REGISTERÈD COklPANY NUMBER-. 04341280 IEngland and Wales) REGISTERED CHARITY NUMBER.. 1092723 Trusteos. Rèport and Audlted FInal8[ Statements forthe Year Ended 31st D8c8mber 2025 for Sovèm Val* Raijway CharJtsbl¢ TbW$t Llmwed IA Company Llmifgd by Guar4nto01 Richards Sandy Audit seNis Lsmféd Islatulory AuLlilorl Tiiomdoe House 25 BarbDurne Road DrGe51er VVR1 1RU
Sevem Valley Rwlway Charilabl8Tru5t Limit•d Contents of th& Flnanclal Ststements forthe Ye8r Ended 31st December 2025 Page Ref•r•ne• and A¢knlmlstradve Deta415 halrman'$ Report Trustees. Report Roportof the Indewident Audfjtors 8-10 Statement of FinanGial Abtfvlttes BalanGe She 12 Cash Flow Staiwhtnt 13 Note¥ to the C4¥h Flow Statement 14 Nole¥ to the Finènclal Statsments 15-30
Severn Vallèy Raiw Charitable Tru¥t Limited R8f&r8nc8 and Adminlstratlvè Dètsil$ forthe Year Ended 31st December 2025 TRUSTEe5 M G L Creese P C Fathers h15 R H Healh P A Hobson M A Howard Dr D S Kuma¥ H McQuade h15 J Meredilh R TrevertonJones C Wwallon lappolrtted 15.10.251 (Vic* Chairl 13ppoinled 18.6.251 (appointed 18.6.251 (Chasr) Ir8signed 18.4.2SI COMPANY SECRETARY A Hawartl REGISTERED OFFICE Numb One Comberton Pla Jfjddemiinster Worcestershire DY10 1QR REGISTERED COMPANY NUMBER 04341280 IErvJlaftd and W81851 REGISTERED CHAlltrY NUMBER 1092723 INDEPENDENT AUDITORS Rirhards Sandy Audit SeNices Limited (Statutory Auditorl Thomdoe House 25 Barbourne Road Worcester WR1 1RU BANKERS HSBC Bank PIC 31 ChurGh street ddeminstèr Worcestershire DY10 1QR Handetsbanken PLC Unit 2 Topaz 8uEiness Park Topaz Way Birniingham Road Bromsgrov6 B61 OGD INVESTMENT MANAGERS RBC Brewn Dolp 100 Bishop5g)te London EC2N 4AA P89e 1
Sevem Valky Raihvay Charrtable Trust Llmlted Chalrman's Rwrt forthe Year Ended 31st D8C8mber 2025 The th8irpresents their stalerrnt forthè perithy. I wll beginthi5yearwtih a on tTruStS peoe. At Board kvel. we have been veryp$ed tDwekcffle elected Trustees.. Hugh McQuade. and Rachel Heath. Hugh is an ex -Chairnan cf the Trust, and bring$ a wealth of knowledge coaches, which Is important in view of the coaches that Trust own5. Rachel is Operations DI¢tor for Wa$ and Borders Nelwcrk Rail. We are also pleased lo welGoffte Martin Cteese has joinad us on Ihe Boa as the ex-officio 'rector nomingled from Severn Valky Railway CotnpaDy Lld. aive Thompson has joined the Trust as a Giants Ctrorthnator. which is a volunteer pusrtion. Clnie deals wrth or8nt enquiries. Iiaisingwiltt applKanls lohelpwiih Ihe documentalionwhichwe require, aswell as doing the office adminisiratien ai the Trust. Our appliG8nls appreciate the help given by Clive in th15 br3ndnEYI position, 2nd so do w&. Sue Cranmore, anothervolunteer, continuss lo helpwith our record-keeping, which 1$ ¥eryvaluablètrJ us. Richatd Shaw Isboth 8 SUPWrter of thé TtU8t, our Minutès S8cretsry. 11 remains Dur policy to rety on $perAalist contract staff, Trustees, or vclunteers to manage our staffing expenxs and lo give us fl&XIlty Sarah Thompson is our Consuttant OFeIlon5 Manager, and Paul Knton is (AJrConsLltant Finane Manag&r. I would like to thank Paul Falhors and Michael Howar(I for ttsntiftuing 2s Deputy Chaimian and Company Secretary reSpeiVelY, and lo Paul Hob50n. for being our Finance Lead. l also want to thank Vince Hopkins, BRI Weth Managefflent DireGlor. for gfving u$ hts limè by rejcining Investrnenl Committee. Thank you to all wrTruslees, contractors and volunteers forlhi help in i busyyear. The upgrades lo Access. ourdalabase. improvements lo oursystems generaly mentioned in my portIastyeaf have made a significant differen lo our aperalions. It Is far ea5r&r lo reclaim Gift Aid. and for us to contarl peop. We h8ve lo Mmmunicale with donots again wa e-mails and post a150 held a Donors e¥enl in May 2025. We WEre pleased tv bp 8ble to provit r8pid fin8nsial support to Sevem Valloy Ra1Y Hcldrys plc following the Mor Broek land51p. Another hJhfvI was the launth ¢rf 9581. the wheekhair accessiblè coach forhh the Trust provJed funding. W& have proVd support acro&8 a range of prr4ects over2025. You may have heard of Ihe loan of EnIon Manor. one of Dur asset5. to the Vale (rf Rd01 for a pericd of years. Thi% move coryS al an opportune time. It has attraed mu¢h publioty and cncide$ %ilh 8 very generous legacy which ha5 been left to the Tru51 %¥hb we Mrill be all¢ai"ng 10 Hit)lon Manoffs restall0. This wll prov¥Je an enormous boost to ourfun&raising &fforts. We S eklremdy privileged to have suth generous legacEs, monies tram gUlar supp(*tÈrs. fund8rs arKI petsp who gnie us one-off donations. We tharl( everyore fortheirsupport. We lookforwatd lo anolhET successld year in 2026. J Meredrth Ch8lT Page 2
Sevem Valley Railwoy Charitable T1 Limiled Tru8te6s' Report lorlhe Y¢ar Ended 31st De¢¢mber 2025 The Iruslees who are also dir&ctor5 of the chantrrf fDr the purposes of the Cornpanies A¢t 2tA16, preserrt tFeiT report wlh the finan(xal stat8m8nis of th8 charity for the year ended 31st December 2025. The tru$tee$ have adopted the provis11)rts of Accounling and Reporting by Charityes. Staiem8nl of Reconynonded P[aGth applic4ble to charitse5 prepanng their a¢tounts in accordance with Ihe FinanGk41 R¢portsng Standard 8ppli¢abk In th8 UK and Republic of Ireland IFRS 1021 le1Ve 1 January 20191. Since the Gh3rity qualifies as small UnderseCtn 382 althe Companies Act 20C6. the straleg report required of med¥Jm and large companies uTerth9 CoMpanS Aci 20l IStrategicReportand DIreOIs, Report) Regulations 2013 have bÈ8n omitted. 08JECTNES AND ACTNITIES Obj•Gtivt$ and alms The objeds Df thE Severn Valey RaiKvay Charitablè Trust ISVRCTI are.. To advanc6 8duc8tion forthe bÈnèfft ofthe pubhc by financing the acquisition. reslornln, preservatiDn and operation of heritage locomobves. co4thE$, wagons, buildings. Irath and other assoaated infraslruclure. 2. Estsblishing building5 tD hause and pre&8rye the Severn Valley RaiaY Charitable Tru51 rolling stock c01kct. 3. Providing educational and inteTpretive dIsaYS for Ihè Iravelling public. Providing education and skills training used th thÈ restoratson. repairs and Cpe0trt of hi$toric railwaysto ensure Ihe long-tem Slwvival. In setting the Charity's ry)Iy aThJ plallning its aclivthes. the Trustees have giver¢ Garefvl Mnsid8ration to the Charity Commi55Kln'5 general guklat8 on publc The charity has a strong ThÈtwo of UnteerS with experioncè in a range of areas. The Trustees are very appr8cK81ive of the SUFVOrt provided by the vdunteer8 8s they are e$senlial 10 theTnJst lo perfomi its Charitable actwitE8. StTrtegies for achl8vkng obfvctlves Trustees Me quarterty to monitor and a$$ess the affairs dthe Charity lo ensUretI otiectives are rrEI. Activities undèrtak8n to achl8ve objective5 Fund raising and financial affairs of the Chariry are monitored and conlroIbd by tha Finance & General Purpose5 Committee which meet5 regvlady as QuIred. Grant awli¢atlons are fomally reviewed by Ihe Finance & Get*1 Purposes Commiiiee. and then referred to the Board of Trustee5 for fvir re¢cmm8ndation. Social investrnent policies The soual investment of the Charity ts met 1hrgh cl)iectives. spedfifAIty through provkling 'Edu1}n skils training used in the restaratKJn. rep and operats'on of historic raiTrw3ys to ensur8 their kJng-lem sumval.. Grnnt-making poll¢1è6 Grant making policy is Set oul the by G15 Poliw ofthe Charity. This freefyf 8V8ilable the charitab Twstwe16ite. P3ge 3
S8v•m Valhy Railvjay Charitable Trust Lmnited Twste•s' Report forthe Year Endod 31$1 December 2025 ACHfvEMENTS AND PERFORMANCÉ aln aGhiw¢m&hts ol the Chavlty Ouring thg p&riod 1 January 2025- 310ecember2025 Ihe followng grants re rewunised." Grant Payee Komatsu Road Rail Excavator.. 50% of cost SVRIHI Removal of vegetation ffom viaducts SVRIHI Refurbishment of Ladies, Gentlemen's and Dlsabled SVRIHI Toilets at Kidderminster siation Bridge 18 g3bions and arch repair Mor Brook Landslip Bridge 25.. uninsured losses Highley Engine House SuppoTt.. 2024 Highley En ine House Support.. 2025 Bewdley W3gon Repairs- help with wagon restoration costs 8ewdley signing-on shed roof repairs Replacement roof canvasses for various carri38es and wagons Restoration of LMS Carriage 26921 Restoration of 9581 Wheelchair Accessible Buffet Carriage Kidderminster TMD Pit Lights Kidderrnin5ter Pit Light covers Heritage Apprenticeship Scheme.. support for Carriage and Wagon apprentice Arlry Up Distant Signal- replacement wooden p05t Amount £12,500 £10.600 £33,546 SVRIHI SVRIHI SVRIHI SVRIHI SVRIHI £30,771 £99,053 £ioo.000 £ioo,000 £1.188 SVRIHI SVRIHI £4,330 £4.355 SVRIHI SVRIHI £6.544 £20,000 SVRIHI TMD SVRIHI £1.035 £787 £30, SVRIHI £3,633 BR 993898 Ballast plough Brake Isharkl restoratitsn SVRIHI £1.941 Woodchipper for Permanent Way Gang to assTrst th vegetation dearance Mini-Di8ger Bridgnorth station.. extra lamp-posts Upholstery- Mkl corrido Grants committed but paid after 31 December 2025 5VRIHI £6.250 SVRIHI SVRIHI SVRIHI NIA Total £11.500 £4,880 £6.400 £286.028 £775,741 K•y perfoanCe ind¥cato The setting of KP15 (Key Ptrtormance Indicalorsl ishrnited bythe nature of charilablefund-raising. On average 50Y. P025.' 83%) of the intome 10 Ihe Cttarity is provk1ed 1hrgh bequests over which the Ch*ty has no ¢ontrd. The remaining income is tndent upon funckraising campaigns fc Sphfic prc4etts. Thes8 vary from year-to-year detemining the income ofthe charity. Rovi•w of a¢tsvltl¢s On¢6 again, the Charity haj a busy year supporbro the Sevem Valley Rwk¥ay ¢ortlnuing ks r8cov8ry from the effects the pandemio Factor5 reltvantto achlwe 014ectlve$ Grani aFVIallOns are fonnalw revied by the Finan & General Purposes Commrttee intern81 check$ and then referred lo the 8oard of Trustees for their recommendation. Grant agreeTnents ate tssued wth the lems of Ihe grant Pror4sses ai• kept under revw w ensu eomKAianth thariiable and practice. Page 4
Severn VaY Railway cfvarftab1eTnt Limited Yruste65' Report forlhgyear Ended 31$t Dec8mbar 202S Fundrai¥in9 policy The Severn Vaney R21Nvay Charitable Trust Limited rae$ income frvm a range of fwdirYJ streams to Include, from individuals (single. re9ts18r, legacy and gitt5 in memory), from corporale sponsorship and gfft in kind. and proJ8Ct funthng from grant-making bodies to inckjde the loitery, slalulory Irusts and fOund21Jns. The Sevem Valky RaaY Chanlabk Trust is a voluntsry tnetroer of Ihe InfomatI corfmisslorrf5 Office. a member of the Fundraising Reyulator and the Institvie Of Furtdrai6ing. The Chty is not aware of any failure by the Charity. cr by person on its behaw, 10 ¢¢mpty wrth fuTr81n4 standards or scheme. Fundraising stdndar(ts are monitored on an wgoing bas. No complaints have been recNved during the year. A saf8guarding policy 15 in place. In addition, ol fundraing messages ate llgt intruswe and supporters ate contacted on 8D infreqvetht basL8 a mix cl messagÈ& %hith include feedback rm the impact of I1r donatiw and light requests forfundirKJ additional projects. Collection pots are not shaken and are static 8round the RèiNvay. not kyactiee ieleKthon¢ fuThJraising or face to ts(e fijndraising. GDPR reguWion5 are adhared to. Investynl pollcy and perfonnance The Herrtage Lottery Fund Catsly.' Endtrmnt Fund and 4lllwd$ restricted or designated for long-temi u68 are held in 8 m8n8ged fund by Brewn Dolphin. TheTrusteES' aim toaclieve a ba1ce belween total retumprimardythrough rnixtslgrowth with 8 mEdium risk investmeni polity er the long lerrn i.e Dyer a peri(yJ of 10 yeaT5 or more. They seek lo achieve long term growth of capital and income maintaining the v8lve of both In real temis over lirne The Trustees a8ses5 the investment perforn18n on the combined Gapi121 appreciation and income retum approach should taken a5 it ts likety that the income will be accumulated for some years to eslablksh a substantial Endo%wnent FUTKI to 5afe9u8rd the future of the SVR. Althal tirne thÈre may be an Increasing income requirement to help protect the Raihvay's rolling stock, bridge5. viadu¢ts, buildings. other Infrastructure and eduGalional offénngs and in so doing the future of the R•kway. The TNstees. in cun5ult81ioThwith Ihelnvestrnenl Monager. h8ve8greedlhefollno InveStsrlI Strategy. The nvesimont of the Should follow a total retum lexduding inflaliDnl 2pproach', aiming to generdte income and caF4tal growlh in order io achieve the SVR Endowment Fund obiethive of growing the income and capital in real lems overtime. 8rewin Dolphin have th8 s Balaftc Total Retvrn Ind 10 d8t8nn¢ne the v8KJe of the fund in real t8rn. tt is measured by Brewin Tr)Iphin 8NJ reported to the T$t&S whu tha r6rforrn8n on a regLlar ba8k8. Listed Westment incoTrt of £49.30212024.. £60,302) has been geneT¥led during the year. FINANCIAL REVIEW Going ¢oncem Afte¥ msking apprcpriate enquire5. the Trustees have 8 redNab expectglion that the Charity has •dequalÈ resourc8s to Contin in operational exi5tEnce for the foreseeab future. Furth Teason. they continue 1¢ adwi Ihe going ¢onf*rn b8515 in weparing Ihe finanaal Statents. Further delaiL4 regard4ng Ihe adoption ofthe going ¢oncem basis can be found n Ihe accwnting polKw. Reserves pollcy The Re5erwes pdityof1hÈChlY Is to mantain a Ve1 of unresirt(ted funds, notecfnmitted or In$1 Intangbla asset4 whiGh wll n2b tha Charty to ensure continuity of activity 2nd have the abilty to adjust. in 8 mgasured way, lo any signrficanl changes in resources. The Reserve5 pdi¢y recognises that re5erve5 are news8ry to maintain day to day operations ofthe Charity for a perKJd vf uptD 6 months. The apptDpriate rneasvrp of flee re5erwes is calculated as unStriCted fund8 rl £1,502,70412024.. t1,047,9591, less desionalÈd fund8 of £nil12024.. £nill, less tangible fixed assets attribytabk lo unreslrided funds of £nll12024." £nill. ThLs equates to free erveS of £1,502,70412024.. £1.047.9591. The Trust finds itsewwith substantial re$eFves al the end of the finanual year. We WelMe grant applications which are in whh our obJ"ectives, re18vanttems of our Artid05 of Association and any other requirements of charty I, together with supporting documenl81ion m•e¢ina our auth"t quIreMents. All giants made urill rwuire Iht apwD¥al of tsur Iruste8s, and a signed grant allreeThent. Pagè 5
S¢v¢m Valley Rathvay ChariiablÈ Trust Lhnited Trustees. Report lortheY8ar Ended 315t December 2025 Rk management The Trustees have a duty to wJeDlify and rle rkS to vthich the Ttusi ra èxpD$ed and to ensure aFprcrfJrigle mea$ure$ are Csidered ¥or areas ol risk. The Tnjsl adheres 10 it5 Risk Policy Framvrk, whth are re¥wed annuty. A Risk Register is in place, which is red rnonthty. IdÈntffd risks ara evaluated on the possib severty, asse5Si bolh the Impath aThl likelihood. Rather than giving equal weuht to lll¢elihood and impact the Trusi uses a hèat map grealerfocus on the impact, and therefort uses the scor5ng of limpacl x Ikelihwdl + imp8GL prtnclpal r15k5 and unc•rt4intie5 The Trustee5 endeavour 10 conhnualty ralse funds and lo further 5UPPOrt the SÈvem Valey Railway wrthin the ch8rity boundarie5. The prinGipg1 ri$k associal&1 with the org8fji5alional acIpieS are categond as a 1055 of income mitigated by irnplÈment strong and tsrgeled markaling and fundraising strai89$. Financial fraud alld error will bp tnitvJated Mlh robust processes and predureS with incorporate segregation of duties and practises. TtrE Trust rrentlY in a 5troryJ fin8nci81 posib"on. Flnancial risk manauernent obiEclive5 polkles The financial situation of the Charity 15 carefully rnoni1orI by Ihe Tmslees to ensure continuty. Grants awar(d onty when the financial stabdity of the Charity is confiTmed through the Reserv85 Policy. Principal Fundin9 Funding ofthechanty is dependent wjon severalfactors. ckn averagtr50%12025'. 83PAI ofinccffie lothe Chatity is provkled throu9h beque5t5 Qverwhieh the Charity has no conlroL ThÈ remaining income i8 dependert LWOn fundraising ¢gmpaigns lor Special proJ8Cts. The vary from Year-tye affEding the income of the Charity STRUCTURE, GOVERNANCE AND NAGEMENT conslon Se¥ern Valley R8iiway Charrtable Trtt Limited. 1¢h changed rt8 name from SVR Rolling Slod< Trust Company on 29 June 2012. wes InGorp(>oted and r8gl$tered as a company limited ty guatantee. company gistratIon number04341280, on 17 DecembÈr 2001, and was regk8lered with the Chanty Comrni55ion on 1 July 2U02, registration number 1092723. It is govemed by its MeMOraum and Artides ofAs50Ciation, whi¢h were kast amended on 8 April 2019. The Severn Valley R8Y Chèiit•ble Tru$1 VAS eStabllsh8d to raise fiJTrJs to ensure tho lonterrn suM¥a olthe Sevem Valley RaiY ISVRI. The d2y4rkday income the SVR recewes frem passengerfBres. Shops. ¢afes and pubs can onty clèrthe co¥t of runnino trains. along with standard m8inlenance and resloralinn. These 3ni111$ do not generate enough income lo irnyove and develop the RaI&y. The CharitableTruStprove& Essential fund$toenablethe Railway lodevelop and its offerings lo visitor5. The Charitable Trust offers laxfficient ways of giyÈng. FEIp5 ensu the future of this amazing piecs of liying history, so that Il can continue lo de1ht. thrill and rform generation5 tp G¢ne. ethod of apN)ihtsnent or efeciion of Ttee$ ThetE shall be a maxifflum of nine Trusteès unless othetwse delemined by ordinary resdutions of the members of the Charty. Oflhe ni Trustees, hvo shall bo ox offiuo, Ihese being the chaitrnan of Èach ofsevem Valley RaitW8y (Holdirysl PIC and Se¥8rn VaLky Railway Ccnpany Limite(J or rf any such chairrnan doe$ N)1 wish lo act as Trustee, Such other person nominated by Such chairman to a5 Trustee. SuGh TtysteÈ l¥thether a chaiman LY iheir nomineel shall be refetred to as an 'ex oKicio Trusietr". Any Ftson$ nominated by a chairnian to aci 88 a Truste may from lime to time be Temtsvèd and rerAac8d ty théirawiointor. The Chaiity may by c(din8ry resoluthin appeirt a person who 15 willin9 to act lo be a ditEtkn pwded that p8r80n 1$ not at the lime such re5dulion 15 pa55ed a director ofsevern Valby RaiaY (Holdings) PIC or Severn Vaifey RaWaY Company Limited (but forthe avoklan¢e of doubt this provlso shdl not apply lo ex Offic directors mentioned above). TNBte8s are elected for a Ihr8e-y8ar perirJ al the AGM by the tnetnbers of the Trust. I the Charity Trustees receive an Induon into their18g81 and 8dminislralNe respor6billtes. whh an ongolng trainlno prDgrarnme as and when neIed for issues arising during their term of office. The Trusteesarp aware ofthe7 prinuFI85 oflhe CharityGovernance Code and Gonlinue loimprovetheTrust'sgoveman addressing Ihe codes guldelines. Page 6
Sovern Valky Railway Charitable T¥1 Limit¢d frnstees, Report torthe Year Ended 31st Decembgr 2021 Oryanlsational structuro and decision-mikinu policies The day-to-day cperalions of theTwsl are nanageo by Ihe Fkiance & GeTr8r81 Purpoges Cornmitlee, made up of fow Trustees, report lothe wider board. PloD$ for futu p¢riod$ The policy of the Tfuslees is now to encourage greater use of conbact ser¥i(e$ IDT finan¢0 and projects management father than rely on paid staff. This will help reduce rn51s and prov2 greater flexibilny wth the wjrkforce. Voluntee[5 be engaged when they are available and have the approprwe skills in ord&r lo mmimi8e salaries. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Irusiees (who are also the director5 of Severn VaU&y Raihvay Charitatle TnJ5t LimrtEd for the purposes of ¢omp8ny lawl are responsible for prepanng the Annual Report afid the financial statements in accothnce wlh applKabk law and Unrted Kingdorn Accounting Slandards (United Kingdom General Accepted Accounting Practice) induding Finan1 Reporting Standard 102'The Finan(xal Reporting Standaft1 applicable in the UK and Republic ol Ireland" Company law requires the trustees lo prapare financial statements for each financial year Under that law, the trustees have elected lo prepare the financial slalernenls in accordan with United Kingdom Generaly Accepted Accounting Practice (Unrted Kin om Accounting Stsndards and applicable lawl. Under urnpany law the INsie8s must not appro¥e the financias statements they 8Te 5wll5fd Ihai they ghie a tw and fair view of the stale of affairs of the charitable cornp8ny and of the in¢4)ming MsourS and applic2tion of resources, including the Income and exp8nditure, of the charilabie company for that Ktriod. In prepanng those finanaal statements, the trustees are required to seled suitabb xix)unting poli¢i¢s and then appty Ihn consistentty,. obseNe the mahojs and prmcip18s in the Chanties SORP.. make judgements and estimates that are reasonable and prudent". $lat& whether applic8bl8 8ccounling slandards have been followed. $ublÈd to any m8t&rial d8p8rtures di8do8&1 Bnrf explained in the financial staternBnts-. prepare the financial 5ts1?rnentS Oll the gDin9 )nrn basis unless il inappTOPriate lo presume that the charitab company yrill coniinue in busi$$. The trustees are reSponsie for keeping prOr aGr4)untirYJ r¢¢ords which dOse wrth reasonable accuracy at any lime the financial position ¢f the ¢haritatde company and to enatAe tM 10 ensure thatthe finanual statements comF4y %vith the Cornpanie5 Act 20C6. They ore re$pon$ible for Safegua1n9 the assets of the Gharitab ¢ornpany end hce for taking reasonable Steps forthe prevention and detection of fraud alld olher irregularitie5. In so far as the trustees ar? wwar• ther6 Is no levant 8udil infom8b.on ofwhith th¢ tharitabk company's auditors are unaware., and thè trusteès haye tak&n all $18p8 that they ought to have taken to mak6 Ihem$ehes awarn of any revant aart infermalion and lo establish that the auditor5 are aware ofthat infolrnalion. rru51ee5' tepDrt, i Tparaling a stralegic report, approvad by order of the board oftnBtee5. asthe company di0$. an and signed on Ihe boards thaifby'. M A Howard-TFustee 20£ts Page 7
Report of th Independent Audltors to the Member8 01 Severn Valtey RaiTrway Charitabl8 Twst Limited Opinion We have audited th8 financial $iements of S8vem V18Y Rafftvay Chafftable Trust Llmlted (the'chairtae company'l lor the year ended 3181 DeceFnber 2025 which comprise the sialemenl of Finanraal Activities, the Balance Sheet, the Cash Flow Statement and notes lo Ihefinanual ststements. including 8 summary of significant accounting polioes. The financial reportingframework that has been applied In Iheirprepar8tion is applicable law and Unrted Kingdom Accounling Sl8ndard5 (Uniled 9d0 GeneraY Accepted Acc4unting PradiGel, indudn9 Financk81 Reportin9 Standard 102 'The Finan¢wl RepDrtiry Standard apPli4b in the UK and Republ af Ire13nd'. In wr opinion the fi'nancial statements.. give a Iwe and fair view of the state of thè ¢harilAblo comparty èff•ir8 as at 31$t Oe¢ember 2025 and of rfs ineomino resource5 and application of resource5. Including ltr Incorne and pendilure. for the yearthen ended.. hav& beèn proAY prepared in a¢¢OTdan wth Unrted Kin9dorn Generally A¢•pted Accounting Pri¢e, induding Financial Reporting Sland2rO 102 The Financial Reporting Standard applicable in the UK and Republicof Ireland.; and hav& beèn prepared In accordants With the requirements ofthÉ Coryaniès Act 2006. We conducted our audit in acccrtance wth Intemalicnd Standards on Audthng IUKI IISA5 IUKII and applicable law. Our responsibilities under Ih05e standards are further descrljed in the Auditors, re5ponsibilittes for the audrt of the finah¢ial Stalernen15 sect of our report. We are independellt of the thantable Gornpany In accordance With the ethical requir8m8nts thal are relavanl io 1r auditof th8 financial sialements in th8 UK, includiftg th& FRC'S Ethical Standard, and have fuffilled our other ethical respon5ibililies in accordance with these requiremen15. We be¥fjve that the audit eviden we have obtsined rs suffiuent and appropriate to provide a basis forour opinion. Concluslons relatlng to golng In 8udrting the financial st8t8m?nts, we have collduded that the trustees, use ef the going concem ba$ of accounlng in the prepaRlion of the financial slalements ts appropriate. Based on the wort( have Ferformed, we havè not Wjenlird any material uncert8ntvas fdatiryg to events oi condOnS that, IruaIfy or colleawety, may cast signrficani doubt on Ihg charitable company's abilty to continue as a going conrn for a penod of at least hvefve rnonlhs from when the finanaal statements are authorised for issue. Our rèsponsibilities and the responsbililies ol the trustees with re$cl 10 gthng c4)ncem are described in the relevont sectw)ns of this report. ComparatiV•5 audited by anoth&raudit fi The finanrAal ststetnBnts of the cotnpany for the perk)d ended 31 December 2025 wer¢ aJdrt&l ty another awlitu who expressed an unmodified wnion on thosefinanual statements. Other InfoatIOn The Iruslee5 are responsib for th• other infOaon. The other infornalwJn compri5 the inlormabon indjad in tho Annual RepL¥t. otherthan the financial S1aterynts and our Report of the Independeot Auditors Ihweon. Our Dpinion on th8 finanfxal statements dt)es rni ¢over other infomatson and, ex£eKA to the extent Olhepmse expl[¢ staled in our report, we do not express any fonn of assurance condusitsn thereon. In canrledion wlh our au(lit of the finar1 ststernents, r re5pon5a)ilty 15 to read the other inforrnation and. tn doing 50, ¢onsid8r wheiher the other InforTnation 15 ffl8terialty incDnsislenl wilh the financial 5ts1ements or our knowlellge obtsined in the audit orolhenwse arpears 10 ba malerialty misstated. trfwe ideniitysu¢h material inconsistsncies orapparentmatenal mi5St3lement& we aR required to determine whetherthis gives nse to a matenal misstatement the fmanci& statements thems#es. If, basÈd woth we have perfomied. we conclude that there a material m15Stalemenl of thk5 Other informatron. we are quIr to report Ihat tsd. We have nothing to report in thlls regard. Opinions on oth8r matters presctlbad by thè Companles Ad 2006 In our opinion. based on the work undertaken in the course of the audit.. Iho informalion gwen in the Tru5tees' Report for the finanaal year for which the fin8nu815tatemenl8 are prepared is consistent Wlh Ihe flnantial staiements, and Ihe TNstees' Report ha8 been prep8red in accorfance wlth applicle lÈgal requirements. Page 8
R8port of the Independent Audltors ttsthe Memb8r5 of Sevpm Valley Rallwray Charitsblo Trust Llrnited Matter5 on we are re4uir8d to report ty exception In the IvJhl of Ihe ke4 and undeT51anding of the charitable rMpanY and its environment obialned in the course of the audit, we have not identified material misslaiernent5 in the TftJstee5' Report We have nothing to report in re5ped of following mgtt¢rs where the Compan8 ACÉ 2006 requires us lo reportto you in our opinion.. ad8quale arLowling e0rd5 have not been kapt er retums adequate for our audrt have not been 1Ved frcrn branches not vNted by us,. or the fnancial 51alemenls a not In agr88menl with the attounling recd5 and r8tums', or certain dist108ures ol Iwstees. remuneration 5perthed by law are nol made., or we hBve not rewved all th8 Inforrnalion and explanalions we require for our audit. R¢$ponslblllties of tru51ees As explained more fvlty in the Slaternwl ol Trustee5' Pe$ponsith'lilies. th8 Injstees (who ar¢ also the directors of Ihe haritab)e Gompany for the putposes of Company lawl are responsible for the preparation of the financial 5tateThent$ a for teing satEfied th81 th6y give a true and fair ¥Ew. artd for such inlemal tontrol as the twstees deiemine is rtecessary to en8bk the preparation of finandal staternents that are free from material misslaternent. whetherdue to fraud orerror. In preparing Ihefinanrialsialernenls, thetrustee8 responslblé forasses5ing the charit8ble companws abillyto clive as a golng concem, dI5d0n9, as aFpliCab, matteB related to going GOnM and using the 9olng concern basis rl accounting unlessihe Iru51ees either intend to liquidate Ihe ¢haritablecompany orto ce88e 0ratrts, orhave rrt) realsl alternive but lo do so. Our responsibilities fortho audlt olth• flnon¢lal 8tatem8n¢S Ourobj'ectives areto obtain re8son3ble assurance outwhetherthefin8nGial statements 853wholparefreefrTrm material rn1551alernÈnl, whether due tD frsud or eOr. and to ISSU8 a R8POrt of the Independent Audilofs th8t indudes our opinio Reasonable assurance is a high level of assurance, but * not a yuaranlee that an audit Gonduct8d in a¢th)rdanc8 ¥vith ISA5 IUKI wll alway5 deieci a material mi551aterneni when il exi5t5. Missiatemenls cjn arisè from tra1 Dr eOr and are nsidered material If. indiwdually or in the aggregate. they Could reasonabty be expected to infiNCe the ecorvjm decisions of u5ets taken on the basis of Ihe$e finanaal statements. Irregularities. Induding fraud. are instances of nen-wmpth'ance ilh I&w5 and regu18ti¢n$. design procedure5 In line with our Tesponsibilits, tlined 8bove. to detect material misstatements in r88pect of itregulariiies, including fraul. However. it IS the prim8ry re5pon5iknlity of tnanagement. with oversvJhl ol those tharg£d with governan, to esther that the entily's operations are Gonduded in accordance with Ihe provisions of laws and regulaliorts aNJ forthe preventlDn 8nd detection of fraud. In identtying and assessing risks of rnaténal misstatement in o$pecl of irregularilie$, including fraud. we have.. obtained an underslanding of th8 nature ol the industry and sector. including the legal and regulatory framework th31 Ihé company operates and howthe Gornpany is complying th the18gal and regU10ry framewoth." and Inquired of n)anagement. and those char9ed with g0vWnan, about their own identrfit21ion and assessment of the ri5k5 of itregularibes. including any known actual, su5pe(Ed or alleged insian(s offr8ud. As a rÈsutt of theBe procedures we ¢onstsler the most significant law5 and regulations that have a direct impact on the finanGial stalernents are the CharitEs SORP IFRS 1021 'Acceunling and Repoiting by Charil*S'. Slalemenl ol Recommended Ptactice applicabl? lo chanb.ès prepanng their JcGounts In accordance wilh the Financi81 Reporting Standard applicabie in the UK and RepubliG of Iland IFRS 1021 (Éltective 1 Janu3ry20191', Finan31 RepDrbng Standard 1Q2'The Financial Reporting Standard in the UK 8n(J Repul4ic of Ireland,. the Comp8ni88A¢i 2rx16 land related We pertomied audrt procedures todeted norKX)mplianS which mgy hav8 a material irnpact on the finanual statements, which induded reviewing the finana815tstÈm&nl disclosures and sample tèstsng income, In¢ludlng cut-off, samF4e te5tsny journa15. reMing accounting estim8le$ for biases, reviewing regulatory correspondenGe Wlh Charty Ccmmis5iw antl revievhng minutes of meeting5 forthose charged wilh govemance. Iden1rfd the greglesi of malerial irryjacl on Ihe financial stalernents from irregu18ri1ies. including fraud, to be revenue recognition. We have raviEw rnan•gem8nl's calculation methodology for year end accrued ino)me and performed rewews for any unwovided accwed ordefgrred incom4. Pa9
RepDrt of the Indèpendent Auditord to the klBmbw3 of Sev&Tn Valloy Railway Chaitable Trust Lifflbted Because ofthe inherent lirnitalb)n$ of8n audrt, Ihere is a risk that* will notdete¢t all iegulalIes, InGludthg those lÈadlng to a material rn15$1aiemÈni in the finanual slaternent5 or non-ctsnwll8nce ryth regulations. This rE5k In¢re8ses the more that cornpliancÈ with a law or gulatiOn 15 removed from the events and Ir8nsactions refiected the finanal slalements. as we w15 be le55 likefy to beume aware of InstancEs of non4omplianr£. The risk is a150 t8r rÈgarding irregularibes occurring due to fraL&J rather than error, as fraud inYoJve5 Intentional conttaltnenl. forgery, colluskin, TrmissKJn. or m1sTepreSentatTr. A further desCriptn of our respon5TtA"l(ties for Ihe audrt of the finan statements 1$ Ic¢aied on the Financial Rewrting Counul's website al WWhV.fr&org.uklauditorsresponsitrA"lilies. Thi5 de5¢riPtlon forms part olour Report ol the InLlependBnt Auditors. Use of our rèport This report is made soletytothe charilalAe company's ffÉmbers, as a bo, in accordanGe with Chapter3 of Part 16 of the Companies Act 2006. Our audit worf¢ has been undertaken 50 that we might State to the charil8Ne company's mvAnb2r5 those rnatte we arÈ required to slateto them In an audrtor5' report andfor no other purpose. Tolhe fulle5teen1peM1tted by law. we dD not accept or assume responsibility to anYte Qlher than the tharitabk coryjpany and thè charille company'5 meFnbers as a bcdy, fuour 8udit wort, for th wort. orfor the cyinions we have forme(J. Melissa Godwin ACA ACCA Iseniorslatutory Audttorl for and on behaff af Richards Sandy Audk seIce Limited Istalulory Audilorl Thorneloe House 25 BarbDum& Road Worce51er WR1 1RU D8te....IG...QG....IG..-................ Page10
Severn Valley Railway CharitableTvust Llmlted ststement of Flnanclal Activiti&5 Ilncorporating an Income and ExpEndure AG¢oun Yor the Year Ended 31st Dqwnbgr 2025 pe0d 1.7.23 lo 31.12.24 Total rurK1s Year Ended 31.12.2S Total funds Unrestricted fvnds Rastrided funds EndoKThent fund Not INCOME AND ENDOWMENTS FRI)M Donations and legacies 1.175,827 354,508 572 1,530.907 1,270,032 Investm1 inGcne 4.730 66.871 Total 1 196 693 351238 596.395 EXPENorruRE ON Rai8ing funds 55,219 1,328 11.202 67,749 145,* Charitsble activities 4T1.565 356.338 833,gJ3 672,492 Other 24A34 Total 357 666 Net gains on investments 184.9]0 NET INCOME 652.670 14,906 141.743 809,321 703.810 Transfers ben funds 23 197 9251 197 925 Nat mOvw8t in fund8 454,745 212,833 141,743 809.321 703,810 RECONCILIATION OF FUNDS TDtal fund5 brougfvt forward 1,047.959 78B.545 1.SS7,251 3,393,755 2,689,945 TOTAL FUNDS CARRIED FORWARD 704 1001378 1898 994 4 203 076 3 393.75S The notes fomi partolth88e financial statements Page 11
S¢v8rn Vaney Railway Charitablè Trugt Llmfted Balance Sheet 31st Dacomber 2025 2025 2024 hbtes FIXED ASSETS Inveslmenls 17 2.276.208 2,126.172 CURRENT ASSETS Slodt$ Debto In¥&51menls Cash al bank and in hand 18 19 20 8,640 16.413 248.957 500,000 1.488.736 1.271.856 1237,694 1.296,909 CREDrroRS Amounts falling due wrthin onèyear 21 1310,8261 129,3281 NET CURRENT ASSETS 1926 866 1267 583 TOTAL ASSETS LESS CURRENT LIABIUTIES 4.203.076 3,393,755 NET ASSETS 4 203 076 3 393 755 FUNDS Unrtsstncitd fiJnd$ Resincted funds Endowment funds 23 1.502,704 1.001,378 1698 994 1,047,959 788,545 1 $57 251 TOTAL FUNDS 4 203 076 3 393 755 The finan81 s and were si entswere approved bythe Board of Trustees and authorised fDr issue on.,.....................,...,...,...,......... behawby.. M A Howard- TrustBe Lu J4rtL 2c>2f) The notes form part of these finan¢E81 statements Page 12
Sevem VallEy Railway Charitable Trust LIMlted Cash Flow Statement f¢4rtheYear Ended 31st December 2026 Period 1.7.23 to 31.12.24 Year Ended 31.12.25 Notes Cash flows from operatin9 aCtive5 Cash genBrated from opemlions 686,850 586,098 Net cash provided by operating llcbvities 656,850 586 098 tash flow& Irom Investlng actlvlU Pur¢hase grrixed a$set investments Sale of red as5el investments Purchase of current asset investments Net movements tash held by broker Intere51 recewed Qivtsyends received 11,146,372) 1.085,456 1500.0001 25,458 16,186 49,302 187.50DI 87,568 144,4711 6.569 60.302 Net cash lused inVpm¥Aded by investing activities 469 9701 Chang8 In cash and cash equlvalents In the reportlng perfod 216,880 608,586 Cash and Gash equivalents at th* beginning of the rewtlng perlod 1271 8S6 Cash and 5h equivalerts at Ihe end of tho reportlng p8rfpd 1488 736 1.271.856 rhe notes fomi part of these financial statement5 Paoe 13
S•¥•m Valey Rallway Charitable Trust Llmitsd Nots5 to the Cash Flow St3temont forthg Ye4r Ended 31st 00Mbol 2025 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Period 1.7.23 Year Ended 31.12.2S 31.12.24 Net income forthe reportSng ptrrlod las p8rthe Statement of Flnancl81 Actsvitiesl 809.321 703,810 Adjustrnents fgr.. DEpreciation charges Gain on Investments Interest received Dwidends received Impaitmenl ollangible fixed assels IMpaient gffixed asset investments Decrease in stocks Iln¢reaselldecrease in debtors InCaSe1(deCreasÈl in NÈdrtor8 23,962 1184,9001 16,5691 160,3021 28.429 1139,0121 116,186 149.3021 24,434 8,639 1232.S441 281,500 3,333 81.901 566 Net cash provided by operatK¥ns 686,850 ANALYS15 OF CHANQES IN NET FUNDS At1.1.25 Cash flow At 31.12.25 Net Cash C2sh at bank and in hand Le85.' Deposits Irg8t8d as IwiuKI resources 1.271.856 216,880 500,fy)0 1AB8,730 1271866 283 120 Liquld resourcfs Deposits inclu(Jed in cash Current assei investments Cash held by investment broker SDO,000 500,000 500,000 500,000 43 942 69.400 69.400 974.542 1.043,942 Total 1 341 256 691422 2 032 678 The notes fomi part of these fu18nual Statem1$ Page 14
gev¢m Valley Rallway Charitable Tnnt Lirniled Not95 to the Finan¢Sal Statements fortheyear En¢Jed 31st Dernber 2025 GENERAL INFORMATiof4 Sevem Valley RaiKvay Charitable Trust 1$ a ¢harilable company limited by guarantee, gitered in En&4and aThJ Wa18s with bolh Cornpanies HOUSE and the Charity Commission For England and Wales. The rryi51ered office is Nutnberone, Comberton HaGe. Kidderminstar. Worce8t8rshire, DY10 1QR. The wmbers ofthe caritabk company Jre the trustees named on p8ge 1. In the event Dfthe charty béirg wound up, the liablity in re5pe¢t of1 guarantee 18 limited lo £1 per member. ACCOVNTING POLICIES BASIS OF PREPARING THE FINANcL STATEMENTS The financial statements of the ch8ritable company, which is a pthlic befit antity under FRS 102. h8ve bee prepared in accordance wilh Ihe Charities SORP IFRS 1021'A¢¢ounting and ReptIng by Charitie5". sialemetht of Recommènded Practif applicableto ch8rities preparing Iheiraceounis in accordance wth the Financial ReportiNJ standar¢ applieabl¢ in the UK 8nd RepubliG of Ir&l)nd IFRS 102118ff8Cti¥8 1 January 20191,. Financial Repoitirvj Standard 102'The Finanual Reporting Standard applicable in the UK and Republic of IrÈland' and the Companies Act 2006. The financial statements have beert ppard underthe historical c051 convention. with the excepbon of investments whith we Induded at rna&t Value, as mle by the revalualon of (rt8in assets. The attounts are prepanng in Sterh'n91£1, is the lunctw)al currancy of the carity. Monetary amounts in ¢h¢sÈ financid statements are rounded to thè nÈarest£1. P1)R PERIOD CHANGE IN FINANCIAL YEAR END In the previou8 fina181 FeriTrl. charity h85 changed its financial y8arend from 30 June to 31 De[. e lo this change In finartwl yearend date. Ihe CLxmp8ratNe5 to these financial statements were prepared for a pèriod of 18 maDlhs. The ccfflparatwe amounts pented in Ihe financial $tatsmenls, theo comparel to the thrrent yeaffs 12 month period, are not ents're cunparabk. COME l incDrne Is recognised in Statement of Fnan¢io1 ACINrt once the charty has entitkment tts1 fftjnds, it is prcéJaL4È that the income will be recwved and the afflount can b2 Theasured rdiatly. Income from donation5 and grfi aid B recognised in the periLyJ in which Ihe Charty Y& entitled lo receipt and I Hmount can be measured wth reasonable certainty. Legacy income is recognised when the tharty has confirmed entitlement oflhe whèn the amount can be accurately measured. and when il is prabable Ihat they will rer£Nethe inc(ne. Wfftere the tharily's res81 share in 8 legaw cannot relitry me88ur8d, no amounts areaccruedforuntilsuch lime tb81 itcan rdiatyrnea5Ured Grants are Induded in the staterrÈnt of fmancial actwities on a ¢1¥able basis. The balance Df income 1Ved for speafic wrposes but not expended during Ihe perfthl Is showw in th8 relevant fund Dn the balance $heet. Wnere inctme Is receivert in advant8 of entement of recept, rts recogniti is deferrad and mclthJ&J in credrtors as deferred 1Cne. IliherE entitMent 0Ul5 before income 15 recewed, the intome Is aeuued. Cknnated assets are measuffjd a1fWrvae the date when contrd overthe asset has passed to the charity. Interest in¢¢me linduding interest receivable on fixed Inlerestlsted nve51mentbond51 Is r¢cognisedfDrl intaresl- beanng instruments on effectivé Interest rate basis. Cliitdend and other non-inlere51 listed inve5trnent income is tecognised when declared. EXPENDITURE abilitiÈS arè recognis8d as expendfture assoon as there is a gaI orconstTudiv¢ obligaiion commillinglhe charity to that expendiLure, it is probablethal a transfer of economic benefrts will be required In setuement and the 3rnounl of the obligation can ba measured reliabty. Expendrture 1$ actounled for on an accruaL% b8si5 and ha5 been CLASS10 under headings that aggregate all c051 Telaled to the category. Vwiere ¢osts tartnot be direcity allnbuted (o patbGuk8r healings Ihey have been alocèted to adwli85 on a ba5i4 cansient %vith the use of resources. Pa9e 15 continued...
Sev8rn Valley Rallway Chartt8bl8 Trust Lirnit¢d Notes to the Flnanclal Statements- continued for the Year Endgd 31¥1 December 2026 ACCOUNTING POLICIES- continued EXPEMDITURE Grants offered subject to conditsons which have ntst been met at the year end date are noted 85 a comrnitrnuii but not accrued as expÈnditurg. TANGIBLE FIXED ASSETS DeprlaIlDn is provided at the following annual ral&% in 0er to wrrte off eath asset 0 ts ests'mgied useful lrfe. Rolling stock Artefacts OffKe equipment 10% on cost 10% on cost 33VA on c05t Tangible fixed assets Costing £1.000 or more are capitall$ed and recognised when futur economi b8n8frts are probable and the cost or value of the asset can be mea$ured reliabty. Tangible fixed asse are initially rwnised al c05t. Afier recognition. undei the cost model, tangib fed assets are measured atcost18ss accumulated depre¢ialion and any accurnu1al impairment105se5. Ml costs inGurred to bring a tangible fixed asset inlo rts intended worknny condition should be included in the mea5Utemenl of cost. FIXED ASSET INVESTMENTS Listed investrnen15 are initl8lly racognised attheir Irans8CtiM cost and $ubsequ8ntty Measur at fairvalue alth& balance sheei date, wi(h the re5utting revaluation gains losse5 ¢rSed in the ststÈmert of fmancial UnlisiÈd investments arg measured 81 G051 lor d8em8d co&t for donated assets, being estimated fair valuÈ at date of donalionl, less any p¥ovisions for impolmient. CURRENT ASSET INVESTMENTS Currenl asset investments awe Inilialty recognised 81 cost and then Subsequent measur1 al ameibsed ¢¢6L Currenl a$sei Investrnents indude cash equivalents en daposil with a malunty of moreth8n 3 month5, less then 12 tnonth5. ttom th¢ dale of acqui5Ltion or opÈning of the deposit or similar account. CASH AND CASH EQUNALENTS Cash al bank and in han(1 inGIutles tash and shOrt-le highly liquid invesbrents with a Jnaluri¢y of less than 3 monlhs frorn the datè of 2CQUK%ltion or openirg ofthe deposit or simdar account. STOCKS Stocks 2re valued at the lower of cost and net realisabl¢ valL, after making due allowo for obsdete and slow moving rtem5. TAXATION The charty exempt from Gorporation tax on its charitable adiiritles. FUND ACCOUNTING UreStriCted funds Gan be used in accordancewith Ihe charitable objective5 atlhe discTetion ofthe Iru5tees. Designated thnds comprise unre$tri¢ted funds that have been SBI a$Kle by the Trustee5 for partiwlar purpose8. Restricted funds can only be used for particular TeslruÈd purp0888 Wrthin the obje$ ofthe chanty. RestrictiM5 arise when $pecified by the donor or when fiJnds are raised for particu18r restrfctsd SMIOse8. The costs of rak#ing and adminisiering such funds are charged again51 the specific fund. Further 8xplanation elthe naiuro and purpose of eath fvnd 15 indu(kd in the note5to the finanrdal $laternEnts. Inve¥lrnent inGoThe. gait, and losses 8Te allocated to appropriat fund. PENSION COSTS The charitabkn Company opèrates a defined conlribLStion pension scheme. ContributiL5 wyaNe lo the charitable ccmpany'$ penslon scheme are charged lo Ihe Sl*emeni of Financial Actwrtie5 in IhÈ period lo which ihey reLqte. Pag? 16 conbnued...
Sevem Valley Railway Charttsbl¢ Trwt Llmltsd Nrtss to the Flnantial siatLnents- contlnued fortheYearEnded 315t Decernber 2025 AGGOUNTING POLICIES- contlnued FINANCIAL INSTRUMENTS The charity has elected 10 3pdy the prowsions of S8Ction 11 '8asic Financial Instruments. and SErJion 12 '0ther Fi08nGial InstrurneD15 Issues, of FRS 102 to all of its finanoal instruments. Finanual instruments are recognised when the charfty b&¢omes perty to the contractual wovisions of the in$trument. Finanal a85et5 are Dff5et Mlh the net amount$ pr8s8nled in Ihe accounts where there is a 9allY enfOrable right lo sel off the retognised amounts and the is Sn intention 10 settle on a net basts or lo realise the assels and settle the liability simuhaneousty. Ba8ic Financizl Assets Basic financial 355e15, which indude trade and other receDiables, and cash 81 bank and in htl balae$. are Inilialty measured at transaction pri induding transaction costs and are 5ubsequenlty ¢arried Èt amOrted cost Using the effeciive inleresl melhDd unless the arrangement con51itules 8 fmanung iransactson. wh8re the Iransa¢iir)n 1$ mea$ured at the present value of tho future receipt5 discounted al a matket rat2 of inte¥esl. Baslc Flnanclal Llablllti88 asic financial Iiabilrties. Including trade and other paYabs, are Initialty recogni8ed al transaction pri unless It srrengernent constitutes a financing transaction. where the debt instrument 15 measured at thp present vdue of future receipts. discounted al a tnarket rate of interes1. Debt ¢nslnJrnents are subsequenity ¢arried at amottsed Cost, using the elfeclive Inte51 rate tnelhod. Trade payables are obligation5 lo pèy for goads or $8Nic£s Ihal hav8 acqund in the ordinary course of the operalions frorn suppliers_ Accounis payabl8 are dassified as current liablities rf paymenl is due within one year t less. If payrnenl 15 due in Fnore th8n one yEar, they are presented a5 non-Gurrenl liabiltyÈS_ Trade payables are Initi81ty rectrJni88d al transaction cost. CRMCAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAIKrY Estimatss and judgÈment8 are Mntinualty evaluated 8nd are based rm historiGal experience and other fadots. inGluding exp¢¢10$ of futu events that are believed lo be reasonatAe under lh8 tircumstanc8S. Legacy income Legacy incorne is recogn15ed ortty afterthe soliciiors handing probate has provid the charitywith bolh notthG8tson oflhatlhey are a berIt12ry 8nd has a180 provided sufficient informaliDnforthe chartyio make asuffnt8S1IMate of the amount to be receNed. whe the charity have been left a legacy ¢onsisting of p8rt share in the residual of probate esl3te5. because there is inherent unrtaInty In Ihe probatè valuation ofestales as a resuA of the nature of undedying assets and liabilities, tha time thal may dapse bebween piobale and closure. accounting for 5Dliuiorfees for handing wobale, and other conlingen&es that attend Ihe estate, the charity make5 8 judgement for ¢2ch mdividu81 legacy based in the infornalion prOVed by the solicitoi as to whether or not théy arè able to make 8 r8118ble e&tinète of the legacy due. IM1È, bÈtt¥Èen Iheyearend and thedaie of aDproval oflhefinanciaistateffients. asoltotorhas notifiedthEchar of Interim legaty distnbtstions, the chariiywill accme lorthese interim legacydistribulions aNI IIEn makea5ep3raie a$$e5smenl as lo their abilty to reliab eslimal8 their sh8re of the remairung assets Df the eslai& siill 10 ba distributed. At the year end the chgnty had interest in t212024'. 01 leg8cy esta18s that have not been recc¥nised leither in full OT net of interim di$tribLrtionsl on the basis that the chanty's share of such garyeS cannot be reliabty weasured. M0asLirem8fit3nd ImpaSnT)6nt of un115ted flxed as$èt lttv#stm•nts The charity hDids shares in Sewem V8lley RaI&Y IHDlding$l which were grfted to ihe chanty in past fin8ncial year5 and recognised a5 a don)led Hsset using estimated fair value at lime of the donation a5 deemed cost. As Severn Valley RaIaY (HohJings1 PIC 15 an tsftli5ted thvestynent, judg&1 was applied when pa81 e8timate8 were made of the deemed fairvalue altime of thedonabon. During Ihe currentyeara lot81 of 1,41512024.. 17,2651 shares in Sevetn Valey RaiKvay (Haldingsl PIC We donated lo the charty, vlhere the deema fair value at tine of donatitsn is ttsnsidtred to be negligib. P48 17 conbftu*l...
Sovom Valley Railway Charit•ble Tr11 Limited Noi88 to the Flnan¢ial Statements- continued lor the Year Endgd 31st De¢emb9r 2025 CRITICAL ACCOUNTING JUDGEAENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY- contlnued Folowing nolificatith of a planned convet5ion of Sevem Val* Railway (Holdings) P4cto a drfferent legal structure in which share taprtal wll be replaTrd by m¢mbets' interest. the charity h8s perfomied an iThpairTnenl review of their 5harÈholdings. After E1deT£d the absence of any hisloriral or 8xpected future economic benefit or other benefits generated by the Investrnenl, the book value of the charity's total inve51tnent in Sevem Valley Railway IHoklingsl Plchas been impaired down to £1, wlh an impaim&nt charge for the year of£24,434. Impairment of tsnglble fixed assets La51 yeBr the chariiy uertOok an ¥npainient wiew of their tangib fixed as5e15. foll(pMng which the charity irnpaired IhÈse assets down to £nil book value, with an impairrneni tharge forlhe previou5 year of £28,429. DONATIONS ANO LEGAfJES Period 1.7.23 to 31.12.24 Year Endtd 31.12.25 Donations Grft aid Le9acies Gr8nl$ Corporalg donatlons 181,258 33,667 1,329.982 6,000 361,943 48.904 798.017 58.657 2.511 1,$30 907 1,270,032 Grants rewed, induded in the 8bpv¢, are as foltr•Js'. Period 1.7.23 lo 31.12.24 Year Endgd 31.12.25 G J WTumer Tlusl TIE Eve50n Charitabl• Trust The Geor9e Cadbury Fund Th? Grimmilt The Lady More CharitaNe TnBt The Owen Famity Trust The Rand5 Trust 3,000 18,000 17,657 9,000 3,000 1,000 5,000 3,000 58.657 INVESTMENT INCIJME Peri(xl 1.7.23 lo 31.12.24 Year Ended 31.12.25 Li8t&d inveslmeTht inccrne Bank inteRsl 49,302 16,186 60.302 6,589 65.488 Page18 continued...
Sev8m VallEy Rallway Charltablo Trust Limlt8d Notes to the Financi?1 Stat8ments- ¢Ontlnu8d forthEYe8r Ended 31st December 2025 PAISING FUNDS RAISING DONATIONS AND LEGACIES Period 1.7.23 to 31.12.24 Year Ended 31.12.25 Staff c051$ FundTaising costs Subcontr8ciors Service charge Postage and ststionery CDmputer expenses SubsGriptions Legal and professional Bank charges DBpreCIain Impaiment losses 32,711 310 46,115 4,588 591 27,104 1.024 35,308 11471 1,386 13.541 263 1.577 963 11.109 2,496 457 98 126.226 INVESTMENT MANAGEMENT COSTS Period 1.7.23 to 31.12.24 Year Ended 31.12.25 Inveslmeni management c$ Aggregate amounts 67,749 145,501 CHARITABLE ACTIVITIES COSTS Grant funding of actNilies (see note 91 Direct Cosls18ee note 81 Support 0$18 (see note 101 rota Charitatle actwilies 8.999 776 741 Page19 continuèd...
s¢M Valley Rallway Chayitable Trust Limited Ncrtès to the Financial Ststements- toned forthe Year Ended 31st Oecember 2025 DIRECT C05T5 OF CHARITABLE ACTIVITIES Period 1.7.23 Yr Ended 31.12.25 31.12.24 Staff cos15 RaiaY restoration- nofygrlrtt expenditure Oepreryalion Impa1entIO$Ss 36,080 5.637 23.SD5 28.331 8.999 GRANTS PAYABLE The total grants paid lo institutions during the yearwas as Idlows.. PeriDd 1.7.23 to 31.12.24 Year Ended 31.12.25 Sevem ValY Ralty (Holdings) plt. Railway restoratb)n DMU Group Ivvesl Midlandsl- Raiw reslaraliDn Kiddermin5terTMD- Railwty iestoralion Sevem Vdky Railway (Holdings) PIC- EngirE8ring academy and $tiOn 7¥554 498.024 7.784 7B7 30.400 10. SUPPC*TeOSTS Period 1.7.23 to 31.12.24 Year Ended 31.12.2S Auditors, r8muneralion Autlitors. remuneration for non audit work AGcounlanGy and le9al foes 13.020 6.840 29.303 21.180 5,950 49.163 53.132 Page 20 ¢ts"nued...
Sevem Valley R8IW Charitsble Trt Llmlied Ngte5 to FlnanGial Statements- continued forth8Y8ar Ended 31$t Oecember 2026 OTHER Peiod 1,7.23 10 31.12.24 Y¢ar8ndod 3111Y25 Impairrnenl offixed asset inveskngnts (see note 171 24A34 12. NET INCOUEIIEXPENDITURE Net income1lexpeitUreI is staled after cla1n91(credrtlngl'. nod 1.7.23 to 31.12.24 Ygar Ended 31.12.25 Depreuation- owned assets 13. AUDITORS. REMUNERATION Period 1.7.23 to 31.12.24 Yeaf ended 31.12.2S Current year auditors Audit ollhe fin8ncial statlyxenls Other seNce5 t2,960 Prior year auditors Audit ofthe fin8nual ststnents - underl lover) awual in priorp8riod Other 5ewires - undwl lover) acuual in priorperKd 14,100 7,000 4,800 1.150 27.050 Amount5 are sted inGlusiv¢ c* irrecoverabk input VAT. 14. TRUSTEES. REMUNERATION AND BENEFITS There were tto trustees, remuneration or otheT beneffts for Ihe year ended 3151 December 2025 norforthe peiKKI ended 31st De¢emb8r 2024. TRUSTEES, EXPENSES One Iru8tee was patd extEnses of £143 for the yearended 31st December202512024" £Nill. Page 21 nDnued...
Severn Valley Railway Chavitab18 Trust Limited Not•s to the FinanGial Statements. Gontinued forthe Year Ended 31st December 2025 1& STAFF COSTS Peri 1.7.23 lo 31.12.24 Ytar End8d 31.12.25 Wages and salariès Social securrty Costs Other pensKn costs 59,384 5,989 68.791 The 8ver8ge monthty numberof employeès the yearwa$ as follows.. Period 1.7.23 lo 31.12.24 Y1 Ended 31.12.25 Average numberof employees Ntr effployees fttewed emuMents in exeess of£60.OQO. 16. TANGIBLE FIXED ASSETS Rolling stoak Artefacts equipment Totals COST Al 1st January 2025 and 31st DecembÈr2025 259450 915 DEPRECIATION At 151 January 2025 and 31$1 DecErnber2026 91S 283 810 NET BOOK VALUE Al 31$1 December 2025 At 3181 Decembar 24 17. FIXED ASSET INVESTMENTS 2025 2024 Shares Cash held ty Investment brd(er 2.232,266 43,942 2.D56,772 69,400 2 276,208 2 126.172 Pag$ 22 conb'nued...
Sevem Valley Railway Charitsbk Trust Limited NotOS to the Flnancial Statemènts- continued forthe Ye8Y Ended 31$t December 2025 17. FIXEDASSET INVESTMENTS. confjnuod Additi)nal infornalion 85 follows.. Listed inve51rnent5 uThsted investmeDtS Totals MARKET VALUE I COST Al 1st January 2025 Additions Disposals Revaluations 2,032,337 1,076,443 11.015,5271 139,012 24,435 I056,772 1,076.443 11,015,527) 139.012 Ai 31st December 2025 2,232,265 24.435 2.256,700 PROVISIONS Impairments 24 NET BOOK VALUE Al 31st DeCem1r 2025 2.232,26S 2.232 266 At 31st Dember2o24 2,032.337 24,435 2,056,772 Infomalion on the deosion lo *npair the unllsted investmenl can found in note 310 the finan81 stlltEments. ash held by invesiment brokermovements were as follows. 2025 2024 Qjening balance Net cash movemenls 69.400 25.4581 24,929 44.471 Closing b8nCe 69.400 18. STOCKS 2025 2024 Parts held for Mantenan of tangl0 [d 88sets The tru51ees have made the d8Ci8iOn to impair St down to a ntsmlnal Value of £1. Thi$ decision wa5 made on th& basi5that the slockwas not beiry used in operations nor is rt expected lo ha Y retr)verable value. OEBTORS.. AMOUNTS FALUNG DUE WITHIN QNE YEAR 19. 2025 2024 Trade debtors Accrued income Popaym8nts 709 7.040 240.941 248.957 16.413 Page 23 conlinued..-
Sevem Valley RalWI Charitable Tn1 Limited Note5 to the Flnanclal Ststements- continued forthe Year End8d 318t December 2025 20. CURRENT ASSET INVESTMENTS 2025 2024 Ca8h held on depc6it SDO 000 21. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Accruals for granis payable Trade CTeditors ACCrd expenses 2B6,028 7,218 6.118 23,2D8 310828 29 328 22. ANALYSIS OF NET ASSETS BETWEEN FUNDS Analy515 of nel asset$ beeen funds for the yearend&l 31 DEcernber 2025 is 8sfL4Iows'. Resthcted Endo*Trent Fund& Funds Unrestrictsd Funds Total Funds Fwed asset investments Stock Debtors Cutrent asset Investrnents Cash ai bank and in hand Creditors- due within one year 375,844 218.370 1,681,994 2,27S,208 248,957 500,000 688,728 310,8261 248.957 500.000 1.488.736 310.826 7B3.OD8 17.000 Total ftJnd8 1.502.704 1,001 378 1698 994 4 203.076 Page 24 continuad...
Sev8m Vall8y Raihvay Char6tablÈ Trust Llmitsd Notes to the Financlal siatements- continued forthe Year Ended 31st Dtt8mber 2025 2& MOVEMENT IM FUNDS Nel rrK)vement in funds Trantslèrs between funds Al 1.1.25 31.12.25 Unr8strlct•d fvnd8 General fund 1.047,959 652,870 1197,9251 1.502.704 Restricted fund5 Bridgnorth Station Restoralv)n Fund Èridgnoth Tum12ble Fund Bndgnorth Yard FUTh Diesel Farylity Emergenry Appeal Engineenng Academy Falling Sands Viaduct General projects fv Gwi Buffet 9581 Hagley Hals 4930 Inlon Manor 7819 HLF Catalyst Re5tricled Fund Stems Landslip Fund Survival Fund SVRCT Roof & Hou8ir MiSlIaneOUS restrKted funds 8,S98 18.209 10.7 27,093 8,113 25.385 1,329 29,405 31,438 44,274 31.055 539.056 P.4301 14.579 &168 32,788 10,784 29,473 2.380 18.1131 120,0111 5.374 1,329 146,5441 120.0001 4.551 268.042 16,738 1.308 1161,8861 118,9001 13 8061 17.139 11.438 48,825 299,097 555.794 1,308 161,886 18.900 13.806 788,545 14,908 197.925 1,001.378 Endo*•nentfunds Heritage Lollery Fund C8t8W'. Endowment Fund 1,557,251 141.743 1.69&994 TOTAL FUNDS 3 393 755 Page 25 nb'nued...
Severn Valley Raihvay CPt•rft8ble Trwt Limited Notss to the Fin3n¢lal Statements- continud for the Year Ended 31st December 2025 MOVEMENT IN FUNDS. conb.nued Nel movetnent in funds, included in the above are as fOll- Incoming resourtes Resources expended GaJn$ and losses Movement in funds Unyegtrfcted fijnds Gener81 fund 1.196,693 1557,2181 13,195 662,870 Rostricted funds 8ridgnorth Station Fiosi¢ratlon Fund Bridgnolh Turntabk Fu Diesel Facility Erner9enry Ap Engineering AG8demy General projects fund GMR 8uffel 9581 Hagley H8114930 Hinton Manor 7819 HLF Catysi Resirictad Fund Stems Land$lip Fund Survwal Fund SVRCT Roof & Housing Misttl&neous re51tKted funds 14.8801 13.4301 14,$79 2,380 14,579 4,201 11,8211 10,3B9 130,4001 146,5441 120,0001 120,0111 148,5441 120,0001 4,551 268,042 15,738 1,308 161,8861 118,9001 138061 4.551 288.042 4,730 48,111 11,3281 148,803 1161,8861 IIB,9QOI 16.9911 13,336 3.186 359.238 13SI.6881 13,336 14.908 Endo*Trentlund8 Herit3ge Lottery Fund Cataw.. ErK1owment Fund 40.464 111,2021 112,481 141,743 TOTALFUNDS 926 0861 139012 809 321 Page 26 Continu1...
SOrn Valley Railway CharitabTl Limited Notas to the Flnanclal St*ements- continued for the Year Ended 31st Decembei 2025 23. MOVEMENT IN FUNOS. GoDfinue ComparatiV85 for movement in funds Nel movement in funds Transfers betwÈ2n funds At 31.12.24 At 1.7.23 Unrestricted fund5 General fund Fre5 Fund 183,974 781.138 82.847 137,30 1,047,959 321,281 781,138 IS4.4601 1,047.959 Restricted fijnds Bewdley Signal & Vthedchair gnorth Stslion Restoralion Fund Br5dgnoth Turntsble Fund Bndgnorth Yard Fttn Diesel Faohty Emergency Appeal Engineering Academy Falling Sands Vlad1 Genpral prajects fund GVVR 8uff&t 9581 lagley Hall 4930 Hinton Manor 7819 HLF Cataty5t Re5trict•Y Fund oof and Cranè Survival Fund SVRCT Roof & Housing M1$118ftes $trIcted funds 15,2741 2,846 5.274 5.752 18.209 98.744 33.874 7,073 16.951 1.683 8.598 18.209 10,784 27.093 8,113 25.385 1,329 29.405 31.438 44.274 31.055 539,056 187,9601 16,7811 1,040 8,434 13541 4,405 10,507 7,304 10,265 21,675 113.7001 1189.7051 112.5131 110.3241 25,000 20.931 36,970 20.790 517.381 8,455 188,592 5.245 12.513 5.315 18,815 13,eo8 994.220 1260.1351 54.460 788.545 Endo%bTront fvnds Helllage Lottery Fund Catstyst. Endowrnenl Fund 1,374,444 182.807 1,557,251 TOTAL FUNDS 2.889 945 703 810 3 393.755 Page 27
Sevem Vallèy R8ifvJay Charitable Trust Limited Motss to th8 Financial Statements- continued fortha Year Ended 31st December 2025 2& MOVEMENT IN FUNDS- conlnued Comparative net mevement in funds, in¢luded in above are as follrAV5.' Incoming resources Resoutces expended Gains and losse5 hAovement in funds UnY88tricted fund8 General fund 1,071,519 1307.9321 17,551 781,138 R•5tricted fiJnd5 Ewdlgy Signal & Wheeld)air 8ridgnorth sialion Restorab"on Fund Bndgnorth Yard Fund esel F3olity Emergency Appeal Engineering AGademy Falling Sands Viadud Ganeral projeci8 fund GWR Buffet 9581 Hagley Hall 4930 Hinton Manor 7819 HLF CalHIysi Re$lri¢ed Fund Roof and Crane Sur¥i¥al Fund SVRCT Roof & Houslng Mi5L%llaneDU5 IESlr¢ted fut>Js 24,000 2,846 129.2741 15.2741 2,846 187,9601 16,7811 1,040 188,4001 111.0321 4,251 1,040 24,633 118.1991 13541 4,405 18.687 7,304 10,265 5,785 4.405 10,507 7.304 10,265 21,675 113,7CQI 1189.7051 112.5131 10,324 IB,16UI 11.8491 113.7001 1300.LKJOI 112,5131 12.9841 17,739 110,295 2,860 216.591 1494.4651 17.739 1260,1351 Endownent fiJnd8 Heritage Loltery Fund Calatyst Endowment Fund 48,793 115,5961 149.610 182,807 TOTAL FUNDS 1,336.903 817.9931 184,gOD 703,810 Unre8trlcted Fund8 Future5 Fund Th1$ Is a d&signat8d fund for the pU08e of providing altemalive 5ovio offunding forthe SVR Charilae Trust in the years to come. rhi$ means the Iru8t does not have to rety on new fundraising for every singk project. R8ytTi¢ted Funds Bèwdley Slgnal & Wheelchalr These ar£ reslrKted funds for the purposes of roplacing the main past of the larger Be¥1 South 8racket Signal and replacing the whedchair access for vi$iiors al BÈwdley Station. Brldgnorth Re&toralon Fund This is a restrided fvnd forth8 putpose of restoring the station. 8rldgnorth Turntable Fund This is a restricted Ind forthe purpose of restoring the turntable at Bridgnorth. Bridgnorth Yard Fund This 1$ a resirtrted fund fotthe purpose of repairing the yard. Dlesel Faclllty This is a restricted fund to support Diesel acvities of the SVR. Em8ryency Appeal Thi8 is a restried fund In place to raise funds for immediate applicatK)n to aa$ ofthe SR,8 actiwlie8 which met the charitable o¥'ects. The fund5 were lo compensate forlosi income due w COVlLL19. Page 28 ccntinued...
$vern Vall8y Railwwy Charftsblo Tr1 Limited Notes W the Flnanclal sta¢Ients- contrnued loi the Year Endgd 31st December 2025 23. MOVEMENT IN FUWd- Gonllnuod Englneorfng Academy Th is a re5trict¢d lund forlhe putpose olpro¥iding heritage skills te the SVR. Fjlliny Sands Viaduct Th Is a reslrKted fund forthe purpose of the rorstion of Ihe and educational offerlng. General Proltts FId Thi5 is a reslrirte¢ fund lor tho purpose or98ner projeds on the raikvay. Gvffi Buflet 9581 This ts a restricted fvnd to Convert carriage 9581 irtto a whee1ch8ir-use1.ess buffet Carriage. Hagley Hall 4930 This is a re5tridtd lund for Ihe purp¢)Sè frf r8slofing the lommoiive 4930 Hagky Hall to servitt. HIMon Manor 7819 Thu8 is a re5trided fuThl forthe PUTPD5E of reslonng the locornoliye lo seNK8. HLF Catstyst Restrfctsd Fund Thi% is a restricted fvnd forth2 purpose of cre31ing fulure income fFutu FuTrJ'l forthe Iwstforihe ContinUace of its 8Ctwities since the end of the matthing lundlrvJ arrangwrentwith HLF. Dmdenth e£ed on the investments held by Brewin E>lphin are recognised here, wilh the funds bein9 reslricled fdr purwse of preseNing Sevem Valley RaiNvwJ Rolling Stock. Stsms Land511p Fund This a reslrided fund to support repairing the Mor Brook brKlge that was damaged tlumg a land51ip. Roof and Crane This reslricted fund i& to fund much-needed replacement Iv the englne shed at Brhygnorth. Th2 seccnd objeGtNe is the purtha$e and instaLqtion of a trame, wll faalt8te much more efficEnt and safe works M the heritage rdlng St(k. SuNlval Fund Thi& is a reslriLlgJ fuTrl to wtore the rai815 P05itK)n foltr•Ang the covid pdeMic. SVRCT Roof & Housing Thi5 is a restricted fvnd to support and maintain provision Of bU11n9$ lo house OTKI prese SVRCTowned rolling $tock. miscellaneo Remricted Fund5 Indudes a number of individualty low value reslrictl fvlS Enoe1)I Fund Hwitago Lottery Fund Catalyst.. EndovAnent Fund This is an endowment fundforthe PUTpose of Lealing future incornef(I Iruslforthe continuance c<rtsactNit. YFiANSFERS BFfwEEN FUNDS During the year the Bharity transferred a total of t191.111 from unrestricled funds tv w$tricted fiJnd8 to cover expenditure on sever81 indiwidual re5triclpd fund$ in excess of Income received. including sorne StriCtEd fu5 wlre no inwme wa5 enIed In the current year Ibul there the chanty did rer*i¥e Income t¢ these restricted funds in previous years). Page 29 cthtinued...
Sovern Valtey Rallway ChabltsbleTru5t Limiw Not88 to the Financlal Statements. contlnuod fortheygor Endad 31st DeC¢mr 2025 RELATED PARTY OISCLOSURES Durlng the year the charty donated £774.95312024.. £503,089110 Severn Valley R81way (Holding51 Pl< of which £286.02812024.. £Nill has beet) accnjed foratthe y88r end. In a(JdthDnto this, invoiced re¢harge5 of £4,88812024'. £56.7451 were 8150 pald to Severn Valley RaI12Y IHdding51 Plo During the year, Severn Valley Railway (Holdings) PIC collectsd donations l018lling £Nil12024.. £56,404) on bBh8lf Of1 charity. Incknded wlhin creditm i8 an amount of £1.05312024.. £Nill to Se¥em VleY RaiaY (Hoklingsl PIG which rel*es lo r•charge5. Included within debtots is an amounl of £Nil12024.. £7091 owed from Se¥erll VJl8y Railway (Holdings) Plcfor d8[10$ collected on bphaW of the chanty. DOna1x) lotalling £60012024.. £3,350) were rnade by 812024". 51 tIU5tee$ of the tharity. There aTr no rlher related paty transaction$. 25. CONTINGENT ASSETS At the year end the eharty interest in 12 12024.. 01 legacies not rec0llnis w the b88iS that 5u¢h amounts cannol be reliabty measured. Page 30