ALNWICK to ALNMOUTH LN VALLEY RAILWA THE ALN VALLEYRAILWA Y TRUST (A company limited by guarantee and not having a share eapitai) CHARITY NUMBER 1063332 COMPANY NUMBER 03319861 TRUSTEES REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE 15 MONTH PERIOD ENDED 31 March 2025 ALN VALLEY RAILWAY
I'FIE ALN VALLEY RAILWAY TRUST LEGAL AND ADMINISTRATIVE INFORMATION NAME OF CHARITY: The Aln Valley Railway Trust INCORPOFIATION". The company was originally incorporated on 12th February 1997 and registered as a charity on 8th July 1997. OFFICERS: (Directors and Trustees) M Proctor (Chair) C FrMan M Hayton G Head A Hogg A Stone S Hadden (appointed 20th July 2024) P Ford (appointed 20th July 2024) J Hurlbutt (appointed 20th July 2024) The following Director&fjrustees served during the period: R Maughan (resigned 20th July 2024) M Clark (resigned 21st June 2024) R Sewell (resigned 24th March 2025} P Stonell (resigned 26th July 2024) C Davidson (appointed July 2024, rened 6th February 2025) COMPANY SECRETARY: Simon Hadden REGISTERED OFFICE: Lionheart Railway Station Lionheart Enterprise Park Alnwick Northumberland NE66 2EZ INDEPENDENT EXAMINER: Richard Alsept Chartered Accountant 16 Burlington Terra Cardiff CF5 1GG BANKERS". Lloyds Bank
THE ALN VALLEY RAILWAY TRLIST CONTENTS Page TrUStS Report Independent Examiners Report Statement of Financial Activrties Balan Sht Notes to the Financial Statements 10-17
THE ALN VALLEY RAIL WAY TRUST TRUSTEES REPORT FOR THE PERIOD ENDED 31 MARCH 2025 Introduction The trustees present their report and the financial statements for the 15 month period ended 31 March 2025. The trustees have prepared the annual report and financial ststemerts in accordan with the provisions of the Statement of Recommended Practi (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 12th February 1997 and registered as a charity on 8th July 1997. and its principal activty 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 trUStS for the purpose of charty law arKI 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 cOrate 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 entItd to appoint orE representative. Trustee Induction and Training A Trustee Infomiation Pack is available to potential and new Trustees. Potential Trustees are invtted to attend a Trustee meeting to find out more about the workings of the Board and the governan ofthe chatity. afterwhich they may f1 better informed to make the decision to beC0n a Trustee. New Trustees are introduced to the charity. their legal obligations under charity law, the content of the goveming document, the TrUStS and the decision-making process, the business plan and financial perf0rnan of the charity during an induction period soon after appointrnent. TrUStS 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 pla to mitigate the risks the charty might fa. Significant extemal risks to fvnding, and the nature of fvnding across the Community and Voluntary Sector, have led to the development of a long tetm strategic plan including the identification of prtorty activities in relation to income generation. Policies and procedures exist to ensure Complian with health and safety of all staff, volunteers and beneficiaries of the chartty. This includes the provision of adequate insuran cover. These policies and procedures are revIeV annually or more frequently, on change of cirCumstans, to ensure that they continue to meet the needs of the chanty.
THE ALN VALLEY RAILWAY TRUST OBJECTIVES AND ACTIVITIES The Charty is established for the purpose of restoring, preserving and operating railway locomotives, carriages. wagons. vehicles and other artifacts of historical interest and buildings connected therewrth and in particular but without prejudi 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 artrfacts and vehicles, their history and their development. REVIEW OF 2024125 The 2024 operating season saw some big changes for the railway across a number of areas as we introduced new serviS and an additional steam locomotive, initiated major capital improvements and further developed our plans for the extension to Alnmouth. The season got underway at Easter with the first outing of Hudswell Clatk O-6-OST Renishaw of 1919. rntlY purchased by Adam and Diana Stone and offered on loan to the railway, in part to address a gap in our steam fIt following the departure of Hudswell Clark O-6-OT Jennrfer to the Flour Mill workshop for investigation of its very poor ride. Renishaw has quickly beconE popular with visttors and crew and has proven a reliable and capable engine. Jennrfer, meanwhile, has had much of the bottom end of the locomotive rebuilt and arrived at the Avon Valley Railway near Bristol before Christmas for testing. The locomotive will be stsying there until after tts 10 year l)oiler overhaul due IR July 2025, when further discussions will take pla with the owner about its future. Our plans to expand the range of special trains on offer led to the introduction of aftemoon tea trains early in the season. These proved extremely popular and sold out quickly. Interestingly, they have attracted a new audien to the railway, many of whom hadn't visited before. Two days of aftemoon tea trains were operated in the 2024 season and the Servi has continued in the 2025 season. The opportunity to be served a delicious afternoon tea on vintage bone china, white travelling through the Northumberland countryside hauled by steam is very much a winner and huge thanks are due to the small team who have worked tirelessly to make this possible. Also new for 2024 was the Footplate Explorers day for young children which provides the opportunty to help clean and prepare a steam locomotive, including access to the footplate, followed by a ride on the train and lunch. This has bn another sellout success and is a tribute On again to those involved in making it happen. Also for 2024, our Par trains were in the spotlight. with our first annual Par festival. Although relatively modem trains, that were largety unloved in their operational days. they do attract their very own band of enthusiasts, who often travel some dIStsn to take part. This wasn't the Pars, only moment in the spotlight as they featured in May in a major filming contract to film an advert for Newcastle United's away strip. So much secrecy surrounded the filming that only a handfvl of people knew what was being filmed. The site was tightty controlled by secutty as Lionheart station became Newcastle Central station and the 2 car Par became a 6 car express complete with restaurant car and the train
THE ALN VALLF.Y RAILWAY TRUST was filled with Newcastle players old and new. sporting the new strip. It was a fascinating experien for all involved and, to their credit, n(Fone involved leaked what had gone on before the strip launch some thr or four months later. The advert can be viewed on YouTube at htt s:Ilwww. outube.comlwatch?v= 7Em6X7m Sadly, our Class 11 diesel electric loco, ShiTley. suffered a major failure of the air compressor, mid-season. which meant that our diesel service was curtailed once again. Shirley is one of only very few of trEse locos surviving in operating condition and has her own following, who again will travel long distances for a train ride. Other special events, including classic cars, model railway exhibition and 40s weekend continued to prove as popular as ever and were joined in August by Cream Tea and a Talk events on Wednesdays during August. Designed to draw in railway enthusiasts on often quieter operating days, these provide a talk on a railway topic in the museum, followed by cream tea and the opportunty to talk to the speaker. Visitor numbers continued to hold up well, wtth estimated numbers around 13,000, similar to the 2023 season. This is a very good performan in what continues to be a challenging environment for heritage railways. Unlike many heritage railways, we are able to cover all of our operating costs from visitor income due to being volunteer tun and having very low overheads. However. a decision was taken by the board in 2023 that we could not plan to undertake any capital work unless it was extemally funded or the board was satisfied that it could be covered by income. In June 2024, a positive income position led the board to decKle to fund two medium sized projects. The first of these was to repla the existing visitor toilets. The existing toilets consisted of an ex-hire mobile events toilet block and represented a vast improvement on previous facilities of two toilets shared with VoluntrS in the workshop. However. they were always going to be a temporary measure when they were introduced in 2021 and were past their useful working lrfe. A solution was required that could be put in pla between the railway closing at the end of t)rnber and re-opening at Easter. The solution is a new shipping container custom fftted with male. female and disabled toilets, along with a baby change room and volunteer shower. This has the additional benefft of tring up the space previousty occupied by the disabled toilet in the café for additional storage. The second capital investment funded was the development of a business case for the extension to Alnmouth. Andrew Fox of Fox Hospitalty Consutting was commissioned to work with trustees and managers on this. The completed item was delivered in April and will be an essents.al document when seeking funds to build the extension. Smaller development projects included the completion and fftting out of the new museum, which has allowed us to display more artefacts and modffications to the café servery to improve the flow for volunteers and speed up the Servi for customers. The café menu was also reviewed and streamlined and from the 2025 season will be operating a tea room menu which can be offered with limited staffitNJ. The biggest capital project of the year was the development of plans for a maintenan shed. Previous attempts to construct a carriage shed had come to nothing. but the need for covered Spa to undertake Maintenan and restoration work had become more
THE ALN VALLEY RAILWAY TRUST pressing as the railway has grown. Plans were drawn up for a two road shed with sufficient Spa for four coaches. It was quickly recognised that the shed would need to accommodate locomotives as well as rolling stock. kpIng the existing engine shed effectively as a running shed. Wrth the offer or two large donations towards the cost of its construction. work started on site early in 2025 and the structure is now complete and an appeal has bn launched to raise funds to complete the building. We've also sn major changes in people over the course of the year, undoubtedly, the biggest of which was the sudden death of our former Treasurer and Company Secretary, Peter Stonell. His death, shortty after the 2024 AGM left a huge gap in our knowledge and expertise, which we are still dealing with. Although Peter had prepared to hand on the Company Secretary role to Simon Hadden, it was his intention to carry on as Treasurer for two more yeats arKI there was no time for a handover between his falling ill and dying. 2024 was a challenging year for many of us as we worked to keep the business going. understand how the finanS worked. and gtEved for the loss of a much loved frierKI and colleague. The board appointed Gary Kennedy to the role of Treasurer and he soon got up to speed on the finans. Sadly, Gary has suffered major ill health himself in the last six months. By Dernber, it was apparent that he could no k)nger manage the role. Vvhile we keep the post open for him in the hope of his recovery, we have put in pla interim arrangements, with Bemie Wardlaw taking on the post of Finan Manager, supported by our Finan Group, Michael Proctor, Adam Stone and Simon Hadden. Thanks are due to all of them for helping to maintsin a good standard of financial management while also holding other demanding posttions at the railway. Other changes at board level during the year were Mel Clark. who resed in June 2024 and Richard Maughan who stepped down as Deputy Chairman and Trustee after the end of his tenn of office. At the 2024 AGM. four new Trustees were elected - Colin Davidson, Penny Ford, Simon Hadden arKJ John HurlbLrtt. In addition to Peter Stonell's death in August 2024, there were two further Trust resnationS during the year, Colin Davidson in February and Anthony Sewell in March. Thanks are due to all departing trustees for their contribLrtions to the success of the railway This has undoubtedty been an unsettling year, with significant change. Despite that, the current board of nine members is wotking extremely well together. Changes at other levels of the organisation have allowed new people to step up, bringing fresh ideas. It has been rewarding to have others volunteer to tske on roles in key areas including visitor setvices. operations, membership and marketing. One thing we have leamt from the last year is the need to share responsibilities so that we aren't over-reliant on single indNiduals. Doing this will make the organisation stronger and more agile for the future. FINANCIAL REVIEW This financial review covers the 15 month period from January 2024 to March 2025 (2023: year ended 31st Dernber 2023) Financially, this was a successfvl period for the charty. Overall income increased to £419,211 (2023: £241.542). the income induding £259,821 from donations (including Gift Aid) arKI grants, and £155,998 from other charttable activities (operation of the railway,
THE ALN VALLEY RAILWAY TRUST fundraising and events etc.). Ofthe monies very generously donated to the charity, £205,926 was for restricted purposes including Maintenan of the locomob'ves, and future capital projects. Of this restricted money. £35,833 was spent in the period on caprtal improvements to the railway srte. The charity continued to very carefvlly monitor and control its running and maintenan costs. Overall costs in the period remained level at £219,327 for the 15 month period (2023: £178,655 for a 12 month period). Loans - during the year the charrty continued to make repayments of the £100,000 interest free loan from the National Lottery Heritage Fund. This loan is due for complete repayment by the end of 2026. At 31 March 2025 this loan balance stood at £43,750. 2024125 outturn As the accounts show, we made a revenue surplus in 2024125 of £199,884 (2023: £62,887 surplus). However, this does include a surplus of £169.638 which is restricted to specific purposes. At 31 March 2025, net current assets were £203,158 with bank balan of £236,661. This dS mean that the charity will be able to use these funds in the coming period to continue to invest in the site and facilities. and to fund maintenance programmes on the rolling stock. Investment Policy The charty currently holds no investrnents. The Memorandum and Articles of the charity permit wide powers of invesknent. Reserves Policy The Trustees aim to have a reserve of sufficient unrestricted fvnds to cover three months, operating costs, plus exit charges. This figure has been ident¥fied following consideration of the main financial risks to the chanty. At 31 March 2025, the Charity's short teTm unrestricted working capital (net current assets) amounted to approximately £44,000. 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 mtIngS with the aim of ensuring that any temporary shortfall in funding dS not have an immediate impact on ServIS 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 Servi to our visitors and members.
TFIE ALN VALLEY RAILII'AY TRUST ststement 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 reSoUrS and application of resources, including income and expenditure, for the financial year" in preparing those financial statements, the Trustees should follow best practi and: select suitable accounting policies and then apply them consistently. - rnake judgements and estimates that are reasonable and prudent" and prepare the financial statements on the going conrn basis unless it is not appropriate to assume that the company will continue on that basis. 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 ale also responsible for safeguarding the assets of the charitable company and hen 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 accordan with company law. as the company's directors, we rtrfY that: so far as we are aware. there is no relevant information of which the company's accountants are unaware; and as the directors of the company we have taken all the steps that we ought to have tsken in order to make ourselves aware of any relevant accounts information and to establish that the charity's accountants are aware of that information. This report has b prepared in accordan with the Statement of Recommended Practice: Accounting and Reporting by Charities {issued in October 2019) and in accordan with the special provisions of the Companies Act 2006 relating to small entrties. Approved by the Trustees on 30th June 2025 and signed on their behalf by: M Proctor, Director (Chair of Trustees)
THE ALN VALLEY RAILWAY TRUST INDEPENDENT EXAMINER'S REPORT ON THE UNAUDrrED FINANCIAL STATEMENTS TO THE TRUSTEES OF THE ALN VALLEY RAILWAY TRUST. I report to the Charity Trust on my examination of the accounts of The Trust for the 15 month period ended 31 March 2025, which are set out on pages 8 to 17. Respective and basis of report The trust5, 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 rnyself 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 ACY). In carying out my examination I have followed the Directions given by the Charity Commission under section 145{5)(b) of the 2011 Act. Independent examinerfs statsment sin 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 l am qualffied to undertake the examination because l 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.. (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 the requirement that the accounts give a Irue and fairf view which is not a matter considered as part of an Independent Examination; and (4) the accounts have not been prepared in accordan with the methods and principles of the Statement of Recommended Practi for accounting and reporting by charities (applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK (FRS102)). 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 Accountsnt 16 Burlington Terrace Cardiff CF5 1GG 25th June 2025
THE ALN VALLEY RAIL'Ay TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 March 2025 Total yle 31 December 2023 Totsl ple 31 March 2025 Unrestricted Funds Restricted Funds Note INCOME Donations and grants Charitable activities 53,895 155.998 205.926 259,821 155,998 T18,457 122.701 Investment income.. Interest reiVed 3.392 3,392 384 Total Income 213.285 205.926 419,211 241,542 EXPENDITURE Charitable activities 183,039 36,288 219,327 178,655 Totsl Expenditure 183,039 36,288 219,327 178,655 Net Incomel(expendrture) 30.246 169,638 199,884 62.887 Transfer between funds Net Movement in Funds 30,246 169.638 199,884 62,887 Reconciliation in fvnds: Fund balanS brought forward 476.204 472,461 948,665 885,778 Fund balances carried forward 506,450 642,099 1.148,549 948.665 The statement of financial activities includes all gains and losses in the year I period. All incoming reSoUrS and resources expended derive from continuing charitable activities.
THE ALN VALLEY RAILWAY TRtiST BALANCE SHEET AS AT 31 March 2025 March 2025 December 2023 Notes FIXED ASSETS 964,141 926,426 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 6,460 16,577 236,661 259,698 7,146 26,016 68,766 101,928 CURRENT LIABILITIES Creditors: amounts falling due within one year (56,540) (29,689} Net Current Assets l Liabilities (working capital) 203,158 72,239 Cred¥tors due after one year (18,750) (50,000) NET ASSETS 1,148,549 948,665 Restricted Funds Designated Funds Unrestricted Funds 11 11 642,099 472,461 506,450 476,204 TOTAL CHARITY FUNDS 1,148,549 948,665 For the financial period ended 31 March 2025, the company was ents.tled to exempb.on from audit under section 477(1 } of the Companies Act 2006.. and no notice has been deposrted under section 476(1) requesting an audit. The trustees acknowledge their responsibilities for ensuring that the company keeps accounbng 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 profft or loss for the financial year in accordance with the requirements of Sect 394 and which othefwtse compty wrth the Companies Act 2006, so far as applicable to the company. The financial statements have been prepared in accordan 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, Secb'on la for Small EntrtEs (effecbve January 2015}. Approved by the Board on 30th June 2025 and signed on its behalf by". M P M Proctor, Director
THE ALN VALLEY RAILWAY TRLTST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 March 2025 ACCOUNTING POLICIES The principle accounting policies are summarised below. The accounting policies have bn applied consistently throughout the year arKI in the preceding year. Basis of accounting The company is a charitable company, limited by guarantee, incorporated in England. The charity constrtutes a public benefft entity as defined by FRS 102. The address of the registered Offi is: Lionheart Railway Station Lionheart Enterprise Park Alnwick, Northumberland NE66 2EZ These financial statements were authorised for issue by the Board on xxth July 2025. The financial statements are prepared under the historical cost convention and in accordance with the provisions of Financial Reporting Standard 102. Section la Small EntFties, and the Charty Statement of Recommended Practi, (Chartties SORP (FRS 102) 2019), as well as the Charities Act 2011. Fund accounting Unrestricted funds are incoming resources received or generated for charitable purposes. They are available for use at the discretion of the trUstS in the furtheran of the general objectives of the charty. Restricted fvnds can only be applied for a particular purpose as defined within their objects. Income All income is included in the statement of financial activities when the charTty is entitled to the income and the amount (an be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Income which is reiVed by way of grants, donations and gifts to the charrty is included in full in the Statement of Financial Activities upon receipt. Grants, where entitlement is not conditional on the delivery of a specific perforrnan by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Bank interest and other investment income is included when re1Vable. Income from charitable activities is derived from member subscriptions and from trading activrties, and is accounted for as the charity earns the right to consideration by its perfonnance. Expenditure Expenditure is recognised on an accrual basis as a liabilrty is incurred. Expenditure includes unrecoverable VAT. Costs of generating funds comprise the costs associated with attracting voluntary income. 10
THE ALN VALLEY II4ILII:AY TRUS"[ NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 March 2025 Operation and development of the charty includes all costs incurred by the charity in the delivery of its activities and servIs. Governan costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include accountancy fees. Fixed assets Fixed assets are ststed 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 wrrte off the cost of an asset, less its estimated residual value, over the useful economic lrfe of that asset as follows". Buildings, track and lease Site facilities Cawledge Viaduct Rolling stod( Tools and equipment 2.750/0 Straight line Over the term of the lease 4 % straight line 5 % reducing balan 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 lnsignrfnt risk of change in value. g. Trade debtors Trade debtors are amounts due from funders for merchandise sold or ServIS perf0md in the ordinary course of business. Trade debtors are recognised initialty at the transaction pri. They are subsequentty 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 eviden that the company will not be able to collect all amounts due according to the original tenns of the receivables. h. Trade creditors Trade creditors are obligations to pay for goods or serViS that have bn acquired in the ordinary course of business from supplErs. Accounts payable are classffied as current liabilities rf the company does not have an uncorKlitional 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 unconditi.onal 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 pri and subsequenty 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. j. Stock - stocks are stated at the lower of cost and estimated selling pri.
TklE ALN VALLEY RAILTAy TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 March 2025 Tangible Fixed Assets Structures and Track Rolling Stock Site Facilities & Equipment Total Cost As at 1 January 2024 829,169 215,042 94,362 1,138,573 Additions 6.259 1,177 75,562 82.998 As at 31 March 2025 835,428 216,219 169,924 1,221,571 Depreciation As at 1 January 2024 115.698 62,994 33,455 212,147 Charge for period 21,555 9,695 14,033 45,283 As at 31 March 2025 137,253 72,689 47,488 257,430 Net book value At 31 March 2025 698,175 143,530 122,436 964.141 At 31 Dember 2023 713,471 152,048 60,907 926,426 12
THE ALN VALLEY RAILWAY TRLIST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 March 2025 Income Unrestricted Restricted Total ple Totsl yle Funds Funds 31 March 31 2025 December 2023 Donations and Fundraising General donations I bequests Fundraising activtties l events Donations, friends of AVR 42,503 37,792 6,901 203.750 246,253 37,792 6,901 97,599 24,538 6,000 Grants Museum Grants Duke of Northumberland Northumberland CC Other Northumberland CC Rates 6.250 2.500 1,500 4,608 2,176 2,176 4.491 4,491 Other Charitable activities Membership subscriptions Trading income 27,021 91,185 209.893 27,021 91.185 415,819 15,648 82.515 241,158 205,926 Interest receivable Bank interest re1vable 3,392 3,392 3,392 3,392 Total 213,285 205,926 419,211 241,542 13
THE ALN VALLEY RAILWAY I"RUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 March 2025 Expenditure Unrestricted Restricted Totsl ple Total yle Funds Funds 31 March 31 2025 December 2023 Charitable Activities." General expenditure Fundraising and events Café and other trading General running costs Building and site maintenan Mechanical Engineering Plant Civil Engineering Depreciation 433 23,990 13,899 82.750 31,559 433 23,990 13,899 89,676 31,559 440 7,071 11.461 53,259 11,084 16,945 8,948 22,939 38,770 170.917 6,926 5,533 6,545 15.921 180.630 5.533 6,545 45.283 216,918 29,362 36.288 Support & Govemance Fees and commissions IndeperKlent Examination F Bank charges and interest 694 650 1,065 2,409 694 650 1,065 2,409 5,105 650 1,983 7,738 Total 183.039 36,288 219,327 178,655 Debtors 31 March 2025 31 December 2023 Trade debtors VAT repayable Other debtors & prepayments 1,670 1,655 1,491 22,870 14,907 Total 16.577 26.016 14
THE ALN VALLEY RAIL'Ay TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 March 2025 Creditors: amounts falling due within one year 31 March 2025 31 December 2023 Accruals & Creditors Other loan NHLF IfTrOte n Total 31,540 25,000 56,540 4.689 25,000 29,689 Creditors: amounts falling due after one year 31 March 2025 31 December 2023 Other loans - NHLF 18,750 50.000 Total 18,750 50,000 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. 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. 15
THE ALN VALLEY RAIL'Ay TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 March 2025 Analysis of net assets between funds Unrestricted Funds Designated Restricted Funds Funds Total Tangible Fixed Assets Net Current Assets Long term Creditors 506.018 19,182 (18.750) 458,123 183,976 964,141 203,158 (18,750) Total 506.450 642.099 1.148,549 10. Transactions with Trustees Other transactions with Trustees - aggregate donations of £195.000 (including related Gift Aid) were reiVed during the year from Trustees. 11. Restricted Funds Balance Incoming Resources Resources Expended and depreciation Balance 31 March 2025 January 2024 RestrTCted donations (see bel) . Restricted caprtal donations Richboro Fund Cawledge Viaduct Track and permanent way. including canopy and shed Mains Electricity Other track and permanent way Museum 167,917 35,833 4,750 163,167 35,833 36,507 148,709 42,380 159.190 5,873 10,481 137,538 19.987 107,241 6,125 472.461 8,856 1,537 4,321 470 36,288 128,682 18,450 105,096 5,655 642,099 2,176 205,926 Of the restricted funds totsl of £652,099, the amount of £422.290 (2023: £451,652) is represented by capital assets (the Richboro Steam Locomotive, the Cawledge Viaduct Project, Electrical works and other tracklpeTmanent way), together wrth £35,833 of capital assets (trackwork and rna1ntenan shed) purchased in 2024. . The other restricted donations are represented, and are for the purpose of, as follows". Richboro maintenance £18,750 General locomotive Maintenan and future capital projects £144.417 16
TEIE ALN VALLEY RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 March 2025 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. 17