967,816||1,946,512|
|Investments||17||285,184|373,779|
||||2,253,000||2,320,291|
|Current assets||||||
|Stocks||19|36,183||18,838|
|Debtors||20|69,728||96,268|
|Cash at bank and in|hand||273,877||298,616|
||||379,788||413,722|
|Creditors: amounts|falling due within|21|(167,774)||(155,354)|
|one year||||||
|Net current assets||||212,014|258,368|
|Total assets less current liabilities|||2,465,014||2,578,659|
|Creditors: amounts|falling due after|22|(122,433)||(109,198)|
|more than one year||||||
|Net assets|||2,342,581||2,469,461|
|Capital funds||||||
|Endowment<br>funds||26||579|579|
|Income funds||||||
|Restricted funds||28||446,147|521,803|
|Unrestricted<br>funds:||||||
|Designated<br>funds||27||122,841|221,418|
|General unrestricted|funds||1,773,014||1,725,661|
||||2,342,581||2,469,461|





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|||||2021|2021|2020|2020|
|---|---|---|---|---|---|---|---|
||||Notes|6|6|6|6|
|Cash flow from operating|activities||34||(54,500)||(3,035)|
|Cash flow from investing|activities|||||||
|Purchase oftangible fixed|assets|||(56,582)||(56,805)||
|Purchase of investments||||(92,992)||(87,841)||
|Proceeds on disposal of investments||||158,538||86,845||
|Interest received||||8,995||11,902||
|Net cash flow from investing<br>activities|||||17,959||(45,899)|
|Cash flow from financing|activities|||||||
|Interest paid||||(30,211)||(31,642)||
|New borrowings||||50,000||112,000||
|Repayment<br>ofborrowings||||(11,813)||(43,061)||
|Net cash flow from financing activities|||||7,976||37,297|
|Net decrease in cash and|cash equivalents||||(28,565)||(11,637)|
|Cash and cash equivalents|at beginning|ofthe year|||307,041||318,678|
|Cash and cash equivalents|at end ofthe year||||278,476||307,041|
|Relating to:||||||||
|Bank balances and short term deposits|||||278,476||307,078|
|Bank overdrafts|||||||(37)|
||||||278,476||307,041|





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|3|Commercial<br>trading operations<br>and|investment<br>in|trading subsid|iary|||
|---|---|---|---|---|---|---|
||||||2021|2020|
||Non-charitable<br>trading activities||||51,154|286,055|
|4|Donations<br>and other fund raising income||||||
|||Unrestricted|Designated|Restricted|Total|Total|
|||funds|funds|funds|2021|2020|
|||f|g|6|6|6|
||Donations<br>and gifts|50,382|37,782|67,660|155,824|103,175|
||Legacies receivable|||||18,221|
||Grants receivable|||||25,747|
||Membership<br>fees|18,647|||18,647|17,502|
|||69,029|37,782|67,660|174,471|164,645|
||Forthe year ended|58,910||105,735||164,645|
||31January 2020||||||
|5|Incoming resources from charitable|activities|||||
||||||2021|2020|
||||||g|6|
||Traffic and admission<br>charges||||128,203|680,022|
||Driving course income||||4,737|38,677|
||Santa specials||||97,971|458,620|
||Charitable<br>rental income||||13,534|12,051|
||Photo course and trade stands||||122|963|
||Other income||||3,330|9,953|
||||||247,897|1,200,286|



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|6|Investments||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||Unrestricted||||Designated||Restricted||Endowment|Total|Total|
|||||funds||funds||funds||funds|2021|2020|
||||||f||E||E|E|f|f|
||Income from listed||||||||||||
||investments|||||||8,808|||8,808|11,105|
||Interest receivable|||187|||||||187|797|
|||||187||||8,808|||8,995|11,902|
||Forthe year ended|||794|||1|11,105||||11,902|
||31January 2020||||||||||||
|7|Other income||||||||||||
||||||||||||2021|2020|
||||||||||||E||
||Net gain on disposal oftangible|||fixed assets|||||||21,000||
||Coronavirus<br>job retention||scheme grant||||||||136,886||
||Other coronavirus|related|income||||||||93,714||
||||||||||||251,600||
|8|Raising funds||||||||||||
||||||||||||2021|2020|
||||||||||||E|E|
||Commercial<br>trading operations|||and|investment||in trading subsidiary||||||
||Operating<br>trading company||undertaking|||non-charitable||trading|activity||42,124|216,310|
||||||||||||42,124|216,310|



## 



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|Charitable<br>activities||||
|---|---|---|---|
|||2021|2020|
|||6|6|
|Maintenance<br>staff including|Nl and pension|188,589|174,300|
|Depreciation<br>and impairment||34,279|38,280|
|Fuel and lubricants||23,801|76,892|
|insurance||63,843|65,174|
|Hire and transport<br>of rolling|stock|38,066|155,844|
|Maintenance||92,390|147,446|
|Santa special purchases||32,343|79,256|
|Stamp purchases for resale||778|6,456|
|Refuse and cleaning||19,709|27,090|
|Repairs and renewals|||625|
|Subscriptions||1,814|3,604|
|Online booking system||7,893|9,771|
|Publicity and printing costs||7,743|51,676|
|Special event expenses||9,138|201,930|
|Bank, interest and credit charges||30,211|31,642|
|Bad debt provision|||(1,808)|
|Expenditure<br>from restricted|funds|45,542|125,924|
|||596,139|1,194,102|
|Support costs (see note 11)||218,304|291,375|
|Governance<br>costs (see note|11)|19,467|20,738|
|||833,910|1,506,215|
|Analysis<br>by fund||||
|Unrestricted<br>funds||740,344|1,345,948|
|Designated<br>funds||43,506|29,032|
|Restricted funds||50,060|131,235|
|||833,910|1,506,215|





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|Support||osts|||||
|---|---|---|---|---|---|---|
||||Support|Governance|2021|2020|
||||costs|costs|||
||||6|6|||
|Administration<br>and cleaning wages|||195,458||195,458|252,223|
|Premises||costs|14,581||14,581|19,625|
|Promotion||costs|8,265||8,265|19,527|
|Auditors|remuneration:||||||
|-for audit services||||4,500|4,500|5,370|
|-for non||audit services||5,301|5,301|3,497|
|Legal and||professional||9,666|9,666|11,871|
||||218,304|19,467|237,771|312,113|
|Analysed||between:|||||
|Charitable||activities|218,304|19,467|237,771|312,113|



## 



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## 

|The average<br>|monthly<br>number of employees<br>during the year was:|||
|---|---|---|---|
|||2021|2020|
|||Number|Number|
|Administration,|shop, catering and cleaning|11|15|
|Mechanical||6|6|
|||17|21|
|Employment|costs|2021|2020|
||||f.|
|Wages and salaries||346,032|384,961|
|Social security|costs|26,684|31,919|
|Other pension|costs|11,331|9,643|
|||384,047|426,523|



## 

||||2021|2020|
|---|---|---|---|---|
||||f|f|
|Revaluation|of|investments|(12,528)|14,060|
|(Loss)/Gain|on|sale ofinvestments|(10,521)|13,878|
||||(23,049)|27,938|





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## 

|||||||Rolling||
|---|---|---|---|---|---|---|---|
|||Freehold land|Property|Plant and|Track and|stock and|Total|
|||and buildings|improvements|machinery|ballast|locomotives||
||||6|6||||
|Cost||||||||
|At 1February|2020|1,104,728|206,046|195,961|252,903|1,134,797|2,894,435|
|Additions||||9,631||46,951|56,582|
|Disposals||||||(1,000)|(1,000)|
|At 31January|2021|1,104,728|206,046|205,592|252,903|1,180,748|2,950,017|
|Depreciation|and|||||||
|impairment||||||||
|At 1February|2020||42,719|157,153|19,481|728,570|947,923|
|Depreciation|charged|m||||||
|the year|||5,709|12,373|2,334|13,862|34,278|
|At 31January|2021||48,428|169,526|21,815|742,432|982,201|
|Carrying amount||||||||
|At 31January|2021|1,104,728|157,618|36,066|231,088|438,316|1,967,816|
|At 31January|2020|1,104,728|163,327|38,808|233,422|406,227|1,946,512|





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## 

|16|Financial instruments|Financial instruments||||2021|2020|
|---|---|---|---|---|---|---|---|
|||||||6|f|
||Carrying amount|ofgnancial||assets||||
||Debt instruments|measured||at amortised|cost|294,957|388,368|
||Equity instruments|measured||at cost less|impairment|285,084|373,679|
||Carrying amount|offinancial||liabilities||||
||Measured<br>at amortised||cost|||284,941|251,012|
|17|Fixed asset investments|||||||
||Group|||||2021|2020|
|||||||E||
||Listed investments|||||285,084|373,679|
||Charity|||||2021|2020|
|||||||E|E|
||Investments<br>in subsidiaries|||||100|100|
||Listed investments|||||285,084|373,679|
|||||||285,184|373,779|





## 

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## 

|Fixed asset investments<br>(Continued)|Fixed asset investments<br>(Continued)||
|---|---|---|
|Movements<br>in fixed asset investments<br>Group and Charity||Sharesf|
|Cost or valuation|||
|At 31January 2020||373,679|
|Valuation<br>changes||(23,049)|
|Investment<br>management|fees|(2,794)|
|Dividends<br>received||8,808|
|Withdrawals||(71,560)|
|At 31January 2021||285,084|
|Carrying amount|||
|At 31January 2021||285,084|
|At 31January 2020||373,679|



## 

|The sub<br>January|sidiary's<br>results<br>as extracted<br> 2021are outlined<br>below:|from the statutory<br>financial<br>st|atements<br>for the year|ended 31|
|---|---|---|---|---|
||||2021|2020|
||||6|f|
|Turnover|||53,489|378,850|
|Expenditure|||(91,575)|(331,182)|
|Net profit|||(38,086)|47,668|
|The aggregate ofthe assets, liabilities||and reserves were:|||
||||2021|2020|
||||6||
|Current|Assets||24,431|57,670|
|Current|liabilities||(62,417)|(57,570)|
|Total reserves|||(37,986)|100|





## 

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|19|Stocks||||||||
|---|---|---|---|---|---|---|---|---|
||Group||||||2021|2020|
||||||||E|E|
||Raw materials||and consumables||||54,379|49,020|
||Charity||||||2021|2019|
||||||||E|E|
||Raw materials||and consumables||||36,183|18,838|
|20|Debtors||||||||
||Group||||||2021|2020|
||Amounts|falling due within|||one year:||E|E|
||Trade debtors|||||||5,615|
||Other debtors||||||16,481|75,675|
||||||||16,481|81,290|
||Charity||||||2021|2020|
||Amounts|falling due within|||one year:||E|E|
||Trade debtors|||||||5,615|
||Amounts|due from subsidiary|||undertakings||54,883|26,222|
||Other debtors||||||14,845|64,431|
||||||||69,728|96,268|
|21|Creditors:|amounts||falling due within one year|||||
||Group||||||2021|2020|
|||||||Notes|E|E|
||Loans and|overdrafts||||24|27,753||
||Other taxation||and social security||||1,489||
||Deferred|income||||23|63,853|31,831|
||Trade creditors||||||54,561|84,783|
||Other creditors||||||14,852|15,754|
||Accruals||||||12,800|37,106|
||||||||175,308|178,920|





## 

## 

|21|Creditors: amounts|Creditors: amounts|falling|falling|due within one year (continued)|due within one year (continued)||||
|---|---|---|---|---|---|---|---|---|---|
||Charity|||||||2021|2020|
||||||||Notes|6|6|
||Loans and overdrafts||||||24|27,753|9,446|
||Other taxation and social security|||||||1,489|7,782|
||Deferred income||||||23|63,853|31,831|
||Trade creditors|||||||52,727|57,884|
||Other creditors|||||||9,152|15,754|
||Accruals|||||||12,800|32,657|
|||||||||167,774|155,354|
|22|Creditors: amounts||falling||due after more than one year|||||
||Group and Charity|||||||2021|2020|
||||||||Notes|6|E|
||Loans and overdrafts||||||24|72,433|102,590|
||Other borrowings|||||||50,000||
||Other creditors||||||||6,608|
|||||||||122,433|109,198|
|23|Deferred income|||||||||
||Group and Charity|||||||2021|2020|
||||||||||6|
||Arising from wayleave|||income||||3,675|3,675|
||income received|in advance||||||60,178|28,156|
|||||||||63,853|31,831|
||Deferred income|is included|||in the financial statements|as follows:||||
|||||||||2021|2020|
|||||||||g|f|
||Current<br>liabilities|||||||63,853|31,831|
|||||||||63,853|31,831|





## 

## 

|24|Loans and overdrafts|||
|---|---|---|---|
||Group and charity|2021|2020|
|||6|6|
||Bank overdrafts||37|
||Bankloans|100,186|111,999|
||Other borrowings|50,000||
|||150,186|112,036|
||Payable within one year|27,753|9,446|
||Payable after one year|122,433|102,590|



## 



## 

## 

|Endowment|funds|||
|---|---|---|---|
|||Balance at|Balance at|
|||1February|31January|
|||2020|2021|
|||6|E|
|Expendable|endowments|||
|Movements|in the year|579|579|
|||579|579|



## 

||Balance at|Incoming|Resources|Transfers|Balance at|
|---|---|---|---|---|---|
||1February|resources|expended||31January|
||2020||||2021|
||E|E|E|E|E|
|Friends ofthe Nene Valley Railway|5,035|||(2,525)|2,510|
|Thomas fund|41,568|||(41,568)||
|Legacy fund|44,220||||44,220|
|Track appeal|2331|1,500|(2,023)|(1,808)||
|Loco656|43,748|29,242||(46,952)|26,038|
|Wagon Group|1,000||||1,000|
|Carriage and Wagon|32,547|7,040|(8,545)||31,042|
|Restaurant<br>car|50,969||(32,938)||18,031|
||221,418|37,782|(43,506)|(92,853)|122,841|





## 

## 

||||Balance at|Incoming|Resources|Transfers|Investments|Balance at|
|---|---|---|---|---|---|---|---|---|
||||1February|resources|expended||gains/|31January|
||||2020||||losses|2021|
|||||||||E|
|TPO Fund -|Cash||32,359|768|(3,933)|||29,194|
|TPO Fund -|Assets||2,462||(1,724)|||738|
|Thomas|||3,274|4,189||(7,463)|||
|Small Engine Fund|||1,932|361|(317)|||1,976|
|Wansford<br>Old||Station|62,611|431|(505)|||62,537|
|Nene Corridor||(Yarwell)|4,431|||||4,431|
|Museum<br>Fund|||4,360|14|(622)|(1,235)||2,517|
|Loco73050|||5,957|146|(8,670)|10,000||7,433|
|Loco73050|- investment||373,679|8,808|(2,794)|(71,560)|(23,049)|285,084|
|Wagon Group|||3,810||(2,493)|||1,317|
|Signal box|||15,276|49||||15,325|
|N McGregor's||rolling|||||||
|stock|||925||(228)|||697|
|Education<br>Fund|||1,778|120||(1,235)||663|
|Loco crew|||733||(574)|||159|
|Pit fund|||495|||||495|
|Barnwell<br>Building||||1,472|(2,656)|1,184|||
|Yarwell|||927|2,000||||2,927|
|Yarwell 6rantscape|||650|11,296|(11,296)|||650|
|HLF|||3,032|20,000|(6,518)|(2,402)||14,112|
|Operations|Department||1,584||(794)|||790|
|LNER||||5,340|(4,459)|(881)|||
|D Crouch|||1,528|1,360|(1,991)|||897|
|Pacer Appeal||||8,822||||8,822|
|Toilet Block|Appeal|||6,145||(6,145)|||
|Other small|funds|||5,147|(486)|722||5,383|
||||521,803|76,468|(50,060)|(79,015)|(23,049)|446,147|





## 

## 

## 

## 


## 



## 

## 

|2021|2020|
|---|---|
|6|6|
|44,794|38,330|



## 

## 

||2021|2020|
|---|---|---|
||6|6|
|Within one year|7,446|7,446|
|Between two and five years|6,519|13,039|
||13,965|20,485|





## 

## 

|34|Cash flow from operating<br>activities|Cash flow from operating<br>activities|Cash flow from operating<br>activities|2021|2020|
|---|---|---|---|---|---|
|||||6|6|
||(Deficit)/Surplus<br>for|the year||(164,966)|(31,699)|
||Adjustments<br>for:|||||
||Interest and dividend|income||(8,995)|(11,902)|
||Interest paid|||30,211|31,642|
||Loss/(Gain)<br>on disposal of investments|||10,521|(13,878)|
||Fair value gains and|losses on investments||12,528|(14,060)|
||Depreciation<br>and loss on disposal||oftangible fixed assets|35,278|38,280|
||Movements<br>in working capital:|||||
||Decrease/(increase)|in stocks||(5,359)|(7,683)|
||Decrease/(increase)|in debtors||64,809|(55,302)|
||(Decrease)/increase|in creditors||(28,527)|61,567|
||Net cash outflow from operating||activities|(54,500)|(3,035)|



## 

|Analysis ofchanges in net debt|||||
|---|---|---|---|---|
||As at 1||Other non-cash|As at 31|
||February 2020|Cash flows|movements|January 2021|
||6|6|6|6|
|Cash|307,078|(28,602)||278,476|
|Overdraft|(37)|37|||
|Loans due within one year|(9,446)|(18,307)||(27,753)|
|Loans due after one year|(102,590)|(19,843)||(122,433)|
||195,005|(66,715)||128,290|