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
Rese￿eS 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 be￿een 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 be￿een 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 ex￿edIng £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 be￿een
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 ServI￿S are recognised in the accounts when re￿iVed 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 re￿ipt 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 be￿een 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 re￿ip1S 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 Se￿iCe$ 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 f￿e 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-