**Draft Financial Statements at 08 August 2024 at 18:37:24** 

**Charity registration number 1088324** 

**Company registration number 04094801 (England and Wales)** 

**WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 



**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **LEGAL AND ADMINISTRATIVE INFORMATION** 

|**Members Of Council**|Mr D Walker|
|---|---|
||Mrs W J Shepherd|
||Mr J R Smithson|
||Mr R T Leathley|
||Mr M J Bailey|
||Mr P Harrison|
||Mr R Holt|
||Mr A Duduak|
|**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 FCA|
||Xeinadin|
||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|
||Virgin Money|
||84-86 High Street|
||Dumfries|
|**Investment advisors**|Williams Investment Management LLP|
||34 Victoria Avenue|
||Harrogate|
||North Yorkshire|
||HG1 5PR|





**Draft Financial Statements at 08 August 2024 at 18:37:24 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|
|Notes to the accounts|10 - 24|





**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **COUNCIL OF MANAGEMENT REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

The Members of Council present their annual report and financial statements for the year ended 31 March 2024. 

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)" (effective 1 January 2019). 

## **Objectives and activities** 

The objectives of the Trust in 2023/24 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 Leyburn. Extensive permanent way works have been required on the track and fencing. Much of the work has been 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** 

Connor Lagus was appointed as Community Engagement Officer in January 2023, to continue to uphold the Trust Objectives, both in the Education and Conservation of The Wensleydale Heritage Railway. 

It has been vital to ensure that the hard work achieved in establishing heritage at Wensleydale Railway through the Lottery and other funding was maintained and broadened. The brilliantly restored and refurbished Stations at Leeming Bar and Scruton have remained central to this. The work done by enthusiastic and gifted volunteers has been directed and managed by the Community Engagement Officer and has been key. Visits and outreach visits have not only brought in funding but also the most incredible feedback. Schools have visited both Scruton Station and Leeming Bar Station House, where pupils are dressed in hand-made period costumes from either 1910 or 1920. They have then stepped off the train to learn about life at our railway over a hundred years ago. Having two stations to choose from, with different eras and activities, schools have often opted for a morning at one, and an afternoon at the other. This has progressed from last year when only half day visits were provided. The ride on the train is an essential part of the visit and especially as for some children it is a first! Thank you to the PLC for helping with this. 

- 1 - 



**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **COUNCIL OF MANAGEMENT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

The learning that takes place is extraordinary. Activities for both stations have been carefully honed and are curriculum linked. Our talented Living History Interpreters are carefully trained and deliver the most wonderful experiences for children, whether in The Parcels or Ticket Offices, Kitchen, Ladies’ Waiting rooms . 

Other visitors, of course come along as they board the train, and are greeted by equally enthusiastic and talented LHIs. They learn about life on our railway and there are always stories to be told! Bricks! Absenteeism from school; transportation of pies, and roses fit for a Queen! All authentic and carefully researched. The washroom has now been completed and adds another exceptional room of interest in Station House. 

Both Scruton and Leeming Bar Teams deliver excellent Talks and Tours, which take information about the then and now at Wensleydale Railway to other community groups. Praise has been high indeed and promote further visits for train rides. 

Family Activities at the stations are being developed and it is hoped they encourage more families to visit the railway during peak holiday times. Hallowe’en at Scruton provided a scary scene! It is with sadness though, that regular trains to Scruton will be curtailed, but the Trust are hoping to organise special events there in the future to encourage more people to visit this little jewel. Make Do and Mend was instigated at Finghall. Interesting and intricate 1940s activities, delivered by volunteers and our seamstress, all dressed in1940s gear. An absolute joy to behold! 

All of these visits rely on our stations being in pristine condition. The Trust is extremely grateful to the excellent Station Support Teams who ensure our buildings are smart, tidy, clean and ready for our visitors. 

We have also engaged in nationwide offerings, such as Heritage Open Days, which we celebrated in 2023 with a 'Looking Back at Leeming Bar' exhibition in the Station House. This attracted visitors from around the corner and around the country. 2023 saw the Wensleydale Railway Archives project make an incredible start on its important journey to cataloguing and preserving the history of the Wensleydale Railway through its collection of documents, photographs, artefacts and objects, ensuring that future generations can learn about our Railway's story. It is good to know that our history is safe and secure. 

Networking has been an important part of expanding knowledge and information, and the Community Engagement Officer has taken every opportunity to reach out to other organisations. An example of this is North Yorkshire County Record Office where he attended as part of their Lunchtime Talks programme and as part of the NYRO Archives at Dusk event. 

The Trust attended Wensleydale Show and Hunton Steam Gathering, drumming up support and spreading the word with volunteers in costume and an array of Wensleydale railway artefacts and leaflets. 

As ever – we thank everyone one who is helping The Trust. You are valued beyond belief. We could not manage 

without your enthusiasm, skill and time. 

Leeming Bar Station House continues to welcome visitors and school parties and is very well received, Work has continued to complete various area including the yard rear yard and outside toilet and the washroom so a more comprehensive view of life in a 1920’s station can be displayed. 

Other external providers have expressed an interest in working with us on providing a more proactive visitor experience using the kitchen etc for small parties to have an ‘historical experience’ 

Scruton Station is continuing to provide a valuable educational and heritage resource for visitors and events. 

- 2 - 



**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **COUNCIL OF MANAGEMENT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

An Archive was set up to ensure information and artefacts from the whole of the railway remains safe and stored in an orderly fashion, work continues to add to and improve the archive and its accessibility. 

Education remains fundamental to the NLHF Grant requirements and future grant and funding submissions benefit from our ability to illustrate our commitment to heritage and education programmes Many schools continue to visit Leeming Bar Station House, and feed back has always been extremely positive. The education programme linked to the National Curriculum which was devised to complement that used with pupils at Scruton has been very successful. Wensleydale Railway Education Programme has been running since 2015 and going forward schools will continue to be able to visit either or both stations by train and hopefully this can be expanded to other stations: Both Scruton and Leeming Bar Stations continue to have educational visits from various groups such as WI and History Groups, Care Homes and other local community groups. The Education Team have also continued to deliver outreach presentations about the Railway. Families have been encouraged to take part in activities that enhance the understanding of the Wensleydale Railway and Heritage events are being devised to sit alongside other Wensleydale Railway events. The Trust is very grateful to the Station Support Teams who ensure the buildings are ready to accept visitors. 

The Trust will continue to further enhance the outstanding work already started and take Heritage and Education along the whole line. Together with the aspirations of the Business Plan. This can only be achieved with the dedication of much appreciated volunteers, under the direction of staff, the Trust and in collaboration with the PLC. We are in now an excellent position to take this forward.) 

## **Training** 

Training continues apace. 

## **Fundraising** 

Grants received during 2023/24 were from: 

Railway Heritage Trust for works on the East Herts Signal Box £63,000 National Railway Heritage for works on the Crakehall gates £2,000 

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

## **Volunteering** 

As was the situation last year as with the heritage industry and in particular other heritage railways we are reliant on our volunteer workforce. Nationally, many voluntary organisations are struggling to retain active volunteers and we have not been immune from that. We continue to need more volunteers to support our increasing offer to the public and other bodies 

## **Membership** 

Following the chaos of last year our membership recording processes have been overhauled by our Membership Secretary, Patsy Illingworth. They now operate smoothly and efficiently under Patsy’s careful control. We now send membership cards to all our members, a significant improvement on the paper ‘cards’ previously issued. 

Member numbers have stabilised and are slowly increasing through the efforts of our Fund Raising Manager, Nick Keegan and now stands at 1,481. 

- 3 - 



**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **COUNCIL OF MANAGEMENT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **Financial review** 

For the period ending 31 March 2024 the combined value of the Association’s funds was £1,188,622 (2023 - £926,496) of which £1,057,959 (2023 - £804,994) are fixed assets leaving net current assets of £130,663 (2023 - £121,502) 

Restricted funds totalled £75,156 (2023 - £93,852) – primarily, yet again, for the Return to Redmire fund and Leyburn footbridge. 

The income for 2024 was slightly more at £318,362 compared to £279,697 in 2023. 

We have supported the PLC’s continuing work on the track between Leyburn and Redmire and it is disappointing to us all that the PLC have not had the capacity to be able to make more progress on this key project. 

Our other significant project has been the re-building the East Herts Signal Box on the site of Constable Burton station. We were given the demolished building, and it was transported, free of charge, to the site. We also received a grant of £90,000 from the Railway Heritage Trust for its re-erection. 

We continue to maintain invested reserves of around £50,000, set at around three to six months expenditure. We feel confident that this is sufficient to maintain the Trust 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. 

## **Principal Risks** 

The maintenance of an adequate level of fund raising and number of volunteers. We have recruited 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. 

## **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 N Park Mrs W J Shepherd Mr J R Smithson Mr R T Leathley Mr M J Bailey Mr P Harrison Mr R Holt Mr T Williamson Mr T Larder Mr A Duduak 

(Resigned 3 July 2023) 

(Resigned 19 October 2023) (Resigned 5 July 2023) 

- 4 - 



**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **COUNCIL OF MANAGEMENT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

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. 

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 eleven 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 R T Leathley** 

Trustee Dated: ......................... 

- 5 - 



**Draft Financial Statements at 08 August 2024 at 18:37:24 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 March 2024. 

## **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: 

- 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or 

- 2 the financial statements do not accord with those records; or 

- 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 

- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

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

## **Deborah Fletcher-McVay FCA** 

Xeinadin Oak House Market Place Bedale North Yorkshire DL8 1AQ 

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

- 6 - 



**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **Current financial year** 

|||||**Unrestricted **|**Unrestricted**|**Restricted**|**Total**|Total|
|---|---|---|---|---|---|---|---|---|
|||||**funds**|**funds**|**funds**|||
|||||**general**|**designated**||||
|||||**2024**|**2024**|**2024**|**2024**|2023|
||||**Notes**|**£**|**£**|**£**|**£**|**£**|
|**Income from:**|||||||||
|Donations, legacies and core grants|||**2**|154,182|7,356|35,310|196,848|170,428|
|Charitable activities|||**3**|-|-|65,000|65,000|56,305|
|Other trading activities|||**4**|48,139|3,873|-|52,012|50,913|
|Investments|||**5**|4,333|169|-|4,502|2,051|
||||||||||
|**Total income**||||206,654|11,398|100,310|318,362|279,697|
||||||||||
|**Expenditure on:**|||||||||
|Raising funds|||**6**|37,937|-|-|37,937|23,617|
||||||||||
|Charitable activities|||**7**|150,157|7,710|53,743|211,610|201,974|
||||||||||
|**Total resources expended**||||188,094|7,710|53,743|249,547|225,591|
||||||||||
|Net gains/(losses)||on investments|**11**|193,311|-|-|193,311|(5,372)|
||||||||||
|**Net incoming resources before**|||||||||
|**transfers**||||211,871|3,688|46,567|262,126|48,734|
|Gross transfers between funds||||65,263|-|(65,263)|-|-|
||||||||||
|**Net movement in funds**||||277,134|3,688|(18,696)|262,126|48,734|
|Fund balances|at 1 April 2023|||818,446|14,198|93,852|926,496|877,762|
||||||||||
|**Fund balances at 31 March 2024**||||1,095,580|17,886|75,156|1,188,622|926,496|



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. 

- 7 - 



**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **Prior financial year** 

|||||**Unrestricted **|**Unrestricted**|**Unrestricted**|**Restricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|---|---|---|---|
|||||**funds**||**funds**||**funds**||
|||||**general**|**designated**|||||
|||||**2023**||**2023**||**2023**|**2023**|
||||**Notes**|**£**||**£**||**£**|**£**|
|**Income from:**||||||||||
|Donations, legacies and core grants|||**2**|74,889||7,261||88,278|170,428|
|Charitable activities|||**3**|-||-||56,305|56,305|
|Other trading activities|||**4**|48,173||2,740||-|50,913|
|Investments|||**5**|1,992||59||-|2,051|
|||||||||||
|**Total income**||||125,054||10,060||144,583|279,697|
|||||||||||
|**Expenditure on:**||||||||||
|Raising funds|||**6**|23,617||-||-|23,617|
|||||||||||
|Charitable activities|||**7**|158,557||10,066||33,351|201,974|
|||||||||||
|**Total resources expended**||||182,174||10,066||33,351|225,591|
|||||||||||
|Net gains/(losses)||on investments|**11**|(5,372)||-||-|(5,372)|
|||||||||||
|**Net incoming resources before transfers**||||(62,492)||(6)||111,232|48,734|
|Gross transfers between funds||||32,178||-||(32,178)|-|
|||||||||||
|**Net movement in funds**||||(30,314)||(6)||79,054|48,734|
|Fund balances|at 1 April 2022|||848,760||14,204||14,798|877,762|
|||||||||||
|**Fund balances at 31 March 2023**||||818,446||14,198||93,852|926,496|



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. 

- 8 - 



**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **BALANCE SHEET** 

## _**AS AT 31 MARCH 2024**_ 

||||**2024**||**2023**||
|---|---|---|---|---|---|---|
||**Notes**|**£**||**£**|**£**|**£**|
|**Fixed assets**|||||||
|Tangible assets|**13**|||640,015||590,298|
|Investments|**14**|||417,944||214,696|
||||||||
|||||1,057,959||804,994|
|**Current assets**|||||||
|Debtors|**15**|44,132|||29,817||
|Cash at bank and in hand||123,927|||127,133||
||||||||
|||168,059|||156,950||
|**Creditors: amounts falling due within**|**16**||||||
|**one year**||(37,396)|||(35,448)||
||||||||
|**Net current assets**||||130,663||121,502|
||||||||
|**Total assets less current liabilities**||||1,188,622||926,496|
|**Income funds**|||||||
|Restricted income funds|**17**|||75,156||93,852|
|Unrestricted funds - general||||1,095,580||818,446|
|Unrestricted funds - designated||||17,886||14,198|
||||||||
|||||1,188,622||926,496|



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 March 2024. 

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 

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 J R Smithson|Mr R T Leathley|
|**Trustee**|**Trustee**|



Company registration number 04094801 (England and Wales) 

- 9 - 



**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **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 financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association,  the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). 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 or grantors 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 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. 

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 

Income from charitable activities includes project grants receivable. Such grants are recognised when the charity is entitled to the grant. 

- 10 - 



**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **1 Accounting policies** 

**(Continued)** 

Trading income includes membership income which is recognised over the period in which membership services are provided. Membership income received but not recognised at the year-end is included as deferred income. 

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

## **1.5 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. 

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, 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. 

## **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 long-term 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). 

- 11 - 



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**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **2 Income from donations and legacies** 

## **(Continued)** 

## **Donated goods and services** 

Included in donations and gifts is £4,132 (2023: £nil) received from the sale of donated goods. 

## **3 Charitable activities** 

||**2024**||**2023**|
|---|---|---|---|
||**£**||**£**|
|Performance related grants|65,000||56,305|
|**Performance related grants**||||
|Arnold Clark - Leeming Bar station pathway|-||1,000|
|Railway Heritage Trust - Portico|-||2,530|
|G Conchie - Chimneys, Kitchen and Mess Room|-||3,860|
|Railway Heritage Trust - East Herts Signal Box|63,000||27,000|
|Derbyshire Environmental Trust|-||21,258|
|Heritage Lottery Fund - Leeming Bar Restoration|-||657|
|National Railway Heritage - Crakehall gates|2,000||-|
|||||
||65,000||56,305|



## **4 Income from other trading activities** 

||**Unrestricted**|**Unrestricted**|**Total**|**Unrestricted**|**Unrestricted**|**Total**|
|---|---|---|---|---|---|---|
||**funds**|**funds**||**funds**|**funds**||
|||**designated**|||**designated**||
||**2024**|**2024**|**2024**|**2023**|**2023**|**2023**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Membership|||||||
|subscriptions and visit|||||||
|income|30,632|-|30,632|42,071|-|42,071|
|Fundraising events|17,507|3,873|21,380|6,102|2,740|8,842|
||||||||
|Other trading activities|48,139|3,873|52,012|48,173|2,740|50,913|



- 13 - 



**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **5 Income from investments** 

||**Unrestricted**|**Unrestricted**|**Total**|**Unrestricted**|**Unrestricted**|**Total**|
|---|---|---|---|---|---|---|
||**funds**|**funds**||**funds**|**funds**||
|||**designated**|||**designated**||
||**2024**|**2024**|**2024**|**2023**|**2023**|**2023**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Income from listed|||||||
|investments|244|-|244|73|-|73|
|Interest receivable|4,089|169|4,258|1,919|59|1,978|
||||||||
||4,333|169|4,502|1,992|59|2,051|



## **6 Expenditure on raising funds** 

||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|**Fundraising, publicity and events**|||
|Other fundraising costs|37,352|22,997|
||||
|Investment management fees|585|620|
||||
|Total costs|37,937|23,617|



- 14 - 



**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **7 Charitable activities** 

||**2024**||**2023**|
|---|---|---|---|
||**£**||**£**|
|Depreciation and impairment|18,471||19,555|
|Scruton station running costs|12,308||3,010|
|Leeming Bar Station repairs and running costs (unrestricted)|35,405||73,486|
|Leeming Bar station repairs and running costs (restricted)|-||850|
|Redmire project, Finghall Lane and Leyburn footbridge expenditure|1,203||474|
|Environment expenditure|-||139|
|MK1 Repairs|600||5,573|
|Redmire expenditure|343||-|
|Leeming Bar Restoration & HEO HLF project expenditure|-||24,848|
|Membership support|10,379||10,580|
|Volunteer Coordinator expenses|14,897||16,351|
|Expenditure by sub-groups|5,750||7,368|
|Member benefits|8,355||-|
|||||
||107,711||162,234|
|Grant funding of activities (see note 8)|74,556||15,634|
|Support costs|29,343||24,106|
|||||
||211,610||201,974|
|**Analysis by fund**||||
|Unrestricted funds - general|150,157||158,557|
|Unrestricted funds - designated|7,710||10,066|
|Restricted funds|53,743||33,351|
|||||
||211,610||201,974|



- Included within support costs is an amount of £4,512 (2023 £4,998) for fees in relation to the independent examination and other accountancy services payable to the Independent Examiner. 

- 15 - 



**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **8 Grants payable** 

||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Grants to institutions:|||
|Wensleydale Railway PLC - Chimneys, kitchen etc|-|3,860|
|Wensleydale Railway PLC - Ham Hall|-|3,375|
|Wensleydale Railway PLC - Bedale oven|-|400|
|Wensleydale Railway PLC - Bubble car seats|-|5,301|
|Wensleydale Railway PLC - Subgroups|1,960|2,698|
|Wensleydale Railway PLC - Return to Redmire|5,583|-|
|Wensleydale Railway PLC - Leeming Bar Platform|36,441|-|
|Wensleydale Railway PLC - RRV grab|2,357|-|
|Wensleydale Railway PLC - Preparation room|26,814|-|
|Wensleydale Railway PLC - Interactive equipment|1,401|-|
||||
||74,556|15,634|



## **9 Members Of Council** 

During the year, one Member of Council was reimbursed expenses for travel and accommodation totalling £66 (2023 - one trustees were reimbursed £218). 

None of the Trustees received remuneration in the year. 

## **10 Employees** 

The average monthly number of employees during the year was: 

|||**2024**||**2023**|
|---|---|---|---|---|
||**Number**||**Number**||
|||3||4|
|**Employment costs**||**2024**||**2023**|
|||**£**||**£**|
|Wages and salaries||74,794||72,165|
|Social security costs||1,331||5,310|
|Other pension costs||2,971||2,802|
||||||
|||79,096||80,277|



There were no employees whose annual remuneration was more than £60,000. 

- 16 - 



**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **11 Gains and losses on investments** 

||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
|Gains/(losses) arising on:|**£**|**£**|
|Revaluation of investments|193,311|(5,372)|



## **12 Taxation** 

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 

## **13 Tangible fixed assets** 

|**Tangible fixed assets**||||||||
|---|---|---|---|---|---|---|---|
||**Land and**|<br>**Plant and**|<br>**Rolling stock**||**Artefacts**||**Total**|
||**Buildings**|**machinery**||||||
||**£**|**£**|**£**||**£**||**£**|
|**Cost**||||||||
|At 1 April 2023|579,822|24,038|95,257||150||699,267|
|Additions|68,188|-|-||-||68,188|
|||||||||
|At 31 March 2024|648,010|24,038|95,257||150||767,455|
|||||||||
|**Depreciation and impairment**||||||||
|At 1 April 2023|64,081|17,319|27,569||-||108,969|
|Depreciation charged in the year|10,816|2,892|4,763||-||18,471|
|||||||||
|At 31 March 2024|74,897|20,211|32,332||-||127,440|
|||||||||
|**Carrying amount**||||||||
|At 31 March 2024|573,113|3,827|62,925||150||640,015|
|At 31 March 2023|515,741|6,719|67,688||150||590,298|



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. 

- 17 - 



**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **14 Fixed asset investments** 

|||**Listed**||**Cash in**|||**Other**||**Total**||
|---|---|---|---|---|---|---|---|---|---|---|
||**Investments**||**portfolio**|||**investments**|||||
|||**£**|||||||**£**||
|**Cost or valuation**|||||||||||
|At 1 April 2023||46,964||8,729|||159,003||214,696||
|Additions||-||-|||10,278||10,278||
|Valuation changes||7,143||-|||186,168||193,311||
|Disposals||-||(341)|||-||(341)||
||||||||||||
|At 31 March 2024||54,107||8,388|||355,449||417,944||
||||||||||||
|**Carrying amount**|||||||||||
|At 31 March 2024||54,107||8,388|||355,449||417,944||
|At 31 March 2023||46,964||8,729|||159,003||214,696||
||||||||**2024**||**2023**||
|Other investments comprise:|||**Notes**||||**£**||**£**||
|Investments in associates|||||||355,449||159,003||



## **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 £355,449 (2023 - £345,171). 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 29.37% 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 2023, the aggregate amount of capital and reserves for this undertaking was £2,127,661 and the entity generated a profit of £795,639. 

As a result of an improved financial position of Wensleydale Railway Plc the provision for impairment previously recorded has been reversed in the year. 

## **15 Debtors** 

|**Debtors**|||
|---|---|---|
||**2024**|**2023**|
|**Amounts falling due within one year:**|**£**|**£**|
|Other debtors|3,982|1,553|
|Prepayments and accrued income|40,150|28,264|
||||
||44,132|29,817|



- 18 - 



**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **16 Creditors: amounts falling due within one year** 

|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2024**|**2023**|
||**£**|**£**|
|Other creditors|8,522|-|
|Accruals and deferred income|28,874|35,448|
||||
||37,396|35,448|



- 19 - 



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**Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **18 Designated funds** 

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. 

||||**Movement in funds**|**Movement in funds**||**Movement in funds**|**Movement in funds**|||
|---|---|---|---|---|---|---|---|---|---|
|||**Balance at**|**Incoming**|<br>**Resources**|**Balance at**|**Incoming**|<br>**Resources**||**Balance at**|
||**1**|**April 2022**|**resources**|**expended**|**1 April 2023**|**resources**|**expended**|**31**|**March 2024**|
|||**£**|**£**|**£**|**£**|**£**|**£**||**£**|
|Sub-groups||14,204|10,060|(10,066)|14,198|11,398|(7,710)||17,886|
|||||||||||
|||14,204|10,060|(10,066)|14,198|11,398|(7,710)||17,886|



The sub-groups fund is made up of the Bedale group and the 250 Club, these sub-groups operate independently but they share the same objectives as the Trust, and constitutionally are part of the Trust. 

## **19 Analysis of net assets between funds** 

||**Unrestricted**|**Unrestricted**|**Designated**|**Designated**|**Restricted**|**Restricted**||**Total**|
|---|---|---|---|---|---|---|---|---|
|||**funds**||**funds**||**funds**|||
|||**2024**||**2024**||**2024**||**2024**|
|||**£**||**£**||**£**||**£**|
|**At 31 March 2024:**|||||||||
|Tangible assets||640,015||-||-||640,015|
|Investments||417,944||-||-||417,944|
|Current assets/(liabilities)||37,621||17,886||75,156||130,663|
||||||||||
|||1,095,580||17,886||75,156||1,188,622|
||**Unrestricted**||**Designated**||**Restricted**|||**Total**|
|||**funds**||**funds**||**funds**|||
|||**2023**||**2023**||**2023**||**2023**|
|||**£**||**£**||**£**||**£**|
|**At 31 March 2023:**|||||||||
|Tangible assets||590,298||-||-||590,298|
|Investments||214,696||-||-||214,696|
|Current assets/(liabilities)||13,452||14,198||93,852||121,502|
||||||||||
|||818,446||14,198||93,852||926,496|



- 23 - 



# **Draft Financial Statements at 08 August 2024 at 18:37:24 WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED** 

**NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **20 Related party transactions** 

- During the year the charity paid grants amounting to £74,555 (2023 £15,635) to Wensleydale Railway PLC, a company in which the charity has a shareholding and of which the members of council, Mr D Walker, Mr A Duduak, Mr R Leathley and Mr J Smithson were directors during the year. Grants amounting to £43,398 (2023: £5,701) were paid out of unrestricted funds, grants amounting to £1,960 (2023- £2,698) were paid out of designated funds and grants amounting to £29,197 (2023 - £7,235) were paid out of restricted funds. 

- 24 -