2021-12-31-accounts - South Devon Railway Trust

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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		15
Statement offinancial activities		19
Income and expenditure account		20
Balance sheet		21
Cash flow statement		22
Notes to the financial statements		23

			YEAR ENDED 31 DE	CEM	BER 2021
Directors			J K Morton			Chairman	and Operating
			A RCash			Mechanical	Engineering
			RJ Elliott			Fund Raising
			G Hooper			Director
			J Keohane MVO BEM			Volunteer	Liaison
			P CTreglown MCIPR			Marketing
			C A Williams			Director
Company	Secretary		VP Coon
Company	Number		1157099
Charity Registration		Number	800299
Registered	Office		The Station
			Buckfastleigh
			Devon
			TQ11 ODZ
Auditors			Peplows Chartered		Accountants
			Moorgate House
			King Street
			Newton Abbot
			Devon
			TQ12 2LG
Business	Address		The Station
			Buckfastleigh
			Devon
			TQ11 ODZ
Bankers			Lloyds Bank	pic
			Fore Street
			Okehampton
			Devon
			EX20 1HJ
Solicitors			Ashfords LLP
			Ashford House
			Grenadier Road
			Exeter Business Park
			Exeter
			Devon
			EX1 3LH
			Tozers LLP
			Broadwalk House
			Southernhay	West
			Exeter
			EX1 1UA

		Ordinary	Shares
		2021	2020
AR Cash		1	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	20	20
C A Williams
Eur Ing D Woodward	BEng MSc CEng FICE FIStructE MCIHT
(Resigned 31"January 2022)
'Held jointly with Mrs J M Eiliott

SOUTH DEVON RAILWAY TRUST DEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF soirrH DEVON RAILWAY TRUST (continued) YEAR ENDED 31 DECEMBER 21r21 We Klenbfied the arKJ regulations applicable lo the tharita0 company through discusslons with directors arKI othér manag8mart xl from wr commla1 kntrAad and oxperlgnce of the relevant sectors: wefcojsed on spedk lav47 arKI rewtatlorts vthith we coridwed may have a direct material offect on the financlal ststements or the owations of the charhable ctsmpany, Includlng chity law. gift ald gulatIons. Transport and Works Order and Health & Safety R8gulation5', we assessed the extent of comF4iare with the laws and rewlations hdentifi8d above through making enquiries of management and inspKtiw bogal correspond8nc8,' aTrJ hjentffled laws and regUlatS were communlcated wilhfft the audit loam regularty and Ihe leam remalned dert lo instances of Tr)rpcornplian¢e throughout the audrt. We assesseil tho $US¢•ptility of tha charilabkry (x)mpgny's flnanclal slalements to material mi88talemenl. Indudinp obtsinirvJ an understanding of fraud mNJht owr, by: making 8nqulrie$ of man4emenl as to where they conSKIw there was suscepilblllty to fraud. their knolyledge of aclual. susp8cted and alw fraJ. considorlng the inlem81 c¢Mol$ kn plae8 lo mlW8 rlsky of frayj and non-compllan¢8 wlth Lqw5 and rewlatlons., and revlewing Ihe operatlon, vla testlry andlor dlsoJsslng blth manag8men( of Intemal fAnlrol8 In place lo mltlg81e ri8k8 dfraud and noP1knee wlth18W8 and regulatkns. To address rf8k d fr•Jd itwh m8n8gomert ts$ and overrtde ol controls, we.. perfornied anatytical procedures lo Identify any unuwal or uwxpe¢twJ r8lath)nshlps,' tested htyjrnal enlrios (IncdIr¥j Moveme in amals 8fKI prepayments) lo Identlfy unusual Iransaclions; investigated the r*N)nale behirKI swficanl or uN8ual transactlons,. and r8vl•wlng the fo¢ord8 Past Ihe an11ng date for any Indlcallon of tr8n8tIonS thal 81M)uld be réfiactod In these %o)unts. In rosponse to Iho risk ol Irreguiaritses and non-compliance wilh law8 arKI regulations. we doslgnod procedure8 whSch Included. but were not limM8d to: aIng financSal slateménl disclosures to underfylrKJ supFMxUffj documanlat enquirirs of managemert as to oclual and pot8nlial litigation arml claims: owlng co1(#dence HMRC and Ihe (x>rnpanY8 IW 8dvlsor8. There ar• inherent limltations In our audit pro¢edure8 destribed above. The m¢)re reThw)ved Ihat18w8 and regulations are from Ilnandal transackns. the less Ilkely it thal wo would become aware of non- complianc8. Audllbng standards aso Ilmll the wdit procaures r8quked lo klentfy non-complSance th laws and regUlatiOr lo ewuiry of the directors and other managemenl and the insFeCtion of regulatory and legal corresporKlefKO, rf any. Material mL8ststements that arl8e due to fraud can be hanSer to detect than Ihose that arise from error as thty may Involva ddlberatè o)n¢ealmonl or collusion. A further de5Mplion of our respon¥itMlibes is available on the FinanGvdl Repwting Couwl's web$lte at.. hlips.'IIMv.frC.org.Uklr-workJAudlUAUdll-andsUlanCeISlandards-9nd-guklarKeISlandardS-and- gUidanCf0r-auditorSlAlj1IWs-resFwJnsibilitieS-4udl11De5cnPts'Qr-aud1Iors-reSpons1bll itie¥4LY- audll.aspx. Thb descriplion forn pwt of ow K1S repcrt -17-

	Y	EAR ENDED 31	DECEMBE	R 2021
		Unrestricted	Restricted	Endowment	Total Funds	Total Funds
		Funds	Funds	Funds	2021	2020
	Note
Income and endowments
from:
Donations and legacies		569,285	7,080		576,365	870,273
Charitable activities		80,000			80,000	80,000
Investments		29			29
		649,314	7,080		656,394	950,273
Total income and
endowments
Expenditure on:
Charitable activities		407,923	19,584		427,507	906,733
Other expenditure		6,510			6,510	2,500
Total expenditure		414,433	19,584		434,017	909,233
Net income		234,881	(12,504)		222,377	41,040
Other recognised (losses):
Other (losses)
Net movement in funds		234,881	(12,504)		222 377	41,040
Reconciliation offunds:
Total funds brought		2,495,155	557,599	119,149	3,171,903	3,130,863
forward
Total funds carried	24	2,730,036	545,095	119,149	3,394,280	3,171,903
forward

	YEAR	ENDED	31 DECEMBE	R 2021
			2021		2020
		Note
INCOME				656,394		950,273
TOTAL INCOME				656,394		950,273
TOTAL EXPENDITURE				(433,931)		(876,458)
OPERATING SURPLUS				222,463		73,815
OTHER INCOME
Interest receivable	and similar income	4	29
				29
				222,492		73,815
INTEREST PAYABLE
Interest payable:	Loans		(1,332)
Interest payable:	Loan stock		7,606		(22,670)
Interest payable:	Bank loans		(4,185)		(7,980)
HP interest			(2,204)		(2,125)
				(115)		(32,775)
RETAINED SURPLUS FOR THE
FINANCIAL YEAR				222,377		41,040

					2021		2020
			Note
FIXEDASSETS
Intangible assets			14		22,074		24,834
Tangible assets			15		3,841,800		3,731,175
Investments			16		270,516		270,516
					4,134,390		4,026,525
CURRENT ASSETS
Debtors			17	173,367		488,255
Cash at bank				399,288		474,890
				572,655		963,145
CREDITORS: Amounts		falling due
within one year			18	(690,215)		(857,197)
NET CURRENT (LIABILITIES)/ASSETS					(117,560)		105,948
TOTAL ASSETS LESS		CURRENT	LIABILITIES		4,016,830		4,132,473
CREDITORS: Amounts		falling due
after more than one	year		19		(622,550)		(960,570)
NET ASSETS					3,394,280		3,171,903
CHARITY FUNDS
Endowment funds			21
Share capital					118,674		118,674
Capital redemption	reserve				475		475
Restricted funds			22		545,095		557,599
Unrestricted funds			23		2,571,377		2,336,496
Revaluation reserve					158,659		158,659
TOTAL CHARITY FUNDS					3,394,280		3,171,903

YEAR ENDED 31 DECEMBER 20	21
		2021	2020
	Note
Cash flow from operating activities	25	385,965	284,103
Net cash flow from operating activities
		385,965	284,103
Cash flow from investing activities
Payments to acquire investments
Receipts from sales of investments			10,000
Payments to acquire tangible fixed assets		(309,305)	(214,750)
Receipts from sales oftangible fixed assets		4,000	300,000
Interest received		29
Net cash flow from investing activities		(305,276)	95,250
Cash flow from financing activities
Receipts from issue of new long term loans			350,000
Repayment oflong term loans		(146,601)	(220,480)
Repayment offinance lease liabilities		(9,575)	(5,396)
Interest paid		(115)	(32,775)
Net cash flow from financing activities		(156,291)	91,349
Net increase /(decrease) in cash and cash equivalents		(75,602)	470,702
Cash and cash equivalents at 1January 2021		474,890	4,188
Cash and cash equivalents at 31 December 2021		399,288	474,890
Cash and cash equivalents consists of:
Cash at bank and in hand		399,288	474,890
Cash and cash equivalents at 31 December 2021		399,288	474,890

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

VOLUNTARY INCOME
	Unrestricted	Restricted	Total Funds	Total Funds
	Funds	Funds	2021	2020
	R	f.		f
Gifts	2,906	7,080	9,986	64,373
Gift aid received from subsidiaries				127,509
Legacies	142,377		142,377	221,591
Grants	424,002		424,002	456,800
	569,285	7,080	576,365	870,273

NCOME FRO	M CHARITABLE ACTIVITIES
		Unrestricted	Total Funds	Total Funds
		Funds	2021	2020
Sales - Traffic
Sales - on train catering and shop sales
Sales - Loco hire
Management	charges I rent receivable	80,000	80,000	80,000
Other income
		80,000	80,000	80,000

INVES	TMENT	INCOME
			Unrestricted	Total	Funds	Total	Funds
			Funds		2021		2020
			f				F
Bank	interest	receivable	29		29
			29		29

ANALYSIS	OF EXPENDITURE ON C	HARITABLE AC	TIVITIES
		Unrestricted	Restricted	Total Funds	Total Funds
		Funds	Funds	2021	2020
Railway		180,961	13,834	194,795	141,741
Support costs - Railway		26,891		26,891	2,759
Donations	to South Devon Railway
Limited		200,071	5,750	205,821	762,233
		407,923	19,584	427,507	906,733

					Unrestricted	Total Funds	Total Funds
					Funds	2021	2020
							F
Governance		costs			6,510	6,510	2,500
					6,510	6,510	2,500
ALLOCATION			OF SUPPORT COSTS
				Raising	Railway	Total	Total
				funds		2021	2020
				F			F
Finance					4,380	4,380
Human	resources
Amortisation					2,760	2,760	2,759
Office costs		/	Overheads		12,000	12,000
Other					7,751	7,751
Total					26,891	26,891	2,759

et income is	stated after charging / (crediting):
				2021	2020
Depreciation	oftangible fixed assets			198,680	201,740
Loss / (Gain)	on sale oftangible fixed assets			(4,000)	(98,757)
Amortisation	ofother intangible assets (included	within	note 14)	2,760	2,759
Operating lease rentals

Wages and salaries
Social security costs
Defined contribution	pension costs

	2021	2020
Bank loans and overdrafts	4,185	7,980
Loan stock	(7,606)	22,670
Other loans	1,332
HP interest	2,204	2,125
	115	32,775

CHARITY
	Transport &
	Works Act Order
	R
COST
At 1January 2021 and 31 December 2021	55,183
AMORTISATION
At 1 January 2021	30,349
Charge for the year	2,760
At 31December 2021	33,109
NET BOOK VALUE
At 31December 2021	22,074
At 31December 2020	24,834

		Brought			Carried
		forward			forward
		1Jan 21	Additions	Disposals	31Dec 21 f
COST
Freehold	Land and
buildings		1,732,280	6,358		1,738,638
Track and	infrastructure	1,434,864	189,4S9		1,624,353
Workshop	8 Other
Equipment		811,241	73,209		884,450
Locomotives		1,094,794	37,988		1,132,782
Rolling stock		530,924	2,261		533,185
		5,604,103	309,305		5,913,408
		Brought			Carried
		forward			forward
		1 Jan 21	Charges f	Disposals K	31Dec 21
DEPRECIATION
Freehold	Land and
buildings		139,701	19,344		159,045
Track and	infrastructure	552,919	50,590		603,509
Workshop	&Other
Equipment		643,253	38,671		681,924
Locomotives		344,208	72,558		416,766
Rolling stock		192,847	17,517		210,364
		1,872,928	198,680		2,071,608

		Brought	Carried
		forward	forward
		1Jan 21	31Dec21
NET BOOK VALUE
Freehold	Land and buildings	1,592,579	1,579,593
Track and	infrastructure	881,945	1,020,844
Workshop	&Other Equipment	167,988	202,526
Locomotives		750,586	716,016
Rolling stock		338,077	322,821
		3,731,175	3,841,800

TANGIBLE FIXEDASSETS (continued)	TANGIBLE FIXEDASSETS (continued)
In respect of assets stated at valuations,		the comparable	historical	cost and	depreciation	values
are as follows:
			2021			2020
NBV ofrevalued	tangible fixed assets:
Net book value at	end of year		418,329			418,329
Historical cost:
At 31 Dec20 and	31 Dec 21		578,411			578,411
Depreciation:
At1 Jan 21			340,172			340,172
Charge for year
At 31 Dec 21			340,172			340,172
Net historical cost value:
At 31 Dec 21			238,239			238,239
At1 Jan 21			238,239			238,239
The net historic cost value per class ofasset is:
			2021 f			2020 f
Track and infrastructure			22,591			22,591
Workshop 8 Other Equipment			2,685			2,685
Locomotives			192,016			192,016
Rolling stock			20,947			20,947
			238,239			238,239

NVESTMENTS
	2021	2020
Cost:
At 1 Jan 2021 and 31 Dec 2021	270,516	270,516

Analysis ofinvest	ments at 3	1Dec2021 betwe	en funds
		Unrestricted	Restricted	Total Funds	Total Funds
		Funds	Funds	2021	2020
Other investments
UK Group undertakings		252,184		252,184	252,184
Other UK unlisted	Securities	18,332		18,332	18,332
		270,516		270,516	270,516

DEBTORS
		2021	2020
			F
Trade debtors			19,858
Amounts owed by associated and group undertakings			72,879
Other debtors		12,908	12,908
Prepayments	and accrued income	160,459	382,610
		173,367	488,255

CREDITORS: Amounts falli	ng due within one year
		2021	2020
Bank loans and overdrafts		91,210	39,071
Trade creditors			99,514
Amounts owed to associated	and group undertakings	352,147	491,459
Taxation and social security		6,096	66,965
Taxation deducted		6,272	6,322
Other loans		46,000	46,000
Other creditors		4,790	4,790
Accruals		8,625	19,501
Loan stock		165,500	74,000
HP agreements		9,575	9,575
		690,215	857,197

The following liabilities disclosed under creditors charity:	falling due within one year are sec	ured by the
	2021	2020
	K	F
Bank loans and overdrafts	91,210	39,071
HP agreements	9,575	9,575
	100,785	48,646

CREDITORS: Amounts falling due after more	than one year
	2021	2020
		F
Loan stock	78,500	180,000
Bank loans and overdrafts	88,938	183,345
HP agreements	15,445	25,020
Other loans	439,667	534,000
Accruals		38,205
	622,550	960,570

The following liabilities disclosed under creditors by the charity:	falling due after more than one year	are secured
	2021	2020
Bank loans and overdrafts	SS,93S	183,345
HP agreements	15,445	25,020
	104,383	208,365

more	than f	ive y	ears from the balance sheet date:
				2021	2020
					F
Bank	loans	and	overdrafts	85,118	223,829

Creditors	include finance capital which is due for repayment a	s follows:
		2021	2020
Amounts	repayable:
In one year or less or on demand		312,285	168,646
In more	than one year but not more than two years	200,505	242,940
In more	than two years but not more than five years	336,927	493,804
In more	than five years	85,118	223,829
		934,835	1,129,216

			Balance at	Incoming	Outgoing		Balance at
			1Jan 2021	resources	resources	Transfers	31Dec2021
Endowment	Funds	&
Capital			119,149				119,149

				Balance at 1Jan 2021	Incoming resources	Outgoing resources	Balance at 31Dec2021
Dumbleton	Hall	RTSA fund		31,361	1,330		32,691
1420fund					5,000	5,000
GW development		fund			750	750
				31,361	7,080	5,750	32,691
De reciatln	funds:
Nursery Pool Bridge - Heritage			lottery
fund				124,440		3,660	120,780
Heritage Rolling		Stock Conservation
Centre fund				66,493		1,449	65,044
1420fund				26,852			26,852
Hawksworth	2180fund			51,045			51,045
GW development		fund		27,015			27,015
Gronk fund				24,996		548	24,448
Totnes signalling		fund		15,686		2,169	13,517
Toilet block	fund			2,448		350	2,098
Training building		fund		4,000		800	3,200
Station field	fund			79,233			79,233
Site development		fund		91,270		3,388	87,882
S &TStore	in Totnes fund			3,760		470	3,290
Play area				9,000		1,000	8,000
				557,599	7,080	19,584	545,095

Endowm	ent funds	and capital, This is the issued	share capital ofthe	company as follo	ws:
				2021	2020
Allotted,	called up	and fully paid 118,187Ordinary	shares ofR1
each				118,187	118,187
Capital	redemption	reserve		475	475
487 Promoter shares ofE1 each				487	487
				119,149	119,149

ANALYSIS		OF NETASSETS B	ETWEEN FU	NDS	NDS
				Net current
			Fixed	Invest-	assets/	Long term
			assets	ments	(liabilities)	liabilities	Total
							R
Restricted	Income Funds:
Endowment		Funds &Capital			119,149		119,149
Restricted	Funds		512,404		32,691		545,095
			512,404		151,840		664,244
Unrestricted		Income Funds:
Designated		Funds	158,659				158,659
General Funds			3,192,811	270,516	(269,400)	(622,550)	2,571,377
			3,351,470	270,516	(269,400)	(622,550)	2,730,036
Total Funds			3,863,874	270,516	(117,560)	(622,550)	3,394,280

PERATING ACTIVI	TIES
				2021	2020
				R
Net income for year				222,377	41,040
Interest receivable				(29)
Interest payable				115	32,775
Depreciation and impairment		oftangible fixed assets		198,680	201,740
Amortisation and impairment		of intangible	fixed assets	2,760	2,759
(Profit) / loss on disposal oftangible fixed			assets	(4,000)	(98,757)
Decrease/(Increase)	in stock				134,962
(Increase)/Decrease	in debtors			314,888	(302,744)
Increase in creditors				(348,826)	272,328
Net cash flow from operating		activities		385,965	284,103

ANA	LYSIS O	F CHANGES IN NET DEB	T
			1Jan 21	Cash flows	31Dec 21
			R
Cash	and cash	equivalents	(474,890)	75,602	(399,288)
Debt	due within	1 year	159,071	143,639	302,710
Debt	due after	1 year	897,345	(290,240)	607,105
Hire	purchase	agreements	34,595	(9,575)	25,020
			1,091,011	(156,176)	934,835
			616,121	(80,574)	535,547