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2020-12-31-accounts

Reference and Administrative Reference and Administrative Details
Trustees' Report 2 to 3
Independent
Auditors'		 Report 4to6
Consolidated
Statement		 ofFinancial Activities 7 to 8
Consolidated
Balance		 Sheet
Balance Sheet 10
Notes to the Financial Statements 11 to 32

Reference and Administrative Reference and Administrative Reference and Administrative Details
Trustees N Acomb
A Archer
C S Langer
Principal Office Markwick Farm
Loxh ill
Godalming
Surrey
GU8 4BE
Charity Registration Number 292240
Bankers HSBC Pic
110High Street
Godalming
Surrey
GU7 1DP
Auditor MMO Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Unrestricted Restricted Endowment Total
funds funds funds 2020
Note 8
Income and Endowments from:
Donations
and legacies		 296,505 296,505
Charitable
activities		 11,931 11,931
Other tiuding activities 37,046 37,046
Investment
income		 83,525 83,525
Total income 429,007 429,007
Expenditure
on:
Raising funds
Charitable
activities		 5 (77,623)
~4409,955		 (77,623)
~409,955)
Total expenditure (487,578) (487,578)
Gains/losses
on investment		 assets 13,255 13,255
Net expenditure (45,316 45,316)
Net movement
in funds		 (45,316) (45,316)
Reconciliation
offunds
Total funds brought fonvard 9,428, 193 651,551 633,650 10,713,394
Total funds carried foiward 18 9,382,877 651,551 633,650 10,668,078

Unrestricted Restricted Endowment Total
Note funds funds
f		 funds
f		 2019
f
Income and Endowments from:
Donations
and legacies		 838,826 838,826
Charitable
activities		 555,651 555,651
Other trading
activities		 241,235 241,235
Investment
income		 402,469 402,469
Total income 2,038,181 2,038,181
Expenditure
on:
Raising funds (339,677) (339,677)
Charitable
activities		 5 (1,098,337) (1,098,337)
Total expenditure (1,438,014) (1,438,014)
Gains/losses
on investment		 assets (98,339) (98,339)
Net income 501,828 501,828
Net movement
in funds		 501,828 501,828
Reconciliation
offunds
Total funds brought forward 8,926,365 651,551 633,650 10,211,566
Total funds carried forward 18 9,428,193 651,551 633,650 10,713,394

2020 2019
Note
Fired assets
Tangible
assets		 11 3,501,037 3,275,602
Heritage
assets		 12 3,303,362 3,303,362
Inveshnents 3,295,294 3,370,215
10,099,693 9,949, 179
Current
assets
Stocks 14 83,883 46,710
Debtors 15 56,089 130,838
Cash at bank and in hand 16 935,514 741,137
1,075,486 918,685
Creditors:
Amounts		 falling due within one year 17 (483,602) (130,971)
Net current assets 591,884 787,714
Total assets less current liabilities 10,691,577 10,736,893
Creditors: Amounts falling due after more than one year (23,499) (23,499)
Net assets 10,668,078 10,713,394
Funds ofthe group:
Endowment funds 633,650 633,650
Restricted
income funds
Restricted
funds		 651,551 651,551
Unrestricted income funds
Unrestricted funds 9,382,877 9,428, 193
Total funds 10,668,078 10,713,394

Balan ce Sheet as at 3 1December 2020
2020 2019
Note K
Fixed assets
Heritage
assets		 12 10,100 10,100
InvestmeITts 3,233,277 3,310,842
3,243,377 3,320,942
Current
assets
Debtors 15 4,271,372 4,137,867
Cash at bank and in hand 16 544,546 506,351
4,815,918 4,644,218
Creditors: Amounts falling due ivithin one year 17 (6,282) (6,280)
Net current assets 4,809,636 4,637,938
Net assets 8,053,013 7,958,880
Funds ofthe charity:
Unrestricted incoiue funds
Unrestricted funds 8,053,013 7,958,880
Total funds 18 8,053,013 7,958,880

2 Income from donations
and		 legacies
Unrestricted
fuads Total
General fundsf
Donations
and legacies;
Donations
from		 individuals 13,826 13,826
Legacies 149,431 149,431
Grants, including capital grants;
Government
grants		 133,248 133,248
Total for 2020 296,505 296,505
Total for 2019 838,826 838,826
3 Income from other trading activities
3
Income from		 other trading
activities
Unrestricted
funds Total
General fundsf
Trading income;
Other trading income 16,094 16,094
Other income from other trading activities 20,952 20,952
Total for 2020 37,046 37,046
Total for 2019 241,235 241,235

Unrestricted
funds Total
General funds
f
Income from dividends;
Dividends receivable fiom other listed investments 71,846 71,846
Other income from fixed asset investmenis 11,679 11,679
Total for 2020 83,525 83,525
Total for 2019 402,469 402,469
5
Expenditure		 on charitable activities
Unrestricted
funds Total
General funds
Note
Train fares 76,453 76,453
Staff costs 15,599 15,599
Allocated
support		 costs 150,901 150,901
Governance costs 167,002 167,002
Total for 2020 409,955 409,955
Total for 2019 1,098,337 1,098,337

Unrestricted
funds Total
General funds
f
Staff costs
Wages and salaries 71,058 71,058
Audit fees
Audit ofthe financial statements 4,443 4,443
Legal fees 3,050 3,050
Marketing and publicity 13,504 13,504
Depreciation,
amortisation		 and other similar costs 64,747 64,747
Other governance costs 10,200 10,200
Total for 2020 167,002 167,002
Total for 2019 292,593 292,593

The aggregate
payroll costs were as follows:
2020 2019
f.
Staff costs during the year were:
Wages and salaries 89,350 324,431
Other staff costs 10 5,251
89,360 329,682
year expressed as full time equivalents
was as follows:
2020 2019
No No
Operation of the railway 34 35
Administration and support 5 6
39 41

Land and Furniture
and
buildings equipmcnt Total
8
Cost
At 1 January 2020 2,822,988 1,245,409 4,068,397
Additions 290,182 290,182
At 31December 2020 2,822,988 1,535,591 4,358,579
Depreciation
At 1 January 2020 186,820 605,975 792,795
Charge for the year 34,012 30,735 64,747
At 31Decentber 2020 220,832 636710 857 542
Net book value
At 31December 2020 2,602,156 898,881 3,501,037
At 31 December 2019 2,636,168 639,434 3,275,602

12 Heritage assets
Group
Other heritage
asset class I Total
f
Cost
At I Januaty 2020 3,303,362 3,303,362
At 31December 2020 3,303,362 3,303,362
Depreciation
At 31December 2020
Nct bookvalue
At 31December 2020 3,303,362 3,303,362
Charity
Other heritage
asset class 1 Total
f
Cost
At 1 Januaty 2020 3,303,362 3,303,362
At 31 December 2020 3,303,362 3,303,362
Depreciation
At 31December 2020
Net book value
At 31December 2020 3,303,362 3,303,362

Group
2020f 2019
Shares in group undertakings and participating interests 506,756 506,756
Other investments 2,788,538 2,863,459
3,295,294 3,370,215

Shares in group undertakings
and participating
int		 erests
Subsidiary
undertakings Totalf
Cost
At
1 January 2020		 506,756 506,756
At 31December 2020 506,756 506,756
Net bookvalue
At 31 December 2020 506,756 506,756
At 31December 2019 506,756 506,756

Other investntents
Listed
investments Total
f
Cost or Valuation
At 1 January 2020 2 863459 2 863459
Revaluation 295,561 295,561
Additions
Disposals		 5,666
~13,511)		 5,666
~(13.5ll
At 31December 2020 3,151,175 3,151,175
Provision for impairruent
Elhninated
on disposal		 362,637 362,637
At 31 December 2020 362,637 362,637
Net book value
At 31December 2020 ,788.538 2788538
At 31 December 2019 2,863,459 2,863,459

Charity
2020f 2019
Shares in group undertakings and participating interests 506,756 506,756
Other investments 2,788,538 2,863,459
3,295,294 3,370,215

Shares in group undertakings
and participating
inter		 ests
Subsidiary
undertakings Totalf
Cost
At 1 January 2020 506,756 506,756
At 31December 2020 506,756 506,756
Net book value
At 31December 2020 506,756 506,756
At 31 December 2019 506,756 506.756
Other investments
Listed
investments Totalf
Cost or Valuation
At 1 January 2020 2,804,086 2,804,086
Revaluation 285,072 285,072
At 31 December 2020 3,089,158 3,089,158
Provision
for impairrucnt
Eliminated
on disposal		 362,637 362,637
At 31December 2020 362,637 362,637
Nct book value
At 31 December 2020 2,72 6,527 2,72 6,5 7
At 31December 2019 2,80,086 2,804,086

are as follow s:
Country of Proportion ofvoting rights Principal
Undertaking incorporation Holding and shares held activity
2020 2019
Subsidiary undertakings
Operation of
Vale ofRheidol Railway
Limited		 England &Wales Ordinary 99'/o 99'/o heritage
railway
14 Stock
Group Charity
2020 2019 2020
f
Stocks 83,883 46,710
15 Debtors
Group Charity
2020
f.		 2019 2020 2019
f
Tmde debtors 32,315 31,698
Due from group undertakings 4,271,372 4,137,867
Prepayments 450 450
VAT recoverable 13,591 66,413
Other debtors 9,733 32,277
56,089 130,838 4,271,372 4,137,867
16 Cash and cash equivalents
Group Charity
2020 2019 2020 2019
f
Cash on hand 3,555 4,859
Cash at bank 931,959 736,278 544,546 506,351
935,514 741,137 544,546 506,351

17 Creditors: aruounts
falling due with		 in
one year
Croup Charity
2020f 2019 2020
f		 2019
Trade creditors 13,234 26,318
Hire purchase and finance leases 3,574 7,989
Other taxation and social security 54,376 64,994
VAT grant repayable 2,734 13,651
Other creditors 386,372
Accmals 22,062 16,769 6,282 6/80
Deferred income 1,250 1,250
483,602 130,971 6,282 6,280
Group
Balance at
Balance at I Other 31
January Incoming Resources recognised December
2020
f		 resources expended gains/(losses)
f		 2020f
Unrestricted funds
General
Unrestricted funds 9,428, 193 429,007 (487,578) 13,255 9,382,877
Restricted funds
Restricted funds 651,551 651,551
Evperrdable
Endowment funds 633,650 633,650
633,650 633,650
Total funds 0713394 4 9007 ~487878 13277 10668078

Balance at
Balance at I Other 31
January Incoming Resources recognised December
2019 resources
f		 expended
f		 gAins/(losses) 2019
f
Unrestricted fuads
Genernl
Unrestricted funds 8,926,364 2,038,181 (1,438,014) (98,338) 9,428, 193
Restricted funds
Restricted funds 651,551 651,551
Expends/)fe
Endowment funds 633,650 633,650
633,650 633,650
Total funds 10211363 2038181 )14380 4) ~98338 10713394

Charity
Other Balance at 31
Balance at I Inconiing recognised Deceiaber
January 2020 resources
f		 gains/(losses) 2020
Unrestricted funds
General
Unrestricted funds 7,958,880 80,881 13,252 8,053,013
Balance at
Balance at I Other 31
January Incoming Rmources recognised December
2019 resources
f		 expended gains/(losses)
f		 2019f
Unrestricted funds
General
Unrestricted funds 7672973 402469 ~38224 ~98338 7938880