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 Fr￿Man
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, re￿ned 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
TrUSt￿S Report
Independent Examiners Report
Statement of Financial Activrties
Balan￿ Sh￿t
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 trUSt￿S 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 cO￿rate 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 entIt￿d 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 f￿1 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 TrUSt￿S and the decision-making process, the
business plan and financial perf0rnan￿ of the charity during an induction period soon after
appointrnent. TrUSt￿S 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 cirCumstan￿s, 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 servi￿S 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. r￿ntlY purchased by Adam and Diana Stone and offered on loan to
the railway, in part to address a gap in our steam fI￿t 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 b￿n another sellout success
and is a tribute On￿ again to those involved in making it happen.
Also for 2024, our Pa￿r trains were in the spotlight. with our first annual Pa￿r 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 Pa￿rs, 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 Pa￿r 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 Volunt￿rS 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 tr￿ing 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. k￿pIng 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 b￿n launched to raise funds to complete the building.
We've also s￿n 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 finan￿S 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 finan￿s. Sadly, Gary has suffered major ill health himself in the last six months. By
De￿rnber, 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 res￿￿ed 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￿ res￿nationS 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 De￿rnber 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 d￿S 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 m￿tIngS with the
aim of ensuring that any temporary shortfall in funding d￿S not have an immediate impact
on ServI￿S 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 reSoUr￿S 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 con￿rn 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 trust￿5, 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 re￿iVed
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 balan￿S 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 reSoUr￿S 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 b￿n
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 trUst￿S 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 re￿iVed 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 re￿1Vable.
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 servI￿s.
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 lnsignrf￿nt risk of change in value.
g. Trade debtors
Trade debtors are amounts due from funders for merchandise sold or ServI￿S perf0m￿d 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 serVi￿S that have b￿n 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 RAIL￿TAy 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 De￿mber
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 re￿1vable
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 re￿iVed 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