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2022-12-31-accounts

THE ALN VALLEY RAILWAY TRUST (A company limited by guarantee and not having a share capital)

CHARITY NUMBER 1063332

COMPANY NUMBER 03319861

TRUSTEES REPORT AND UNAUDITED FINANCIAL STATEMENTS - AMENDED

FOR THE YEAR ENDED 31 December 2022

THE ALN VALLEY RAILWAY TRUST

Revised Financial Statements

These revised financial statements replace the original financial statements for the year ended 31[st] December 2022 which were approved by the Trustees on 16[th] March 2023.

These revised financial statements are now the statutory financial statements of the Charity for this period.

In accordance with the Companies Act 2006, the financial statements have been revised as at the date of the original financial statements, and not as at the date of this revision. Accordingly, they do not deal with events between those dates.

The revision is made in order to reflect the correct split between long-term and short-term creditors.

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Peter Stonell Trustee 12[th] July 2023

THE ALN VALLEY RAILWAY TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

NAME OF CHARITY: The Aln Valley Railway Trust INCORPORATION: The company was originally incorporated on 12[th] February 1997 and registered as a charity on 8[th] July 1997. OFFICERS: M Proctor (Chair) (Directors and Trustees) R Maughan (Deputy Chair) C Freeman Mark Hayton G Head A Hogg K Holden G Maughan R Sewell A Stone P Stonell The following Director/Trustee was appointed during the year: M Clark (appointed 23[rd] July 2022) The following Director/Trustee served during the year: Maureen Hayton (resigned 23[rd] July 2022) COMPANY SECRETARY: Peter Stonell REGISTERED OFFICE: Lionheart Railway Station Lionheart Enterprise Park Alnwick Northumberland NE66 2EZ INDEPENDENT EXAMINER: Richard Alsept Chartered Accountant 16 Burlington Terrace Cardiff CF5 1GG BANKERS: Lloyds Bank

THE ALN VALLEY RAILWAY TRUST

CONTENTS Page
Trustees Report 1 - 7
Independent Examiners Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 - 18

THE ALN VALLEY RAILWAY TRUST

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Introduction

The trustees present their report and the financial statements for the year ended 31 December 2022.

The trustees have prepared the annual report and financial statements in accordance with the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in October 2019.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governance

The Aln Valley Railway Trust a registered charity and a company limited by guarantee. It was incorporated as a company on 12[th] February 1997 and registered as a charity on 8[th] July 1997, and its principal activity is the re-opening of the Alnmouth to Alnwick railway line and associated cycleway and footpath, and operating it as a Heritage Railway.

Trustees

The Trustees are charity trustees for the purpose of charity law and are Directors of the company. Trustees are appointed by the members at the Annual General Meeting (AGM) of the charity. The charity consists of individual members and corporate members. Any individual who supports the objects of the charity may be eligible for admission as a member, provided that he or she has attained 18 years of age. A body corporate supporting the objects of the charity shall be entitled to appoint one representative.

Trustee Induction and Training

A Trustee Information Pack is available to potential and new Trustees. Potential Trustees are invited to attend a Trustee meeting to find out more about the workings of the Board and the governance of the charity, after which they may feel better informed to make the decision to become a Trustee.

New Trustees are introduced to the charity, their legal obligations under charity law, the content of the governing document, the Trustees and the decision-making process, the business plan and financial performance of the charity during an induction period soon after appointment. Trustees are also encouraged to attend appropriate training events that will support effective conduct in their role.

Risk Management

Appropriate policies, procedures and systems have been put in place to mitigate the risks the charity might face. Significant external risks to funding, and the nature of funding across the Community and Voluntary Sector, have led to the development of a long term strategic plan including the identification of priority activities in relation to income generation.

Policies and procedures exist to ensure compliance with health and safety of all staff, volunteers and beneficiaries of the charity. This includes the provision of adequate insurance cover. These policies and procedures are reviewed annually or more frequently, on change of circumstances, to ensure that they continue to meet the needs of the charity.

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THE ALN VALLEY RAILWAY TRUST

OBJECTIVES AND ACTIVITIES

The Charity is established for the purpose of restoring, preserving and operating railway locomotives, carriages, wagons, vehicles and other artifacts of historical interest and buildings connected therewith and in particular but without prejudice to the generality of the foregoing to restore the rail link between Alnwick and Alnmouth so as to bring the historic town of Alnwick into contact with the rest of the country for the benefit and education of the public and the preserving of books, drawings, records, documents, sound and visual recordings, cinematography films and photographs relating to such artifacts and vehicles, their history and their development.

REVIEW OF 2022

Achievements and Performance

Like all visitor attractions, 2022 was our first full operating season post Covid restrictions and achieving a return to 2019 levels of visitors has proven challenging for many Heritage Railways. For the Aln Valley Railway, the season started quite slowly, but numbers recovered during the course of the year, despite the ongoing threat of Covid and the far greater challenge of the cost of living crisis. In many ways, we have bucked the trend of increasing prices and falling visitor numbers that have been suffered by other Heritage Railways.

Thanks to judicious stockpiling of coal supplies during the period that the railway was closed due to Covid, we were able to maintain prices at 2021 levels and saw not only more visitors, but greater spend per visitor. A major contributor to the additional expenditure was the expanded café menu, offering a range of hot food for the first time. We were also able, thanks to a collaboration with Alnwick Brewery, to offer alcohol for sale in both the café and the shop. The brewery has one beer, Huffin’ and Puffin , on sale that brings a small donation to the railway for each purchase and a second, Seven Arches Ale , that should be on sale in 2023.

While the café menu was limited by space, the availability of volunteers and the lack of mains electricity, this has been a huge growth area for the railway. Mains power in 2023 will mean more improvements including, for the first time, ice cream. Shop sales have also shown an increase on 2021 levels, with an expanded range of products on offer that are proving attractive to visitors.

Firsts

2022 saw the newly surfaced Greenrigg Halt being fully open to visitors for the first time, so people can leave the train there to walk down to the viaduct or stepping stones or simply to watch the engine run around. We have also seen a small, but growing, number of visitors joining the train at Greenrigg rather than Lionheart.

Following a successful trial at the end of the 2021 season, we were glad to welcome the privately operated Go Loco Miniature Railway (GLMR) to Lionheart. For 2021, this 7[1] /4” railway operated a short run from the café to the main gate. Following some revisions to the operating model, a significant extension is planned for 2023, which will see the track run from the main gate around to platform 2. The miniature railway has proven very popular with families and is one reason why visitors have stayed at Lionheart for longer. 2022 also saw our first diesel hauled passenger trains, using our Class 11, Shirley. Sadly, an engine failure mid-season meant that some later operating days needed to be replaced

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THE ALN VALLEY RAILWAY TRUST

with Pacers. For 2023, we have two heritage diesels available to be rostered and plan to expand the service alongside steam and Pacer services.

Hudswell Clark 0-6-0T steam loco, Jennifer, saw a full repaint and re-lining and hauled its first passenger services at the AVR, including a successful Hudswell Clark gala, with Jennifer and Richboro double heading trains. Work continues with the owners to identify the cause of a poor ride quality, although minor changes to operating practice have resulted in some improvements.

The introduction of information display panels around the Lionheart site, accompanied by a family quiz, have improved the interpretation of some of the railway’s hidden treasures and encourage visitors to explore more of the site.

Finally, a fourth steam loco arrived on site at the end of November. 0-4-0ST Merlin was built by Peckett and Sons in 1939 and worked for Bristol Gas Works before being saved for preservation. Privately owned and currently undergoing a 10 year boiler inspection, if the loco proves suitable for our line, we hope to see it on long term loan and entering service in 2023.

Other improvements

Work started in 2022 on the construction of a new museum – a modern building designed to look like a traditional North Eastern Railway building. This is on platform 2 and matches the design of the existing platform shelter. The new museum will be around four times the size of the old one, allowing more of our historic railway artefacts to go on display. This is expected to open in 2023.

Although not often seen by the public, operating a Heritage Railway requires a lot of plant and equipment, diggers, rollers, dumpers etc. 2022 saw the construction of a plant shed, allowing this vital equipment to be stored and maintained under cover for the first time.

We also saw the introduction of a new volunteer mess cabin, providing somewhere dry and warm for volunteers to take breaks. Previous provision was in a former static caravan, which was both inadequate in space and in very poor condition.

Undoubtedly, our greatest achievement in 2022 has been the completion of works to repair the Cawledge Viaduct. The viaduct had been neglected since the branch line closed in 1968 and blocked drainage chambers had led to water percolating through the brick arches. When this subsequently froze, significant damage was done to the brickwork. In 2021, work was started when the track was lifted, and a waterproof membrane and drain were installed to prevent any further water damage. In 2022, phase two of the work was done with extensive repairs to the damaged brickwork on the four worst affected arches. In some instances, four of the estimated five layers of bricks had been lost. The work was undertaken by rope access contractors and supervised by ecologists, who ensured that no harm came to the colony of soprano pipistrelle bats that had taken up residence in the cavities in the brickwork.

The work on the viaduct was funded primarily by donations, with the assistance of a loan from the National Lottery Heritage Fund that has acted like a bridging loan. The viaduct has now been passed for train services for the next five years and should give many more years of trouble-free service. The restoration of the viaduct has been shortlisted for the

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THE ALN VALLEY RAILWAY TRUST

Heritage Railway Association’s first Infrastructure Award in their annual awards to the sector.

Planning for the future

With work completed on the Cawledge Viaduct, the attention of the Civil Engineering team turned to detailed planning for the extension from Greenrigg to Alnmouth. Two potential routes have been drawn out, the first follows closely the original alignment of the branch line, which would run within the existing Network Rail boundary for part of the way. The second runs parallel to, but outside the Network Rail boundary on land owned by Northumberland Estates and leased by a tenant farmer. Work also started on clearing the track bed and addressing drainage and fencing issues.

Planning will continue in 2023, with detailed discussions with both Northumberland Estates and Network Rail to determine a preferred route. In parallel with this, there are plans to develop a business case for the work, which will be essential to secure the necessary funding.

In addition, to planning the extension, work is underway to plan out the development of the Lionheart Station site, making gradual improvements towards the end goal of having a traditional NER station as well as much needed maintenance and storage facilities.

Departures and Appointments

The Annual General Meeting was held one again in the engine shed on 23rd July, followed by a barbecue for members and volunteers.

Maureen Hayton stepped down as a Trustee and Mel Clark was elected to fill her place on the Board of Trustees. As a large proportion of the current Board were elected in 2020 and so would end their term in 2023, Michael Proctor and Peter Stonell opted to step down early and both were re-elected as Trustees.

In March, Norman Brason resigned as a volunteer. His position as General Manager was taken by Mark Hayton and Peter Stonell took over Mark’s position as Company Secretary. Michael Proctor took over Norman’s role as Carriage and Wagon Manager.

A debt of thanks is due to Maureen and to Norman, who helped steer the railway through a difficult patch in our history as well as to Mel, Peter and Mark for picking up new responsibilities so ably.

Volunteers

The Aln Valley Railway is entirely run by volunteers who, between them, provide many thousands of hours of unpaid and, often highly skilled, work to make the railway a success. As ever, the success of the railway is their success, first and foremost. As we grow, we constantly need to expand the number of volunteers to allow us to meet demand. At the end of the main running season in 2022, we held a recruitment day for new volunteers, which generated a lot of interest and a number of new volunteers. This will be repeated before the start of the 2023 season.

Conclusion

Against all the odds, 2022 has been a highly successful operating season for the Aln Valley Railway, both in terms of visitor numbers and income as well as in achievements and plans for the future. Maintaining that slow but steady growth, while building on past

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THE ALN VALLEY RAILWAY TRUST

success and maintaining a clear focus on operating safely puts us in a good position to look forward to 2023 and the longer term future.

FINANCIAL REVIEW

Due to Covid, this was the first full-year of activity since 2019 and we have emerged, at the end of the year, in very good health. Visitor numbers were at the 2019 level and income has grown significantly.

Financially, we had a very successful year with income from visitors increasing by nearly 50% to £87,571 and donations, bequests, and grants at £294,178 were 45% higher than in 2021.

How was this achieved?

Income - this was due to

Everyone who supports us by their fees and donations can make their payment via gift aid; which enables the railway to reclaim the tax previously paid on these contributions - in 2022 we were able to reclaim £18,273 from HM Revenue and Customs.

Expenditure – there was a slight increase of £10,296 in the cost of our charitable activities which was primarily due to depreciation charges and actual expenditure, due to our continuing careful management of spending, did not increase.

Loans – during the year we repaid the Covid government bounce back loan. The £100,000 interest-free loan from the National Lottery Heritage Fund was utilised in funding work on phase 2 of the Cawledge Viaduct. Repayment of the loan commences in 2023.

2022 outturn

As the accounts show we made revenue surplus of £201,239 on our 2022 activities; and we used this to invest in capital works in respect of the viaduct repairs, building a Plant shed and in commencing work on the new museum.

Investment Policy

The charity currently holds no investments. The Memorandum and Articles of the charity permit wide powers of investment.

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THE ALN VALLEY RAILWAY TRUST

Reserves Policy

The Trustees aim to have a reserve of sufficient unrestricted funds to cover three months’ operating costs, plus exit charges. This figure has been identified following consideration of the main financial risks to the charity.

At 31 December 2022, the Charity’s unrestricted working capital (net current assets) amounted to £27,103, including designated funds. This represented approximately 3 months’ operating costs, and so the current reserve policy is just met.

The Trustees regularly review the level of unrestricted reserves at board meetings with the aim of ensuring that any temporary shortfall in funding does not have an immediate impact on services for members.

In conclusion

The Trustees’ strategy is to continue to develop income streams, control costs and seek additional funding to meet the essential expenses which underpin the provision of the service to our visitors and members.

Statement of Trustees' Responsibilities

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year; in preparing those financial statements, the Trustees should follow best practice and:

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection or fraud and other irregularities.

Responsibilities of the Trustees

Trustees, who are directors for the purpose of company law, and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out under Legal and Administrative Information. In accordance with company law, as the company's directors, we certify that:

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THE ALN VALLEY RAILWAY TRUST

This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (issued in October 2019) and in accordance with the special provisions of the Companies Act 2006 relating to small entities.

Approved by the Trustees on 16[th] March 2023 and signed on their behalf by:

M Proctor, Director (Chair of Trustees)

THE ALN VALLEY RAILWAY TRUST

INDEPENDENT EXAMINER’S REPORT ON THE UNAUDITED FINANCIAL STATEMENTS TO THE TRUSTEES OF THE ALN VALLEY RAILWAY TRUST.

I report to the Charity Trustees on my examination of the accounts of The Trust for the year ended 31 December 2022, which are set out on pages 9 to 18.

Respective and basis of report

The trustees, who are also the directors of The Aln Valley Railway Trust (‘the Company’) for the purposes of company law, 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 charity 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

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in Section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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

I have no concerns and have come across no 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.

……………………. Richard Alsept A.C.A Chartered Accountant 16 Burlington Terrace Cardiff CF5 1GG

16[th] March 2023

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THE ALN VALLEY RAILWAY TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 December 2022

Note
INCOME
Donations and grants
3
Charitable activities
3
Investment income:
Interest received
Total Income
EXPENDITURE
Charitable activities
4
Total Expenditure
Net Income/(expenditure)
Transfer between funds
Net Movement in Funds
Reconciliation in funds:
Fund balances brought
forward
Fund balances carried
forward		 Unrestricted
Funds

£
187,910
87,571
47
275,528
152,065
152,065
123,463
-
123,463
270,327
393,790		 Restricted
Funds
£
106,268
-
-
106,268
28,492
28,492
77,776
-
77,776
414,212
491,988		 Total y/e
31
December
2022
£
294,178
87,571
47
381,796
180,557
180,557
201,239
-
201,239
684,539
885,778		 Total y/e
31
December
2021
£
202,933
58,452
8
261,393
167,524
167,524
93,869
-
93,869
590,670
684,539

The statement of financial activities includes all gains and losses in the year / period. All incoming resources and resources expended derive from continuing charitable activities.

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THE ALN VALLEY RAILWAY TRUST

BALANCE SHEET AS AT 31 December 2022

Notes
FIXED ASSETS
2
CURRENT ASSETS
Stocks
Debtors
5
Cash at bank and in hand
CURRENT LIABILITIES
Creditors: amounts falling due
within one year
6
Net Current Assets / Liabilities
(working capital)
Creditors due after one year
7
NET ASSETS
Restricted Funds
11
Designated Funds
11
Unrestricted Funds
TOTAL CHARITY FUNDS		 December
2022
£
14,440
4,498
80,046
98,984
(30,771)		 £
892,565
68,213
(75,000)
885,778
491,988
18,000
375,790
885,778		 December
2021
£
10,209
15,997
119,957
146,163
(61,885)		 £
747,483
84,278
(147,222)
684,539
414,212
-
270,327
684,539

For the financial year ended 31 December 2022, the company was entitled to exemption from audit under section 477(1) of the Companies Act 2006; and no notice has been deposited under section 476(1) requesting an audit. The trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the year and of its profit or loss for the financial year in accordance with the requirements of section 394 and which otherwise comply with the Companies Act 2006, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime under the Companies Act 2006 and with the provisions of Financial Reporting Standard 102, Section 1a for Small Entities (effective January 2015).

Approved by the Board on 16[th] March 2023 and signed on its behalf by:

.........................................

P Stonell, Director

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THE ALN VALLEY RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 December 2022

1 ACCOUNTING POLICIES

The principle accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.

a. Basis of accounting

The company is a charitable company, limited by guarantee, incorporated in England. The charity constitutes a public benefit entity as defined by FRS 102.

The address of the registered office is: Lionheart Railway Station Lionheart Enterprise Park Alnwick, Northumberland NE66 2EZ

These financial statements were authorised for issue by the Board on 16[th] March 2023.

The financial statements are prepared under the historical cost convention and in accordance with the provisions of Financial Reporting Standard 102, Section 1a Small Entities, and the Charity Statement of Recommended Practice, (Charities SORP (FRS 102) 2019), as well as the Charities Act 2011.

b. Fund accounting

Unrestricted funds are incoming resources received or generated for charitable purposes. They are available for use at the discretion of the trustees in the furtherance of the general objectives of the charity.

Restricted funds can only be applied for a particular purpose as defined within their objects.

c. Income

All income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

d. Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes unrecoverable VAT.

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THE ALN VALLEY RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 December 2022

e. Fixed assets

Fixed assets are stated at cost less accumulated depreciation. All items with a useful life of more than one year are capitalised. Depreciation is provided at rates calculated to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Buildings, track and lease - 2% - 2.75% straight line Cawledge Viaduct - 4% straight line Rolling stock - 5% reducing balance Tools and equipment - 25% straight line

f. Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

g. Trade debtors

Trade debtors are amounts due from funders for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

h. Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

i. Leasing

Rentals payable under operating leases are charged against income on a straight- line basis over the lease term.

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THE ALN VALLEY RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 December 2022

2. Tangible Fixed Assets

Cost
As at 1 January
2021
Additions
As at 31 December
2022
Depreciation
As at 1 January
2021
Charge for year
As at 31 December
2022
Net book value
At 31 December
2022
At 31 December
2021		 Structures
and Track
£
644,492
161,164
805,656
72,386
23,108
95,494
710,162
572,106		 Rolling
Stock
£
212,391
750
213,141
46,668
8,323
54,991
158,150
165,723		 Tools &
Equipment
£
23,225
23,920
47,145
13,571
9,321
22,892
24,253
9,654		 Total
£
880,108
185,834
1,065,942
132,625
40,752
173,377
892,565
747,483

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THE ALN VALLEY RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 December 2022

3. Income

Donations and Fundraising
General donations / bequests
Fundraising activities / events
Donations, friends of AVR
Grants
Northumberland Community
Chest
Alnwick Town Council
National
Lottery
Heritage
Fund
Northumberland CC (Covid
related)
Northumberland CC Other
Northumberland CC Rates
Other Charitable activities
Membership subscriptions
Trading income
Interest receivable
Bank interest receivable
Total		 Unrestricted
Funds
Restricted
Funds
Total y/e
31
December
2022
Total y/e
31
December
2021
£
£
£
£

152,250
99,392
251,642
156,519
25,873
-
25,873
6,464
7,120
-
7,120
3,000
-
-
-
2,971
-
-
-
2,000
-
-
-
8,000
2,667
-
2,667
4,364
-
1,500
1,500
14,239
-
5,376
5,376
5,376
13,878
-
13,878
14,758
73,693
-
73,693
43,694
275,481
106,268
381,749
261,385
47
-
47
8
47
-
47
8
275,528
106,268
381,796
261,393

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THE ALN VALLEY RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 December 2022

4. Expenditure

Charitable Activities:
General expenditure
Fundraising and events
Café and other trading
General running costs
Building and site maintenance
Mechanical Engineering
Plant
Civil Engineering
Depreciation
Support & Governance
Professional fees
Independent Examination Fee
Bank charges and interest
Total

Debtors
31
December
2022
£
VAT repayable
602
Other debtors
3,896
Total
4,498		 Unrestricted
Funds
Restricted
Funds
Total y/e
31
December
2022
Total y/e
31
December
2021
£
£
£
£
4,174
-
4,174
3,308
20,430
-
20,430
3,896
17,722
-
17,722
11,690
23,303
6,876
30,179
28,646
9,396
-
9,396
8,843
33,351
1,290
34,641
31,313
4,728
-
4,728
17,166
5,951
-
5,951
22,766
20,426
20,326
40,752
30,049
139,481
28,492
167,973
157,677
8,521
-
8,521
6,389
650
-
650
650
3,413
-
3,413
2,808
12,584
-
12,584
9,847
152,065
28,492
180,557
167,524
31
December
2021
£
15,946
51
15,997

5. Debtors

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THE ALN VALLEY RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 December 2022

6. Creditors: amounts falling due within one year

Accruals & Creditors
Other loan NHLF(note 7)
Deferred grant income
Total		 31
December
2022
£
5,771
25,000
-
30,771		 31
December
2021
£
11,885
-
50,000
61,885

Deferred income in 2021 related to donations held, pending further work on the Cawledge Viaduct.

7. Creditors: amounts falling due after one year

Other loans - NHLF
Bounce Back loan
Total		 31
December
2022
£
75,000
-
75,000		 31
December
2021
£
100,000
47,222
147,222

The Bounce Back bank loan was repaid in full during the year.

The National Heritage Lottery Fund (NHLF) Loan is interest free and is repayable over a total period of 5 years from December 2021 with no repayments in the first year. The loan is secured by a legal charge in favour of the Trustees of the National Heritage Memorial Fund over the Charity’s Richboro’ locomotive.

8. Staff costs and numbers

During the financial period, the company had a maximum of 12 Directors. There were no staff costs, and no remuneration was paid to Directors during the year.

The Charity relies heavily on the support and input of volunteers. During the year, the Charity estimates that 29,864 hours were donated by volunteers to the activities of the Charity. At National Minimum Wage rates this equates to approximately £280,000 of volunteer support.

16

THE ALN VALLEY RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 December 2022

9. Analysis of net assets between funds

Tangible Fixed Assets
Net Current Assets
Long term Creditors
Total		 Unrestricted
Funds
£
441,687
9,103
(75,000)
375,790		 Designated
Funds
Restricted
Funds
£
£
-
450,878
18,000
41,110
-
-
18,000
491,988		 Total
£
892,565
68,213
75,000
885,778

The designated fund represents funds transferred from the unrestricted fund, to be held as a reserve for the maintenance of the charity’s ‘Jennifer’ engine.

10. Transactions with Trustees

Other transactions with Trustees – aggregate donations of £72,380 were received during the year from Trustees.

11. Restricted Funds

Richboro Fund / Coal
Cawledge Viaduct
Track and permanent way,
including canopy and shed
Mains Electricity
Other track and permanent way		 Balance
1
January
2022
Incoming
Resources
Resources
Expended
and
depreciation
Balance 31
December
2022
£
£
£
£
53,335
1,290
6,496
48,129
79,720
92,800
8,385
164,135
175,916
6,876
12,611
170,181
-
5,302
-
5,302
105,241
-
1,000
104,241
414,212
106,268
28,492
491,988

Of the restricted funds total of £491,988, the amount of £450,878 (2021: £378,404) is represented by capital assets (the Richboro Steam Locomotive, the Cawledge Viaduct Project, and other track/permanent way).

17

THE ALN VALLEY RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 December 2022

11. Lease Commitments

The Charity operates from a site at Lionheart Enterprise Park, Alnwick. The site is leased from Northumberland Estates at a rental of £1,000 per annum. The lease is for a period of 25 years, due to expire in 2037.

18