##
##
|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|
##