REGISTERED COMPANY NUMBER: 03182769 (England and Wales) REGISTERED CHARITY NUMBER: 1054760
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2023
for
EDEN VALLEY RAILWAY TRUST
John Andrew Chartered Accountants 17-19 Market Street KIRKBY STEPHEN Cumbria CA17 4QS
EDEN VALLEY RAILWAY TRUST
Contents of the Financial Statements for the Year Ended 31 March 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 13 |
EDEN VALLEY RAILWAY TRUST (REGISTERED NUMBER: 03182769)
Report of the Trustees for the Year Ended 31 March 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the Trust are those of working towards acquiring, rebuilding and preserving, for the benefit of the inhabitants of Cumbria and of the nation at large, the trackbed, buildings, structures and associated land of the former Eden Valley Railway between Kirkby Stephen and Penrith in the county of Cumbria, and of the former South Durham & Lancashire Union Railway between Barnard Castle and Darlington in the county of Durham.
ACHIEVEMENT AND PERFORMANCE
As ever, a large element of the trust's activities relate to preservation of its assets - the railway infrastructure. This year's track maintenance programme has seen the replacement of hundreds of wooden sleepers that have become life-expired, mainly in and around Warcop station. Replenishment of stone ballast has been carried out where needed. A short section of new track has been laid in Warcop yard to re-connect what was originally the main line through the site, and which now provides the very useful addition of a run-round loop to the storage sidings, greatly simplifying shunting operations.
A project is progressing to restore the small Hunslet shunter to its former glory. Whilst largely mechanically sound, preparation and painting of the locomotive's bodywork has vastly improved its appearance, and work will continue with lining to complement the livery.
The status of the Appleby section of the railway remains as-yet unresolved.
FINANCIAL REVIEW
Financial position
The charity and its subsidiary maintained a healthy financial position with no outstanding debts.
Reserves policy
The Trust's income and expenditure varies from year to year, the levels being dependant on a number of factors. The Trust therefore considers it prudent to hold reserves.
The Trust uses the term reserves to describe that part of income that is available for general purposes. Reserves are therefore the resources the charity has or can make available to spend for any or all the charity's purposes once it has met its commitments and covered other planned expenditure.
The Trustees have a policy of holding the majority of its reserves as capital assets and a lesser amount as unrestricted funds held as cash balances. All cash reserves are held in an interest bearing account to minimise risk whilst earning a reasonable return in the current investment climate.
Trustees are charged with retaining a reserve of funds that would enable them to run down the Eden Valley Railway Trust for a period of 12 months should the membership decline to a point where the Eden Valley Railway was no longer viable or the members choose to close it. For this purpose the equivalent of at least 3 months' worth of expenditure will be maintained as a Cash reserve to provide time to liquidise the Capital reserves of the Trust .
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
03182769 (England and Wales)
Registered Charity number
1054760
Page 1
EDEN VALLEY RAILWAY TRUST (REGISTERED NUMBER: 03182769)
Report of the Trustees for the Year Ended 31 March 2023
Registered office
Warcop Station Warcop Appleby in Westmorland Cumbria CA16 6PR
Trustees
G Hercock (resigned 12/11/23) M Hewittson Griffiths R G Sandland P B Smales (appointed 26/11/22) Mrs Y Smith (appointed 26/11/22) M L Todd (appointed 12/11/23)
Independent Examiner
John Andrew Chartered Accountants 17-19 Market Street KIRKBY STEPHEN Cumbria CA17 4QS
Approved by order of the board of trustees on 20 December 2023 and signed on its behalf by:
M Hewittson Griffiths - Trustee
Page 2
Independent Examiner's Report to the Trustees of Eden Valley Railway Trust
Independent examiner's report to the trustees of Eden Valley Railway Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have 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.
Paul M Davison FCA
John Andrew Chartered Accountants 17-19 Market Street KIRKBY STEPHEN Cumbria CA17 4QS
20 December 2023
Page 3
EDEN VALLEY RAILWAY TRUST
Statement of Financial Activities for the Year Ended 31 March 2023
| 31/3/23 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 31,928 Other trading activities 2 8,503 Investment income 3 262 Total 40,693 EXPENDITURE ON Raising funds 163 Charitable activities To aquire, rebuild and preserve, the trackbed, buildings, structures and associated land of the former eden valley railway. 3,731 Other 13,726 Total 17,620 NET INCOME 23,073 RECONCILIATION OF FUNDS Total funds brought forward 158,762 TOTAL FUNDS CARRIED FORWARD 181,835 |
31/3/22 Total funds £ 26,959 4,003 480 |
|---|---|
| 31,442 | |
| 479 18,307 - |
|
| 18,786 | |
| 12,656 146,106 |
|
| 158,762 |
The notes form part of these financial statements
Page 4
EDEN VALLEY RAILWAY TRUST (REGISTERED NUMBER: 03182769)
Balance Sheet 31 March 2023
| 31/3/23 Unrestricted funds Notes £ FIXED ASSETS Tangible assets 8 130,154 Investments 9 13,000 143,154 CURRENT ASSETS Stocks 10 4,175 Debtors 11 8,374 Cash at bank 36,796 49,345 CREDITORS Amounts falling due within one year 12 (10,664) NET CURRENT ASSETS 38,681 TOTAL ASSETS LESS CURRENT LIABILITIES 181,835 CREDITORS Amounts falling due after more than one year 13 - NET ASSETS 181,835 FUNDS 15 Unrestricted funds 181,835 TOTAL FUNDS 181,835 |
31/3/22 Total funds £ 121,642 13,000 134,642 4,175 6,785 16,723 27,683 (645) 27,038 161,680 (2,918) 158,762 158,762 158,762 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
continued...
EDEN VALLEY RAILWAY TRUST (REGISTERED NUMBER: 03182769)
Balance Sheet - continued 31 March 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 20 December 2023 and were signed on its behalf by:
M Hewittson Griffiths - Trustee
The notes form part of these financial statements
Page 6
EDEN VALLEY RAILWAY TRUST
Notes to the Financial Statements for the Year Ended 31 March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 5% on reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 7
EDEN VALLEY RAILWAY TRUST
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 2. | OTHER TRADING ACTIVITIES | ||
|---|---|---|---|
| 31/3/23 | 31/3/22 | ||
| £ | £ | ||
| Fundraising events | 3,498 | - | |
| Shop income | 4,359 | 3,116 | |
| Social lotteries | 646 | 887 | |
| 8,503 | 4,003 | ||
| 3. | INVESTMENT INCOME | ||
| 31/3/23 | 31/3/22 | ||
| £ | £ | ||
| Other fixed asset inv - UnFII | 240 | 480 | |
| Deposit account interest | 22 | - | |
| 262 | 480 | ||
| 4. | NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 31/3/23 | 31/3/22 | ||
| £ | £ | ||
| Depreciation - owned assets | 6,850 | 6,402 | |
| 5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for year ended 31 March 2023 nor for the year ended 31 March 2022 from an employment with their charity or subsidiary.
Trustees' expenses
| Type of expenses reimbursed in £ | This year | Last year |
|---|---|---|
| Travel & Accommodation | 424.83 | 0 |
| Other | 0 | 0 |
| Total | 424.83 | 0 |
| Number of trustees reimbursed for expenses: 3 (0) |
continued...
Page 8
EDEN VALLEY RAILWAY TRUST
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
6. AVERAGE NUMBER OF EMPLOYEES
The average number of employees during the year was 0 (2022 - 0).
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| funds | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 26,959 |
| Other trading activities | 4,003 |
| Investment income | 480 |
| Total | 31,442 |
| EXPENDITURE ON | |
| Raising funds | 479 |
| Charitable activities | |
| To aquire, rebuild and preserve, the trackbed, | |
| buildings, structures and associated land of the | |
| former eden valley railway. | 18,307 |
| Total | 18,786 |
| NET INCOME | 12,656 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 146,106 |
| TOTAL FUNDS CARRIED FORWARD | 158,762 |
continued...
Page 9
EDEN VALLEY RAILWAY TRUST
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
8. TANGIBLE FIXED ASSETS
| 8. | TANGIBLE FIXED ASSETS | |
|---|---|---|
| Plant and | ||
| machinery | ||
| £ | ||
| COST | ||
| At 1 April 2022 | 186,509 | |
| Additions | 15,362 | |
| At 31 March 2023 | 201,871 | |
| DEPRECIATION | ||
| At 1 April 2022 | 64,867 | |
| Charge for year | 6,850 | |
| At 31 March 2023 | 71,717 | |
| NET BOOK VALUE | ||
| At 31 March 2023 | 130,154 | |
| At 31 March 2022 | 121,642 | |
| 9. | FIXED ASSET INVESTMENTS | |
| Unlisted | ||
| investments | ||
| £ | ||
| MARKET VALUE | ||
| At 1 April 2022 and 31 March 2023 | 13,000 | |
| NET BOOK VALUE | ||
| At 31 March 2023 | 13,000 | |
| At 31 March 2022 | 13,000 | |
| There were no investment assets outside the UK. | ||
| Investments were as follows: | ||
| Eden Valley Railway Company Limited | 10,000 | |
| Stainmore Properties 8% Debentures | 3,000 |
The company's investments at the balance sheet date in the share capital of companies include the following:
Eden Valley Railway Company Limited
Registered office: Warcop Station, Warcop, Appleby in Westmoreland, Cumbria, CA16 6PR
| % | |
|---|---|
| Class of share: | holding |
| Ordinary | 100 |
continued...
Page 10
EDEN VALLEY RAILWAY TRUST
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 10. STOCKS 31/3/23 £ Stocks 4,175 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31/3/23 £ Other debtors 4,110 VAT 4,264 8,374 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31/3/23 £ Trade creditors 10,004 Accrued expenses 660 10,664 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31/3/23 £ Other loans (see note 14) - 14. LOANS An analysis of the maturity of loans is given below: 31/3/23 £ Amounts falling between one and two years: Other loans - 1-2 years - 15. MOVEMENT IN FUNDS Net movement At 1/4/22 in funds £ £ Unrestricted funds General fund 42,005 23,073 Revaluation Reserve 116,757 - 158,762 23,073 TOTAL FUNDS 158,762 23,073 |
31/3/22 £ 4,175 31/3/22 £ 4,110 2,675 6,785 31/3/22 £ - 645 645 31/3/22 £ 2,918 31/3/22 £ 2,918 At 31/3/23 £ 65,078 116,757 |
|---|---|
| 181,835 | |
| 181,835 |
continued...
Page 11
EDEN VALLEY RAILWAY TRUST
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
15. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 40,693 | (17,620) | 23,073 |
| TOTAL FUNDS | 40,693 | (17,620) | 23,073 |
Comparatives for movement in funds
| At 1/4/21 £ Unrestricted funds General fund 29,349 Revaluation Reserve 116,757 146,106 TOTAL FUNDS 146,106 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 31,442 TOTAL FUNDS 31,442 |
Net movement At in funds 31/3/22 £ £ 12,656 42,005 - 116,757 12,656 158,762 12,656 158,762 Resources Movement expended in funds £ £ (18,786) 12,656 (18,786) 12,656 |
At 31/3/22 £ 42,005 116,757 |
At 31/3/22 £ 42,005 116,757 |
|---|---|---|---|
| 158,762 | |||
| 158,762 | |||
| 12,656 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Revaluation Reserve TOTAL FUNDS |
At 1/4/21 £ 29,349 116,757 146,106 146,106 |
Net movement in funds £ 35,729 - 35,729 35,729 |
At 31/3/23 £ 65,078 116,757 |
|---|---|---|---|
| 181,835 | |||
| 181,835 |
continued...
Page 12
EDEN VALLEY RAILWAY TRUST
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
15. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 72,135 | (36,406) | 35,729 |
| TOTAL FUNDS | 72,135 | (36,406) | 35,729 |
16. RELATED PARTY DISCLOSURES
The company and its subsidiary Eden Valley Railway Company Limited had no related party transactions for the year.
The Other Debtors figure currently disclosed in the Balance Sheet (Note 11) relates to the monies Eden Valley Railway Trust has funded Eden Valley Railway Company. The money is not expected to be repaid until Eden Valley Railway Company is trading profitable.
Page 13