LINE
Mld-Hants Rallway Preservatlon Society Limlted
(Limited by Guarantee)
Annual Report and
Consolidated Statement of Accounts
for the year ended
31 January 2021
Company registered number: 1126590
Charity registered number: 284406

Mid-Hants Railway Preservatlon Society Limited
Annual Report and Consolidated Accounts
For the year ended 31 January 2021
Pages
Trustees and advisers
Chair's report
Trustees, report (including Directors, and Strate8ic Report)
Independent audltors, report
Consolidated statement of financial actlvltles
Consolidated and company balance sheets
io
Consolidated cash flow statement
li
Notes to the consolidated financial statements
12-31

Mid-Hants Railway Preservation Soclety Limited
TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 JANUARY2021
Trustees
Stephen Evans (Chairl
Gregory Watson
Rob Latham
David Ford
Peter Srnith
Rlchaid Hawklns
David Jones
Secretary and reglsterÈd office
Peter Srnith
Alresford Station
Alresford
5024 9JG
Reglstered Audltors
Cochrane & Co Accountant5 ￿MIte<l
Re8lstered Auditor
38 Kln8s Road
Lee-on-the-solent
P013 9NU
Bankers
Barclays Bank Pl¢
NatSonal Westminster Bank Pl¢
Lloyds Bank PIC
Sollcltors
Taylor Fordyce
1 & 2 Clty Business Centre
Hyde Street
Wlnchester
$023 7FA
Paris Smith
l London Rcsad
Southampton
5015 2AE

Mid-Hants Railway Preservation Society Limlted
CHAIR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2021
2020 was, of course, the year of Covid. The Mid-Hants Railway Preservation Soclety Limited I'MHRPS'I and
its subsidiary. the Mid-Hants Railway Limited {'MHR'I were directly affetted by lockdowns and a range of
public health regulations and requirements. For both the MHRPS and the MHR, the overriding priority was
the health of our visitors, volunteers and paid staff. We halted services and closed the railway as necessary.
re-opened when it was prudent to do so. and took Covid-related precautions includlng social distancing and
the enhanced cleaning of carriages and stations. This required strong leadership by the MHRPS and MHR
Boards, each of which met very regularly during the crisis. and by the General Manager and his department
heads. Even more importantly, r( necessitated an enomous effort by volunteers, paid staff and MHRPS
members who rose to the occasion magnifiontly. Their wisdom and experience made it possible for us not
only to run safe services but also to introduce the innovatNe and hugely popular Steam Illuminations product
a5 2020 drew to a close. This attracted national and international publicity, casting a positlve light on our
Railway at an otherwise pretty dark time. The Watercress Line's collectrve reswnse to the Covid cri515 IS
something of which all Involved can be enormously proud.
Inevitably, lockdowns and restrictlons red￿￿d our revenues frorn tickets and other sales although we did
benefit from the Flyln8 Scotsman event, in February 2020, and by the success of Steam Illuminations.
Fortunately. our emergency appeal had ralsed over £IcK),c￿ by January 2021 and we were able to secure
Covid-relief funding from the National Lottery Heritage Fund, with further assistance coming from the
government furlough scheme. As a result, we ended the financlal year in a better financial position than had
seemed possible back In March 2020 when we literally locked our locomotives away and turned out the
lights. Crucially. this has provided us with the resources to run a full range of services in the 2021 operatlng
season.
Despite the Covid upheaval, we continued with the National Lottery Heritage Fund grant funded 'En8lneering
a Future from the Pasy project, with Its focus on outreach, the major overhaul of very own Merchant Navy.
35005, and the operatlon of newly restored Bulleid coach 1456. Outside this project, 2020 saw progress in
restoring 75079, owned by the MHRPS, and on conserving two other ex-Barry locomotives in the Society's
posse55ion- 80150 and 34058. Much of this work was carried out by volunteers. whose efforts we warmly
acknowledge. Significant fijnds were also raised for the overhaul of 341x17. in which the MHRPS holds a 76%
share.
The MHRPS and MHR Boards continued to work together to develop the Watercress Line brand. recogni%in8
the MHRPS'S obligation as a Charitable Trust to ensure ali8nment between the Railwaws activlties and our
published edLtcational and heritage aims. During 2020, preparations We￿ made for a thorough review of
the governance of the Watercress Line, in the context of discharging our key responsibilities as a herita8e
railway under the five headin8s of volunteers and members, the visitor experience, infrastructure,
locomotives and rolllng stock. and financing the future. The findings of this review will be considered by
MHRPS members and MHR shareholders in late-2021 and eady-2022.
15et on record my thanks to my fellow Trustees, our volunteers. and the employees and officers of the Mid-
Hants Railway Ltd for their dedication and hard work at a time of crisis. Our collective gratitude goes to the
donors. benefactors and grant-awarding bodies whose 8enerosity has kept us going during this most
challenglng of years and helped us Secu￿ the future of the Watercress Line.
Stephen Evans
Chair
Il" October2021

Mld-Hants Railway Preservation Society Umlted
TRUSTEES, REPORT {INCLUDING DIRE￿oRs. REpoKf AND StRATEGIC REPORT)
FOR THE YEAR ENDED 31 JANUARY 2021
The Trustees present their report and audited consolidated accounts for the year ended 31 January 2021 in compliance
with statutory req¢Jirements and the SocletW5 Memorandum and Articles of Association. These reflect the requlrements
of Accounting and Reportin8 by Charities: Statement of Recornmended Practice applicable to charities preparing their
accounts in accordance with the ￿nanCIal Reportin8Stsndard applicable in the UK and Republic of Ireland IFRS1021 and
the Companies Act 2006.
Objectives and artivitles
The principal a¢tlvitles of Mid-Hants Raitway Preservation Society Umlted are to preserve, operate and exhlblt for the
public benefit and education and to stimulate and encouTa8e interesi in all kinds of railway transportatlon systems,
vehicles and equipment and to foster and stspport raik¥ay preservation.
Structure, govemance and management
Gov
rnlft
document
Mid-Hants Rallway Preservatlon Society ￿Mited Is a Company limited by Buarantee. The Company was granted
charitable status in May 1982 and 15 re8i5tered with the Charity Commisslon.
The Trustees (all Directors of the Company for the purposes of company lawl who have served through the year under
review were..
S N Evans Ichalrl.
S C Crowther Ireslgned 9 December 20201+
R Latham
L Kenchenlen Iresi8nÈd 2 September 20201.
D Ford+
O Slmmonds liesl8ned 9 December 20201
P Smith.
G H Watson+
R Hawkins (appointed 24 April 20211.
D Jone5 (appointed 24 Aprll 20211.
Trustees who are 4150 Directors of the subsldiary Company Mid-Hants Rallway Ltd.
+ Trustees who are also Dirertors of the subsidiary Company Wadebrid8e134CK)71 Lotomotfve Ltd
As set out In Note 23. the liability of the members 15 limlted to £1 each. The Trustees are subject to electlon or re-
election accordin8 to procedures Set out In the Comp8ny's Memorandurn and Artlcles of Association which is its
governing document. On appoSntment. new Trustees work alon85ide existSng Trustees to galn experience. Tralnlng Is
made available for all Trustees.
Or
anisation
The Charity operates through a Board and the Trustees a￿ also Dlrettors of the Company. The Trustees determine the
general polScy of the Society.
The Board meets re8ularly throughout the year. Annual finandal budgets are prepared and are compared to actual
results monthly.
Administration
To provide timely and effectsve admbnistration. some functions are outsourced to Mid-Hants Railway Lifflited.

Mid-Hants Rallway Preservation Society Limited
TRUSTEES. REPORT (INCLUDING DIRE￿oRs. REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 JANUARY 2021 {Contlnued)
Related arties
The Company has two subsidiary companles..
Mid-Hants Railway Limited I'MHR Ltd'l which operates the railway under the brand name The Watercre55 Line,.
Wadebridge1340071 Locomotive Limited Iwadebddge Ltd'l which own5 the Southern Railway West Country cla55
lo¢omotive'Wadebrldge'. The locomotive is currently being assessed for overhaul.
Shareholders of MHR Ltd and Wadebridge Ltd are encouraged to conslder transferrlng thelr shares to the Charity, thus
reducsn8 the administration costs of the subsldiary companies.
rations
The Charity continues to athieve its oblectlves of supportin8 herStsge rallway PTeser¥ation and restoration whlch It
mainly carrles out through MHR Lld. The Charity makes grants for specific projerts whlch fall within its objectives. Its
main alms have continued to be xhieved through the ovethauLs of locomotlves and carriage5 and In supporting some
herltage railway Snfrastructure developments.
The National Lottery HeritaBe Funded 'Engineerlng a Future from the Past, Prolect Includes restoratlon of locomotive
35005 and two Bullei¢J coaches. 1456 and 4367. The locomotlve Is paln5takingly bein8 reassernbled. Its frames are at
Eastleigh, and Its boller and the Bulleid coaches in Ropley. The boiler still requires extensive Work whlch Is taking lon8er
than Originally planned and further fundraising continues. Restoration of 1456 has been completed and that of 4367
continues. The projects also include work experience and iraining at Ea5tleigh and an oral hlstory exercise InvolvSn8
people not normally be involved in the restoratlon pro￿5$. These aspects have been very successful.
The Charliy, through its subsldlary MHR Ltd. welcomes visitors and volunteer5 from all backgrounds. Volunteers are the
foundatlon of the railway. Potentlal volunteer5 are advised and tralned on areas where they can asslst.
The Watercress Llne welcomes youn8 people who want to learn about and enjoythe complexities of runnln8 a heritage
rallway. We have focused on encouragin8 16 to 21 year olds who work alon8side a mentor whllst learnin8 a wealth of
operatlonal skills. A Minlature Railway Jt Ropley continue5 to prO￿￿e an insi8ht and inductlon to runnln8 a heritage
railwav.
A number of local Interest Groups enable Membefs to learn about the Society and to meet and ex¢han8e views and
Inforrnatlon. The Trustees take account of these views when considerin8 future projects. The work of the rallway's
Marketin8 Department als0 helps inform Trustees about the profile of viJ4tors and thelr expettations.
The Trustees Bratefully acknowledge the ￿n￿nUIng financial and physical Involvement and supwrt of Members and
volunteers to restoratlon projects and wnning the railway. Without thelr commttment and enthusiasm the Charity and
Rallway would not be able to operate.
The Trustees examine the major risks that the Charity faces when preparing and updatin8 their plans. In conjunctlon
with the Dirertors of MHR Ltd. the Charity has developed s￿temS to monitor and control these risks to manage any
impatt that they may have in the future. MHR Ltd controls the Safety Management Systems for the operation of the
railway and thelr annual review includes risk analysis and assessment.
Public Bènefit
The Tru5tee5 have had regard to the guidance on public benefit issued by the Charities Commission and are satisfied
that all Charity operations and activities fall within that guidance.

Mid-Hants Railway Preservation Society Limited
TRUSTEES. REPORT IINCLUDING DIREcfoRS REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 JANUARY 20211Continued)
Fund raisln
tandards
The Charity Sends appeal letters to its members and supporters. 8èneralty with Mid-Hants News. and on the Watercress
Llne webslte to en¢ourage donations towards ongoing projects. The Charlty does not sell or pass on any details about
its members and supporters to any other organisation. It is registered by and upholds the standards of the Fundraising
Regulator.
Five-
The Boards of the Charity and MHR Ltd jointly developed a Fr¥e Year Plan for the period 2018-2022 whlch is regularlv
reviewed and updated.
Sustalnabili
and lannl
e future.
The Charily Commisslon en¢ouraEes Trustees to consider the sustainability of their charity and its future. Current
knowledge indicates no current speafic financial or operatin8 problems. However, It Is recognlsed that enthusiasts who
remember the'real, steam railway are a8ein8 and, whitst younger volunteers are taking on new responsibilltles, some
significant changes are needed so the Charity and its operatin8 subsidlary Can thrive and continue to achieve its main
objectives in the comlng decades. In the year under review, the Society and MHR Limited formed a Governance Group
to conslder how its constitution and funttioning might change to enable the future achievement of Its objectlves.
Trustees and the Dlrectors of MHR Limited are consSderlnq and ta￿n8 professlonal advo￿ on future optlons.
The Trustees are thus satlsfied about the long-term sustalnability and viability of the Charity.
Flnanclal revlew
The year produced a satlsfactory result with net income of £394.748 compared to E438.683 last year.
The subsidiary companles, Mid-Hants Railway Limited reported a profit of £18,728 INote 91 and Wadebrldge1340071
Locomotlve Llmited reported a proflt of £201,751 In the year ended 31 January 2021.
rves
Note 20 to the financial Statements Sho￿ the a￿et5 and Ilabilities attributable to the varlous funds by type. Group
unrestricted funds (Note 191 amount to £8,288,412. After allowin8 for fixed assets of £8.430,925 there is a deflclt of
'free' reserves of £142,513 showin8 a decrease compared to the 2020 negative figure of £419,431. The Trustees, stated
objectlve Is to malntaln a level of 'free' reserves at a level of one yearfs unrestricted expenditure in the Company12021'.
£228,345 - 2020.. £443,3421. There has been continued to be very 5i8nificant investment in group fixed assets thls year
12021.. £345,280 - 2020.. £804,ICQl which affects the level of 'free' reserves bui continues to place the Charlty In an
excellent posltion for the future. The Trustees. pollcy is, therefore. to contlnue building up funds by means of annual
operatlng surpluses. supplemented by general purpose or specffic appeals from tlme to time. This will enable the
projects In hand to be pro8ressed as quickly as practicable.
Plan5 f r future
eriods
The Covid-19 Pandemic si8nlficanty affected the operations of the Watercress Line durin8 the year. The 8oards of the
Charity and MHR Ltd have met durln8 the perlod to review the financlal positlon of the companles. develop the
fundralsing strategy and grant applications.
Lookin8 forward, the TTUStees expect Income to be a contlnulng mlx of grants, subscriptions, donatlon5 and legacy
Income. Whllst the Charltvs subsidiary, MHR Ltd. continues with 3¢tivities that promote the objectives of the Society,
the Trustees do not expect a financial contribulion. preferring that any surplus funds are invested in activities which
promote our objectives.
The short and meilium term objectives of the Society are to progress the projects that are already underway and
detailed above. The most significant of these will be continuin8 the HLF funded restoration of locomotive 35005 and
restoration of locomotive 75079.

Mid-Hants Railway Preservation Society Limited
TRUSTEES, REPORT IINCLUDING DIREcfoRS' REPORT AND STRATEGIC REPORn
FOR THE YEAR ENDED 31JANUARY 2021 (Continued
The Charivs income Includes alarge prowrtion of grants, donations and legacy income. By its natu￿ the level of thls
income cannot be assured in any year. Atthough tt would be unwelcome, the Tru5tee5 acknowledge that they would be
able to delay capital projetts rf this was required to balance cash flow were there to be a shortfall in expected income.
Trustees, responslbllltles statement
The Trustees Iwho are also Dlrectors of Mld-Hants Railway Preservation Society Umlted for the purposes of company
lawl are responsible for preparing the Trustee5' Annual Report, including the Strategic Report, and the financial
statements in aecordance with appll¢able law and Unhed Klngdom Accountin8 Standards Iunited Kingdom Generally
Accepted Accountin8 Practicel.
Cornpany law requires the Trustees to prepare financial statements for each financial year. whith give a true and fair
view of ihe state of affairs of the charitable group and of the incoming resour￿$ and appllcatlon of resources, Sntluding
the income and expenditure, of the chailtable group for that perlod. In preparln8 these financial statements. the
Trustee5 are required to..
select sultable accountln8 polldes and then app￿ them consistent￿.
observe the methods and principles In the Charities SORP 2015 IFRS 1021;
make ludgernents and estimaies that are reasonable and prudent;
state whether applicable UX Accounting Standards have been followed, subject to any material departures
dlsclosed and explalned In the financial statements:
prepare the flnancial statements on the80in8concern basls unless itis inapproprlate to presume that the Company
wlll continue in buslness.
The Trustees are responslble for keeplng proper accountin8 records which dlsclose wilh reasonable accuracy at any
tlme the financial positSon of the Charitable Company and the Broup and enable them to ensure thai the flnanclal
statements comply with the Companies A¢1 2006. Theyarealso responsiblefor safeguardingthe assets of the Charltable
Company and ihe 8roup and hence for iaklnB reasonable steps for the preventlon and detectbon of fraud and other
irregularlties.
Dlsclosure of Informatlon to audltors
In $0 far as the Trustees are aware..
there Is no relevant audit Inlomlaiion of which the Charitable CoMpan￿S auditor is unaw?re: and
the frustees have taken all step5 that they ou8ht to have taken to make themselves aware of any relevant audlt
Information and to estab14sh that the auditor is aware of that information.
The Trustees are responslble for the malntenance and integrity of the corporate and fin3rt¢ial information ¢n¢luded on
the companls webslte. Leglslatlon in the Unlte<l Kingdom go¥ernin8 the preparation and dissemlnation oi financial
szaiement5 may differ from legislation in other jurisdictions.
Audltors
Cochrane & Co Accountants Limited are deemeil to be re-appointed a5 auditors under 5ectlon 487121 of the Companles
Act 21)06.
In approvlng the Trustee5' Annual Report, we approve the Strate8ic Report included therein.
By Order of the Board
Alresford Station
Alresford
S024 9JG
Peter Smith
Compan
retary

Mid-Hants Railway Preservation Soclety Limited
INDEPENDEMf AUDITORS, REPORT TO THE MEMBERS OF
MID-HANTS RAILWAY PRESERVATION SOCIETY UMrrED
(￿lI1￿ed Opknlon
We have audited the financr41 statements of M￿Hants Raihvay Pre5er¥thn s￿ iknithd lthe'pbrent thailtable tompJn¥l and it5 gJbstdi•ries
Ithe'£roup'lforthe¥eaTended31January2021whkh tompri5e the Consolidatedststementof Fin4nc*1AdMt￿5, 7heGrtyJp and Parent Charitable
CompanyBalanteSheety TreConsolidatedCashfknwStatementandthe relafednotestothefin3noal s¢atements. incltsdih83 5ummaryof51snif￿nt
accountln8 policies. The financkil repotyn8 fvamewcrk that hasbeen appl￿d In theli preparation 15 app1Ka￿e law and Ufjrted Kingdom Accountin8
standard5. includin8 Reportln8siat)dard 102 TheFInontiolRew￿n1StOt10Orf0￿&1KOtye tn the UKund Republk o/JTelondlUnlted ￿￿Kdo￿
Generally Accepted Accountin8PrartKel.
Inouropinlon,except forthe PO￿￿Èeffetts0fthemafterdescribed inthe ba￿f0r￿uaIIfie￿ Wnk)n Sect￿ ofourreporn the flnanclal ststemÈnt$.'
a trueand fair vlew ofthe stateoFthe8rovp's parenttharikNÈ comwrfsaffaitsas at3lJan￿ry 2021, and ofthe 8roup'% Incomlna
resources and applkaih)n ol rtsources. AKJuding it5 ￿rne andexpendilure. fortheyèarthen ended:
have been properly prepared in acCorda￿tw￿h unitèd ￿n8d¢M GeneratyAccemed ActtyJntin8 Practke,. and
havelxeffl Prepared In ￿rdance the wuirementsofthe C•mpan*sAa2C¥)6and the Charir*s Art 2011.
B•sls of quallfied oplnknft
Due 10 COVID 19, the cou•try*ds In fvll Wdow• atthe 31 January 2021. The d￿nI wa& Doi able lo cary our a full stocktike at the yearend and
we We￿ not able to attend. We have alwaysfound the d*nts symems ￿ auuratety report stock ouaniii*s bui ihls year*re unable to obtain audlt
e￿defice a5 re8ards sto¢k quantitles •131 laouary 2021. Stock Lglnch*led In the balince sheetata yo￿tof £211,￿5. coD5eqVent￿, wè unab
to determlne If 3ny3dlustmeni ts necessary to this amounL
wé condurted our audit in a¢c¢*danee with Intvn4iw151athdardson Audrtln8 IUKI11Sls IUKI14nd applICab￿ I￿. Our responslbllhiÈ5 underthose
standards are further descrlbed in IheAvéiiorfs responsi￿"11*esf0r the avdh of ihe finanoal statements sertlon of our report. We are lrtdependent
of the 8roup and parent charita￿￿MPanY in atto¥d*nrewlth I￿*th￿31 requlrementsth4t are rdevinttoouraudiiof the financial statements In
ttte UK, includin8 the FRCs Etht41 Standard. and we h*¥e our other ethkal resp0nslbl1￿es in Kcord?nce wtth these requlrements. We
bellEve that the audlt e¥￿eThe¢ we have obtalned ￿ Suffic￿nI and 3pkwr*te to pr+y4ide a basis for our quallfted oplnk)n. Except for the matter
descrlbed In the basls for qUalif￿d opIn￿n settk)n. we ha¥e (knimlned that Ihertare no key audlt mattersto be￿MM￿nIcated In our report.
In audhin8 the financ￿1 statements, we hm ￿￿tIuded th•t Irust•e< Lwe of the 80kni ¢wcem of of the finandal 5t4tements
Is èppropriate.
B35ed on the work we have performed, we have ￿ hjerfffled athy matvml uThcertairsties relath¥ to e¥enis or condhlons thai, Ind￿lduallY or
Collect￿ely, may t¥5t 518nthcant doubt on th• 8fOUP'5 or parent thartt4bl¢ cofflpanls to contknue as a 8oln4 tartctrn a perK)d of Jt least
twefve monthsfrom when the finantial statemonrs ar* aulhorlsed lor tssue.
Oyr responslbllltitsand ihe resp0nsièilit￿of ¢he ¢rusieeswith respett toWn8ronwn ￿edesertbed th ih• retv4•nt seetkns of th15 report.
Othqr Infofmatlon
The trusiees are responslbk for the other Inlomiath)n. Tht olher Inlormatk)n eomprhes the Informatk)n kndudtd In the trustees, annuil report.
L>ther than the financial statementsand our audltorfs rewt thEreon. O¥rWnkn on the IInanc￿l ststemthts does not cwer the other informatlon
and, extept to the exient Olherwlseexpfkttty 51aied In our repo¢ not express anyfomi dassurtnce conclusk)n thereon.
In tonnedlon wl¢h our audit cf the Nnancbl staiements. our reSpOn￿￿l￿V Is to read Ihe other Inlormatk)n attd, In dolng so, conskler whet￿r the
otherinformation Ks rnater1al￿￿cQnS1SWiLW5￿thet1nan¢tsl stattmthtsorouf kn¢x¥ledBeobtaineOiniheaudttorotherwiseappearstobe matèrially
m15Stated. If we klentlfysuch matthal InconsLqten(les Orap￿rent m•terbl mèsstatements. we arerequired todetermlne %Yheiher Ihere Is a mater131
misstatement In thefinancial st3tementsora material mtssutemen1oliheother#)forma￿L￿. If. tsasedon thewor*weh4¥e pertormed, we condude
that there Is a materlal m155t3tement ofthlsoth•rhknaikn. 4r• r*port thatf¥L
We have nothin8 to reportln this re8ard.
Oplnlons on oth•rm•tt*ts pr•5thb•d byth•CmwknArt2
In ouropln￿n, based onthework undertaken In the course ofthE audlL-
the informatlon 8fven in the tru5ttes' report Ilncowratif* the stratt8￿ report and the (¥rthrs' iekk¥tl for the financlal ￿ar for whlch the
financ+al Statements are prepared i5cons&ttnt thefinanthalrtate￿ *r
thesttsteBk report and thedirettots. repurt have bEen prewred ￿￿(￿danCe with •pplkabb2 requlrements.
Matters ontwhl¢hw• *r• r•quk8d ty rwort tyexr*ptl•th
Exceptforthe Matterdeso)t￿ inthe ba￿Slor0pI￿￿)ll seaiwol4*rieporLinthefjRhtafthe krh7wkd8oand¥ndwstsndin8oftha groupand parent
Charitab￿ company and ￿eTh￿ronment0bta1ne￿ in the cwrse oftheaudl h￿09t hlentified materfal misstatements the irustee¥ report.
Ari%n8 from the IlmitatA)n ofscoFeof our Wa￿[elltingw srockquaniitie4 referrÈdto ab￿..
we have notTeteNedall the Fnformaiwafftl exF4ahatK%)s¥rtfftouwÈlor(wrawl
We are una￿et0delem7iTre whetheTadequatsaccounting reLords have been kept.

Mid-Hants Railway Preservation Society Limited
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF
MID-HANTS RAILWAY PRESERVATION SOCIEfY UMITED
We have nothin8 to rewt in iespert ol the foifowkn8 matters in relatrn w which tht CompanlesAct 2￿6 req￿￿ u5 to report to ff, in our
opinkin..
adequate sufficient a¢couDtin8 fEcords ha¥* not been ke0 bythe parerrt company. or rfurns a￿e9￿atE for our audt have
bEen re¢¢￿ed from branches notTrAuted byus.. ¢¥
the parent ch4rft8b￿ companrfs Anart￿lIst￿tements3rety0t Inagveemeni with the accoun1* recordsand returns..
certaln d15c105ures oldlTector< remuthemion spEcified tytswarp not made.. L¥
Respon5ibIlldttof¢r￿tses
A5explalneiJ rnorefvllyln thètrusiees. responsl>ilIt￿$Stj1efi￿5t1oU1OTr pap8, thefrustee5lwhoarealsothe dlrÉctorsofthecharitablecompany
forthe purposes of company lawl are responsib￿ forthe preparaibTh ￿ffvefinanUaI siatement5 and for being satisfiedthat ihey8lvea true and falr
view, and forsu¢h intern41control asthetru5teesde¥ermine i5nece55arytoertablethe prep•rotyonolfinancvdlsra*menisthata¥efreefrom materlal
m155tatement. whether due to fraud orerror.
In preparingrhe financ￿11 statements. the Iruslees are reSpOn￿b￿ for asSeS￿n8th@Srovp'sand parent tharitable tompanrfs a￿tty to continue asa
goln8 concern. dls¢losin& as applKable, matters rdated tO80knÉ concèrn ond using the concern basis of auountin8 vnless thetru5tees ether
Intend to I￿uldate the 8roupor the Pa￿rtt charit3We cw¥Janyortote451 QP•711on¥NhMn0￿#St￿a￿[n4th buttodoso.
Audltoei resp0n51bllh1￿ for th*•udltolts*fin•KL•l si•tements
We have beEn appointed audbtor under theCompaniesAci 2￿6 andU*CharWAet 2011 and rerK)rt In ateordarKe wlth theseAtts.
Our objeciivesare to Ob￿1n reason*b5p assurnnce about ¥jhetherthefInanc￿II statementsasa whc4eare free from maredal mlsst¥temenL whethe¢
due to fraud or effor, and to Issue an audrto¢5 repNt ihat our opkn¥Jn. Reasrthable assurnnce is a hl8h level of J5surance but 15 not a
8uarantee thai tondLKred In a(cordan¢e whh 1&4s IUKI w411 a￿¥5 detect a ￿Ter*I mlsststefflent when 1¢ e¥lsts. Mi55tatements can arlst
from Iraud or error and art conswered materkl rf, indNhlualty or in the asyeqate, they couk1 reasona￿¥ be expected to Influpnce the economic
de¢ision5 of users taken on the basSsolihese nnan¢la15tatements.
lrre8u1arlt￿S, Indudln8 Iraud, are iffl5tance5 01 non-Com￿￿￿te wlth re8ul#h)nS. We de5*n wocedures in line wlth our respDnslblllries,
outllned above, ¢0 dete¢t mateiial m￿latementS in res*d of INe8u14rth& IncludlTr8 fvaud. The ertent to whkh our procedures are capable of
deie¢tln8 ifre8ularlfles, Includin6 fraud Is¢e￿i￿d below..
There15 a 5tron8 board overstein8 opera¢in8 and mana8ement knformaiknn. Wo Ire ab￿ to rerfiew th* Intlre nomlnal led8er ind all
transactions. offerlng us theopportunltyio hlentlfylrre6uthrft￿$. Bouuseoftheknhereni limtWb)nsofanèudl¢there 14a rlskthat wewlll noidetect
all irreiularilies. includln8 those leadin8 to In3tertsl mwstaiement in the finandal statemefftts or non<omolkante %•ith re8uL4flon. The rKsk increases
the mort that compllance with a la¥Y or re8uLAtlon s rem￿￿ from the e¥ents and ti•h￿ct￿￿15 refiected In the financlal statements, as we wlll be
less Ilkèty to becorne aware ol in5tJn¢e5 Of non-compl4nce. The Ask 15 8￿ter fe8a¥dln8 Irre8y￿rIt￿s ot¢urrin8 due to fraud rather than the
error. ès Iraud InvolveslnteniJon•l conce4knenL for8ery. cdIU￿n, or￿S￿on or MIS￿￿*sentatIOn.
A further descTIpiion ol oui respon5ib5l5t￿& lor Ihe avdit of the IIMnck4 stateffthts L% *tated on F￿￿(111 Report+n8 Coun¢ll's webslte It:
Www.fr(.or8.uVOur-WorVAydft/Audlt.¥h&assura￿•/s￿dl1￿￿In*w￿l1NetsIor-4ydItu5/A￿d￿Qrs-r*$￿tsnsIbIUEoes.for-a￿dh/Dtscr1p1Qnrf.
audirors-responslbllltle5-foi-audit.aSPM..
We ommunlcate wlth those tha￿ed with Bovernante ro8aidkn& amrm8other matter8 the plinned xope and tlmln8 ol the audtt and slsnlft4nt
audtt fSndlngs, includin6 anys18nifkafti dehcientles In Intern*1 ¢wiiol thatwe klentffy dvrkngourauort.
Us• olourrnport
Thls iep¢rt Is made SLIe￿I9 rhe Char￿ab* comparfsmembtrs. Is a bth. In aCC￿da￿twrth Chapter 3 of P¥rt 16ofthe Companles Art 2006 and
to the charltable <ompanVs rrustees. asa body. in accordance Part4 of the Charilk?sla¢wuntsand Reportsl F1p8u1at￿n$ 2CkJ8. Our audll work
has been undertaken 50 that mi8ht slate to the Charitab￿ cornpanfs membws and its Trustees those mattets we aro reqvired to state to them
In 4n audiiorfs report and for no other pvrpose. To the luuest ertent pern)itted by law, we do noi acwt or assume re5ponslblllly to anyone other
th•n ihe ch•rltiblE ¢trmpany4nd rhe chJri¢aty* cofflpanf s membersasa r￿Va￿ th•fl￿tr￿ coffjyn*s Trusteesas a body, for our a￿11 work,
for this reporL orfor the opinlons we h4¥e1wTh￿.
Joanne CochraTrÈ 8Sc FCA l$en*•rsiatutNyA￿11t￿l
For and on behalfofcochrane &Co A¢¢ouTrtsnts Umwed
Accountsnts and Statutory Audltor5
38 Kin85 Road. Lee-on-the-Sc4ent
Harnpshlre P013 9NiI
Oatt: zl>. ICJ. 31

Mid-Hants Railway Preservation Society Limited
Consolldated Statement of flnandal activitles
(Includlng consolldated Income and Expendtture account)
For the year ended 31 January 2021
Unrestrfcted Restrkted
Fund$
Funds
Total Funds
2021
Notes
2020
Income
Donations and le8ades
Income from charitable activities
Income from other trading activities
Investment income
316,645
40.575
2,701.6
460
37,838
5,384
354,483
45.959
2.701,660
460
360,986
60,191
4.444,897
1,043
Totsl Income
3.059.340
43,222
3,102,562
4,867,117
Expendlture
Costs of ralslng funds
Expenditure on chaiitable artlvitles
2.607,922
88,314
2.607,922
100,818
4,209,413
223,317
12.504
Total expendlture
2,696.236
12.504
2,708,740
4,432,730
Unreallseil 8ain11105sI on
Investrnents
Interest payable
1.551
1,551
4,296
625
625
Net Income
364.030
30,718
394,748
438,683
Transfers beiween funds
19
Net movement In fvnds
364.030
30.718
394.748
438,683
Reconclllatlon of fvnds:
Total funds brou8ht forward
7,924.382
355,432
8,279,814
7,841,131
Total funds carrled forward
19
8288AIZ
386,150
8,674,562
8,279.814
Contlnulng operatlons
l of the activities of the group a￿ classed as continuin&
Total recognlsed 8alns and losses
Thè group has no re¢ogni5ed gains or losses other than the surplus above.

Mid-Hants Railway Preservation Society Limited
Balance sheets
At 31 Janua
2021
io
fjroup
Compary
2021
2021
2020
2020
Note5
Flxed •$5ets:
Tangible assets
Investments
12
13
.430.925
8.343.813
86,537
2,333,387
905,465
2,267,925
901,580
Totolfixed ossets
8.519,013
8.430,350
3.238.852
3,169,50S
Current ass•t
Stock
Debtors
Cash at bank and In hand
14
15
211,805
340,S35
2.265.090
177,114
2,208.816
1.164.483
27.519
858,873
159,517
665,353
Totol current ossets
2.817,430
3.370,413
886.392
825,052
Llabllltles..
Creditor5.' amounts falling due
within one year
16
{1.144,9911
12.874.4511
139.4481
1133,2441
Net current ossets
1.672,439
495,962
846,944
691,808
Totulossets le55 current Ilabilit￿$
10.191.452
8.926,312
4.085,796
3,861,313
Creditors.. amounts fallln8 due after
more than one year
Provlslons for liabilitie5
17
11.195,1851
1321.7051
1384.5961
1261,9021
150,OC4)1
Total net ass•ts
8h74.$62
8,279￿14
4,035,796
3,861,313
The Funds of the Charlty:
Restricteij Income
386,150
355,432
386.150
355.432
Unrestrlcred income funds
General funds
Other reserve
Minority intere$15
7.257,998
514,765
515,649
6,893,655
514,765
515,962
3,649.646
3,505,881
Total unrestricted funds
,288.412
7.924,382
3,649,646
3,505,881
Total Chaflty fvnd5
19&20
8,674,562
S279￿14
4￿35.796
3,861,313
The financial statements on pages 11 to 33 were approved by the Board of Dlrectors and authorised forlssue on 25th
October 2021 and were slgned on Its behalf by-
iredor- S Evan5
Director- G H Watson

Mid-Hants Railway Preservation Soclety Limlted
Statement of consolidated cash flow
For the year ended 31 Janua
2021
li
Notes
2021
2020
Net (ash provlded by op•ratln8 artfvltles:
573,787
1,402,825
Cash flows from In¥e*ini actlv5tles:
Interest received
Divldends received
Purchase of tanBlble fixed assets
789
942
loo
1804,1001
1337,8211
Net cash used In Investlng artlvttles
236,755
599,767
Cash flows from flnancln8 Ktl¥5tles:
Increasellredurtlonl of borrowin8S
863,852
138,5441
Chan8e In cash and cash egulvalents In the ￿ar
1,100.607
561,233
Cash ond cash equfvalents at the 5t•rt of th• year
L164,483
603,260
Cash and ¢a5h equlvalents •t the eftd of the y•ar
1265,090
1,164,483

Mid-Hants Railway Preservation Society Limited
12
Notes to the consolidated flnandal statements
For the year ended 31 January 2021
Summary of significant accounting polldes
The principal attountin8 policie5 adopted, judgements and k￿soUr￿5 of estimation and Un￿rtaIntY in the preparatlon
of the financial statements are as follows:
Basls of preparatlon
The Company Is a registered charity and constltutes a public benefit erEttty as defined by FRS 102. The financlal
statements have been prepared in accordance with Ac¢ountinB and Reporting by Charities-. Statement of Re¢ornmended
Practice applS¢able to charitles preparing their a¢¢ounts in accordance with Financial Reporting Standard applicable in
the UK and Republic of Ireland IFRS 1021- Charitiès SORP IFRS 10211. Ihe Flnancial Reportln8 Standard applicable in the
UK and Republic of Ireland IFRS 1021 and the Companles Act 2LK)6 and UK Generally Accepted A¢¢ountin8 Practice.
The financlal staiements ¥re prepared on a goin8 concern basis under the historScal ¢0st basis of accountln& modified
to include the revaluation of freehold land and buildlnBS and certain other assets. The finandal statements are
presented in sterlin8 whith Is the funrtional currency of the charlty rounded to the nearest £1.
Basls of consolldatlon
The Group account$ consolidatethe results of thecharityand Its subsldlarles. Mld-Hants Rallway Limlled is Consolidated
using the purchase method and Wadebfld8e1340071 Locomotlve Limited Is consolldated usSn8 the purchase method
since acquSred In 2008. The net Income from the subsidlary companies1$ shown In note 9 of the accounts. Inteinal sales
and proflts are ellminated on consolldaiion.
Goln8 Conc•rn
The financlal statement5 have been prepared on a 80ing concern basls as the Dlrertors belleve that no materlal
uncertainties exist. FollowlnB a successful Te-openlng by the Flylng Scotsman. the Watercress Line was forced to c105e
due to the Covid-19 Pandemlc, re-opening in July 2020 with a revised servlce and meeting Government 8uidelines.
The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months
from authorlsln8 these financlal statements. The budgeted Income and expendlture Is sufflclent vAth level of reserwes
for the charity to be able to contlnue as a 8OinB cOn￿rA.
Tan8lbl• flx•d assets
Tanglble fixed assets are stated at cost. or deemed cosL beln8 purchase price or valuation. less accumuloted
depreclatlon. No lower1Smlt is applied to individual items that a￿ capitalised.
OepreciatSon Is provbded to write off the cost of fixe(l assets to their resldual values by equal annual Snstalments at the
followlng rates:
Freehold land and buildin8S
Plant and machinery
Assets in the course of constTUrtion
Nil to 2% per annum
Nil to 25% per annum
Not depreciated until brought into use
Locomotives are depreciated over the length of their boiler cerlificate (usually 10 years) down to their residual value.
Where a locomotive, owned by an indepenilent group, 15 overhauled by the company and a lon8 term hire agreement
is in place, the costs incurred are capil31ised. Costs are depreciated on a straight line basis over the expected useful life
(usually 10 years). Other ihan the engineÈrinB workshops at Ropley. dep￿coated at 2% per annum, the freehold land
and buildin85 are not depfeclated below their residual value. In the opinion of the Dirertor5, It is the Companvs purpose
to restore, preserye and keep these assets in good repair for the future. Freehold property consists mainly of historic
buildings which have long useful economic lives and high residual values. Any depreciation charge would be immaterial.
The Directors are of the opinion that no Clrcurnstan￿S fdusing an impairment of value have occurred. The Group has
taken advantage of the transitional provisions of FRS102 to retsin pwousty re-valued assets at theii book value.

Mid-Hants Railway Preservation Society Limited
Notes to the consolidated financlal statements
For the year ended 31 Janua
2021 (Contlnued)
13
Principal accountlng policles {contlnued)
Flxed asset Investhients
Investments held as fixed assets are stated at cost, or valuation, less provision for any impairment in value.
Income
Oonatbons and income from subscriptions, stated net of value added tax, are credlted on the statement of financlal
activities In the year to which they relate with any relating to future years belng shown in creditors. Income relatin8 to
restricted funds 15 separately dlsctosed. Income fiom extended membership subscriptlOA5 15 reco8nised in the year of
receipt In the statement of flnancial activitles.
In accordance wilh Charities SORP IFRS 1021 no amounls are included In the flnancial statements for swvices donated
by volunteers. The Trustees, annual report acknowledges thelr e5sentlal contribution to the Charit￿$ success.
Income from legades is recognised at the earller of the date on whlch either the Company is aware that piobate has
been granted. the estate finalised and notification received by the Company that a dlstrlbutSon wlll be made or has been
recelved. Receipt of a legary, in whole or in part, Is only considered probablewhen the amount can be measured reliably
and the Company notified of the executo¢s Intention to make a dlstributlon. If the Company is aware of the 8rantin8 of
probate, but the crlterla for Income recognltlon have not been met, the le8acy Is treated as a contln8ent asset and
dlsclosed If materl31.
Incorne from the subsidiary companies represents 5ale5, excludlng value added tax, in respect of tlckets for steam train
experlences and rides, retall and caterln8 good5 supplied durlng the year, external engineering work perlormed and
locomotive hire charges. Payments recelved on account are not Included withln turnover until such tlme as the servlce
Is rendered or obllgatlon fulfilled.
Income from government and other 8rants, whether 'capltal' or 'revenue'. Is recognlsed when the Company has
entitlement to the funds. any performance conditions h￿e been meL it is probablethe Income wlll be recelved and the
amount can be measured reliably and is not deferred.
Interest from funds on deposil is included upon notification of interest payable by the bank. Dlvldends from
shareholdin85 are re¢o8nised when the dividend Is re￿1Ve{l.
Expendlture
Expendlture Is accounted for on an accruals basis and re¢o8ni5ed oncetherels a legal or Constructlve obllgatlon to rnake
a payment to a third party, it is probable that settlement will be requlred and the amount of the obligation can be
measured reliably.
Cost of raisSn8 funds are those Incurred by the subsidiary companies in commercial tradin8.
Charitable activities include expendr(ure associated wrth the maintenance and preser¥3tion of railway transportation
systems, equipment and any support costs assocrated with those activitles.
Support costs indude functions that support the work of the Company, but do not directly undertake charitable
activities.
Governance costs Include those incurred in the governance of the Company and its assets and are primarify associated
wlth constitutional and Sta￿tOry requlrements.

Mid-Hants Railway Preservation Society Limited
Notes to the consolidated financial statements
For the year ended 31 Janua
2021 Icontlnued)
14
Prlncipal accountin8 policies Icontlnued)
Grants payable are payments to third parties for fvrtheran￿ of the Companvs objertives. The grants are accounted
for where either the Directors have agreed to pay the grant without condition and the reapient has a reasonable
expectation that they will receive the grant, or any condition attachlng to the grant ￿ outside the control of the
Company.
Operatlng leases
Costs In respect of certain hiring arranBements are accrued on an annual basis and ¢har8ed dlrectly to the SOFA. Sorne
of the hire arrangements ale open ended and have no fixed date of expiry.
Stocks
Stocks are valued at the lower of cost. bein8 purchase pri￿ and net reallsable value. after maklng due allowance for
obsolete and slow movlng items.
Debtors
Trade and other debtors are Teco8nised at the settlemenl amount due.
Cash and cash equlval•nts
Cash and cash equlvalents include cash hand. deposits held at call with banks, other short term Investment5 With
orlglnal maturltles of three months or less. and bank overdrafts. Bankoverdrafts areshown wlthin borrowlngs in current
Credllors and provlslons
Creditors and provislons are recognised where the 8roup has a present obli8ation resulting from a past event that ￿$
expected to result In the transfer of funds to a thlrd party ond the amount due can be measured or estimated rellably.
Creditors and provisions are normally recognised at thelr settlement amount after allowin8 for any trade discounts due.
Penslons
Th• Group operates a defln•d eontribution pension schemo. Contribution5 are ch8ryed tc* the profit and los$ 8¢¢gunt
as they become payable In accordance with the rules of the scheme.
Fund accountln8
Unrestricted fund5 are available for use at the discretion of the Dlrectors In furtherance of the general objectives of the
Company and whlch have not been designated for other purposes.
Restricted funds are funds which are to be used In accordance with specific restrictions imposed by donors or which
have been raised by the Company for particular purpose5. The aim and use of each designated fund is set out in the
notes to the financial statements.

Mid-Hants Railway Preservation Society Llmited
Notes to the consolidated finanaal statements
Forthe
ear ended 31 January 2021 (Continued)
15
Princlpal accountlng pollcies (contlnued)
Taxatlon
The Company is an exempt charity within the meaning of schedule 3 of the Charltles Act 2011 and is considered to pass
the tests set out in Paragraph I Schedule 6 Finance Act 2010 and the￿fOre it meets the deflnition of a charitable
company for UK corporation tax purposes.
Wlthin the subsidiary companles defe￿ed tax 15 recoBnlsed in respect of all tlmifig differences bètween the recognltlon
of income and expenses in the financial statements and their indusion in tax assessments. Unrelieved tax losses and
oiher deferred tax assets ale recognlsed only to the extent ihat It 15 probable that they will be recovered against the
reversal of deferred tax liabilltles or other future taxable proffts. Deferred tax is measured using the tax rate5 and laws
that have been enacted or substantively enacteil by the reporting date and that are expected to apply to the reversal
of the timing difference, except for r￿alUed land and invesiment property where the tsx rate that applies to the sale
of the asset is used. Current and deferred tax assets and Ilabilitie5 are not dls¢ounted.
Reilonal groups
A number of re8lonal groups of volunteefs and supporters hold funds to support thelr dayto day artlvltles. Total Income
and expènditure 15 shown In these accounts whllst specifftc donatlons to the Company are included in donatlons on a
r￿e1Ved ba515.
Flnan¢lal Instruments
The Company only has financlal assets and Ibnanclal Ilabllltles of a kind that quallfy as basic financlal Instruments. Basic
flnanclal Instruments ale Inltlalty reco8nlsed at transaction value and subsequently measured at their settlernent value.
wlth the exceptlon of bank loarbs which are subsequently measured at amortTrsed ¢ost usin8 the effectlve Interest
method.
Donatlons and legacles
Total
2021
Unrestrlct•d
Restrfrted
2020
General donation5 and appeal Income
Restoration of wa8OnS
27.770
27.770
36,357
3.555
20
125
620
377
26,491
2,825
Wlckam Trolley
Carriage restoratlon
Locornotive Sir Frederick Pile
Locomotive Canadian Pacific
Locomotive 75079
Locomotive Wadebrldge
Locomotive 08 288
Locomotive 73096
Locomotive 80150
Miniature Railway
Legacy Income
Gift aid
125
620
377
26.491
2.825
8,715
2,365
119,915
13,839
25
346
168
11,132
695
155,529
8,345
213
7,167
213
7.167
281.341
7.534
281,341
7,534
316,645
37.838
354.483
360,986

Mid-Hants Railway Preservation Society Limited
Notes to the consolidated financial statements
Forthe year ended 31 Janua
2021 (Continued
16
Income from charitable actlvltles
Total
2021
2020
MHR newsletter sales
Subscriptions
Locomotive 35005 raffle proceeds
Regional groups and 21x1 Club income
266
43,221
6,689
10,015
32.087
32,087
5,384
8.488
40,575
5,384
45,959
60,191
Income from other tradlng artivitles:
Commerclal trading operatlons
Total
2021
Note
Unrestrkted
Restrkt•d
2020
Income from tradlng subsldiarles
2,701,660
2.701.660
4,444.897
Investment Income
Total
2021
Unr¢strlrted
Restrfcted
2020
DlvSdends recelved
8ank Interest receivable
loo
943
460
460
460
460
1,043
Costs of ralsln8 funds:
Commerclal tradlng operatlons
Note
Total
2021
Unr•strfct8d R•strkt•d
2020
Expenditure by trading subsidiaries
2.607,922
2,607,922
4,209,413

Mid-Hants Railway Preservation Society Limited
17
Notes to the consolidated financlal statements
For the
ear ended 31 January 2021 (Continued)
7 Expenditure on charftable artlvlttes
Total
2021
Unrestrkted
Restrlded
2020
Grants payable
Locomotlve maintenan
Mld-Hants News
Volunteer costs
Re8ional 8roup expenditure
Draw costs
Hampshire Unit costs
Wagon restoration costs
Depreciatlon of tangible r￿ed assets
HLF project costs
Su
ort cos
Printin& postage, IT and statlonery
Sundries
Bank charges
rnan
Auditors remuneration
Professional fee5
Health and safety
Insurance
4.225
4,010
11.737
4,225
4.010
IL737
4,995
4,921
14,053
227
7,479
2,324
2.339
2.911
14,228
155.392
12.173
12.173
5,048
7,155
3.307
14.986
12,504
7,155
3,307
14.986
12.504
5,041
59
1.19)
5,041
59
1,794
1,805
1,260
1,1
8,998
7,7
1.410
1.275
8,998
7,700
1.410
1,275
8,468
13
1,108
88.314
12.504
100,818
223,317
Support and governance ¢osis have been allocated wholly to charitable activltles a5 the Costs relate to the furtherance
of the Company's objectives. All charltable aaivities undertaken wholly relate to the slngle artIv￿ of the Company
bein8 the preservatlon, restoration and operation of rallway transportation systems.

Mid-Hants Railway Preservation Society Limited
Notes to the consolidated financial statement5
Forthe year ended 31 January 2021 (Continued
18
Net Income ot trading subsidiaries
The ¢ontrlbutions from the subsidiary companies for the year ended 31January 2021 are as follows:
Total
Mid-Hants
Rallway Ltd
Wadebrldgè
1340071 Locomotlve Ltd
2021
2020
In¢ome
Net operatln8 expenses
2.579.079
12.S16.1861
250,108
11.1291
2,829,187
12.517,3151
4,664.922
14.051,4741
Operating profil
62.893
248.979
311.872
613,448
Bank Interest recelvable
Bank Interest payable
258
132.1331
71
329
132,1331
221
136.4131
31.018
249,050
280,068
577,256
Taxatlon and deferred tax
112,S041
147,2991
159,8031
1130,3471
Retained profft
subsldlary accounts
18.S14
201.751
220.265
446,909
Exclude transactlons between group companle5:
Administration charges
Grant recelved
Shop rent
Black 51 Hampshire Unlt hlre
{20,(bxJI
1107.5271
120,0001
1107,5271
1,000
120.0001
1200,0251
1,000
7,600
Total profitlllossl brought Into consolidated
accounts
1108,0131
201,751
93.738
235,484
The results of the subsidlarles are Incorporated In the Consolldated Statement of Financial Activities Ipa8e 111 as follows..
Intome from other trading activitie5 (Note 41
Expendlture on charitable actlvltles (Note 61
2,701,660
4,444.897
12,607,922) 14.209.413)
Total proflt brought Into consolldated accounts
93,738
235,484

Mid-Hants Railway Preservation Society Limited
19
Notes to the consolidated financial statements
For the
ear ended 31 Janua
2021 {Contlnued)
io
Taxatlon
The Company is a re8lStered charlty and is exempt frorn taxatlon under SS05 Taxes Art 1988. The Cornpany Is
re8iStered for Value Added Tax.
No provlsbon forcorporation tax has been made for Mid-Hants Railway ￿MIted or Wadebridge134(K171 Locomotive
Limited following their results for the year.
lal Analysls of charge in the ye•r
2021
2020
UK Corporatlon tax
(Overl provi51on In prlof year
Ibl Fa¢tors affectlng Current tax charge
2021
2020
Proflt on ord5nary artlvltles before taxatlon (note 91
280,068
577,2S6
Profit on ordinary activities by rate of tax 19%,'12020- 19%)
53,212
109.679
Effects of:
Items not taxable
5.411
18631
other timing dlffereA¢es
Capltal allowances for perlod in èxcèss of depreclatlon
Use of1055es brought forward
114.4651
144,1581
113,1781
195,6381
Total current tax

Mid-Hants Railway Preservation Society Limited
20
Notes to the consolldated flnanclal statements
For the
ear ended 31 January 2021 {Continued)
li
Dirertors and employees
The average weekly number of staff of the Charity during the year wa$ 612020- 61, all of whom were Dire¢tors
who are not entitled to receive remuneration in respect of their services. Reasonable and necessary out of pocket
expenses are reimbursed where considered appropriate. No out of pocket expenses were relmbursed in 2020
12019- £Nill.
ation in res
ert of the subsidia
Railwa
Limited is as follow
2021
2020
Dlreclors and employees..
The average monthly head count was 4512020- 401 as follows..
General Manager and SenlorTeam.
Administration
Dlrect- full tlme equlvalent
38
33
45
Staff costs Ifor the above personsl..
Wages and salafles
Soclal securlty costs
Penslon costs
812.945
69.345
14,742
742,873
57,984
13,949
897,032
814,806
Employees of MHR Ltd receSvlng remuneration In excess of £60.Crf)O per annum were.. S 8aB8Ot, whose total
r•mun•r•t5on Ilncludin8 nati0fi31 Insuranc•l In th• p•rlod was É93.77S.
MHR Ltd relles heavlly on volunteer stsff In all Its operatlonal areas.
Wadebrldge Ltd has no employees and no remuneration was charged durin8 the year.
Slnce August 2015, MHR Ltd has operated a pension scheme for Its employees undef the governmenys auto
enrolmeni scheme.
The Charity and MHR Ltd have established indemntty insurance on behalf of the Trustees and D1￿CtorS costinB
£2.55012020- £7001.

Mid-Hants Railway Preservation Society Limited
Notes to the consolldated financlal statements
For the
ear ended 31 January 2021 (Continuedl
21
12
Tangible fixed assets
Group
Freehold
land and
bulldln
Ass•ts In
course of
construct5on
Plant and
machlnery
Total
Cost or valuatlon
At l February 2020
Addltions
Dlsposals
Transfers
3.243,252
75,944
17,4591
5.892,957
147,981
132,1671
238.769
1.767,354
121,355
10,903,S63
345,280
139,6261
1238,7691
At 31 January 2021
3.311.737
6,247.540
1,649,940
11,209,217
DeprecSatlon
At l February 2020
Disposals
Charge for year
349,555
2,210.195
132,1671
212.137
2,559,750
132,1671
250,709
38,572
At 31 January 2021
388,127
2.390,165
2,778.292
Net book value
At 31 January 2021
2.923,610
3,857,375
1.649,940
8,430.925
At 31 January 2020
2,893,697
3.682,762
1,767,354
8,343,813
An open rnarket vacant possession valuation undertaken by Grimley, internatlonal property advlsers, In August 1999
at the request of MHR Ltd, placed a value of £860.0￿ on the freehold land and bulldlngs. The Dlrectors conslder that
this valuatlon supports the exlstlng use value placed on ihese assets in the financlal statements. Freehold land and
bulldlngs are Incluoed above ai ihls open markw valuation tO8ether wlth the cost of subsequent additlons and
Improvements.
2021
2020
Cost or valuatton of freehokl land and bulldSn8s
Is represented by:
Valuation in 1999
Costs since 1999
860.(M)O
2,451,737
860,000
2.383,252
3,311,737
3,243,252
If land and buildin85 had not been
revalued they would have been
Included at the following amounts
2,796,972
2,728,487
Cost

Mid-Hants Railway Preservation Society Limited
Notes to the consolidated finandal statements
Forthe
ear ended 31 Janua
2021
Continued
22
12
Tanglble fixed assets Icontlnuedl
Company
Freehold
land and
bulldln8s
Assets In course
of
Construrtlon
Plant and
Machonery
Total
C05t
At l February 2020
Additions
Transfer
488,028
6.756
987.950
28,141
1,210.399
68,447
122,8961
2,686.377
103,344
122,8961
At 31 january 2021
494.784
1,016,091
1,255,950
2,766,825
D•pr•clatlon
Al l February 2020
Charge for year
Disposal
62,811
L202
355,641
13,784
418,452
14,986
At 31 January 2021
64,0
369.425
433,438
Net book value
At 31 January 2021
430,771
646.666
1,25S,950
2,333,387
At 31 january 2020
425,217
632,309
1,210,399
2,267,925
The Dlrectors re8ard all the Companvs fixed assets as beln8 used for dirett charttable purposes. Land and bulldln8S
owned by the Company are the Alresford Goo(Js Shed.
Included In the Compan￿$ assets in course of construction are lo¢omotive5 75079, 35005. 34058 and 80150, and Bulleld
coach $4367. Included in the Group disclosure Is locomotive 34105. All these locomotives are in the process of
restoration and will not be depreciated until the work is completed. Slgniflcant balances also included In the group
disclosure include the renovation of Mark l coaches 15939 and 16083. and the Medstead si8nalling scheme.

Mid-Hants Railway Preservation Society Limited
Notes to the con501idated flnanclal statements
For the year ended 31 Janua
2021 (Continued)
23
13
Fixed asset investments
Group
Company
2021
20
2020
2020
Market value at l February 2020
GainllLossl in the year on listed investments
Donation of shares in MHR Ltd
Investment in Wacfebrid8È Ltd
86.537
1.551
82,241
S￿1,580
1,551
895,602
4,296
772
325
910
Market value at 31 january 2021
88.088
86,537
905,465
901.580
Investments at market value comprlse..
Group
Comp•ny
2021
2021
2020
2020
Shares In MHR Ltd:
Dividend shares of £1 each
Ordlnary shares of 25p each
Shares in Wadebridge Ltd
100
412.604
100
410,595
404.673
404,348
817,377
21.677
815,043
20,126
UK Equities Ilisted Investments)
34105 Light Pacific Group
lunllsted investments)
21.677
20,126
66,411
66.411
66,411
66,411
88,088
86,537
905,465
901,580
The Company owns all of the issued Eqv5ty Dlvldend sha￿$ in Mid-Hants Rallway Llmited Icompany re8lStered
number 11170901 In addition to $2%12020= 52%) of the issued Ordinary non equtty 25p share5. MHR Ltd Is an unlisted
company registered and opeiating in England and Wale5, and its accounting year-end is co-terminus with the
Company. 11 is not possiblè to quantify the likely market value of the investment. MHR Ltd At 31 january 2021 the
net assets of MHR Ltd were £4,818,161.
The Company also OW￿ a controlling interest of 76% of the issued share capital of Wadebrldge134CQ71 Locomotlve
Lirnited (company registered number 016734831. The objective5 of this company are to maintain and hire ex-
Southern Railway Locomotlve 34007 Wadebrid8e. At 31 January 2021 the net assets of Wadebridge Ltd were
£726,191.
The UK equities were received through le8aue5. The value induded in the accounts represents the market valuallon
of the shares at 31 January 2021.
The 34105 Light Paciflc Group Is an unInCo￿lr￿te<j organisation which owns ex-8ritish Railways Southern Re8ion
Locomotive 34105 Swana8e. The Locomotive 15 based on the Watercre55 Line where it is being overhauled. The
company own$ 26.6% of the issued shares in the locomotlve.

Mid-Hants Railway Preservation Soclety Limited
Notes to the consolidated financial statements
For the year ended 31 January 2021 (Contlnued)
24
14
Stocks
Group
1021
Company
2020
2021
2020
Raw materla15
Finlshed 8oods
49,115
162.690
62,548
114.566
211,805
177,114
15
Debtors
Gr￿p
zozi
Companv
2021
2020
2020
Trade debiors
Othei taxatlon and soclal security
costs
Other debtors
Re8ional group balances
11,650
80.9S6
15,238
183.869
6,016
237.141
10.788
1.807,965
21,744
16,731
10,788
131,757
21,744
340,535
2,028.816
27,S19
159,517
16
Credltors: amounts falllng due wlthln one year
Group
Companv
2021
2021
2020
2020
Bank loan
Payments received on account
Trade creditors
Amounts due to MHR Ltd
Other credltois
Other taxatlon and soclal security
Accruals
Other loans
93.994
163,293
$03,633
40.731
492,683
1,966,128
3,207
120,448
22,020
349.812
19,830
7.579
6.850
347.S40
16,829
3.690
6.850
6,579
6,850
2,739
6,850
1,144.991
2,874,451
39.448
133,244
Bank loans and overdrafts
The bank loans and overdraft a￿ secured by a fixed and floatFn8 charge over the subsidiary CoMpan￿S freehold
rallway property and other assets.
Payments recelved on a¢¢ount
Payments received on account relate entlrely to bookings from customers for events tskin8 place after the year end.
These amounts will be released to the Statement of Finanaal Activities when the event has taken place.
Other loans
Other loans represent loans received from supporters. The loans a￿ interest free and repayable on demand.

Mid-Hants Railway Preservation Society Llmited
Notes to the consolidated financlal statements
For the
ear ended 31 Janua
2021
Contlnued
25
17
Creditors: amounts falllng due after more than one year
Group
Company
2020
2021
2020
Bank loans
1.195.185
384.596
50,¢)JO
1.19S,185
384.596
50,000
The bank loans are secured by a flxed and floating char8e over the subsldiary companys f￿ehOld raSlway property and
other assets. Of the amount due by instalments after more than one year £232.74412020 - £238.6851 is due in more
than five yeais,
18
Notes to the statement of cash flow
Reconclllatlon Gf net In¢ome to n•t cash Inflow from operatlni
artlvltles
Notes
2021
2020
Net Income for th• year Ipage 111
AdSustm•nts for:
Depreciatlon charges
Unreallsed losslgainl on investments
Interest received
Dividends recelved
Decrease/llncreasel In debtors
Increase/lDecreasel In creditors
Decrease lincreasel in Stock
Movement in defèrred taxatlon
394,748
438,683
12
250,709
11,5511
17891
229,993
14,2961
19421
liooi
11,615,959)
2,191,455
33,645
130,347
1.688,281
11,782,723)
134,6911
59,803
Net cash provlded by operatlnB a¢tMt5es {pa8e 13)
573,787
1,402,826

Mid-Hants Rallway Preservation Society Limited
26
Notes to the consolidated financial statements
Forthe ear ended 31 January 2021 {Contlnuedl
18
Notes to the statement of cash flow (contlnued)
Reconclllatlon of net ¢•5hfiow to movement
in net funds
Group
2021
2020
Changes durlng the year
At l February 2020
Net cash inflowlloutflowl
1,164,483
1,100,607
603,260
561,223
At 31 January 2021
2,265,090
1,164.483
Group
2020121
Cash
Flows
20
2020
Analws of chan8es In net
Funds
Cash at bank
2,265.090
I.IIXI,607
1,164,483
2.265,090
1,100,607
1,164.483

Mid-Hants Railway Preservation Society Limited
Notes to the consolidated flnandal statements
Forthe year ended 31 January 2021 (Continued)
27
19
Group:
Fund Balances
Total
Unrestrltted
Funds
Total
Restrlcted
Funds
General
Funds
Other
Mlnorlty
Interests
Total
Balance at
l February 2020
Total income le55
total expenditure
for year
Unrealised galn on
Ilsted Investments
Transfer between
general and
restrlcte(I
6,893.655
514.765
515.%2
7.924,382
355,432
8,279,814
362,479
362,479
30,718
393.197
1,551
1,551
1,551
7,257.685
514,765
515.962
8,288,412
386,150
8,674,562
Movement In
rnlnority Interest
313
13131
Balance at
31 January 2021
7,257,998
514.765
515,649
8,288,412
386,150 8,674,562
The other reserve of £514,765 relates to the valuation of land and bLtlldings which took place In 1999 and detabled in
Note 12, and is the difference between ihe 0ri8inal valuation and 1999 revaluation.
The level of the Group's 'free' reserves may be ¢alculaied by deducting the value of fixed assets Inote 121 from the
balance of unrestricted funds at 31 January 20211£8,288,412 less £8,430.92518iving a ne8ètive balance of £142,513.
The comparative figure at 31 January 2020 was negative £419.4311É7.924.382 less £8,343,8131.

Mid-Hants Railway Preservation Society Limited
28
Notes to the consolidated financial statements
For the year ended 31 January 20211CoDtinued)
19
Fund Balances (continued)
Analysls of restricted fund movements:
Balance
Ati
February
Incomln8
Resource5
ExpendSture Transfer from
Unrestrlcted
Funds
Balance
At31
January
2021
Fund name-
Restoration of wa8ons
Canadlan Paclfl¢ 35005
Bulleid Coach luggage racks
Walk the Line- Ballast Appeal
Restoratlon of locomotive 34058
Resto¥ation of locomotive 75079
Restoratlon of locomotlve 80150
Restoratlon of locomotlve 73096
Restoration of Haylin8 coaches
Restoratlon of locomotive 34CQ7
Miniature Railwav
Dlesel 08288
Wlckham Trolley
3,975
20
31.875
620
3,995
19,371
17,987
3,355
202,850
73,344
26.114
7,120
21,900
4,617
3,576
1,796
125
12,504
17.367
3.3S5
202,473
70,519
18.947
6,907
21.￿￿)
4,617
3,576
L796
377
2,825
7,167
213
125
355,432
43,222
12,504
386,150
Company:
Totsl
Unrestrlcted
Funds
Total
Restrlrted
Funds
Total
Balante at l February 2020
Net Income for the year
Unrealised losses on investment assets
Transfer
3,505.881
143.765
355,432
30,718
3,861,313
174.483
Balance at 31 January 2021
3,649.646
386,150
4,035,796

Mid-Hants Railway Preservation Society Limited
29
Notes to the consolidated financial statements
For the
ear ended 31 January 2020 {Contlnued}
19
Fund Balances {contlnued)
rjestription of Funds:
Unrestrlded Funds
These funds are for Befteral use In the furthera￿￿ of the Compan*<s objectives. There are no funds deslgnated for
specific purposes.
Re5trlcted Funds
Locomotlv• 35005'Canadlan Padfle (Prolect Englntefln8 a Future from the Past}
Locomotlve 35005 is owned by the Company. This fund represents giving associated with the appeal to overhaul the
locomotive and the restoration of two Bulleid coache5. S1456S and S4367S. The excess costs have been taken from the
unrestrlrted funds.
Restoratlon of Lo¢omotfve 34058 '5ir Frederfck Pile, Locomotive Is owned by the Company. Thls fund represents
donations received speclfically to assSst the restorailon.
R•storatSon of Locomotlve 75079- Locomotlve Is owned by the Company. This fund represents donatlons re¢elved
specifically to asslst the restoratlon. Some of the funds have been spent and the balance is carrled forward.
Restoratlon of Locomotlve 80150 - Locomotlve Is owned by the Company. Thls fund represents donations recelved
speclflcally to asslst the restoratlon. Some funds have been spent and the balance carried forward.
Restor•tlon of Locomotfve 73096 - Locomotive Is owned by MHR Ltd. Thls fund represents donatlons received
specifically to ass15t the restoratlon. Some funds have been spent and the balan￿ Carrled forward.
Restoratlon of Locomotlve 34007 W•debrfdge'. Locomotlve Is owned by Wadebrid8e Ltd, which is undertakin8 the
restoraiion and funds have been transferred to that company.
Dlesel shunt•r 08288- Locomotlve Is owned by MHR Ltd. This fund represents dOna￿on$ re￿1Ved speclfically to assist
the restorailon. At the year the funds have not been spent and gre cathed forward.
Restoratlon of wa8ons- This fund represents donatSons rrfeived specifically to asslst wlth the restoration of waBons.
Some of the funds have been spent and the balance c3rriÈd fon¥ard.
8ullekl Luggage racks. Thls fvnd is to restore and replace the racks in Bulleld coaches, S1456S and S4367S. At the
vear the funds have not been spent and are cafried forward.
th
Restoratlon of Hayllng coa¢hes- Th15 fund represents donations recelved towards the restoration of four 19 century
coaches built by the London Brlghton and South Coast Railway. At the year the funds have not been spent and are
carried forward.
Miniature Railway- This fund repfesents monies received to support the expanslon of the miniature rallway. At the
vear the funds have not been spent and are carried fon¥ard.

Mid-Hants Railway Preservation Society Limited
Notes to the consolidated financial statements
For the ear ended 31 January 2021 (Contlnued)
20
Analysls of net assets between funds
At 31 January 2021 fund balan￿S are represented by:
Group
Total
UnrestrktÈd
Funds
Total
ReStrI￿ed
Funds
Totsl
Flxed a55ets
Current assets
Current liabilities
Long term liabilities
Provisions for liabilitie5
8.132.863
2.817,430
11,144,991)
11,195.1851
1321.7051
386,150
8.519,013
2,817,430
11,144.9911
11.195,1851
1321.70SI
Total Net Assets
8.288,412
386,150
8,674,562
Company
Total
Unr•strlct•d
Funds
Totsl
Restrlcted
Funds
Total
FSxed assets
Current assets
Current liablllties
Long term liabilities
2.852.702
886,392
139,4481
(so,0￿)
386,150
3,238,852
886,392
139,4481
150,0001
Total Net Assets
3,649.646
386,150
4,035.796
21
Audltorg remuneratlon
The auditor5, remuneratlon in respect of non-audit fees. rendered to the group. is £8.73412020: £8,480).

Mid-Hants Rallway Preservation Society Limited
Notes to the consolidated finanaal statements
Forthe
ear ended 31 Jan
2021
Contlnued
31
22
Capltal and flnanaal commitments
Total future mSnSmum lease payments under non-fdncellèble operating leases:
2021
2020
Lind and
Bulldin8s
Land and
BuSldln85
Oth•r
Other
Falling due=
Wlthln I year
Wlthln 2 to 5 years
After more than 5 years
39,452
43,925
319.CrfXJ
94.C
331,(
112,8
319.C
133,452
331,000
156,725
As at 31 january 2021, the Group had capital commltments totalling £Nil12020= £Nill.
23
Constltutlon
The Company has no Share capltal and Is Ilmlted by guarantee. In the event of a wOndin8 up, each member of the
Company Is Ilable lo contribute an amount not exceeding £1.
As permltted by section 408 of the Companles Art 2(￿6, the holdln8 Companvs Income and expendlture account has
not been separately Included In these flnanclal statements. The holdlng Comp8ny's surplus for the flnancial year
was£174.48312020.. deflclt £6.5441.
24
Related party transactlons
The Company has transactions with its sub5idiarie5, Mi&Hants Rallway Umited and Wadebrid8e134C¥)71 Locomotive
Limited. These transactions are delalle(l in Note 9.
As at 31 January 2021. the followlng Indlvidval held shares in Mid-Hants Rallway knmited.. R Latham 900 shares and R
Lacey 400 shares.
25
Control
The Company Is under the control of the Board of Trustees.

Mid-Hants Railway Preservation Society Limited
32
Company statement of financial activities
{including Income and Expenditure account)
For the year ended 31 January 2021
Unre#rirted Restrkted
Funds
Funds
Total Funds
2021
2020
Income
Donations and leg3ae5
Income from charitable activities
Investment income
316.645
41.575
460
37,838
5,384
354.483
46.9S9
460
360,986
68,791
1,043
Total In¢ome
358,680
43,222
401,902
430,820
Expendlture
Cost5 of raising funds
Expenditure on charitable activtlies
28.997
186,844
28.997
199.348
24,018
419,324
12.504
Total resour￿ expended
215.841
12,504
228.345
443,342
Interest paid
Unrealised g3inJllossl on investments
625
1,551
625
1.551
5.978
Net Ideficitllincome
143.765
30.718
174,483
16,5441
Transfers between funds
Net movement in Fund5
143.765
30.718
174.483
16,5441
Reconclllatlon of Funds:
Total fvnd5 brought forward
3,505,881
355,432
3,861,313
3.867.857
Total funds carrFed forward
3.649.646
386.150
4,035,796
3,861,313
This ststement does not form part of the audited accounts.