**REGISTERED COMPANY NUMBER: 5285448 (England and Wales) REGISTERED CHARITY NUMBER: 1109543** **Report of the Trustees and Financial Statement for the Year Ended 31st December 2024 for** **The Derwent & Wye Valley Railway Trust Limited** Dale Accounting Services Limited 64 High Street Belper Derbyshire DE56 1GF **The Derwent & Wye Valley Railway Trust Limited** **Contents of the Financial Statement For the Year Ended 31st December 2024** ||Page| |---|---| |Report of the Trustees|1 to 3| |Independent Examiner’s Report|4| |Statement of Financial Activities|5| |Balance Sheet|6| |Notes to the Financial Statements|7 to 9| |Detailed Statement of Financial Activities|10| **The Derwent & Wye Valley Railway Trust Limited** **Report of the Trustees For the Year Ended 31st December 2024** The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31[st] December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The charity’s objectives are to acquire, restore, preserve and operate a representative collection of heritage railway buildings, structures, rolling stock and artefacts for use by, exhibition to and for the education of the public in the infrastructure, management and operation of railways between Ambergate and Buxton in the County of Derbyshire. ## **Significant activities** During the period under review the Trust has continued to further its objectives by progressing the following opportunities, namely - The restoration of a Mark 1 first open coach acquired in 2006 - The restoration of the former Daley Dale Footbridge at Darley Dale ## **Achievements** - We have been extremely fortunate to receive a substantial grant of £223,353 from the National Heritage Lottery Fund for the restoration of the Historic Darley Dale footbridge. This will be paid as the project progresses. - During this year we have also been fortunate to receive various private donations. - The Trustees would like to express their appreciation and thanks to all their supporters for their help and encouragement, especially the National Heritage Lottery Fund and the Lottery players, as well as the Peak Railway Association, and Peak Rail PLC for providing further help and administrative facilities. ## **FINANCIAL REVIEW** Thanks to the kind donation of resources by Peak Rail PLC, we continue to receive the income from books and other donated items sold in the Peak Rail shops. Income for the year amounted to £6,915. Gift Aid donations (including Darley Dale Station collection box) amounted to £348. Other donations amounted to $540, and interest received was £1,032. ## **Reserves Policy** Unrestricted Funds Reserve Policy Restoration of Mk 1 First Open Coach acquired in 2006 £310. The Trustees maintained Designated Funds within the Unrestricted Funds during the year to clearly identify the different projects within the accounts. The Designated Funds are Footbridge, MK 1 coach and Water Tank Crane & Tower. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its Articles of Association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **Recruitment and appointment of new trustees** New trustees may be appointed by recommendation of the trustees, or by election at the annual general meeting in accordance with the Articles of Association. Page 1 **The Derwent & Wye Valley Railway Trust Limited** **Report of the Trustees For the Year Ended 31st December 2024** ## **REFERENCE AND ADMINISTRATION DETAILS** ## **Registered Company number** 5285448 (England and Wales) ## **Registered Charity number** 1109543 ## **Registered office** Rowsley South Station Harrison Way Darley Dale Matlock Derbyshire DE4 2LF ## **Trustees** D Lathrope MBE Chair Dr B Riley R Morgan Treasurer Mrs S Morgan Nigel Carabine Mark Sealey ## **Company Secretary** R A Horne ## **Independent Examiner** Mr. E. G. Wint Dale Accounting Services Limited 64 High Street Belper Derbyshire DE56 1GF ## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES** The trustees (who are also the directors of The Derwent & Wye Valley Railway Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## Page 2 ## **The Derwent & Wye Valley Railway Trust Limited** ## **Report of the Trustees For the Year Ended 31st December 2024** This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on ………………………………. and signed on its behalf by: …………………………………….. David Lathrope MBE Director/Trustee Page 3 ## **Independent Examiner’s Report to the Trustees of The Derwent & Wye Valley Railway Trust Limited** ## **Independent Examiner’s report to the trustees of The Derwent & Wye Valley Railway Trust (‘the Company’)** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31[st] December 2024. ## **Responsibilities and basis of Report** As the Charity’s trustees of the Company (and also its directors for the purpose of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner’s statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ………………………………… Mr. E. G. Wint Dale Accounting Services Limited 64 High Street Belper Derbyshire DE56 1GF Date …………………………… Page 4 ## **The Derwent & Wye Valley Railway Trust Limited** ## **Statement of Financial Activities For the Year Ended 31st December 2024** ||||2024|2023| |---|---|---|---|---| ||Unrestricted|Restricted|Total|Total| ||funds|fund|funds|funds| |Note|£|£|£|£| **INCOME AND ENDOWMENTS FROM** |Donations and legacies
Investment income
Rowsley Shops (inc cash in hand)
National Heritage Lottery Grants
**Total**
**EXPENDITURE ON**
**Charitable activities**
Direct costs
Bridge Expenditure
Other
**Total**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**
2|904
865
6915
-
_____
8684
465
-
94
_____
559
_____
8125
35078
_____
43203|167
-
31295
_____
31462
-
26546
-
_____
26546
_____
4916
6700
_____
11616|904
1032
6915
31295
_____
40146
465
26546
94
_____
27105
_____
13041
41778
_____
54819|1752
558
6628
-
_____
8938
1233
-
79
_____
1309
_____
7629
34149
_____
41778| |---|---|---|---|---| |||||| ## **CONTINUING OPERATIONS** All income and expenditure has arisen from continuing activities. ## Page 5 **The Derwent & Wye Valley Railway Trust Limited** ## **Balance Sheet at 31st December 2024** |||||2024|2023| |---|---|---|---|---|---| |||Unrestricted|Restricted|Total|Total| |||funds|fund|funds|funds| ||Note|£|£|£|£| |**FIXED ASSETS**|||||| |Heritage assets|5|6,200|-|6,200|6,200| |**CURRENT ASSETS**|||||| |Cash at bank
**Cash in hand**
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
Unrestricted funds
Restricted funds
**TOTAL FUNDS**
7
|41656
95
_____
41751
47951
47951
_|6867
____
6867
6867
6867
_|48523
95
_____
48618
54818
54818
47951
6867
_____
54818
_|34929
649
_____
35578| |---|---|---|---|---| |||||41778
41778| |||||35078
6700
_____
41778| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31[st] December 2024. The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31[st] December 2022 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The financial statements were approved by the Board of Trustees on ……………………….. .. and were signed on its behalf by: …………………………… David Lathrope MBE Director/Trustee ## Page 6 ## **The Derwent & Wye Valley Railway Trust Limited** ## **Notes to the Financial Statement For the year ended 31st December 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic or Ireland (FRS 102) (effective 1 January 2015)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. INVESTMENT INCOME** |Deposit account interest|2024
£
1032|2023
£
558| |---|---|---| ## **3. TRUSTEES REMUNERATION AND BENEFITS** There were no trustees’ remuneration or other benefits for the year ended 31[st] December 2024 nor for the year ended 31[st] December 2023. ## **Trustees’ expenses** There were no trustees’ expenses paid for the year ended 31[st] December 2024 nor for the year ended 31[st] December 2023. Page 7 ## **The Derwent & Wye Valley Railway Trust Limited Notes to the Financial Statements-continued For the Year Ended 31st December 2024** ## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted funds|Restricted fund|Total|funds| |---|---|---|---|---| ||£|£|£|| |**INCOME AND ENDOWMENTS FROM**|1702|||1702| |Donations and legacies|50|||50| |Inland Revenue rebate – Gift Aid|434|124||558| |Investment income|5979|||5979| ||649|||649| ||______|_____|______|| |**Total**||||| ||8814|124||8938| **EXPENDITURE ON** ## **Charitable activities** Direct costs |Other
**NET INCOME (EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**
_
_
_|1233
76
_____
1309
_____
7505
27573
_____
35078
__
__
__|-
-
____
-
____
124
6576
____
6700
_
_
_|1233
76
_____
1309
_____
7629
34149
_____
41778| |---|---|---|---| ## **5. HERITAGE ASSETS** |**MARKET VALUE**
As at 1stJanuary 2024 and 31stDecember 2024
**NET BOOK VALUE**
At 31stDecember 2024
At 31stDecember 2023|Total
£
6,200| |---|---| ||6,200| ||6,200| The Charity holds the following assets which were all gifted to them: 120 shares in Peak Rail Plc in April 2007 2290 shares in Peak Rail Plc in September 2020 1000 shares in Wyvern Rail Plc in September 2020 1000 shares in 48624 Locomotive Company Limited in September 2020 Braithwaite Water Tank which was transferred to the Trust by the Black Country Museum on 13[th] March 2007. A footbridge which was transferred to the Trust by the Derby Museum. Page 8 ## **The Derwent & Wye Valley Railway Trust Limited Notes to the Financial Statements – continued For the Year Ended 31st December 2024** ## **6. MOVEMENT IN FUNDS** |**MOVEMENT IN FUNDS**||||| |---|---|---|---|---| |||Net movement|Transfers|| ||At 1.1.24|in funds|between funds|At 31.12.24| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|14256|7221|-|21477| |Designated Footbridge|20362|5653|-|26015| |Designated Mk1 Coach|310|-|-|310| |Water Tank & Tower|150||-|150| ||______|______|___|______| ||35078|12874|-|47952| |**Restricted funds**||||| |---|---|---|---|---| |Darley Dale|6700|167|-|6867| ||______|______|______|______| |**TOTAL FUNDS**|41778|13041|______-|54819| |Net movement in funds, included in the above are as follows:||||| |||Incoming|Resources|Movement| |||resources|expended|in funds| |||£|£|£| |**Unrestricted funds**||||| |General fund||7780|(559)|7221| |Designated Footbridge||32199|(26546)|5653| |Designated Mk 1 coach||-|-|-| |Designated Water Tower & Crane||__|______|__-| |||39979|(27105)|12874| |**Restricted funds**||||| |Darley Dale||167|-|167| |||______|______|______| |**TOTAL FUNDS**||40146|27104|13041| ## **7. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31[st] December 2024 Page 9 ## **The Derwent & Wye Valley Railway Trust Limited** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Legacy
Shop Receipts
IR Gift Aid rebate
**Investment income**
Deposit account interest
**Total incoming resources**
**EXPENDITURE**|**Detailed Statement of Financial Activities**
**For the Year Ended 31**
**st**
**December 2024**
2024
£
904
31295
6915
-
1032
______
40146
2023
£
1702
-
6628
50
558
_____
8938| |---|---| ||| |**Charitable activities**
Direct costs
Bridge Expenditure
**Support costs**
**Management**
Postage and stationery
Bank Charges
Accountancy and legal fees
Companies House
**Total resources expended**
**Net income/expenditure**|465
26546
94
-
-
-
______
27105
______
13041|1233
-
76
-
-
-
______
1309
______
7629| |---|---|---| This page does not form part of the statutory financial statements Page 10