2025-04-05-accounts - The Friends of the Keighley and Worth Valley Railway

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THE FRIENDS OF KEIGHLEY AND WORTH VALLEY RAILWAY

UNAUDITED FINANCIAL STATEMENTS 5 APRIL 2025

Charity Registration Number: 1032933

Streets.

THE FRIENDS OF THE KEIGHLEY AND WORTH VALLEY RAILWAY

FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2025 aeee

	PAGE
Trustees’ annualreport	1
Independent examiner's report to the trustees	6
Statementoffinancial activities	7
Statementoffinancial position	8
Notestothefinancialstatements	9

THE FRIENDS OF THE KEIGHLEY AND WORTH VALLEY RADLWAY

TRUSTEES' ANNUAL REPORT

YEAR ENDED 5 APRIL 2025 caCU The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2025.

Chair's report

This is my third report as Chairman, and I would like to thank all the Trustees for all their hard work.

2024/25 has been a year of significant development for the Keighley and Worth Valley Railway and we are delighted to be able to support a number of key projects. Whilst we usually aim to support smaller projects, it has been particularly pleasing that we have been able to support major activities allowing the Railway to use its resources to improve its facilities, assets and offering, Specifically, we have been able to provide financial support for the overall overhaul of War Department Locomotive 90733, the Class 25 Diesel locomotive 25059 and the Oakworth car park.

The charity's relationship with the Keighley and Worth Valley Railway. Preservation Society Ltd has continued to develop very positively. Two years ago the Keighley and Worth Valley Railway Trust was reformed into what is now known as The Friends of the Keighley and Worth Valley Railway. The new Trustees that joined the Charity in 2023 have brought new energy to the team, strengthening alignment with the Keighley and Worth Valley Railway Preservation Society Ltd, The Friends are now actively looking into different ways for fund raising with new approaches expected to be introduced in 2025, including the launch of a "200 Club" as.a lottery amongst Railway members.

The report shows that our funds remained consistent in the year based on continued donations from our supporters, the receipt of legacies and investment gains matching the grants the Charity made to the Keighley and Worth Valley Railway. This leaves us well placed to provide further ongoing support for the Keighley and Worth Valley Railway in the years ahead.

Mr S Bray. Chair

me

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THE FRIENDS OF THE KEIGHLEY AND WORTH VALLEY RAILWAY

TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 5 APRIL 2025 aenc

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charityname	The Friendsofthe Keighleyand Worth ValleyRailway	The Friendsofthe Keighleyand Worth ValleyRailway
Charity registration number	1032933
Principal office	Haworth Station
	Haworth
	Keighley
	BD22 8NJ
TheTrustees	MrS Bray -Chair
	DrKA Carlton -	Secretary
	MrCH Clough
	MrTEngland
	MrDHanson
	Mr J Hinchcliffe
	Mrs I M Jones
	Mr K Jones
	Mr D Petyt
	Mr I Purkis	~
	MrP Seton
	MrB Slater
	Dr M.J Stroh
	MrsA Tarran
	MrN Ward
	Mr GWay
Independent examiner	EA Short FCA
	Equitable House
	55 Pellon Lane
	Halifax
	West Yorkshire
	HX1 SSP
Banks	CAFBank Ltd
	25 Kings HillAvenue
	Kings Hill
	WestMalling
	MEI9 4JQ
	VirginMoney
	46 MarketPlace
	Dewsbury
	WF13 1DN
	ShawbrookBank Limited
	WarleyHill Business Park
	GreatWarley
	Brentwood
	CM133BE

rn

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THE FRIENDS OF THE KEIGHLEY AND WORTH VALLEY RAILWAY

YEAR ENDED 5 APRIL 2025 aeee

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trust deed provides for no less than five and no more than thirty Trustees to be appointed, with the Trustees being appointed by the Directors. of the Keighley and Worth Valley Railway Preservation Society Ltd who endeavour to ensure that at least one Trustee represents: each. of the Saciety's subcommittees. In addition, Directors can appoint at least two independent Trustees who have no representational function.

However, during the year the Keighley & Worth Valley Railway Preservation Society Ltd and The Keighley & Worth Valley Railway Trust came to an agreement on how the Trust should be reformed to better assist the Society with fund raising. In agreement with the Charity Commission, the Keighley & Worth Valley Railway Trust has been renamed Friends of the Keighley & Worth Valley Railway with no more than twenty Trustees; up to ten independent Trustees, appointed by themselves and up to the Trustees appointed by the Keighley & Worth Valley Railway Preservation Society.

During the year ending 5 April 2025, there were sixteen Trustees. The Friends of the Keighley & Worth Valley Railway is formed as follows:

The Friends of the Keighley & Worth Valley Railway is formed as follows:-

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|||||||| |---|---|---|---|---|---|---| |Independent Trustees|Society nominated|Trustees| |Dr K.A|Carlton|Mr|D Bray| |Mr CH Clough|Mr J Hinchcliffe| |Mr T|England|Mr|Purkis| |Mr D Hanson|MrP|Seton| |Mrs IM|Jones|Mr B|Slater| |Mt|K|Jones|Dr|M|J|Stroh| |Mr D|Petyt|Mis A Tarran| |Mr N Ward| |Mr G Way|

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In the year the trustees met five times.

New Trustees are given an extract of the Charity Commission's Guidance CC3, updated 3 My 2018, "The Essential Trustee" - the guidance is edited to remove material not relevant to the Trust, Because Trustees were originally appointed by the directors of the Keighley and Worth Valley Railway Preservation Society Ltd, they are always individuals who have, or have had, active involvement with the Keighley and Worth Valley Railway so no further induction to the Railway is necessary. The Chairman, Secretary and Treasurer do, however, provide any specific information or advice a new Trustee may require.

The Trustees have examined the operational and business risks faced by the Charity and confirm that they have established systems to mitigate significant risks.

ee

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THE FRIENDS OF THE KEIGHLEY AND WORTH VALLEY RAILWAY TRUSTEES' ANNUAL REPORT (continued) ,

YEAR ENDED 5 APRIL 2025

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OBJECTIVES AND ACTIVITIES

The Trust was established on 19 January 1994 as amended by deed dated 11 January 2015 with the objective of supporting the preservation, maintenance and protection of those structures, buildings, plant, locomotives, rolling stock and equipment of the Keighley and Worth Valley Railway which are of historical, cultural, architectural, constructional or scientific interest or which exhibit craftsmanship worthy of preservation.

The Friends ofKeighley & Worth Valley Railway was formed out of the original Trust by a Supplement Trust deed dated 6 November 2022, but with the same objectives,

The Charity co-operates with the Keighley and Worth Valley Light Railway Ltd and the Keighley and Worth Valley Railway Preservation Society Ltd in order to achieve its objectives,

ACHIEVEMENTS AND PERFORMANCE

Grant payments were made. to the Keighley and Worth Valley Light Railway Ltd for work on War Department locomotive No 90733; overhaul of Diesel Class 25 loco 25059-and the 50 Ton steam crane RS1005. These grants covered a significant proportion of the overhaul costs and were gratefully received by the Keighley and Worth Valley Preservation Society, Additionally, a grant was paid to support the redevelopment of Oakworth Station Car Park, with a further grant made just after the end of the financial reporting period.

PUBLIC BENEFIT

The: Trustees confirm that they have paid due regard to the Charity Commission's guidance on public benefit and consider their activities to be in compliance therewith.

The Friends of Keighley & Worth Valley Railway reviewed its compliance with GDPR.

PROCEDURES AND POLICY MAKING GRANTS

The Friends of the Keighley & Worth Valley Railway raises funds from donations, bequests, loans and grants from individuals and bodies supportive of the charities aiins and disburses the funds in support of projects supported by the Directors of Keighley & Worth Valley Railway Preservation Society Ltd. The Trustees meet on a regular basis to consider what grants they will make and to monitor the use of grants which have been made.

a

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THE FRIENDS OF THE KEIGHLEY AND WORTH VALLEY RAILWAY TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 5 APRIL 2025 a

FINANCIAL REVIEW

The operating deficit for the year was £13,821 (2024: surplus - £89,986), made up of a deficit on unrestricted funds of £322 (2024: surplus - £58,511) and a deficit on restricted funds of £13,499 (2024: surplus - £31,474), which has been deducted from reserves. Unrestricted reserves at the end of the year were £190,552 (2024: £190,874) and restricted £232,048 (2024: £245,547) which are used to finance additional projects, activities in the ensuing year and as backup reserve.

Investment policy

The Trust Deed authorises the Trust to make and hold investments using the general funds of the Charity, The Trustees’ policy is to invest in low-risk, interest-bearing accounts and with an investment bank that has great experience working with Charities.

Risk management

The Trustees actively review the major risks areas that the Charity faces on a regular basis and believe that maintaining reserves at the current levels, combined-with'an annual review of the controls over the key financial systems, will provide sufficient resources in the event of adverse conditions.

Reserves policy

The Trust holds reserves to support specific projects on The Keighley & Worth Valley Railway and these funds are released upon a specific request being received. As a result, the funds are held by the Charity until the request has been received and agreed by the Trustees to be funded. Until such time, funds are held in reserve by the Charity.

PLANS FOR FUTURE PERIODS

‘

Tmust income remains steady with regular standing order donations to the General Fund and specified restricted funds. Further support will be made in 2025/26 for the loco overhauls (90733, 25059), Oakworth Station Car Park and the 50 Ton Crane.

Fundraising will be boosted by the launch of the 200 Club in Autumn 2025.

The trustees' annual report was approved on 22 January 2026 and signed on behalf of the board of

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trustees by;Ki
/HINCHCLIFFE
Trustee
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THE FRIENDS OF THE KEIGHLEY AND WORTH VALLEY RAILWAY

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FRIENDS OF THE KEIGHLEY AND WORTH VALLEY RAILWAY

YEAR ENDED 5 APRIL 2025

[ report to the trustees‘on my examination of the financial statements of The Friends of the Keighley and Worth Valley Railway (‘the charity’) for the year ended 5 April 2025.

RESPONSIBILITIES AND BASIS OF REPORT

As the trustees of the charity you are responsible for the preparation of the financial ‘statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

[ report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

INDEPENDENT EXAMINER'S STATEMENT

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1, accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2, the financial statements do.not accord with those records; or
_ the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports). Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination,

Ihave no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. E ASHO rCA Independent Examiner

Equitable House 55 Pellon Lane Halifax West Yorkshire HX1 5SP

22 January 2026

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THE FRIENDS OF THE KEIGHLEY AND WORTH VALLEY RAILWAY

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 5 APRIL 2025

ea

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |Unrestricted|Restricted| |funds|funds|Totalfunds|Total|funds| |Income|and|endowments|Note|£|£|£|£| |Donations and|legacies|4|180,182|8,714|188,896|105,506| |Other trading|activities|5|970|-|970|349| |Investment|income|6|7,610|6,466|14,076|10,098| |Total income|188,762|15,180|203,942|115,953| |Expenditure| |Expenditure.on|charitable|activities|7,8|189,084|31,252|220,336|33,022| |Total expenditure|189,084|31,252|220,336|33,022| |Net|gains|on investments|ll|-|(2,573)|(2,573)|(7,055)| |Net|(expenditure)/income|and|net| |movement|in funds|(322)|(13,499)|(13,821)|89,986| |Reconciliation|of funds| |Total|funds|brought forward|190;874|245,547|436,421|346,435| |Total|funds|carried forward|190,552|232,048|422,600|436,421|

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The statement of financial activities includes all gains and losses recognised in the year, All income and expenditure derive from continuing activities.

The notes on pages 9 to 16 form part of these financial statements, iEN RU

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THE FRIENDS OF THE KEIGHLEY AND WORTH VALLEY RAILWAY

STATEMENT OF FINANCIAL POSITION

5 APRIL 2025 a ee	5 APRIL 2025 a ee	5 APRIL 2025 a ee	5 APRIL 2025 a ee	5 APRIL 2025 a ee	5 APRIL 2025 a ee
			2025		2024
	Note	£	£	£	£
FIXED ASSETS
Investments	15		211,696		205,203
CURRENT ASSETS
Debtors Cash atbankand in hand	16	9,600 204,054		8,000 225,218
		213,054		233,218
CREDITORS: amounts fallingdue
within one year	17	2,150		2,000
NET CURRENTASSETS			210,904		231,218
TOTALASSETS LESS CURRENT
LIABILITIES			422,600		436,421
NETASSETS			422,600		436,421
FUNDS OFTHE CHARITY
Restrictedfunds Unrestricted funds			232,048 190,552		245,547 190,874
Totalcharityfunds	18		422,600		436,421

These financial statements were approved by the board of trustees and authorised for issue on 22 January 2026, and are signed on behalf of the board by:

MR J HINCHCLIFFE Trustee

The notes on pages 9 to 16 form part of these financial statements. enOU le

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THE FRIENDS OF THE KEIGHLEY AND WORTH VALLEY RAILWAY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2025

1, GENERAL INFORMATION

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated, The address of the principal office is Haworth Station, Haworth, Keighley, BD22 8NJ.

STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities ~ SORP (FRS 102)) and the Charities Act 2011.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair yalue through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity,

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.

Fund accounting

Unrestricted funds are available for use at the discretion ofthe trustees to further any ofthe charity's purposes,

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal.

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THE FRIENDS OF THE KEIGHLEY AND WORTH VALLEY RAILWAY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 5 APRIL 2025

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity:and the amount can be reliably measured. The following specific. policies are applied to particular categories of income:

Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

Legacy income is recognised when receipt is probable and entitlement is established.

Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

Investment income is accounted for in the period in which the Charity is entitled to receipt.

Gift Aid reclaimable on donations to the charity is included when the receipt is probable and its amount can be measured reliably.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities ‘to which it relates:

Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods,

Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities,

Expenditure on grants is recorded once the Trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier. The Trust has: not made any grant commitments of more than one year.

Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis,

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THE FRIENDS OF THE KEIGHLEY AND WORTH VALLEY RAILWAY

NOTES TO THE FINANCIAL STATEMENTS (continned)

YEAR ENDED 5 APRIL 2025

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

4. DONATIONS AND LEGACIES

			Unrestricted	Unrestricted	Restricted	TotalFunds
				Funds	Funds	2025
				£	£	£
	DONATIONS
	Donations			2,676	8,714	11,390
	LEGACIES
	Bequest		176,479		-	176,479
	GIFTS
	Gift Aid Receivable			1,027	-	1,027
			180,182		8,714	188,896
			Unrestricted		Restricted	TotalFunds
				Funds	Funds	2024
				£	£	£
	DONATIONS
	Donations			2,228	38,817	41,044
	LEGACIES
	Bequest			56,433	-	56,433
	GIFTS
	GiftAidReceivable			8,027	~	8,027
				66,688	38,817	105,504
5.	OTHER TRADING ACTIVITIES
		Unrestricted	Total	Funds	Unrestricted	Total Funds
		Funds		2025	Funds	2024
		£		£	£	£
	Fundraisingevents	970		970	349	349

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THE FRIENDS OF THE KEIGHLEY AND WORTH VALLEY RAILWAY

NOTES TO THE FINANCIAL STATEMENTS (continued

YEAR ENDED 5 APRIL 2025

6. INVESTMENT INCOME

Unrestricted	Unrestricted	Restricted	TotalFunds
	Funds	Funds	2025
	£	£	£
Income from listed investments	-	6,466	6,466
Bank interest	7,610	_	7,610
	7,610	6,466	14,076
Unrestricted		Restricted	Total Funds
	Funds	Funds	2024
	£	£	£
Incomefrom fisted investments	-	6,337	6,337
Bank interest	3,76]	~	3,761
	3,761	6,337	10,098
EXPENDITURE ONCHARITABLEACTIVITIES BY	FUNDTYPE
Unrestricted		Restricted	Total Funds
	Funds	Funds	2025
"	£	£	£
Grants paid	183,748	31,252	215,000
Support costs	$336	~	5,336
	189,084	31,252	220,336
Unrestricted		Restricted	TotalFunds
	Funds	Funds	2024
	£	£	£
Grants paid	8,125	20,735	28,860
Support costs	4,162	-	4,162
	12,287	20,735	33,022

7, EXPENDITURE ON CHARITABLE ACTIVITIES BY
EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE

	Grant
	funding of		Totalfunds	Total fund
	activities Support costs		2025	2024
	£	£	£	£
Grants paid	215,000	~	215,000	28,860
Governance costs	=	§,336	5,336	4,162
	215,000	5,336	220,336	33,022

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THE FRIENDS OF THE KEIGHLEY AND WORTH VALLEY RAILWAY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 5 APRIL 2025

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||||||||| |---|---|---|---|---|---|---|---| |9,|SUPPORT|COSTS| |Support|costs|Total|2025|Total|2024| |£|£|£| |Finance|costs|106|106|35| |Investment management|fees|3,052|3,052|2,227| |Independent|examination|2,028|2,028|1,880| |5,186|5,186|4,162| |10.|ANALYSIS|OF|GRANTS| |2025|2024| |£|£| |GRANTS|TO|INSTITUTIONS| |Keighley|and Worth|Valley|Light Railway|Ltd|215,000|28,860| |Total|grants|215,000.|28,860| |11.|NET|GAINS|ON INVESTMENTS| |Restricted|Total|Funds|Restricted|Total|Funds| |Funds|2025|Funds|2024| |£|£|£|£| |Gains/(losses)|on|listed|investments|2,573|2,573|7,055|7,055| |12.|INDEPENDENT EXAMINATION|FEES| |2025|2024| |£|£| |Fees|payable|to|the|independent examiner for:| |Independent|examination|of the|financial|statements|2,028|1,880| |13.|STAFF COSTS|

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The average head count of employees during the year was Nil (2024: Nil).

No employee received employee benefits of more than £60,000 during the year (2024: Nil).

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THE FRIENDS OF THE KEIGHLEY AND WORTH VALLEY RAILWAY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 5 APRIL 2025

14. TRUSTEE REMUNERATION AND EXPENSES

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

15. INVESTMENTS

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |.| |Cash|or|cash|Other| |equivalents|investments|Total| |£|£|£| |Cost|or|valuation| |At.6|April|2024|7,524|197,679|205,203| |Additions|~|50,211|50,211| |Disposals|-|(46,164)|(46,164)| |Fair|value|movements|_|4,035|4,035| |Other movements|(1,589)|~|(1,589)| |At|5|April|2025|5,935|205,761|211,696| |Impairment| |At|6|April|2024|and|5|April|2025|-|-| |Carrying|amount| |At § April|2025|5,935|205,761|211,696| |At|5|April 2024|7,524|197,679|205,203| |All|investments|shown|above|are|held|at|valuation.| |16.|DEBTORS| |2025|2024| |£|£| |Other|debtors|9,000|8,000| |17.|CREDITORS:|amounts|falling|due|within|one year| |2025|2024| |£|£| |Accruals|and deferred income|2,150|2,000|

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THE FRIENDS OF THE KEIGHLEY AND WORTH VALLEY RAILWAY

NOTES TO THE FINANCIAL STATEMENTS (confined)

YEAR ENDED 5 APRIL 2025

18. ANALYSIS OF CHARITABLE FUNDS Unrestricted funds

		6 April 2024	Income	Expenditure	5 April 2025
		£	£	£	£
General funds		175,874	188,762	(189,084)	175,552
WaterTower		15,000	_	~	15,000
		190,874	188,762	(189,084)	190,552
		6April 2023	Income	Expenditure	5 April 2024
		£	£	£	£
Generalfunds		117,363	70,798	(12,287)	175,874
WaterTower		15,000	-	-	15,000
		132,363	70,798	(12,287)	190,874
Restricted funds
				Gains and
	6 April 2024	Income	Expenditure	losses	5 April 2025
	£	£	£	£	£
957 Overhaul	21,360	772	_	224	22,356
WD Overhaul	29,124	1,029	(30,458)	305	_
Black FiveFund	92,307	2,901	-	967	96,175
75078 Fund	27,065	7,237	-	284	34,586
4FFund	4,708	364	_	49	§,121
DieselDMU/DRB	766	20	(794)	8	-
Steam CraneFund	45,318	1,193	~	474	46,985
Bridge Appeal	(101)	1,006	-	-	505
Carriages andwagons	25,000	658	~	262.	25,920
	245,547	15,180	(31,252)	2,573	232,048
				Gains and
	6 April 2023	Income	Expenditure	losses	5 April 2024
	£	£	£	£	£
957 Overhaul	15,393	5,459	_	508	21,360
WD Overhaul	35,669	1,308	(9,028)	1,175	29,124
BlackFive Fund	86,100	3,370	_	2,837	92,307
75078 Fund	19,271	7,159	—	635	27,065
4FFund	4,205	364	-	139	4,708
DieselDMU/DRB	72)	21	_	24	766
Steam CraneFund	48,962	1,450	(6,707)	1,613	45,318
BridgeAppeal	35752	1,023	(5,000)	124	(101)
Carriages andwagons	—	25,000	-	-	25,000
	214,073	45,154	(20,735)	7,055	245,547

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THE FRIENDS OF THE KEIGHLEY AND WORTH VALLEY RAILWAY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 5 APRIL 2025

Purposes of Restricted Income Funds

The funds represent donations and tax credits, less expenditure to date for the refurbisliment of the specified items.

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2025
	£	£	£
Investments	-	211,696	211,696
Current assets	192,702	20,352	213,054
Creditors less than 1 year	(2,150)	=	(2,150)
Net assets	190,552	232,048	422,600
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2024
	£	£	£
Investments	-	205,203	205,203
Current assets	192,873	40,344	233,218
Creditors less than L year	(2,000)	-	(2,000)
Netassets	190,873	245,547	436,421

20. RELATED PARTIES

The trustees of Keighley and Worth Valley Railway Trust are appointed by the directors of The Keighley and Worth Valley Railway Preservation Society Limited.

The Trust paid grants to Keighley and Worth Valley Light Railway Limited of £215,000 (2024: £28,860).

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