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|CONTENTS||PAGE|
|---|---|---|
|Members ofthe Board and professional|advisers||
|Trustees'<br>Annual<br>Report and Strategic|Review||
|Independent<br>auditor's<br>report to the trustees||15|
|Statement offinancial<br>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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||||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<br>MVO BEM|||Volunteer|Liaison|
||||P CTreglown<br>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<br>Abbot|||||
||||Devon|||||
||||TQ12 2LG|||||
|Business|Address||The Station|||||
||||Buckfastleigh|||||
||||Devon|||||
||||TQ11 ODZ|||||
|Bankers|||Lloyds Bank|pic||||
||||Fore Street|||||
||||Okehampton|||||
||||Devon|||||
||||EX20 1HJ|||||
|Solicitors|||Ashfords<br>LLP|||||
||||Ashford<br>House|||||
||||Grenadier<br>Road|||||
||||Exeter Business Park|||||
||||Exeter|||||
||||Devon|||||
||||EX1 3LH|||||
||||Tozers LLP|||||
||||Broadwalk<br>House|||||
||||Southernhay|West||||
||||Exeter|||||
||||EX1 1UA|||||





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|||Ordinary|Shares|
|---|---|---|---|
|||2021|2020|
|AR Cash||1|1|
|RJ Elliott||182'|182*|
|E Elsworth-Wilson<br>(Resigned 1"September 2021)||||
|G Hooper||||
|J Keohane<br>MVO BEM||375|375|
|J K Morton (Chairman)||||
|P C Treglown<br>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||||





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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 tharita￿0 company through discusslons
with directors arKI othér manag8mart *xl from wr comm￿la1 kntr*Aad￿ and oxperlgnce of the
relevant sectors:
wefcojsed on spedk lav47 arKI rewtatlorts vthith we cor*idwed may have a direct material offect
on the financlal ststements or the owations of the charhable ctsmpany, Includlng ch*ity law. gift
ald ￿gulatIons. Transport and Works Order and Health & Safety R8gulation5',
we assessed the extent of comF4iar￿e with the laws and rewlations hdentifi8d above through
making enquiries of management and inspKtiw bogal correspond8nc8,' aTrJ
hjentffled laws and regUlat￿S were communlcated wilhfft the audit loam regularty and Ihe leam
remalned dert lo instances of Tr)rpcornplian¢e throughout the audrt.
We assesseil tho $US¢•pti￿lity of tha charilabkry (x)mpgny's flnanclal slalements to material
mi88talemenl. Indudinp obtsinirvJ an understanding of fraud mNJht owr, by:
making 8nqulrie$ of man4emenl as to where they conSKIw￿ there was suscepilblllty to fraud.
their knolyledge of aclual. susp8cted and alw fra￿J.
considorlng the inlem81 c¢M*ol$ kn plae8 lo mlW8 rlsky of frayj and non-compllan¢8 wlth Lqw5
and rewlatlons., and
revlewing Ihe operatlon, vla testlry andlor dlsoJsslng b*lth manag8men( of Intemal fAnlrol8 In
place lo mltlg81e ri8k8 dfraud and no￿￿P1knee 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 (Inc￿dIr¥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 a￿￿n11ng date for any Indlcallon of tr8n8￿tIonS 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:
a￿Ing 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.'IIM￿v.frC.org.Ukl￿r-workJAudlUAUdll-and￿sUlanCeISlandards-9nd-guklarKeISlandardS-and-
gUidanC￿f0r-auditorSlAl￿j1IWs-resFwJnsibilitieS-￿￿4udl11De5cnPts'Qr￿￿-aud1Iors-reSpons1bll itie¥4LY-
audll.aspx. Thb descriplion forn￿ pwt of ow ￿K1￿S repcrt
-17-

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||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<br>and legacies||569,285|7,080||576,365|870,273|
|Charitable<br>activities||80,000|||80,000|80,000|
|Investments||29|||29||
|||649,314|7,080||656,394|950,273|
|Total income and|||||||
|endowments|||||||
|Expenditure<br>on:|||||||
|Charitable<br>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<br>in funds||234,881|(12,504)||222 377|41,040|
|Reconciliation<br>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|||||||





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||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|





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||||||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<br>funds|||21|||||
|Share capital|||||118,674||118,674|
|Capital redemption|reserve||||475||475|
|Restricted<br>funds|||22||545,095||557,599|
|Unrestricted<br>funds|||23||2,571,377||2,336,496|
|Revaluation<br>reserve|||||158,659||158,659|
|TOTAL CHARITY FUNDS|||||3,394,280||3,171,903|





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





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



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|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|



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|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|



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



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|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|





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||||||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|



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|et income is|stated after charging<br>/ (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<br>assets (included|within|note 14)|2,760|2,759|
|Operating<br>lease rentals||||||





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|Wages and salaries||
|---|---|
|Social security costs||
|Defined contribution|pension costs|



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||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|





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|CHARITY||
|---|---|
||Transport<br>&|
||Works Act Order|
||R|
|COST||
|At 1January 2021 and 31 December 2021|55,183|
|AMORTISATION||
|At 1 January<br>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|





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|||Brought|||Carried|
|---|---|---|---|---|---|
|||forward|||forward|
|||1Jan 21|Additions|Disposals|31Dec 21<br>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<br>f|Disposals<br>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|





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|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<br>f|||2020<br>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|



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



|Analysis ofinvest|ments<br>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|





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|DEBTORS||||
|---|---|---|---|
|||2021|2020|
||||F|
|Trade debtors|||19,858|
|Amounts<br>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|



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|CREDITORS: Amounts<br>falli|ng due within one year|||
|---|---|---|---|
|||2021|2020|
|Bank loans and overdrafts||91,210|39,071|
|Trade creditors|||99,514|
|Amounts<br>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|





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



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|CREDITORS: Amounts<br>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<br>liabilities disclosed under creditors <br>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|





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|Creditors|include finance capital which is due for repayment<br>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|



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





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|||||Balance at<br>1Jan 2021|Incoming<br>resources|Outgoing<br>resources|Balance at<br>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<br>Pool Bridge - Heritage|||lottery|||||
|fund||||124,440||3,660|120,780|
|Heritage<br>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<br>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<br>funds|and capital,<br>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|





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|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<br>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|



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|PERATING ACTIVI|TIES|||||
|---|---|---|---|---|---|
|||||2021|2020|
|||||R||
|Net income for year||||222,377|41,040|
|Interest receivable||||(29)||
|Interest payable||||115|32,775|
|Depreciation<br>and impairment||oftangible fixed assets||198,680|201,740|
|Amortisation<br>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<br>in creditors||||(348,826)|272,328|
|Net cash flow from operating||activities||385,965|284,103|



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|ANA|LYSIS O|F CHANGES<br>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|





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