2022-12-31-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)					16
Consolidated	statement	offinancial	position			17
Charitable company statement offinancial				position		18
Consolidated	Statement	ofcash flows				19
Notes to the	consolidated	financial	statements			20

Consolidated financial	Consolidated financial	statements ofthe charity for the ye	statements ofthe charity for the ye	ar ended 3	1 December	20	22.
REFERENCE AND		ADMINISTRATIVE DETAILS
Registered charity name			Keighley and Worth Valley Railway Preservation				Society Ltd
Charity	registration	number	1136853
Company	registration	number	07135945
Principal	office and registered		The Railway Station
Office			Station Road
			Haworth
			BD22 8NJ
The Trustees			Dr M JStroh (Chairman)
			P Balmforth		(Resigned	22 July 2022)
			W N Bennett
			W H Black		(Resigned	10August 2022)
			A Brown
			JDuijsters
			R M RGraham
			0Harrison		(Appointed	22	July 2022)
			RHart
			J Hinchcliffe
			JHoyle
			RHustwick
			P Oliver
			K Pilsworth		(Resigned	17July 2022)
			TRuddock
			C G Smyth
			M Terran
Company	secretary		R Batty
Auditor			Spenser Wilson Ltd
			Chartered Accountants	&statutory	auditor
			Equitable House
			55 Pelion Lane
			Halifax
			West Yorkshire
			HXI 5SP
Bankers			Barclays Bank Pic
			77North Street
			Keighley
			West Yorkshire
			BD21 3SA

					2022		2021
				Unrestricted	Restricted
				funds	funds	Total funds	Total funds
			Note
Income and endowments
Donations and legacies			5	223,976		223,976	802,881
Charitable activities			6	1,594,551		1,594,551	961,074
Other trading activities			7	656,678		656,678	468,861
Investment income			8	13,191		13,191	4,630
Other income			9	5,702		5,702
Total income				2,494,098		2,494,098	2,237,446
Expenditure
Expenditure on raising funds:
Costs ofother trading	activities		10	351,868		351,868	263,506
Expenditure on charitable	activities		11,12	2,012,195		2,012,195	1,623,798
Taxation			14	(5,346)		(5,34@	(19,873)
Total expenditure				2,358,717		2,358,717	1,867,431
Net losses on investments			15	(8,138)		(8,138)
Net income and net movement		in	funds	127,243		127,243	370,015
Reconciliation offunds
Total funds brought forward				4,997,469	5,692	5,003,161	4,633,146
Total funds carried fonvard				5,124,712	5,692	5,130,404	5,003,161

				2022		2021
		Note
FIXEDASSETS
Tangible fixed assets		22		4,127,823		4,201,838
Investments		23		738,689
				4,866,512		4,201,838
CURRENT ASSETS
Stocks		25	105,428		48,123
Debtors		26	145,391		73,465
Cash at bank and in hand			730,718		1,264,198
			981,537		1,385,786
CREDITORS: amounts	falling due
within one year		27	345,820		193,249
NET CURRENT ASSETS				635,717		1,192,537
TOTAL ASSETSLESS	CURRENT
LIABILITIES				5,502,229		5,394,375
CREDITORS: amounts	falling due
after more than one year		28		169,692		181,710
PROVISIONS		31		202,133		209,504
NET ASSETS				5,130,404		5,003,161
FUNDS OF THE CHARITY
Restricted funds				5,692		5,692
Unrestricted funds				5,124,712		4,997,469
Total charity funds		33		5,130,404		5,003,161

				2022		2021
		Note
FIXEDASSETS
Tangible fixed assets		22		2,162,286		2,189,290
Investments		23,24		2,595,872		1,857,183
				4,758,158		4,046,473
CURRENT ASSETS
Debtors		26	780,595		700,242
Cash at bank and in hand			95,486		780,773
			876,081		1,481,015
CREDITORS: amounts	falling due
within one year		27	36,132		41,629
NET CURRENT ASSETS				839,949		1,439,386
TOTAL ASSETSLESS	CURRENT
LIABILITIES				5,598,107		5,485,859
NET ASSETS				5,598,107		5,485,859
FUNDS OF THE CHARITY
Restricted funds				5,692		5,692
Unrestricted funds				5,592,415		5,480,l67
Total charity funds		33		5,598,107		5,485,859

		2022	2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		127,243	370,015
Adjustments for:
Depreciation oftangible fixed assets		232,406	215,060
Impairment oftangible fixed assets			121,462
Impairment ofintangible assets			36,667
Net losses on investments		8,138
Dividends, interest and rents from investments		(5.546)
Other interest receivable and similar income		(7,645)	(4,630)
Gains on disposal oftangible fixed	assets	(5,702)
Taxation		(5,346)	(19,873)
Accrued expenses		62,026	6,267
Changesin:
Stocks		(57,305)	25,612
Trade and other debtors		(71,926)	50,166
Trade and other creditors		78,527	44,658
Cash generated I'rom operations		354,870	845,404
Interest received		7,645	4,630
Tax paid		(2,025)
Net cash from operating activities		360,490	850,034
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interest and rents from investments		5,546
Purchase oftangible assets		(165,189)	(190,117)
Proceeds from sale oftangible assets		12,500
Purchases ofother investments		(767,861)
Proceeds from sale ofother investments		21,034
Net cash used in investing activities		(893,970)	(190,117)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds &om borrowings			(50,000)
Net cash used in financing activities			(50,000)
NET (DECREASE)/INCREASE	IN CASH AND CASH
EQUIVALENTS		(533,480)	609,917
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		1,264,198	654,281
CASH AND CASH EQUIVALENTS AT END OFYEAR		730,718	1,264,198

5.	DONATIONS		AND LEGACIES
				Unrestricted	Total Funds	Unrestricted	Total Funds
				Funds	2022	Funds	2021
	DONATIONS
	Bequests and		donations	105,308	105,308	190,603	190,603
	GIFTS
	Membership	subscriptions		58,496	58,496	54,335	54,335
	GRANTS
	Grants receivable			60,172	60,172	557,943	557,943
				223,976	223,976	802,881	802,881
6.	CHARITABLE ACTIVITIES
				Unrestricted	Total Funds	Unrestricted	Total Funds
				Funds	2022	Funds	2021
	Fares			832,160	832,160	498,278	498,278
	Loco Hire			5,900	5,900
	Special events		income	749,891	749,891	462,796	462,796
	Private Hire			6,600	6,600
				1,594,551	1,594,551	961,074	961,074
7.	OTHER TRADING ACTIVITIES

OTHER TRADING ACTI	VITIES
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
Catering income	289,819	289,819	166,602	166,602
Shop income	163,546	163,546	121,129	121,129
Parking	24,111	24,111
Filming fees	168,350	168,350	151,408	151,408
Sundries	7,404	7,404	7,163	7,163
Scrap	3,448	3,448	22,559	22,559
	656,678	656,678	468,861	468,861

INVESTMENT INCOME
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
Income from listed investments	2,161	2,161
Income from cash investments	3,385	3,385
Bank interest receivable	4,836	4,836	2,297	2,297
Rent receivable	2,809	2,809	2,333	2,333
	13,191	13,191	4,630	4,630

OTH	ER INCOME
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
Gain	on disposal oftangible fixed
assets	held for group's own use	5,702	5,702

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
Shop	104,909	104,909	77,601	77,601
Catering	246,959	246,959	185,905	185,905
	351,868	351,868	263,506	263,506

EXPENDITURE ON CH	ARITABLE ACTIVITIES	BYFUND T	YPE
	Unrestricted	Total Funds	Unrestncted	Total Funds
	Funds	2022	Funds	2021
Train services	1,135,891	1,135,891	694,873	694,873
Support costs	876,304	876,304	928,925	928,925
	2,012,195	2,012,195	1,623,798	1,623,798

EXPENDIT	URE ON CHARI	TABLE ACTIVITIE	S BYACTIVI	TY TYPE
		Activities
		undertaken		Total funds	Total fund
		directly	Support costs	2022	2021
Train services		1,135,891	628,157	1,764,048	1,305,076
Shop			37,038	37,038	22,520
Catering			58,202	58,202	31,529
Fundraising	activities		58,550	58,550	135,963
Other activities			61,936	61,936	114,571
Governance	costs		32,421	32,421	14,139
		1,135,891	876,304	2,012,195	1,623,798

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TAXATION
Major components	oftax income
		2022	2021
Current tax:
UK current tax expense/(income)		2,025	(2,025)
Deferred tax:
Origination and reversal oftiming differences		(7,371)	(17,848)
Taxation		(5,346)	(19,873)

NET LOS	SES ON INVESTMEN	TS
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
Unrealised	(losses) on listed
investments		(6,419)	(6,419)
Realised /(losses) on listed
investments		(1,719)	(1,719)
		(8,138)	(8,138)

NET INCOME
Net income is stated	after charging/(crediting):
			2022	2021
Depreciation oftangible fixed assets			232,406	215,060
Gains on disposal of	tangible fixed assets		(5,702)
AUDITORS REMUNERATION
			2022	2021
				I
Fees payable for the	audit ofthe financial	statements	5,303	4,350
Fees payable to the charitable company's		auditor and its associates
for other services:
Audit ofthe financial	statements ofthe subsidiary		6,333	5,448

The total	staff costs and	employee	benefits for the reporting	period are analysed as	follows:
				2022	2021
Wages and salaries				329,777	360,479
Social security costs				25,774	26,529
Employer	contributions	to pension	plans	5,274	7,278
				360,825	394,286

The average head	count ofemployees	count ofemployees	during	40 (2021:40).The	average	number	of
full-time equivalent	employees	during	the year is analysed	as follows:
				2022		2021
				No.		No.
Administration					6
Loco department					2
Shop and catering					8
					16		13

						Total
				Unrestricted	Restricted	funds
				funds	funds	2022
Donations	and grants received			105,278		105,278
Membership and other income				75,927		75,927
				181,205		181,205
Costs ofgenerating		voluntary	income	19,801		19,801
Governance	costs			13,912		13,912
Support costs				27,106		27,106
Net losses	on investments			8,138		8,138
				68,957		68,957
Net movement in funds				112,248		112,248
Total funds	brought	forward		5,480,167	5,692	5,485,859
Total funds	carried	forward		5,592,415	5,679	5,598,107
				Unrestricted	Restricted	Total funds
				funds	funds	2021
Donations	and grants received			670,281		670,281
Membership	and other income			5,779		5,779
				676,060		676,06
Costs ofgenerating		voluntary	income	23,347		23,347
Governance	costs			4,350		4,350
Support costs				27,027		27,027
Net losses on investments
				54,724		54,724
Net movement in funds				621,336		621,336
Total funds	brought	forward		4,858,831	5,692	4,864,523
Total funds	carried	forward		5,480,167	5,679	5,585,859

INTANGIBLE ASSETS
	Goodwill
Cost
At 1January 2022 and 31December 2022	40,000
Amortisation
At 1January 2022 and 31December 2022	40,000
Carrying amount
At 31December 2022
At 31 December 2021

TANGIBLE FIXEDAS	SETS
	Freehold	Long leasehold	Fixtures	Locomotives 4 rolling
	property	property	N fittings	stock	Total
Cost
At 1 January 2022	1,954,807	42,509	538,575	2,950,439	5,486,330
Additions	50,312		29,554	85,323	165,189
Disposals				(15,800)	(15,800)
At 31December 2022	2,005,119	42,509	568,129	3,019,962	5,635,719
Depreciation
At 1 January 2022	97,424	24,564	425,920	736,584	1,284,492
Charge for the year	65,269	852	28,810	137,475	232,406
Disposals				(9,002)	(9,002)
At 31December 2022	162,693	25,416	454,730	865,057	1,507,896
Carrying amount
At 31December 2022	1,842,426	17,093	113,399	2,154,905	4,127,823
At 31 December 2021	1,857,383	17,945	112,655	2,213,855	4,201,838

Charitable company
		Long		Locomotives
	Freehold	leasehold	Plant and	and rolling
	property	property	machinery	stock	Total
Cost at 1 January 2022
and 31 December 2022
	847,642	1,412	47,413	1,393,191	2,289,658
Depreciation at
1 January 2022	41,584	72	10,765	47,947	100,368
Charge for the year	14,352	36	4,741	7,875	27,004
31December 2022	55,936	108	15,506	55,822	127,372
Carrying amount
At 31December 2022	791,706	1,304	31,907	1,334,369	2,162,286
At 31 December 2021	806,058	1,340	36,648	1,345,244	2,189,290
INVESTMENTS
		Shares in
		group	Cashorcash	Listed
		undertakings	equivalents	investments	Total
Cost or valuation
At 1 January 2022		1,857,183			1,857,183
Additions			54,360	713,501	767,861
Disposals				(21,034)	(21,034)
Unrealised losses				(6,419)	(6,419)
Realised losses				(1,719)	(1,719)
At 31December 2022		1,857,183	54,360	684,329	2,595,872
Carrying amount
At 31December 2022		1,857,183	54,360	684,329	2,595,872
At 31December 2021		1,857,183			1,857,183

Charitable company
	Cash or cash	Listed
	equivalents	investments	Total
		6
Cost or valuation
At 1 January 2022
Additions	54,360	713,501	767,861
Disposals		(21,034)	(21,034)
Unreal ised losses		(6,419)	(6,419)
Realised losses		(1,719)	(1,719)
At 31December 2022	54,360	684,329	738,689
Carrying amount
At 31December 2022	54,360	684,329	738,689
At 31 December 2021

			%Total
			market	Market
		Units	value	value 2022
UK (Govt of)0.125%Gilt 31/0 l/24		45,000	5.87%	43,331
UK (Govt of) 1%	Gilt 22/04/24	45,000	5.90%	43,596
Close Sustainable	Select Fixed income	40,000	5.01%	36,996
UK (Govt ofl 0.75%gilt 22/07/23		45,000	5.36%	39,590

		2022	2021
Summary oftrading results
Turnover		2,239,373	1,424,678
Total expenditure		(2,297,541)	(1,794,490)
Other operating	income	83,092	116,489
Other income		4,836	2,400
Taxation		5,346	19,873
Loss for the year		35,106	(231,050)
Assets		2,606,578	2,373,213
Liabilities		(1,580,000)	(1,381,741)
Summary ofassets and liabilities		1,026,578	991,472

25.	STOCKS
				2022	2021
				8
	Retail and coal stocks			105,428	48,123
26.	DEBTORS
				2022	2021
	Trade debtors			32,817	3,377
	Prepayments and accrued	income		73,655	42,218
	Corporation tax repayable				2,025
	Other debtors			38,919	25,845
				145,391	73,465
	Charitable company
				2022	2021
	Trade debtors			706	10
	Amounts owed by subsidiaty		undertaking	779,698	700,008
	VAT			191	224
				780,595	700,242
27.	CREDITORS: amounts	falling due within one year
				2022	2021
	Trade creditors			138,538	71,641
	Accruals and deferred income			164,627	87,580
	Social security and other	taxes		10,476	7,271
	Sundry creditors			32,179	26,757
				345,820	193,249
	Charitable company
				2022	2021
				5
	Trade creditors			5,130	4,607
	Accrual and deferred income			31,002	37,022
				36,132	41,629

NOTES TO THE	CONSOLIDATED FINANCIAL STATEMEN	CONSOLIDATED FINANCIAL STATEMEN	TS (cenunnedi
YEAR ENDED 31	DECEMBER 2022
28. CREDITORS:	amounts	falling due after more than one year
			2022	2021
Accruals and deferred income			169,692	181,710
29. DEFERRED INCOME
			2022	2021
At 1 January 2022			236,831	161,150
Amount released	to income		(236,831)	(161,150)
Amount deferred	in year		239,834	236,831
At 31December	2022		239,834	236,831

ts subsidiary inancial year	held funds received in advance which a as follows:	ll relate to monies in advance f	or the 2023
		2022	2021
Subscriptions	paid in advance	26,502	22,772
Grant income	received in advance	213,332	214,059
		239,834	236,831

30.	DEFERRE	D TAX
	The deferred	tax included	in the statement offinancial position	is as follows:
					2022	2021
	Included in	provisions (note 31)			202,133	209,504
	The deferred	tax account	consists ofthe tax effect oftiming differences		in respect of:
					2022	2021
	Accelerated	capital allowances			202,133	209,504
31.	PROVISIONS

PROVISIONS
	Deferred tax
	(note 30)
At 1 January 2022	209,504
Charge against provision	(7,371)
At 31December 2022	202,133

						Gains and
		I Jan 2022	Income	Expenditure	Transfers	losses	31Dec 2022
General	funds	4,997,469	2,494,098	(2,358,717)	(1,200,000)	(8,138)	3,924,712
Capital	projects				1,200,000		1,200,000
		4,997,469	2,494,098	(2,358,717)		(8,138)	5,124,712
						Gains and
		I Jan 2021	Income	Expenditure	Transfers	losses	31Dec2021
				E
General	funds	4,627,454	2,237,446	(1,867,431)			4,997,469
Capital	projects
		4,627,454	2,237,446	(1,867,431)			4,997,469
Restricted funds
						Gains and
		I Jan 2022	Income	Expenditure	Transfers	losses	31Dec 2022
					E
41241 Ivatt		5,253					5,253
Engine	43924	439					439
		5,692					5,692
						Gains and
		I Jan 2021	Income	Expenditure	Transfers	losses	31 Dec 2021
41241 Ivatt		5,253					5,253
Engine	43924	439					439
		5,692					5,692

						Gains and
		I Jan 2022	Income	Expenditure	Transfers	losses	31Dcc2022
General	funds	5,480,167	181,205	(60,819)	(1,200,000)	(8,138)	4,392,415
Capital	projects				1,200,000		1,200,000
		5,480,167	181,205	(60,819)		(8,138)	5,592,415
						Gains and
		I Jan 2021	Income	Expenditure	Transfers	losses	31Dec 2021
General	funds	4,858,831	676,060	(54,724)			5,480,167
Capital	projects
		4,858,831	676,060	(54,724)			5,480,167
Restricted funds
						Gains and
		I Jan 2022	Income	Expenditure	Transfers	losses	31Dec 2022
41241 Ivatt		5,253					5,253
Engine	43924	439					439
		5,692					5,692
						Gains and
		I Jan 2021	Income	Expenditure	Transfers	losses	31Dec 2021
41241 lvatt		5,253					5,253
Engine	43924	439					439
		5,692					5,692

				Unrestricted	Restricted	Total Funds
				Funds	Funds	2022
Tangible fixed assets				4,127,823		4,127,823
Investments				738,689		738,689
Current assets				975,845	5,692	981,537
Creditors	less than	1	year	(345,820)		(345,820)
Creditors	greater than		1 year	(169,692)		(169,692)
Provisions				(202,133)		(202,133)
Net assets				5,124,712	5,692	5,130,404
				Unrestricted	Restricted	Total Funds
				Funds	Funds	2021
Intangible	assets
Tangible fixed assets				4,201,838		4,201,838
Investments
Current assets				1,380,094	5,692	1,385,786
Creditors	less than	1 year		(193,249)		(193,249)
Creditors	greater than		1 year	(181,710)		(181,710)
Provisions				(209,504)		(209,504)
Net assets				4,997,469	5,692	5,003,161
ANALYS	IS OF CHANGES IN NET DEBT
				At		At
				1 Jan 2022	Cash flows	31Dec 2022
Cash at bank and in		hand		1,264,198	(533,480)	730,718
				1,264,198	(533,480)	730,718

The total future	The total future	minimum	lease payments	leases are as follows:	leases are as follows:
				2022	2021
Not later than		1 year		19,045	19,045
Later than	1 year and not		later than 5 years	50,808	69,853
Later than	5 years			64,500	80,625
				134,353	169,523