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2021-12-31-accounts

Reference and Administrative Reference and Administrative Details
Trustees' Report 2 to 4
Independent
Auditors'		 Report 5 to 8
Consolidated
Statement		 ofFinancial Activities 9to 10
Consolidated
Balance		 Sheet
Balance Sheet 12
Notes to the Financial Statements 13to 34

Charity Registration Number 292240
The charity is incorporated in Wales.
Auditor MMO Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
Bankers HSBC Pic
110High Street
Godalming
Surrey
GU7 1DP

Unrestricted Restricted Endowment Total
Note funds
f		 funds
f		 fundsf 2021
f
Income and Endowments from:
Donations
and legacies		 1,216,446 1,216,446
Charitable
activities		 533,778 533,778
Other trading activities 120,447 120,447
Investment
income		 101,185 101,185
Other income 1,259 1,259
Total income 1,973,115 1,973,115
Expenditure
on:
Raising funds 25,111 25,111
Charitable
activities
Other expenditure		 (893,607)
(16,810)		 (893,607)
~16,B 0
Total expenditure (885,306) (885,306
Net income 1,087,809 1,087,809
Net movement
in funds		 1,087,809 1,087,809
Reconciliation
offunds
Total funds brought forward 8,907,584 651,551 633,650 10,192,785
Total funds carried forward 9,995,393 651,551 633,650 11,280,594

Unrestricted Restricted Endoivment Total
funds funds funds 2020
Note f
Income and Endowments from:
Donations
and legacies		 376,441 376,441
Charitable
activities		 11,931 11,931
Other trading
activities		 (42,890) (42,890)
Investment
income		 83,525 83,525
Total income 429,007 429,007
Expenditure
on:
Raising
funds
Charitable
activities		 h (552,918)
~(409,9		 (552,918)
(409,955)
Total expenditure (962,873) (962,873)
Gains/losses
on investment		 assets 13,255 13,255
Net expenditure (520,611 (520,611)
Net movement
in funds		 (520,611) (520,611)
Reconciliation
offunds
Total funds brought forward 9,428,196 651,551 633,650 10,713,397
Total funds carried forward 19 8,907,585 651,551 633,650 10,192,786

Consolidated Balance Sheet as a t 31Decemb er 2021
2021 2020
Note 8
Fixed assets
Tangible assets 11 3,975,538 3,663,772
Heritage assets 12 3,308,168 2,842,282
Investments 2,949,931 2,819,999
10,233,637 9,326,053
Current
assets
Stocks 14 87,647 83,883
Debtors 15 174,561 56,091
Cash at bank aud in hand 16 925,697 935,514
1,187,905 1,075,488
Creditors: Amounts falling due within one year 17 (140,948) (185,256)
Net current assets 1,046,957 890,232
Total assets less current liabilities 11,280,594 10,216,285
Creditors: Amounts falling due after more than one year 18 (23,499)
Net assets 11,280,594 10,192,786
Funds ofthe group:
Endowment funds 633,650 633,650
Restricted income funds
Restricted funds 19 651,551 651,551
Unrestricted income funds
Unrestricted funds 9,995,393 8,907,585
Total funds 19 11,280,594 10,192,786

Bala nce Shee t as at 31Dece mber 202 1
2021 2020
Note
Fixed assets
Heritage assets 12 10,100 10,100
Investments 2,893,037 2,757,982
2,903,137 2,768,082
Current
assets
Debtors 15 4,800,682 4,271,372
Cash at bank and in hand 16 154,272 544 546
4,954,954 4,815,918
Creditors'.Amounts falling due within one year 17 (2,100) (6,282)
Net current assets 4,952,854 4,809,636
Net assets 7,855,991 7,577,718
Funds ofthe charity:
Unrestricted income funds
Unrestricted funds 7,855,991 7,577,718
Total funds 19 7,855,991 7,577,718
r
'
I «p'I
and signed on their behalf by:		 9 34 pp trr r . t u df .Wh)tr

Asset class Depreciation
method
and rate
Buildings
that are under considerable
Land and buildings maintenance
are not depreciated,
others
are at rates &om 7to 50 years straight
line
basis
Plant and machinery 10%or20%or 25%straight
line basis
Motor vehicles 20%straight line basis
Civil engineering and track 2%straight
line basis on track only

Unrestricted
funds Total
General fundsf
Donations
and		 legacies;
Donations
from		 individuals 501,194 501,194
Legacies 138,233 138,233
Gin aid reclaimed 96,389 96,389
Grants, including capital grants;
Government grants 480,630 480,630
Total for 2021 1,216,446 1,216,446
Total for 2020 376,441 376,441

Unrestricted
funds Total
General funds
f f
Trading income;
Other trading income 19,189 19,189
Other income from other trading activities 101,258 101,258
Total for 2021
Total for 2020		 120,447
~4,090		 120,447
~42,890

Unrestricted
funds Total
General
f		 fundsf
Income fiom dividends;
Dividends receivable from other listed investments 98,010 98,010
Other income &om fixed asset investments 3,175 3,175
Total for 2021 101,185 101,185
Total for 2020 83,525 83,525
5
Expenditure		 on charitable activities
Unrestricted
funds Total
General funds
Note f
Train fares 323,761 323,761
Staffcosts 126,166 126,166
Allocated
support		 costs 186,183 186,183
Governance costs 257,497 257,497
Total for 2021 893,607 893,607
Total for 2020 409,955 409,955

Unrestricted
funds Total
General fundsf
Staffcosts
Wages and salaries 85,939 85,939
Audit fees
Audit ofthe financial statements 16,308 16,308
Legal fees 44,122 44,122
Marketing and publicity 5,757 5,757
Depreciation,
amortisation		 and other similar costs 71,788 71,788
Other governance costs 11,580 11,580
Total for 2021 235,494 235,494
Total for 2020 167,002 167,002

The aggregate
payr		 oll costs were as follows;
2021 2020
f
Staff costs during the year were:
Wages and salaries 218,406 89,350
Other staff costs 6 10
218,412 89,360
during the year expressed as full time equivalents
was as		 follows:
2021 2020
No No
Operation ofthe railway 34 34
Administration and support 5 5
39 39

9
Auditors'
remune		 rati on
2021
f.		 2020f
Audit ofthe financial statements 16,308 4,443
10 Taxation
The group is a registered charity and is therefore exempt from taxation.

Group
Land and Purnlture
and
buildings
f		 equipment
f		 Total
f
Cost
At 1 January 2021 3,272,848 1,269,636 4 542484
Additions
Dispcsals		 392,070
~44,449		 12,741 404,811
~4449
At 31December 2021 3,660,469 1,282,377 4,942,846
Depreciation
At 1 January 2021 227,341 651,371 878,712
Charge for the year 35,985 52,611 88,596
At 31December 2021 263,326 703,982 967,308
Net book value
At 31December 2021 3,397,143 578,395 3,975,538
At 31December 2020 3,045,507 618,265 3,663,772

12 Heritage assets
Group
Other heritage
asset class 1 Total
f f.
Cost
At 1 January 2021 2,842,282 2,842,282
Additions 465,886 465,886
At 31 December 2021 3,308,168 3,308,168
Depreciation
At 31 December 2021
Net book value
At 31December 2021 3,308,168 3,308,168
Charity
Other heritage
asset class 1 Total
f
Cost
At 1 January 2021 2,842,282 2,842,282
Additions 465,886 465,886
At 31 December 2021 3,308,168 3,308,168
Depreciation
At 31 December 2021
Net book value
At 31 December 2021 3,308,168 3,308,168

2021 2020
f
Shares in group undertakings and participating interests 506,756 506,756
Other investments 2,443,175 2,313,243
2,949,931 2,819,999

Subsidiary
undertakings
f		 Total
f
506,756 506,756
506,756 506,756
506,756 506,756
506,756 506,756

Other investments
Listed
investments
f		 Totalf
Cost or Valuation
At 1 January 2021 2,313,243 2,313,243
Revaluation 86,733 86,733
Additions
Disposals		 511,983
~(4601		 511,983
~(4,60(
At 31December 2021 2,907,358 2,907,358
Provision for impairment
Eliminated
on disposal		 464,183 464,183
At 31 December 2021 464,183 464,183
Net book value
At 31 December 2021 2,443,175 2,443,175
At 31December 2020 2,313,243 2,313,243

Charity
2021 2020f
Shares in group undertakings and participating interests 506,756 506,756
Other investments 2,443,175 2,313,243
2,949,931 2,819,999
Shares in group undertakings and participating interests
Subsidiary
undertaldngs Total
8
Cost
At I January 2021 506,756 506,756
At 31December 2021 506,756 506,756
Net book value
At 31December 2021 506,756 506,756
At 31December 2020 506,756 506,756
Other investments
Listed
investments Total
f
Cost or Valuation
At I January 2021 2,251,226 2,251,226
Revaluation 104,028 104,028
Additions 495,210 495,210
At 31December 2021 2,850,464 2,850,464
Provision
for Impairment
Eliminated
on disposal		 464,183 464,183
At 31December 2021 464,183 464,183
Net book value
At 31 December 2021 2,386,281 2,386,281
At 31 December 2020 2,251,226 2,251,226

Country of Proportion ofvoting rights Principal
Undertaking incorporation Holding and shares held activity
2021 2020
Subsidiary undertakings
Vale ofRheidol Railway
Limited		 England tk Wales Ordinary 99% 99% Operation
heritage		 of
railway
14 Stock
Group Charity
2021 2020 2021
f f
Stocks 87,647 83,883
15 Debtors
Group Charity
2021 2020 2021f 2020
Trade debtors 45,376 32,315
Due &om group undertakings 4,800,682 4,271,372
Prepayments 450 450
VAT recoverable 119,001 13,591
Other debtors 9,734 9,735
174,561 56,091 4,800,682 4,271,372
16 Cash and cash equivalents
Group Charity
2021 2020 2021 2020
f f f f.
Cash on hand 4,474 3,555
Cash at bank 921,223 931,959 154,272 544,546
925,697 935,514 154,272 544,546

17 Creditors : amounts falling due within one yea r
Group Charity
2021 2020 2021f 2020f
Trade creditors 58,529 13,234
Hire purchase and finance leases 677 3,574
Other taxation and social security 65,688 54,376
VAT grant repayable (1,827) 2,734
Other creditors 88,026
Accruals 17,881 22,062 2,100 6,282
Deferred income 1,250
140,948 185,256 2,100 6,282
18 Creditors: amounts falling due after one year
Group Charity
2021 2020 2021
f f f
Deferred income 23,499
19 Funds
Group
Balance at 31
Balance at I Incoming Resources December
January 2021
f		 resources expended
f		 2021
f
Unrestricted funds
General
Unrestricted funds 8,907,585 1,973,115 (885,307) 9,995,393
Restricted funds
Restricted funds 651,551 651,551
Expendable
Endowment funds 633,650 633,650
Total funds 633,650
10.192,786		 1.973,11 ~83,3 7 633,650
11,280, 94
Balance at
Balance at 1 Other 31
January Incoming Resources recognised December
2020
f		 resources expended
f		 galas/tiosses)
f		 2020
f
Unrestricted funds
General
Unrestricted funds 9,428,196 429,007 (962,873) 13,255 8,907,585
Restricted funds
Restricted funds 651,551 651,551
Expendable
Endowment funds 633,650 633,650
633,650 633,650
Totalfunds 10,713,397 429007 ~9, 62.873 13.2 10,19,736

Charity
Balance at 31
Balance at 1 Incoming Resources December
January 2021 resources expended
f		 2021
f
Unrestricted funds
General
Unrestricted funds 7,577,718 99,269 179,004 7,855,991
Balance at
Balance at 1 Other 31
January Incoming Resources recognised December
2020 resources expended gains/fiosses) 2020f
Unrestricted funds
General
Unrestricted funds 7,958,880 80,888 ~475398 3, 55 7,577,738