Reglstered number: 04341280 Charlty number.. 1092723 SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (Acompany Ilmited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMED IA company limitèd by guarantee CONTENTS Page Reference and admlnlstrative details of the companyi Its Trustees and advisers Chalrman's stat•mgnt Trustses, report 9-13 Independent examinèr's r8port on thè financial statements 14 Statement of financial actlvltles 15 Balance sheet 16 Statement of cash flows 17 Notès to thelinancial statements 18-36
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED {A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ALIVISERS FOR THE YEAR ENDED 30 JUNE 2022 Trustees K R Norton, Chair (resigned 13 December 2022} R Treverton-Jones A D Owen IOBEI P C F81hèrs L M Shoaf ICBEI T A Hxrgèst Iresigned 13 February 2023} M Ball lappolnled 22 Seplembgr 20211 D E Malyon Company registered number 04341280 Charity reglstered number 1092723 Reglstered o)Tice Number Onts Cornberton Place Kidderminster Worcestershlre DY10 1QR Company secretary Pwalker Independent èxaminer Crowe U.K. LLP Black CountryHous8 Rounds Green Fioad Oldbury Wesl Midlands B69 2DG Bankers HSBC Bank PIC 31 Church Street Kiddèmiinsler Worcestershlre DY10 1QR Senlor Management Team Shelagh Paterson - Exocullve Dlrector {Resigngd 31 October 20221
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED {A Company limited by guarantee) CHAIRMAN'S STATEMENT FOR THEYEAR ENDELI 30 JUNE 2022 IRoDUCTION FROM THE OUTGOING CHAIR As the Savern Valley Rallway Charitable Trust journeyed into its 10th annlversary year, Il was a privilege lo com8 on board as the new Chair. The annivoisary was a great lime lo celebrate th6 incredlble £8.74m raised for the S¥vern V118Y Railway over tha dacade. During the 10 years, £5.3m donallons from generous donors hav6 hèlpsd preserve the precious history and heritage of the Railway. In 8ddition lo funding to support the R2ilway now, £1.24m was raised for long-term investment in our FutUTe Fund endowment, which currently sils al £1.6m. As this grows, il wll play a ktty part In supporting the SVR in the future. The Trust also se¢urod £2.2m in emergency gr8nls for SVR Holdlngs during the Covid-19 pandemic from Ihg National Lollery Herllag& Fund, snd the Department of Culture, Media and Sport. This financial year, the Railway conllnued to 6xpérience challenges as a result of Cowd-19 and rapidly rising energy, fuel and materials costs. Desplle Ihls, following the £475,000 successfully raiqèd hy the Charitable Trusl as part of the Home & Dry appeal, the transformation of the locomotive works In Bridgnorth is on track lo b cornpleted on time and on bLFdget. Once the new loof ib finished, energy-effiGient measures fitled Ilncluding lighting and ljsulationl and a second-hand Iravelling cr8na installed, the facility will be safer, lighter and, Crucially, dry. We're very grateful to over 3,OQO donors as well as all the volunteers who supported this vital proj8¢1. We also bogan fundraislng for the next key infrastructure prolocl- the restoration of Brklgnorth Yard whlch is usèd dally for steam locomotive servicing and maintenance. £65,615 was raised by the end of the financial year with the largel of raising £250.000 by the end of 2022 to cover the most crilical lir81 phase of the projeGI including the maln slalion lurnoul and the cross over lo the main line. The r8m8inder ot this Important project will be delivered in multipl6 phasè4 over the coming years. A key highllght for the year was locomollve 4930's rellirn to staam. following a £1.4m reslorallon prolact and we Ic)ok fOnard lo Ils oflioial launch and first passeiiger setvice later in the year followino 36 years al rest. It was also great to seg th8 development of an inspirational educational eXperIen celebra11 both the SUCGessful cnmplèli(Jn of the Falling Sands Viaduct resloralSon ané the hi810ry of the Rallway. Two éxhlbits located at IhB Engine House and a guard's van al Kiddorminsler Slatlon- have received positive reviews from visitors as well as the National Lottery H9rilage Fund. In addition, there has been an innovative programme ol wbll engagement. Flnally, It Is th sadness that Executive Director, Shelagh Paterson will be leaving the Trust and twslee, Nick Paul. also departed. We are thankful lo them both for th8 huge impact they have both had ov8r the years and wish them the very best as Iheyjourney onlo new d$slinalions. Keith Norton Chair SVR Charitable Trust
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED IA ¢ompany1Smlted by yuaranteel CHAIRMAN'S STATEMENT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 UPDATE FROM THE OUTGOING EXECUTIVE DIRECTOR With th8 SUPPOrt of a strong team dedicated to ensuring the Rallway receives fundlng vitsl for ils future. the Charitable Tru81 ralsod £0.8m during the financial year ending 30 June 2022. Impacting this was a raducad lèvel of legacy income which Is believed lo be dLJe to a delay in probate and baeklog of leo81 administration caused by Cvvid-19. The Trust expects to receive these legacies in the next financial year and is gralefLtI for thesé gifts whlch will make a big diflerence to the Rallway. As the Railway continues lo be impacted by rising onergy, fuel and rnaterial costs as well as olhur ¢hallenges. the Charitable Trust Is partieulaHy grateful for unrestricted donallons {whlch can support any requlrèm8fhll as they allow us lo provide flèxible support during unpredictable times. Thanks lo the generosity of donors, wo were able lo donal? £1.05m of a8slslan¢e lo the Rallway during the yo8r, for key prolecls including Roof & Cran8, thè restoration of locomotive 4930 'Hagley Hall,, public engagement around Ihtr Falling Sands Viaduct, developmonls al Ihg Engine House. and more. The Trust has also been working hard lo deepen relationships with orant makers thich has generated vital funding for a variety of important projects including the Heritage Apprenti¢eship Scheme, acoess projacts and Infrastructure. Il's been an honour and a privilegg lo have led the Charitable Trust over the la8110 years Il'ts grown lo support the evolvlng needs of tha Railway. As the Charitable Trust looks lo the future. we aro dèllghted that, in hls mle as Chair, Keith Norton provides a steadying steer and vital Èxpertisè as a new Executive Director is reeruited to 18ad the Charitable Trust into ils next phase, especially as he has also been supporting the Rallway dlrectly with a strategy for the futur8. Thank you to everyone who supportod the Charitabl8 Trust durlng the year, includ1ng donors, legacy pledgers, grant makers and corporate members as w811 as our Trublees and the team, both voluntèèr and paid. Tog&ther, this makes 8 blg differen¢e to Ihe RaiNvay. Shelagh Paterson, Executive Director SVR Charitable Trust
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED A company Ilmlt8d by guarantee) CHAIRMAN'S STATEMENT {CONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 KEY FUNDRAISING ACTIVETIES The flnanclal year saw the completlon of one major 8ppeal and the launch of a second, fwused activity lo secure grants for a Number of key projects as well as campaigns lo increase the volume and value of regular gifls plu5 glfls in Wills that help lo fund projtscts vital to the Railway's future. Roof& Craneappeal A major appoal was launched In the last fin8ftvial year to raise £475.000 for ths SVR locomotD18 works al Bridgnorth. The roof was worn out, was full of holes and leaked badly. The f8cilily was also in desperate need of beller lighting, insulation end 8nergy-efficiency measur8s as w811 as an overhead Iravelling Crane lo improve working conditions and reduce energy coslg. Thanks lo the g8n8roslly of over 3,000 donors, the flnal £220,393 was raised earller this financial year, gnabling the works to go ahcad, with completion expected by September 2022. Brldgnorth Yard appeal With the Roof & Crane project well underway, the Charitable Trust turned its allenllon lo fundraising for the next most critical proiect.. the resl(V8tl()n of Bridgnorth Locomollve Yard. Track work and polrbls a wearing out fast, and drainage across the yard is clogged, accelerating the dèlèrioralion of the sleepers. If they fail, IoGomolives will nDI be dble lo gel into the Locomotive Works for maintenance and repairs which Could severely impact the SVR'S ability to OP8rale. By the end of the financial year, £65,615 had been rai58d forthe projectfollowng thè launch of the appeal, Ihanks lo the support of donors. It is èq1lmAd that £150k will be requir8d for the lir81 phase of the project to bè completed in Ihe early 2023 shutdown - with £500,OOJ to ba raisèd for the full programme. Future phases are sel lo be carried out over years in order of criticality. Grants During the financial year, £156.250 In grants were secured from 31 Charilable Tru$ls. Of these, 13 8UPPOrted the Railwayfor the first lime. Key projects included the Heritage Apprenllceship Scheme.. 8ccess projects., repairs lo the lisled Bridynvrth Station,. and the Roof & Crane works. In addition, £9,500 was received from the Heritage Lolt6ry Fund as the final instalment of the £95,000 grant awarded for the resloralion of locomotive 4930 'Hagley Hall, and interprelalion as well as £36,219 for the Falllng Sands Waducl project as part of the overall £853k grant. KEY CHARITABLE ACTIVITIES Progress was made across key locomotive, infrastructure and edu¢ational projects funded by Ihe Charitable Trust despile the continued challtsng6s of Covid-19. Resloratlon gf locomotive 4930 'Hagley Hall, A momentous rnomenl in the £1.4m restoration of ltscomolive 4930 'Hagley Hall, was reached when the ervJine moved under Ils own slearn for the first lime In 36 years. The moment hdd a great deal of significance for everyone conriected with the overhaul of thè SVR's'flagship' locomotive. In additlon lo grants received, over 75V of 117e resloralion was made possible by donations, particularly gifts in WSlls, in addition to the tireless fundraising of the Friends of Hagley Hall and tho generous grant fmm the Heritage Lollery Fund. There is still much move work to ba done lo gel'Hagley Hall, readyfor its relaunch. The event is expectèd to taka place in September 2022, al whlch point. il will rewenler passerbgar SeIe.
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED {A company IlmSted by guaranté&} CHAIRMAN'S STATEMENT (CONTINUED} FOR THE YEAR ENDED 30 JUNE 2022 Roof & Crano project Work is progressing al paoe on the restoration of Bfidgno¢th Locomotive Works. The main ground works lor the crane bases and concreting arè now complete. The roof is on ils way lo being walertighl and the insulallon is Undeay. Works to the wall Cladding, filtino of LED lighting and the inslallellon of the second-hand Iravelling rane will be completed soon. The Roof & Cran& project is due lo be finished by September 2022, on time and on budget, and will make a rernarkable difference lo worklng ¢onditions for both volunteers and staff. Falling Sands Viaduct Public Engagement The Falling S8nds Vladucl resloralion - whl¢h re¢èivèd prastioious recognition at the National Ralfvay Heritage Awards in late 202k has acted as a springboard for many excillng and innovative events and activities to bring lo life the significance of the vladu¢l as well as the bLEilding of thè Sev6rn Valley Railway, in an accesslble way. Core lo the extensive publlc engag&menl programme are innovatlv6 exhiblllons al the Engine House at Hlghley and Sn a GLtard's Van al Kidderminster station which are proving popular with visitors. Volunteers have carri8d out surveys of the two exhibitions ar)d the respon86 from visitors has been very wjsilive, wllh many expressing their fasolnallon at thé pre-preservalion story of the Railway, Ils Victorian origins and soclal history, in pArticular. The publlc engagemant programme also included an oral history project lo capture thè fas¢inaling stories of people who have beon koy lo the Railway includSng founding membeis, volunteers and staff.. an tsdu¢alion programme benelilling over 200 student&; a spectacular illumination event f8aturino the sonos and poems writton and performed by young people,. the davèlopmenl of a game with Kidderminslor College.. and a virtual reality experience with the University of Birmingham lo help demerklia pallents remember wonderful memories of trav811ing by Iraln In Ilmes gone by. The public engagement proj8Ct also attracted £90.QOO of additional conlrSbulions such as volunteer lime working on aelivilies such as hi8loTical research, education. inlerpretatlon and profassional services during the reslorallon work on the viaduct. which exeded 8xpeotations. Heritagè Apprenllceshlp Scheme The Heritage Apprenllceshlp S¢h6me was established lo addross the deGline in heritage engineering skllls in the UK. Since Ils inception, the Trust conllnues lo play a key role In Ils fundlng. Within the four-year apprenllceshlp progr8mme, young people work and laAm across diverse departments, including locomolive running, boiler shop, carrlage m8ch8nical and carriage bodywork. Thls rotalion enables apprenllces lo gain exp&rlence and knowledge across a range of trades. After two years. appr&nli¢es are assigned lo one of the departments lo pursue a speclalisalion. As well as intensive on-lhe.lob training, apprentices work towards nallon8lly-r8wnised NVQ 2 and 3 level quaiificallons. The Railway also trains apprenticès on shorter courses in specialised areas SLJch as heritage signal malnlenance and boiler shop work. As the apprentIS oain experience, as well Bs r$slore Ihe SVR'S rolling stock, their skills are also used lo deliver extern81 wnlracl work lor other heritage organlsallons, génèrating additlonal Irbcome for the RaIay, 11 costs £21.000 lo fLtnd an apprentice for one year, and while the Railway did not recruit new apprenli¢8s during the financial year, (here are currently Iwo apprentices progrèssing through the scheme. In addition, four provlous apprentices are now working In pèrmanent roles, using Ihglr sklll8 to help preserv& the Railway.
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED {A company Ilmited by guarantee) CHAIRMAN'S STATEMENT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Engino Housé As part af the flrsl large-scale educallonal project the Charitable Trust has funded, outsid8 of the apprenticeship 8chemo and the Falling SAnds viaduet, £105,000 was secured forthe Engine House al Highley. More than 10,000 chIren visit the Railway each year as part o* educational programmes so thè benefits are wide-reaching, The Englne House has also been 8nhanced lo draw In more visitors and encourage poople of all ages lo lake a greater interest in thè Rallway's heritage. so much so Ihal somg visllors h8ve become volunteers who now help to maintain the Railway. Access projects Progress was madg on a number of access projects as part of a wlder programme lo enhance accessiblllty for wheelchair llSe aeross the Railway. Works during the year Included the provision of wheelchair access lo island platforms 2 and 3 al Sewdley Station and oonlinued work on the resloralion ané conversion of carriage no. 9581 to ¢reale a wh8elchalr accessible buffet oar. Smaller projects Many smaller projects ware also supported throughout the year inclijding funding toward new, period lighlinu al Bridgnorth Station, a pump al the Diesel Depot and Bewdley South Bracket Sigrbal. These projecls m<ly be small bul, together, th&y 8re important to preseNing the pre¢ioL¢S hlslory of the Raifway and ensuring vit81 parts of the SVR'S operations can continue. Em8rgèney support With the RBilwayeonlinL¢ing lo be impacted by the pandemic, a vital lif8lino was provided through £183.000 In emergency support for thA Anglne.ering team as wall as £65,000 toward emergency civil engineering requiram8nls during the heart of the challenges.
SEVERN VALLEY RAILWAY CHARITABLE TRUST UMITED IA company limlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2022 The Trustees who are also directors of the Charity for the purposes of Ihe Companies Act 2006, present their r6POrt with the financi21 sl&tements of the Charity for the year ended 30 Jtjne 2022. The Trustees have sdopled Ihs pro$S0nS of the Slalèment of Re¢omm¢nded Pra¢liGe {Char51ies SORP IFRS 1021 'A¢counting and Reporting by Charft16S'. STRUCTURE GOVERNANCE AND MANAGEMENT Constitution S6vern Vall6y Rallway Charitable Trust Limlled, which thanged its name frcth SVR Rolling Stock Trust Company on 29 June 2012, was incorporated and registered as a company limited by guarantee, company registration number 04341280, on 17 December 2001, and was registed with the Charity CommissK)n on 1 July 2002, regislralion number 1092723. 11 Is govemed by ils Memorandum and Articles of Assoclalion, which were last amended on 8 April 2019. The Severn Valley Railway Charitabl8 Trust was 8s18bllshed to raise funds to ensure the long-term survSval of the Severn Valley Railway ISVRI. The day-to-day income the SVR receives from passenger fares. shops, cafes and pubs can only cover the cost of running trains, along wlh standard maintenanc8 and reslor21ion. These activities do nol generate enoLJgh Income lo Improv6 and develop the Rallway. The Charllablè Trust provldas 8ssanllal funds lo Énab thè Rallway lo develop and widen its offerings lo ils visitors. The Charitable Trust offers tax.efficienl ways of giving, and helps ensure the future of this amazing piece of living history. so that il can continue lo delight, Ihrlll and inform generations to come. Method of appolntmènt orèlèctlon of Trusteès There shall ba a maxlmum of nine Trustees unless otherwise dettrrmined by ordinory rèsolution af thè mérnbèrs of Ihe Charity. Of the nine Trus18es, two shall be ex officio th8 chairman of each of severn Valley Railway IHoldingsl plc and Severn Valley Railway Company Limlled or if any such Ghairman does not wsh lo act as Trustee, such other person nominated by such chairman lo acl as Trustee. Such a Trustee Iwhelher a chairman or hls nominee) shall be referred lo an ex officio Trusl8e'. Any person nomlrkaled by a chalrman lo act as a Trustee may from time lo Illne be removed and replaced by their appoinlor. The Gharily may by ordinary resolulion appoint a person who Is willing to act lo be a dileclor provided that person is not al the lime such resolution is passed a d1reclor of Sevem Valley Rallway (Holdings) plc or Severn Valley Railway Limited Ibul for the avoidance of cloubl this proviso shall not apply lo ex official directors menlior7ed above). Tru$t8es are ts18tttÈd for a thrge-yèar pèritsd al tha AGM by the memhars of the Trust. All the Charity Trustees receive an Inducllon into their legal and adminislralive responsibilities, wllh an ongoing training programme as and when needed for Issues arising during their term of office. The Trustees are aware of Ihe 7 principles of the Charity Govemance Code and continue lo improve the Trust's governance addressing the codes ouidelines. Organlsatlonal styucture an(1 d¢¢lslon maklng The board of Twslees has delegated the day to day running of the Charky lo the senior management team. Tho board of Trustees meets al least four Ilrlles a year to review the CharItS performance and admlnlslralion generally and to decide policy issues arising.
SEVERN VALLEY RAILWAY CHARIT ABLE TRUST LIMITED IA company limitad by guarant•el TRUSTEES, REPORT (CONTINUED} FOR THEYEAR ENDED 30JUNE 2022 Risk management The Trustees have a duly to identify and review risks to whiah the Trust is exposed and lo ensure appropriate measures are oonsidered for areas of considered risk. The Trust adheres to its Risk Policy and Framèwork, whlch Is reviewed annually. A Rlsk Reglsler is In place, which is reviewsd monthly. Identified risks are evaluated on the possible severity, a.8sessing both impact and Ilkelihood. Rather than giving equal weight lo likelihood and impact the Trust uses a heal map with greater focus on Ihe impact. and therefore uses the scoring of limpacl x likelihood) + impa¢l. Prlnclpal Rlsks and Uncertalntles The Tiuslees endeavour lo continually rais& funds and to further support the Severn Vall8y Railway. The prlnrlpal rlsk8 as8odalpd wllh the organlsalional aclivllies are calegorised as a loss of incorne miligaled by implomenling strong and laryeted marf(eting and fundraising strategies. Financial fraud and ermr will be miligaled with robust processes and prOdureS which incorporate segregation of duties and praclises. Lack of fundraising ability is mitigated with a dedicated fundraising team with the correct skills base lo deliver a targeted ftjndraising strategy. OBJECTIVES AND ACTIVITIES Poll¢les and oble¢tlves The objectives oflhe Severn Valley Railway Charitable Trust {SVRCTI are.. 1. To advance education for the benefit of the publi¢ by finan¢ing the acquisition, restor81ion, preservation and oparalion of hgrilage lo¢omolives. coa¢hey, wagon8. buildings, Irack and other asSlated infrastructure. 2. Establishing buildings to house and praseNe the Sevem Valley Railway Charitable Trust rolling stock collection. 3. Providing educational and interpretive displays for the Iravelling public. 4. Providing education and skills training used in the lesloration, repair and operatlon of hlsloric railways lo onsure their long-t6rm surviv21. In setting Ihe Ch4ri15ls pollcy and plannlng Its aclivltlès, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefil. The Charity has a slrong network of volunteers with experience in a range of areas. The Trustees are vory appCIative of the support provided by the volunteers as they are essential to allowing the Trust to perfomi ils Charitable activities. FINANCIAL REVIEW Reserves pollcy The Reserves policy of the Charity Is lo malnla5n a level of unreslrloled funds, not committed or invested in tangible assets, which will enable the Charity lo ensure continuity of activity and have the ability to adlusl, in a mèasurèd way, to any significant changes in resourcas. Th8 Reservés policy raetsgnises that reserv$s are necessary to malnlaln tho d8y lo day operations of the Charflyfor a perlod of up lo 6 months, This would currently Équate lo approximately £150,000. The appropriate measure of free reserves 18 calculated as ¥Jnreslricled funds1£274,2671, less deslgnaled funds {£137,3071, less fixed assets allributable lo unrsslricled funds 1£68,1581. This equates to free reserves of 10
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THEYEAR ENDED 30 JUNE 2022 £68,801.11 is r8¢ognlsed that the freo roseNes are £81,199 below the £150.000 required for day lo day operallons bul plans are in place lo bulld up Ihts free rèsèrvès back up by raising UnStricted income. Future Plans Thts Charitable Trust has &xperienced a number of changes in staff and Iruslees. At the Ilm& of wrlllng staff vacancies ar8 on hold whilst discussions lake pla between all three Railway companles as to thè most appropriate slruclur8 for tha cOMpanS going forward. Three Gandidales for Trustee positions are belng propo88d al th8 Annual General Meeting lo serve the usual three-year term. hA2ny projeels continue, including completion of the first phase of Bridgnorth Locomotive Yard. Meanvihile, the Charitable Trust wlll be fo¢ussed on raising unrestricted funds lo ensure the short-lerm Su1Val and long-temi rinanclal future of the Railway. Those funds wlll be used by the railway in accordance with the agreed oble¢tlv8s of the Charitable Trust which are malnly the railway operations, resloralion ol rolling stock. and education. Al the balance sheet date, the Charity had unrestricted, undesignaled reserves of £136.960 (2021.. £524,683), dèsignaled reserves of £137.307 f2021.- £154.820). reslricled reserves of £760,301 (2021.. £918, 138) and endowment funds of £1,251,625 (2021.. £1,417,576). Monthly managemenl accounts are prepared and circulated lo the offiGers and the board of Trustees. Quarterfy management accounts are ¢lrculaled lo the senlor officer and the board of Trustees, The annual Aee.cJunts hav& an independent examinallon. 11 is considered Ihat there is an adequate syslem of internal control in placo. An annual plan and an annual budget ar& approved by tha Trusl&es,' regular considerallon by the Trustees of financial resulls, V<iriance from budgets. non-fillancial performance indicators and benchmarking reviews. Delegation of authority and segrÉqalitsn of duties, and idenlificalion and management of risk8. The officers review 8xlernal developments alld Gonslder the rlsks and opportunllies these present lo the Charlty in fulfllllng ils objeats. Invèstment pollcy The Heritage Lottery Fund Catalyst.. Endowment Fund and all fund8 Teslricled or designalgd for long-lerm use are held In a managed fund by Brewin Dolphin. The Trustees, aim to achieve a balance b8iween lolal return primarily through capital growth with a medlurn risk investment polioy over the long term l.e. ov8r a period 10 years or more. They seek lo achieve long term growth of capital and income maintaining the value of both in real terms over time. A total return approach should b taken as il is likely that income will be accumulaled for some years lo establish a substantial Endowment Fund 10 88feguard the future of the SVR. Al that lime there may be an incYea$lng income r&quir¢m8nl lo help to protect the Railway's rolling slo¢k, bridges, viaducts, buildings, other infrastructure and educallonal offerings and in so doing safeguard the fulurg of the RaI1way. The Tw8lee5, In Gonsullation wlh the Investment Manager, have agreèd the folloring Investment Strategy.. The inveslmenl of the funds Should follow a total return (excluding Inflallon) approach,, almlng to g6norale income and capi181 growth in order to achieve the SVR Endowment Fund objecllve of growing the in¢ome and capit21 in real terms over Ilme. Brewin Dolphin have used the WMA Balanced Total Return Index to determine the value of the fund in real terms. It is measured by Brewin Dolphin and veported lo the Trustees who review the performance on a regular basis. Inv6slment Income of£27,271 (2021.. £26, 170) has bgen gen9raled during th& ye8r. 11
SEVERN VALLEY RAILWAY CHARrrABLE TRUST LIMITED IA company limSted by guarantèe) TRUSTEES. REPORT ICONTINUEDI FOR THEYEAR ENDED 30 JUNE 2022 Fundralslng Pollcy The Sèvern Valley Rallway Charltable Trust Llmiled raises income from a wide range of fundlng streams to Include, from Indlvlduals.. single, regular, legaey and gifts in memory. From corporate sponsorshlp and gift kind, and project funding from granl-making bodies lo include. lottery, slalulory, Trusts and foundations, Th$ Severn Valley Raihvay Charitable Trust is a voluntary member of the Informatlon CommKssionerfs Olfice, a member of the Fundraising Regulator and the Institute of Fundralslng The Charity is not aware of anyfailure bythe Charity, or by any person 8cling on ils behalf, lo comply with fundr2isSng standarés or scheme. Fundraislng standards are monitored on an ongoing basis by the Director of Dwelopmont. Any complalnls reIVed during the year wèr8 Èddrèssed. A safeguarding pollcy Is in place. In addillon, all fundralslng mgssages are not intrusiv8 and 8UPPOrt8rs are Gonlacled on an intrequenl basis for a mix of m8ssag&s whlch Include feedback on the irllpacl of their donation and lighl requests for funding additional projects. Collection pols are not shaken and are static around the Railway. We do t)ol pracllce 1o18phone fundralslng or fa lo face fundraising. GDPR regulations are adhered lo. Kay Manag•mÈnl PÈrsonnèl Kèy managemer>l personnel are remunerated in line with sector averagès. Salary reviews lake place annually and aro approved by the Trustees. Paymenl Is made monthly in arrears. PROVISION OF INFORMATION TO INDEPENDENT EXAMINER Each of the persons who are Truste8s at th8 timé whèn this Trustees, report Is approved has conlirmed that.. so far as IhalTruslees are awara, tharè is r818vanl accounts Snformatlon of whlch the Charitable companls indapendenl examiner are unaware. and that Trustees have taken all the steps that o(Jghl lo have been taken as a Trust66 in order to bo aware of arly information needed by tho charitable cornpany's independent examiner in connection with preparing Ihelr report and lo establish that tho charitable ¢ompanV8 indepeftd8nt examiner is aware of that information. 12
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED IA company Ilmited by guarantee} TRUSTEES. REPORT ICONTINUEDI FOR THEYEAR ENDED 30JUNE2022 TRUSTEES RESPONSIBILITY STATEMENT The Trustees (who are also dIrlr$ of Severn Valley Railway Charitable Trust Limited for the purposes of company lawl are responslbl8 for prapAring thé Trus16es' rewrt and ihe financi81 statements In ac(M)rdance with applicable law and United Kingdoin Accounting Standards Iunlled Kingdom Generally Ac¢epled Accounting Pract11. Company and Charity law requires the Trustees lo prepare financial statements for 8ach financial year which give a true and lalr view of the stale of affairs of lh¢ ¢harilable company and Df Ihe incoming resources and applicallon of YA%ourcès, ineluding the income 8nd expenditure, of the charitable company for that period. In PTeparing these flnanclal statements, th8 Trustees are required to.. Se1 suitable accounting poll&8 and then applythem consistèntly, ObseNe the methods and prin¢iples In the Charities SORP IFRS 1021., Makeludgments and estimatés that ar6 rèasonable 8nd prudent., Prepare the financial statements on the going concern basis unless11 Is Inapproprlale lo présumè th81 the charilable company wlll contlnue in operation. The Trustees are responslb16 for kéeping propar accounllng records that dlsclose wllh reasonable accuracy al ny lime Ihe financial position of the charitable company and enable them lo ensure that thè financial stalomanls comply with the Companies Act 2006. They are also responsible for safeguarding th& assets of the Gharllable ¢ompany and hence for taking reasonable steps for the pravenlion and delecllon of fraud An(S athèr irregularities. In preparing Ihis report, the Tru8tees havo taken advantage of the small companies, exemptÈons provided by section 415A of the Companies Act 2QO6. Approve yorder of the members of the board ofTruslees and signed on their behalf by. R Trevèrt(-JOneS (Acting Ghairand Trusleesl Dale.. 13
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED IA company limStèd by guarantèe) INDEPENDENT EXAMINER'S REPORT FOR THEYEAR ENDED 30 JUNE 2022 I report on the accounts for the year ended 30 June 2022 sel out on pa9es 15 to 36. Thls report Ss mad6 solely lo tho charity's Trustees, as a body, in a¢cordan¢e with Section 145 01 the Charities Act 2011 and regulations made und9r Section 154 ofthal Act. My work has bèèn undèrtsken so that I might stale lo the charity's Trustees those matters l am required to stale to them in an Independent examiner's port and for no other purpose. To the lu118sI exlenl permilled by law, I do not accept or assume responsibllily lo anyone other than the charity alié charity's Trustees as a body, for my work or for this report. Raspèctlv& rasponslhllltl8s of truste8s and examlnar Th8 Gharily's trustees are responsible for the preparation of the accounts. The charlly's Iruslees consider that an audit is not required for this year (under Section 144121 of the Charities AGI 2011 Ilhe 2011 Acl1} and that an independent examination is required. It Is myresponsibilily to.. examine the accounts under Section 145 of the 2011 Act lo follow Ihe pro¢edures laid down in the General DSreclions given by the Charity Commission lund8r strc.lion 14515llbl of the 2011 A¢tl', and lo slaté wh8fhsr parti¢ular m8t16rs have come to my attention. Basls of the Independent examlner's report My examination was carried out in accordance with the General Directions gFven by the Charity Commlsslon. An examlnation includes a revlew of the accounting records kept by the charity and a comparison of the accounts presanled with those records.11 also includes consideration of any unusual Itoms or dl¥closures In the ac¢ounls, and seeking explanations from you as tnjstees concèrning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts preserkl a 'lrue and falr vlew," and the report is limited lo those matters set out in the slalements below. Independent gxamlnerfs statement In conne¢llon wllh myexamlnallon, no matter has coma lo my allention.. whl¢h glves me reasonable ¢ause lo belleve that, In any material respect, the requirements lo keep accounllng records in accordance with Section 130 of the 2011 Act,. and to prepare accounts which accord with the accounting records and lo comply with the aecounting iequir8mènts of the 2011 Act have not been mel. or 121 lo which, in myopinK)n, attention should be drawn in ord8rlo enable a proper understanding of the accounts lo be reached. Karry Brown FCA Crowe U.K. LLP Chartered Accountants Black Country House Rounds Green Road Oldbury Wesl Midlands B69 2DG %(( Datè: 24 April 2023 14
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED IA company Ilmlted by guarante81 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022 Unrèstrlctèd funds 2022 R&strict8d Endowment funds funds 2022 2022 Total funds 2022 Total funds 2021 Note Income and endowments from: Donations and legacies Charitable activities Investments 225.256 603.636 828,892 1,445,012 20,423 26 391 99 Total income and endowments Expenditure on.. Raising furKIs Charitable activities 228 331 603 735 856313 1491826 143,777 467 826 4,307 756 519 8,078 156,162 1224 345 156,185 Total expendlture N81 incomÉll6xpenditur81 before nel gainslllossesl on invoblm¥nls Netgainsllbsses} on inv8stmenls {408.257) (132.1061 16,169 {$24,1941 645.470 746 204 770 273 834 Net movement In funds 430 221 132 852 q65 891 919304 Reconciliation of funds- Total funds brought fonvard Nel movement In funds 679,503 430 221 918,138 132852 1.417,S16 3,015,157 2,095,853 165891 728 964 919304 Total funds carrl8d forward The Slalem8ntof financial activities ineludes all gains and losses recognised in the yoar. Thg notes on pages 18 10 36 form part of these financial stalemenls. 15
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED IA company limitèd by guarantèè) BALANCE SHEET ASAT 30 JUNE2022 2022 2021 Note Flxèd assets Tanglblè sssels Inv6slmenls 13 14 68,1 $8 1667 706 1735 864 91,135 1827 635 1918 770 Curr8nt assèts Stocks Dablors Cash at bank and In hand 15 16 11.973 27.206 11,973 58.640 1115228 1185841 593 975 Creditors.. amounts falling due wllhin one year 17 Net current assets 550 329 1096 387 Total net assets Charity funds Endowment funds ReslrKted funds Unrestricted funds 19 19 1.251,625 760,301 274 267 1,417,516 918,138 679 503 19 Total funds The Trustees acknowledge their r&sponsibililiÉs for Complng wllh the reqU1ments of the Acl wilh respect to accounting records and preparation of fillanGial slalemenls. Th8 finxncla lo the sma laltsments havg begn prepared in accordance with the provlslons appll¢able lo 8nlllle8 sublecl mpanies, reglme. The fina taternenl ere approved and altthorised for issuè by th8 Trustees and signed on their behalf by.. R TreVertononeS (Acting Chair and Truste Dale.. Tho notes on pages 18 1 fonm part of these financial slalemenls. 16
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED IA company limited by guarantee) STATEMENT OF CASH FLOWS FOR THEYEAR ENDED 30JUNE 2022 2022 2021 Note Cash flows from operatlng activitie Nèt cash used in operating activities 543 012 Cash flows from investing activities Dividends. inleresls and rents from investments Purchase of tangible fixed assols Proce8ds from sale of invoslmenls Purchase of investsllonts 27,421 26,391 (10,256) 406,130 467 143 208,088 231530 Net cash (used inllprovided by Investing activities Changa in cash and cash equivalents in the year Cash and cash equivalents al the beginning ol the year {539,033) 1152 057 603,756 Cash and ¢ash equlvalents at the end of the year 23 The notes on pages 18 to 36 fomi part of these financial slalements. 17
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED {A company limited by guaranteal NOTES TOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 General informatlon The Sevem Valley Railway charitab Trust is a company Ilmiled by guarantee in England, whose registered offlce Is Numb8r One, Comberton Place, Kidde¥minsler, Worcestershire, DY10 1 QR. The ¢ompanles registered number is 04341280. The members of the company are the Trustees n5Jmèd on page 1. In the ev8nt of the Severn Valley Rallway Charitable Trust Limited being wound up, the Ilabillly In re5pecl of th8 guarantee is limited lo £1 per m8mber of the Sevem Valley Railway chatable Trust Llmiled. Accounting polici8s 2.1 Basis of preparation of financial statemènts The financial Statements have been prapargd in accordance with Ihe Charllles SORP IFRS 1021- Accounting and Reporting by Charilles.. Statement of Recommended Pracllcè 8ppll¢able lo chaiilies preparin9 their aecounls in 8cc.ordance with the Financial Reporting Standard applicable in the UK and Republlc c>f Ireland {FRS 1021 leffecllve 1 January 20151, thg Flnancial Reporting standard applScable In the UK and Republic of Iland IFRS 1021 and the Companies Act 2006. Severn Valley Railway Charitable Trust Limited maets thè definllion of a public benefil entlly under FRS 102. Assets and liabilities are initially reGognised al historical cost or transaction v8luè unless otheTWiSQ slated ir) the relevant accounting pt)licy. Sevem Valley Railway Cha¥llable Trust Limlted ¢onslllules a public benefit Bnllly as d8fined by FRS 102. 22 Going concem The ¢omp8ny has cash resources and has no r8qulrèmenls for exlernal funding. The Trusteès have a reasonable axpeclalion Ihal the ¢ompany has adequate resources lo continua in opcralional xislence for the foreseeable future. They continue to believe the going concern basis of accounting apprnpriate In prepartng the annual finan¢Sal slal@menls. 2.3 Fund a¢countlng Ganeral funds are unrestricted funds which are avallable for use at the discretion of the Tmslees in furtherance of the 9eneral oPJjeclives of thè tompany and which have not been designated for other purposes. Desionaled funds comprise unreslricled funds that have been sel asid& by the Trustees for particular purposos. The aim and use of each designatèd fund is $01 out in tha notes lo the financAal slal&monts. Reslricled funds are funds which are lo be used in accordance with specific reslriclions impoEeol by onors or whlch have been raised by the company for particular purposes. The costs of raislng and adminlslering such funds are charged against the speclfic fund. The aim and use of each restrlcted fund is sel out in the no16S to the finan¢ial slalem8nls. Investment income, gains and losses are allocated to the appropriate fund. 18
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED IA ttomp8ny limlted by guarantee) NOTESTOTHE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Accounting pollcles leontlnuedl 2.4 Income All income is recognised On the company has enlillemer)I lo thé Incomè, 11 Is probable that the income will be received and the amount of income receivable can be measured rellably. For legacies, enlillemenl Is tsken as the earller of the dale on which either.. the Charity is aware Ihat probate has been granted, the eslale has beèn finalised and notilicalion has been mgde by the executorlsl lo lh8 Trust that a distribulK)n will be made. or when a distrlbulion Is received from the eslale. Receipt of a legacy, in whole or In part, Is only conslder8d pmbAbl& whAn thé 5Jmount can be measured reliably and the Charity has been notified of the executor's inlonlion lo make a dlslrfbullon, Whtsre18gacies have bean notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for Income retsognlllon have not been mel. then the le9acy is treated as a conllngenl asset and dls¢10s8d if malerfal. Donated seTvice8 or faelliliÈ)$ 4r8 rÈcognis&d when th6 Charity has control over the item, any conditions associated with the donalod item have been mol, the recelpt of e¢onomi¢ benefit from the us& of the Charity of the item is probable and that economic ben8fil can b8 measurod rellably. In ac¢ordance with Ihe Charities SORP (FRS 1021, the general volunteer lime of the Friends is not rècognised and refer to the Trustees, report for more information about their conlribulion. On rece1pl, d(Jnal&d profèssion41 s8rvlc6S and donated fAcllStles are renISed on the basls of the value of the gift lo the Charilywhich Is the amount the Charity would have been willing to pay lo obtain ServaS or lacAlilles of equlvalenl economic benefit on th8 open market,. a corr8sponding amount Is then recognlsed In expenditure in the period of receipt. Inlere8t on funds held on deposll Is inclucled when receivable and the amount can be meastired reliably by the Company., this is norm811y upon nolilicalion of the interest paid or payable by the Bank. Income tax recoverable In relation lo donations receiv8d und6r Glfl Aid or doeds of Covenant Is recognised at the lime of the donation. 2.5 Expendlturtt Expenditijre 18 recognised once there Is 8 legal or constw¢tiv$ obligation lo transfer economic benefit lo a third party. 11 is probable that a transfer of economic b8n8fils will be required In solllemgnl and the amount ol the obligation can be measured reliably. Expenditure Is classSfled by a¢livlly. The eosls of èaeh activity are made up of the total of direct costs and shared costs. including support costs Snvolved in undertaking each aclivily. Direct costs allribulable to a singlè acllvlty Are allocated dlreclly lo that Aclivlty. Shared costs which ¢onlribule lo more Ihan one activity and support costs which are not allribulable to a single activity are apportionÈd between those activities on a basis consistent with the use of resources. Central staff costs aro allocated on the basls of tlme spent, and depreciation charges alk)cated on the portlon of the ass81's usè. Costs of generating funds are costs Incurred In 8tlra¢llng voluntsry Income, and Ihoso Incurred Sn trading activities that raise lunds. Charitable aclivi118s and Goveman¢e cosls are costs Incurr on the companls educational operations. Including support costs 8nd costs relating to the governance of the company apportioned lo charitable aclivilies. 19
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED IA company limited by guarantee} NOTESTOTHEFINANCIALSTATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Accounting policias Icontinuèdl 2.5 Expèndlturè (continued Expendllur6 on ralslng funds Includes all expenditure incurred by the Company lo raise funds for its ¢haritable purposes and includes costs of all furidralsing activities ev8nls and non-charilable trading. Expenditure on charllable acllvitles Is Incurrod on directly undertaking the actsvllies which further tha company's objectives, as wèll as any associated support costs. 2.6 Tanglble flxed assets and daprecialion Tangible fixed assels are inlllally recognlsed al St. After recognition, under the cost model, tangible rixed assets are measured 8t cost less ac¢umiilaled depreciation and any accumulated Impairment losses. All costs Incurred lo brlng a langlblo fixed asset into ils intended working condition should he included in the measurement of cost. Al gach reporting dale the company assesses whether there is any indlc2lion of Impalrmenl. If such indication exists, the recoverable amount of the asset is delertnined lo be the higher of ils fair value less costs lo sell and ils value in use. An impaimi6nt loss i¥ recognised where the carrying amount exceeds the recoverable amount. Deprec#ation is charged so as to allo>e the cost of tangible fixed assets less Iheir residual value over Iheir eslim816d u8elul Ilves, Depreciat is provided on the following basis.. Artafacls Rolllng stock Office equipment 10° 10°/. 33Vo straight lin¢ slralght line slraighl line 2.7 Investments Fixed asset investments are a fomi of financial inslwmenl and are inltially recognised al their transaction cost and subsequently measured at fair value al the Balance sheet dale. unless the valu& Gannol be measured reliably in which case It Is measuyed at cost less impairment. Investment gains and losses, whelher realised or unrealised, are combined and presented as 'Gainsl{Lossesl on investments, in th8 Statement of financial acllvllles incorporating income and expendllure accout)t. The Hèritage Lottery Fund Calalysl- Endowment Fund is held in a managed fund by Browin Dolphin. 2.8 Investment Income Income generat8d from the Heritage Lollery Fund Catalyst., Endowment fund is treated as restricted income. The income is restricted lo the resloratlon of rolllng sloGk. 20
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED {A company Ilmlted by guarantèe} NOTESTOTHE FINANCIALSTATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Accounting policies Icontinuedl 2.9 Interest receivable lnlgre.st on funds held on deposll is in¢liided when receivable and the amount can be measured reliably by the company., this is normally upon nolificalion of the interest paid or payable bythe Bank. 2.10 Stocks Stocks are valued at th8 lowerof cost and nel realisable value after making due allowanco forobsolete and slow.moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.11 Cash at bank and In hand Cash at bank and hand Includ85 cash and short-term hlghly Ilquid Investments with a short malurlty of thre& months or less from the dale of acquislliorb or openlng of the deposit or similar account. 2.12 Flnancial instruments Debtors Short term dobtors are measured al transaction pric6, less any Impaimi&nl. Credltors Short term credllors are measured al transaction price. Cash Cash is reprasenled bycash in hand and deposits with financial inslilulions repayable without penalty on notice of not me than 24 hours. There are no complex flnan¢lal Instruments. 2.13 Pensions The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company lo the fund in respect of the year. 2.14 Role of volunteers The Charity relles on the efforts of Ils volLJnt8ers. The value of these volunteers is not incorporal wSlhin the aOunt$. 21
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED {A company limited by guarantee) NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Critlc81 attGounllng &stimotos and areas of judgment Estim8t6s and judgmènts are continually Èvalual8d and are basèd on historical experiencè and other factors, Includlng expectations of fltlure events that are believed lo b8 r&asonable under the clr¢umslaf)ces. Critical aceounting 8slimal8s and assumptions.. Critical 8r&as of judgèménl.. Valuation of the rolling stock which is based on past experience and expert knowledge. Incomè from donalions and legacles Unrestrlcted funds 2022 Restricted funds 2022 Total funds 2022 Total funds 2021 Donations and18gaclas 1ncorne lax redairll8ble Grants Governmanl grants Other Income 196,368 20,776 367,222 34,445 201,969 563,590 55,221 201,969 921,853 68,007 448,476 2,939 3,737 8,112 8.112 225 256 603 636 828 892 1445 012 Total 2021 Income from charitable activities Unrestrlcted funds Restrlcted funds Total funds Total funds 2022 2022 2022 2021 Resloralion costs recharg8d to SVRH Total 2021 22
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED IA company1Smlted by guarantee) NOTESTOTHE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Investment Income Unrestricted funds Reslrieted funds 2022 Endowment funds 2022 Total funds 2022 Total funds 2021 2022 Div7dend income Interest receivable 2,925 150 99 24,247 27,271 150 26,170 221 99 24 247 Totsl 2021 Expenditure on raising funds Costs of ralslng voluntary Income Unrestricted funds 2022 Restricted funds 2022 Totsl funds Total funds 2021 2022 Fundraising costs Support costs Wages and Salaries Support costs- depreGialion 11,237 36,349 95,000 217 4,274 15.511 36.349 95,000 217 21,272 30.127 92,990 571 142 803 147077 Tot812021 23
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED IA company limited by guarantee) NOTESTOTHE FINANCIALSTATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Investment managament costs Unrestrlcted fund$ Restricted funds Endowmènt funds Total funds 2022 2022 2022 2022 Investment managers costs 974 33 Analysls of expendlture by activlties 9a. Analysis of charitable costs Direct costs 2022 Support costs 2022 Total funds 2022 Total funds 2021 Chamlabla actlvlllès 1115413 108932 690 171 Total 2021 633 9b. Analysls of dlréct costs Charttable activities 2022 Total funds 2022 Toial funds 202t Wages and salaries Depreoation Railway resloralio Engineering academy and edUCaOn Railway reslorallon rechargod to SVRH 40,758 22,758 1.051,297 600 40,758 22,758 1,051,297 600 35,093 24,917 535,1aS 1 115413 1 115413 615538 Total 2021 24
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED IA company limited by guarant661 NOTESTO THE FINANCIALSTATEMENTS (CONTINUED} FOR THE YEAR ENDED 30 JUNE 2022 9c. Analysis ofsupport costs Totsl fund5 2022 Support costs 2022 Total funds 2021 Wag88 and saLqri88 Governance costs 107,162 107.162 67,703 108932 108932 74 633 Total 2021 10. Independent Examiners remuneration 2022 2021 Fees payable lo thg Charills Independent ex8miner Fees payable lo the Charity's auditor for preparation of the annual accounts Fees payable lo Charills aLtdltorforth6 auélt of the annual accounts Staff costs 2022 2021 Wages and salarigs Social security Costs Pension eosls 210,246 13,105 19,569 175,766 6,216 13,804 Thè avèrag8 numbèrof persons employed by the company durlng the year wes as follows.. 2022 2021 25
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED IA company limited by guarantee) NOTES TOTHE FINANCIAL STATEMENTS{CONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 The number of employees whose employee bènefits (excluding èmployer pènsion costs) èxceèded £60.C)00 was.. 2022 2021 In the band £60,(K)1- £70.000 Trustees. remuneration and expenses During the year. no Trustees received any remuneralion or other benefits (2027 - £NIL-J. During the year ended 30 June 2022, no Trustee expenses have been incurred {2021- £NIL-). Tangible fixed assets Artefa¢ts Rolllng Stock Offlce Equipment Total Cost or valuation Al 1 July 2021 Additions AI 3D June 2022 3,445 259.450 4.592 267.487 267 487 Depreciation At 1 July 2021 Charge for the year 3.270 169,332 3,749 176,351 88 217 At 30 June 2022 Net book value AI 30 June 2022 AI 30 June 2021
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED {A company limited by guaranteè) NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 14. Fixed asset investments Shares in SVR Holdings) PIC Llsted sècuriliès Total Cost or valuation Al 1 July 2D21 Additions 1,803,200 231,530 1208,0881 1204,7701 24.435 1.827,635 231,530 1208.0881 1204.7701 DisposaEs Fievaluations Transfers between classes AI 30 June 2022 Investments at market value ¢omprlse'. UK Listed investments.. £1,643,271 (2027.- £1,803,200). Market Value of shares held In SVR (Holdings) PIC £24,435 (2021.'£24,435J. All flxed asset Investments ar8 held the UK. Tho endowmgnl fund has be¥n invested on a lolal relum basis. Currently, there are no unappllad total returns a$ all In¢omè gén8raléd is to be re-invested in the fund. During the year. donations of £29.683 (2027.- £35,41 f) have been invested. Thls amount has been Iransferred into the Broker account for Brewin Dolphin lo invest in line wlh the investsrnent policy. Inv6stmenl income of £27,271 (2021.. £26, 170} has bo¢n generated during the year which remains within tho ondowmenl fund. During the year NIL (2021.. £NILJ from unre5tricled funds and NIL (2021.- £NIL) from rest¢ted funds have been Invested with Brewln Dolphln alongsld6 the total rèturn endowment funds. The total income and capital gains generated during the year have been apportioned belween funds based on the proportion of reslricled. unreslricled and èndowment funds invested with Bwin Dolphin al the point of oach new Cash inleclion. 27
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company limited by guarantee) NOTESTOTHEFINANCIALSTATEMENTS (CONTINUED} FOR THE YEAR ENDED 30 JUNE 2022 15. stocks 2022 2021 Parts 16. Debtors 2021 2020 Olherdeblors 25,587 6l 57,021 Prepayments 640 17. Creditors: Amounts falllng due within one year 2022 2021 Othertaxalion and social sècurity 4,718 1,989 Wgges 8nd pensions q,845 1,655 Accw81s 18. Flnancial instrument8 2021 2020 Flnan¢ial assets Flnanclal assets measured al fair value through Incomo and expenditure Flnandal as8els measured atfair value through income and expendilLÈre comprise listèd Invsslmènts and shares in SVR (Holdings) Plc. 28
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company Ilmited by guarantee) NOTES TOTHE FINANCIALSTATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 19. Statèment of funds Statemènt of funds- current year Balance at30 June 2022 Balance at 1 July 2021 Galn I (Losses) Income Expenditure Unre$trfcted funds Deslgnated funds Futures fund 154,820 5,425 (9741 {21,9641 137,307 General funds General Funds- all funds 222 905 610628 136960 Total Unrestrlcled funds Endowmentfunds Heritage Lollery Fund Catalyst.. Endowments fund 1417516 182060 1251625 Restricted funds Roof and Crane HLF Catalyst Roslricled Fund Hinton Manor T819 Mark 1 TSO 4509 LMS & BR Coach Department LNER Coach 52255 & Depl. Hagley Hall 493Q Diesel Facility Englneerlng Academy Toad A Brake Van 17410 Bridgnorth Station Reslorallon Fund Bridgnorth Turntable Fund 275,224 382,456 19,989 2,791 19.188 2,095 38,530 28.720 41,943 3,075 16,105 18,209 220,393 23,287 368 1482,8421 133} 12,775 404,964 20,357 2,791 3,227 1,276 41,838 31,436 418 3,075 2,879 18,209 17461 115,9611 12,0741 112,9001 11,6801 1127.3741 1,255 16,208 4,396 85,849 5.409 118,6351 29
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED IA company limited by guaranteel NOTESTOTHE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 19. Statèmènt of funds continued Balance at30 June 2022 Balance at l July 2021 Gains I (Lossès) Income Expendlture Brldgnorth Yard Fund Disabled Dining & Travel Facilili&s Fund 65,615 11,3671 64,248 264 125 138 36,269 389 138 37,210 Eardinglon Holl Falling Sands Vladuct Education Fund GWR Buffe19581 GWR Restoration Fund Emergency Appeal B¥wdley Signal &Wheelchair SWCT Roof & Housing Total Reslrictad funds 48,868 600 147.9271 16001 2,518 10.763 50 13,281 62 628 1,100 100000 760 301 17951 139,3381 {9.3001 10,236 6.520 29,730 3,880 100000 603 735 918 138 746 Total of funds 30
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED IA company limited by guaranteè} NOTESTOTHE FINANCIALSTATENENTS IGONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 19. Statement of funds statement of funds- prlor year Balance al 30 June 2021 Bal8noe at 1 July 2020 Income Expendilure Gainsl{Lossesl Unre5trlcted funds Designated funds Futures fund 154,820 154,820 General fLSnds General Funds- all funds 318335 531111 324 763 524 683 Total Unrestricted fund8 Endowm8nt funds Heritage Lollery Fund Catalyst.. Endowments fund 1213091 215650 fj 417516 RestrlGted funds Rf and Cran9 HLF Catalyst Rastricted Fund Hinton Manor 7819 Mark 1 TSO 4509 LMS & BR Coach Dèpartmanl LNER Coach 52255 Haglèy H8114930 Diesel Facility Engineering Academy Toad A Brake Van 17410 Brldgnorlh Slallon Re8toralion Fund BridonoJ1h Turnl£ble Fund Disabled Dining & Travel Facililles Fund Falling Sands Viaduct Education Fund 12,515 269,332 118,462 207,404 19,330 2,791 18,143 8,674 31,860 17,020 1,251 3,075 5,297 (6,623) {1,5941 275,224 382,456 19,989 2,791 19,188 2,095 38,0 28,720 41,943 3,075 58,184 1,075 1.170 8,134 11,700 40,692 1301 (7,749) {1,464) 10,808 16.105 18,209 18,209 264 73,294 393,026 1417,452) 48,868 600 31
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A Company limited by guarantee) NOTES TO THE FINANCIALSTATEMENTS{CONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 19. Slalement of funds - prlor year eontlnued Balance at30 Juna 2021 Balance at 1 July 2020 Income Expendllur8 GainsllLosse81 GWR Buffel9581 GWR Reslorallon Fund Emergency Aw)eal Bewdley Signal &Wheelchair 2,512 1.563 74.747 2,518 {7561 174,7001 10,189 10,236 409 607 960715 510368 918138 Total of funds 20. Summaryoffunds Balance at 1 July21 Incomo Expendlture GalnslLosses Balance at 30June 22 Designated funds General funds 154.820 524,683 1.417,516 918 138 5,425 222,905 24,247 {974) 1610,6281 18,0781 760 826 121.9641 137,307 136,960 1,251,625 760 301 Endowment funds 1182,0601 746 Restricted funds Total of funds Balance at I July20 Income Expenditure GainslLosses Balance at 30 Jun 21 Designatèd funds General funds Endowment funds 154,820 318,335 1,213,091 409 607 154,820 524,683 1,417,516 918138 531,111 1324,7631 111,2251 510368 215,650 Restricted funds 960715 Total of funds 32
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMSTED (A company limited by guarantee) NOTESTOTHE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 20. Summaryoffunds Icontinuedl Thp%? are rp.slrfcted funds lor the purposès ol replacing the main post ofthe larg8r sewdley South BTaekel Signal and replacing the wheelchair a¢¢&ss for vlsStors at Bewdle Statfon. B8wdley Slgnal &Wheelch8ir &idgnorth Locomollve Yard Fund Brfdgnorth Stalion RostOTatian Fund Biidgnorth Tumtablè Fund Th15 Is a restrlGted fund for the purpose of repalrlng the yard. This is B iestricted fund for th8 purpose of iestoring the stalion. This is a restricted fund for the purpose of restoring thè turntable al Brldgnorth This Is an Unrestrted fund larthe purpo8os of croatlng futuro Income, mad8 up of transfers a roved b Trustees ol unrestrkted reserve sur luses. Thls Is a restriGted fund 10 5uppori DlÈsel xcUvill&4 tsf thè SVR. Thls 1% a rÈslrtclÈd fund lor the purpose of provldlng dlnlng laulltl8s forwhe8lehair passen er5. This is 8 reslricled fund to educate the publlc. This is a re$lricl8d fund in pbce lo r8lS8 funds for immediate application to areas of the SVR'S aclivllles which m&t the ¢harflable objects. The funds were to compensate lor lost incomo dua to COVID-19. DssSgnat8d Futures Fund Diesel Facility Fund Disableil Dinlng & Tr4vel Facilities Fund EducatK)nal Fund Emerg8ncy App8al Fund EngIneing Academy Fund This Is a reslrfcted fund forthe purpose ol provldlng herllage skills to tho SVR, Thls Is a restricted fund forthe purposo of tho rosloration ol Iho viaduct and educatimal offerlno._- This Is a restricted fund lo ¢onve¥t ¢arriaoe 9581, 1ntowhe8lthair-usor-accos8 buff8t carria This is a Yeslrtcted fund forthe purpose of restorlng the to¢omolive 4930 Hagley Hall to servic8. Thi8 is an ?ndawmantfund for th& purpose of cr881ing futur8 incom8 for th8 Trusl lor thB tsonlinuantyg ul ils aclivitleb. Monles ralsed were mdld) fundtrd by Herllage Lotte Fund HLF Éo a maximurn of £500,0( whlch has bcon raached. This Is a reStrted fund forlhe purpo8 of creatlng future Incorne l Futures Fund") lor lh8 Irust for th8 eontinu8nc8 01 it's activities sinc8 the end of the matchina lundlng arrdngemenl wlth HLF. Divldend5 recelved on the Investments hekl by 8revAn Dolphin are re¢ognised her8, with the funds being restricted for the purpose ol prèserving Severn Vall&y Rallway Rolling Slwk. Thls ts a reslricled fund forthe purpose ol reluminq the locotnollve lo seNce. Thls15 4 re51rfGled fund lorlhe purposa olrestaring LMS & BR builld8partment vehlcles to ori nal ¢ondllion. Falling Sands Viaduct Fund GWR9581 WheelchairACsS Buff8t Carria e Fund H8gl8y Hall Fund HLF Catalyst Endowmenl FurKI HLF CBt81yst Restricted Fund Hinton Manor 7819 Fund LMS & BR Coach Departrnent Fund LNER Coach 52255 LNERCoach Department FutKI This is a r8slricted fund forth8 purpose of Improvlng LNER co8ch 52255. Thls Is a $1ctort fund for the purpose ol restoring LNER built vehides to origlnal condillon Mark 1 TSO 4509 Thls is a reslricled fund for the purpose of ctsmplellon of rÈslorellon. Thls r8slrfcted lund Is ta lund a much needed replacement lo the engine shed at Bridgnojlh. The sécond objeclive is thé purcha88 and Installallon ol a crano, which wlll facilitale mud) more ethènl and safe works on the heritag8 rolling sio¢k. Thlsls a reslriGte£l fund to SUPPDrt and rnainlaln provlsion ollxjihlings to house 2nd preseNa SVRCT owned rolliw stock. Roofand Crane Fund SVRCT Roof & Housing Toad A Brak8 Van 17410 FurKI Thls Is a reslricled fund forlhe purpose of rgstoriryJ the vehicle to 8ervi¢e. 33
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED {A company limited by guarantaal NOTESTOTHE FINANCIALSTATEMENTSICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 21. Analysls of not assets bètwegn fund Analysis of net assets between funds- current year Unrestricted funds Restriclèd funds Endowment funds Total funds 2022 2022 2022 2022 Tanglble fixed assets Flxed asset Inveslmenls Current assets Credilors due walhin one year 68,158 161,117 65,164 68,158 1.667.706 593.975 254,964 528,811 1,251,625 Total Analys1$ of net assets belween funds- prlor year Unrestrided funds 2021 Restricted funds 2021 EndowTnent funds 2021 Total funds 2021 Tangible fixèd assets Fixed ass6t invèstmanls 91,135 27,663 601,001 91,135 1,827,635 1,185,841 282,456 584,840 1,417,516 Current 8ssals Creditors duawithin on6 yaar Total
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED {A company limltad by guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 22. Reconclllatlon of net mov8mant In fundx to net cash flow from operatlng a¢tSvltles 2022 2021 Nel incomalèxp6ndilur6 for the year las per Statement Df Flnancial Actlvlllesl 728 964 Adjustments for. D¢pre¢latlon charges IGaln8ylosses on investments Dividends, interests and ronls from investments Decreasellincr¢aso) in debtors Increaselldecreasel In creditors 22,978 204,770 {27,42ql 3q,434 25,448 {273,8341 126,3911 6,351 Nèt C8sh provlded byl{used in) operatlng actlvllles 23. Analysls of ¢#sh and cash equlvalents 2022 2021 Cash in hand 554,796 1.115,228 Cash helé by Broker Total cash and cash equivalents 15 05 Al l July2021 Cash flows At 30 June 2022 Cash al bank end in hand Cash equivalents 1,115,228 1560,4321 554,796 24. P8nslon cornmitments The eharilyoperales a definecl contribution pension scheme. The assets of thè scheme are held separately fmm thos& of 1116 Chadly an Independently administered fund. The penslon cost charge represents contribuliong payablè by the Charity lo these funds. 35
SEVERN VALLEY RAILWAY CHARITABLE TRUST UMITED {A company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 25. Ralated party transactlons During the year the Charity donated £1.044,672 (2021.- £576,282J lo Severn Valley Railway IHoldlngsl Plc. In additson lo this, invoiced recharges of £169,423 (2020.. £146,408) were also paid to Severn Valley Railway (Holdlngsl Plc, Included with credllors Is an amount of£32,788 (2021.. £24,887) owed lo Sevwn ValY RaSlway (Holdings) PIC which relat08 lo recharges. Included within debtors is an amount of £nil (2020.. £nil) owed from Sevem Valley Railway {Holdings) PIC for services supplied. There are no other related partytransaclions. 36