**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:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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