2020-12-31-accounts - South Devon Railway Trust

Administration

/ management

Infrastructure

maintenance

Operations

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CONTENTS			PAGE
Members ofthe Board	and professional	advisers
Trustees' Annual Report and Strategic		Review
Independent auditor's	report to the trustees
Statement offinancial	activities		19
Income and expenditure account			20
Balance sheet			21
Cash flow statement			22
Notes to the financial	statements		23

				Ordinary	Shares
				2020	2019
J G Addy (Resigned 23September 2020)
A R Cash				1
RJ Elliott				182*	182
E Elsworth-Wilson		(Resigned 1"September 2021)
G Hooper
J Keohane	MVO	BEM		375	375
J K Morton	(Chairman)
P C Treglown MCIPR			MloD
C A Williams
Eur ing D	Woodward		BEng MSc CEng FICE FIStructE MCIHT
		*Held	jointly with Mrs J M Elliott

SOUTH DEVON RAILWAY TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOUTH DEVON RAILWAY TRUST (¢onUnuad) YEAR ENDED 31 DECEMBER 2020 A further descriptlon of our responsibilflies is available on th8 Financial Reportlng Council's website at httpS'.IhMw.frc.org.ujour-woAudyuAudIt-ad-a$SUran¢e1standad$-andU1danCeIstandards-and- guidancevf<x-auditorslAuditorswresponslbilltles-for-audiUDescription-of-audttors-responsibillti8s-f0r- audltaspx. This descriptlon fonr6 part of our 8udltols reporL Usè of our r•port This report is made solely to the charitable company's mèmbers, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we miqht stste to the charftabte company's mernbers those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibilty to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. MICHAEL YOUNG BSC FCA (Seni ststulory Audltorl For and on behalf of PEPLOWS LIMITED Chartered A¢countsnts & statutory Aud Moorgate House lfjng Street Newton Abbot Devon TQ12 2LG 27 Sèptember 2021 -18-

		YE	AR ENDED 31	DECEMBER	2020
			Unrestricted	Restricted	Endowment	Total Funds	Total Funds
			Funds	Funds	Funds	2020	2019
						f	F
Income and endowments
from:
Donations and	legacies		846,867	23,406		870,273	339,102
Charitable activities			80,000			80,000	1,255,151
Investments							82
			926,867	23,406		950,273	1,594,335
Total income	and
endowments
Expenditure on:
Charitable activities			847,899	58,834		906,733	1,603,335
Other expenditure			2,500			2,500	8,495
Total expenditure			850,399	58,834		909,233	1,611,830
			76,468	(35,428)		41,040	(17,495)
Net income
Other recognised (losses):
Other (losses)
			76,468	(35,428)		41,040	(17,495)
Net movement	in funds
Reconciliation	offunds:
Total funds brought		25	2,418,687	593,027	119,149	3,130,863	3,148,358
forward
			2,495,155	557,599	119,149	3,171,903	3,130,863
Total funds carried		25
forward

	YEAR	ENDED	31DECEMBE	R 2020
			2020		2019
		Note
INCOME				950,273	1,594,253
TOTAL INCOME				950,273	1,594,253
TOTAL EXPENDITURE				(876,458)	(1,585,374)
OPERATING SURPLUS				73,815	8,879
OTHER INCOIIE
Interest receivable	and similar income	4			82
					82
INTEREST PAYABLE
Interest payable:	Loans				(2,258)
Interest payable:	Loan stock		(22,670)		(10,602)
Interest payable:	Bank loans		(7,980)		(12,801)
HP interest			(2,125)		(795)
				(32,775)	(26,456)
RETAINED SURPLUS FOR THE
FINANCIAL YEAR				41,040	(17,495)

YEAR ENDED 31DECEIIBER20	20
		2020	2019
	Note
Cash flow from operating activities	26	284,103	188,652
Net cash flow from operating activities		284 103	188652
Cash flow from investing activities
Payments to acquire investments			(18,284)
Receipts from sales ofinvestments Payments to acquire tangible fixed assets		10,000 (214,750)	(258,871)
Receipts from sales oftangible fixed assets Interest received		300,000	82
Net cash flow from investing activities		95,250	(277,073)
Cash flow from financing activities
Receipts from issue ofnew long term loans		350,000	193,500
Repayment of long term loans		(220,480)	(74,107)
Repayment offinance lease liabilities		(5,396)	(3,635)
Interest paid		(32,775)	(26,456)
Net cash flow from financing activities		91,349	89,302
Net increase I(decrease) in cash and cash equivalents		470,702	881
Cash and cash equivalents at 1January 2020		4,188	3,307
Cash and cash equivalents at 31December 2020		474,890	4,188
Cash and cash equivalents consists of:
Cash at bank and in hand		474,890	4,188
Cash and cash equivalents at 31December 2020		474,890	4,188

l economi	c life ofthat asset as follow	s:
Freehold	Property	Land nil
		Buildings 30	or 50years straight		line
Track and	infrastructure	Between 10	and	50years straight	line
Workshop	and other equipment	25% reducing	balance
Locomotives		10years straight		line
Rolling stock		10years straight		line

VOLUNTARY INCOIIE
	Unrestricted	Restricted	Total Funds	Total Funds
	Funds	Funds	2020	2019
			E
Gifts	40,967	23,406	64,373	180,183
GiR aid received from subsidiaries	127,509		127,509	155,573
Legacies	221,591		221,591	3,346
Grants	456,800		456,800
	846,867	23,406	870,273	339,102

NCOME FRO	II CHARITABLE ACTIVITIES
		Unrestricted	Total Funds	Total Funds
		Funds	2020	2019
Sales - Tra5c				988,025
Sales - on train catering and shop sales				102,869
Sales - Loco hire				64,650
Management	charges receivable			83,786
Rent receivable		80,000	80,000
Other income				15,821
		80,000	80,000	1,255,151
NVESTMENT	INCOME
		Unrestricted	Total Funds	Total Funds
		Funds	2020	2019
Bank interest	receivable			82
				82

ANALYSIS OF EXPENDITURE ON C	HARITABLE AC	TIVITIES
	Unrestricted	Restricted	Total Funds	Total Funds
	Funds	Funds	2020	2019
Railway	127,907	13,834	141,741	1,380,534
Support costs - Railway	2,759		2,759	222,801
Donations to South Devon Railway
Limited	717,233	45,000	762,233
	847,899	58,834	906,733	1,603,335

				Unrestricted	Total Funds	Total Funds
				Funds	2020	2019
				f	E
Governance		costs		2,500	2,500	8,495
				2,500	2,500	8,495
ALLOCATION OF SUPPORT COSTS
			Raising	Raiiway	Total	Total
			funds		2020	2019
			K		f.
Finance						17,665
Human	resources					10,875
Amortisation				2,759	2,759	2,759
Office costs / Overheads						186,374
Other						5,128
Total				2,759	2,759	222,801

et income is	stated after chargin	g / (crediting):
					2020	2019
					E	F
Depreciation	oftangible fixed assets				201,740	180,127
Loss / (Gain)	on sale oftangible	fixed assets			(98,757)
Amortisation	ofother intangible	assets (included	within	note 14)	2,759	2,759
Operating lease rentals						25,996

Total staff costs we	re as follows:
		2020	2019
Wages and salaries Social security costs Defined contribution	pension costs		567,566 66,386 20,614
			654,566

	2020	2019
	F
Bank loans and overdrafts	7,980	12,801
Loan stock	22,670	10,602
Other loans		2,258
HP interest	2125	795
	32,775	26,456

CHARITY
	Transport &
	Works Act Order
COST
At 1January 2020 and 31 December 2020	55,183
AMORTISATION
At 1January 2020 Charge for the year	27,590 2,759
At 31December 2020	30,349
NET BOOK VALUE
At 31December 2020	24,834
At 31December 2019	27,593

		Brought			Carried
		forward			forward
		1Jan 20	Additions	Disposals	31Dec 20
		F
COST
Freehold	Land and
buildings Track and	infrastructure	1,693,222 1,298,180	39,058 136,684		1,732,280 1,434,864
Workshop &Other Equipment Locomotives		805,881 1,262,734	5,360 33,303	(201,243)	811,241 1,094,794
Rolling stock		530,579	345		530,924
		5,590,596	214,750	(201,243)	5,604,103
		Brought			Carried
		forward			forward
		1Jan 20	Charges	Disposais	31 Dec 20
			R		E
DEPRECIATION
Freehold	Land and
buildings		117,535	22,166		139,701
Track and	infrastructure	503,948	48,971		552,919
Workshop	&Other
Equipment Locomotives		598,435 273,439	44,818 70,769		643,253 344,208
Rolling stock		177,831	15,016		192,847
		1,671,188	201,740		1,872,928

		Brought	Carried
		forward	forward
		1Jan 20 f	31Dec 20
NET BOOK VALUE
Freehold	Land and buildings	1,575,687	1,592,579
Track and	infrastructure	794,232	881,945
Workshop	&Other Equipment	207,446	167,988
Locomotives		989,295	750,586
Rolling stock		352,748	338,077
		3,919,408	3,731,175

TANGIBLE FIXEDASSETS(continuedf	TANGIBLE FIXEDASSETS(continuedf
In respect ofassets stated at valuations,		the comparable	historical cost	and depreciation	values
are as follows:
			2020		2019
NBV ofrevalued	tangible fixed assets:
Net book value at	end ofyear		418,329		418,329
Historical cost:
At 31 Dec 19and	31 Dec20		578,411		578,4«
Depreciation:
At1 Jan 20			340,172		335,771
Charge for year					4,401
At 31 Dec20			340,172		340,172
Net historical cost value:
At 31 Dec 20			238,239		238,239
At1 Jan 20			238,239		242,640
The net historic cost value per class ofasset is:
			2020		2019
Track and infrastructure			22,591		22,591
Workshop &Other Equipment			2,685		2,685
Locomotives			192,016		192,016
Rolling stock			20,947		20,947
			238,239		238,239

Analysis of invest	ments at 3	1Dec 20 between	funds
		Unrestricted	Restricted	Total Funds	Total Funds
		Funds	Funds	2020	2019
Other investments
UK Group undertakings		252,184		252,184	262,184
Other UK unlisted	Securities	18,332		18,332	18,332
		270,516		270,516	280,516

STOCKS
				2020	2019
					F
Raw materials —railway					134,962
					134,962
DEBTORS
				2020	2019
				f	F
Trade debtors				19,858	31,982
Amounts owed by associated		and group undertakings		72,879	95,508
Other debtors				12,908	15,226
Prepayments and accrued income				382,610	42,795
				488,255	185,511
Amounts owed by group	undertakings		are interest free and repayable	on demand.
CREDITORS: Amounts	falling due		within one year
				2020	2019
					F
Bank loans and overdrafts				39,071	181,630
Trade creditors				99,514	198,632
Amounts owed to group	undertakings			491,459	121,423
Taxation and social security				66,965	21,901
Taxation deducted				6,322	4,518
Other loans				46,000	22,000
Other creditors				4,790	9,591
Accruals				19,501	60,158
Loan stock				74,000	115,500
HP agreements				9,575	8,725
				857,197	744,078

CREDITORS: Amounts falling due after more t	han one year
	2020	2019
		F
Loan stock	180,000	183,500
Bank loans and overdrafts	183,345	202,266
HP agreements	25,020	31,266
Other loans	534,000	222,000
Accruals	38,205	38,205
	96O,57O	677,237

Creditors	include finance capital which is due for repayment a	s follows:
		2020	2019
Amounts	repayable:
In one year or less or on demand ln more than one year but not more than two years		168,646 242,940	355,855 88,'898
ln more	than two years but not more than five years	493,804	478,744
In more	than five years	223,829	101,595
		1,129,216	1,005,092

			Balance at	Incoming	Outgoing		Balance at
			1Jan 2020	resources	resources	Transfers f	31Dec 2020
Endowment	Funds	&
Capital			119,149				119,149

			Balance at	incoming	incoming	Outgoing	Balance at
			1Jan 2020	resources		resources	31Dec 2020
						E
Dumbleton Hall RTSA	fund		13,245		6,873		31)361*
1420fund			18,302		500	18,802
Heritage centre fund			1,000			1,000
Wickham Trolley fund			5,000			5,000
Lady Angela Hawksworth 2180fund			4,165		950	4,165 950
GW development fund					8,663	8,663
Foundation fund					3,420	3,420
Routemaster bus (RM	1872)fund				3,000	3,000
			41,712		23,406	45,000	31,361
De reciatin funds:
Nursery Pool Bridge - fund	Heritage	lottery	128,100			3,660	124,440
Heritage Rolling Stock Conservation Centre fund			67,942			1,449	66,493
Dumbleton Hall RTSA	fund		11,243
1420fund			26,862				26,852
Hawksworth 2180 fund			51.045				51,045
GW development fund Gronk fund			27,015 25,544			548	27,015 24,996
Totnes signalling fund Toilet block fund			17,855 2,798			2,169 350	15,686 2,448
Training building fund Station field fund			4,800 79,233			800	4,000 79,233
Site development fund			94,658			3,388	91,270
S&TStore in Totnes	fund		4,230			470	3,760
Play area			10,000			1,000	9,000
			593,027		23,406	58,834	557,599
' includes a transfer	in the year off11,243 from depreciating				funds to funds to be expended.
The restricted funds consist of		the following:
Endowment funds and capital.		This is	the issued share	capital ofthe company as follows:
						2020	2019
Allotted, called up and fully paid 118,187Ordinary shares of each					F1	118,187	118,187
Capital redemption reserve 487 Promoter shares ofE1 each						475 487	475 487
						119,149	119,149

		Balance at	Incoming	Outgoing		Balance at
		1Jan 2020 f	resources	resources	Transfers	31Dec 2020 F
Designated	Fund-
Revaluation	fund	158,659				158,659
General funds		2,260,028	926,867	850,399		2,336,496
		2,418,687	926,867	850,399		2,495,155

ANALYSIS OF NET	A	SSETS	BE	TWEEN F	UN	DS	DS	DS
						Net current
				Fixed		Invest-	assets/		Long term
				assets E		ments	(liabilities)		liabilities	Total f
Restricted Income	Funds:
Endowment Funds 8		Capital					119,149			119,149
Restricted Funds				526,238				31,361		557,599
				526,238			150,510			676,748
Unrestricted Income		Funds:
Designated Funds				158,659						158,659
General Funds				3,071,112		270,516	(51,589)		(953,543)	2,336,496
				3,229,771		270,516	(51,589)		(953,543)	2,495,155
Total Funds				3,756,009		270,516		98,921	(953,543)	3,171,903
RECONCILIATION	OF NET INCOME / EXPENDITURE						TO	NET CASHFOW FROM
OPERATING ACTIVITIES
									2020	2019
Net income for year									41,040	(17,495)
Interest receivable										(82)
Interest payabie									32,775	26,456
Depreciation and impairment			of	tangible fixed		assets			201,740	180,127
Amortisation and impairment			of	intangible	fixed assets				2,759	2,759
(Profit) / loss on disposal oftangible fixed					assets				(98,757)
Decrease/(increase)		in stock							134,962	(97,999)
(Increase)/Decrease		in debtors							(302,744)	37,540
Increase in creditors									272,328	57,346
Net cash flow from	operating		activities						284,103	188,652

ANA	LYSIS O	F CHANGES IN NET DEBT
			1Jan 20 f	Cash flows	31Dec 20 E
Cash	and cash	equivalents	(4,188)	(470,702)	(474,890)
Debt	due within	1 year	319,130	(16O,O59)	159,071
Debt Hire	due after purchase	1 year agreements	607,766 39,991	289,579 (5,396)	897,345 34,595
			966,887	124,124	1,091,011
			962,699	(348,578)	616,121