Draft Flnanclal Statements 8t 17 Dècèmber 2025 at 14:14:53 Charity registratlon number 1088545 (England and Wales) Company registration number 01454069 AVON VALLEY RAILWAY HERITAGE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
Draft Financial Statements at 17 Decèmber 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr R Eynon Mr K Goodway Mr J Dean MrA Gamlin Mr M Davies Mr N Parsonson Ms S Peasgood (Appointed 27 September 2024) (Appointed 27 Seplember 2024) (Appointed 27 September 2024) Charlty number 1088545 Company number 01454069 Reglstered office Bitton Railway Station Bath Road Bitton Bristol BS30 6HD Ind8pendent examin8r Mr O Evans Evans & Partners 9 Bank Road Kingswood Bristol BS15 8LS
Draft Financlal Statements at 17 December 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST CONTENTS Page Trustees, report Indepèndent examiner's r8POrt Statement of financial aclivilies Balance sheel 9-10 Notes to the financial statements 11-23
Draft Financlal Statements at 17 December 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JANUARY 2025 Th8 Trustees present th8ir annual report and financial statements for the year ended 31 January 2025. The financial statements have been prepared in accordance with Ihe accounting policies set out in nole 1 to the financial stalemenls and comply with the Charity's governing document, the Companies Act 2006 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and R8public of Ireland {FRS 102)" (effective 1 January 2019). Objectives and actlvltl88 To restore, preserve, exhibit and operate railway locomoliv&s, carriages, wagons, vehicles and other artefacts of historical interest and the slructures connected therewith for the benefit and education of the public and to consejve books, drawings, records, documents, sound and visual recordings, cinematography films and photographs and olher archives relaling to such artefacts and vehicles, their history and Iheir developmenl. In reviewlng our aims. we aro satisfied that we have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Committee. The Trustees are able lo report Ihat de8Plte the general economic sitU8tion the Trust has continued to develop during the year and continues to meet its stated objectives and liabilities. The Trust's current principal aims are., To operate to the very highest of safety standards in complete accordance wth Health and Safety legislation, regulatory body rules and guidance and best railway industry practices. To preserve and enhance the appreciation of the heritage of the Railway for current and future generations to enjoy. To continually improve and develop Ihe core heritage railway and ils structures and lo continually add to our customer experiences to allract an increasing number of visitors. To increase engagement with local schools and other educational and special needs establishmenls to provide an attractive visit destination for educational and remedial purposes and, in doing so, improve community learning and well-being appeal to a future generation of supporters, visitors. volunteers and potential employees. To increase engagement with the local communities, local and county councils and other stakeholders and thus raise our profile, encourage more awareness of our offering and generate additional support. To widen the visitor demographic and to build upon our progress in becoming more attractive to family groups - the AVRHT has an ageing railway enthusiast visitor profile and needs to be appealing more to a younger generation lo protect long term visitor numbers. To develop and expand our volunteer engagement, including a concenlration on younger volunteers. To strive for comlnercial excellence and lo run the business as a profilable venture to protect the herilag8 and to provide reinveslmenl in infrastructure. To develop a variety of fundraising strategies and events to boost Trust funds. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charily should undertake. Achi8v8m8nts and performanc8 Review of the buslness We are running all our operations normally, which results In increased passenger accommodation which should attract more visitors and increased income. We ran 8 Christmas Santa programme throughout December, which was not as successful in bookings as previous years, bul still provided much needed income. We unfortunately suffered from the fraudulent activities of an ex-employee. currently sought by the police for these actions and others across the country. These unauthorised activities by him resulted in a the Trust having to pay out nearly £40,000 to creditors to relain our reputation. This continues to impact on our progress with projects. Fortunalely, w6 received a council grant which has allowed us to replace the heritage slyle fencing around the car park. The Trust were also successful in getting grants and a private donation to bring our gents toilets up lo an acceptable standard. The work took place in February.
Draft Financial Statements at 17 December 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 Ongoing funding The impaGt of the pandemic and recession has naturally resulted in Several routes to funding being temporary closed off as non-diversityldeprivation related projects are not being considered currently by a large number of trusts and grant-making bodies. It is fair to say that the Trust is not conslderlng any new projects at present which do not have a pre-exlsted fundlng agreement (projeot5 currenlly being planned such as the rebuilding of locomotives etc all hav8 clear reslricled funds) or where the addltional funding required would be provided by achi8vab18 grant funding or individual appeals. Lease Following the 65-year lease being agreed wilh South Gloucestershlre Council for the Bitton site and line within South Glouceslershire, the trust is in discussion with BANES Council to agree a lease for the line and associated land In Iheir ownership for an equivalent term. We thank Rob May for his work on our behalf. Locomotives We have progressed works on our locomotive - Avonside 0-6-0 Steam Loco No 1798. We are currently ascertaining the restoration methodology on our other Iwo out of service locomotives Robert stephenson Hawthorn 0-6-0 steam locomotive No 7151- The Littleton 0-6-0 Number 5. The Fry's Sentinel continues lo be a significant attraction when it op8rales, with talks being given by members on the history surrounding being well received. Carrlage & Wagon The Carriage team are progressing works on First Open 3089, Buffet Car 1971, as well as undertaking remedial action on several other items of rolling stock. Subsidiary The Trust has required its subsidiary to undertake extensive improvement works to Ihe pemianent way, crossings and other Trust assets to ensure that there is compliance to Ihe requirements of the Office of Rail and Road and other legal and safety requirements. In particular, Ihe South Crossing has been completely renewed with Strall panels. the excellent work done by a team of staff and volunteers. The associated fencing has been replaced with correct LMS slanted fencing, which will be the benchmark for similar fencing in the future. Volunteers We are very pleased to have a leam of younger volunteers grow in number, wilh the creation, as well, of a younger aged loco group who will focus on the locomotive restoration. This growth is in no small way due to Ihe activities of our new Volunteer SeNices Officer, Matilda Snook. Our thanks go to her. Fundralslng The Trust's Annual Charity English Wine Tasting in June had a profit of £2K. Museum Project The Trust continues collating and recording AVR hislorical documents both visual and audio. We are looking at extending the range of our educational and interpretation offerings in order that the public are afforded a greater opportunity to engage in our history.
Draft Flnancial Statements at 17 December 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Financial revlow Incoming resources for the Charity were £50,097 in 2024125 compared lo £50,357 in 2023124. Expenditure was £122,517 in 2024125 compared to £81,079 in 2023124. The subsidiary turnover was £898,223 with cost of sales being £536,731 and adminislralive expenses £406,517. Reserves policy ReseeS are the resources the Charity has or can make available to spènd, for any or all of the Charity's purposes, once il has mel its commitments and covered ils planned expenditure. Th8 Trustees consider that unrestricted funds need to b8 increased:. To provide funds which can be designated to specific project5 to enable those projects to be undertaken at short notice. To cover 6 months operating costs To protect il from insolvency To prevent serious disruption to its charitable work To meet any shortfall beeen the antlCiP81ed income of the Charity and its budgeted outgoings and its unforeseen expenditure To replace assets as necessary. To provide third party fundlng towards the grant fundlng of major projects The reserves required at current operating levels would amount to belween £50.000 and £70,000. Free reserves at the balance sheel date were -£50,722 (2024.. -£15,119}. The Trustees will continue to endeavour to restore reserves to the desired level in stages consistent with Ihe Charity's overall financial position and its need lo maintain and develop its charitable activities. The level of reserves is monitored and reviewed by the Truslees and reported as part of the Annual Report. Investment pow8rs & pollcy Under the Memorandum and Artlcles ofAssociation the Charity has the power lo make any investment that Trusl8es see fit. Rl8k management Internal risks are minimised by the implementalion of effective internal control procedures. which ensure both appropriate authorisalion of all transactions and projects, and consistent quality of delivery for all aspects of the Charity. These procedures are periodically reviewed for their continuing effectiveness. The Charity uses the operations of the AVR as the avenue for achieving its goals of exhibiting and operating its railway related assets. The Trust Board feels that the level of involvemenl and general cooperation beeen the organisations has justified its investment and reduced the risk of commercial failure. The Safely Management System was recently reviewed by the AVRCO and updated to ensure il still instills best practice. The Board is responsible for safeguarding the Charity's assets and so ensures Ihal relevant levels of insurance cover are provided where appropriate. The Charily joinlly ensures ils risks with the AVRCO to ensure that there are no gaps or duplication in cover across the organisalions. The cover held by the Charity is reviewed annually and approved by the Board. Plans for future perlods Discussion on further extension of the railway will continue along with the development of Bilton Station yard. The Trust is considering various Green" issuos and studies are actively being undertaken to install a solar PV solution to reduce our current £50K electricity bill. The Truslees wish to record their thanks to all members for their valued support and, with careful management of resources, are anticipating further improvement in the year ahead.
Draft Flnancial Statements at 17 December 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y 2025 structurey governance and management Governlng document & constltution Avon Valley Railway Heritage Trust - 'The Charily, {formerly Bitton Railway Company Limited) is a registered charity and 8 company limited by guarantee and is governed by its Memorandum and Articles of Associalion, the Companies Acl 2006 and the Charities Act 2011. Its company regislralion number is 01454089 and ils charity number Is 1088545.11 was first incorporated on 15 October 1979 and was registered as a Charity on 24 September 2001. Each paid up member of the Charity is a mèmber of the Company and has a right to attend and vote at company general meetings. In the event of the company being wound up each member undertakes lo contribute an amount not exedIng £6. The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the dale of signature of the financial statements were.. Mr R Eynon Mr K Goodway MrAR Matthews Mr N Carter Mr J De8n MrA G8mlin Mr M Davies Mr N Parsonson Ms S Peasgood (Resigned 27 November 2024) (Resign8d 16 August 2024) (Appointed 27 September 2024) {Appointed 27 September 2024) (Appointed 27 September 2024) Appolnlment of new trusteès New Trustees can be nominated for election by Trust Members at the Trust's Annual General Meéting. All nominees will receive in advanc8 details of Trust responsibilities and duties in Ihe form of booklets etc. as produced by thg Charities Commission and Irainingladvice programmes from the Trust's charity advisors Evans & Partners Ltd. The company's current policy concarning Ihe payment of trade creditors is to follow Ihe CBI'S Prompt Payers Code (copies are available from Ihe CBI, Centre Point. 103 New Oxford Street, London WC1A 1 DU). Th8 company's current policy concerning Ihe payment of trade creditors is to.. settle the terms of payment wilh suppliers when agreeing the lerms of each Iransaclion., ensure that suppliers are made aware of the lerms of payment by inclusion of the relevant terms in contracts. and pay in accordan with the company's conlractual and other legal obligations. Organisational structure & decision maklng The Charity is managed by an elected board of Trustees and supported by volunteer Officers for achieving its day- to-day activity. The Charitable Trust has a wholly owned subsidiary company, 'The Avon Valley Railway Company Limited, {AVRCo), which is delegated the responsibility for running the day-to-day railway operations and related activities under the name 'Avon Valley Railway,. The directors of AVRCO are responsible for the day-to-day management and operalion ofAVR, appointing staff and reporting to Ihe Trustees. Trustee meetings are held monthly or bi-monthly and during Ihose meetlngs all decisions are mlnuted for future record. In between meelings, matters requiring the Board's aulhorisation are dealt with by email andlor lelephone and then ratified and minuted at its next meeting. Joint strategy days with the AVRCO board of directors and th8 senior management leam are organised throughout the year to enable a joined up approach to the organisations strategy development and to dgal wilh issues that affect both parties.
Draft Flnancial Statements at 17 De¢emb8r 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 The Trustees, report was approved by the Board of Trustees. Mr R Eynon Trusteo 22
Draft Financial Statèmènts at 17 December 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 JANUARY 2025 The Trustees, who are also the direclors ofAvon Valley Railway Heritage Trusl for the purpose of company law, ar8 responsible for preparing the Trustees, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Slandards (Uniled Kingdom Generally Accepled Accounting Practi). Company Law requires thè Trustees to prepare financial stalements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that year. In preparing these financial Blatements, Ihe Trustees are required to: select suitable accounting policies and then apply them consistently., - observe the mèthods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departurés disclosed and explained in the financial statemènts. and prepare the financial statements on the going concern basis unlèss it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping adequate accounling records that disclose with reasonable accuracy at any lime the financial position of the Charity and enable them to ensure thal the financial statements comply with the Companies Act 2006. They 8re also responsible for safeguarding the assets of the Charity and hence for laking reasonable steps for the prevention and deleclion of fraud and other irregularities. Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of the incoming resources and application of resources. including Ihg income and expendlture, of the charitable Company for that year. In preparing Ihese financial statements. Ihe Trustees are required to: select suitable accounting policies and then apply them consistently., observe Ihe methods and principles in the Charities SORP., make judgements and estimales that are reasonable and prudent. stale whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless It is inappropriate to presume Ihat Ihe Charity will continue in operation. The Trustees are responsible for keeping adequate accounling records that disclose with reasonable accuracy at any lime the financial position of the Charity and enable them to ensure that the financial slatemenls comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and honce for taking reasonable steps for the prevention and deleclion of fraud and olh8r irregularities.
Draft Financial Statèments at 17 December 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF AVON VALLEY RAILWAY HERITAGE TRUST I report lo the Trustees on my examination of the financial statements of Avon Valley Railway Herilag8 Trust (the Charity) for the year ended 31 January 2025. Responslblllties and basls of raport As the Trustees of the Charity (and also its directors for the purposes of company law), you are re8ponsible for the preparation of the financlal statements in accordance wilh 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. I 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 I have followed the Directions given by the Charity Commission undar section 145(5)Ib) of the Charilie8 Act 2011. Independent examlner's statement I have completed my examination. In connection with my examination, the following matters have come to my attention: 1 > Evidence of fraud.. Unaulhorised fraudulanl transactions made by a former employee were identified and these are been investigated by the trustees. Approximately £40,500 of cosls were incurred on items purchased on behalf of the Trust. Other than the resulting penalties and legal fees, in most cases the items purchased were put to use by the Trust. 2) Lack of financlal controls: The charity was unable to delecl th8 fraud due to inadequate controls. understood that the Trust86s have improved conlrols, but no assessment has been made of this. other than th8 Itams reported above: 3) The financial statements do comply with th8 acKounting requirements of s8Ction 396 of the Companies Acl 2006 other than any requirement thal the financial statements givg a true and fair view, which is not a matter considered as part of an independent examination,. and 4) Tho financial statements have been prepared in accordance with the methods and principles of Ihe 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). Accordingly. I cannot confirm that no matters have come to my attention which give reasonable cause to believe that the requirementg of the Charities Aot have been mel. Oliver Evans FCA Evans & Partners 9 Bank Road Kingswood Bristol BS15 8LS Dated..
Draft Financial Statements at 17 December 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2025 Unrestrlcted Restricted funds funds 2025 2025 Total Unrestricted Restrictad funds funds 2024 2024 Total 2025 2024 Notes Income from: Donations and legacies Charitable activities other trading activities Investments 11,925 15,515 4,073 1,064 17,520 29,445 15,515 4,073 1,064 11.856 11,888 5,365 1,153 20,095 31,951 11,888 5.365 1,153 Total income 32,577 17,520 50,097 30,262 20,095 50.357 èndlture on: Raising funds 11.604 11.604 5,448 5,448 Charitable activities 89.251 21,399 110.650 62,074 13,557 75,631 Olher 13 263 263 Tolal expenditure 101,118 21,399 122,517 67,522 13,557 81,079 Net outgoing resources before transfèrs {68,541) (3,879) (72,420) (37.260) 6,538 {30,722) Gross Iransfers beeen funds 10,187 (10,187) 3,349 (3.349) Nèt movement in funds (58,354) (14,066) (72,420) (33,911) 3.189 (30,722) Fund balances at 1 February 2024 478,987 92,461 571.448 512,898 89,272 602,170 Fund balances at 31 January 2025 420,633 78.395 499,028 478,987 92,461 571,448 The stalement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from conlinuing activities. The statement of financial aclivities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
Draft Financlal Statements at 17 Decèmber 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST BALANCE SHEET ASAT31 JANUARY2025 2025 2024 Notes Fixed assèts Tangible assets Investments 15 17 471,255 100 494,006 100 471,355 494,106 Current assels Debtors Cash at bank and in hand 18 13.798 56.448 7,251 102,196 70,246 109,447 Crèditors: amounts falling due withln one year 20 (37,173) (22.115) Net current assets 33.073 87,332 Total a888ts18ss current Ilabllltles 504,428 581,438 Creditors: amounts falling due aftar more than ono year 21 (5,400) (9,990) Not assets 499,028 571,448 Income funds Restricted funds Unrestricted funds 78,395 420,633 92,461 478,987 499,028 571.448
Draft Financial Statements at 17 Decembor 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST BALANCE SHEET (CONTINUED) AS AT31 JANUARY2025 The company is entitled to tha exemption from the audit requirement contalned In section 477 of the Companies A 2006. forlhe year ended 31 January 2025. The directors acknowledge their responsibilities for complying wlth the requiremenls of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtaln an audil of its financial statements for tha year in queslion in accordance with section 476. These financial statements have been prepared in accordance with the provlsions applicable to companies subject to the small companies regime. The financial stalements were approved by the Trusteès on . Mr R Eynon Truste8 Company reglstration numbèr 01454069 10-
Draft Financlal Statements at 17 December 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUAR Y 2025 Accounting pollclès Charity informatlon Avon Valley Railway Herllage Trust is a private company limited by guarantee incorporated in England and Wales. Tho registered office is Bitton Railway Station, Bath Road, Bitton, Bristol, BS30 6HD. 1.1 Accountlng conventlon The financial statements have be8n prepared in accordance with the Charity's governing document, the Companies Acl 2006. FRS 102 'The Financial Reporting Standard applicable in th8 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 d8fin8d by FRS 102. The Charity has taken advanlage of the provisions in the SORP for charities not lo pr6pare 8 Statement of Cash Flows. The financlal statements are prépared in sterling, which Is the functional currency of the Charity. Monetary amounts in Ihese financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounling policies adopted are set out below. 1.2 Going concern There are no material uncertainties aboul th8 Charity's ability to continue as a going concern. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees lo further any of the charity's purposes. Designated funds are unrestrictèd funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of Iwo sub-classes.. restricted income funds or endowment funds. Endowment funds are subject lo specific conditions by donors that the capital must be maintained by the Charity. 11
Draft Flnanclal Statements at 17 December 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 Accounting pollcles (Contlnued) 1.4 Income All incomè Is included in the statement of fin8ncial activities when entitlement has passed to the Charity., it is probable Ihat the economic benefits associated with the Irans8Ction will flow lo the Charity and the amount can be reliably measured. The following sp8cific policies are applied to particular categories of income: Income from donations or grants is recognised wh8n Ihere is evidence of entitlement to the gift, receipt is probable and Its amounts can be m8a5ured reliably. Legacy income is recognised when receipt is probable and enlitlement is established. Income from donated goods is measured at the fair value of the goods unless thls Is impraclical to measure r81iably, in which cas8 the value is derived from the cost to the donor or Ihe estimated resalè value. Donated facilities and ServIS are recognised in the accounts when reiVed if the value can be reliably measured. No amounts are included for Ihe contribution of general volunteers. All income is included in Ihe stalement of financial activities when entillem8nl has passed to the Charity; it is probable thal the economio benefits associated with the transaclion will flow to Ihe Charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. Income from contracts for Ihe supply of services is recognised with Ihe delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as reslricted. 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 Ihe amounl. Income tsx recoverable in relation to donalions received under GiftAid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on reipt or otherwise if Ihe Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, Ihe legacy is treated as a contingent asset. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benafil lo a third party. it is probable that a transfer of economic benefits will be requirèd in settlement, and the amount of th8 obligation can be measured reliably. Expenditure is classified by activity. Th8 cosls of each activity are made up of the total of direct costs and shared costs, including support cosls involved in undertaking each activity. Direct costs allributable to a single activity are allocated directly lo thal aclivily. Shared cosls, which contribule lo more than one aclivily and support cosls, which are not attributable to a single activity are apportioned beeen those activities on basis consistent with the use of resources. Cenlral staff costs are allocated on the basis of time spent. and d8pr8ciation charges are allocated on the portion of the asset's use. 1.6 Tangible fixad assets Tangible fixed assets are initially measured al cost and subsequently measured al cost or valuation, net of deprecialion and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assels less their residual valu8s over Iheir useful lives on the following bases.. Tracks & structures Plant & machinery Fixtures & fittings Locos & rolling stock 25 years slraight line 10 years straighl line 10 years slraighl line 25 years straight line The gain or loss arising on the disposal of an asset is determined as the difference befmeen the sale proceeds and the carrying value of the asset, and is recognised in the slatement of financial activities. 12-
Draft Financial Statements at 17 December 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 Accounting pollcles (Contlnued) 1.7 Herltagè assets Where heritage assets have been acqulred and there ar8 records available. these are recognised al cost together with direct restoration costs. Wher6 no such records are available, the heritage assets are not recognised on lh8 balance sheet on the grounds that the cost of obtaining this informalion would outweigh the benefit in doing so. The heritage assels acquired are considered to have Indefinite lives by the Trustees and are therefor8 not depreciated. Annually at the reporting date, the heritage assets are reviewed by the Trustees for indications of impairment. 1.8 Flxed asset investmènts 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 n61 incomel{expenditure) for the year. Transaction costs are expensed as incurred. A subsidiary is an enlity controlled by the Charity. Control Is the power to govem the financlal and operatlng poIiGies of tha entity so as to obtain benefits from its aclivilies. 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-lerm Ilquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Flnancial instrumènts The Charity has elected to apply the provisions of Sectlon 11 'Basic Flnancial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of ils financial instrumenls. Financial inslrumenls are recognised in the Charily's balan sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assels and liabililies are offset, with the net amounls presented in lh& financial statemenls, when there is a legally enforceable righl to set off the recognised amounts and there is an intention to seltle on a net basis or to realise the asset and seltle Ihe liability simultaneously. Baslc financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transacllon price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at Ihe present value of the future reip1S discounted at a market rate of interest. Financial assets classified as receivable within one year are nol amortised. Baslc financial Ilabllltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debl instrument is measured at Ihe present value of the future paymenls discounted al a market rate of Interest. Financlal liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carrled at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or SeiCe$ that have been acquirèd in the ordinary course of operations from suppliers. Amounts payable are classified as currenl liabilities if payment is due within one year or less. If not, they 8re presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effeclive interest method. 13
Draft FTnanclal Statements at 17 December 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Accounting pollcies (Contlnued) Derecognitlon of flnancial Ilabllltles Financial liabilities are derecognised when th8 Charity's contractual obligations explre or are discharged or cancelled. 1.11 Taxatlon The Charity is exempl from corporation tax on its charitable activities 1.12 Employee benefits The cost of 8ny unused holiday enlitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employmenl of an employee or to provide t8rmination benefits. Crillcal accounting estlmates and Judgements In the application of the Charity's accounting pollcies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimales and associated assumptions are based on historical experien and olher factors that are considèred to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where Ihe revision affects both current and future periods. Donatlons and legaclès Unrestricted Restricted funds funds Total Unrestricted funds R8stricted funds Total 2025 2025 2025 2024 2024 2024 Donations and gifts Government grants Other 11,925 15,287 27,212 11,856 11,430 7,000 1,665 23,286 7.000 1,665 2,233 2,233 11,925 17,520 29,445 11.856 20,095 31,951 14-
Draft Flnancial Statements at 17 Decembor 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Charltable actlvltles Unrestricted Unrestricted funds funds 2025 2024 Membership subscriptions Evenls 11,989 3,526 8,386 3.502 15.515 11,888 Income from other trading actlvltlès Unrestrlcted Unrestricted funds funds 2025 2024 Fundraising events Sponsorships and social lotteries 1,300 4,065 4,073 Other trading activities 4,073 5,365 Income from investments Unrostricted Unrèstricted funds funds 2025 2024 Interest receivable 1,064 1,153 Raising funds Unrestrlct8d Unrestrlcted funds funds 2025 2024 Managing member subscriptions 11,604 5,448 11,604 5.448 15-
Draft Flnancial Statamants at 17 Docember 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 Charltable acllvltles Activitleg undertaken dlrectly 2025 Support costs Total Total 2025 2025 2024 Heritage Railway Operation Governance costs 101.293 2,507 6.850 103,800 6,850 69,089 6,542 101,293 9,357 110,650 75,631 101.293 9.357 110,650 75,631 Analysis by fund Unrestricted funds Restricted funds 79,894. 21,399 9,357 89,251 21,399 62,074 13,557 101,293 9,357 110.650 75,631 Net movemènt in funds 2025 2024 The net movement in funds is Stated after charging1(orediting)'. Fees payable for the independent examination of the charity's financlal statements Depreciation of owned tangible fixed assets Loss on disposal of tangible fixed assets 34,755 263 34,279 10 Independent examiner's remuneratlon Fees payable to th8 Charity's independent examiner and associates: 2025 2024 Independent examination of the Charity's annual accounts 1,665 1,800 Non-lndependent examinatlon servicès Preparation of the Charity's annual accounts 1,935 2,210 11 Trustees, expenses During Ihe year, Iruslees were reimbursed for expenses incurred while carrying out thelr dulles. These expanses on behalf of the charity primarily related fraud payments pursued by creditors. Total amount reimbursed: £3,323 (2024= Nil) Total number of trust88s reimbursed: 1 {2024.' Nil) No remuneration or other benefits from employments with Ihe Charily or a related entity were received by the Trustees. 16-
Draft Flnancial Statèments at 17 December 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 12 Employèes The averag8 monthly number of employees during the year was.. 2025 Number 2024 Number Employment costs 2025 2024 Wages and salaries 3.305 5,189 There were no employ8es whose annual remuneration was more than £60,000. 13 Othar expendlture Unrestrlcted Unrestricted funds funds 2025 2024 Net loss on disposal of tangible fixed assets 263 263 14 Taxation The charity is exempt from taxation on ils activities because all its income Is applied for charitabl& purposes, 17-
Draft Flnancial Statèments at 17 December 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 15 Tanglble fixad assets Tracks & structurès Plant & machln•ry Flxtures & Locos & fittlngs rolling stock Total Cost At 1 February 2024 Additions Disposals 632,435 6,500 20.991 1.800 57,434 1,105 333,752 4,600 (2.500) 1,044,612 14.005 (2,500) At 31 January 2025 638,935 22,791 58.539 335,852 1,056.117 Depreciation and Impairment At 1 February 2024 Depreciation charged in the year Eliminated in respect of dlsposals 357,775 22,941 13.139 1,384 32,044 5.234 147,648 5.197 (500) 550.606 34,756 (500) At 31 January 2025 380.715 14.523 37,279 152,345 584,862 Carrying amount At 31 January 2025 258,220 8,268 21,260 183,507 471,255 At 31 January 2024 274,660 7,852 25,390 186,104 494,006 16 Heritage assets The Charily has also received by way of a donalion, a unique steam locomotive 'Liltleton No. 5,, one of only two large 18inch cylindered Manning Wardle 0-6-OST, construcled in 1922. This is held by th8 Charity, but has not been included in Ihe accounts as the Trusl8es do not consider it practicable to obtain an accurate valuation for the locomotive as any valuation obtsined would be loo subjective. 18-
Draft Financial Statemènts at 17 December 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 17 Flxed assot inveslments other Investmants Cost or valuation At 1 February 2024 & 31 January 2025 100 Carrying amount At 31 January 2025 100 At 31 January 2024 100 2025 Other investments comprise: 2024 Notès Investments in subsidiaries 25 100 100 18 Debtors 2025 2024 Amounts falling duè withln one year: Trade debtors Amounts owed by subsidiary undertakings Other debtors Prepayments and accrued income 3,297 4,640 5,861 4,640 2.251 360 13.798 7,251 19 Loans and overdrafts 2025 2024 Bank overdrafts Bank loans 81 14,360 9,945 9,945 14,441 Payable within one year Payable after one year 4,545 5,400 4,451 9,990 19-
Draft Financlal Statements at 17 Decembèr 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 20 Cr8dltors: amounts falllng due withln one year 2025 2024 Not88 Bank loans and overdrafts Trade creditors Members loans Accruals and deferred Income 19 4.545 20,729 7,570 4,329 4,451 12,708 300 4,656 37.173 22,115 21 Creditors: amounts falllng du8 after mor8 than on8 year 2025 2024 Notes Bank loans 19 5,400 9.990 22 Unrastricted funds The unrestricled funds of the charity comprise the unexpended balances of donations and grants which are nol subject to specific conditions by donors and grantors as to howthey may be used. These include designated funds which have been set aside out of unrestricted funds by the Irustees for specific purposes. Transfers At 31 January 2025 At 1 February 2024 Incoming Resourc88 resources expanded General funds 478.987 32,577 (101.118) 10,187 420,633 Provlous year: At 1 February 2023 Incoming rosources Resources expended Tran8f8rs At 31 January 2024 General funds 512,898 30,262 (67,522) 3,349 478,987 -20-
Draft Financial Statements at 17 December 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 23 Movement in funds For the year ended 31 January 2025 At1Feb 2024 At 31 Jan 2025 Income Expenditure Transfers Restrlctèd funds Edwin Hulse Fund Track Fry's Sentinel Loco RBR 1971 Loco & Rolling Stock RSH Railway Developm8nl Fund Chocolate Train Littleton LMS Brake Van Signalling Bitton Lamphut BathlExlension Restoralion Jubilee Grant IT Improvement Fund Visiting Engine Fund Oldland Common Station Gardeners Fund Wickham Trolley Fund Toilet Block Project Car Park Fencing 29,688 9,224 8,911 371 385 6,676 5,389 356 12,832 7,258 340 882 200 96 234 66 1.917 536 100 7.000 218 45 (105) {13,129) 29,799 3,861 8,911 371 1,601 6,676 4,897 356 12,832 7,258 355 2,208 {991) 2.233 (625) (2,100) 15 (882) 200 96 234 2,227 1.312 761 100 9,191 (7,030) {605) {1881 413 (7,035) (2,791) 35 3,200 409 92,461 17,520 (32,499) 914 78,396 Reslricled funds - from time lo tirne the Charity runs an 8ppeal to purchase or restore and item of rolling stock or railway asset or to hold a special event. Income & expenditure on these funds is shown above. 21
Draft Flnancial Statements at 17 December 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 {Contlnued} 23 Movement in funds Forth8 year ended 31 January 2025 At1Feb 2024 At 31 Jan 2025 Income Expenditure Transfers Unrestricted funds General funds Motive Power Fund 471.963 7.024 32.577 (101.118) 10,187 413,609 7,024 478,987 32,577 (101,118) 10,187 420,633 Total funds 571.448 50,097 {133,617) 11,101 499,029 Motive Power Fund - The Trustees declded to sel aslde into Ihis designated fund any hire fees received from the operation of the Charity's locomotives. This money being put aside to ensure the capital required lo overhaul and maintain the locomolives owned by the Charity is available and liquid enough to be used to keep all locomotives in service. For the year ended 31 January 2024 At1Fab 2023 At 31 Jan 2024 Income Expendlture Transfers Restricted funds Edwin Hulse Fund Track Fry's Sentin61 Loco RBR 1971 Loco & Rolling Stock RSH Railway Development Fund Chocolate Train Littleton LMS Brake Van Signalling Bitlon Lamphut BalhlExlension Restoration Jubilee Grant IT Improvement Fund South Glos MAF Visiting Engine Fund Oldland Common Slalion Gardeners Fund Wickham Trolley Fund Robbery Fund Toilet Block Project 29,425 9,224 13,368 371 889 6,245 6,178 356 12,832 7,258 315 882 200 96 234 1,080 320 338 (74) 29,689 9.224 8,911 371 385 6,676 5,389 356 12,832 7.258 340 882 200 96 234 (4,457) 200 431 1,665 (704) (1,206) (1,248) 25 (1,142) (1,500) (912) {52) 62 1,246 2,828 588 100 5,673 7,000 66 1,916 536 100 (3,510) (2,163) 7,000 89,273 20.094 (13.557) (3,349) 92,461 -22-
Draft Financial Statements at 17 December 2025 at 14:14:53 AVON VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 23 Movement In funds (Contlnuèd) For th8 year ended 31 January 2024 A11Feb 2023 At 31 Jan 2024 Income Exp8nditure Transfers Unrestricted funds General funds Molive Power Fund 507,174 5,724 28,961 1,300 (67.522) 3,349 471,983 7,024 512.898 30,261 (67.523) 3,349 478,987 Total funds 602,171 50,355 (81.079) 571,448 24 Related party transaclions There was a loan from a member of the Charity totalling £300 (2024 - £300). This loan is interest fre8 and r8payable within three years. There was a loan from a trustee of th8 Charity totalling £7,270 (2024 - £Nil). This loan is interest fe and repayable within five years. 25 Subsidiarles These financial statements are separate Charity financial statements for the Avon Valley Railway Company Ltd {company number 04311647) Details of the Charity's subsidiaries at 31 January 2025 are as follows: Name of undertaking Reglstered offlce Nature of business Class of °h Held shares hèld Dlrect Indlrect TheAvon Valley Railway Company Ltd United Kingdom Rallway Ordinary 100.00 The aggregate capital and reserves and the result for the year of subsidiaries was as follows.. Name of undertaking ProfiU(Loss) Capital and Reserv8S TheAvon Valley Railway Company Ltd (39,659) 3,192 -23-