Charity registration number 1088324 (England and Wales) Company registration number 04094801
WENSLEYDALE RAILWAY TRUST LTD
| , (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS 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 P Harrison Mr R Holt ; Mr C D J Williams (Appointed 2 July 2024) : MrMr A N DudiakS Guest (Appointed 7 October 2024) _
Minute Secretary Mrs Sandra Larden
Charity number (England and Wales) 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 Accountants Trinity House, Thurston Road Northallerton North Yorkshire DL6 2NA Bankers Virgin Money 84-86 High Street Dumfries DG1 2BJ Investment advisors Williams investment Management LLP 34 Victoria Avenue Harrogate North Yorkshire HG1 5PR
WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) CONTENTS
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Council Of Management report 1-6
Independent examiner's report 7
Statement of financial activities 8-9
Balance sheet 10
Notes to the financial statements 11-25
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WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) COUNCIL OF MANAGEMENT REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 MARCH 2025
The Members of Council present their annual report and financial statements for the year ended 31 March 2025.
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 governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)”.
Objectives and activities
The objectives of the Trust in 2024/25 continued as follows:
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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.
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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 original full length of the railway from Northallerton to Garsdale is almost 40 miles but only 22 miles (from Northallerton to Redmire) currently has rails. Aspirations have been to extend the railway westwards but it is acknowledged that there are significant issues and problems to resolve in order to achieve this.
Aims
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 Leeming Bar and Leyburn, with some trains going to Scruton. 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.
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WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) COUNCIL OF MANAGEMENT REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Achievements and performance
Chair’s Report
The year ending March 2025 was a successful year for Wensleydale Railway Association Trust. Our income remained positive and membership at 1,375. We welcomed former General Manager, Chris Williams to the Trust Council and said a fond farewell to Mel Bailey.
It is a joy to report that the success of the PLC means that the Trust has been able to fund a wider range of projects and programmes — we have provided signage along the railway, supported the new catering kitchen and virtually completed the restoration and building of the signal box at Constable Burton. The railway now hosts the largest Polar Express Train Ride in Europe! We employed 35 locally recruited staff and there is no doubt the value to the local community was huge e.g. Proctors Coaches provide the bus service, many passengers will stay in local accommodation and no doubt McDonalds at the Services (where the park and ride is) did a roaring trade.
If this isn't Wensleydale Railway fulfilling some of the original objectives of being a ‘Community Railway’ then I don't know what would be.
The number one objective for the Trust in fundraising terms remains the return to Redmire appeal.
This has been well supported and over £100k will be spent carefully on restoring this section of line. Often, we are asked “Why is it so difficult to re-open the line when the line is there?” Put simply, the infrastructure only received the most basic of care under British Rail and in the early days of WR, the focus was on development of the stations to support a passenger operation.
We undertook the required maintenance to ensure the railway was safe but changing rotten sleepers for new wooden sleepers when the trackbed is soaking wet, only means one thing, the new sleepers won't last anywhere near as long as they should. The infrastructure team are doing an amazing job, recreating the drainage channels and shoring up embankments to ensure when the sleepers and track are renewed, they last. They have been supported by a specialist contractor, but he also has other priorities, hence the time it is taking.
The railway enjoyed another good season with a slight increase in visitors compared to 2023. More significantly, our income from tickets is likely to be around a 10% improvement, helped by the increased event and catering sales. This is fantastic news and testimony to the hard work put in by all of our volunteers — who all play such a significant role in keeping the railway alive.
School visits continue with great feedback, alongside Talks and Tours to promote Heritage to all our visitors. Summer activities at Leeming Bar and Scruton included Scarecrow Making, Make Do and Mend, Leeming Bar Station Trail and another very successful Teddy Bears’ Picnic. We held our popular model railway show and, for the first time, an Industrial Loco Weekend in August.
Two wet days at Hunton Steam Gathering, saw volunteers giving out information about the railway to the many people who attended. Our Volunteers also had a strong and effective presence at the ever popular Wensleydale Show.
Scruton was open for a National Heritage Day. Recent talks have been given and a presentation about the Restoration of Leeming Bar given by Connor Lagus at one of North Eastern Railway Association’s (NERA) biannual conferences in York - which was very well received.
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WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) COUNCIL OF MANAGEMENT REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) , FOR THE YEAR ENDED 31 MARCH 2025
Heritage and Education Programme
The Trust has had a busy year — and not without its challenges! Connor Lagus secured a new job in May at the Bowes Museum. This was an amazing achievement and career opportunity for Connor, partly made possible due to his work at Wensleydale Railway. Thankfully Connor was able to continue working with us for one day a week which has enabled continuity. This was particularly important when we welcomed Graduate Trainee Eveyin Ashmore mid-February. Evelyn is working alongside Connor to ensure the Trust's Objectives in Education and Conservation of The Wensleydale Heritage Railway are upheld. It has been a sharp learning curve for Evelyn, but work has continued with gusto, and she has thrown herself into the role with enthusiasm — Connor making an excellent mentor.
The year started with schools keen to book our popular 1910 and 1920s education visits to Scruton and Leeming. Many schools opted for half a day at each station, with pupils often having their first ever ride on a train! Feedback from visits have been amazing and prompted a new initiative, to develop a World War II experience. This comprised of “evacuees” travelling from Leeming Bar, down to Scruton by train, and then marched down to Scruton Village Hall to be handed over to their “evacuee-guardians”! Brilliantly planned curricular activities include WWII songs, making gas masks and finding out about rationing. It is such a realistic experience and again with outstanding feedback — described by a school's Deputy Head Teacher as “an educational experience of the highest possible calibre”.
Our skilled and enthusiastic volunteers continue to be centre to all our activities. We continue to be busy with Talks and Tours, family activities including Teddy Bears’ Picnic with face painting, storytelling and Victorian games. Meeting and greeting, attending shows to promote the railway, delivering posters, making activity packs, stuffing envelopes with Relays - all keep our volunteers very busy.
Life on our railway is carefully researched and delivered by talented volunteers who portray characters who lived and worked in and around Leeming Bar and Scruton over the eras. School and other visiting children are introduced to life over a hundred years ago and how important our railway was, through the education programme.
We continue to work with ‘The Railway Children Charity’ on Safeguarding, to ensure everyone working, volunteering or visiting our railway stays safe. Details of a training programme is nearing its completion and should be ready to roll out very soon.
New information and artifacts pertaining to our stations come in to us at various times and it is heartening to think that our members are interested in expanding our knowledge of the past. We have received authentic railway clothing, keys, notebooks and more, providing further interest and information. These are all welcomed into the Wensleydale archive, which is growing and is well managed by a team of volunteers.
Nationwide offerings continue. Connor gave a presentation for the Heritage Railway Association in York that was very well received. Heritage Open Days are celebrated, and work has been achieved with North Yorkshire County Records Office.
Our stations are beautifully looked after by volunteers who ensure visitors get a first-class experience. Flowers on the platforms, tidy bins, toilets cleaned — offices cleaned. We receive excellent feedback from visitors — take a look through the Visitor Comment Books at each station!
The Trust is very grateful to all the excellent Station Support Teams and to those who support in whatever — whenever. Recruiting more volunteers is imperative but proving hard.
Your time and skills make a huge difference, and we would struggle to deliver without you. Thank you all.
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WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) COUNCIL OF MANAGEMENT REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Training
Courses are generally organised by the PLC. Volunteers have the opportunity to train in any area they wish to work in. The Trust is working alongside ‘Railway Children’ a safeguarding charity to provide support throughout the railway.
Fundraising
The Trust works alongside the Marketing and Fundraising manager to secure opportunities for fundraising. Ideas for future fundraising are being explored and any new ideas are very welcome. The focus on marketing feeds into this, using for example social media to promote all aspects of the railway. This includes sourcing media coverage, advertising, updating images, leaflets, posters and signage as well as regular press releases. The Marketing and Fundraising Manager reports to the Trust quarterly.
Volunteering
Following the resignation of the Volunteer Coordinator, The PLC took over full responsibility for Volunteer Coordination. Posts and advertising for volunteers remains a priority. More volunteers are required of course, and The Trust would like to thank all volunteers in all sections, without whom the Railway could not run.
Membership
We continue to be grateful to all those who hold membership of the Wensleydale Railway, and to those who regularly support us with events.
Member numbers have reduced a little this year, for various reasons, and we continue to promote the benefits of new membership.
31 March 2024 - Membership 1407
31 March 2025 - Membership 1375
Patricia Illingworth stepped down as Membership Secretary in November 2024 and we are so grateful for her 3 years of dedicated service in this role. The Trust would aiso like to thank Sharon Howard for taking over the role.
Financial review
For the period ending 31 March 2025 the combined value of the Trust's funds was £1,341,818 (2024 - £1,188,622) of which £1,108,444 (2024 - £1,057,959) are fixed assets leaving net current assets of £233,374 (2024 - £130,663)
Restricted funds totalled £87,747 (2024 - £75,156) — the main of which are still for the Redmire Next Steps fund. We did spend £75,709 on the section of track between Leyburn and Redmire and received further donations for this section amounting to £67,026.After lengthy negotiations, Network Rail announced that a footbridge at Leyburn Station was not possible. £15,524 remains in this fund and we are offering to refund the donors. Any funds still remaining will be spent on the enhancement of Leyburn Station facilities.
The East Herts signal box is still unfinished due to other priorities taking precedence. We have, however, received a further grant of £15,485, which will be sufficient to complete the project.
Our invested reserves remain at around £50,000, which is sufficient to maintain the Trust through any short-term problem.
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WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) COUNCIL OF MANAGEMENT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Financial Performance
As ever, we are dependent on voluntary giving and grants for our funds. We do have a wide network of donors, and we are very grateful for their continuing generosity with their support.
Funding Sources
As well as members and supporters and grants which support our core funding, from time to time we have been very fortunate in receiving significant legacies. Legacies are very welcome and help to provide additional support.
Investment Policy
Beyond an adequate contingency fund (enough to keep us solvent for 6 months), we do not have any investments.
Principal Risks
The maintenance of an adequate level of fund raising and volunteer recruitment is key to our future progress. The Trust Council actively reviews the potential major risks and annually reviews its financial controls to ensure effective control of our overall position. 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, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Mr D Walker
Mrs W J Shepherd Mr J R Smithson
Mr R T Leathley Mr M J Bailey (Retired 1 July 2024) Mr P Harrison Mr R Holt MrCDJ Williams (Appointed 2 July 2024) Mr N S Guest (Appointed 7 October 2024) Mr A Dudiak
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.
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 10.
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.
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.
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WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) COUNCIL OF MANAGEMENT REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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.
Future plans are developed by ad hoc short term specific working groups on relevant projects and development issues.
The Council of igement report was approved by the Board of Members Of Council.
Mr R T Leathley Trustee
18 August 2025
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WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF COUNCIL OF WENSLEYDALE RAILWAY TRUST LTD
| report to the Members of Council on my examination of the financial statements of Wensleydale Railway Trust Ltd (the charity) for the year ended 31 March 2025.
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.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, | report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Since the charity's gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. | confirm that | am qualified to undertake the examination because | am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
! have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
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2 _ the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
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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 financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
| 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. Deborahll Xeinadin Accountants
Trinity House, Thurston Road
Northallerton North Yorkshire DL6Date:2NAsehr 2028
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WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
| Currentfinancial year | Unrestricted | Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | ||||
| general | designated | |||||
| 2025 | 2025 | 2025 | 2025 | 2024 | ||
| Notes | £ | £ | £ | £ | £ | |
| income from: | ||||||
| Donations and legacies | 2 | 224,140 | 6,917 | 81,633 | 312,690 | 196,848 |
| Charitable activities | 3 | - | - | 15,485 | 15,485 | 65,000 |
| Othertrading activities | 4 | 44,656 | 977 | - | 45,633 | 52,012 |
| Investments | 5 | 3,933 | 182 | - | 4,115 | 4,502 |
| Total income | 272,729 | 8,076 | 97,118 | 377,923 | 318,362 | |
| Expenditure on: | ||||||
| Raising funds | 6 | 27,284 | - | - | 27,284 | 37,937 |
| Charitable activities | 7 | 103,317 | 5,624 | 83,527 | 192,468 | 211,610 |
| Total expenditure | 130,601 | 5,624 | 83,527 | 219,752 | 249,547 | |
| Net gains/(losses) on investments |
12 | (4,975) | - | - | (4,975) | 193,311 |
| Netincome | 137,153 | 2,452 | 13,591 | 153,196 | 262,126 | |
| Transfers between funds | 1,000 | - | (1,000) | - | - | |
| Netmovement in funds | 138,153 | 2,452 | 12,591 | 153,196 | 262,126 | |
| Reconciliation offunds: | ||||||
| Fund balances at 1 April 2024 | 1,095,580 | 17,886 | 75,156 | 1,188,622 | 926,496 | |
| Fundbalancesat31March2025 | 1,233,733 | 20,338 | 87,747 | 1,341,818 | 1,188,622 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
| Priorfinancial year | Unrestricted | Unrestricted | Restricted | Total | ||
|---|---|---|---|---|---|---|
| funds | funds | funds | ||||
| general | designated | |||||
| 2024 | 2024 | 2024 | 2024 | |||
| Notes | £ | £ | £ | £ | ||
| income from: | ||||||
| Donationsand legacies | 2 | 154,182 | 7,356 | 35,310 | 196,848 | |
| Charitable activities | 3 | - | - | 65,000 | 65,000 | |
| Othertrading activities | 4 | 48,139 | 3,873 | - | 52,012 | |
| Investments | 5 | 4,333 | 169 | - | 4,502 | |
| Total income | 206,654 | 11,398 | 100,310 | 318,362 | ||
| Expenditure on: | ||||||
| Raising funds | 6 | 37,937 | - | - | 37,937 | |
| Charitable activities | 7 | 150,157 | 7,710 | 53,743 | 211,610 | |
| Total expenditure | 188,094 | 7,710 | 53,743 | 249,547 | ||
| Netgains/(losses) on investments | 12 | 193,311 | - | - | 193,311 | |
| Net income | 211,871 | 3,688 | 46,567 | 262,126 | ||
| Transfers betweenfunds | 65,263 | - | (65,263) | - | ||
| Netmovement in funds | 277,134 | 3,688 | (18,696) | 262,126 | ||
| , | ||||||
| Reconciliation offunds: | , | |||||
| Fund balances at 1 April 2023 | 818,446 | 14,198 | 93,852 | 926,496 | ||
| Fundbalancesat31March2024 | 1,095,580 | 17,886 | 75,156 | 1,188,622 |
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WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) BALANCE SHEET
AS AT 31 MARCH 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangibleassets | 14 | 689,048 | 640,015 | ||
| Investments | 15 | 419,396 | 417,944 | ||
| 1,108,444 | 1,057,959 | ||||
| Current assets | |||||
| Debtors | 16 | 38,057 | 44,132 | ||
| Cash at bank and in hand | 226,587 | 123,927 | |||
| 264,644 | 168,059 | ||||
| Creditors: amounts falling duewithin | 17 | ||||
| oneyear | (31,270) | (37,396) | |||
| Net current assets | 233,374 | 130,663 | |||
| Total assets less current liabilities | 1,341,818 | 1,188,622 | |||
| Thefunds ofthe charity | |||||
| Restricted income funds | 18 | 87,747 | 75,156 | ||
| Unrestricted funds -general | 1,233,733 | 1,095,580 | |||
| Unrestricted funds - designated | 19 | 20,338 | 17,886 | ||
| 1,341,818 | 1,188,622 |
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 2025.
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 18 August 2025
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Mr J R Smithson \ MrRTLeathley =,
Trustee Trustee . .
Company registration number 04094801 (England and Wales)
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WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
- 1 Accounting policies
Charity information
Wensleydale Railway Trust Ltd 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 QAR. During the year the company changed it's name from Wensleydale Railway Association (Trust) Limited to Wensleydale Railway Trust Ltd.
- 1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” 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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
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.
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WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
- 1 Accounting policies
(Continued)
Income from charitable activities includes project grants receivable. Such grants are recognised when the charity is entitled to the grant.
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 or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
| Land and Buildings | 2% or5% straight line |
|---|---|
| Plantand machinery | 25% straight line |
| Rolling stock | 5% straight tine |
| Artefacts | No depreciation as directors consider their residual value to |
| beatleastequaltotheircost |
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 the statement of financial activities.
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.
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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.
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WENSLEYDALE RAILWAY TRUST LTD {FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (rRUST) LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (Contlnued) 1.8 Impalrnwnt of fixed assets At each reporting end date. the charity reviM the wirKJ amounts of its tsnglble assets io detwmine whelher there is any Indicati that those assets have suffered an trnpainnent loss. If any such indration exists. the recoverable amount of Ihe asset is estimated in order to detwmlne Ihe extent of the impairment loss {rf any). 13-
WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from donatlon$ and legacle$ Unrestrlcted Unroslricted Re6tr1¢tsd funds funds funds general deslgnated 2025 2025 Total Unrestrlcted Unrestridad Restrlcled funds fun(ts fund5 general deslgnated 2024 2024 Total 202S 2025 2024 2024 Donations and gifts Legacl88 66.185 157,955 6,917 81.633 154,735 157.955 81,111 73,071 7,356 35,310 123.777 73.071 224.140 6,917 81,633 312,690 154.182 7.356 35,310 196.848 14-
WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION ITRUST) LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2025 Incomo from donatlons and legacl (Contlnued) Donatsd goods and servlces Induded In dItiOnS and gifts is £9,161 (2023: £nil) recelved from the sale of donaied goods. Income from charltable actlvliles Rutrl¢tsd Rostrlcted funds funds 2025 2024 P8rformance related grants 15.485 65.000 PerfomnCe rolat•d grants •n•ly•l• 2025 2024 Rallway Herftage TNst- Easl Herts Slgnal Box National Railway HeritO9e - Crnkehall gates 15,485 63,000 2,000 15,485 65.000 Incorn• from othr tr•dlng a1vIll Utwutrlcled Unr•strlct•d fund$ funds general deslgnated 2025 2025 Tt>lal Unr•slrf¢t•d Unrestrlcted fund$ funds general do8lgnat 2024 2024 Total 2025 2024 Membership subscripts'ons and vlslt income Fundralslng events 31.943 12.713 31.943 13.690 30.632 17.507 30.632 21.380 3.873 Other tradlng adlvltles 977 45.633 48.139 3.873 52.012 15-
WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from Investments Unrestricted Unrestrl¢ted nds funds general deslgnated 2025 2025 Total Unrestrlcted Unre3trlcted funds funds general deslgnated 2024 2024 2025 2024 Income from listed Investments Interest receivable 452 3,481 452 3.663 244 4,089 244 4,258 182 169 3.933 182 4,115 4.333 169 4.502 Expendtture on raising fvnds Unr¢$trletod Unrestrfcted funds funds 2025 2024 Fundrdising and publlclty Other fundraising costs 26,644 37.352 Investment management 585 Total costs 27.284 37,937 16-
WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (rRUST) LIMITED) NOTES TO THE FINANCIAL STATEMENTS (COnNUED> FOR THE YEAR ENDED 31 MARCH 2Q25 Expendlture on charitable aelmtles 2025 2024 Dlrect costs Depreciation and impainnent Sryuton station wnning costs Leeming Bar Statton repars and running costs Redmire. Finghall Lane, Crakehall and Leybum Idge expenditure Rolllng stock repairs Redmire. Bedale and environmentsl oxpenthtttye Membership support Volunteer Coordinalor expenses Expendlture by sub8roups Member beneffits Other chaiitable expendi 17,621 7.388 30,239 62 10.333 161 12,348 60 18,471 12,308 35,405 1,203 600 343 10,379 14,897 i I 5.750 8.355 3,201 87.133 107.711 Grant funding of a(#iwtses (see note 8) 80.200 74,556 Share of support arKI gowrnance costs (see Dote 9) Support 25,135 29.343 192.468 211.610 Anatysls by fund Unrestricted funds- general Unrestricted funds- designated Restrithd funds 103,317 5,624 83,527 150.157 7.710 53.743 192.468 211,610 Induded within support costs is an amount of £4.765 (2024 - £4.512) for fees in relation to Ihe independent examination and other accountsncy services payatle to the Independent Examiner. 17-
WENSLEYDALE RAILWAYTRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grants payable 2025 2024 Grants to institutions: Wensleydale Railway PLC - Subgroups Wensleydale Railway PLC - Retum to Redmire Wensleydale Railway PLC - Leeming Bar Platform Wen51eydale Railway PLC - RRV grab Wensleydale Railway PLC - Fyeparation room Wensleydale Railway PLC- Tlets and Leeming Bar Wensleydale Railway PLC- Votunteer party 2.290 75.710 1.960 5,583 36,441 2,357 26,814 1.401 2.IXIO 200 80.200 74.556 Support costs allo&d to actlvft 2025 2024 Legal fees Insurancè Accountar AdministratNJn Markekng subsulpts'cs 3.717 7.466 5.366 3.541 4.709 336 3,545 6.366 5.000 11,530 2,578 324 25.135 29,343 10 Members Of Council During the year. one Mernber of cnLY1 Tras rentr$ed expense5 for travel totalliNJ £12 (2024 - one trustees were reimbursed £66). 11 Employees The average nthty nurnber of empbyees duri Ihe yew was: 2025 Number 2024 Number 18-
WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION rrRUST) LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Employees (Contlnued) Employment costs 2025 2024 Wages and salaries Social security wsts Other pension costs 69,080 1,191 1,891 74,794 1,331 2.971 72.182 79,096 There were no employees whos8 annual remuneration was more than £60,000. 12 Galns and losses on Investmonts Unrestrl¢t6d Unrestrfcted funds funds 2025 2024 Galnsl{It)sses) arfsing on: Revatuation of investments Sale of investrnents (4.541) {434) 193,311 (4,975) 193,311 13 Taxatlon The charity Is exempt from tax on income and gains falling within section 505 of th8 Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extenl that Ihese are applied to its chariiable objects. 19-
WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Tanglble fixed assets Totsl Bulldlngl mh1*ry Cost At 1 April 2024 Addilions Disposals 648.010 67.040 24.038 5.367 95,257 150 767,455 72.407 112,000) {12,000) At 31 March 2025 715.050 29,405 83.257 150 827.862 Depreclatlon and Impalrmw At 1 ri12024 Depreclatlon charged in Ihe year Ellminated In resp8Ct of dl8posals 74.897 10.972 20.211 2.487 32.332 4.163 (6.248) 127.440 17,622 (6.248) At 31 March 2025 85.869 22.698 30.247 138,814 Carylng amount At 31 March 2025 629.181 6,707 53.010 150 689,048 At 31 March 2024 573,113 3,827 62.925 150 640,015 The Trustees of the Natlonal frknitage Memorfal FurKI have a chargo over the freehold property kn¢xn 88 The Staon House. Leeming Bar Ststion, a5 secuiity lor any wtstanding obllgatlons. 15 Flxed asset Investments Ustod Cash In othor porttouo Inva•tmants CMt or valuallon At 1 WI 2024 Additions Valuation changes Disposals 8.388 355.449 18,615 417.944 18.615 (4,541) (12.622) (4.541) (5.488) (7.134) At 31 March 2025 44,078 1254 374,064 419,396 Carrylng anUnt At 31 March 2025 44.078 1.254 374.064 419.396 At 31 March 2024 54.107 355.449 417.944 2025 2024 Other investments comprl8e: Investments In assoclales 374.064 355,449
WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Flxed asset Investments (Contlnued) Flxed asset Investments revalued All listed Investments are carried at thelr falr value. Investments In equllle8. fixed Interest and other $8curilles are all traded in quoted public markets for which market prtces are readlly avallable, The historical cost of the Wensleydale R8llway PIC shares Ss £374.064 {2024 - £355.449). The shares held In Wensleydale Railway PIC have been stated at cost less a prov151on for impalmiont In Ilne wSlh lh8 charW8 accounung pollcy for unllgted Investments. Tha carrylng value of the shares Is revlewed e8t* year. Wens18ydale Railway Trust Limlted holds 30.16% of the Ordlnary Shares in Wernleydale Ra1maY Pl¢. The principal activity of Wensleydale Rallway PIC Is that of development and operatlon of the Wensleydale Rallway. For th818sI relevant fin8ndal year to 31 March 2024, the aggregate amount of capltal and resep4e8 for this undertaking was £2.297,694 and the entty generated a profit of £169,933. 16 Oebtor• 2025 2024 Amount8 falllng duè wlthln ona year: Other debtors Prepayments and accnRd Income 10.150 27.907 3.982 40,150 38.057 44.132 17 Credltorn: amounts lalllng du• wlthln on• year 2025 2024 0th8r credltors Accruals and delerred income 5,195 26,075 8,522 28.874 31,270 37.396 21
WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION ITRUST) LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Restrlcted fvnds The restrlct8d funds of Ihe drity c4)mprise the unexpwwjed balan of d(Ma'OnS and grants h81d on trust subject to speafic conditions by dorKJrs as to hcm they may be used. At 1 Aprll Incomlng Resources 2024 resources exponded Transfern At 31 March 2025 Retum to Redmire Leeming Bar Station Palhway Scruton Station Group Leybum Footbridge East Herts Signal Box Toilets at Leeming Bar Crakehall Gates Volunteef5 Paty Leeming Bar se(rity Cameras Work CA>mpleted on LEV1 Seating in Bubble Car Painting of 4TT14 Other 51.448 67.026 175.709) 42,765 (1,000) 3.952 15.524 870 (367) 4.455 15.524 15,485 15.485 (2.000) (918) (200) (1,000) (2.395) 2.000 1,082 2.395 5.654 1.794 5,654 1.794 988 (938) 75,156 97.118 (83.527) (1.000) 87,747 Prevlous year. At 1 Aprfl Incomlng Resources 2023 resources expended Transfers At 31 Marth 2024 Retum to Redmire Leeming Bar Station Pathway Suuton Ststion Group Leykrn Foolbridge Leerning Bar Porti(xJ repair Preparation Room RRV Grab Crakehal Gates Volunteers Party Leeming Bar e(rity Cameras Derbyshire Environmental TNst East Herts Signal Box Other 47.708 1.000 3.187 17.787 9.665 (5.925) 51.448 1.000 3,952 15,524 972 (207) (2,263) (1.680) (22.316) (2.357) 22,316 2.357 2.000 200 1.000 1.000 21.258 (21.258) 63.000 {63.000} 32 32 93.852 100.310 (53,743) {65,263) 75,156
WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION ITRUST) LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Restrlcted funds (Contlnued) The Retum to Redmire fund is restricted for the upgrade to the infrastructure at Redrn1 stalion. The Leeming Bar Slalion Pathway fund is lo be used in connection to the pathway at Leeming Bar Stslion. Thls fund was fijlly experKled durlng the year. The Scruton Stslicm Supwt Group fund is to be used in connection fulura related support grp expendlture. The Leybum FI{brIdge fund comprlyes dL¥)allons rocerved lo be contrlbute lo the restoratlon and re-slte of the Bdgg footbrldge at Leybum slallon. The Leemlng Bar Portlco Repalr fund ctsnprlses of a grant from the Rallway Heritsge Trust towards the co8t of repairlng the portico at L8emlng Bar Station. in the previous year this was induded In the HLF Leemlng Bar restoralion fund Stage 2 balance. This lund was fulty expended in the previous year. The Preparation Room fijnd comprises of 8 donation receive(I to partialty fund tho con$trudlon of a kitchen preparaiion room. TINS fund Yds fully expended during the pr8vious year. A donatlon was roceivod to fund the ptsrtha88 of a RRV grab. thls wa8 fully expendad In the prevlous year. A grant was ro¢8ived from Nati¢xHI Rallway Heritage to fund work at th? Crakehal gates. Dwtions were rgcthd lo Trd renovallon work to LEV1. arKI for the palntlng and mainlenance of 47714. The Volunteers paty ftmd comprises of a donallon to U88 agalnst the cost ol a Chrfstmas party for the volunteers. This was fully spent during the year. The Easl Herts Signal box fund comprlses grants recefved to use for the devel¢)pment of the East Herts Slgnal Box at Conslable Burton. The Leerning Bar Security Carneras fund (YNTyN15es of a want received for the purch88e of serity cameras at the Leemlng Bar stailcm. This was fvlty expended duflng the year. A grant was recdved from the Derbyshlwe Envlronmental Trust to wovlde a new platform 8urfaca at Leemlng 8ar stallon. Th1$ was fulty expended durfng Ihe prevlous year. Transfers from rnstricted funds to the unrnstricted fund are kn respecl of capltal expendlturn IThed whlch meets the restricted uilwia. -23-
WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (TRUST) LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Unrestrlctsd funds - deslgnated The unrestricted fijnds of the charlty comprise the unexpended balances of donations and grants which are not suty'ect to specific conditions by donors 8nd granlors as to how they may be used. Th8s8 include designated funds which have been sel aside out of unrestricted funds by the truslees for spe¢ific purposes. At 1 Aprfl Incomlng Resources At 31 March 2024 resources expended 2025 Subgroups 17.886 8,076 (5.624) 20,338 Previous year. At 1 Aprfl Incomlng Resources At 31 March 2023 resources expended 2024 Subgroups 14.198 11.398 (7.710) 17,886 20 Analysis ¢)f net assets between funds Unre5tr1cted Unre8trlcted Restrlcted funds funds funds general designated 2025 2025 2025 2025 At 31 March 2025: Tangible assets Inveslments Current assetsloiabilities) 689.048 419.396 125.289 689,048 419,396 233.374 20.338 87.747 1.233.733 20.338 87,747 1.341,818 Unrestrlcted Unreslrfcted Restrfcted funds funds funds general deslgnated 2024 2024 Total 2024 2024 At 31 March 2024: Tangible assets Investments Current assetsl{liabilities) 640.015 417.944 37.621 640,015 417,944 130.663 17.886 75,156 1.095.580 17.886 75,156 1.188,622 -24-
WENSLEYDALE RAILWAY TRUST LTD (FORMERLY KNOWN AS WENSLEYDALE RAILWAY ASSOCIATION (rRUST) LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Related party transactlons During the year the charity paid grants arnounting to £8020012024 - £74.556) to Wensleydale Railway PLC, a company in which the charity has a sharehdding and of whith the members of cnC, Mr D Walker. Mr A Duduak, Mr R Leathley and Mr J Smithson were directors during the year. Grants amounting lo £nil (2024: £43,398) were paid out of unrestricled funds. grants amounling to £2.29012024 £1,960) were paid out of designated funds and grants aJro)unting to £77,910 (2024- £29.198) were paid of restricled funds. -25-