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2023-06-30-accounts

Registered number: 04341280 Charity number: 1092723

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Chairman's statement 2
Trustees' report 3 - 10
Independent auditor's report on the financial statements 11 - 13
Statement of financial activities 14
Balance sheet 15 - 16
Statement of cash flows 17
Notes to the financial statements 18 - 39

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2023

Trustees K R Norton, Chair (resigned 13 December 2022)
R Treverton-Jones, Chair
A B Owens (OBE), Trustee (resigned 27 April 2023)
P C Fathers, Vice Chair
L M Shoaf (CBE), Trustee (resigned 12 June 2024)
T A Hargest, Trustee (resigned 13 February 2023)
M Ball, Trustee (resigned 31 March 2023)
D E Malyon, Trustee (appointed 22 September 2021, resigned 10 May 2024)
D S Kumar, Trustee (appointed 27 April 2023)
M A Howard, Secretary (appointed 27 April 2023)
P A Hobson, Trustee (appointed 6 March 2024)
J Meredith, Trustee (appointed 27 April 2023)
C W Walton, Trustee (appointed 27 April 2023)
Company registered
number
04341280
Charity registered
number
1092723
Registered office
Number One
Comberton Place
Kidderminster
Worcestershire
DY10 1QR
Bankers
HSBC Bank Plc
31 Church Street
Kidderminster
Worcestershire
DY10 1QR

Page 1

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 30 JUNE 2023

The chairman presents his statement for the year.

The past 20 months have seen significant changes at the Trust. Shelagh Paterson, the Executive Director left in October 2022 and Paul Walker the Finance Manager left very suddenly in June 2023. Following this, the three remaining staff all took extended periods of sick leave and all have subsequently left the Trust.

The Trust is now an all volunteer organisation, with some of the Trustees and volunteers working in the office on Wednesdays. Professional services are purchased from external specialists as required. This has led to a significant reduction in running costs.

R Treverton-Jones Chairman

Page 2

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 July 2022 to 30 June 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The objectives of the Severn Valley Railway Charitable Trust (SVRCT) are:

  1. To advance education for the benefit of the public by financing the acquisition, restoration, preservation and operation of heritage locomotives, coaches, wagons, buildings, track and other associated infrastructure.

  2. Establishing buildings to house and preserve the Severn Valley Railway Charitable Trust rolling stock collection.

  3. Providing educational and interpretive displays for the travelling public.

  4. Providing education and skills training used in the restoration, repair and operation of historic railways to ensure their long-term survival.

In setting the Charity's policy and planning its activities, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit.

The Charity has a strong network of volunteers with experience in a range of areas. The Trustees are very appreciative of the support provided by the volunteers as they are essential to allowing the Trust to perform its Charitable activities.

b. Strategies for achieving objectives

Trustees meet quarterly to monitor and assess the affairs of the Charity to ensure the objectives are met.

c. Activities undertaken to achieve objectives

Fund raising and financial affairs of the Charity are monitored and controlled by the Finance & General Purposes Committee which meets regularly as required.

Grant making is controlled by the Grants Committee which manages grant applications to ensure compatibility with the objects

Page 3

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Objectives and activities (continued)

d. Social investment policies

The social investment of the Charity is met through the objectives, specifically through providing “education and skills training used in the restoration, repair and operation of historic railways to ensure their long-term survival.”

e. Grant-making policies

Grant making policy is set out by the Grants Policy of the Charity. This is freely available via the Charitable Trust website.

Page 4

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Achievements and performance

a. Main achievements of the Charity

During the period 1 July 2022 - 30 June 2023 the following Grants were made:

Bridgnorth Yard Phase 1 SVRH £150,000
Heritage Apprentice Scheme SVRH £35,000
Engine House 2022 operational costs:
which houses Hinton Manor		 SVRH £100,000
Carriage LNER 43612 SVRH £70,000
Epoxy Floor – Bridgnorth MPD SVRH £14,618
RoadRailer Vehicle SVRH £40,000
82045 SVRH £10,000
Engine House 2023 operational costs
(houses Hinton Manor)		 SVRH £200,000
Hagley Hall interpretation films SVRH £9,624
Bridgnorth Yard project films SVRH £3,000
ESMP Running Maintenance Team
and support for HOPS roll-out.		 SVRH £86,875
DMU Group
DMU Bogie Overhaul top up funding (West £2,000
Midlands)
Maintaining Heritage SVRH £163,000
TOTAL £884,117

b. Key performance indicators

The setting of KPIs (Key Performance Indicators) is limited by the nature of charitable fund-raising. Approximately 50% of the income to the Charity is provided through bequests over which the Charity has no control. The remaining income is dependent upon fund-raising campaigns for specific projects. These vary from year-to-year determining the income of the Charity.

Page 5

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Achievements and performance (continued)

c. Review of activities

Once again, the Charity had a busy year supporting the Severn Valley Railway during a difficult period as the railway began its recovery from the effects of the pandemic.

d. Factors relevant to achieve objectives

Grants applications are managed by the Grants Committee. Their recommendations are put to the Board of Trustees who consider the applications before grants are made. The process is therefore monitored against the objectives of the Charity to ensure compliance.

e. Fundraising Policy

The Severn Valley Railway Charitable Trust Limited raises income from a wide range of funding streams to include, from individuals: single, regular, legacy and gifts in memory. From corporate sponsorship and gift in kind, and project funding from grant-making bodies to include, lottery, statutory, Trusts and foundations.

Page 6

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Achievements and performance (continued)

f. Investment policy and performance

The Heritage Lottery Fund Catalyst: Endowment Fund and all funds restricted or designated for long-term use are held in a managed fund by Brewin Dolphin.

The Trustees’ aim to achieve a balance between total return primarily through capital growth with a medium risk investment policy over the long term i.e. over a period 10 years or more. They seek to achieve long term growth of capital and income maintaining the value of both in real terms over time. A total return approach should be taken as it is likely that income will be accumulated for some years to establish a substantial Endowment Fund to safeguard the future of the SVR. At that time there may be an increasing income requirement to help to protect the Railway’s rolling stock, bridges, viaducts, buildings, other infrastructure and educational offerings and in so doing safeguard the future of the Railway.

The Trustees, in consultation with the Investment Manager, have agreed the following Investment Strategy: The investment of the funds should follow a total return (excluding inflation) approach; aiming to generate income and capital growth in order to achieve the SVR Endowment Fund objective of growing the income and capital in real terms over time.

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 reported to the Trustees who review the performance on a regular basis.

Investment income of £37,827 (2022: £27,271) has been generated during the year.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The Reserves policy of the Charity is to maintain a level of unrestricted funds, not committed or invested in tangible assets, which will enable the Charity to ensure continuity of activity and have the ability to adjust, in a measured way, to any significant changes in resources. The Reserves policy recognises that reserves are necessary to maintain the day to day operations of the Charity for a period of up to 6 months. This would currently equate to approximately £150,000.

The appropriate measure of free reserves is calculated as unrestricted funds (£321,281), less designated funds (£137,307), less fixed assets attributable to unrestricted funds (£52,391). This equates to free reserves of £131,583. It is recognised that the free reserves are £18,417 below the £150,000 required for day to day operations but plans are in place to build up the free reserves back up by raising unrestricted income.

Page 7

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

c. Risk management

The Trustees have a duty to identify and review risks to which the Trust is exposed and to ensure appropriate measures are considered for areas of considered risk. The Trust adheres to its Risk Policy and Framework, which is reviewed annually.

A Risk Register is in place, which is reviewed monthly. Identified risks are evaluated on the possible severity, assessing both impact and likelihood. Rather than giving equal weight to likelihood and impact the Trust uses a heat map with greater focus on the impact, and therefore uses the scoring of (impact x likelihood) + impact.

d. Principal risks and uncertainties

The Trustees endeavour to continually raise funds and to further support the Severn Valley Railway. The principal risks associated with the organisational activities are categorised as a loss of income mitigated by implementing strong and targeted marketing and fundraising strategies. Financial fraud and error will be mitigated with robust processes and procedures which incorporate segregation of duties and practises. Lack of fundraising ability is mitigated with a dedicated fundraising team with the correct skills base to deliver a targeted fundraising strategy.

e. Financial risk management objectives and policies

The financial situation of the Charity is carefully monitored by the trustees to ensure continuity. Grants are awarded only when the financial stability of the Charity is confirmed through the Reserves Policy.

f. Principal funding

Funding of the Charity is dependent upon several factors. Approximately 50% of income to the Charity is provided through bequests over which the Charity has no control. The remaining income is dependent upon fund raising campaigns for specific projects. These vary from year-to-year affecting the income to the Charity.

Structure, governance and management

a. Constitution

Severn Valley Railway Charitable Trust Limited, which changed its name from 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 registered with the Charity Commission on 1 July 2002, registration number 1092723. It is governed by its Memorandum and Articles of Association, which were last amended on 8 April 2019.

The Severn Valley Railway Charitable Trust was established to raise funds to ensure the long-term survival of the Severn Valley Railway (SVR).

The day-to-day income the SVR receives from passenger fares, shops, cafes and pubs can only cover the cost of running trains, along with standard maintenance and restoration. These activities do not generate enough income to improve and develop the Railway. The Charitable Trust provides essential funds to enable the Railway to develop and widen its offerings to its visitors.

The Charitable Trust offers tax-efficient ways of giving, and helps ensure the future of this amazing piece of living history, so that it can continue to delight, thrill and inform generations to come.

Page 8

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Structure, governance and management (continued)

b. Methods of appointment or election of Trustees

There shall be a maximum of nine Trustees unless otherwise determined by ordinary resolution of the members of the Charity. Of the nine Trustees, two shall be ex officio the chairman of each of Severn Valley Railway (Holdings) plc and Severn Valley Railway Company Limited or if any such chairman does not wish to act as Trustee, such other person nominated by such chairman to act as Trustee. Such a Trustee (whether a chairman or his nominee) shall be referred to an "ex officio Trustee". Any person nominated by a chairman to act as a Trustee may from time to time be removed and replaced by their appointor.

The Charity may by ordinary resolution appoint a person who is willing to act to be a director provided that person is not at the time such resolution is passed a director of Severn Valley Railway (Holdings) plc or Severn Valley Railway Limited (but for the avoidance of doubt this proviso shall not apply to ex official directors mentioned above).

Trustees are elected for a three-year period at the AGM by the members of the Trust.

All the Charity Trustees receive an induction into their legal and administrative responsibilities, with an ongoing training programme as and when needed for issues arising during their term of office.

The Trustees are aware of the 7 principles of the Charity Governance Code and continue to improve the Trust’s governance addressing the codes guidelines.

c. Organisational structure and decision-making policies

During the year, several key staff left the Charity. This caused the Trustees to take a greater role in the day-today affairs of the Charity, which has reduced salary costs and provided greater funds for the awarding of grants. Decision making and policy decisions are made by the Trustees.

Plans for future periods

The Charitable Trust has experienced several changes in staff and trustees. Some staff have left the Charity during the year including the Head of Charity, Shelagh Patterson. To reduce overheads the Charity is becoming increasingly reliant upon volunteers, many of whom are Trustees. This has reduced salary costs, improving the ROI (return on Investment) considerably, allowing more funds to become available towards helping the SVR.

The Charity has managed the SVR Survival Appeal during the course of the year.

The policy of the Trustees is now to encourage greater use of contract services for finance and project management, rather than rely on paid staff. This will help reduce costs and provide greater flexibility with the workforce. Volunteers will be engaged when they are available and have the appropriate skills in order to minimise salaries.

At the balance sheet date, the Charity had unrestricted, undesignated reserves of £183,974 (2022: £136,960), designated reserves of £137,307 (2022: £137,307), restricted reserves of £994,220 (2022: £760,301) and endowment funds of £1,374,444 (2022: £1,251,625).

Page 9

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity 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 Charity 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:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditor

The auditor, Crowe U.K. LLP, has indicated his willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

M A Howard Secretary Date: 31 July 2024

Page 10

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

Opinion

We have audited the financial statements of Severn Valley Railway Charitable Trust Limited (the 'charitable company') for the year ended 30 June 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other matter

For the year ended 30 June 2022 the company was audit exempt, and consequently the financial statements for that period, which comprise the corresponding information presented in these financial statements, is unaudited.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 11

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 12

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified the greatest risk of material impact on the financial statements from irregularities to be within income recognition and the override of control by management, and the Board of Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with Charity Commission and reading minutes of meetings for those charged with governance.

Owing to the inherent risk of an audit, there is an unavoidable risk that we may not have detected some material misstatemetns in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Kerry Brown Crowe U.K. LLP Senior Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG

31 July 2024

Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 13

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2023

Note
Income and
endowments from:
Donations and legacies
4
Investments
5
Total income and
endowments
Expenditure on:
Raising funds
6,7
Charitable activities
8
Total expenditure
Net
income/(expenditure)
before net
gains/(losses) on
investments
Net gains/(losses) on
investments
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2023
£
607,018
5,025
612,043
123,899
451,428
575,327
36,716
10,298
47,014
274,267
47,014
321,281		 Restricted
funds
2023
£
916,509
3,447
919,956
14,370
682,075
696,445
223,511
10,408
233,919
760,301
233,919
994,220		 Endowment
funds
2023
£
13,649
30,789
44,438
9,403
-
9,403
35,035
87,784
122,819
1,251,625
122,819
1,374,444		 Total
funds
2023
£
1,537,176
39,261
1,576,437
147,672
1,133,503
1,281,175
295,262
108,490
403,752
2,286,193
403,752
2,689,945		 Total
funds
2022
£
828,893
27,421
856,314
156,167
1,224,345
1,380,512
(524,198)
(204,771)
(728,969)
3,015,162
(728,969)
2,286,193

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 18 to 39 form part of these financial statements.

Page 14

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 04341280

BALANCE SHEET AS AT 30 JUNE 2023

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Endowment funds
20
Restricted funds
20
Unrestricted funds
20
Total funds		 11,973
98,314
663,290
773,577
(32,892)		 2023
£
52,391
1,896,869
1,949,260
740,685
2,689,945
2,689,945
2,689,945
1,374,444
994,220
321,281
2,689,945		 11,973
27,206
554,796
593,975
(43,646)		 2022
£
68,158
1,667,706
1,735,864
550,329
2,286,193
2,286,193
2,286,193
1,251,625
760,301
274,267
2,286,193

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 144 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

Page 15

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee) REGISTERED NUMBER: 04341280

BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

M A Howard Secretary Date: 31 July 2024

The notes on pages 18 to 39 form part of these financial statements.

Page 16

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from sale of investments
Purchase of investments
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2023
£
189,907
39,261
725,754
(876,690)
(111,675)
78,232
613,024
691,256		 2022
£
(543,012)
27,421
208,088
(231,530)
3,979
(539,033)
1,152,057
613,024

The notes on pages 18 to 39 form part of these financial statements

Page 17

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

1. General information

The Severn Valley Railway Charitable Trust is a company limited by guarantee in England, whose registered office is Number One, Comberton Place, Kidderminster, Worcestershire, DY10 1QR. The companies registered number is 04341280. The members of the company are the Trustees named on page 1. In the event of the Severn Valley Railway Charitable Trust Limited being wound up, the liability in respect of the guarantee is limited to £1 per member of the Severn Valley Railway Charitable Trust Limited.

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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Severn Valley Railway Chartitable Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

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

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

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.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 18

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

2. Accounting policies (continued)

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4 Tangible fixed assets and depreciation

Tangible fixed assets costing £264,366 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Rolling Stock - 10% Straight Line
Artefacts - 10% Straight Line
Office equipment - 33% Straight Line

2.5 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Investments held as fixed assets are shown at cost less provision for impairment.

Page 19

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

2. Accounting policies (continued)

2.6 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.10 Financial instruments

The Charity 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.

Page 20

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

2. Accounting policies (continued)

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical areas of judgment:

Valuation of the rolling stock which is based on past experience and expert knowledge.

4. Income from donations and legacies

Unrestricted
funds
2023
£
Donations
Donations
149,742
Gift Aid Reclaimable
15,313
Subtotal detailed disclosure
165,055		 Restricted
funds
2023
£
517,283
69,339
586,622		 Endowment
funds
2023
£
11,654
1,995
13,649		 Total
funds
2023
£
678,679
86,647
765,326

Page 21

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

4. Income from donations and legacies (continued)

Unrestricted
funds
2023
£
Legacies
440,295
Grants
-
Other income
1,668
Subtotal
441,963
607,018
Unrestricted
funds
2022
£
Donations
Donations
153,953
Gift Aid Reclaimable
20,776
Subtotal detailed disclosure
174,729
Legacies
42,415
Grants
-
Other income
8,112
Subtotal
50,527
225,256		 Restricted
funds
2023
£
168,950
160,937
-
329,887
916,509
Restricted
funds
2022
£
208,599
33,761
242,360
136,000
201,969
-
337,969
580,329		 Endowment
funds
2023
£
-
-
-
-
13,649
Endowment
funds
2022
£
2,624
684
3,308
20,000
-
-
20,000
23,308		 Total
funds
2023
£
609,245
160,937
1,668
771,850
1,537,176
Total
funds
2022
£
365,176
55,221
420,397
198,415
201,969
8,112
408,496
828,893

Page 22

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

5. Investment income

Unrestricted
funds
2023
£
Dividend income
3,591
Interest receivable
1,434
5,025
Unrestricted
funds
2022
£
Dividend income
2,925
Interest receivable
150
Total 2022
3,075		 Restricted
funds
2023
£
3,447
-
3,447
Restricted
funds
2022
£
99
-
99		 Endowment
funds
2023
£
30,789
-
30,789
Endowment
funds
2022
£
24,247
-
24,247		 Total
funds
2023
£
37,827
1,434
39,261
Total
funds
2022
£
27,271
150
27,421

6. Expenditure on raising funds Costs of raising voluntary income

Unrestricted
funds
2023
£
Fundraising costs
8,093
Support costs
52,167
Depreciation
928
Wages and salaries
48,140
National Insurance
5,143
Pension costs
8,325
122,796		 Restricted
funds
2023
£
13,255
-
-
-
-
-
13,255		 Total
funds
2023
£
21,348
52,167
928
48,140
5,143
8,325
136,051

Page 23

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

6. Expenditure on raising funds (continued)

Costs of raising voluntary income (continued)

Fundraising costs
Support costs
Depreciation
Wages and salaries		 Unrestricted
funds
2022
£
11,237
36,354
217
95,000
142,808		 Restricted
funds
2022
£
4,274
-
-
-
4,274		 Total
funds
2022
£
15,511
36,354
217
95,000
147,082

7. Investment management costs

Unrestricted
funds
2023
£
Investment managers costs
1,103
Unrestricted
funds
2022
£
Investment managers costs
974		 Restricted
funds
2023
£
1,115
Restricted
funds
2022
£
33		 Endowment
funds
2023
£
9,403
Endowment
funds
2022
£
8,078		 Total
funds
2023
£
11,621
Total
funds
2022
£
9,085

Page 24

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2023
£
Wages and Salaries
109,099
Governance costs
18,345
Depreciation
15,758
Railway Restoration
308,226
451,428
Unrestricted
funds
2022
£
Wages and Salaries
147,920
Governance costs
1,770
Depreciation
22,758
Railway Restoration
320,363
Engineering academy and education
-
492,811		 Restricted
funds
2023
£
-
-
-
682,075
682,075
Restricted
funds
2022
£
-
-
-
730,934
600
731,534		 Total
2023
£
109,099
18,345
15,758
990,301
1,133,503
Total
2022
£
147,920
1,770
22,758
1,051,297
600
1,224,345

Page 25

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

9. Analysis of expenditure by activities

Activities
undertaken
directly
2023
£
Wages and Salaries
9,092
Governance costs
791
Depreciation
15,758
Railway Restoration
990,301
1,015,942
Activities
undertaken
directly
2022
£
Wages and Salaries
40,758
Governance costs
-
Depreciation
22,758
Railway Restoration
1,051,297
Engineeing Academy and Restoration
600
1,115,413
10.
Analysis of grants
Included within Railway Restoration are the following grants
Severn Valley Railway (Holdings)
DMU Group (West Midlands)		 Support
costs
2023
£
100,007
17,554
-
-
117,561
Support
costs
2022
£
107,162
1,770
-
-
-
108,932
2023
£
882,117
2,000
884,117		 Total
funds
2023
£
109,099
18,345
15,758
990,301
1,133,503
Total
funds
2022
£
147,920
1,770
22,758
1,051,297
600
1,224,345
2022
£
1,044,672
-
1,044,672

Page 26

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

11. Auditor's remuneration

2023 2022
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 11,000 -
Fees payable to the Charity's auditor in respect of:
The Charity's independent examination - 1,740
Preparation of the annual accounts 5,750 -

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
147,618
13,751
9,338
170,707		 2022
£
210,246
13,105
19,569
242,920

The average number of persons employed by the Charity during the year was as follows:

2023 2022
5 8

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
No. No.
In the band £60,001 - £70,000 - 1

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 30 June 2023, no Trustee expenses have been incurred (2022 - £NIL) .

Page 27

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

14. Tangible fixed assets

Cost or valuation
At 1 July 2022
Additions
Disposals
At 30 June 2023
Depreciation
At 1 July 2022
Charge for the year
On disposals
At 30 June 2023
Net book value
At 30 June 2023
At 30 June 2022		 Rolling
Stock
£
259,450
-
-
259,450
192,005
15,667
-
207,672
51,778
67,445		 Artefacts
£
3,445
-
-
3,445
3,358
87
-
3,445
-
87		 Office
equipment
£
4,592
915
(4,036)
1,471
3,966
928
(4,036)
858
613
626		 Total
£
267,487
915
(4,036)
264,366
199,329
16,682
(4,036)
211,975
52,391
68,158

Page 28

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

15. Fixed asset investments

Cost or valuation
At 1 July 2022
Additions
Disposals
Revaluations
Transfers between classes
At 30 June 2023
Net book value
At 30 June 2023
At 30 June 2022
Investments at market value comprise:		 Listed
investments
£
1,643,270
1,008,990
(737,375)
108,490
(150,941)
1,872,434
1,872,434
1,643,270		 Other fixed
asset
investments
£
24,435
-
-
-
-
24,435
24,435
24,435		 Total
£
1,667,705
1,008,990
(737,375)
108,490
(150,941)
1,896,869
1,896,869
1,667,705

UK Listed investments: £1,872,434 (2022: £1,643,271) Market value of shares held in SVR (Holdings) Plc: £24,435 (2022: £24,435)

All fixed asset investments are held in the UK.

The endowment fund has been invested on a total return basis. Currently, there are no unapplied total returns as all income generated is to be re invested in the fund. During the year, donations of £97,677 (2022: £29,683) have been invested. This amount has been transferred into the Broker account for Brewin Dolphin to invest in line with the investment policy. Investment income of £34,618 (2022: £27,271) has been generated during the year which remains within the endowment fund.

During the year NIL (2022: £NIL) from unrestricted funds and NIL (2022: £NIL) from restricted funds have been invested with Brewin Dolphin alongside the total return endowment funds. The total income and capital gains generated during the year have been apportioned between funds based on the proportion of restricted, unrestricted and endowment funds invested with Brewin Dolphin at the point of each new cash injection.

Page 29

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

16. Stocks

Parts
17.
Debtors
Due within one year
Other debtors
Prepayments and accrued income		 2023
£
11,973
2023
£
96,549
1,765
98,314		 2022
£
11,973
2022
£
25,587
1,619
27,206

18. Creditors: Amounts falling due within one year

Other taxation and social security
Other creditors
Accruals and deferred income
19.
Financial instruments
Financial assets
Financial assets measured at fair value through income and expenditure		 2023
£
2,642
7,465
22,785
32,892
2023
£
1,896,869		 2022
£
4,718
1,845
37,083
43,646
2022
£
1,667,706

Financial assets measured at fair value through income and expenditure comprise of listed investments and shares in SVR (Holdings) Plc.

Page 30

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

20. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Futures fund
General funds
General Funds - all funds
Total Unrestricted funds
Endowment funds
Heritage Lottery Fund Catalyst:
Endowment fund
Restricted funds
Roof and Crane
HLF Catalyst Restricted Fund
Hinton Manor 7819
Hagley Hall 4930
Diesel Facility
Engineering Academy
Bridgnorth Station Restoration
Fund
Bridgnorth Turntable Fund
Bridgnorth Yard Fund
Falling Sands Viaduct
GWR Buffet 9581
Emergency Appeal
SVRCT Roof & Housing
Road Railer
Survival Fund
Miscellanous restricted funds		 Balance at 1
July 2022
£
137,307
136,960
274,267
1,251,625
12,775
404,964
20,357
41,838
31,436
418
2,879
18,209
64,248
37,210
13,281
628
100,000
-
-
12,058		 Income
£
-
612,043
612,043
44,438
14,081
103,124
433
5,456
2,438
51,533
2,873
-
196,998
69,221
7,650
6,445
70,000
20,000
362,947
6,757		 Expenditure
£
-
(575,327)
(575,327)
(9,403)
(18,401)
(1,115)
-
(10,324)
-
(35,000)
-
-
(162,502)
(104,748)
-
-
(170,000)
(20,000)
(174,355)
-		 Gains/
(Losses)
£
-
10,298
10,298
87,784
-
10,408
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Balance at
30 June
2023
£
137,307
183,974
321,281
1,374,444
8,455
517,381
20,790
36,970
33,874
16,951
5,752
18,209
98,744
1,683
20,931
7,073
-
-
188,592
18,815

Page 31

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

20. Statement of funds (continued) Statement of funds - current year (continued)

Total of funds Balance at 1
July 2022
£
760,301
2,286,193		 Income
£
919,956
1,576,437		 Expenditure
£
(696,445)
(1,281,175)		 Gains/
(Losses)
£
10,408
108,490		 Balance at
30 June
2023
£
994,220
2,689,945

Page 32

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

20. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Futures fund
General funds
General fund - all funds
Total Unrestricted funds
Endowment funds
Heritage Lottery Fund Catalyst:
Endowments fund
Restricted funds
Roof and Crane
HLF Catalyst Restricted Fund
Hinton Manor 7819
Mark 1 TSO 4509
LMS & BR Coach Department
LNER Coach 52255 & Dept.
Hagley Hall 4930
Diesel Facility
Engineering Academy
Toad A Brake Van 17410
Bridgnorth Station restoration
Fund
Bridgnorth Turntable fund
Bridgnorth Yard Fund
Disable Dining & Travel
Facilities Fund
Eardington Holt
Falling Sands Viaduct		 Balance at
1 July 2021
£
154,820
524,683
679,503
1,417,516
275,224
382,456
19,989
2,791
19,188
2,095
38,530
28,720
41,943
3,075
16,105
18,209
-
264
-
48,868		 Income
£
5,425
222,905
228,330
24,247
220,393
23,287
368
-
-
1,255
16,208
4,396
85,849
-
5,409
-
65,615
125
138
36,269		 Expenditure
£
(974)
(610,628)
(611,602)
(8,078)
(482,842)
(33)
-
-
(15,961)
(2,074)
(12,900)
(1,680)
(127,374)
-
(18,635)
-
(1,367)
-
-
(47,927)		 Gains/
(Losses)
£
(21,964)
-
(21,964)
(182,060)
-
(746)
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Balance at
30 June
2022
£
137,307
136,960
274,267
1,251,625
12,775
404,964
20,357
2,791
3,227
1,276
41,838
31,436
418
3,075
2,879
18,209
64,248
389
138
37,210

Page 33

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

20. Statement of funds (continued)

Statement of funds - prior year (continued)

Education Fund
GWR Buffet 9571
GWR Restoration Fund
Emergency Appeal
Bewdley Signal & Wheelchair
SWCT Roof & Housing
Total of funds		 Balance at
1 July 2021
£
600
2,518
807
10,236
6,520
-
918,138
3,015,157		 Income
£
-
10,763
50
29,730
3,880
100,000
603,735
856,312		 Expenditure
£
(600)
-
(795)
(39,338)
(9,300)
-
(760,826)
(1,380,506)		 Gains/
(Losses)
£
-
-
-
-
-
-
(746)
(204,770)		 Balance at
30 June
2022
£
-
13,281
62
628
1,100
100,000
760,301
2,286,193

21. Summary of funds

Summary of funds - current year

Designated funds
General funds
Endowment funds
Restricted funds		 Balance at 1
July 2022
£
137,307
136,960
1,251,625
760,301
2,286,193		 Income
£
-
612,043
44,438
919,956
1,576,437		 Expenditure
£
-
(575,327)
(9,403)
(696,445)
(1,281,175)		 Gains/
(Losses)
£
-
10,298
87,784
10,408
108,490		 Balance at
30 June
2023
£
137,307
183,974
1,374,444
994,220
2,689,945

Page 34

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

21. Summary of funds (continued)

Summary of funds - prior year

Designated funds
General funds
Endowment funds
Restricted funds		 Balance at
1 July 2021
£
154,820
524,683
1,417,516
918,138
3,015,157		 Income
£
5,425
222,905
24,247
603,735
856,312		 Expenditure
£
(974)
(610,628)
(8,078)
(760,826)
(1,380,506)		 Gains/
(Losses)
£
(21,964)
-
(182,060)
(746)
(204,770)		 Balance at
30 June
2022
£
137,307
136,960
1,251,625
760,301
2,286,193

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SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

21. Summary of funds (continued)

Futures Fund This is a designated fund for the purpose of providing alternative source of funding for the
SVR Charitable Trust in the years to come. This means the trust does not have to rely on new
fundraisingfor everysingle project.
HLF Catalyst Endow ment Fund This is an endow ment fund for the purpose of creating future income for the Trust for the
continuance of its activities. Monies raised w ere match funded by Heritage Lottery Fund
(HLF) up to a maximum of £500,000 w hich has been reached.
Roof and Crane Fund This restricted fund is to fund a much-needed replacement to the engine shed at Bridgnorth.
The second objective is the purchase and installation of a crane, w hich w ill facilitate much
more efficient and safe w orks on the heritage rollingstock.
HLF Catalyst Restricted Fund This is a restricted fund for the purposes of creating future income ("Futures Fund") for the
Trust for the continuance of its activities since the end of the matching funding arrangement
w ith HLF.
Dividends received on the investments held by Brew in Dolphin are recognised here, w ith the
funds being restricted for the purpose of preserving Severn Valley Railw ay Rolling Stock.
Hinton Manor 7819 Fund This is a restricted fund for the purpose of returning the locomotive to service.
Hagley Hall Fund This is a restricted fund for the purpose of restoring the locomotive 4930 Hagley Hall to
service.
Diesel Facility Fund This is a restricted fund to support Diesel activities of the SVR.
Engineering Academy Fund This is a restricted fund for the purpose of providing heritage skills to the SVR.
Bridgnorth Station Restoration Fund This is a restricted fund for the purpose of restoring the station.
Bridgnorth Turntable Fund This is a restricted fund for the purpose of restoring the turntable at Bridgnorth
Bridgnorth Locomotive Yard Fund This is a restricted fund for the purpose of repairing the yard.
Falling Sands Viaduct Fund This is a restricted fund for the purpose of the restoration of the viaduct and educational
offering.
GWR9581 Wheelchair Access Buffet
Carriage Fund		 This is a restricted fund to convert carriage 9581, into w heelchair-user-access buffet
carriage.
Emergency Appeal Fund This is a restricted fund in place to raise funds for immediate application to areas of the SVR’s
activities w hich met the charitable objects. The funds w ere to compensate for lost income
due to COVID-19.
SVRCT Roof & Housing This is a restricted fund to support and maintain provision of buildings to house and preserve
SVRCT ow ned rollingstock.
Road Railer Fund This is a restricted fund for the purpose of purchasing a Road Railer vehicle to support the
maintenance of the railw ay's infrastructure.
Survival Fund This is a restricted fund to restore the railw ay's position follow ing the Covid Pandemic.
Bew dley Signal & Wheelchair These are restricted funds for the purposes of replacing the main post of the larger Bew dley
South Bracket Signal and replacing the w heelchair access for visitors at Bew dley Station.
Disabled Dining & Travel Facilities Fund This is a restricted fund for the purpose of providing dining facilities for w heelchair
passengers.
Educational Fund This is a restricted fund to educate the public.
LMS & BR Coach Department Fund This is a restricted fund for the purpose of restoring LMS & BR built department vehicles to
original condition.
LNER Coach Department Fund This is a restricted fund for the purpose of restoring LNER built vehicles to original condition
LNER Coach 52255 This is a restricted fund for the purpose of improving LNER coach 52255.
Mark 1 TSO 4509 This is a restricted fund for the purpose of completion of restoration.
Toad A Brake Van 17410 Fund This is a restricted fund for the purpose of restoring the vehicle to service.

Page 36

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
52,391
Fixed asset investments
173,598
Current assets
128,184
Creditors due within one year
(32,892)
Total
321,281		 Restricted
funds
2023
£
-
365,255
628,965
-
994,220		 Endowment
funds
2023
£
-
1,358,016
16,428
-
1,374,444		 Total
funds
2023
£
52,391
1,896,869
773,577
(32,892)
2,689,945

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2022
£
68,158
161,117
65,164
(20,172)
274,267		 Restricted
funds
2022
£
-
254,964
528,811
(23,474)
760,301		 Endowment
funds
2022
£
-
1,251,625
-
-
1,251,625		 Total
funds
2022
£
68,158
1,667,706
593,975
(43,646)
2,286,193

Page 37

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

23. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement
Activities)
Adjustments for:
Depreciation charges
Gains/(losses) on investments
Dividends, interests and rents from investments
Decrease/(increase) in debtors
Decrease in creditors
Net cash provided by/(used in) operating activities
24.
Analysis of cash and cash equivalents
Cash in hand
Cash held by broker
Total cash and cash equivalents
25.
Analysis of changes in net debt
Cash at bank and in hand		 of Financial
At 1 July
2022
£
554,796
554,796		 2023
£
403,752
15,758
(108,490)
(39,261)
(71,098)
(10,754)
189,907
2023
£
663,290
27,966
691,256
Cash flows
£
108,494
108,494		 2022
£
(728,969)
22,978
204,770
(27,421)
31,434
(45,809)
(543,017)
2022
£
554,796
58,228
613,024
At 30 June
2023
£
663,290
663,290

26. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to these funds.

Page 38

SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

27. Related party transactions

During the year the Charity donated £965,120 (2022: £1,044,672) to Severn Valley Railway (Holdings) Plc. In addition to this, invoiced recharges of £136,050 (2022: £169,423) were also paid to Severn Valley Railway (Holdings) Plc.

During the year, Severn Valley Railway (Holdings) Plc collected donations totalling £191,534 on behalf od the Charity.

Included with creditors is an amount of £11,998 (2022: £32,788) owed to Severn Valley Railway (Holdings) Plc which relates to recharges. Included within debtors is an amount of £16,932 (2022: £nil) owed from Severn Valley Railway (Holdings) Plc for donations collected on behald of the Charity.

Donations totalling £6,685 were made by 8 Trustees of the charity.

There are no other related party transactions.

Page 39