2021-12-31-accounts - Midland Railway Trust Limited

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				Page
Report ofthe	Trustees
Report ofthe	Independent	Auditors
Consolidated	Statement of	Financial	Activities
Consolidated	and Company	Balance	Sheet	12
Consolidated	Cash Flow Statement
Notes to the	Consolidated	Cash Flow	Statement	14
Notes to the	Financial Statements			15

forthe year ended 31De	cemb	er 2021
				Unrestricted	Restricted	Total	funds	Total funds
			Note	funds f	fundsf	2021 f		2020 f
INCOME AND ENDOWMENTS		FROM
Donations and legacies				165,787	15,707		181,494	433,851
Other trading activities				214,980			214,980	48,328
Investment income								920
Other income								34,216
Trading subsidiary income				36814			36814	5 825
Total income and endowments				~17	5 07		433288	523 140
EXPENDITURE ON:
Raising funds				117,792			117,792	149,351
Trading subsidiary costs				24,816			24,816	64,041
Charitable activities				~347 80		~34 807		~33 566
Total expenditure Net gain/(loss) on investments				490 415 16 8	~3	490415 ~19		550 958 ~250
Net (expenditure)/income Transfers between funds				(74,442) ~8	17,444 165298		(56,998)	(30,320)
Net (outgoing)/incoming	resources			90,856	(147,854)		(56,998)	(30,320)
before minority Interest
Minority interest				4 948			4 948	~38 41
Retained (outgoing)/Incoming		resources		~58 4	~14 854	~52 050		8 097
after minority interest
Balance brought forward	- revaluation				2,651,313	2,651,313		2,718,611
Balances brought forward	—funds			524 064	285 954i		810018	734 623
Balances carried forward				~1	~241	~42 1		4 1 1

for the year ended 31	December 2021
			2021		2020
			Group	Company	Group	Company
		Note
FIXEDASSETS
Tangible assets		9	2,889,166	2,832,326	2,921,595	2,862,390
Investments		10	25 78	62 419	25 659	62 289
			2 914955	2 894 745	2 947 254	2 924 679
CURRENT ASSETS
Stocks		11	18,830	619	22,883	2,367
Debtors		12	1'l4,812	261,401	78,309	202,417
Current asset investments		13	6,900	6,900	6,900	6,900
Cash at bank and in hand			415825	408 044	555 528	543714
			586367	676964	663 620	755398
CREDITORS
Amounts falling due within	one year	14	84 036	72 784	126590	121193
NET CURRENT ASSETS			502 33	604180	537030	634 205
TOTAL ASSETS LESSCURRENT			3,417,286	3,498,925	3,484,284	3,558,884
LIABILITIES
CREDITORS
Amounts falling due after	more than one year	15	(34,167)	(34,167)	(44,167)	(44,167)
PROVISIONS FOR LIABILITIES		17	(5,479)	(5,479)	(5,479)	(5,479)
NET ASSETS					~4638
FUNDS
Restricted funds Revaluation reserve Unrestricted funds		19 19 19	205,398 2,584,015 ~8	87,953 2,584,015 787311	285,954 2,651,313 524 064	160,332 2,651,313 697 593
Funds available to the group Minority interest		19 22	3,409,281 &31,59U	3,459,279	3,461,331 ~26 693	3,509,238

for the Year Ended 31Dec	ember 202	1
				2021	2020
			Notes	f	f
Cash flows from operating	activities:
Cash generated from operations (Gains)/losses on investments				(29,347) ~12	120,765 2 502
Net cash provided by operating activities				29 476	123267
Cash flows from investing	activities:
Purchase oftangible fixed assets				(110,227)	(100,359)
Sale of tangible fixed assets					1 200
Net cash used by investing	activities			11022	99 159
Cash flows from financing	activities:
New loans in year					50 000
Net cash provided by financing activities					50 000
Change in cash and cash equivalents		in the
reporting period				(139,703)	74,108
Cash and cash equivalents	at the beginning
ofthe reporting period			2	555 528	481420
Cash and cash equivalents	at the end	ofthe
reporting period

or the	Year Ended 31Dece	mber 2021	mber 2021
1.	RECONCILIATION	OF NET INCOME		TO NET CASH FLOW FROM
	OPERATING ACTIVITIES
					2021I	2020I
	Net (expenditure)	for the reporting		period (as per the	(56,998)	(30,320)
	statement offinancial activities)
	Adjustments for:
	Depreciation charges				142,655	120,156
	Profit on disposal of	fixed assets				(1,200)
	Decrease in stocks				4,053	1,412
	(Increase)/decrease	in debtors			(66,503)	72,499
	(Decrease) in creditors				~52 554	~41 782
	Net cash provided	by operating	activities
	ANALYSIS OF CASH AND CASH EQUIVALENTS				2021I	2020 E
	Notice deposits (less	than 3 months)			415825	555 528
	Total cash and cash equivalents

Freehold land	0/o on cost
Long Leasehold Property	2'/o straight line
Plant and Machinery	5/o - 33/o on	a reducing	balance basis
Fixtures and Fittings	25O/o reducing	balance

2.	INCOME FROM D	ONATIONS AND	LEGACIES
			Unrestricted	Restricted	Total funds	Total funds
			Funds	Funds	2021	2020
			I		I
	Legacies		18,682		18,682	84,675
	Donations and subscripbons		104,581	15,707	120,288	71,361
	Grants		~425 4		42 524	277 815 ~41
3.	FUNDRAISING TRADING
			Unrestricted	Restricted	Total Funds	Total Funds
			Funds	Funds	2021	2020
			I		E	I
	Train fares and events		110,146		110,1'l6	11,378
	Footplate experience					2,508
	Rents and recharge Miscellaneous sales	received	97,192 ~642		97,192 7 642	23,726 10716
4.	INVESTMENT INCOME
			Unrestricted	Restricted	Total Funds	Total Funds
			Funds	Funds	2021	2020
	Interest receivable
5.	OTHER INCOME
			Unrestricted	Restricted	Total Funds	Total Funds
			Funds	Funds	2021	2020
						I
	Profit on sale of fixed asset					1,200
	ACE grant income					13,996
	CARS grant income					19020 ~21

The aggregate	group
		2021 I	2020I
Wages and salaries		68,414	268,410
Social Security	costs	745	11,446
Pension costs		2 392	8 649
		71551	288 505

The averag	e number of	staff emp	loy	ed by the charity during the financial	year amounted to:
					2021	2020
					No.	No.
Fundraising	and trading	activities			1	3
Charitable	activities				3	9
Governance						1
ET (EXPENDITURE)/INCOME			FOR THE YEAR
Net (expenditure)/income is			stated after charging
					2021I	2020I
Operating	lease rentals					1,416
Auditor's	remuneration	—holding	company		10,000	8,075
Auditor's	remuneration	—subsidiary		company	2,559	2,286
Auditor's	remuneration	—non-audit		services	3,247	2,760
Depreciation fixed assets Interest on bank borrowings					142,656 ~65	120,156 60

					Unrestricted	Unrestricted	Restricted	Total
						FundsI	FundsI	Funds 5
Income and Endowments		from
Donations and legacies						426,430	7,421	433,851
Other trading activities						44,401	3,927	48,328
Investment income						200	720	920
Other income						34,216		34,216
Trading subsidiary	income					5 825		5 825
Total						511072	12068	523 140
Expenditure on
Raising funds						149,351		149,351
Trading subsidiary	costs					64,041		64,041
Charitable activities						336348	1218	337566
Total						549 740	1218	550 958
Net (loss)/gain on	investments					~2921	419	2 502
Net (expenditure)/income						(41,589)	11,269	(30,320)
Transfers between	funds					207 418	~207 418
Net movement in funds before minority			Interest			165,829	(196,149)	(30,320)
Minority interest Net movement in funds after minority				interest		~38 41	~11	~384 7 ~80 7
Balance brought Balance brought	forward - revaluation forward - funds					319818	2,718,611 414 Bi15	2,718,611 ~42
Total funds carried forward								4 1 1
NGIBLE FIXEDASSETS
				Freehold	Long	Plant and	Fixtures	Totals
				Property	Leasehold	Machinery	and
				E	6	f	Fittings I
Group
Cost/valuation
As at 13anuary 2021				340,500	3,184,782	93'l,151	70,777	4,530,210
Additions						101483	8 744	110227
As at 31 December	2021			340 500	3 1184 82	1035 634	79 521	4 640 437
Depreciation
As at 13anuary 2021					992,688	577,385	38,542	1,608,615
Charge for year					63 695	68 717	10244	142656
As at 31 December	2021				1056383	646 102	48 786	1751271
Net BookValue
As at 31 December	2021
As at 31 December	2020							~221595

	Freehold	Long	Plant and	Fixtures	Totals	Totals
	Property E	Leasehold E	Machinery E	and Rttings E		I
Company
Cost/Valuation
As at 1January 2021	331,636	3,115,472	923,625	3,726	4,374,459
Additions			101483		101	483
As at 31December 2021	331636	3 111 472	1025 108	3 726	4475	942
Depreciation
As at 1January 2021 Charge for year		943,574 ~29	566,864 68 715	1,630 524	1,512,068 131548
As at 31December 2021		1 005 883	635 579	2 154	1643	616
Net BookValue
As at 31December 2021
As at 31December 2020				~6	~&See

n respect of certain fixed assets stated at valuations, the co re as follows:	mparable historical cost and depreciati	on values
	2021	2020
	I	I
Net book value at end ofyear	2 889 166	2 921595
Historical cost:
At 1January 2021	1,574,622	1,474,263
Additions in Year	110,227	100,359
Disposals
At 31December 2021	1684 849	1574 622
Depredation:
At 1January 2021	987,845	923,059
Charge for Year	87,758	64,786
Depreciation on disposals
At 31 December 2021	1075 603	987 845
Net historical cost value:
At 31 December 2021
At 31 December 2020	~77	~12 4

XEDASSET INVESTMENTS
	Shares in group	Listed	Unlisted	Totals
	undertakings	investments	investments
Group	E	E
MARKET VALUE
At 1January 2021		8,383	17,276	25,659
(Loss) / gain on revaluation		~1608	1 738		130
As at 31December 2021		6775	19014	~25	89
NET BOOK VALUE
At 31 December 2021			1 14
At 31 December 2020			1 27
	Shares in group	Listed	Unlisted	Totals
Company	undertakings E	investments	investments I
MARKET VALUE
At 1 January 2021	36,630	8,383	17,276	62,289
(Loss) / gain on revaluation		~1608	1738		130
As at 31December 2021	36 630	6 775	19014	62	419
NET BOOK VALUE
At 31December 2021			1KGH
At 31December 2020

summary of	the financ	ial position of Midland Railway Ent	erprises PLC is as follows:
			2021	2020
			E	E
Shareholders'	funds		~45 009	~37 970
Turnover			36,814	5,825
Expenditure			43,853	(93,487)
Other income				33016
(Loss) for the	financial	year

11.STOCKS
				Group	Company	Group	Company
				2021	2021	2020	2020
				f	f	f	f
Goods for	resale
12.DEBTORS:	Amounts		falling due within one year
				Group	Company	Group	Company
				2021 f	2021 f	2020f	2020 f
Trade debtors				123,099	122,591	54,531	54,023
Other debtors				21,713	21,713	16,589	16,589
Prepayments		and accrued income				7,189	6,531
Amounts	due	from	group undertakings		117109		125 274
					~21

	Group	and Company
MARKET VALUE		2021
		f
At 1January 2021
Carrying Amount:
At 31December 2021
At 31December 2020

REDITORS: Amounts	falling due within o	ne year
		Group 2021 f	Company 2021f	Group 2020f	Company 2020 f
Bank loans		10,000	10,000	5,833	5,833
Trade creditors		55,253	48,411	84,032	80,485
Other creditors		528	528	1,553	1,553
Taxation and social security		484	484	13,435	13,435
Accruals and deferred	income	17771	13361	21713	19887

					Group	Company	Group	Company
					2021	2021	2020	2020
					f	6	6	E
Bank	loans	—due	between	one and five years	34,167	34,167	40,000	40,000
Bank	loans	—due	after more than five years				4 167	4 167

Other	Total
Provisions

					2021	2020
					6	6
Not	later	than	one	year

			At 1.1.21	Net	Transfer		At
				movement	between	31.12.21
				in funds	funds
			E	E	E		E
Unrestricted	funds
Unrestricted	funds		524 064	~69494	165298	619	868
Restricted	funds
Revaluation	reserve		2,651,313		(67,298)	2,584,015
Shed fund			199				199
Friends of Swanwlck		platform	5,776			5,776
Signalman's	fund		2,851			2,851
Museum fund			510				510
Rallcar fund			698				698
Narrow gauge fund Steam locomotive fund			6,049 ~29871	17444	~98000	6,049 III9315
			2 937926	17444	~165 298	~2789	13
TOTAL FUNDS						4	2 1

			Incoming	Resources	Minority	Gains	Movement
			Resources	Expended	interest	and losses	in funds
			E	E			E
Unrestricted	funds
Unrestricted	funds		417581	490415	4948	1 608
Restricted	Funds
Steam locomotive		fund	15707			1737	17'l44

			At' 1.1.20	Net	Transfer	At
				movement	between	31.12.20
				in funds E	fundsI
Unrestricted	funds
Unrestricted	funds		319818	3 172	207 418	524 064
Restricted	funds
Revaluation	reserve		2,718,611		(67,298)	2,651,313
Shed fund			199			199
Standard 5 fund			947	123	(1,070)
Friends ofSwanwick		platform	2,235	3,541		5,776
Signalman's	fund		2,851			2,851
Museum fund			510			510
Rallcar fund			698			698
Narrow gauge fund 47445 fund Steam locomotive fund			6,879 24,429 ~7	(830) 8435	(24,429) ~114621	6,049 269 871
			3 133416	11269		2 937267

Comparative net		movement in	funds, induded In	the above are	as follows:
			Incoming	Resources	Minority	Gains	Movement
			Resources I	Expended I	interest	and losses	in funds 6
Unrestricted funds
Unrestricted funds			511072	~549 740	38417	~2921	3 72
Restricted Funds
Standard 5 fund			123				123
Friends of Swanwick		platform	3,591	(50)			3,541
Narrow gauge fund Steam locomotive	fund		338 ~816 12068	(1,168) 1218		419 ~41	(830) 8435 11269

ALYSIS OF NET ASSETS OF GROUP (	between restricted and unrestri	cted funds)
	Restricted	Unrestricted	Total
	I	I	E
Tangible Fixed Assets	2,584,015	305,151	2,889,166
Investments	19,014	6,775	25,789
Other Assets	186,384	399,983	586,367
Liabilities Provisions for Liabilities		(118,203) ~5479	(118,203) ~5479
Net Assets