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





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|||||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<br>MCIPR|||MloD|||
|C A Williams||||||
|Eur ing D|Woodward||BEng MSc CEng FICE FIStructE MCIHT|||
|||*Held|jointly with Mrs J M Elliott|||





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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.u￿jour-wo￿AudyuAudIt-a￿d-a$SUran¢e1standa￿d$-and￿U1danCeIstandards-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-

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|||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<br>and|legacies||846,867|23,406||870,273|339,102|
|Charitable<br>activities|||80,000|||80,000|1,255,151|
|Investments|||||||82|
||||926,867|23,406||950,273|1,594,335|
|Total income|and|||||||
|endowments||||||||
|Expenditure<br>on:||||||||
|Charitable<br>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||||||||





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||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)|





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





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|l economi|c life ofthat asset as follow|s:||||
|---|---|---|---|---|---|
|Freehold|Property|Land<br>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||



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|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|



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|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|



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|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|





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|||||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|



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|et income is|stated after chargin|g<br>/ (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<br>lease rentals||||||25,996|





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



||||2020||2019||
|---|---|---|---|---|---|---|
||||No.|FTE|No.|FTE|
|Administration||/ management|8|8|17|17|
|Infrastructure|/|maintenance|||12|12|
|Workshop|||||15|15|
|Operations|||||4|4|
||||||48|48|



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||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|





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





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|||Brought|||Carried|
|---|---|---|---|---|---|
|||forward|||forward|
|||1Jan 20|Additions|Disposals|31Dec 20|
|||F||||
|COST||||||
|Freehold|Land and|||||
|buildings<br>Track and|infrastructure|1,693,222<br>1,298,180|39,058<br>136,684||1,732,280<br>1,434,864|
|Workshop<br>&Other<br>Equipment<br>Locomotives||805,881<br>1,262,734|5,360<br>33,303|(201,243)|811,241<br>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<br>Locomotives||598,435<br>273,439|44,818<br>70,769||643,253<br>344,208|
|Rolling stock||177,831|15,016||192,847|
|||1,671,188|201,740||1,872,928|



|||Brought|Carried|
|---|---|---|---|
|||forward|forward|
|||1Jan 20<br>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|





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|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<br>&Other Equipment|||2,685||2,685|
|Locomotives|||192,016||192,016|
|Rolling stock|||20,947||20,947|
||||238,239||238,239|



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|Analysis of invest|ments<br>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|





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|STOCKS||||||
|---|---|---|---|---|---|
|||||2020|2019|
||||||F|
|Raw materials —railway|||||134,962|
||||||134,962|
|DEBTORS||||||
|||||2020|2019|
|||||f|F|
|Trade debtors||||19,858|31,982|
|Amounts<br>owed by associated||and group undertakings||72,879|95,508|
|Other debtors||||12,908|15,226|
|Prepayments<br>and accrued income||||382,610|42,795|
|||||488,255|185,511|
|Amounts<br>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<br>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|



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|CREDITORS: Amounts<br>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|






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|Creditors|include finance capital which is due for repayment<br>a|s follows:||
|---|---|---|---|
|||2020|2019|
|Amounts|repayable:|||
|In one year or less or on demand<br>ln more than one year but not more than two years||168,646<br>242,940|355,855<br>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|



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||||Balance at|Incoming|Outgoing||Balance at|
|---|---|---|---|---|---|---|---|
||||1Jan 2020|resources|resources|Transfers<br>f|31Dec 2020|
|Endowment|Funds|&||||||
|Capital|||119,149||||119,149|





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||||Balance at|incoming|incoming|Outgoing|Balance at|
|---|---|---|---|---|---|---|---|
||||1Jan 2020|resources||resources|31Dec 2020|
|||||||E||
|Dumbleton<br>Hall RTSA|fund||13,245||6,873||31)361*|
|1420fund|||18,302||500|18,802||
|Heritage centre fund|||1,000|||1,000||
|Wickham<br>Trolley fund|||5,000|||5,000||
|Lady Angela<br>Hawksworth<br>2180fund|||4,165||950|4,165<br>950||
|GW development<br>fund|||||8,663|8,663||
|Foundation<br>fund|||||3,420|3,420||
|Routemaster<br>bus (RM|1872)fund||||3,000|3,000||
||||41,712||23,406|45,000|31,361|
|De reciatin<br>funds:||||||||
|Nursery<br>Pool Bridge - <br>fund|Heritage|lottery|128,100|||3,660|124,440|
|Heritage<br>Rolling Stock Conservation<br>Centre fund|||67,942|||1,449|66,493|
|Dumbleton<br>Hall RTSA|fund||11,243|||||
|1420fund|||26,862||||26,852|
|Hawksworth<br>2180 fund|||51.045||||51,045|
|GW development<br>fund<br>Gronk fund|||27,015<br>25,544|||548|27,015<br>24,996|
|Totnes signalling<br>fund<br>Toilet block fund|||17,855<br>2,798|||2,169<br>350|15,686<br>2,448|
|Training<br>building<br>fund<br>Station field fund|||4,800<br>79,233|||800|4,000<br>79,233|
|Site development<br>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<br>funds consist of||the following:||||||
|Endowment<br>funds and capital.||This is|the issued share|capital ofthe company as follows:||||
|||||||2020|2019|
|Allotted,<br>called up and fully paid 118,187Ordinary<br>shares of<br>each|||||F1|118,187|118,187|
|Capital redemption<br>reserve<br>487 Promoter shares ofE1 each||||||475<br>487|475<br>487|
|||||||119,149|119,149|





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|||Balance at|Incoming|Outgoing||Balance at|
|---|---|---|---|---|---|---|
|||1Jan 2020<br>f|resources|resources|Transfers|31Dec 2020<br>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|



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|ANALYSIS OF NET|A|SSETS|BE|TWEEN F|UN|DS|DS|DS|||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||Net current|||||
|||||Fixed||Invest-|assets/||Long term||
|||||assets<br>E||ments|(liabilities)||liabilities|Total<br>f|
|Restricted Income|Funds:||||||||||
|Endowment<br>Funds 8||Capital|||||119,149|||119,149|
|Restricted<br>Funds||||526,238||||31,361||557,599|
|||||526,238|||150,510|||676,748|
|Unrestricted<br>Income||Funds:|||||||||
|Designated<br>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<br>/ 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<br>and impairment|||of|tangible fixed||assets|||201,740|180,127|
|Amortisation<br>and impairment|||of|intangible|fixed assets||||2,759|2,759|
|(Profit) / loss on disposal oftangible<br>fixed|||||assets||||(98,757)||
|Decrease/(increase)||in stock|||||||134,962|(97,999)|
|(Increase)/Decrease||in debtors|||||||(302,744)|37,540|
|Increase<br>in creditors|||||||||272,328|57,346|
|Net cash flow from|operating||activities||||||284,103|188,652|



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



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