2020-12-31-accounts - Keighley & Worth Valley Railway Preservation Society Limited

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Trustees' annual report (incorporating the director's			report)
Independent	auditor's report to the members
Consolidated	Statement	offinancial activities (including		income and
expenditure	account)				14
Consolidated	Statement	offinancial position			16
Charitable Company Statement offinancial position					20
Consolidated	Statement	ofcash flows			17
Notes to the	consolidated	financial statements			1g

					2020		2019
				Unrestricted	Restricted
				funds	funds	Total funds	Total funds
			Note		f
Income and endowments
Donations and legacies			5	791,473	148	791,621	139,925
Charitable activities			6	521,785		521,785	1,298,372
Other trading activities			7	178,549		178,549	520,486
Investment income			8	65,704		65,704	10,177
Total income				1,557,511	148	1,557,659	1,968,960
Expenditure
Expenditure on raising funds:
Costs ofother	trading	activities	9	264,495		264,495	360,760
Expenditure on charitable		activities	10,11	1,113,930		1,113,930	1,697,114
Taxation			13	229,377		229,377
Total expenditure				1,607,802		1,607,802	2,057,874
Net expenditure and net		movement	in
funds				(50,291)	148	(50,143)	(88,914)
Reconciliation offunds
Total funds brought	forward			4,677,745	5,544	4,683,289	4,772,203
Total funds carried	forward			4,627,454	5,692	4,633,146	4,683,289

				2020		2019
		Note
FIXEDASSETS
Intangible assets		19		36,667
Tangible fixed assets		20		4,348,243		4,204,778
				4,384,910		4,204,778
CURRENT ASSETS
Stocks		22	73,735		98,057
Debtors		23	123,631		273,033
Cash at bank and in hand			654,281		469,403
			851,647		840,493
CREDITORS: amounts	falling due
within one year		24	206,384		251,324
NKT CURRENT ASSETS				645,263			589,169
TOTAL ASSETSLESS	CURRENT
LIABILITIES				5,030,173		4,793,947
CREDITORS: amounts	falling due
after more than one year		25		169,675			110,658
PROVISIONS		28		227,352
NKT ASSETS				4,633,146		4,683,289
FUNDS OFTHE CHARITY
Restricted funds				5,692			5,544
Unrestricted funds				4,627,454		4,677,745
Total charity funds		30		4,633,146		4,683,289

				2020		2019
		Note
FIXEDASSETS
Tangible fixed assets		20		2,254,086			921,358
Investments		21		1,857,183			277,070
				4,111,269		1,198,428
CURRENT ASSETS
Debtors		23	286,520		2,881,719
Cash at bank and in hand			496,499		269,205
			783,019		3,150,924
CREDITORS: amounts	falling due
within one year		24	29,605		32,678
NKT CURRENT ASSETS				753,414		3,118,246
TOTAL ASSETSLESS	CURRENT
LIABILITIES				4,864,683		4,316,674
NKT ASSETS				4,864,683		4,316,674
FUNDS OF THK CHARITY
Restricted funds				5,692			5 544
Unrestricted funds				4,858,831		4,311,129
Total charity funds		30		4,864,523		4,316,673

			2020	2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net expenditure			(50,143)	(88,914)
Adjustments for:
Depreciation oftangible fixed assets			191,497	176,050
Amortisation ofintangible assets			3333
Other interest receivable and similar		income	(6,374)	(10,177)
Taxation			229)377
Accrued expenses/(income)			138,816	(142,440)
Changes in:
Stocks			24,322	22,460
Trade and other debtors			149,402	(156,997)
Trade and other creditors			(176,764)	12,204
Cash generated from operations			503,466	(187,814)
Interest received			6,374	10,177
Net cash from/(used in) operating	activities		509,840	(177,637)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase oftangible assets			(334,962)	(77,441)
Purchase ofintangible assets			(40,000)
Net cash used in investing activities			(374,962)	(77,441)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings			50,000
Net cash from financing activities			50,000
NKT INCREASE/(DECREASE)	IN CASH AND CASH
EQUIVALENTS			184,878	(255,078)
CASH AND CASH EQUIVALENTS AT BEGINNING OFYEAR			469,403	724,481
CASH AND CASH EQUIVALENTS AT END OFYEAR			654,281	469,403

5.	DONATIONS	AND LEGACIES
				Unrestricted	Restricted	Total Funds
				Funds	Funds	2020
	DONATIONS
	Bequests and	donations		330,849	148	330,997
	GIFTS
	Membership	subscriptions		57,875		57,875
	GRANTS
	Grants receivable			402,749		402&749
				791,473	148	791,621
				Unrestricted	Restricted	Total Funds
				Funds	Funds	2019
	DONATIONS
	Bequests and	donations		34,167	1,266	35,433
	GIFTS
	Membership	subscriptions		62,675		62,675
	GRANTS
	Grants receivable			41,817		41,817
				138,659	1„266	139,925
6.	CHARITABLE ACTIVITIES
			Unrestricted	Total Funds	Unrestricted	Total Funds
			Funds	2020	Funds	2019
	Fares		131,917	131,917	549,936	549,936
	Loco Hire		27,648	27,648	28,926	28,926
	Special events income		362,220	362,220	719,510	719,510
			521,785	521,785	1,298,372	1,298,372

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2020	Funds	2019
Catering income		82,938	82,938	222,950	222,950
Shop income		71,499	71,499	176,570	176,570
Parking		3,360	3,360	12,371	12,371
Filming fees		833	833	47,308	47,308
Adverts		213	213	726	726
Sundries		280	280	5,421	5,421
Apprentice	scheme	2,090	2,090	41,747	41,747
Scrap		13,581	13,581	9,376	9,376
Photo permits		3,755	3,755	4,017	4,017
		178,549	178,549	520,486	520,486

8.	INVESTMKNT INCOME
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2020	Funds	2019
		6
	Bank interest receivable	3,008	3,008	7,391	7,391
	Rent receivable	62,696	62,696	2,786	2,786
		65,704	65,704	10,177	10,177
9.	COSTSOF OTHER TRADING	ACTIVITIES

	Unrestricted	Total Funds	Unrestricted	Total Fund
	Funds	2020	Funds	2019
			f.
Retail - purchases	50,370	50,370	131,665	131,665
Retail - wages	4,798	4,798	6,914	6,914
Catering —purchases	43,283	43,283	112,718	112,718
Catering - wages	134,665	134,665	82,839	82,839
Catering- overheads	31,379	31,379	26,624	26,624
	264,495	264,495	360,760	360,760

EXPENDITURE ON CHARITA	BLE ACTIVITIES BYFUND TY	PE
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2020
Train services	402,568		402,568
Support costs	711,362		711,362
	1,113,930		1,113,930
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2019
Train services	804,487	29,287	833,774
Support costs	863,340		863,340
	1,667,827	29,287	1,697,114

EXPENDIT	URE ON CHARI	TABLE ACTIVITIE	S BYACTIVI	TY TYPE
		Activities
		undertaken		Total funds	Total fund
		directly	Support costs	2020	2019
Train services		402,568	395,845	798,413	1,478,110
Shop			21,713	21,713	46,770
Catering			21,713	21,713	57,163
Fundraising	activities		176,096	176,096	63,846
Other activities			84,835	84,835	40,447
Governance	costs		11,160	11,160	10,778
		402,568	711,362	1,113t930	1,697,114

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13.	TAXATION
	Major components oftax		expense
							2020	2019
	Current tax:
	UK current tax expense						2,025
	Deferred tax:
	Origination and reversal	oftiming differences					227,352
	Taxation						229,377
14.	NKT EXPENDITURE
	Net expenditure is stated	atter charging/(crediting):
							2020	2019
	Amortisation ofintangible		assets				3j333
	Depreciation oftangible	fixed assets					191,497	176,050
15.	AUDITORS REMUNERATION
							2020	2019
	Fees payable for the audit ofthe consolidated			financial	statements		4,000	4,000
	Fees payable to the charity's		auditor and its associates		for other services:
	Audit ofthe financial statements ofthe subsidiary						5,600	5,500
16.	STAFF COSTS
	The total staff costs and	employee benefits for		the reporting		period are analysed as		follows:
							2020	2019
	Wages and salaries						394,815	452,689
	Social security costs						27 722	26,491
	Employer contributions	to	pension plans				9,203	8,999
							431,740	488,179

The average head		count ofemployees	count ofemployees	during	34 (2019:40).The	average	number	of
full-time equivalent		employees	during	the year is analysed	as follows:
					2020		2019
					No.		No.
Administration						7		8
Loco department						2		3
Loco department	apprentices							3
Shop and catering								4
Summer seasonal		staff						2
						17		20

			Unrestricted	Restricted	Total funds
			funds	funds	2020
Donations	and grants received		604,308	148	604,456
Membership and other income			4,327		4,327
			608,635	148	608,783
Costs ofgenerating voluntary		income	15,211		15,211
Governance	costs		4,048		4,048
Support costs			41,674		41,674
			60,933		60,933
Net movement in funds			547,702	148	547,850
Total funds	Brought forward		4,311,129	5,544	4,316,673
Total funds	carried forward		4,858,831	5,692	4,864,523

18. FINANCIAL PERFOR	MANCE OF THE C	HARITY (eonrinned)
		Unrestricted	Restricted	Total funds
		funds	funds	2019
Donations and grants received		97,852	890	98,742
Membership and other income		27,356	377	27,733
		125,208	1,267	126,475
Costs ofgenerating voluntary	income	26,923		26,923
Governance costs		5,098		5,098
Support costs		44,489		44,489
Donations		175,626	29,288	204,914
		252,136	29,288	281,424
Net movement in funds		(126,928)	(28,021)	(154„949)
Total funds Brought forward		4,438,057	33,565	4,471,622
Total funds carried forward		4,311,129	5,544	4,316,673
19. INTANGIBLE ASSETS
				Goodwill
Cost
Additions
Acquisitions through business combinations				40,000
At 31December 2020				40)000
Amortisation
Charge for the year				3333
At 31December 2020				3.333
Carrying amount
At 31December 2020				36,667
At 31 December 2019

		Long		Locomotives
	Freehold	leasehold	Fixtures	tk rolling
	properly	property	&it tittings	stock	Total
					g
Cost
At 1 Januaiy 2020	1,742,746	42,509	506,485	2,811,834	5,103,574
Additions	135,667	33,808	73,806	91,681	334,962
At 31December 2020	1,878,413	76,317	580,291	2,903,515	5,438,536
Depreciation
At 1 January 2020	21,784	22,860	376,548	477,604	898,796
Charge for the year	22 327	3,669	40,282	125,219	191,497
At 31December 2020	44,111	26,529	416,830	602,823	1&090,293
Carrying amount
At 31December 2020	1,834,302	49,788	163,461	2,300,692	4,348&243
At 31 December 2019	1,720,962	19,649	129,937	2,334,230	4,204,778
				2020	2019
				g
Leasehold land and buildings	comprise of
Keighley Station - cost				42,509	42,509
Cafe Choux Choux - cost				33,808
Amortisation to date				(26,529)	(22,860)
				49,788	19,649

		Long		Locomotives
	Freehold	leasehold	Fixtures	& rolling
	property	properly	&fittings	stock	Total
		g
Cost
At 1 January 2020	770,889			196,287	967,176
Additions	79,814	1,412	87,009	1,196,654	1,364,889
	850,703	1,412	87,009	1,392,941	2,332,065
Depreciation
At 1 January 2020	12,818			33,000	45,818
Charge for the year	14,474	36	10,428	7,223	32,161
	27,292	36	10,428	40,223	77,979
At 31 December 2020	823,411	1„376	76,581	1,352,718	2,254,086
At 31 December 2019	758,071			163,287	921,358

21.	INVESTMENT	EN	TITIES	rcoaa'aaed)
					2020	2019
	Summary oftrading		results
	Turnover				696,064	1,812,633
	Total expenditure				(1,317,497)	(2,003,505)
	Other operating	income			269,756	70,396
	Other income				3,008	7,391
	Taxation				(229,377)
	Loss for the year				(578,046)	(113,085)
	Assets				2,207,286	3,609,132
	Liabilities				(984,764)	(3,388,677)
	Summary ofassets and liabilities				1,222,522	220„455
22.	STOCKS
					2020	2019
					g	f.
	Retail shop stock				73,735	98,057
23.	DEBTORS
					2020	2019
	Trade debtors				39,853	31,291
	Prepayments and	accrued income			49,145	207,015
	Other debtors				34,633	34,727
					123,631	273,033
	Charitable company
					2020	2019
	Trade debtors				32,497	147
	Amounts owed by subsidiary			undertaking	251,784	2,880,253
	VAT				2,239	1,319
					286,520	2,881,719

24.	CREDITORS:	amou	nts	falling due within one year
					2020	2019
	Bank loans and	overdrafts			5,833
	Trade creditors				74,587	148,788
	Accruals and deferred		income		61,834	95,738
	Corporation tax				2,025
	Social security	and other		taxes	10,602	6,798
	Sundry creditors				51,503
					206,384	251,324
	Charitable company
					2020	2019
	Trade creditors				4,864	7,493
	Accrual and deferred		income		24,741	25,185
					29,605	32,678
25.	CREDITORS:	amounts		falling due after more than one year
					2020	2019
	Bank loans and	overdratts			44,167
	Accruals and deferred		income		125,508	110,658
					169,675	110,658

DEFERRED INCOME
	2020	2019
At 1 January 2020	172,291	215,048
Amount released to income	(172,291)	(215,048)
Amount deferred in year	161,150	172,291
At 31December 2020	161,150	172,291

funds received ollows:	in advance which all relate to monies in	advance for the 2021 financ	ial year as
		2020	2019
Subscriptions	paid in advance	20,741	21,185
Deposits for	events received in advance		26,148
Grant income	received in advance	140,409	124,958
		161,150	172,291

27.	DEFERRE	D TAX
	The deferred	tax included	in the statement offinancial	position	is as follows:
						2020	2019
	Included in	provisions (note 28)				227,352
	The deferred	tax account	consists ofthe tax effect oftiming differences			in respect of:
						2020	2019
	Accelerated	capital allowances				227,352
28.	PROVISIONS

PROVISIONS
	Deferred tax
	(note 27)
	g
At 1 January 2020
Additions	227,352
At 31December 2020	227,352

Group
Unrestricted funds
		I Jan 2020	Income	Expenditure	31Dec2020
					8
General funds		4,677,745	1,557,511	(1,607,802)	4,627,454
		I Jan 2019	Income	Expenditure	31Dec 2019
General funds		4,738,638	1,967,694	(2,028,587)	4,677,745
Charitable company
		I Jan 2020	Income	Expenditure	31Dec 2020
General funds		4,311,129	608,635	(60,933)	4,858,831
		I Jan 2019	Income	Expenditure	31IJec2019
General funds		4,438,057	125,208	(252,136)	4,311,129
Restricted funds
Group and charitable	company
		I Jan 2020	Income	Expenditure	31Dec2020
					b
41241 Ivatt		5,105	148		5,253
Engine 43924		439			439
Co-op Playground
		5,544	148		5,692
		I Jan 2019	Income	Expenditure	31 Dec 2019
41241 Ivatt		30,964	1,253	(27,112)	5, 105
Engine 43924		439			439
Co-op Playground		2,162	13	(2,175)
		33,565	1,266	(29,287)	5,544

					Unrestricted	Restricted	Total Funds
					Funds	Funds	2020
	Intangible	assets			36,667		36,667
	Tangible fixed assets				4,348,243		4,348,243
	Current assets				845,955	5,692	851,647
	Creditors	less than	1 year		(206,384)		(206,384)
	Creditors	greater than		1year	(169,675)		(169,675)
	Provisions				(227,352)		(227,352)
	Net assets				4,627,454	5,692	4,633,146
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2019
	Intangible	assets
	Tangible fixed assets				4,204,778		4,204,778
	Current assets				834,949	5,544	840,493
	Creditors	less than	1year		(251,324)		(251,324)
	Creditors	greater than		1 year	(110,658)		(110,658)
	Provisions
	Net assets				4,677,745	5,544	4,683,289
32.	ANALYSIS OF CHANGES IN NKT DKBT

ANA	LYSIS OF CHANGES IN NKT D	KBT
		At		At
		1 Jan 2020	Cash flows	31Dec 2020
				g
Cash	at bank and in hand	469,403	184,878	654,281
Debt	due within one year		(5,833)	(5,833)
Debt	due after one year		(44,167)	(44,167)
		469,403	134,878	604,281

The total future	minimum	lease payments	leases are as follows:	leases are as follows:
			2020	2019
Not later than	1 year		24,762	2,920
Later than 1 year and not		later than 5years	92,723	8,273
Later than 5 years			96,750
			214,235	11,193