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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|
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|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|
##
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|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||||||
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|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||
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|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|
##
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|The aggregate|group|payroll costs were:|||
|---|---|---|---|---|
||||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|
##
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##
||||||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|
##
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||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|
##
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||||||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|
##
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|Other|Total|
|---|---|
|Provisions||
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||||||2021|2020|
|---|---|---|---|---|---|---|
||||||6|6|
|Not|later|than|one|year|||
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|||||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|
##
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|||||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|
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|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||||
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