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2020-12-31-accounts

Charity Registration No. 1088324

Company Registration No. 04094801 (England and Wales)

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Members Of Council Mr D Walker
Mr R Carter
Mr N Park
Mr A R Woodland
Mrs W J Shepherd
Mr A J Glendinning
Mr J R Smithson
Mr R T Leathley (Appointed 13 July 2020)
Secretary Mr A R Woodland
Charity number 1088324
Company number 04094801
Registered office Leeming Bar Station
Leases Road
Leeming Bar
Northallerton
North Yorkshire
DL7 9AR
Independent examiner Deborah Fletcher-McVay ACA
Kenneth Easby Limited
Chartered Accountants
Oak House, Market Place
Bedale
North Yorkshire
DL8 1AQ
Bankers HSBC Bank Plc
189 High Street
Northallerton
North Yorkshire
DL7 8LQ
Barclays Bank Plc
31 High Row
Darlington
County Durham
DL3 7QS
Solicitors Rollits LLP
Forsyth House
Alpha Court
Monks Cross
York
YO32 9WN

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Investment advisors

CCLA Investment Management Ltd 80 Cheapside London EC2V 6DZ Williams Investment Management LLP 34 Victoria Avenue Harrogate North Yorkshire HG1 5PR

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

CONTENTS

Page
Council Of Management report 1 - 5
Independent examiner's report 6
Statement of financial activities 7 - 8
Balance sheet 9 - 10
Notes to the accounts 12 - 27

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

COUNCIL OF MANAGEMENT REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

The Members of Council of the Wensleydale Railway Association (Trust) Ltd present their report and financial statements for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The objectives of the Trust in 2020 continued as follows:

  1. To advance the education of the public in all matters related to the Wensleydale Railway between Northallerton in the county of North Yorkshire and Garsdale in the county of Cumbria (herein after called “the railway”) and railways and public transport in general and integrated public transport in particular.

  2. To advance and conserve the heritage of the railway, and railways in general, for the benefit of the public.

Aims

Our aim is to maintain the Wensleydale Railway as a heritage railway in full working order. The full length of the railway from Northallerton to Garsdale is almost 40 miles but only 22 miles (from Northallerton to Redmire) currently has rails.

The ultimate aim is to re-open the full length of the railway but this is very much a long-term plan.

Currently trains operate between Scruton and Bedale but the expectation is that this will extend westward to Leyburn by the end of 2021. For this to happen extensive permanent way works are required on the track and fencing. Much of the work will be carried out by volunteers but major restoration works will need to be done by contractors.

We raise funds through appeals, membership fees, grants and general donations to pay for materials and contractors and how much we can do depends on how successful we are in raising funds.

Our progress is measured by the amount of funds raised coupled with the length of railway restored and operational.

Achievements and performance

Heritage and Education Programme

The pandemic of 2020 of course had a terrific impact on our arrangements for the development of the Activity Plan approved by the National Lottery Heritage Fund. Will Burnham took up the post of Community Engagement Officer on 1st April 2020 and this post would oversee the delivery of the Education and Engagement Action Plan following the Leeming Bar Station House Restoration Programme. Will was promptly plunged into working from home, without having personally met colleagues, volunteers, or Trust Members. He dived into finding out about Station House, Leeming Bar, and the workings of Wensleydale Railway. This was the start of the essential research on which to build the Heritage Education Programme and redisplay of The Station at Leeming Bar back to the 1920s.

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

COUNCIL OF MANAGEMENT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Due to Covid restrictions, it soon became apparent that the railway could not engage with the volunteer help required, or indeed deliver to audiences that were unable to visit. National Lottery Heritage Fund approved alterations to the Project Plan, and online digital activities were developed and offered to those schools who were able to engage. 2020 was indeed a very challenging time, but

amongst all the difficulties the Trust was able to recruit a Graduate Trainee Heritage Education Officer, Connor Lagus, who started work in the November. Alongside Will, the Trust and Volunteers, Connor helped with research which would steer the redisplay of Station House and be the base for the activities – all done over Zoom. Work on the altered and amended Project Plan was also established, scheduled and then monitored through a Steering Committee. Plans to recruit an Evaluator for the Project were made and as much as possible was achieved under the circumstances.

The 2020 Step Back in Time school workshops at Scruton Station had to be suspended. Everything had been prepared: brochures printed, schools contacted and the Team ready for action. Of course, all other planned events at Scruton were also halted.

Although a tough year for everyone, it has made the organisation more resilient and the road into 2021 is a very positive one.

Training

Due to the coronavirus pandemic virtually all training has had to be suspended and there is now a large backlog.

This is being urgently addressed with frequent training courses being held on the range of skills and knowledge required to ensure the railway operates safely.

Fundraising

Grants received during 2020 were from:

We also started to receive staged payments of the National Lottery Heritage Fund grant for the renovation of Leeming Bar Station House and creating a Heritage Education Programme based at the station. During the year we received £247,639 with a further £108,408 available in 2021 and 2022.

Our major fundraising action was an Emergency Appeal which was very greatly enhanced by the very generous of £50,000 to be used as ‘matching funding’ - i.e., every £1 donated was doubled to £2. Together with Gift Aid this appeal raised the magnificent sum of £120,933 and the money has been used for railway infrastructure maintenance, rolling stock repairs and our contribution to the Leeming Bar Station project.

We are, as ever, deeply grateful to our very many supporters and members for raising this amount which has enabled us to survive the pandemic and to look forward to hopefully better times ahead.

Volunteering

The coronavirus pandemic has had a very serious impact on the availability and numbers of volunteers able to help on the Railway.

Nevertheless, significant progress has been made on repair and maintenance of rolling stock and the permanent way as indicated above.

However, there are serious shortages in trained operating staff – train drivers, guards, and station staff. We are seeking to employ a Volunteer Co-ordinator to enhance the recruitment of new volunteers.

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

COUNCIL OF MANAGEMENT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Membership

The new Membership system, based on the MemberMojo software continued to perform well during the year, and despite the pandemic has enabled the membership to remain relatively constant, with the losses during the year being balanced by the addition of new members.

Of particular interest is the online aspect of the new system, whereby a member wishing to join can access the system online, enter his / her details, and pay immediately by debit or credit card. This is proving to be the most popular way of joining by far and is also the least consuming of administrative time, since the appearance of new members in the system occurs almost automatically.

Currently, membership stands at a little over 1580 (paid up and active members), with some 65 who haven’t yet renewed during the current year. Assuming that some do so, the figure will be in the region of 1600 members, representing a decrease since the start of 2020 of around 3%, although this could well be made up by additional new members during the current year.

The year 2020 was not the best year with which to reach any firm conclusions regarding membership due to the Covid pandemic, which resulted in no trains operating during the year, a virtual shutting down of operations and we only managed the one issue of Relay during February with two emergency editions in June and December 2020.

Financial review

For the year ending 31 December 2020 the combined value of the Association's funds was £895,617 (2019 - - £562,178), of which £712,380 (2019 £443,322) are fixed assets leaving net current assets of £183,237 (2019 - £118,856). This very significant increase in value was mainly due to the purchase and renovation of Leeming Bar Station House, and the outstanding balance of NHLF grant.

Restricted funds totalled £134,216 (2019 - £98,646) primarily due to the outstanding balance of the NHLF grant and designated funds were £15,537 (2019 - £13,316).

The income for 2020 was £732,951, significantly more than in 2019 (£181,151) due to NHLF grants, and the Emergency Appeal.

The main expenditure was on Leeming Bar Station House (£272,688) but significant support was also given to the Railway (£69,743) for Infrastructure, Rolling Stock, equipment, and training.

The Trust maintains its policy of having reserves set at between three- and six-months expenditure which we feel confident will be sufficient to carry us through any short-term crisis.

Financial Performance

We are dependent on voluntary giving and grants for our funds. We have a wide network of donors but clearly we are dependent on the strength of the economy for the level of support we receive.

Funding sources

These are principally our members and supporters through membership fees, regular donations, and periodic appeals.

We also have been successful in attracting significant grant funding from various sources.

Investment Policy

Beyond an adequate contingency fund (enough to keep us solvent for 6 months), we do not have investments.

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

COUNCIL OF MANAGEMENT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Principal Risks

The maintenance of an adequate level of fund raising and number of volunteers. We are currently in the process of recruiting a Fundraising Manager and a Volunteer Co-ordinator to prevent any serious shortfall in funds or volunteers.

The Council actively reviews the major risks which the Trust faces on a regular basis and believes that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The Trust has no debts.

Objectives for 2021

The Trust continues with its work to support the activities of the Wensleydale Railway and advancing its heritage for the benefit of the public. We have survived the difficulties brought about by the Coronavirus (Covid-19) epidemic and resulting lockdown, but it has had a significant negative effect on our progress.

Work will continue on the restoration of the Leeming Bar Station House and fitting out the interior in 1920’s style is now nearing completion. Transfer of the ownership of Leeming Bar Station House from the PLC to the Trust was completed in May 2020.

A new toilet block for the station is now nearing completion and will be a major boost for our many visitors.

The development of the Heritage and Education programme will continue; however, it is unclear whether it will be possible to accommodate any educational visits during the remainder of the year. Plans are underway to further develop the outreach programme and, due to the current Covid-19 epidemic, to pilot remote learning with schools.

Work on the restoration of a number of Mk2 coaches, and on track maintenance will also continue. Fencing has emerged as a particular issue and a significant amount will be restored or replaced, including fitting kissing gates for pedestrian crossings.

Structure, governance and management

The company is a Registered Charity and a company limited by guarantee. The objects and powers of the charitable company were established by its Memorandum of Association, and it is governed by its Articles of Association.

The Members of Council (Trustees/Directors) who served during the year were:

Mr D Walker Mr R Carter Mr N Park Mr R Coombs (Resigned 13 June 2020) Mr A R Woodland Mr A D Crawford (Resigned 13 January 2020) Mrs W J Shepherd Mr G S Solomon (Retired 14 November 2020) Mr A J Glendinning Mr J R Smithson Mr F Clough (Resigned 10 February 2020) Mr R T Leathley (Appointed 13 July 2020)

None of the Members of Council has any beneficial interest in the Company. All of the Members of Council are Members of the Company and guarantee to contribute £1 in the event of a winding up.

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

COUNCIL OF MANAGEMENT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

The Trust supports the railway through projects, educational and heritage activities and through encouragement to the railway's management to reflect the objects of the Trust in all aspects of the railway's activities.

The Trust and the railway aim to be free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability.

All Trustees of the charity give their time freely and no remuneration or personal expenses were paid during the year except as outlined in note 9.

The Trustees, in exercising their powers have complied with the duty to have regard to the guidance on Public Benefit, published by the Charity Commission.

Decision Making

The AGM receives reports from the Trust Council and elects the Trustees for the forthcoming year. One third of the Trustees retire each year and are eligible for re-election. The Trust Council also has the power to co-opt Trustees.

The charity is managed by a Council of Trustees currently comprising nine members.

It meets regularly to receive progress reports, agree future plans and strategy, and to control the finances.

There is a Finance and General Purposes sub-committee which meets as deemed necessary for urgent decisions and more detailed control.

Future plans are developed by ad hoc short term specific working groups on relevant projects and development issues.

On behalf of the board of Members of Council

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

Mr N Park

Chairman of Council Dated: .........................

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE MEMBERS OF COUNCIL OF WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

I report to the Members of Council on my examination of the financial statements of Wensleydale Railway Association (Trust) Limited (the charity) for the year ended 31 December 2020.

Responsibilities and basis of report

As the Members of Council of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’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 , 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 the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Deborah Fletcher-McVay ACA

Kenneth Easby Limited Chartered Accountants Oak House, Market Place Bedale North Yorkshire DL8 1AQ

Dated: .........................

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2020

Current financial year

Unrestricted Unrestricted Unrestricted Unrestricted Restricted Total Total
funds funds funds
general designated
2020 2020 2020 2020 2019
Notes £ £ £ £ £
Income from:
Donations, legacies and core grants 2 206,641 8,783 51,818 267,242 103,363
Charitable activities 3 - - 435,026 435,026 27,998
Other trading activities 4 29,675 - - 29,675 48,643
Investments 5 738 - 270 1,008 1,147
Total income 237,054 8,783 487,114 732,951 181,151
Expenditure on:
Raising funds 6 1,821 - 464 2,285 11,135
Charitable activities 7 84,313 6,562 298,491 389,366 155,103
Total resources expended 86,134 6,562 298,955 391,651 166,238
Net gains/(losses) on investments 10 (7,861) - - (7,861) (8,418)
Net incoming resources before
transfers 143,059 2,221 188,159 333,439 6,495
Gross transfers between funds 152,589 - (152,589) - -
Net movement in funds 295,648 2,221 35,570 333,439 6,495
Fund balances at 1 January 2020 450,216 13,316 98,646 562,178 555,683
Fund balances at 31 December
2020 745,864 15,537 134,216 895,617 562,178

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Prior financial year

Unrestricted Unrestricted Unrestricted Unrestricted Restricted Total
funds funds funds
general designated
2019 2019 2019 2019
Notes £ £ £ £
Income from:
Donations, legacies and core grants 2 58,018 18,943 26,402 103,363
Charitable activities 3 - - 27,998 27,998
Other trading activities 4 38,628 9,905 110 48,643
Investments 5 825 - 322 1,147
Total income 97,471 28,848 54,832 181,151
Expenditure on:
Raising funds 6 10,557 - 578 11,135
Charitable activities 7 63,077 20,264 71,762 155,103
Total resources expended 73,634 20,264 72,340 166,238
Net gains/(losses) on investments 10 (13,757) - 5,339 (8,418)
Net incoming resources before transfers 10,080 8,584 (12,169) 6,495
Gross transfers between funds 37,018 (37,123) 105 -
Net movement in funds 47,098 (28,539) (12,064) 6,495
Fund balances at 1 January 2019 403,118 41,855 110,710 555,683
Fund balances at 31 December 2019 450,216 13,316 98,646 562,178

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2020

2020 2019
Notes £ £ £ £
Fixed assets
Tangible assets 11 488,757 215,060
Investments 12 223,623 228,262
712,380 443,322
Current assets
Debtors 13 120,185 48,272
Cash at bank and in hand 89,492 75,184
209,677 123,456
Creditors: amounts falling due within
one year 14 (26,440) (4,600)
Net current assets 183,237 118,856
Total assets less current liabilities 895,617 562,178
Income funds
Restricted funds 15 134,216 98,646
Unrestricted funds
Designated funds 16 15,537 13,316
General unrestricted funds 745,864 450,216
761,401 463,532
895,617 562,178

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2020

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2020.

The Council of Management acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Members Of Council on .........................

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

Mr N Park

Trustee

Company Registration No. 04094801

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

2020 2019
Notes £ £ £ £
Cash flows from operating activities
Cash generated from/(absorbed by) 19
operations 295,077 (36,165)
Investing activities
Purchase of tangible fixed assets (281,972) (5,316)
Repayment of investment loans and
receivables - 2,206
Purchase of investments - (18,043)
Proceeds on disposal of investments 195 16,110
Investment income received 1,008 1,147
Net cash used in investing activities (280,769) (3,896)
Net cash used in financing activities - -
Net increase/(decrease) in cash and cash
equivalents 14,308 (40,061)
Cash and cash equivalents at beginning of year 75,184 115,245
Cash and cash equivalents at end of year 89,492 75,184

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

Wensleydale Railway Association (Trust) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Leeming Bar Station, Leases Road, Leeming Bar, Northallerton, North Yorkshire, DL7 9AR.

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's Memorandum of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include the revaluation of certain fixed asset investments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Members of Council have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Members of Council continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Members of Council in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the Members of Council for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations and legacies are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income from charitable activities includes grants received. This income is recognised when the charity is entitled to the grant.

Other trading activities income is recognised when receivable by the charity.

Investment income, in the form of investment interest and dividends, is recognised when receivable by the charity.

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.5 Expenditure

Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services.

Expenditure on raising funds represents those costs associated with generating the other trading income.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and Buildings 2% or 5% straight line Plant and machinery 25% Straight line Rolling stock 5% straight line Artefacts No depreciation as directors consider their residual value to be at least equal to their cost.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

The depreciation policy for plant and machinery has been adjusted to 25% straight line from 25% reducing balance, this is to more accurately reflect the useful life of assets capitalised within plant and machinery. The effect in the current year is to increase the depreciation expense by £287.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

Unlisted investments, including investments in associated undertakings, are stated at cost less any provision for impairment. Impairments are charged to the Statement of Financial Activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the charity holds a longterm interest and where the charity has significant influence. The charity considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

3 Charitable activities

2020 2019
£ £
Performance related grants 435,026 27,998
Performance related grants
Richmondshire District Council - Redmire Project (250) 974
Richmondshire District Council - Finghall Gates (724) 724
North Yorkshire County Council - Redmire Project - 1,000
North Yorkshire County Council - Security cameras 1,000 -
Hunton Steam Gathering - Veg gang container 1,000 -
Heritage Lottery Fund - Emergency Fund 60,000 -
North Yorkshire County Council - Volunteer Coordinator - 5,000
Heritage Lottery Fund - Leeming Bar Restoration 368,000 -
MOD - Armed Forces Weekend - 2,000
Hambleton District Council - Ham Hall Crossing - 18,300
Railway Heritage Trust - Leeming Bar Station 6,000 -
435,026 27,998

4 Other trading activities

Unrestricted Unrestricted Unrestricted Restricted Total
funds funds funds funds
general general designated
2020 2019 2019 2019 2019
£ £ £ £ £
Subscription income 28,405 28,644 - - 28,644
Fundraising events 1,270 9,984 9,905 110 19,999
Other trading activities 29,675 38,628 9,905 110 48,643

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

5 Investments

Unrestricted Unrestricted Restricted Restricted Total Unrestricted Unrestricted Restricted Restricted Total
funds funds funds funds
general general
2020 2020 2020 2019 2019 2019
£ £ £ £ £ £
Income from listed
investments 683 270 953 670 322 992
Interest receivable 55 - 55 155 - 155
738 270 1,008 825 322 1,147
Raising funds
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
general general
2020 2020 2020 2019 2019 2019
£ £ £ £ £ £
Events and other
fundraising costs
Other fundraising costs 1,821 - 1,821 10,557 249 10,806
Investment management - 464 464 - 329 329
1,821 464 2,285 10,557 578 11,135

6 Raising funds

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

7 Charitable activities

Charitable Charitable
Charitable
Charitable
activities activities
2020 2019
£ £
Depreciation and impairment 8,275 7,842
Training 254 4,137
Scruton station running costs 1,063 960
Leeming Bar Station repairs (unrestricted) 37,467 -
Leyburn footbridge expenditure - 455
Armed Forces Day expenditure - 1,540
Legal and professional 1,500 5,757
Redmire Project and Finghall Gates expenditure 787 9,335
Repairs and Maintenance - 1,972
Station support groups 244 741
Leeming Bar Restoration & HEO HLF expenditure 235,221 -
Membership support 2,434 -
Volunteer Coordinator expenses 10,631 19,217
Expenditure by sub-groups 4,869 8,997
Scruton Education costs 304 17,772
303,049 78,725
Grant funding of activities (see note 8) 69,743 62,066
Support costs 16,574 14,312
389,366 155,103
Analysis by fund
Unrestricted funds - general 84,313 63,077
Unrestricted funds - designated 6,562 20,264
Restricted funds 298,491 71,762
389,366 155,103

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

8 Grants payable

2020 2019
£ £
Grants to institutions:
Wensleydale Railway PLC - Fencing at Finghall - (750)
Wensleydale Railway PLC - Redmire Signage - (250)
Wensleydale Railway PLC - Redmire Shelter - (200)
Wensleydale Railway PLC - Leeming Bar platform lights - 1,546
Wensleydale Railway PLC - Footbridge transport - 700
Wensleydale Railway PLC - Cooker - 162
Wensleydale Railway PLC - Rails - 7,020
Wensleydale Railway PLC - Sleepers - 13,488
Wensleydale Railway PLC - Ballast - 892
Wensleydale Railway PLC - Ballast - 1,811
Wensleydale Railway PLC - Baseplates - 1,045
Wensleydale Railway PLC - Sleepers - 6,768
Wensleydale Railway PLC - Repaint class 101DMU - 1,500
Wensleydale Railway PLC - Coach windows - 900
Wensleydale Railway PLC - Sleepers & rail 10,200 10,000
Wensleydale Railway PLC - Fencing - 4,146
Wensleydale Railway PLC - Fencing & DMU springs - 7,365
Wensleydale Railway PLC - Fencing at Crakehall - 936
East Kent Railway - Fire Appeal - 500
Wensleydale Railway PLC - Heritage items haulage - 480
Wensleydale Railway PLC - Redmire Shelter - 480
Wensleydale Railway PLC - Grants from sub-groups 1,693 3,527
Wensleydale Railway PLC - Veg team container 1,000 -
Wensleydale Railway PLC - Infra appeal 20,465 -
Wensleydale Railway PLC - Transport of rails 850 -
Wensleydale Railway PLC - EPOS system 8,110 -
Wensleydale Railway PLC - Coal 3,807 -
Wensleydale Railway PLC - Coaches 17,500 -
Wensleydale Railway PLC - Pacer appeal 812 -
Wensleydale Railway PLC - Training 2,410 -
Wensleydale Railway PLC - Volunteer coordinator 1,000 -
Wensleydale Railway PLC - Bowers electric 1,896 -
69,743 62,066

9 Members Of Council

During the year, no Members of Council were reimbursed expenses (2019 - four trustees totaling £2,216). In 2019 one Member of Council received professional fees and expenses amounting to £16,148 (none this year).

None of the Trustees received remuneration in the year.

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

10 Net gains/(losses) on investments

Unrestricted Unrestricted Unrestricted Restricted Restricted Total
funds funds funds
general general
2020 2019 2019 2019
£ £ £ £
Revaluation of investments (8,100) (13,757) 4,720 (9,037)
Gain/(loss) on sale of investments 239 - 619 619
(7,861) (13,757) 5,339 (8,418)

11 Tangible fixed assets

Tangible fixed assets
Land and
Plant and
Rolling stock		 Artefacts Total
Buildings machinery
£ £ £ £ £
Cost
At 1 January 2020 203,750 13,776 57,146 150 274,822
Additions 240,366 3,495 38,111 - 281,972
At 31 December 2020 444,116 17,271 95,257 150 556,794
Depreciation and impairment
At 1 January 2020 35,149 10,599 14,014 - 59,762
Depreciation charged in the year 4,037 1,381 2,857 - 8,275
At 31 December 2020 39,186 11,980 16,871 - 68,037
Carrying amount
At 31 December 2020 404,930 5,291 78,386 150 488,757
At 31 December 2019 168,601 3,177 43,132 150 215,060

The Trustees of the National Heritage Memorial Fund have a charge over the freehold property known as The Station House, Leeming Bar Station, as security for any outstanding obligations.

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

12 Fixed asset investments

Listed COIF Cash in Other Total
Investments Charities
portfolio		 investments
Investment
Fund
£ £ £
Cost or valuation
At 1 January 2020 44,542 22,604 534 160,582 228,262
Additions - - 9,417 3,417 12,834
Valuation changes 8,898 1,084 - (18,082) (8,100)
Disposals (9,373) - - - (9,373)
At 31 December 2020 44,067 23,688 9,951 145,917 223,623
Carrying amount
At 31 December 2020 44,067 23,688 9,951 145,917 223,623
At 31 December 2019 44,542 22,604 534 160,582 228,262
2020 2019
Other investments comprise: Notes £ £
Investments in associates 145,917 160,582

Fixed asset investments revalued

All listed investments are carried at their fair value. Investments in equities, fixed interest and other securities are all traded in quoted public markets for which market prices are readily available.

The historical cost of the Wensleydale Railway Plc shares is £329,373 (2019 - £325,956). The shares held in Wensleydale Railway Plc have been stated at cost less a provision for impairment in line with the charity's accounting policy for unlisted investments. The carrying value of the shares is reviewed each year.

Wensleydale Railway Association (Trust) Limited holds 26.23% of the Ordinary shares in Wensleydale Railway Plc. The principal activity of Wensleydale Railway Plc is that of development and operation of the Wensleydale Railway. For the last relevant financial year to 31 March 2020, the aggregate amount of capital and reserves for this undertaking was £556,238 and the entity generated a loss of £73,419.

13 Debtors

Debtors
2020 2019
Amounts falling due within one year: £ £
Other debtors 292 -
Prepayments and accrued income 119,893 48,272
120,185 48,272

WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

14 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2020 2019
£ £
Other creditors 22,940 1,100
Accruals and deferred income 3,500 3,500
26,440 4,600

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WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

18 Related party transactions

During the year the charity paid grants amounting to £69,743 (2019 - £58,039) to Wensleydale Railway PLC, a company in which the charity has a shareholding and of which the member of council, Mr D Walker was a director during the year. Grants amounting to £1,693 (2019 - £7,365) were paid out of designated funds. Grants amounting to £62,745 (2019 - £49,978) were paid out of restricted funds.

19 Cash generated from operations 2020 2019
£ £
Surplus for the year 333,439 6,495
Adjustments for:
Investment income recognised in statement of financial activities (1,008) (1,147)
Donation of other investments (3,417) (5,198)
Gain on disposal of investments (239) (619)
Fair value gains and losses on investments 8,100 9,037
Depreciation and impairment of tangible fixed assets 8,275 7,842
Movements in working capital:
(Increase) in debtors (71,913) (48,270)
Increase in creditors 21,840 695
(Decrease) in deferred income - (5,000)
Cash generated from/(absorbed by) operations 295,077 (36,165)
20 Analysis of changes in net funds
The charity had no debt during the year.