## **Weardale Railway Heritage Trust** 

## **Chair’s Report to Members – 2026** 

## **Introduction** 

Throughout 2025 Trust members continued to support Weardale Railway Ltd in its operation of the railway. Trust members volunteered to provide operational staff for the Company to run a series of Heritage Services from Stanhope either to or from Wolsingham or further afield to Bishop Auckland and return. 

These heritage services used a combination of the Trust-owned Class 108 and Class 142 DMU units, which were hired to the Company. Driver Experience sessions using the Trust-owned Sentinel 0-6-0 shunter also continued throughout the operational year. These hires resulted in a steady stream of income to the Trust. 




## **Engineering and Traction** 

Throughout the year engineering work was undertaken by Trust members to ensure that traction was available to support the Company’s heritage services. The use of Trust assets resulted in several mechanical and electrical issues across both units which required careful management to fulfil the Company’s operational requirements. 



A major failure of the drive to one of the bogies on the Class 108 DMU required replacement of a gear on the final drive shaft. The replacement part was removed from the donor Class 108 unit purchased by the Trust last year to return the operational unit to service. 

The Trust Class 142 Pacer unit also experienced electrical problems associated with the safety systems installed on this type of unit. Problems were identified with the gel-type batteries fitted to these units and replacement batteries were purchased and installed. Additionally, the door actuators were refurbished to ensure the correct operation of the door safety sensors and allow the unit to operate safely. 

Trust engineering volunteers also ensured that both units successfully passed their Fitness to Run examinations prior to returning to service. 





## **Steam Locomotive No. 40** 

Work continued on the refurbishment of the boiler of the Trust-owned steam locomotive No. 40, currently being undertaken by McEwens. 



Steady progress has been made throughout the year on the internal boiler components, and the fitting and hydraulic testing of the steam pipe has been successfully undertaken and approved by the Trust’s contracted boiler inspectors. 

measuring of the firebox, with the aim of completing the firebox installation during 2026. 

Trust volunteers have continued to inspect and refurbish other components from No. 40 in preparation for the locomotive’s rebuild once the boiler becomes available from McEwen’s. 

Particular attention has been given to the locomotive’s water side tanks, which have undergone significant refurbishment at Northern Heritage Engineering in Darlington to make them serviceable. 

As there is currently no short-term requirement for steam operation on the Weardale Railway, it is anticipated that the locomotive may be offered to other heritage railways in the future to generate funds for further restoration and preservation work. 




## **Infrastructure and Station Improvements** 

The Trust has contributed to projects that improve the railway’s infrastructure. During the year the platform canopy glazed end screens at Stanhope Station were replaced, the originals having deteriorated significantly. 



Volunteers remain actively involved in maintaining the railway environment. Members of the Sunday Gang regularly undertake vegetation clearance to ensure the track remains clear and sight lines are maintained. 

Meanwhile the Wednesday Gang undertake the many tasks required to maintain station platforms and infrastructure. During the year this included repairs to running-in boards, general station maintenance and improvements to facilities. 

The team also redecorated and reorganised both the Control Office and Trust offices at Stanhope Station. 





## **Enhancing the Railway Environment** 

displays at stations, particularly Stanhope and Witton-le-Wear. 

The Trust also provided hanging baskets for the main canopy at Stanhope Station. 

Stanhope Station was entered into the Northumbria in Bloom competition. While the Company funded much of the purchase of plants and planters, the planting, watering and upkeep of the displays was largely undertaken by Trust members. 

These efforts were rewarded when Stanhope Station won the Best Bus/Metro/Railway Station category and achieved a Gold Award. 



The judges commented: 

_"Stanhope Station was a pleasure to visit, with its beautiful platforms and many happy volunteers all working together to give visitors to their railway a wonderful experience on their journey through the beautiful countryside of Weardale."_ 




## **Community Engagement and Events** 

Throughout 2025 Weardale Railway Ltd worked closely with local schools to offer pupils the opportunity to experience a train journey while learning about railway safety and the wildlife found throughout the dale. 

Trust members were involved in supporting these activities and sharing their knowledge and enthusiasm with younger visitors. 

Volunteers also assisted with several railway events and special trains throughout the year, including photography charters and heritage events. 







## **Trust Shop and Promotion** 

Activity on the railway has also contributed to healthy takings from the Trust Shop, which helps fund the Trust’s work in maintaining and preserving its assets. 

Trust volunteers have also been active in promoting the railway and engaging with visitors, helping to encourage continued support for the line. 





## **Membership** 

Throughout the year the Trust has maintained a steady membership base. As some longstanding members step back from active involvement, they are increasingly being replaced by new and younger members keen to contribute to the railway. 

The Trust continues to encourage people from all backgrounds to become involved and aims to provide opportunities for volunteers of all ages and abilities. 

## **30 Years of the Weardale Railway Heritage Trust** 

The year also saw the Trust celebrate 30 years of the Weardale Railway Heritage Trust, marking an important milestone in the organisation’s history. 



## **Thanks to Our Volunteers** 

to maintain the activities of the railway to such a high standard. 

Whether operating trains, maintaining infrastructure, improving the appearance of stations or interacting with visitors, their dedication ensures that the Weardale Railway continues to provide an enjoyable and memorable experience for all who visit. 

## **Tony Slack** 

## **January 2026** 



## **Secretary’s Report for the year to 31[st] January 2026** 

The Trustees met on 12 occasions including three single item meetings, to conduct the business of the Trust during the reporting period. 

With regard to the governance, the Trust had met its statutory reporting requirements to the Charity Commission (Annual Return and Trustees Annual Report) and Companies House (Accounts and Annual Return). The Trust had complied with its duty regarding section 4 of the Charities Act 2006 that its activities had been undertaken regarding the public benefit guidance published by the Charities Commission. 

**Jean Clarke January 2026** 



Company registration number: 03226401 Charity registration number: 1088897 

**THE WEARDALE RAILWAY TRUST TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026** 

Ormesher & Co Bookkeeping & Accounts 



**The Weardale Railway Trust Contents** 

||**Page**|
|---|---|
|Reference and Administrative Details|1|
|Trustees' Report|2—4|
|Independent Examiner's Report|5|
|Statement of Financial Activities (including Income and Expenditure Account)|6|
|Comparative Statement of Financial Activities (including Income and Expenditure Account)|7|
|Balance Sheet|8|
|Notes to the Financial Statements|9—14|





**The Weardale Railway Trust Reference and Administrative Details For The Year Ended 31 January 2026** 

|**Trustees**|Mr Anthony Slack - Chair|
|---|---|
||Dr Michael Wood - Vice Chair|
||Mrs Jean Clarke - Secretary|
||Dr Robert Dingle - Treasurer|
||Dr Peter Hoare|
||Dr David Smith|
||Mr Thomas Hatton|
||Mr John Askwith|
||Mr Gerald Mudd|
||Mr Mark Woodhams|
|**Charity Number**|1088897|
|**Company Number**|03226401|
|**Registered Office**|Stanhope Station Station Road|
||Stanhope|
||Bishop Auckland|
||County Durham|
||DL13 2YS|
|**Independent Examiner**|Joanne Ormesher BSc (Hons) MICB PM.Dip|



Page 1 



**The Weardale Railway Trust Company No. 03226401 Trustees' Report For The Year Ended 31 January 2026** 

The trustees present their report and the financial statements for the year ended 31 January 2026. 

## **Objectives and Activities** 

## **Aims and Objectives** 

All members of the Trust Council give their time voluntarily and receive no benefit from the charity. Expenses reclaimed from the Trust during the year are detailed in note 17 to the financial statements. 

The Trust has three main objectives: 

1. To restore the rail link between Bishop Auckland and Wearhead in County Durham. 

2. To restore and preserve land, buildings and other artefacts connected with the railway through Weardale. 

3. To study, compile record and restore, preserve items of interest and provide instruction on such activities; to provide exhibitions for visitors and to operate, sponsor and support displays for the stimulation of information, education and interest in railways. 

As stated in Trustees Annual Report 2009 -2010 the Trust volunteers, along with Weardale Railway CIC personnel, completed the link between Stanhope and Bishop Auckland completing one the Trust's main objectives (Objective 1). 

## **The Focus of Our Work** 

During the year, the Trust’s main objectives were to protect and promote the railway heritage of the Weardale line, with particular emphasis on safeguarding historical assets and supporting the future restoration and educational use of the railway. 

The Trust continued to rely on volunteer support to progress its objectives and to maintain engagement with the local community and the wider railway heritage sector. 

The Trust’s objectives for the year were delivered by volunteers and included the continued restoration and maintenance of the railway infrastructure, along with maintenance and repair work on the Trust’s steam engine No. 40, the two-car Class 108 DMU, and the Pacer. 

## **Public Benefit** 

The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit. 

These activities provide public benefit through the preservation of local heritage, educational engagement, volunteering opportunities, and the promotion of tourism and economic activity within the Weardale area. 

## **Financial Review** 

## **Financial Position** 

The Trust’s total income for the financial period was £62,378 (2025: £27,645) and total expenditure was £54,887 (2025: £42,676), resulting in a net surplus of £7,491 for the year (2025: net deficit £15,031). 

Voluntary income amounted to £44,253, comprising subscriptions, donations, Gift Aid, grants and appeals. Fundraising income from the shop, hire fees and the Trust lottery totalled £17,414, and investment income of £711 was received in the form of bank interest. 

Total expenditure incurred in furtherance of the Trust’s charitable objectives amounted to £52,130, reflecting continued investment in the maintenance, restoration and preservation of railway infrastructure, rolling stock and heritage assets in line with the Trust’s aims. 

During the year, a long standing loan previously provided by a Trustee was formally waived and donated to the Trust. In accordance with the donor’s intention, the value of the loan was recognised as donated income and transferred into a restricted fund for the maintenance and restoration of Steam Engine No. 40. This was a non recurring item and did not result in an increase in cash balances. 

At 31 January 2026, total funds stood at £241,076 (2025: £233,585), comprising £229,260 of unrestricted funds and £11,816 of restricted funds. Restricted funds relate primarily to the maintenance and restoration of Steam Engine No. 40 and to other specific heritage purposes. 

Cash balances at the year end were £89,338 (2025: £105,649). A significant proportion of the Trust’s total funds is represented by heritage and infrastructure assets rather than cash, with tangible fixed assets of £147,057 included on the balance sheet. 

The Trustees’ policy is to maintain between three and six months of operating costs in reserve in order to cover unforeseen expenditure relating to the Trust’s charitable objectives. After allowing for fixed assets, restricted and designated funds, the Trustees consider that the Trust held sufficient free reserves to meet this policy at the year end. 

The Trustees are satisfied that the Trust remains in a stable financial position and continues to manage its resources prudently in support of its charitable objectives. 

Page 2 



**The Weardale Railway Trust Trustees' Report (continued) For The Year Ended 31 January 2026** 

## **Going Concern** 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. No material uncertainties have been identified that may cast significant doubt on the Trust’s ability to continue as a going concern. 

Page 3 



**The Weardale Railway Trust Trustees' Report (continued) For The Year Ended 31 January 2026** 

## **Structure, Governance and Management** 

## **Governing Document** 

The Weardale Railway Trust is a registered charity (No 1088897) and is also a not for profit limited company constituted by a memorandum and articles of association (company registration No 3226401). 

The Trust became a charity on 12 October 2001 and operates purely on a voluntary basis. 

## **Statement of Trustees Responsibilities** 

The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles of the Charities SORP (FRS 102); 

- make judgments and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Trustee Selection Methods** 

The business of the Trust is managed by a Council (Trust M&As clause 45) consisting of a maximum of 12 Directors (Trust M&As clause 37 - amended at the Trusts AGM held on 13 November 2010) including a Chair, a Vice Chair and a Treasurer. The Council Directors are nominated and elected by the members at the Trust's AGM. The Trust's M&As require 33.3% of the Directors to resign at each AGM to allow for rotation of the members of the Trust Council (Trust M&As clause 56 - amended at the Trust's AGM held on 18 November 2006). 

The Trust Council met 12 times during the year to enact the Trust's business. 

## **Related Parties** 

The charity has no related parties in a corporate legal sense but is linked, in its charitable aims, with the operating company of the Weardale Railway Limited. There is one directorship on the board of Weardale Railway Limited. The charity nominated Anthony Slack as its representative. 

The trustees' report was approved by the board of trustees and signed on its behalf by: 

Dr Robert Dingle Trustee 16/03/2026 

Page 4 



**The Weardale Railway Trust Independent Examiner's Report to the Trustees of The Weardale Railway Trust For The Year Ended 31 January 2026** 

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2026. 

## **Responsibilities and Basis of Report** 

As the charity trustees of the Company (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”). 

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. 

## **Independent Examiner's Statement** 

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 

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

2. the accounts do not accord with those records; or 

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

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

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

Joanne Ormesher BSc (Hons) MICB PM.Dip 01/03/2026 

Page 5 



**The Weardale Railway Trust Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 January 2026** 

|**Notes**<br>**INCOME AND ENDOWMENTS FROM:**<br>Donations and legacies<br>**3**<br>Other trading activities<br>**4**<br>Investments<br>**5**<br>**EXPENDITURE ON:**<br>Raising funds<br>**7**<br>Charitable activities:<br>**7**<br>Our Aims and Activities<br>**NET INCOME/(EXPENDITURE)**<br>**NET MOVEMENT IN FUNDS**<br>**RECONCILIATION OF FUNDS:**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**<br>**16**|**Unrestricted**<br>**funds**<br>**£**<br>13,343<br>17,414<br>711|**Restricted**<br>**funds**<br>**£**<br>30,910<br>-<br>-|**2026**<br>**Total funds **<br>**£**<br>44,253<br>17,414<br>711|**2025**<br> **Total funds**<br>**£**<br>10,257<br>16,856<br>532|
|---|---|---|---|---|
||31,468|30,910|62,378|27,645|
||(2,358)<br>(33,064)|(399)<br>(19,066)|(2,757)<br>(52,130)|(1,297)<br>(41,379)|
||(35,422)|(19,465)|(54,887)|(42,676)|
||(3,954)|11,445|7,491|(15,031)|
||(3,954)<br>233,214|11,445<br>371|7,491<br>233,585|(15,031)<br>248,616|
||229,260|11,816|241,076|233,585|



The notes on pages 9 to 14 form part of these financial statements. 

Page 6 



**The Weardale Railway Trust Comparative Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 January 2026** 

|**Notes**<br>**INCOME AND ENDOWMENTS FROM:**<br>Donations and legacies<br>**3**<br>Other trading activities<br>**4**<br>Investments<br>**5**<br>**EXPENDITURE ON:**<br>Raising funds<br>**7**<br>Charitable activities:<br>**7**<br>Our Aims and Activities<br>**NET EXPENDITURE**<br>**NET MOVEMENT IN FUNDS**<br>**RECONCILIATION OF FUNDS:**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**<br>**16**|**Unrestricted**<br>**funds**<br>**£**<br>10,098<br>16,856<br>532|**Restricted**<br>**funds**<br>**£**<br>159<br>-<br>-|**2025**<br>**Total funds**<br>**£**<br>10,257<br>16,856<br>532|
|---|---|---|---|
||27,486|159|27,645|
||(1,297)<br>(41,136)|-<br>(243)|(1,297)<br>(41,379)|
||(42,433)|(243)|(42,676)|
||(14,947)|(84)|(15,031)|
||(14,947)<br>248,161|(84)<br>455|(15,031)<br>248,616|
||233,214|371|233,585|



The notes on pages 9 to 14 form part of these financial statements. 

Page 7 



## **The Weardale Railway Trust Balance Sheet As At 31 January 2026** 

|**Notes**<br>**FIXED ASSETS**<br>Tangible Assets<br>**10**<br>**CURRENT ASSETS**<br>Stocks<br>**11**<br>Debtors<br>**12**<br>Cash at bank and in hand<br>**Creditors: Amounts Falling Due Within One Year**<br>**13**<br>**NET CURRENT ASSETS (LIABILITIES)**<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>**Creditors: Amounts Falling Due After More Than One Year**<br>**14**<br>**NET ASSETS**<br>**FUNDS OF THE CHARITY**<br>Restricted Funds<br>Unrestricted Funds<br>**TOTAL FUNDS**<br>**16**|**Unrestricted**<br>**funds**<br>**£**<br>147,057|**Restricted**<br>**funds**<br>**£**<br>-|**2026**<br>**Total funds **<br>**£**<br>147,057|**2025**<br> **Total funds**<br>**£**<br>152,450|
|---|---|---|---|---|
||147,057<br>800<br>5,519<br>89,338|-<br>-<br>-<br>11,816|147,057<br>800<br>5,519<br>89,338|152,450<br>800<br>1,272<br>105,649|
||95,657<br>(13,454)|11,816<br>-|95,657<br>(1,638)|107,721<br>(1,659)|
||82,203|11,816|94,019|106,062|
||229,260|11,816|241,076|258,512|
||-|-|-|(24,927)|
||229,260|11,816|241,076|233,585|
||||11,816<br>229,260|371<br>233,214|
||||241,076|233,585|



For the year ending 31 January 2026 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

The members have not required the charitable company to obtain an audit in accordance with section 476 of the Companies Act 2006. 

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. 

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. 

On behalf of the board 

Dr Robert Dingle 

Trustee 16/03/2026 

The notes on pages 9 to 14 form part of these financial statements. 

Page 8 



**The Weardale Railway Trust Notes to the Financial Statements For The Year Ended 31 January 2026** 

## 1. **General Information** 

The Weardale Railway Trust is a company limited by guarantee, incorporated in England & Wales, registered number 03226401 and registered charity number 1088897. The registered office is Stanhope Station Station Road, Stanhope, Bishop Auckland, County Durham, DL13 2YS. 

## 2. **Accounting Policies** 

## 2.1. **Basis of Preparation of Financial Statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "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)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. 

The charitable company is a Public Benefit Entity as defined by FRS 102. 

## 2.2. **Going Concern Disclosure** 

The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern. The Trustees make this assessment in respectof a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the company has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the company’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. 

## 2.3. **Fund Accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

Designated funds comprise unrestricted funds that have been set aside by the trustees for a specific purpose. 

Restricted funds are to be used for specific purposes as laid down by the donor. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

## 2.4. **Incoming Resources** 

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. 

Gifts donated for resale are included as income when they are sold. The Trustees acknowledge that they are assets of the company as soon as received but the minimal value of these assets makes it uneconomic to value them prior to sale. No amounts are included in the financial statements for services donated by volunteers. 

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 

## 2.5. **Resources Expended** 

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

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. 

Charitable activities are costs incurred on the company's charitable operations, including support costs and costs relating to the governance of the company apportioned to charitable activities. 

## 2.6. **Tangible Fixed Assets and Depreciation** 

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: 

Platform 15-50 years straight line Plant & Machinery 10% Reducing Balance Motive Power Units 20-100 years straight line Rolling Stock 10% Reducing Balance 

Page 9 



**The Weardale Railway Trust Notes to the Financial Statements (continued) For The Year Ended 31 January 2026** 

## 2.7. **Stocks and Work in Progress** 

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slowmoving stocks. 

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses. 

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the statement of financial activities. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the statement of financial activities. 

## 2.8. **Cash and Cash Equivalents** 

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts. 

## 2.9. **Financial Instruments** 

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## 3. **Income from Donations and Legacies** 

|.<br>**Income from Donations and Legacies**||||
|---|---|---|---|
|Donations and gifts<br>Member subscriptions and sponsorships<br>Gift aid<br>Donations and gifts<br>Member subscriptions and sponsorships<br>Gift aid|**Unrestricted**<br>**funds**<br>**£**<br>1,601<br>4,871<br>6,871|**Restricted**<br>**funds**<br>**£**<br>30,910<br>-<br>-|**2026**<br>**Total**<br>**funds**<br>**£**<br>32,511<br>4,871<br>6,871|
||13,343|30,910|44,253|
||**Unrestricted**<br>**funds**<br>**£**<br>1,899<br>6,900<br>1,299|**Restricted**<br>**funds**<br>**£**<br>159<br>-<br>-|**2025**<br>**Total**<br>**funds**<br>**£**<br>2,058<br>6,900<br>1,299|
||10,098|159|10,257|



## 4. **Income from Other Trading Activities** 

|.<br>**Income from Other Trading Activities**|||
|---|---|---|
||**2026**|**2025**|
||**Unrestricted**|**Unrestricted**|
||**funds**|**funds**|
||**£**|**£**|
|Income from other trading activities|17,414|16,856|



5. **Investment Income** 

Page 10 



**The Weardale Railway Trust Notes to the Financial Statements (continued) For The Year Ended 31 January 2026** 

|Bank interest receivable<br>.<br>**Net Income/(Expenditure)**<br>he net income/(expenditure) is stated after charging/(crediting):<br>Depreciation of tangible fixed assets - owned|**2026**<br>**Unrestricted**<br>**funds**<br>**£**<br>711|**2025**<br>**Unrestricted**<br>**funds**<br>**£**<br>532|
|---|---|---|
||**2026**<br>**£**<br>5,393|**2025**<br>**£**<br>5,420|



## 6. **Net Income/(Expenditure)** 

The net income/(expenditure) is stated after charging/(crediting): 

Depreciation of tangible fixed assets - owned 

## 7. **Analysis of Expenditure** 

|.<br>**Analysis of Expenditure**||||
|---|---|---|---|
|Raising funds<br>Our Aims and Activities<br>Raising funds<br>Our Aims and Activities<br>.<br>**Support Costs**<br>Premises expenses<br>General administration<br>Depreciation|**Activities**<br>**undertaken**<br>**directly**<br>**£**<br>2,358<br>39,838|**Support costs**<br>(see note 8)<br>**£**<br>399<br>12,292|**2026**<br>**Total**<br>**£**<br>2,757<br>52,130|
||42,196|12,691|54,887|
||**Activities**<br>**undertaken**<br>**directly**<br>**£**<br>1,297<br>29,881|**Support costs**<br>(see note 8)<br>**£**<br>-<br>11,498|**2025**<br>**Total**<br>**£**<br>1,297<br>41,379|
||31,178|11,498|42,676|
||**Raising funds**<br>**£**<br>-<br>399<br>-|**Our Aims and**<br>**Activities**<br>**£**<br>1,020<br>5,879<br>5,393|**2026**<br>**Total**<br>**£**<br>1,020<br>6,278<br>5,393|
||399|12,292|12,691|



## 8. **Support Costs** 

Page 11 



**The Weardale Railway Trust Notes to the Financial Statements (continued) For The Year Ended 31 January 2026** 

|Premises expenses<br>General administration<br>Depreciation|**2025**<br>**Our Aims and**<br>**Activities**<br>**£**<br>1,008<br>5,070<br>5,420|
|---|---|
||11,498|



## 9. **Average Number of Employees** 

Average number of employees during the year was:0 NIL (2025: NIL) 

## 10. **Tangible Assets** 

|**Cost**<br>As at 1 February 2025<br>As at 31 January 2026<br>**Depreciation**<br>As at 1 February 2025<br>Provided during the period<br>As at 31 January 2026<br>**Net Book Value**<br>As at 31 January 2026<br>As at 1 February 2025<br>11.<br>**Stocks**<br>Stock<br>12.<br>**Debtors**<br>**Due within one year**<br>Other debtors|**Land &**<br>**Property**<br>**Platform**<br>**£**<br>60,659|**Plant &**<br>**Machinery**<br>**£**<br>4,077|**Motive Power**<br>**Units**<br>**£**<br>130,278|**Motive Power**<br>**Units**<br>**£**<br>130,278|**Rolling Stock**<br>**£**<br>12,000|**Total**<br>**£**<br>207,014|
|---|---|---|---|---|---|---|
||60,659|4,077|130,278||12,000|207,014|
||11,357<br>1,657|3,456<br>62|29,546<br>3,494||10,205<br>180|54,564<br>5,393|
||13,014|3,518|33,040||10,385|59,957|
||47,645|559|97,238||1,615|147,057|
||49,302|621|100,732||1,795|152,450|
||||||**2026**<br>**£**<br>800<br>**2026**<br>**£**<br>5,519|**2025**<br>**£**<br>800|
|||||||**2025**<br>**£**<br>1,272|



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**The Weardale Railway Trust Notes to the Financial Statements (continued) For The Year Ended 31 January 2026** 

## 13. **Creditors: Amounts Falling Due Within One Year** 

|Other loans<br>Taxation and social security<br>Accruals and deferred income<br>14.<br>**Creditors: Amounts Falling Due After More Than One Year**<br>Other loans<br>15.<br>**Loans**<br>An analysis of the maturity of loans is given below:<br>Amounts falling due within one year or on demand:<br>Other loans<br>Amounts falling due between one and five years:<br>Other loans<br>16.<br>**Movement in Funds**<br>**Unrestricted funds**<br>General:<br>General unrestricted fund<br>Designated:<br>Designated Fund<br>**Total unrestricted funds**<br>**Restricted funds**<br>No 40 Maintenance Fund<br>Friends of Heritage Line<br>Weardale Extension<br>**Total restricted funds**<br>**Total funds**|**As at 1**<br>**February 2025**<br>**£**<br>227,214<br>6,000|**Income**<br>**£**<br>31,468<br>-||**2026**<br>**£**<br>608<br>-<br>1,030<br>1,638<br>**2026**<br>**£**<br>-<br>**2026**<br>**£**<br>608<br>**2026**<br>**£**<br>-<br>**Expenditure**<br>**£**<br>(35,422)<br>-|**2025**<br>**£**<br>608<br>21<br>1,030|
|---|---|---|---|---|---|
||||||1,659|
||||||**2025**<br>**£**<br>24,927|
||||||**2025**<br>**£**<br>608|
||||||**2025**<br>**£**<br>24,927|
||||||**As at 31**<br>**January 2026**<br>**£**<br>223,260<br>6,000|
||233,214|31,468||(35,422)|229,260|
||-<br>275<br>96|30,910<br>-<br>-||(19,465)<br>-<br>-|11,445<br>275<br>96|
||371|30,910||(19,465)|11,816|
|||||||
||233,585|62,378||(54,887)|241,076|



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**The Weardale Railway Trust Notes to the Financial Statements (continued) For The Year Ended 31 January 2026** 

|**Unrestricted funds**<br>General:<br>General unrestricted fund<br>Designated:<br>Designated Fund<br>**Total unrestricted funds**<br>**Restricted funds**<br>No 40 Maintenance Fund<br>Friends of Heritage Line<br>Weardale Extension<br>**Total restricted funds**<br>**Total funds**|**As at 1**<br>**February 2024**<br>**£**<br>242,161<br>6,000|**Income**<br>**£**<br>27,486<br>-|**Expenditure**<br>**£**<br>(42,433)<br>-|**As at 31**<br>**January 2025**<br>**£**<br>227,214<br>6,000|
|---|---|---|---|---|
||248,161|27,486|(42,433)|233,214|
||84<br>275<br>96|159<br>-<br>-|(243)<br>-<br>-|-<br>275<br>96|
||455|159|(243)|371|
||||||
||248,616|27,645|(42,676)|233,585|



## 17. **Transactions with Trustees** 

During the year the expenses reimbursed to the trustees or paid directly to third parties were as follows: 

|**2026**|**2025**|
|---|---|
|**£**|**£**|



## 18. **Related Party Disclosures** 

During the year, a loan previously provided by G Mudd, a Trustee of the charity, with a balance of £24,927 at the start of the year, was formally waived by the lender and donated to the charity. 

The loan had originally been provided to assist with repair works to Steam Engine “No 40”. The waiver of the loan and any accrued interest has been recognised as donated income in the year. 

## 19. **Company limited by guarantee** 

The company is limited by guarantee and has no share capital. 

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1. 

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