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← The Mid-Norfolk Railway Preservation Trust

2024-12-31-accounts

Registered number: 03037014 Charity number: 1046931

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1 - 2
Chairman's Statement 3 - 5
Trustees' Report 6 - 11
Independent Auditors' Report on the Financial Statements 12 - 16
Consolidated Statement of Financial Activities 17
Consolidated Balance Sheet 18 - 19
Charity Balance Sheet 20 - 21
Consolidated Statement of Cash Flows 22
Notes to the Financial Statements 23 - 44

(A Company Limited by Guarantee)

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees and attendance K R Montague (12/16)
C F Robinson (13/16)
J B L Oakley (13/16)
D Orr (11/16)
M E Saville (16/16)
D S Patey (16/16)
N K E Smith (15/16)
J R H Quirk (1/4) (appointed 14 September 2024)
K P Smith (2/4) (appointed 14 September 2024)
D J Collinson (3/3) (appointed 7 November 2024)
S E Smith (appointed 9 January 2025)
L Spark (appointed 10 April 2025)
P Young (appointed 10 April 2025)
R S Perren (2/2) (resigned 12 January 2024)
M J J Radda (2/2) (resigned 18 January 2024)
L G P Dale (6/12) (term of office ended 14 September 2024)
A I Parsons (2/12) (term of office ended 14 September 2024)
S R Tweed (5/6) (appointed 7 March 2024, resigned 14 September 2024)
R J Coombs (6/16) (resigned 15 February 2025)
Company registered
number
03037014
Charity registered
number
1046931
Registered office
Railway Station
Station Road
Dereham
Norfolk
NR19 1DF
Company secretary
K N Barnes
Independent auditors
Larking Gowen LLP
Chartered Accountants
1st Floor, Prospect House
Rouen Road
Norwich
NR1 1RE
Bankers
National Westminster Bank Plc
32 Market Place
Dereham
Norfolk
NR19 2AR

Page 1

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Solicitors

Spire Solicitors LLP Holland Court The Close Norwich Norfolk NR1 4DY

Page 2

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

The chairman presents his statement for the year.

I am pleased to report a further improvement in the financial performance of the Railway, with an overall net income of £175,000, an increase in total funds to £4.3m and net cash balances ending the year at over £1.2m. This is due, in large part to the very generous donations and bequests, to which I am extremely grateful. Trading activities also proved successful with a significant increase in Polar receipts and other commercial activities such as the Steam Gala, 1940’s weekend and the Beer Festival. As reported previously, the accounts now include the combined activities both of the railway and commercial activities undertaking by The MidNorfolk Railway (Trading) Limited.

Major capital expenditure in 2024 included the acquisition of diesel locos 47580 and 47596 for a combined sum of £160,000 from Stratford 47 and major refurbishment of the Crownthorpe bridge which has enabled the reopening of the section through to Wymondham. We also upgraded our IT systems, introduced a new membership system and carried out improvements to the platform at Dereham.

Several changes in governance and management of the Railway have taken place. Following the last AGM, as James the previous Chairman said, his commitments were too much to remain as Chair and he stood down in January. He continues as Vice Chair and I must thank James for stepping up to help guide the railway through a turbulent time in its history.

From taking on the role in January, we welcomed some new members being co opted onto the trustees. David Collinson, Paul Young, Lesley Spark and Stephen Smith have all been co-opted during this year. They bring various attributes to the table and have been welcomed to the fold and have all contributed enormously over the year. Sadly, due to work and personal commitments we have seen Richard Coombs stand down from the trustees. I am pleased to say he remains a very active volunteer and I thank him for all his hard work.

We have engaged in a period of real change, not just at board level but throughout the organisation. This has been driven by a real passion to see the Mid-Norfolk Railway succeed.

Communication is key to everything we do. I want everyone’s contribution to be valued at this railway. We are all important in our own way. We have published a set of values, these set out how we expect all our staff and volunteers to conduct themselves whilst at or representing the railway. I am aware this has not always been the case and we will enable our staff and volunteers to challenge poor behaviours.

We have a monthly heads of department meeting where leaders throughout the organisation can have open and honest conversations. We have also had a communication forum with members to discuss what we are good at and what we are not.

This year we have organised ourselves into five key pillars. These are Operations, Commercial, Infrastructure and Engineering, Governance and finance and traction and rolling stock. Each area has a number of “linked trustees” whose role it is to support the pillar and the managers within that pillar. It is not the trustees job to the run the pillar. I have mixed up the linked trustees to give a fresh pair of eyes to each area and we are starting to see some excellent results from this.

The trust has recruited a new General Manager who joins the railway on August 4th. Samantha has a great deal of experience in managing volunteer organisations, fundraising and charities, and is keen to get started. I hope you all welcome Samantha into the role.

Around the railway, you can’t help notice how things are improving. We have two rakes of very smart maroon coaches. Our traction and rolling stock team led by Tony Dunford and Colin Mackrow continue to provide good quality well Maintained trains for our passengers. The Class 117 group have completed the external overhaul of one of the vehicles, and are now waiting for the next available slot into the shed. By the time you read this, the Class 37 groups 37003 should be back on the railway and in the shed for much needed bodywork following overhaul. I am sure you will join me in looking forward to seeing her on the line again.

Page 3

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Our own Class 47s continue to provide excellent coverage for our trains, with 47580 visiting the Spa Valley Railway in August. Stewart Robinsons class 33 has had a holiday to Yorkshire for the NYMRs Diesel gala and it’s been great to see the Standard tank back for 2025.

Commercially it’s our 30th Anniversary. We have our on some excellent events this year, with thanks to our Diesel and Steam Gala organisers. Both events were well attended and have really put the MNR back on the gala map. Our 1940s event and Beer festival are in August. We have continued to offer our Kids go Free to encourage family visits.

In our Governance and Finance pillar we are really starting to get to grips with our financial needs and we are seeing better reporting. We must thank Andrew Thorpe for all the hard work he has put into this. Our new auditors are much more thorough than any audit we have ever had before at any time in the trust's history. This is good as it provides much needed clarity moving forward.

In our Infrastructure and Engineering pillar lots has been happening this year. We have spent some much needed time on the southern section to get ourselves geared up to do the large number of jobs requiring to be done. On the northern section, in conjunction with Sonic Rail Services and Abel homes, they have replaced the Swanton Road level crossing. This is a huge improvement for both the railway and the public and we are hugely grateful to Abel Homes, Stewart Robinson and Sonic Rail services for the work they have done here.

During the year we have taken the time to build key relationships with the HRA and the ORR, this is all key to ensuring that we have access to as much information and resource as possible when running our Railway. This we hope to continue to build in the future so that we can ensure that The Trust can befit from the wealth of experience and guidance these organisations can bring to the Heritage Community.

Our lineside team working on Drains, Fences and Vegetation Management, never cease to amaze us with their outstanding efforts in keeping the line tidy with the never-ending amount of lineside maintenance that’s needed to keep the line open. Nigel Howes and his team are a great asset to the Mid-Norfolk Railway.

Our Operations pillar continues to provide Traincrew, signallers and Crossing Keepers for our services. Michael has implemented an improvement for crossing keepers with new toilets. Mark Collinson stood down as the Operations Manager and we are pleased to welcome Graeme Wigglesworth as Operations Manager. Mark continues as a Deputy Operations Manager in a volunteer capacity.

At Wymondham, efforts have been ongoing to maintain and improve the station environment, with volunteers focusing on keeping the platform area tidy, with work carried out on the signal box, and the station garden is always very well presented with much to enjoy.

Thuxton has seen continued attention, with further works carried out on the buildings, with a new workshop facility being constructed, attention being given to the toilets, electrics and platform infrastructure. Its exciting to see this Station develop and we hope that we can make more use of the buildings in the future as an operational structure with station staff inviting our visitors into the Station in the future.

Dereham, as our central hub, has benefited from a number of changes. The toilets have seen repainting and maintenance/repairs at the start of the season, and our shop has had a full refresh, couple with our team of meet and great staff Dereham continues to be a friendly and efficient point of contact for our passengers. Further north, at County School, volunteers have worked hard to improve both the station and the grounds, ensuring that this picturesque northern terminus continues to shine. Events held there have been well supported, and ongoing restoration and maintenance have ensured it remains a popular destination with visitors for the current and future seasons, It has been exciting to see the North Norfolk Model Engineers continue to construct their running line and we look forward to see their efforts enjoyed by visitors in the coming seasons.

Page 4

THE MID-NORFOLK RAILWAY PRESERVATION TRUST (A Company Limited by Guarantee)

CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

These localised efforts, led by passionate and dedicated volunteer teams, are essential to the overall improvement and sustainability of the Mid-Norfolk Railway

We truly hope you can see the changes being made around the railway as we work hard to make the trust fit for the next 30 years.

N K E Smith (Chair of Trustees) Date:

Page 5

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 January 2024 to 31 December 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The principal aims, objectives and activities of the Charity are the preservation and renovation of the Great Eastern Railway line between County School and Wymondham, for education, tourism and operations purposes.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Main activities undertaken to further the Charity's purposes for the public benefit

The Trustees consider that the preservation and renovation of a historic landmark in the case of the Great Eastern Railway line helps to preserve our railway heritage and is for the public benefit.

The Charity's activities also provide the opportunity for volunteers to give their services in support of the railway and to gain additional skills by doing so.

Achievements and performance

a. Main achievements of the Charity and plans for the future

The achievements of the Group for the year and plans for the future are summarised in the Chairman's Report. The financial performance is detailed in the financial statements.

Page 6

THE MID-NORFOLK RAILWAY PRESERVATION TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Financial review

a. Results for the year

The results for the year ended 31 December 2024 include a Consolidated Statement of Financial Activities which combine the results of The Mid-Norfolk Railway Preservation Trust as well as those of The Mid-Norfolk Railway (Trading) Limited and Mid Norfolk Railway (I&E) Limited.

Consolidated net income for the year before taxation was £175,000 which included total income of £2.52m and total expenditure of £2.35m. Income from donations and legacies was £168,000. Total net assets increased from £4,164,000 to £4,339,000 and net cash balances increased from £879,000 to £1,223,000.

There have been no material changes in the operating policies of the Group in the year.

b. Going concern

Closing cash reserves as at 31 December 2024 were more than £1.2m. Given the security of Polar income through to 2028, other income from trading activities, memberships, donations and legacies, the Trustees have a reasonable expectation that the Group and the Charity have adequate resources to continue in operational existence for the foreseeable future. This is supported by forecasts and projections which have been approved by the Trustees through to December 2025. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

c. Reserves policy

At the year end the Group had unrestricted funds of £4,338,905 (2023: £4,110,802) and restricted funds of £nil (2023: £53,136). The Trustees have examined the Group's requirements for reserves in light of the main risks to the organisation and are working towards a target whereby the unrestricted reserves held by the Group should equate to between 6 and 12 months expenditure. For the purpose of the free reserves target, the Polar Express royalty has been excluded from annual expenditure, as it will be paid from future income. As at 31 December 2024 this target was between £0.925m and £1.85m.

At present free reserves, which are those unrestricted funds not invested in fixed assets and excluding legacy debtors for which timing of receipt is unknown, amount to £642,032 (2023: £736,800).

The Trustees confirm that the Group has sufficient assets available to fulfil its obligations. Charity has not made any investments, other than previously acquiring controlling interests in its subsidiaries.

d. Material investments policy

The Charity has not made any investments, other than previously acquiring controlling interests in its subsidiaries.

The Charity holds property which it acquired at no costs when the freehold land was purchased.

The Group also receives interest from cash held at bank.

Page 7

THE MID-NORFOLK RAILWAY PRESERVATION TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

e. Principal risks and uncertainties

The main risk and uncertainty at the date of this report are issues around future operation. The Chairman's report deals with these matters in some detail.

The Trustees have reviewed the major risks to which the Group is exposed and in accordance with the Statement of Recommended Practice and wherever possible takes action to introduce procedures to reduce these risks.

When authorising projects, renewals and development, the board of Trustees are reasonably satisfied that sufficient funding is available either from income, donations, grants or loans, and that the works will be completed on time and to budget.

The Trustees are responsible for safeguarding the Trust's assets and thus ensure that appropriate and sufficient levels of insurance cover are provided.

The Trustees are aware of the ageing profile of the membership and seek to involve and encourage younger members in all operations and activities of the Trust.

Page 8

THE MID-NORFOLK RAILWAY PRESERVATION TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

f. Fundraising

Under Section 13 of the Charities (Protection and Social Investment) Act 2016, charities that are subject to audit must make specific statements in their annual reports that provide information about their fundraising standards. Accordingly, the Trustees make the following statements in compliance with the requirements of the Act:

The Charity actively promotes and markets its fundraising events and activities, however, it is entirely a voluntary matter for individuals, groups or businesses to decide whether they wish to participate in events or make donations.

Page 9

THE MID-NORFOLK RAILWAY PRESERVATION TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management

a. Constitution

The Charity is governed by its Memorandum of Association which establishes the objects and powers of the charitable company and is governed under its Articles of Association, which specifically prohibit the payment of remuneration to the Trustees. The Charity does not have share capital and consequently no dividends are payable.

The Mid-Norfolk Railway Preservation Trust is a private company limited by guarantee in England. The Trustees are all members of the charitable company and are therefore liable to contribute a sum not exceeding £1 each if required to do so in the event of the Charity being wound up.

b. Methods of appointment or election of Trustees

The activities of the Charity are managed by the board of Trustees who meet regularly to consider and adopt suitable policies, consider opportunities and manage risks and uncertainties. Trustees are appointed for a three year period and are then eligible for re appointment; no external persons are entitled to appoint Trustees. Their time is given to the Charity on a purely voluntary basis. The board of Trustees seeks to maintain skills, plan succession, increase knowledge and expertise and is always looking for potential new candidates, who may be co opted to the board.

c. Organisational structure and decision-making policies

Management of the railway is ultimately vested in the Chairman, whilst day to day management is the responsibility of The General Manager. Whilst trains are operating, management of the operating policy is delegated to the Duty Responsible Officer.

The railway is organised in departments covering all aspects of operation from Permanent Way through to Catering and Administration. All departments are headed by persons with the required skills, knowledge and qualifications.

Page 10

THE MID-NORFOLK RAILWAY PRESERVATION TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Approved by order of the members of the board of Trustees and signed on their behalf by:

N K E Smith (Chair of Trustees) Date:

Page 11

THE MID-NORFOLK RAILWAY PRESERVATION TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MID-NORFOLK RAILWAY PRESERVATION TRUST

Opinion

We have audited the financial statements of The Mid-Norfolk Railway Preservation Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 12

THE MID-NORFOLK RAILWAY PRESERVATION TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MID-NORFOLK RAILWAY PRESERVATION TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 13

(A Company Limited by Guarantee)

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MID-NORFOLK RAILWAY PRESERVATION TRUST (CONTINUED)

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 14

THE MID-NORFOLK RAILWAY PRESERVATION TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MID-NORFOLK RAILWAY PRESERVATION TRUST (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Due to the field in which the Group operates, we identified the areas most likely to have a direct material impact on the financial statements as compliance with UK tax legislation, UK accounting standards, UK charity law and the Companies Act 2006. In addition, we considered the provisions of other laws and regulations which whilst not having a direct impact on the financial statements, are fundamental to the Group’s ability to operate including health and safety; employment law, and compliance with various other regulations relevant to the conduct of the Group’s operations.

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 15

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MID-NORFOLK RAILWAY PRESERVATION TRUST (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Giles Kerkham FCA DChA (Senior Statutory Auditor)

for and on behalf of

Larking Gowen LLP Chartered Accountants Statutory Auditors 1st Floor, Prospect House Rouen Road Norwich NR1 1RE

Date:

Page 16

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net income before taxation
Taxation
Net income after taxation
Transfers between funds
21
Net movement in funds
Reconciliation of funds:
Total funds brought forward as
previously stated
Prior year adjustment
20
Total funds brought forward as restated
Net movement in funds
Total funds carried forward		 Restricted
funds
2024
£
15,813
-
-
-
-
15,813
-
-
-
15,813
-
15,813
(68,949)
(53,136)
53,136
-
53,136
(53,136)
-		 Unrestricted
funds
2024
£
151,893
2,053,971
220,464
17,257
60,905
2,504,490
241,652
2,103,684
2,345,336
159,154
-
159,154
68,949
228,103
3,995,497
115,305
4,110,802
228,103
4,338,905		 Total
funds
2024
£
167,706
2,053,971
220,464
17,257
60,905
2,520,303
241,652
2,103,684
2,345,336
174,967
-
174,967
-
174,967
4,048,633
115,305
4,163,938
174,967
4,338,905		 As restated
Total
funds
2023
£
702,385
1,832,459
166,822
2,017
1,250
2,704,933
133,611
1,978,693
2,112,304
592,629
(1,031)
591,598
-
591,598
3,572,340
-
3,572,340
591,598
4,163,938

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 23 to 44 form part of these financial statements.

Page 17

THE MID-NORFOLK RAILWAY PRESERVATION TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 03037014

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
14
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Total net assets
Charity funds
Restricted funds
21
Unrestricted funds
21
Total funds		 20,111
273,204
1,222,748
1,516,063
(753,851)		 2024
£
3,577,873
3,577,873
762,212
4,340,085
(1,180)
4,338,905
-
4,338,905
4,338,905		 8,734
654,480
879,457
1,542,671
(734,799)		 As restated
2023
£
3,374,002
3,374,002
807,872
4,181,874
(17,936)
4,163,938
53,136
4,110,802
4,163,938

Page 18

THE MID-NORFOLK RAILWAY PRESERVATION TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 03037014

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

N K E Smith

Trustee Date:

The notes on pages 23 to 44 form part of these financial statements.

Page 19

THE MID-NORFOLK RAILWAY PRESERVATION TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 03037014

CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
21
Unrestricted funds
21
Total funds		 13,607
236,593
218,069
468,269
(452,143)		 2024
£
3,555,032
200
3,555,232
16,126
3,571,358
(1,180)
3,570,178
3,570,178
-
3,570,178
3,570,178		 1,100
617,854
56,091
675,045
(621,476)		 As restated
2023
£
3,374,002
200
3,374,202
53,569
3,427,771
(1,180)
3,426,591
3,426,591
53,136
3,373,455
3,426,591

Page 20

THE MID-NORFOLK RAILWAY PRESERVATION TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 03037014

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024

The Charity's net movement in funds for the year was £ 143,587 (2023 - £364,482) .

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

N K E Smith

Trustee Date:

The notes on pages 23 to 44 form part of these financial statements.

Page 21

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Grants
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Interest paid
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 23 to 44 form part of these financial statements		 2024
£
838,446
17,257
16,255
(434,406)
13,400
(387,494)
(10,540)
(257)
(10,797)
440,155
780,437
1,220,592		 As restated
2023
£
150,358
2,017
-
(79,876)
41,745
(36,114)
(11,195)
(1,907)
(13,102)
101,142
679,295
780,437

Page 22

THE MID-NORFOLK RAILWAY PRESERVATION TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Mid-Norfolk Railway Preservation Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

The financial statements are prepared in Sterling which is the functional currency of the Group and rounded to the nearest £.

1.2 Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements.

Closing cash reserves as at 31 December 2024 were more than £1.2m. Given the security of Polar income through to 2028, other income from trading activities, memberships, donations and legacies, the Trustees have a reasonable expectation that the Group and the Charity have adequate resources to continue in operational existence for the foreseeable future. This is supported by forecasts and projections which have been approved by the Trustees through to December 2025. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Page 23

THE MID-NORFOLK RAILWAY PRESERVATION TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

No amount is included in the financial statements for volunteer time.

Fixed asset gifts in kind are recognised when receivable and are included at a market value attributed by the Trustees and depreciated over their estimated useful lives.

Donated services are recognised in income at their fair value when their economic benefit is probable, they can be measured reliably and the Group has control over the item. Fair value is determined on the basis of the value of the gift to the Group. For example, the amount the Group would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the Group. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Page 24

THE MID-NORFOLK RAILWAY PRESERVATION TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

1.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.6 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

No corporation tax is accounted for within the subsidiary companies where post year end gift aid payments to the charity are expected to fully relieve taxable profits.

1.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 25

THE MID-NORFOLK RAILWAY PRESERVATION TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.7 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property - 5%
Plant, equipment, fixtures & - 20%
fittings
Railway track - 5%
Rolling stock - 10%
Bridges and infrastructure - 10%

1.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

1.9 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

1.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 26

THE MID-NORFOLK RAILWAY PRESERVATION TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

1.13 Financial instruments

The Group 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.

1.14 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

1.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 27

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Accrued legacies

The recognition of legacy income is a significant area of judgement for the charity. Legacy income is accrued when there is sufficient evidence that a legacy has been left to the charity, the amount can be measured reliably, and it is probable that the income will be received. This typically occurs when notification of entitlement is received, the estate accounts have been finalised, and the executors have confirmed that sufficient funds exist to make the payment.

Page 28

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. Income from donations and legacies

Donations
Legacies
Grants
Total 2023 as restated		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
2,413
32,505
-
119,388
13,400
-
15,813
151,893
36,491
665,894		 Total
funds
2024
£
34,918
119,388
13,400
167,706
702,385		 As restated
Total
funds
2023
£
69,287
591,353
41,745
702,385

Donations in 2023 comprised of £36,491 restricted and £32,796 unrestricted donations.

4. Income from charitable activities

Unrestricted
funds
2024
£
Visitor railway
203,001
Polar Express
1,833,897
Memberships
17,073
2,053,971
Total 2023 as restated
1,832,459		 Total
funds
2024
£
203,001
1,833,897
17,073
2,053,971
1,832,459		 As restated
Total
funds
2023
£
61,231
1,757,558
13,670
1,832,459

Page 29

(A Company Limited by Guarantee)

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. Income from other trading activities

Income from non charitable trading activities

Unrestricted
funds
2024
£
Miscellaneous income
29,844
Catering sales
79,823
Shop and merchandise sales
110,797
220,464
Total 2023 as restated
166,822		 Total
funds
2024
£
29,844
79,823
110,797
220,464
166,822		 As restated
Total
funds
2023
£
29,236
40,565
97,021
166,822

Page 30

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Investment income

Unrestricted
funds
2024
£
Investment income - bank interest
17,257
Total 2023 as restated
2,017		 Total
funds
2024
£
17,257
2,017		 As restated
Total
funds
2023
£
2,017

7. Other incoming resources

Unrestricted
funds
2024
£
Track access income
44,650
Sale of assets
16,255
60,905
Total 2023 as restated
1,250		 Total
funds
2024
£
44,650
16,255
60,905
1,250		 As restated
Total
funds
2023
£
1,250
-
1,250

Page 31

(A Company Limited by Guarantee)

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Expenditure on raising funds

Fundraising trading expenses

Unrestricted
funds
2024
£
Shop stock purchases
44,206
Catering purchases
98,247
Catering equipment rental
533
Other expenses
13,541
Catering staff costs
85,125
241,652
Total 2023 as restated
133,611		 Total
funds
2024
£
44,206
98,247
533
13,541
85,125
241,652
133,611		 As restated
Total
funds
2023
£
14,796
49,784
4,745
-
64,286
133,611

9. Analysis of expenditure on charitable activities Summary by fund type

Visitor railway
Polar Express
Total 2023 as restated		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
808,412
-
1,295,272
-
2,103,684
3,745
1,974,948		 Total
2024
£
808,412
1,295,272
2,103,684
1,978,693		 As restated
Total
2023
£
665,849
1,312,844
1,978,693

Page 32

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Analysis of expenditure by activities

Visitor railway
Polar Express
Total 2023 as restated
Analysis of direct costs		 Activities
undertaken
directly
2024
£
654,031
921,186
1,575,217
1,499,264		 Support
costs
2024
£
154,381
374,086
528,467
479,429		 Total
funds
2024
£
808,412
1,295,272
2,103,684
1,978,693		 As restated
Total
funds
2023
£
665,849
1,312,844
1,978,693
Staff costs
Depreciation
Loco hire and diesel
Repairs and renewals
Advertising
Membership costs
Thuxton Phase 1
Actor costs
Royalty fees
Total 2023 as restated		 Visitor
Railway
2024
£
151,552
171,819
229,428
63,864
11,088
8,340
17,940
-
-
654,031
564,642		 Polar
Express
2024
£
-
-
182,649
-
-
-
-
278,011
460,526
921,186
934,622		 Total
funds
2024
£
151,552
171,819
412,077
63,864
11,088
8,340
17,940
278,011
460,526
1,575,217
1,499,264		 As restated
Total
funds
2023
£
108,463
172,437
389,610
112,333
1,616
8,980
-
277,614
428,211
1,499,264

Page 33

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Sundry expenditure
Audit and accountancy fees
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Permanent way repairs and renewals
Computer costs
Hire of equipment
Waste disposal
Cleaning
Premises expenses
Bank and credit card charges
Loan interest
Training
Legal and professional fees
Donations		 Total
funds
2024
£
71,217
58,715
1,202
25,330
38,361
47,687
12,927
21,315
5,165
35,545
13,686
109,081
12,538
14,244
13,568
18,695
254
1,648
26,789
500
528,467		 As restated
Total
funds
2023
£
68,586
42,666
4,279
9,907
48,090
32,297
9,538
17,667
13,571
35,789
9,855
91,313
-
1,895
28,588
44,785
1,907
466
18,230
-
479,429

Page 34

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11. Auditors' remuneration

As restated
2024 2023
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 12,950 9,907
Fees payable to the Charity's auditor in respect of:
All taxation advisory services not included above 2,280 -
All non-audit services not included above 4,075 -

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2024
£
292,040
12,519
3,335
307,894		 Group
As restated
2023
£
227,997
10,211
3,127
241,335		 Charity
2024
£
292,040
12,519
3,335
307,894		 Charity
As restated
2023
£
227,997
10,211
3,127
241,335

The average number of persons employed by the Charity during the year was as follows:

Administration
Catering
Operations		 Group
2024
No.
4
4
6
14		 Group
2023
No.
2
7
3
12		 Charity
2024
No.
-
-
-		 Charity
2023
No.
2
7
3
12

No employee received remuneration amounting to more than £60,000 in either year.

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL) .

Page 35

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14. Tangible fixed assets

Group

Cost
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
property
£
1,038,332
-
-
1,038,332
564,203
40,872
-
605,075
433,257
474,129		 Plant,
equipment,
fixtures &
fittings
£
99,677
19,184
-
118,861
99,677
2,632
-
102,309
16,552
-		 Bridges and
Infrastructure
£
231,561
215,904
-
447,465
196,149
14,008
-
210,157
237,308
35,412		 Rolling
Stock
£
343,098
174,431
(4,500)
513,029
182,567
29,423
(4,500)
207,490
305,539
160,531		 Railway
Track
£
3,402,647
24,887
-
3,427,534
698,717
143,600
-
842,317
2,585,217
2,703,930		 Total
£
5,115,315
434,406
(4,500)
5,545,221
1,741,313
230,535
(4,500)
1,967,348
3,577,873
3,374,002

Page 36

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14. Tangible fixed assets (continued)

Charity

Cost
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
property
£
1,038,332
-
-
1,038,332
564,203
40,872
-
605,075
433,257
474,129		 Plant and
machinery
£
81,182
16,486
-
97,668
81,182
2,497
-
83,679
13,989
-		 Bridges &
Infrastructure
£
231,561
215,904
-
447,465
196,149
14,008
-
210,157
237,308
35,412		 Rolling
stock
£
343,098
160,000
(4,500)
498,598
182,567
28,220
(4,500)
206,287
292,311
160,531		 Railway
track
£
3,402,647
17,837
-
3,420,484
698,717
143,600
-
842,317
2,578,167
2,703,930		 Total
£
5,096,820
410,227
(4,500)
5,502,547
1,722,818
229,197
(4,500)
1,947,515
3,555,032
3,374,002

Included in cost of land and buildings is freehold land of £233,544 (2023 - £233,544) which is not depreciated. All assets are held for direct charitable purposes. The freehold land is subject to legal charges to a maximum of £254,409 (2023 - £254,409). £215,000 of this is contingent upon future sales as described in note 23.

Railway track includes donated track which has been capitalised at a value attributed by the Trustees.

Freehold land and buildings includes donated land which has been capitalised at a value attributed by the Trustees.

Freehold land and buildings includes buildings renovation work at a cost of £590,429 (2023 - £590,429).

The Trustees perform an annual impairment review of buildings to ensure that the recoverable amount is not lower than the carrying value. They consider that there has been no impairment during the year.

Page 37

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. Fixed asset investments

Charity
Cost or valuation
At 1 January 2024
At 31 December 2024		 Investments
in
subsidiary
companies
£
200
200

Principal subsidiaries

The following were subsidiary undertakings of the Charity:

Names Company Company Class of Holding Holding Included in Included in
number shares consolidation
The Mid-Norfolk Railway (Trading) Ltd 10731804 Ordinary 100% Yes
Mid-Norfolk Railway (Infrastructure & 11362483 Ordinary 100% Yes
Engineering) Limited
The financial results of the subsidiaries for the year were:
Names Income Expenditure Profit/(Loss Net assets
£ £ )/ Surplus/ £
(Deficit) for
the year
£
The Mid-Norfolk Railway (Trading) Ltd 1,961,288 (1,186,935) 774,353 776,166
Mid-Norfolk Railway (Infrastructure & - (3,776) (3,776) (7,239)
Engineering) Limited
16. Stocks
Charity
Group Group Charity As restated
2024 2023 2024 2023
£ £ £ £
Finished goods and goods for resale 20,111 8,734 13,607 1,100

Page 38

(A Company Limited by Guarantee)

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

17. Debtors

Due within one year
Trade debtors
Other debtors including VAT
Prepayments and accrued income		 Group
2024
£
7,110
212,647
53,447
273,204		 Group
2023
£
-
652,601
1,879
654,480		 Charity
2024
£
7,110
176,036
53,447
236,593		 Charity
2023
£
-
615,975
1,879
617,854

18. Creditors: Amounts falling due within one year

Bank overdrafts
Bank loans
Trade creditors
Amounts owed to group undertakings
Corporation tax
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2024
£
2,156
16,220
153,918
-
-
7,663
34,951
538,943
753,851		 Group
As restated
2023
£
99,020
10,004
133,234
-
1,292
6,643
7,522
477,084
734,799		 Charity
2024
£
2,156
-
68,199
304,682
-
7,321
34,951
34,834
452,143		 Charity
As restated
2023
£
98,950
-
34,426
432,425
-
6,015
7,522
42,138
621,476

Page 39

(A Company Limited by Guarantee)

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Creditors: Amounts falling due after more than one year

Bank loans
Other creditors		 Group
2024
£
-
1,180
1,180		 Group
As restated
2023
£
16,756
1,180
17,936		 Charity
2024
£
-
1,180
1,180		 Charity
As restated
2023
£
-
1,180
1,180

Members guarantees comprise amounts of £1 received from members of the Charity, representing their personal liabilities payable should the Charity go into liquidation. There is no requirement for members to pay this sum whilst the Charity is trading, but some members have chosen to do so.

20. Prior year adjustments

Opening reserves of the Charity and Group have been increased by £115,305 to recognise capital grant income that had previously been deferred and where there are no oustanding performance conditions. This did not affect comparative figures in the Statement of Financial Activities.

There is no legal obligation on The Mid-Norfolk Railway (Trading) Limited to automatically pay over its profits at the year end, and a prior year adjustment to the Charity accounts has been applied to reflect that. Accordingly, opening reserves of the Charity are reduced by £739,197 and the Charity's 2023 gift aid donation income has been reduced by £230,697. There is no effect on the Group accounts.

The consolidated comparative figures for the Group accounts were not presented in previous years. Certain amounts in the Statement of Financial Activities have been reclassified in 2024, and 2023 comparatives have been amended for consistency.

21. Statement of funds

Statement of funds - current year

Balance at 1
January
2024 as
restated
£
Unrestricted funds
General Funds
4,110,802
Restricted funds
Crownthorpe Bridge appeal
53,136
Dereham station resurfacing
-		 Income
£
Expenditure
£
2,504,490
(2,345,336)
2,413
-
13,400
-		 Transfers
in/out
£
68,949
(55,549)
(13,400)		 Balance at
31
December
2024
£
4,338,905
-
-

Page 40

(A Company Limited by Guarantee)

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. Statement of funds (continued) Statement of funds - current year (continued)

Total of funds

As restated
Balance at 1
January
2024
£
53,136
4,163,938		 Income
£
Expenditure
£
15,813
-
2,520,303
(2,345,336)		 Transfers
in/out
£
(68,949)
-		 Balance at
31
December
2024
£
-
4,338,905

Crownthorpe Bridge appeal - donations received for the repair of Crownthorpe Bridge which prevented trains running through to Wymondham.

Fund transfers

The transfer out of restricted funds represents restricted capital grants that have been fully spent. As the acquired assets have no restrictions narrower than the Charity's objects, there is no continuing restriction.

Statement of funds - prior year

Unrestricted funds
General Funds
Restricted funds
Restricted Fund
Total of funds		 Balance at
1 January
2023
£
3,433,064
20,390
3,453,454		 Income
£
2,783,837
36,491
2,820,328		 Expenditure
£
(2,106,099)
(3,745)
(2,109,844)		 As restated
Balance at
31
December
2023
£
4,110,802
53,136
4,163,938

Page 41

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

22. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
3,577,873
Current assets
1,516,063
Creditors due within one year
(753,851)
Creditors due in more than one year
(1,180)
Total
4,338,905		 Total
funds
2024
£
3,577,873
1,516,063
(753,851)
(1,180)
4,338,905

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total As restated		 Restricted
funds
2023
£
-
53,136
-
-
53,136		 Unrestricted
funds
2023
£
3,374,002
1,489,535
(734,799)
(17,936)
4,110,802		 As restated
Total
funds
2023
£
3,374,002
1,542,671
(734,799)
(17,936)
4,163,938

Page 42

(A Company Limited by Guarantee)

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

23. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Profit on the sale of fixed assets
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Grants received
Corporation tax
Net cash provided by operating activities		 Group
2024
£
174,967
230,535
(17,000)
(16,255)
(11,377)
381,276
110,992
(13,400)
(1,292)
838,446		 Group
2023
£
591,598
215,102
(110)
-
9,888
(565,131)
(60,536)
(41,745)
1,292
150,358

24. Analysis of cash and cash equivalents

Cash in hand
Overdraft facility repayable on demand
Total cash and cash equivalents		 Group
2024
£
1,222,748
(2,156)
1,220,592		 Group
2023
£
879,457
(99,020)
780,437

Page 43

(A Company Limited by Guarantee)

THE MID-NORFOLK RAILWAY PRESERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

25. Analysis of changes in net debt

Cash at bank and in hand
Bank overdrafts
Debt due within 1 year
Debt due after 1 year		 At 1
January
2024
£
879,457
(99,020)
(10,004)
(16,756)
753,677		 Cash flows
£
343,291
96,864
10,540
-
450,695		 Other non-
cash
changes
£
-
-
(16,756)
16,756
-		 At 31
December
2024
£
1,222,748
(2,156)
(16,220)
-
1,204,372

26. Contingent liabilities

In April 1998, MNRPT purchased the southern section of the line from Wymondham to Dereham for £100,000. The transfer deed includes a clause for an additional payment of £200,000, which is subject to an increase in line with the Retail Price Index (RPI) upon a qualifying disposal of the property. As of the reporting date, no qualifying disposal has occurred, and the liability remains contingent on such an event. The current value of this additional payment, adjusted for RPI, is approximately £375,000.

MNRPT then acquired the northern section of the line from Dereham to North Elmham for £25,000 in December 2001. A further payment of £15,000, also subject to RPI increases, would fall due upon a qualifying disposal. The current value of this additional payment, adjusted for RPI, is approximately £27,000.

27. Pension commitments

"The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £3,335 (2023 - £3,127) in the year. An amount of £450 was payable to the fund at 31 December 2024 (2023 - £451) and is included in other creditors.

28. Related party transactions

During the year a gift aid payment of £739,197 (2023 - £508,500, as restated), being an amount equal to the value of taxable profits, was made from The Mid-Norfolk Railway (Trading) Limited to the Trust.

At 31 December 2024, the Charity owed The Mid-Norfolk Railway (Trading) Ltd £252,512 (2023 - £368,811, as restated).

At 31 December 2024, the Charity owed Mid-Norfolk Railway (Infrastructure & Engineering) Limited £52,170 (2023 - £63,614).

Page 44