Reglstered number: 04341280 Charlty number: 1092723 SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
SEVERN VALLEY RAILWAY CHARITABLE TRUST UMITED (A company Ilmlted by guarantee) CONTENT8 Page Refer8nca and administrativ• details of the Charity, its Trusteos and advisers Chairman's statement Trustees. rèport Independent audltorfs report on the financlal statements Statement of flnancial actlvltles 3-10 11- 14 15 Balance sho•t 16-17 ststement of cash flows 18 Notes to the financial ststements 19-40
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company Ilmited by guaranlee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 DECEMBER 2024 Trustse8 R Treverton-Jones. Trustee {deceased 18 April 2025) P C Fathers. Vice Chair L M Shoaf (CBE>. Trustee (resigned 12 June 2024) D E Malyon, Trustee (resigned 10 May 2024} D S Kumar. Trustee M A Howard, Secretary P A Hobson. Trustee (appointed 6 March 2024> J Meredith. Chair C W Walton, Trustee Company registered number 04341280 Charity registered number 1092723 R•gi8térèd office Number One Comb8rton Place Klddemilnsler Worcestershire DY10 1QR Bankers HSBC Bank PIC 31 Church Street Kidderminster Worcestershire DY10 1QR Pag8 1
SEVERN VALLEY RAILWAY CHARrrA8LE TRUST LIMITED IA company Ilmltsd by guarantee) CHAIRMAN'S STATEMENT FOR THE PERIOD ENDED 31 DECEMBER 2024 The Chair presents their statement for the period. I will start by remembering Ron Treverton-Jones. our fomier chaImn, who died on 18th April 2025. Ron became seriously ill in the Summer of 2024. and his condition delerioraled earlier this year. He gave tremendous seNice io the charitab Trust. most recently as Chairman. Ron chaired the Investments Review Commlllee and introduced ihe Trusl to many funders before joining the Board. He was generous to the Trusl in many ways. and w8 miss his presence in the office. Ron guided the Trust with wisdom and steadiness during his time as Chairman. I was elected Chair ai the September 2024 Board Meeting on 11 September 2024. 1 would Ilke to thank Paul Fathers and Michael Howard for continuing as Deputy Chaim)an and Company Secretary respeclively, and fof Ihe support of the trustees on the Board. As the last Truslees, Report slated, several paid staff left the Trust. It is our policy now to rely on specialist contract staff, Trust8es. or volunteers to reduce our sL3ffing expenses and lo give us flexibility. We have ch8nged our company yearryend date to 31sl December. so thls set of accounts runs from 1s1 July 2023 to 31st December 2024. We hava also upgraded lo a new Customor R6lalionship Managernent system.. Access. Sarah Thompson, who came in as our contract Projecl Manager, did this important task for us. as well as reviewing our pollcies, processes, and records. Whilst the upgrade to Access has involved cost, there are significanl efficiencies in administration, production of management information and greater security ol record keeping. Paul Knghion, our contract Finance Admlnislralor. has done much work on Xero, our accounting syEtem and other financial processes. Sarah has also upgraded our webpage, adding a facility to donate on-line via Stripe. as well as puttlng in place form81ized plans and processes lo keep us on track. She also led the development of a comprehensive Strategic Plan. Thank you again to Paul and Sarah, the trustees and to our volunteer, Sue Cranmore, for her hard work. The Trust is fully supporttve of th8 philosophy of One Rallway, and did obtain legal a(Ivic8 on Ihe Issues raised. After careful consideration, however, Ihe Trust is not going to join the proposed Charitable Communily Benefft Society at this slage with SVRH and SVRG. For the Trust as a charity lo join wth any other Organizatn is complex, and Ilkety to be protracted in view of Charity Commission involvement. It could also deprive SVRCT of legacy payrnents. Many supporters leaving legacies typically name three or four charllles lo receive legacies. commonly wth a provislon Ihal, If a charity does nol exisl when the legacy became payable, the legacy wlll fail and be divided up amongst th8 olher named charilies. Serious losses of future income could be at stake which we cannot risk. The Trust also owns assets. especially our rolling stock. If the Trust were to merge with anolhef organization. our members would have to agree to Ihe transfer of ass8ts, and agree to amending Ihe charitys objectives. v4hich would then qUIre Charfty Comrnission approval. Whilst the Charilable Trust has continu6d to change over the past eighte8n months, it is rrfjw on a very fim footing. We are pleased to have been able to continue to support the RaiaY across a wide range of projects. Thank you to everyone who has supported us over this period. 11 Is teamwork that has enabled us to make this progress. J M8redlth Chair Page 2
SEVERN VALLEY RAILWAY CHARITABLE TRUST UMITED (A company limitsd by guardntee) TRUSTEES. REPORT FOR THE PERIOD ENDED 31 DECEMBER 2024 The Twstees present their annual report together with the audited financial slatements of the Charity for the period 1 July 2023 to 31 December 2024. The Annual report seNes the purposes of both a Trustees. report and a direclor5' report under company law. The Tnjstees confirm thal the Annual report and financial statements of the charitable company comply with Ihe current statutory requirements. the requirements of Ihe charilable companls goveming documenl and the provisions of the Statemenl of Recommended Practice {SORP) applicable to charities preparing their accounts in accord8nce with the Financial Reportlng Slandard applicable In Ihe UK and Republic of Ireland (FRS102) (effective l January 2019). Since the Charfty quallfies as small under SeCOn 382 of the Companles Act 2006, the Strategic r8POrt required of medium 8nd large companies under the Companies Act 2006 (Strategic Report and Direclors, Report) Regulallons 2013 has been omitted. Objectlves and activltles Pollcles and objectives The objectives of Ihe Sevem Valley Rallway Charilable Trust (SVRCT) are: 1. To advance educalion for the benefit of the publkc by financing the acquisition. restoration, preseniation arKJ operation of heritage locomotives, coaches, wagons, buildings, track and other associated infraslructure. 2. Establishing buSldings to house and preserve the Sevem Valley Railway Chariiable Trust rolllng stock collection. 3. Providlng educational and Interpretive dlspl8ys for the travellSng public. 4. Providing education and skills training used in th8 restoration, repair and operation of historic railway5 to ensure their long-lerm suD/tval. In setting the Charitvs policy and planning Its activities, the Twstees have given careful conslderatlon to the Charity Commission's general guidance on public benefit. The Charlty has a Strong neIork of volunleers vhlh experlence in a range of 8reas. The Trustees are very appreciative of the support provided by the volunteers as they are essential to allowing the Trust to perforrn its Charitable activities. b. Strategles for achievlng objecllves Trustees meet quarterly to monitor and assess the affairs of th8 Charity lo ensure the objeclives are met. Actlvltle8 undertaken to achleve objeclives Fund raising and financi818ffairs of the Charity are monitored and controlled by ihe Finance & General Purposes Committee which meets regulafly 85 requlred. Grant appllcatlons are formally review8d by the Financ8 & General Purposes Committee, and then referred to the Board of Trustees for their ¢0MMendation. Page 3
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 Objecllves and actlvities (contlnued) d. So¢lal Investment pollcles The social investment of the Charity is met through the objectives, specifically through providing "education arKI skills training used in the restoration, repair and operation of historic railways to ensure their lon*tem suDAval.' e. Grantwmaking policles Grant maklng pollcy Is set out by the Grants Pollcy of the Charlty. Thls Is freely available via the Charitable Trust website. Page 4
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 Achiovem8nts and performance a. Main achlevemonts of the Charity During the period 1 July 2023 - 31 December 2024 the following Grants were made: Reupholsiery of Mk 1 Corriigor 25346 and modified dix)r locks for GWR carriage SVRIH) £12.940 Bewdley Signal.. South Signal Box underplnning lo stabilise structure and bank b8hind SVRIH) £22,284 Kidderminster No 14 poin15 KR14 SVRIH) £12.000 9581 Wheelchair Ae$S Buffet Carriage SVRIH) £8.160 Bridgnorth Yard.. phase 28 of relaying SVR(H) £88,400 Bridgnorth Yard= BR 993898 Ballast Plough Brake (Shark) repairs SVR{H) £5.808 Roof & Crane: Moving Ihe CNC Machine Bridgnortrs Locomotive D6partmenl SVRIH) £12.000 Roof & Crane: Refit gas to vthile metal bay Brldgnorth Locomotive Departmenl SVR(H) £1.700 Diesel Facility- KDR TMD & diesel shunter enhancements.. Infrastruclure SVR(H) £9.032 Dlesel Facllity: 2 x oll pumps fitted to hvo dlesels.. IJ9017 and D4100 SVRIH) £2.tioo LMS 26921 Cnvelan lo wheelchair saloon SVRIH) £7,500 Creaiion of disabled toilet on Platform 1 at Bewdley station SVR{H) £6,990 Rope Access inspection of masonry for three viaducts SVR(H) £9,210 Education: Road-Rail Vehide Trainlng for SVRH employee SVR{Hy £3,800 Road Transport oosts of movlng >car DMU 101 to the Sevem Valley Railway DMU Group (W831 Midlan(is) £7,784 Herilage Apprentbce Scheme SVR(H) £16.199 Survival Fund Support P8yment of grant to support coal and utllilies SVRIH) £300.000 TOTAL £525.807 Page 5
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 Achlev•ments and perfom)anc6 (continuèd) b. Koy perfornianco IndlcatorJ The setting of KPIS (Key Performance Indicalors) is limiied by ihe nature of charitable ftjnd-raislng. Approxirnately 500A of the income to the Charity is prDvlded through bequests over which the ChBrily has no C4Jntrol. The remaining income is dependent upon fund-raislng campaigns for specjfic projects. Th8s8 vary from year-tt>year detennining the income of Ihe Charity. c. Review of activities Once 8g8Sn. the Charity had a busy year supporting the Severn Valley Railway continulng its recovery from Ihe effects of the pandemic. d. Factors relevant to achleve objectlves Grant applicalions are formally revlewed by the Flnance & General Purposes Commltlee after internal checks and Ihen refeed to the Board of Truslees for their reGornmendation, Grant agreements are issued with the lerms of lh8 granl. Processes are kepi under review to ensure compliance with charitable law and practice. Fundralslng Pollcy The Sevem Valley Railway Charitable Trust Limited raises income from a wkle range of funding stre8ms to include, from individuals: single. regular, legacy and gsfts in memory. From corporate sponsorship and gfft in kind. and project funding from granl-making bodies to indude, lottery, statulory, Trusts and foundations. The Sevem Valley Railway Charitable Tru is a voluntary member of Ihe Informatlon Comrnlsslonevs Offi, a member of the Fundraising Regulator and the Institute of Fundraising The Charity is not aware of any failure by ihe Charity, or by any person acting on its behalf, lo comply with fundraising standards or schem8. Fundraislng slandards are monitored on an ongoiro basi& No complaints have been received during the ye8r. A saf8guardlng policy is in place. In addition. all fundraislng messages are not intrusive and supporters are contacted on an infrequent basis for 8 mix of messages which indude feedback on the ifftpacl of their donation and Ilght requests for funding additional projects. Cotlection pots are not shaken and are sLqtic around the Railway. We do nol pracli lelephone fundraising or face to face fundraislng. GDPR regulations are adhered to. Page 6
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED IA company Ilmitsd by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 Achievements and perfonnance (contlnued) f. Investment policy and perfomiance The Heritsge Lottery Fund Catalyst: EndowTnent Fund and all funds restricted or designated lor lon*temi use are held in a managed fund by Brewln Dolphln. Th8 Trustees. aim to achieve a balance behmeen tolal return primarily through capilal growth vAth 8 medlum 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 temis over lime. The Trustees assess the Investment performance on the combined capital appreciation and incorne return approach should be taken as il is likely that income will be accumulated for some years lo establish a substantial Endowment Fund to safeguard the future of the SVR. At that time there may be an Increasing income requiremenl lo help lo protecl the Railwas15 rolling stock. bridges. vi8ducls. buildings. other infrastructure and educab'onal offerings and in so ¢Joing safeguard the fulure of the Railway. The Trustees, in consultation wilh the Inveslment Manager, have agreed the following Investmenl Strategy,. The Investment of the funds should follow a lolal return (excluding inflation> approach.. aiming lo generate Income and ¢apitsl growth in order to achieve the SVR Endowment Fund objecb've of growing the Income and capital in real tem over tlme. Brewin Dolphin have used the WMA Balanced Total Retum 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. Investrnent income of £60.302 (2023: £37,827) has been generated during the year. Financial review a. Going conc¢rn After making appropriate enquirie8. the Trustees have a reasonabl8 expectation that the Charity has adequate resources to conlinue in operalional exislence for the foreseeable future. For this reason, they contSnue to adopt the going concern basis in preparing tha financial statements. Further cletails regarding the adoption of Ihe going concern baS can be found in the accounting policies. b. Reserves pollcy The ReseNes policy of the Charity is to maintain a level of unrestricted funds. not committed or invested in tangible assets. which wll enable the Charity to ensure continuity of activily and have the ability lo adjust, In a measured way, to any significanl changes in resources, The ReseNes policy recognises thal reserves are necessary to malntain the day to day operats'¢)ns of the Charity for a perlod of up to 6 months. The appropriate measure of free SerVeS is calculated 8s unrestricled funds (£1,049.0591, less designated funds {currently standing at £Nil as the Fulures Fund was undesignated). less fixed assels attributable to unreslricted funds I£Nil following the asset impaiment rewew). This aquales to free reseN8s of £1,049,059. The Trusl finds Itself wllh substantial reserves at the end of the finandal year. We welcome grant applications which are in accordan wth our objectives. relevant terms of our Articles of Association and any other requirefflents of charity law, together wth supporting documentation meeting our audit requlrements. All grants made will require Ihe approval of our trustees, and a signed grant agreement. Page 7
SEVERN VALLEY RAILWAY CHARITA8LE TRUST UMITED (A company limited by guarantee) TRUSTEES, REPORT (CONTINUEDI FOR THE PERIOD ENDED 31 DECEMBER 2024 c. Risk management The Trustees have a duty to identify and review risks to whth the Trust is exposed and to ensure appropriate measures are considered for areas of considered risk. The Trust adheres lo its Risk PoliGy and Framework. which Is reviewed annually. A Risk Register is In place. which is reviewed monthly. Idenlified risks are evaluated on Ihe possible severity, assessing both impact and likellhood. Rather than giving equal weight to likelihood an(S impact the Trust uses heal map with greater focus on the impacl, and therefore uses the scoring of (impact x likelihood) + impact. d. Prlnclpal rfsks and uncertalnlles The Trustees endeavour to conlinually raise funds and to further support the Sevem Valley Rallway within the charity law l)oundaries. The principal risks associated wilh the organisational aclivilies are categorised as a loss of income mitigated by implementing strong and targeled marketing and lundraising stralegies. Financial fraud and error will be rnrtaled with robust processes and procedures which Incorpor8te segregation of duties and practises. The TnJst is currently in a strong financlal positlon. e. Flnanclal rlsk managament objectlves and pollcles The financial siiualion of the Charity is carefulty monitored by the trustees to ensure continuity. Grants are awarded onty when the financial stabilty of the Charity Is confinned through the Reserves Policy. f. Prlncipal fundlng Funding of the Charity is dependent urx)n several factors. Approximately 500A of income to the Charity Is provided Ihrough boquesis over which the Charity has no control. The remaining income is dependent upon fund raising c8mpaigns for specific projects. These vary from year-to-year affecling tha income of the Charity. Struclur•. gov8rnanc• and managem•nt Constltutlon Severn Valley Railway Charitable Trust Limited, which changed its name from SVR Rolling Stock Trust Cornpany on 29 June 2012, was Incorporated and registered as a company limiled by guarantee, company reglstralion number 04341280. on 17 December 2CMJ1. and was registered with the Charity Commission on 1 July 2002, registration number 1092723. It Is govemed by its Memorandurn and Articles of Association. whic Vre last amended on 8 April 2019. The Sevem Valley R8ihvay Ch8rit8ble Trust W8s established to raise funds to ensure the long-temi sup4lval of the Sevem Valley Railway (SVR). The day-tdaY income the SVR receives from passenger fares, shops, cafes 8nd pubs can only cover the cost of running trains. along with standard maintenance and restoration. Th6S8 activities do not generate enough income to improve and develop the Railway. The Charitable Trust provides essential funds to enable ihe Rallway io develop and widen its offerings to its visitors. The Charitable Trust offers t8Xefficient ways of giving, and helps ensure the future of this amaing piece of living history, so Ihal it can contlnue to delighl, thrill and infomi generations io come. Pag8 8
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 Structure. governance and management (contlnued) b. Methods ol appointment or electlon of Trustees There shall be a maximum of nine Trustees unless otherwise detemlned by ordinary resoluiion of the members of the Charity. Of the nine Trustees. two sh811 be ex officio the chaimian of each of Sevem Valley RaiaY {Holdings) plc and Sevem V8lley Railw8y Company Limited or if any such chairman does not wish to act as Truslee, such other person nominated by such chairman lo act as Twstee. Such a Trustee (whether a chaimian or his nominee) shall be referred lo an 'ex officio Trustee" Any person nominated by a chairman lo act as Trustee may from time to knme be removed and replaced by Iheir appointor. The Charity may by ordinary resolutlon appoint a person who Is willing to act to be a director provided that person s not at the time such resolution is passed a director of Sevem Valley Railway (Holdings) plc or Sevem Valley Railway Llmited (but for the avoidance of doubt Ihis proviso shall not apply lo ex official dlrectors mentioned above). Trnstees are elected for a three-year period ai the AGM by the members of the Trusi. All the Charity Truslees receive an induction into Ih8ir legal and administrative responsibilities. wilh an ongoing Iraining programme as and when needed for issues arising during iheir term of office. The Trustees are aware of the 7 principles of the Charity Governance Code and continue to improve the Trust's govemance addressing the codes guidelines. c. Organlsallonal structure and declslon4naklng pollcles During the year. several key staff left the Charity. This caused the Trust88S to take a greatar role In the day-10- day affairs of the Charily. which has reduced salary costs and provided greater funds for the awarding of granls. Decision making and policy decisions are made by the Truste8S. Plans for fiiture perlods The Charity managed the SVR Survival Appeal during ihe course of Ihe year, which was then replaced by the Resilience Fund. managed by ihe Sevem Valley Railway Company Lld. The Surylval Fund proceeds have been administered in accordance with the Trust's objects. The policy of the Trustees Is now to errage greater use of ntract services for finan and projects management, rather than rely on paid staff. This will help reduce costs and provide greater flexibility Wth the workforce. Volunteers will be engaged when they a available and have the appropriate skills in order to minimise salaries. Page g
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company limlted by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 Statement of Trust8es' respon6ibllities The Trustees {vtho are also the directors of the Charity for the purp05e5 of company law) are responsible for preparing the Trustees. report and the financial slatements in accordance with applicable law and United Kingdom Accounting Stsndards (Uniled Kingdom Generally Accepted Accountlng Practice). Company law requires the Trustees to prepare financkal statements for each finanual . Under cL>mp8ny law. the Trustees must nol 8pprove the financial statements unless they are satisfied that th8y give a true and fair view of the slate of affalrs of the Charity and of ils incoming resources and application of resources, including its incorne and expenditure, for Ihal perlod. In preparlng ihese finanoal statements, th8 Trustees are required Io". select suitable accounting policies and then apply them consistenlly; observe the methods and principles of Ihe Charitles SORP (FRS 102); make judgrnenls and accountong estomales that are reasonable and prudeni., stale whether applicable UK Accounting Standards <FRS 102) have been followed, sublect to any material departures disclosed ar explained in Ihè financial statements: prepare the fin8nLyal statements on the going concern basis unless R Is inappropriate lo presume thai the Chanty wlll continue in bu&ness. The Trustees 8re responsible for keeping adequats accounting records that are sufficient to show and explain the Charityls transactions and dlsdose with reasonable accuracy at any time the financial position of the Ch8rfty and enable Ihern lo ensure th81 the flnanclal statements comply with Ihe Companles Acl 2006. They are also responsible for safeguarding the assets of the Charily and henca lor taking reasonable steps for the prevenlion and detection of fraud and oiher irregularities. Dlsclo¥ure of Infonmatlon to audrtor Each of the persons who are Twstees at the tirne when thls Trustees, report is approved h85 Confied that: so far as Ihat Trustee is aware. there 1$ no relevant audit Informatbn of whlch the Char61Ys auditor Is unaware, and that Twstee has taken all the Sieps Ihai oughl lo have been taken as a Trustee in order lo be aware of any relevanl audit information and to establish thal the Charily's auditor Is aware of that Information. Audltor The auditor, Crowe U.K. LLP, has indicaled its willingness to continue in office. The Trustees will propose motion lo appoint auditars and detemine their remune¥£lii)n. Appro of the members of the board of Twstees and slgned on thelr behalf ty. M A Howard Secretary and Trustee Date". 11 2ciZ 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 Oplnlon We have audited Ihe financial statements of Severn Valley Railway Charitable Trust Llmlted {the 'charitable compan1> for the period ended 31 December 2024 which comprise the Slatement of financial octivities, Ihe Balance sheel, th8 Statement of cash flows and the related notes. including a summary of significant accounting policias. The financial reporllng framework that has been applied in their preparation is applicable law and Unlted Kingdorn Accounting Standards. including Financial Reporting Slandard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Pra¢tic8). In Ouf opinion the financlal statements: give a true and fair view of the state of Ihe charttable companys affairs as at 31 December 2024 and of Fts incoming resources and application of resources. induding its income and expenditure for the perii)d then ended,, have been properly prepared in accordance wth Unlted Klngdorn Generally Accepted Accounting Practic8: and have been prapared in accordance with Ihe requirements of the Companies Act 2006. Basls for oplnlon We conducted our audil in accordance With Intemational Standards on Audlling (UK) (ISAS (UK)) and applicable law. Our responslbilllles under those standards are further descrlbed in the Auditor's responsibilities for the audit of the financial stalemenls section of our report. We are indeperKlenl of the charilable company in accordance with the ethical requiremenls thal are relevant to our audil of the financial statements in the United Kingdom, including the Financial Reporting Councll's Ethical Standard, and we have fulfilled our Oiher ethical responsibilities In accordance wlth Ihe5e requirements. We believe that Ihe audit evidence we have obtained is sufficient and appropriate to wovide a basis for our opinion. ConGlu3lons relatlng to golng concern In auditing the financial statements. we have concluded that the Truslees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we h8ve perfomied. we have not identlfied any material uncertaint18s r8lating to events or Ix>nditlons th8t. individually or collectlvety, may cast Slgnificant doubt on the charilable companls ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorisad for issue. Our responsSbilltles and the responsibllltles of the Trustees V•ith respect lo golng concern are described In the relevant sections of this reporL Page 11
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company Ilmlted by guarantèe) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEVERN VALLEY RAILWAY CHARITABLE TRUST UMITED (CONTINUED) Other InfomtIon The other infomialion comprises the information induded in Ihe Annual report other than the financial stslements and our Auditorfs report thereon. The Truslees are responsible for Ihe other infomalion contained within the Annual report. Our opinion on ihe financial slatements does not cover Ihe olher inforniation 8nd, except to the extent otheNise expliciuy stated in our report. we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other inforrnation is malerially incon5islent wth the financial Statements or our knowledge obtained in the course of the audit. oi olherwse appears lo be materially misstated. If we Idenlify such material inconsistencies or apparent material misstatements, we are required to delemiine whether this gives rise to a maierial misstatement in the financial statements themselves. If, based on Ihe Vrk we have performed, we conclude that Ihere is a material misstatement of this other infofmalion. we are required lo report that fact. We have nolhTng ty report in this regard. Oplnlon on other matters prescrlbed by the Companles Act 2006 In our oplnion, based on the work undertaken In the course of the audit: the Information given in the Truslees. Report for the financlal perlod for which the financial statements are prepared is consistent with the financial statements. the Truslees, Report has been prepad in accordance wilh applicable legal requiremenls. Matters on whlch wo are requlred to r•p¢)rt by exceptlon In the 1ty3ht of our knovAedge and understanding of the charitable company and its environment obialned in the course of the audll. we have not Idenled malerial misstatements In Ihe Trustees, Report. We have nothing lo repDrt in respect of the following m8tters sn relation to whSth Cornpanies Act 2006 requires us to report to you kf, in our opinion: adequate accounting records h8ve not been kept, or retums adequate for our audil have nol been received from branches not visited by us; or th8 fin8nci81 statements ar8 not in 8gr88ment with the accounting records and retyms; or rtain disclosures of Trustees, remuneration specified by law are not mad8; or we have not rec&ived all the information and explanations we require for our audit-, or the Trustees were not enlitled to prepare Ihe financial statements In accordance wlth the sm811 companies regime and lake advantage of the small Gornpanies, exemptions in preparing the Truslees, ReFrf)rt and from the requirement to prepare a Strategic Report. Page 12
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED ICONTINUED) Responslbllltles of trust8•s As explained more fully in the Trustees, responsibilitles stalement, the Trustees (who are also the directors of the charitabl8 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 lair view. and for such internal conlrol as Ihe Trustees detemiine Is necessary to enable the preparation of financial slateffl8nts that are free from material misstalemenl, whether due to fraud or error. In preparing the financlal statemenls, the Trustees are responsible for assessing the charitable companys ability lo continue as a going concern, dlsclosing, as applicable, mattets related to going concern and using the going concern basis of accounting unless the Trustees either intend to Ilquidate the charitable company or lo cease operats'ons, or have no reallstic altemative bul to do so. Audltoeg responsibilities for the audit of the flnanclal statements Our objectives are io oblain reasonable assurance about whether the financial statements as a wlw)le are free from material misstatement, whelher due to fraud or error, and to issue an Auditoes report Ihat indudes our opinion. Reasonable assurance is a hh level of assurance. but is not a guarantee that an audil conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstalements can arise from fraud or error and are considered malertal if, individually or in the aggregate, they could reasonably be expecled lo influence the econornlc dedslons of users tsken on the basis of these fjnanclal statements. Irregularities. including fraud, 8re instanc£s of non-cornpliance wllh Isws and regulatlons. We desFgn procedures in line with our responsibilili8s. outlined above, lo delect malerial misslalarnenls in respect Df irregularities, includlng Iraud. The exient to which our proc8dur8s are capable of detecting irregularities. Induding fraud is detsiled below.. We identified the greatest risk of material impact on the financial Statements from iffegularities to be within income recognilion and the overrlde of control by managemenl, and the Board of Trustees about their own Identificalion and assessment of the risks of Irregularitles, sample lesting on the posling of Joumals. reviewing accounting estimales for biases. rewewing regulalory coffeswndence with Charity Commission and reading mlnutes of meetings for Ihose charged wilh govem8nce. Owing to the inherent risk of an audBI, there is an unavoidable risk that we may nol have detected some materi81 misstalemenl in the financial statements, even though w8 have properly planned and p8rformed our audit in accordance with audlting standards. For example, the further removed non-compliance with laws and regulations (Irregularities) is from the events and transactions reflected in the finanaal 5t2tements. th8 less likely the Inherently limited procedures required by auditing stsndards would idents'fy it. In addition. as with any audit. there remalned a higher risk of noneteCtiOn of irregularities, as these may Involve collusion. forgery, Inlentional omissions. misrepresenlalions, or Ihe override of internal control. We are not responsible for preventing non- Gompliance and cannot be expecled lo detect non-compliance with all laws and regulations. A further descrfplion of our responsibllilies for the audit of the financial statements is located on the Financial Reporting Council's website at: bww.frc.o ukl udit nsibi ie This description forms part of our Auditoes reporL Page 13
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEVERN VALLEY RAILWAY CHARrrABLE TRUST LIMITED (CONTINUEDI Use of our raport This report is made solely to the charitable company'5 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mighl stale to the charitable companrfs members those mallers we are required to stale lo Ihem In an Audilorfs report and for no other rpose. To the fullest extent permitted by law, we do not accept or assume SpOnsIbl11ty to anyone other than the chafitable company and its rnernbers, a6 a body. for our audft work, for this report, or for the oplnions we hav8 formed. Helen Blundell LLB FCA FCIE DChA (Senlor siatutory audltor) Crowe U.K. LLP Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands 869 2DG Date: Ir YLAJLe 20QS Page 14
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company Ilmited by guarantee> STATEMEKf OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE PERIOD ENOED 31 DECEMBER 2024 Unr•slrfct•d funds 2024 Re$trfcted Endowment funds funds 2024 2024 Total fund6 2024 Total fvnds 2023 Note Income and endowments frorn: Donations and legacies Inveslments 1,059,226 12.293 210.806 5,785 1,270,032 66,871 7,537,176 39.261 48,793 Total Income and endowments 1,071,519 216,591 48,793 1.336,903 1,576.437 Expendlture on= Raising funds Charttsble aCvleS 128,056 179,876 1.849 492,616 15,596 145,501 672,492 147,672 1,133,503 Total expendlture 307.932 494,465 15.596 817,993 1,281,175 Net incomel(expendltur•) before net gains on Investments Nel gains on Investments 763,587 (277.874> 33,197 518,910 295,262 17,551 17,739 149,610 184,900 108,490 Nel Incomel{expenditure) Transfers belween funds 781.138 (260,135) 182,807 703.810 403, 752 20 (54,460> 54,460 Net movement In funds 726,678 (205,675 182,807 703,810 403, 752 Reconclllation of funds: Total funds broughl fofward Net movement in fvnds 321,281 726.678 994.220 (205,675) 1.374.444 182,807 2,689.945 703.810 2.286, 193 403, 752 Total lunds carrled forward 1.047.959 788,545 1.557,251 3,393,755 2. 689,945 The Slatement of Financial Aclivities includes all gains and losses recognised in the period. The notes on pages 19 to 40 form part of these financial statements. Page 15
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED IA company Ilmlted by guarantoe) REGISTERED NUMBER: 04341280 BALANCE SHEET AS AT 31 DECEMBER 2024 31 December 2024 30 June 2023 Note Flxed assets Tangible assets Investments 14 52,391 1.896,869 15 2.126.172 2,126,172 1,949.260 Current assets Stocks Deblcys Cash at bank and in hand 16 17 11,973 98.314 663,290 16,413 1,271,856 1,296,909 773.577 Creditors: amounts falling due within one year 18 (29,326> (32,892) Net current assets 1,267,583 740,685 Totsl assets less current Ilabllltles 3.393,755 2,689,945 Charlty fund8 EndowTnenl funds Restricted funds Unrestricled funds 20 20 1,557,251 788.545 1,047,959 1,374,444 994,220 321,281 20 Total funds 3,393,755 2.689,945 Page 16
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED IA company limited by guarantee) REGISTERED NUMBER: 04341280 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The Trustees acknowledge their responslbllities for compl5dng with the requlrements of the Act with respect to accounting records and preparation of financial stalements. The financial slalements have been prepared in accordance with Ihe provisions applicable to entities subjecl to the sm811 companies regime. The finan ments We approved and authorised for Issue by the Trustees and signed on their behalf by. M A Howar Secretary and Trustee Date". [{ 201) The notes on pages 19 to 40 form part of these financial staiements. Page 17
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2024 2024 2023 Cash flows trom operatlng activities Nel cash used in operating aclivities 586.098 189,907 Cash flows from Investlng actlvltles Dividends, Interests and rents from inve51ments Proceeds from sale of invesiments Purchase of Inveslments 66,871 106.605 {151.008) 39.261 725, 754 (876,690) Net cash provlded byl{used in) investing actlvltles 22.468 1111,675) Change in cash and cash equlvalents In the perlod Cash and cash equivalents at the beginning of the period 608.566 78,232 585.058 663,290 Cash and cash equlvalonts at the ond of Ihe perlod 1,271,856 663,290 The notes on pages 19 10 40 form part of Ihese financial Stsiements Page 18
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company Ilmiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDEO 31 DECEMBER 2024 General Inforniation The Severn Valley R8ilway Charitable Trust is a company limlled by guarantee in England, whose registered office is Number One, Comberton Place. Kidderminster, Worcestershire, DY10 1QR. The companies registered number is IJ4341280. The members of the company are the Trustees named on page 1. In ttte evenl of the Severn V811ey Railway Charitable Trust Limited being wound up. the liability In respect of the guarantee ¢8 Ilmited lo £1 per m8mber of Ihe Sevem Vallay Railway Charitable Trust Limited. Accounting policies 2.1 Basis of preparalton of financlal statements The financial slalements have been prepared in accordance with the Charities SORP IFRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounls in accordance with the Financial Rep)rting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). the Financial Reporting Slandard appli¢abl8 in the UK and Republic of Iland (FRS 102) and Ihe Companles Act 2006. Severn V8lley R8iIw8y Charftable Trust LSmlted meets Ihe definition of a publlc benefit entsty under FRS 102. Ass8ts and liabilllies are inilially recognised at historical cost or transath'on value unless otherwise stated In the levant accounting policy. 2.2 Income All income is recognised once the Charity has entitlement to the Sncome. it is probable Ihat the income will be recesved and the amount of income receivable can be measured reliably. The recognition of inL*ime from legacies is dependenl on establishing enlitlement, the wobability of receipt and Ihe ability to estimate with sufficient accuracy the amount receivable, Evidence of entitlement to a legacy exists when the Charity has suffici8nl evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefaclorl and the executor Is satlsfied that the property in queslion will not be required lo satisfy claims in the estate. Recelpt ol a legacy rnust be recognised when il is probable that il 11 be received and the fair value of the amount receivable, vknich will generally be Ihe expected cash amoLJnl to be distributed to the Charity, can be reliably m8asur8d. Grants are included in the Slatement of financial aclivilies on a receivable basis. The balan of income received for specific purposes but not expended during the period is shown in the relevanl funds on the Balance sheet. Where income is recelved In advance of entitlement of receipt, recognition is deferred and included in creditors as deferred income. Where entitlernenl occurs before income is received, the income is accrued. Income t8x recoverable in relalion to Investment income is re¢ognised at the time the Investmeni income is re1Vable. Page 19
SEVERN VALLEY RAILWAY CHARITABLE TRUST UMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 Accountlng polic168 (continued) 2.3 Expendlture Expenditure is recognis6d once there Is a legal or constructive obligation to Iransfer economic benefit to a Ihird party, il is probable that a Iransfer of economic beneflls will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classtfied by activity. The costs of each aGtivity are made up of tha lotal of dlrect costs and shared costs, including support costs involved in undertaking each activity. Dlrect costs attribulable 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 betweèn those activities on a basis consistent with the use of resources. Central staff sIS are allocated on the basis of time spent. and depreclaiion charges allocated on Ihe portion of the a&set's use. Expenditure on raising funds includes all expendlture InCud by the Charlty to r8lse lunds for its charitable purposes and includes costs of 811 fundraising activities events and non-charhable tradlng. Expenditure on charltable advitles Is Incurre(l on directy undertaking the aclivities which further the Charitys objeclives, as well as any associated support costs. All expenditure is Induslve of irrecoverable VAT. 2.4 Tangible fixed assets and deprecl8tlon Tang5ble fixed assets costing £1000 or more are capltallsed and recognlsed when future economic benefits are probable and the cosl or value of ihe assel can be measured reliably. Tangib18 fix8d assets are inttially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured ai cost less accumulated depreciation and any accumulated impainnent losses. All costs incurred to bring a tangible fixed asset into lis intended working condition should be Included in the measurement of cost. Depreclation Is charged so as lo allocale the cosl of tangible Ilxed assets less their resldu81 value over their estlmated useful lives, using the straight-line rnelhod. Depreci8tion is provided on the following basis". Rolling Stock Artefacts Office equipmenl 100A StraSght Llne 10% Straight Line 330/0 Straight Line 2.5 Investments Fixed assel Investments are a form of financial instrument and are inilially recognised at their transaclion cost and subsequently measured ai fair value at Ihe Balance sheet date, unless the value cannot be m8asured reliably in which case it is measured at cosl less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Loss8s) on Investments. Sn the Statement of financial activities. Investments held as fixed assets ar8 shown at cost less provlsion for impairment. Page 20
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 Accountlng policies (contlnued> 2.6 Stocks Slocks are valued at the lower of CL)St Bnd net reallsable value Bfter making due allcNance for obsolele and slow-moving slocks. Cosl Includes all dlrect cosls and an appropriate proportion of fixed and varfable overheads, 17 Oebtors Trade and other debtors a COgniSed at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any irade discounts due. 2.8 Cash at bank and in hand Cash al bank and in hand Includ8s cash and short-term highly liquid investments with a short maturity of three months or less from tha date of acquisition or op8ning of the deposit or similar ac£ount. 2.9 Llabllltles and provision8 Liabilities are recognised when there Is an obligalion 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 amounl of the settlement can be estimated reliably. Liabililies are recognised al the amount that Ihe Charity anticipates it 11 pay to settle the debt or the amounl il has received as advanced payments for the goods or seNices it must provide. Provisions are measured at the besi estimate of ihe amounts required to settle Ihe obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounled at the pre-tax discount rate that reflecls Ihe risks specific to the liability. The unwinding of the discount Is recognised in Ihe Stalement of financial aclivities as a finance cost. 2.10 Financlal instruments The Charity only h8s financial assets and financi81 liabillties of a kind that qualify as basic financi81 instruments. Basic financial instruments ar8 initially recognised at Iransaction value and subsequently measured at their settlement value wilh the exception of bank loans which are subsequenlfy measured at amortised cost using the effective inlerest method. Pag8 21
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 Accounting policias (continued) 111 Fund a¢¢ountlng Gener81 funds are unreslricled funds which are available for use at the discretion of the Trustees In furtherance of the general objectives of the Charity and whid) have not been designated for other purposes. Designated fund5 comprise unrestricted funds that have been set aside by the Trustees for partlcular purposes. The aim and use of each designated fund Is set out In the notes io Ihe financial staternents. Reslricted funds are fund5 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 ralslng and administerfng such lunds are charged against the specific lund. The aim and use of each restricted fund is set out in the notes to the financial statement5. Investment inGome. gains and losses are allocated to the appn)priate fund, Crltlcal accountlng estlmates and areas of Judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expeclalÈons of future events that a believed to be asOnable under the arcumstances. Crftical areas of ludgment: Valuation of the rolllng stock which is based on past experience and expert knowledge. Income from donatlons and legacles Unrestrlcted Restrlcted Endowment funds funds funds 2024 2024 2024 Total funds 2024 Donations Donations Gift Aid Reclaimable 220.037 43.661 141,9)6 5,243 361.943 48,904 Total donatlons 263,698 147,149 410,847 Page 22
SEVERN VALLEY RAILWAY CHARITABLE TRUST UMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 Income Irom donatlons and legacles (conlinued) Unrestricted Restrfcted Endowment funds funds funds 2024 2024 2024 Tolal funds 2024 Legacies Grants Corporate 793,017 5,000 58,657 798,017 58,657 2.511 2,511 795,528 63,657 859,185 1.059,226 210,806 1,270,032 unS1Cted fvnds 2023 Restricted Endowmenl fvnds funds 2023 2023 Total funds 2023 Donatlons Donallons Gift Aid Reclaimable 149, 742 15.313 517,283 69.339 11,654 1,995 678,679 86.647 Total donations 165,055 586. 622 13,649 765.326 Legacies Grdnts Other incoma 440,295 168,950 160,937 609,245 160,937 1,668 1.668 Subtotal 441.963 329. 887 771,850 607,018 916.509 13,649 1,537,176 Page 23
SEVERN VALLEY RAILWAY CHARITABLE TRUST UMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 Investment Incom8 Unre8tricted Restricted Endowment funds funds funds 2024 2024 2024 Tolal funds 2024 Dlvidend income 5,724 6,569 5.785 48,793 60,302 6,569 Interest receivable 12,293 5,785 48.793 66,871 Unrestricted funGIs 2023 Restricted Endowm&nl funds funds 2023 2023 Tofal funds 2023 Dividend Income 3.591 1,434 3,447 30, 789 37,827 1,434 Interest receivable Total 2023 5,025 3,447 30. 789 39.261 Expendlture on ralslng funds Costs of raislng volunLiry Income Unrestrlctèd Restrfcted funds funds 2024 2024 Total funds 2024 Fundraising costs Support costs Depreciation Wages and salaries Nalional Insurance 310 92,650 555 29,388 3.323 310 92,650 555 29,388 3,323 126.226 126.226 Page 24
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 Expenditure on ralslng fund8 (contlnuod) Costs of raising voluntary income (continued) Unreslricted funds 2023 Restricled funds 2023 Total funds 2023 Fundralsing costs Support costs Depreciation W8ges and s818ries Costs of raising voluntary income- Nl Cosls of raising voluntary income - pension costs 8,093 52.167 928 48.140 5.143 8.325 13,255 21,348 52, 167 928 48, 140 5, 143 8,325 122, 796 13,255 136,057 Investment management Costs UnrestrlGted Restrlcted Endowment tunds funds funds 2024 2024 2024 Total funds 2024 Invesiment managers costs 1.830 1,849 15,596 19,275 Unrestricted Resln'cted Endowmenl funds funds funds 2023 2023 2023 Total fvnds 2023 Investment managers costs 1,103 7,115 9,403 11,621 Page 25
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company limitad by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OECEMBER 2024 Analysis of expenditure on charStable actlvltles Summary by fund type Unrestricled Restrlcted funds funds 2024 2024 Total 2024 Wages and Salaries Govemance costs Depreclatlon Railway Restoration Engineering academy and educalion Impainnenl of fixed assets 36,080 53,132 23,505 38.828 36,OBO 53,132 23,505 511,445 19,999 28.331 472,617 19.gg9 28,331 179,876 492.616 672,492 Unreslricled funds 2023 R8Stnct8d funds 2023 Tofal 2023 Wages and Salaries Govemance costs Depreclallon Rallway Resloration 109,099 18.345 15. 758 308.226 109,099 18,345 75,758 990,301 682,075 451.428 682,075 1,133,503 Page 26
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company limited by guarantea) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 Analysls of •xp6ndlture by activities Activities undertaken dlrectly 2024 Support costs 2024 Total funds 2024 Wages 8nd Salaries Govemance costs 36.080 53,132 36,080 53,132 23,505 511,445 19,999 28,331 DeprecÈation Railway Restoration Engineering academy and education Impairmenl of fixed assels 23.505 511,445 19,999 28,331 583.280 89.212 672,492 Aclivitl8S undertaken directly 2023 Support cosls Total funds 2023 2023 Wages and Salaries Govemance costs Depreciatlon Railway Restoration 9,092 791 15.758 990,301 100,007 17,554 109,099 18,345 15,758 990,301 1.015.942 117.567 1. 133,503 Page 27
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company Ilmlted by guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 310ECEMBER 2024 10. Analysls of grants 31 DeGember 2024 30 June 2023 Included wlthln Rallway Restoratlon are the followlng grants Sevem Valley Railway (Holdings) DMU Group (West Midlands) 518,023 7,784 882.117 525,807 884.117 11. Audltorfs remuneratlon 2024 2023 Fees payable to the ChAriiVs auditor for the audlt of the Charllvs annual accounis 14,100 11.000 Fees payable to the Ch8ri1Ys 8uditor in respecl of: VAT advisory pparatIOn of Ihe annual accounis 300 4,500 5, 750 12. Slaff costs 2024 2023 W8ges and sa18rles Social security costs Conlribution to defined contribution penslon schemes 59,3B4 5,989 3,418 147,618 13,751 9,338 68,791 170.707 The average number of persons employed by the Charity during Ihe period was as follchVS- 2024 2023 No employee re}Ved remuneralion 8mounting to rn0 than £60.000 In elther year. Pag8 28
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINAI4CIAL STATEMENTS FOR ThE PERIOD ENDED 31 DECEMBER 2024 13. Trustees. romuneration and expenses During the period. no Tnjstees reiVed any MUneration or other benefits (2023 - £NIL). During ihe period ended 31 December 2024, Trustee expenses have been incurred (2023 - £NIL). 14. Tanglble fixed asséts Rolling Stock Office aquipment Artefacts Tolal Cost or valuation At 1 July 2023 Disposals 259,450 1,471 1556) 264,366 1556) At 31 December 2024 259.450 915 263,810 Depreciation At 1 July 2023 Charge for the perkxl On disposaLs Impairmenl charge 207,672 23.505 858 211,975 23,962 (556) 28.429 457 1556) 156 28.273 Al 31 December 2024 259,450 3,445 915 263,810 Net book value At 31 December 2024 At 30 June 2023 51.TT8 613 52,391 Page 29
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITEO (A company limlled by guaranieè) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 15. Fixed asset investments Other fixed Listed asset Investments Inv•$tments Total Cost or valuatlon At 1 July 2023 Additions Disposals Revaluations Transfers befvleen classes 1,872,434 151,008 1106,845) 184,900 240 24,435 1,896.869 151,008 (106,845) 184,900 240 At 31 December 2024 2,101,737 24.435 2.126,172 Investments al market value comprise: UK Listed investrnents.. £2.101,737 <2023.. £1,872,434) Market value of shares held In SVR (Holdlngs) Plc. £24.435 (2023: £24,435) All fixed asset investments are held In the UK. Cash held by ihe Investrnenl. included In the above Is £69,400 <2023: £27,966). The endowment fund has been Invested on a total turn basis. Currently. there are no unapplied total returns as all in¢om8 generated is to be re invested in tha fund. During the period. donations of £NIL {2023: £97,677) have been invested. This amount has been transferred into the Broker account for Brewin Dolphin to invesl in line wilh Ihe investment pollcy. Investment income 01 £66,871 12023: £39,261) has been generated during the year whlch remalns wlthln the endowment fund. During the year £NIL {2023: £NILI from unrestrictad funds and £NIL (2023: £NIL) from restricled funds have been invested wlth Breln Dolphln akjngside Ihe tolal retum endowment funds. The total Income and capital gains generated during the year have been apportioned between funds based on the proporlion of restricled. unrestrided and endowment funds invested with Brewin Dolphin al the point of each new cash injection. 16. Stocks 31 December 2024 30 June 2023 Parts 11,973 Page 30
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company limited by guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDEO 31 DECEMBER 2024 17. Debtors: Amounts falllng due wlthin one yèar 31 December 2024 30 June 2023 Trade debtors Prepaymenls and accrued income 709 96, 549 7,765 15,704 16,413 98,314 Credftors: Amounts falllng due wtthln one year 31 December 2024 30 June 2023 Trade creditors Other taxation and social security Other creditors Accruals and delerred income 6,118 2,642 7.465 22, 785 23,208 29,326 32,892 19. Financial instruments 31 December 2024 30 Jun8 2023 Financial assets Finandal assets measured at falr value through income and expenditure 2.126,172 1,896,869 Financial assets measured at fair value through income and expenditure comprise of listed investrnents and shares in SVR (Holdings) Plc. Page 31
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ETrIDED 31 DECEMBER 2024 20. Statement of funds Statemenl of funds - current perl¢)d Balance at 31 Galnsl December (Losses) 2024 Balance at 1 July 2023 Transfers inlout Income Expenditure Unrestrlcted funds Designated funds Futures fund 137.307 (137,307) G8n•ral funds General Funds- au funds 183,974 1,071,519 {307,932) 82.847 17,551 1,047.959 Tolal Unrestrlcted funds 321,281 1,071,519 (307.932) (54,460) 17,551 1,047,959 Endowment funds Herftage Lottery Fund Cataly5t'. Endowmenl fund 1.374.444 48,793 115.596) 149,610 1,557,251 Restrlcted funds Roof and Crane HLF Catalyst R8Strfcted Fund Hinton Manor 7819 Hagley Hall 4930 Dlesel FBcility Engineering Academy Bridgnorth Statlon Restoration Fund 8,455 (13.700) 5.245 S17.381 5.785 (1,849) 17.739 539,056 20,790 36,970 33.874 10,265 7,304 4.251 31.055 44,274 27,093 111,032) 16,951 24,633 {16,199> 25.385 5,752 2,846 8,598 Page 32
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 20. Statement of funds (contlnued) Statement of funds - current perlod (continued) Balance at 31 Galnsl Dècember {Lossesl 2024 Balance at 1 July 2023 Transfers inlout Income Expendlture 8ridgnorth Tumlable Fund Bridgnorth Yard Fund Falllng Sands Viaduct GWR Buffel 9581 18.209 18,209 98.744 188.400) 10.784 1.683 (354) 1,329 20,931 18,667 {8,160) 31,438 Ernergency Appeal SVRCT Roof & Housing Bewdley Signal & Wheelchair Sunrfival Fund 7.073 .113 (12,513) 12,513 24,000 110,295 (29.274) (300,000) 5,274 1.113 188,592 Mlsce118neou5 restricted funds General projects fund 18.815 {12,984) 5,315 13,806 4,405 25,000 29,405 994.220 216,591 (494,465) 54,460 17,739 788,545 Total of funds 2,689,945 1,336,903 (817,993) 184,900 3.393,755 DuTlng the year the Tnjstees agreed to undesignate the Futures fund and thus transfeed £137,307 frorn the Futures fund to unrestricted funds. £25,000 was transfeed from unrestricted funds to the General projects fund to correct the op8nlng fund balances. £23,115 was transferred from unrestricted funds to various restricted funds io cover project expenditure in excess of Ihe relavant available restricted fund. Page 33
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 20. Statement of funds (continued) Stalemenl of funds - prior period Balance al 30 June 2023 Balance al 1 July 2022 Gain (Losses) Income Expenditura unrtrICted funds D•slgnat8d funds Futures fund 137,307 137,307 General funds General Funds - all funds 136.960 612,043 (575.327) 10.298 183.9T4 Total Unrestrlcted funds 274,267 612,043 (575.327) 10.298 321.281 Endowment fund5 Heritage Lottery Fund Catalyst.. Endowment fund 1.251.625 44,438 (9, 403) 87. 784 1,374.444 Page 34
SEVERN VALLEY RAILWAY CHARITABLE TRUST UMITED (A company IlmSted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 20. Slat•ment of funds (contlnued) Restrfcted funds Roof and Crane HLF Catalysi Restricted Fund Hinton Manor 7819 Hagley Hall 4930 Diesel Facility Engineering Academy 8ridgnorth Stalion Restoration Fund 8ridgnorth Tumtable Fund Brldgnorth Yard Fund Falling Sands Viaduct GWR Buffet 9581 12,775 404.964 20,357 41.838 31.436 418 14,081 103. 124 433 5.456 2.438 51,533 (18,401) (1. 115) 8,455 517,381 20, 790 36,970 33,874 16.951 10.408 (10.324J (35.000) 2,879 18,209 64.248 37.210 13.281 628 lQO,000 2.873 5,752 18,209 98, 744 1,683 20.931 7,073 196, 998 69,221 7,650 6,445 70,000 20.000 362,947 6,757 (162,502) (104, 748) EmergencyAppeal SVRCT Roof & Housing Bewdley Signal & Wheelchair Sun4fjval Fund MSscellaneous reStCted funds (170,000) (20.000) (174.355) 188,592 18,815 12,058 760.301 919.956 (696.445) 70,408 994.220 Total of funds 2,286, 193 1,576,437 (1,281, 175) 108,490 2.689,945 Page 35
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 21. Summary offunds Summary of funds - current period Balance at 31 Gainsl Docember (Losses) 2024 Balance at 1 July 2023 Transfers Inlout Income Expendfture Designated funds General ftjnds Endowment funds 137.307 183,974 (137,307) 82,847 1,071,519 (307,932) 17,551 1,047,959 1.374.444 994,220 48,793 216,591 115.596) (494,465) 149,610 17,739 1,557,251 788,545 Restrlcted funds 54,460 2,689.945 1,336,903 1817,993) 184,900 3.393,755 Summary of funds - prfor perfod Balance at 30 June 2023 Balance at l Juty 2022 Gains/ {Losses) Incom8 Expenditure Deslgnaled funds General funds Endowment funds R8slricled funds 737,307 136,960 1.251.625 760,301 137,307 183.974 t.374.444 994,220 612.043 44,438 919,956 (575,327) (9.403) (696,445) 10.298 87. 784 10,408 2,286,193 1,576,437 (1.281. 175) 108,490 2.689,945 Page 36
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE F114ANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 21. Summary of funds (continued) Thts & a desgnated fu{ th8 purpose of 8tiornaiiv$ source ol fundhg for SVR th8rlab Tfust in the years lo corre. Thi5 Tmans Ime trust does nol have lo rdy on n lundrashg lor every Sing proiect. Ths is an 8ndowt ILFnd f( the purpose af creatig future llCOFrE lor Ihe Trust for Ihe contsnuance ol ils aclThilJ'es. th)nigs iaised wwe nytch luftded by Fkrttage Loltery FLmd IHLn up lo a nYxKwm 01 £500.CKJO w hrh has baen reached. reslricied fund Is lo fun¢J a rrucfvneeded rewet lo the engiie shed at Brllgnofth. The seconé obJ"eciNe i8 the purchase and hstsmalbn ol a cre. w hkh w Fl fxikal¢ ryuch rmre eff1 and safe WkS on Ihe herrtage Tolng slcck. Fulures Fur LF Caldy81 Endow llrnl Fund Potsf and Fund This re$trtled fund for the Pufposes of creating future Ir0? {"FLrtures Fund'l fcK the Trust (or the conlnuÉnce of Its acltvtt slice the end of the rrolGhng funding arrangenTnl w thh PLF. tents$ Te¢eNed on the Investnts held by Brew aTe roc(wised here. wlth Ihe luTrJs towig reslrclod for Ihe purpDse of preserviig Severn Vafy Ra ay Rowng Sfock. FLF Cawsl Restr¢cled Fund trknlon Va[r 7819 Fund Thi5 L5 a reSled fund Ic¥ the purpose d relum9 the k)conL¥lN& lo stsrvice. Ths b a r¥slrtl&J lund fc4 tha wrpose of resliyiw the k)corrol1e 4930 leY Hdl to serylce. Fund tjesd FAclfjty Fund Ineerirvj Academi Fund idgnorth Stain ReS1ora F¥Jnd Bridgnorth Tumlable Fund 8ridgnorth Locorrx)live Yard Fund Th6 E a restrtied lund 10 5LlPFQrt Ciesel ac11$ of Ihe SVFi This is a restrrted lund the purpose of wovthg herllage 8kL8 io SVR Thts 15 a reslrKted fund Ic¥ the purFQ5e ol reslorng the slakncrfi. L5 a reslrèted fund f the purpose ol resloriiig the turntab al Brnorth This & a reslrkled fund for the purpose of repatring the yard. rNs B a restrcied fund lor the wrtQse ol the restorat1 of the vFaducl 8nd educathal offefl)g a restrred fund lo convert carriBge 9581. nlo w heelchwr-us¥r.acc0S5 buffet carrlage. a reslrrted fund in gL4Ge lo rai58 lunés for apol¢aUon lo areas of the SVFfs aCtrt w hh nyl Ihe charth obpcts. The funds were to cOnperts f(Y l)sl due lo CnVK>19. This s 8 re51ftled fund lo supporl and rrBinlain provtsn of lo house and preserve Svlf ow ned rdiry stock. restrclod lund for purkM)se of pwch89ry a F4)ad Raler vehicle to suppcyl the tenance ol the ra ay's infrastrLJCtwe. Thi$ 6 a restrrled lund to iestore the iathv ay's pos1tH for the Qjvid Panden. Falry Sands Viaoucl FuTrJ GWR9581 Wheekhar ACC ffet Girrr FLj FJrergency Appeal Fur)d SVRCT Ptsol & PknusKvJ Fb8d R81er FLmd &Jrvnial FUTh Bewdkny &ano1 & Whekha Trse we reslr¢led lunds tho purpos95 ol ropbGing the posl of the larger Bew th8y South Brackei Sgn81 and replgciry Ihe w heekha¥ xcess for vi5itrys al BdeY Stabm. t)satled & Tr8vel Facilties Fu1 i% 8 reslr£ted fund lor Ihp purFK)se of PTOVKlng laclrfi8s lor whodchair pas5enger5. ThB a reslr£led fund lo educale the pubk. ThLS d 8 reslr¢led fund lor the purpose d re51orng LVS & BR bult départTrenl vehicl85 10 oryipa condit)n. Th& L5 a reslrttad fund for purp8 ol re51orng LfrEi bult vehicles lo oruinal conditbn Ls a resirtled fund lor Ihe purpDse of nproving LNER toach 52255. Ths Ls 8 re51rrled lund lor Ihe Pufpose ol ¢OTrpleiwJn of resloralvjn. Ths ks ¥ resir£led fund lor Ihe purpjse of resiorng vehrl8 to servlce. uc3)nal FUTr & BR Qjach C*partrrBnt Fund thach CÈpartrreni Fund LNEf¢ C8¢h S2255 afk 1 TSO 4S09 ToBd A 8rBke Van 17410 Fund Page 37
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company Ilmlted by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 22. Analysls of net assets between funds Analysls of net assets between funds - current period Unrestrlcted Rèstrlcted Endowment funds funds funds 31 31 31 December December December 2024 2024 2024 Total funds 31 December 2024 Tanglble fixed assets Fixed asset investrnents Current assets Creditors due within one year 383,717 693,568 (29,326) 201,632 586.913 1,540.823 16.428 2.126,172 1,296,909 {29,326) Tolal 1,047,959 788,545 1,557,251 3,393,755 Analysls of net assets between funds - prlor perlod Unrestricted Reslricled Endowmenl funds funds funds 30 June 30 June 30 Jung 2023 2023 2023 Total funds 30 Jung 2023 Tangible fixed assels Fixed asset investmenls Current assets Credltors dua wlthln one y8ar 52.391 173.598 128, 184 (32,892) 52,391 1,896,869 773,577 132,892) 365,255 628,965 1,358,016 16,428 Total 321,281 994,220 1,374,444 2,689.945 Page 38
SEVERN VALLEY RAILWAY CHARITABLE TRUST UMITED (A company limltad by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 23. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles 31 December 2024 30 June 2023 Net Income for the period (as per Statement of Financlal Actlvrties) 703,810 403. 752 Adjustments for. Depreciaiion charges Impairment charges Galns on Investments Dividends. Inleresis and rents from investments Decrease in stocks Decreasel(increase) In debtors Decrease in (xedltors 23,962 28,429 (184,900) (66,871) 3,333 81,901 (3,$66) 15, 758 1108,490) (39.261) (71.098) (10. 754) Net cash provlded by operallng activtties 586,098 189.907 24. Analysls of cash and cash •qulvalents 31 December 2024 30 June 2023 Cash in hand 1,271,856 663.290 Total cash and cash equlvalenls 1,271,856 663.290 25. Analy813 of changes in net debl At31 Dee8mber 2024 At 1 July 2023 Cash flows Cash at bank and In hand 663,290 608,566 1,271.856 663,290 608,566 1.271,856 Page 39
SEVERN VALLEY RAILWAY CHARITABLE TRUST LIMITED (A company15mited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 26. Penslon commltments The Ch8rtty operates a defined contribution pension scherne. The assels of the scheme are held separalely from Ihose of the Charity in an independently adminislered fund. The perision cost charge represents contributions payable by Ihe Charity to these funds. 27. Rèlatad party transactlons During the year the Charity donated £503,089 (2023.. £965,120) to Sevem Valley Railway (Holdings) Pl In addition to this, invoiced recharges of £56,745 {2023' £136,050) Vre also paid to Sevem Valley Raihvay (Holdings) PIC. During the year, Sevem Valley RaSfrKdy (Hokllngs) Pk collected donallons totalling £56.404 (2023: £191,534> on behalf of the Charity. Included wlth creditors is an arnount of £709 (2023: £11.998) owed to Sevem Valley Railway (Holdings) PIC which relates lo recharges. Included within debtors is an amount of £Nil (2023.. £16,932) owed from Sevem Valley Railway (Holdings) PIC for donations collecled on behalf of the Charity. Donatlons totalling £3,350 were made by 5 Trustees of the Charity. There are no other related paty transaclions. Page 40