2022-01-31-accounts - Nene Valley Railway

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Patron	ofNene Valley Railway	ofNene Valley Railway	ofNene Valley Railway	HRH The Duke ofGloucester	HRH The Duke ofGloucester
Honorary		Vice President		Cllr C Swift O.B.E
Trustees		- Elected		KJ Parkinson
				P Marshall
				SJ Bell
				M A Kerfoot (Chair)
				5 LDerry
				TJJennings
Trustees		- Appointed		5A Costello	(resigned 11September 2021)
				RJ Dixon	(resigned 22 March 2022)
				EA Walters	(appointed 6Afay 2021)
				A LDates	(appointed 13January 2022)
				A M Deane	(appointed 20July 2022)
Key management			personnel	5Piggott
				K Shaw
Secretary				N McGregor
Charity	number			263617
Company		number		1038056
Museum	number			1636
Principal	address			Wansford Station
				Old Great North Road
				Stibbington
				Peterborough
				PE8 6LR
Registered		office		Wansford Station
				Old Great North Road
				Stibbington
				Peterborough
				PEB 6LR

Auditors		Stephenson Smart &Co	Stephenson Smart &Co
		36Tyndag Court
		Commerce Road
		Lynchwood
		Peterborough
		PE2 6LR
Bankers		National Westminster	Bank pic
		PO Box15
		Cathedral Square
		Peterborough
		Cambridgeshire
		PE11HW
Solicitors		Sloan Plumb Wood LLP
		Apollo House
		Minerva Business Park
		Lynch Wood
		Peterborough
		PE2 6CIR
Investment	advisors	Ravenscroft
		The Singing Men's Chambers
		19Minister Precincts
		Peterborough
		PE1 1XX
Website		www. nvr.org.uk

				Page
Chairman's	report			1-2
Trustees' report				3-9
Statement oftrustees'			responsibilities	10
Independent	auditor's		report	11-14
Consolidated	statement		offinancial activities	15
Consolidated	balance	sheet		16-17
Charity balance sheet				18-19
Consolidated	statement		ofcash flows	20
Notes to the	financial	statements		21-41

The trustees serving during 2021 - 2022 and the	meetings they attended were:
	Actual	Possible
Michael Kerfoot —Choir	12	12
Stanley Bell	12	12
Stuart Costello (resigned 11August 20217	4	7
Sarah Derry	11	12
Richard Dixon	10	12
Tom Jennings	5	12
Philip Marshall	12	12
Adrian Oates —appointed 13ionuory 2022	1	1
Keith Parkinson	12	12
Elizabeth Walters —appointed 6Moy 2021	8	9

			Unrestricted	Designated	Restricted	Endowment		Total	Total
			funds	funds	funds	funds
			2022	2022	2022	2022		2022	2021
		Notes	6	E			6	f	E
Income from:
Donations and other
fund raising income		4	67,587	38,664	580,191			686,442	174,471
Incoming resources
from chadtable
activities		5	574,047					574,047	247,897
Commercial trading
operations and
investment in trading
subsidiary		3	90,174					90,174	51,154
Investments		6	40		6,180			6,220	8,995
Other income		7	62,132					62,132	251,600
Total income and
endowments			793,980	38,664	586,371			1,419,015	734,117
Expenditure on:
fs ds
Commercial trading
operations and
investment in trading
subsidiary		8	84,498					84,498	42,124
Net loss on disposal
offixed assets			89,834					89,834
Charitable activities		10	699,763	40,453	243,319			983,535	833,910
Total resources expended			874,095	40,453	243,319		1,157,867		876,034
Net gains/(losses)	on
investments		14			7,890			7,890	(23,049)
Net incoming/
(outgoing) resources
before transfers			(80,115)	(1,789)	350,942			269,038	(164,966)
Gross transfers
between funds			294,142	22,215	(315,778)	(579)
Net movement in funds			214,027	20,426	35,164	(579)		269,038	(164,966)
Fund balances at 1
February 2021			1,734,928	122,841	446,147	579	2,304,495		2,469,461
Fund balances at31
January 2022			1,948,955	143,267	481,312		2,573,534		2,304,495
The statement offinancial		activities includes all		gains and losses recognised		in the year.

			2022		2021
		Notes	6	6	6 E
Fixed assets
Tangible assets		15	1,980,817		1,967,816
Investments		17		296,457	285,084
			2,277,274		2,252,900
Current assets
Stocks		19	29,745		54,379
Debtors		20	180,677		16,481
Cash at bank and in	hand		341,247		278,476
			551,669		349,336
Creditors: amounts	falling due within	21	(147,750)		(175,308)
one year
Net current assets				403,919	174,028
Total assets less current liabilities			2,681,193		2,426,928
Creditors: amounts	falling due after	22	(107,659)		(122,433)
more than one year
Net assets			2,573,534		2,304,495
Capita)funds
Endowment funds		26			579
Income funds
Restricted funds		28	481,312		446,147
Unrestricted funds:
Designated funds		27	143,267		122,841
Generalunrestricted	funds		1,94&,955		1,734,928
			2,573,534		2,304,495

			2022		2021
		Notes	E	E	E
Fixed assets
Tangible assets		15	1,980,817		1,967,816
Investments		17		296,557	285,184
			2,277,374		2,253,000
Current assets
Stocks		19	20,053		36,183
Debtors		20	260,571		69,728
Cash at bank and in	hand		333,641		273,877
			614,265		379,788
Creditors: amounts	falling due within	21	(140,615)		(167,774)
one year
Net current assets				473,650	212,014
Total assets less current liabilities			2,751,024		2,465,014
Creditors: amounts	falling due after	22	(107,659)		(122,433)
more than one year
Net assets			2,643,365		2,342,581
Capltalfunds
Endowment funds		26			579
Income funds
Restricted funds		28	481,312		446,147
Unrestricted funds:
Designated funds		27	143,267		122,841
General unrestricted	funds		2,018,786		1,734,928
			2,643,365		2,304,495

				2022	2021	2021
			Notes		6	f
Cash flow from operating	activities		34	243,557		(54,500)
Cash flow from investing	activities
Purchase oftangible fixed	assets			(137,453)	(56,582)
Purchase ofinvestments				(52,829)	(92,992)
Proceeds on disposal of investments				49,347	158,538
Interest received				6,220	8,995
Net cash flow from investing activities				(134,715)		17,959
Cash flow from financing	activities
Interest paid				(20,789)	(30,211)
New borrowings					50,000
Repayment of borrowings				(25,282)	(11,813)
Net cash flow from financing activities				(46,071)		7,976
Net decrease in cash and	cash equivalents			62,771		(28,565)
Cash and cash equivalents	at beginning	ofthe year		278,476		307,041
Cash and cash equivalents	at end ofthe year			341,247		278,476
Relating to:
Bank balances and short term deposits				341,247		278,476
Bank overdrafts
				341,247		278,476

as follows	:
Freehold	buildings	Mobile classroom - 10years straight line
		Bridge improvements —20years straight line
Plant and	machinery	Straight line over 5years
Track and	ballast	1N reducing balance
Rolling stock and locomotives		No depreciation is charged on items where the	cost of	restoration
		has been charged against income. On restored	locomotives		where
		work has been capitalised, the depreciation is written		off over 10
		years straight line from the date ofcompletion

Commercial trading	operations and	investment in	trading subsid	iary
					2022	2021
					6	f
Non-charitable trading activities					90,174	51,154
Donations and other	fund raising income
		Unrestricted	Designated	Restricted	Total	Total
		funds	funds	funds	2022	2021
		f	6	6	6	6
Donations and gifts		31,710	38,664	100,426	170,800	155,824
Legacies receivable		14,500			14,500
Grants receivable				479,765	479,765
Membership fees		21,377			21,377	18,647
		67,587	38,664	580,191	686,442	174,471
For the year ended		69,029	37,782	67,660		174,471
31January 2021
incoming resources from charitable		activities
					2022	2021
					6	f
Traffic and admission	charges				244,729	128,203
Driving course income					11,122	4,737
Santa specials					297,215	97,971
Charitable rental income					12,081	13,534
Photo course and trade stands						122
Other income					8,900	3,330
					574,047	247,897

6	Investments
		Unrestricted					Oesignated			Restricted		Endowment	Total	Total
				funds			funds			funds		funds	2022	2021
						E			E		E	E	E	E
	Income from listed
	investments									6,180			6,180	8,808
	Interest receivable				40								40	187
					40					6,180			6,220	8,995
	Forthe year ended				187					8,808				8,995
	31January 2021
7	Other income
													2022	2021
													6	6
	Net gain on disposal oftangible			fixed assets										21,000
	Coronavirus job retention		scheme		grant								25,564	136,886
	Other coronavirus	related	income										36,568	93,714
													62,132	251,600
8	Raising funds
													2022'	2021
													E	E
	Commercial trading	operations		and		investment		in	trading subsidiary
	Operating trading company		undertaking				non-charitable			trading	activity		84498	42 124
													84,498	42,124

Charitable activities
			2022	2021
			6	6
Maintenance staff including		Nl and pension	153,265	188,589
Depreciation andimpairment			34,618	34,279
Fuel and lubricants			61,122	23,801
Insurance			64,639	63,843
Hire and transport of	rolling	stock	82,393	38,066
Maintenance			120,676	92,390
Santa special purchases			60,514	32,343
Stamp purchases for	resale		574	778
Refuse and cleaning			26,659	19,709
Subscriptions			1,822	1,814
Online booking system			5,365	7,893
Publicity and printing	costs		5,768	7,743
Special event expenses			14,479	9,138
Bank, interest and credit charges			20,789	30,211
Expenditure from restricted		funds	76,635	45,542
			729,318	596,139
Support costs (see note 11)			240,280	218,304
Governance costs (see note		11)	13,937	19,467
			983,535	833,910
Analysis by fund
Unrestricted funds			699,763	740,344
Designated funds			40,453	43,506
Restricted funds			243,319	50,060
			983,535	833,910

Support	costs
			Support	Governance	2022	2021
			costs	COStS
			6	6
Administration and cleaning		wages	191,258		191,258	195,458
Premises	costs		39,865		39,865	14,581
Promotion costs			9,157		9,157	8,265
Auditors	remuneration:
—for audit services				4,500	4,500	4,500
-for non	audit services			2,800	2,800	5,301
Legal and	professional			6,637	6,637	9,666
			240,280	13,937	254,217	237,771
Analysed	between:
Charitable	activities		240,280	13,937	254,217	237'771

The average	monthly number ofemployees during the year was	:
		2022	2021
		Number	Number
Administration,	shop, catering and cleaning	8	11
Mechanical		6	6
		14	17
Employment	costs	2022	2021
		E	E
Wages and salaries		309,423	346,032
Socialsecurity	costs	27,674	26,684
Other pension	costs	9,893	11,331
		346990	384047

			2022	2021
			E	E
Revaluation	of	investments	2,619	(12,528)
(Loss)/Gain	on	investments	5,271	(10,521)
			7,890	(23,049)

15Tangible fixed assets
Group and Charity
					Rolling
	Freehold land	Property	Plant and	Track and	stock and	Total
	and buildings	improvements	machinery	ballast	locomotives
	6	6	6	6	6
Cost
At 1February 2021	1,104,728	206,046	205,592	252,903	1,180,748	2,950,017
Additions			1,101		136,352	137,453
Disposals			(142,612)	~	(361,709)	(504,321)
At 31January 2022	1,104,728	206,046	64,081	252,903	955,391	2,583,149
Depreciation and
impairment
At 1February 2021		48,428	169,526	21,815	742,432	982,201
Depreciation charged	in
the year		4,704	11,642	2,311	15,961	34,618
Elimated in respect of
disposals			(141,177)		(273,310)	(414,487)
At 31January 2022		53,132	39,991	24,126	485,083	602,332
Carrying amount
At31January 2022	1,104,728	152,914	24,090	228,777	470,308	1,980,817
At31January 2021	1,104,728	157,618	36,066	231,088	438,316	1,967,816

16	Finandal instruments	Finandal instruments				2022	2021
						f	f
	Carrying amount	offinancial		assets
	Debt instruments	measured		at amortised	cost	521,924	294,957
	Equity instruments	measured		at cost less	impairment	296,457	285,084
	Carrying amount	offinancial		liabilities
	Measured at amortised		cost			248,559	284,941
17	Fixed asset investments
	Group					2022 f	2021 f
	Listed investments					296,457	285,084
	Charity					2022 f	2021 f
	investments in subsidiaries					100	100
	Listed investments					296,457	285,084
						296,557	285,184

Fixed asset investments (Continued)	Fixed asset investments (Continued)
Movements in fixed asset investments		Shares
Group and Charity		6
Cost or valuation
At 31January 2021		285,084
Valuation changes		7,890
Investment management	fees	(2,698)
Dividends received		6,181
At 31January 2022		296,457
Carrying amount
At31January 2022		296,457
At 31January 2021		285,084

The sub January	sidiary's results as extracted 2022 are outlined below:	from the statutory financial s	tatements for the year	ended 31
			2022	2021
			f	6
Turnover			115,174	53,489
Expenditure			(137,179)	(91,575)
Net loss			(22,005)	(38,086)
The aggregate ofthe assets, liabilities		and reserves were:
			2022	2021
			E	6
Current	Assets		18,212	24,431
Current	liabilities		(78,203)	(62,417)
Total reserves			(59,991)	(37,986)

19Stocks
Group				2022	2021
				6
Consumables				29,745	54,379
Charity				2022	2021
					6
Consumables				20,053	36,183
20 Debtors
Group				2022	2021
Amounts	falling due within one year:			f	6
Trade debtors				19,546
Other debtors				161,131	16,481
				180,677	16,481
Charity				2022	2021
Amounts	falling due within one year:			6	6
Trade debtors				19,546
Amounts	due from	subsidiary undertakings		71,068	54,883
Other debtors				169,957	14,845
				260,571	69,728
21 Creditors:	amounts	falling due within one year
Group				2022	2021
			Notes	6	6
Loans and	overdrafts		24	37,245	27,753
Other taxation and social security				10,912	1,489
Deferred	income		23	28,147	63,853
Trade creditors				31,794	54,561
Other creditors				32,802	14,852
Accruals				6,850	12,800
				147,750	175,308

21 Creditors: amounts	falling due within one year Icontinued)
Chadty			2022	2021
		Notes	f	6
Loans and overdrafts		24	37,245	27,753
Other taxation and social security			9,005	1,489
Deferred income		23	28,147	63,853
Trade creditors			30,216	52,727
Other creditors			29,152	9,152
Accruals			6,850	12,800
			140,615	167,774
22 Creditors: amounts	falling due after more than one year
Group and Charity			2022	2021
		Notes	f	6
Loans and overdrafis		24	48,286	72,433
Other borrowings		24	39,373	50,000
Other creditors			20,000
			107,659	122,433
23 Deferred income
Group and Charity			2022	2021
			6	6
Arising from wayleave	income			3,675
Income received in advance			28,147	60,178
			28,147	63,853

Loans and overdrafts
Group and charity	2022	2021
	6	6
Bank overdrafts
Bank loans	85,531	100,186
Other borrowings	39,373	50,000
	124,904	150,186
Payable within one year	37,245	27,753
Payable after one year	87,659	122,433

Endowment	funds
		Balance at	Transfers	Balance at
		1February		31January
		2021		2022
			6	6
Expendable	endowments
Movements	in the year	579	(579)
		579	(579)

	Balance at	Incoming	Resources	Transfers	Balance at
	1February	resources	expended		31January
	2021				2022
	E	6	E	E	6
Friends ofthe Nene Valley Railway	2,510	3,044	(1,662)		3,892
Thomas fund		5,640	(7,437)	49,031	47,234
Legacy fund	44,220				44,220
Track appeal		9,729	(13,265)	3,536
Loco656	26,038	17,924		(30,352)	13,610
Wagon Group	1,000				1,000
Carriage and Wagon	31,042	1,678	(74)		32,646
Restaurant car	18,031	649	(18,015)		665
	122,841	38,664	(40,453)	22,215	143,267

and grants held on trust fo	r specific purpo	ses:
	Balance at	incoming	Resources	Transfers	Investments	Balance at
	1February	resources	expended		gains/	31)anuary
	2021				lasses	2022
	E				6	E
TPO Fund	29,932	5,652	(12,076)			23,508
Thomas		8,559	(8,559)
Small Engine Fund	1,976	200				2,176
Wansford Old Station	62,537	89	(1,876)			60,750
Nene Corridor (Yarwell)	4,431					4,431
Museum Fund	2,517	750	(139)			3,128
Loco73050	7,433	16,780	(8,288)			15,925
Loco 73050 - investment	285,084	6,180	(2,697)		7,891	296,458
Wagon Group	1,317	10,465	(7,175)			4,607
Signal box	15,325	27,833				43,158
Yarwell	3,577	2,382	(240)			5,719
HLF	14,112		(12,225)			1,887
0Crouch	897	3,674	(3,540)			1,031
Pacer Appeal	8,822	725	(5,624)			3,923
Toilet Block Appeal		279	(279)
Other small funds	8,187	23,038	(16,614)			14,611
Arts Council England		479,765	(163,987)	(315,778)
	446,147	586,371	(243,319)	(315,778)	7,891	481,312

				Unrestricted	Designated	Designated		Restricted	Endowment	Total	Totai
				funds		funds		funds	funds
				2022		2022		2022	2022	2022	2021
							E	E	E		E
	Fund balances		at 31January 2022 are		represented		by:
	Tangible assets			1,980,079				738		1,980,817	1,967,816
	Investments			100				296,457		296,557	285,084
	Current assets/
	(liabilities)			66,175		143,267		184,117		393,559	174,028
	Long term	liabilities		(87,659)						(87,659)	(122,433)
				1,958,695		143,267		481,312		2,583,274	2,304,495
30	Capital commitments									2022	2021
										E	E
	At 31January 2022 the			charitable company		had capital
	commitments		as follows:
	Contracted	for	but not	provided in the	financial statements:
	Acquisition	ofproperty,		plant and equipment							13,039

2022	2021
6	6
64,626	44,794

	2022	2021
	6	6
Within one year	6,519	7,446
Between two and five years		6,519
	6,519	13,965

34	Cash flow from operating	Cash flow from operating	Cash flow from operating	activities	activities			2022	2021
								6	6
	(Defi«it)/Surplus for	the year						269,038	(164,966)
	Adjustments for:
	Interest and dividend		income					(6,220)	(8,995)
	Interest paid							20,789	30,211
	Loss/(Gain) on disposal of			investments				(5,271)	10,521
	Fair value gains and	losses		on investments				(2,619)	12,528
	Depreciation and loss		on disposal		oftangible	fixed assets		124,452	35,278
	Movements in working		capital:
	Decrease/(increase)	in	stocks					24,634	(5,359)
	Decrease/(increase)	in	debtors					(164,196)	64,809
	(Decrease)/increase	in	creditors					(17,050)	(28,527)
	Net cash outflow from operating				activities			243,557	(54,500)
35	Analysis ofchanges	in	net	debt
						Asat1		Other non-cash	Asat31
					February 2021		Cash flows	movements	January 2022
						6		6	6
	Cash					278,476	62,771		341,247
	Overdraft
	Loans due within one year					(27,753)	(9,492)		(37,245)
	Loans due after one	year				(122,433)	34,774		(87,659)
						128,290	88,053		216,343