WORTH VALLEY KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD Company Limited by Guarantee CONSOLIDATED FINANCIAL STATEMENTS 30 DECEMBER 2023 Company registratioll number: 07135945 Charity registration number: 1136853 STREETS SPENSER WILSON CHARfERED ACCOUNTANTS
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE CONSOLIDATED FINANCIAL STATII MENTS PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 PAGE Tnlees, annual report (lllcorporating *hc direclovs report) Indepeiident audit0S report to the members li Consolidated statement of financial activities {including income and xpenditure accollnt) 16 Consolidated statement of financial position 17 Charitable company statement of f1ry2ncial position 18 Statemeni of cash flows 19 Notes to the consolidated financial statements 20
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATIO1¥4 SOCIETY LTD COIVIPANY LllWllTED BY GUAIL4NTEE TRUSTEI ES, APINUAL REPORT {INCORPOIi4TING THE DIRECTOR'S REPORT) PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 Tlie trnstees, who are also the directors for the pu0$¢$ of co>mpany law, present their report and the Con501idaled financial SEatements of the chatity for the period ended 30 Decetnber 2023. REFEIiENCE APID ADIlNIsTRAT[VE DETAILS Registered chArity name Charlty registratlon number Company registration number 07135945 Principal office &nd registered The Railway Station office Station Road Hiworth BD22 8NJ Keighley and Worth Valley Railway Preservation Society Ltd 1136853 The trustees Dr M J Stroll (Chairman) W N BenD¢tt A Brown J Duijsters R M R Graham O Harrison RHart J HEn¢,hcliffe J Hoyle R Hustwick P Olkver T Rllddock C Sheeh2ll C G Smyth NI Taan R Wilso (R¢signcd 27 January 2024) (Resigned 20 July 2024) (Resigned 22 July 2023) (Appointed 20 July 2024) (R¢sign¢d 22 July 2023) (Appointed 20 July 2024) Company secretary Audltoy R Batty Strcets Spenser Wilson (Yorkshire) Limited Chartered Accountat$ & Statutory Auditor Equitable House 55 Pclloll Lane H&lifax West Yorkshire HXI 5SP Bankers Bai'clays Bank Plc 77 North Street Keighley West Yoi'kshire BD213SA
KEIGHLEY AND WORTH VALLEY II41LWAY PRESERVATION SOCIETY LTD COMPANY LllVIITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPOIL4TING THE DIRECfOR'S REPORT) PERIOD FROM I JANUARY 2023 TO 30 DECEIIIBER 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT Goyerlling Document Tho Kcighley & Worth Valley Railway Prescrvation Society Limtied is a coinpany limited by guarantee governed by its Memorandum and Articles ot" Asso¢iation dated 19 January 2010. 11 is regis¢¢i¢d as a charity with the Charity Con]Jnission (number I136852)- Trusteeg TrL(8tee8, who are also the Directors of the Charity, are elected for three years by Meinbers at the Annual General M¢etiug. They are appointed on the basis of their persottal skills/ expericnc¢ and their commitment to the charity- TLThStecs must be a member of the Charity, over 18 years old and not disqualified from acting as Trustee under tlie Chaiities Act 2011. Mcmbers who wish to bc proposed as & Tntte tnust give notice to the Charity at least 45 days before the Annual General Meeting. Members receive at le2st 14 days, notice of the Annual GeTherLI Meeiiiig and are eiititled to vote in pcison oi. by proxy. At ally one time Iheit should ix a minimLim of two Ttees, but llo maximum. At the date of thls repoi't, there are I l Tn]stees. No per50n or body, other than Members at the Annual Gcnei'al Meeting, or Tntstees at i meett"ng, have the power lo remove Trustecs frorn offLCe. Trll$tee training Following thetr election, Trnslees are given briefing notes for the conduct of Dire¢tor8 produced by the Heritaue Railway Association and the Charity Commission's guidance for Twstees. The Chairn)an, Company Secretary and Fin8n¢e Director provide further guidance as is necessary. All Trustees are fatniliar with the Railway as rnembers and most hav¢ volunl¢¢red for many years. Organisation The Trnstees tnanage the business of tht Charity, and each has respousibility for a specrfic part of the Charity's operations. There are also at least two Tn]stees representing m¢mbcrs' interests. The Charity has two related pttrties as fullows.. The Keighley and Worth Valley Light Railway Limited is & wholly owned subsid1Y of the Charity, whose function is to operate the Railway and ndertake commercial activittes. It Is a private limited company, incorporated ill England ad Wales, and wholly ¢onlrolled by ibe Charity- DiiKtors of the subsidiary are appointed by the Trustees of the Charity. The subsidiary also directly employs reelmi¢al> professional and administrativ¢ support staff ivho, aloiig with the direetors, undertake the day-lo-day rujming of the subsidiary. The Keighley and Worth V211¢yLil Railway Limited is included in these consolidat¢d accounts. The Friends of the KeigELl¢y and Worth V&ll¢y RailaY {fomerly known as The Keighley and Worth Valley Railway Trust) is also a charity cstablished to support the work of rhe Railway. Whi15t the Tntee$ act independenily. they are appointed by the Charity IKWVRPS) and the Friends of KWVR carl only suppoit projects that are ratified by the Boai'd of the Charity (KWRPS).
KEIGHLEY AND WORTH VALLEY RAKLWAY PRESERVATION SOCIETY LTD COMPANY LlhllTED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPOIL4TING THE DIRECTOR'S REPORT) PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 Rlsk management The Trustees considei" that the following ar¢ the most significant Lisks to the continued operation of the Radway.. S&fe opetating,. ull5afe operations could result in an incident that prcvenls the Railway fi'om runntng or do our visitors/volunteerslstaff To mitigate thts risk, the Railway has a Safety Management System in pla¢e and a clearly defined pmcedure for its review. amendment and approval. Safety and risk topics are a regulai. Operating Board meetin ageiida item. A catastrophic infrastrncture event.. such an evenf could coinproinise th¢ ability to operate the Railway. To mitioate this risk, the Railway has itt place an on-going progranLtne Df preventive maiDtenance procedures. IL also maintains appropiiate insurance to ftirth¢r Protect it from such events. Loss of volunteer resource.- voluiiteers fom) the core of the Railw&y'8 workforce and wiihout their on-going SLlPPOrt, thr Railwa). WOLLld eease tc> be financially viable and unable to mcet is charitable objects. Both the Charity and the operating subsidiary activ¢ly matLage the Railway's wide base of volwiteer skill and tiine to mitigate thts risk. Continue to attra¢t inc0c/fundLIig'. principally by attractiug the public to vtsit the Railway. The sustAinability of Ihc Railway is based on sustaining the interest of the public. ContitLuing int¢l¢bt is ultirnately cenii'al to th¢ Charity's ¢olltinued ineftme 2nd relevance. OWECTIVES AND ACTIVITIES Objects and aims The Charity has four objects iti its articles of aocIatIOn. In suujmary thcy are.. l. the preservation, operat50n, rcstoratLOQ, }utenanCe and pi'otection of the Keighley and Worth Valley Railway (the railway), 2. the preservation of archives, record6. and artifacts relating to the railway, 3. the edu¢afion of the public through the operation of the rdilway, other charitable purposes for the advancement of education a55ociated with the railway. Thc aim of the railway is lo achieve its objects in a manner that is finan¢ially sustainable. whilst contribuung to the local community (the KeighleylBradfor(VWest Yorkshirc aa) and ils economy. Publie benefit The Charity has oontinued to 4neet its Charitable objects in the operation and presuvatiou of the Railway and coryiinues to seek to contribute to the local community through its progrdmme of events. The operation of the Railway provides a wider benefit by seelting to sustain tr&th"tional engineering ski118' by providing a welcoming environn]eni for voluttteers to dtvelop n¢w skills and compeien¢i¢s' and by sharing knowledge between similar organisation5. Thc frustees confirm that they have each cornplied with their duties under section 17 (5) of tlie Charities Act 2011 to have due regard to the guidanc¢ on piiblic benefIt published by the Charity Commission when ¢arrying out their roles and responsibilkties.
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPOIL4Tlf4G THE DIRECTOR'S REPORT) PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 Environmental polic5, The Railway has developed an Envimnrnenlal policy and covers this topic regularly at board ¥ueetillgs with a project Coknordinator leading this activity. We monitor closely the atnount of energy used by the ilway incliiding gas, electricity, coal and diesel. The Railways policy includes objectives to minimise unnecwaiy smoke. reuse tmaterials where pnssible and minÈEllise nois¢ whcre feasible. Objectives for the year The Charity continued to have thre¢ primary objectives.. To lllaintain underlying operational swplus to enable investment in esgtntial capttal and investmcul cxpenditure reqllirements to be met through: a) WIng passeng¢r income (from fares, events and supplementary spend) above Ihe previous year's level- b) ietaining suftittient unrestricted and undesignated cash reserves whilst undeitaking Gapital projects to maintain and enlunce the Railwsy's &fjsets and facilities,. e) developing longei-t¢m] funding and project plans to eD2ble the Charity to continue to meet the Railway's charitable objects. Throu the Ciurity's trading sllbsidiary, develop an appropriate commerciaI plan, with a ptiCUlar focus on enhancing the Railway's evettts. cAteriT)& drinks aiid retail offering. To develop long-term plans for the sustainability of the volunteer operation of the Railway. Strategies for the ye2r l. Continue lo manage costs carefully throu a period of challenging economic conditions and lo dev¢lop incotne levels whilst not endangering the long-tenn fLtture of the Railway. 2. Establishment of a louger-tenll programme of strategic initiatives designed to enhaE)ce the commercial activities and invest in ¢apital projects and infrastt'ucture Iprincipally on the planned ¢ivil mailltenallce bridge repl¢[nellt and groundworks projects and the mllifttenance of tbe locomotive and rolling stock fleet). 3. Implcment promotions activities and events aimed at increasing the number of passengers above the prior year level 2nd to implenjent plans to incrcas& revenue per passenger (from drItS. cat¢ring and relail). 4. 2023 saw a visit from the world famous locomotive "Flying Scotsman" with ihis event planned to boost visilor interest aod provide a reason to visit to the Railway. The aim of such ambitious (and expensive to 8t&gc) festivals is to a(t¥a¢t new visitors to the Railway and give a re&8on for existillg visitors to make an additional visit. We bclicve that a pleasurable ev¥nt will lead lo further visits in the Sjtur. Challenges durlng the year During the Covid-19 period our maintenance and oveth&ul activities were reduced in ol'der to conservc eash. This Icft the Railway with a m£ljor maintenamce backlog) which was stsrt¢d to be address¢d in 2022, and has been further addressed in 2023 (and will be further addressed in 2024). Plans have beeii developed for n)ajor b¥idg¢ reTrewal at Haworth. (referred to as Bridge 27) for execution in 2024. Following a period of high intlation (for example with stc¢l and collcrele), the cost of sllch a project hos escalated rapidly. This means that the Railway's finding challengc is growino adding pressure to develop the Operating Company's tradittg income and find external futtding support.
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTORIS REPORT) (¢UiiEirtiied) PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 Sou¥cing coal remaÈns a diffLcuIt and expensive challenge with costs pcr toiine al twice the levels prior to the Ukraine war. This has led the railway to consider the balance of operdtians between heritage diescl and coal fired steam locomotivcs. The Railway's cafél bar 'Tlie Old Parcels Office" al Keighley was closed for much of the year as result of the redevelopment works at Keighley station. The Railwavs venture at "The Old Parcels Office strnggled to rebuild h'ade followÈns the Covid-19 loGkdown periol and any trading morrLentum has bccn hit fijrther as a result of the works it Kcighley station. Significant activlties during the year and volunteer involvement It pleaging to report that thc most significant activities ol. the year relat¢ to the operations of the Railway (running days or events) or the pieseryationlrestoi'ation work of the eharity. A thll running service was oft¥r¢d oJ] every weekend of Ihc year. Trdins ran seven days a weck in Iijoh suminer and during schotsl holidays. Enthusiasts. Galas were staged (one featuring steam locos (Marcli) and olle with diesel Stock (June)) and the ever populai. Beei. Ind MusiL Festival took place October followed by the "Elf Explorer" Christmas family event. Th¢ Christmas events were attended in record numbers. The "Flying Scotsman" festival in.may 2023 was extremely attended, with visitors lutning up in force to see tbis greai locomotivc on siatic display at Ingrow and On the ruLming d&ys on tkn¢ li]ke. Almost every seat was sold_ Our civil engin¢ering team have been busily planniiig and PTeparing for the renewal of Bridge 27 (at Haworth), as well as attending to ttle ongoing maintenance of thc line. The Mechanical engineering team continue to manage th¢ on-going schedule of locoinotive and rollinrw stock overhauls and repairs. Plans are in place to overhaul Pannier Tank {57751, Ihc War Department locotnotive (90733) and Class 25 Di¢5el locomotive {25029). We were pleased that recently ovcrhauled Stand2rd 4 locomotive 75078 enjoyed a year balk in service on tbe line. Addiliottally, the Class 101 DN(U have returned to working order after many months of maiut¢n8n¢e and overhaul. At tbe time of writinty we have over 650 volunteers registered wÉtl) the Railway. Thc Trnstees would like to thard( all th05¢ volunteers who continue to contLibute so signifiLantly to the ongoing sucetss and achievements of the RaiLway. The rullnints operation demauds a great deal from our volunteers. RLULniog a progratnme of events tbrougb the year m2kes 2 vcry significant contributioo to the Railwtty's fillances alld our day to day iutming aod evcnts pEOarne could not be held without the effoits of our volunteers. Also. we aLe indebted to have the many volunteers who continue to work tirclc5sly on the mailltenallce of the Railway and its property and assets. No attempt has been made io quantify the finaneial value of the work of the voluote¢rs, but the Trustees acknowledge tliat the Railway wollLd not b¢ financially viable wittLOUt their eoiitinued contribution. The Trusiees monitor the number of new volunteers joinincr tbe Railiv2y te&m.
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE TRUSTEES, ANLNUAL REPORT ONCORPORATING THE DIRECTORIS REPORT) PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 Safeguarding ollr customers, volunteers 4Dd staff We treat the p?81 safety of our customers, volunteers atsd staff v¢ry seriously - especiaIly those who may be young or &Enerable. As a iesult, the Railway employs a co-OFdii)at(kr to look after the interests of younLTr people and carry out DBS (Di8¢loswe and Batring Service) checks as required. The employees of the Railway are employed by the Opei'atitig Company, thc Keighley and Wort Valley Light Railway Ltd. We are gratefvl for th¢ committnent of our hardworking staff. STRATEGIC REPORT The foll()wing se¢tions for achievemenis 2nd perlonnance and financial rcview fonn the 5tralegi¢ report of the ch'Ity. ACHIEVEMENTS 11Tr4D PERFORMANCE Achievement of obje¢lives FlnAh£ial The Trustees are pleased thai the Railway has achieved its objectives relatitig to sound financial m<hageTrellt and inTr'estment into 1nfrasiNctLe and we ¢ofttinuc to operate with a strong operational fleet. The untestrirtcd ¢a5h reserves, investmeut tullds and designated ftinds of the Railway increased itl the ycar. Visitors Nutnbers (attr&ctinu the public to visit the Railway) Passcnger nLunbers and incorlle increased in the y¢ar. Visitor numbers aoain exceeded 100,000, boosted by the one-off evcnt of "Flying Scotsman festival. It has been part2cularly pleasing that oiir J]vdjor events proyamme (specifically the Chrigknas Progi'amme, enthusiasts Galas and the Beei. and Music Fcstivil) have attracted stroiig visitoi Icvels to the RaiEway. To be able to attract lllgh l¢vc15 of visitors attd refleets the success of the trading subsidiary's conun¢rcial plan. Malnten&nce and Repjilrs (to sustain the Railways operating future) Following the Covid - 19 era of 2020 and 2021. the Railway built up quite a maintenallce backlog. Work has been carried out in 2022 and 2023 to offset this issue and will continue into 2024 aud beyond. Our locomotive and Coach overhaul progranllnes are Iiioving fonvard with pace, with ttvo m&Jor steam locotnotives under on going overliaul, a diesel loco under overhaul and oEh¢rs widergoing ongoing repair. Our DN(U flect has been str¢ngihened by the retum to service of a C12ss 101 set. following g the refurbi51iment of a Pacer (Class 144) set the year before. Keighley station is in the midst of a very signifie2nt redcvclopment, and the Railway has taken this c>pportunity to stait the refurbishment of the Water Tower and Signal box. Both af these lattei" projecÉS will be concluded iii 2024, with the Water Towtr building becoming a visitor attraction in its owi right opeÉ2 to the piibltc.
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT {INCORPORATING THE DIBECTOR'S REPORT) (coJiiiNNed) PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 Further work h&s been carried out by tlie Civil Engineering team to maintain the line, bul a inajor focus has been planning and preparing for the rebuild of Bridge 27. This bridge replacement ig the biggest single Civil Engineering proj¢¢t carried out by the Railway sin¢¢ re-op¢niug in 1968. Fundraising Our fundraising inccime exceeded the pirvious yeat, principally from private donations or legacies. As money is spent on the Ke1hleY Water Tower. support is fiLnded by lh¢ Towns Deal fund. Additionally. we grateful for support from the linked charity the Friends of the KeigbLey aEEd Worth Valley Railway. FINANCIAL REVIEW The financial stat¢ments for 2023 demonstrate real progress ork 2022, with sionificantly highei. levels of income £1,418.504 {2022.. £2,494,098)- The Rdilway enjoyed pleasing optrating illeome across tlie year, with pleasing levels of visitors to the events programii]e. Our popular Beer and Music" cvent ill October was agaio well attended and our "Elf Explorer Christmas off¢r was again a "sell out As referred to earlier ill thc reporl the commercial investment made in hi1.1g the Flying Scotsman in May 2023 has been a SL4ccessful venture. The themed Steam and Dtesel galas were well attended (despite the heavy snow at the time of the March Ste£m gal&). Despite the eonllnercial investn]ents alld the costs of t2ckling th¢ maintenance backIog the funds of the Charity, net of restricted fid$. bas remained materiality consistent with the prior year al £5,423,544 (2022.. £5.124,712) and this is testimony to the focus on successful running operators and careful cost management durins the year. Total income grew to £3.4 million in 2024 from £2.5 million in 2022, but cost8 {net of taxation) increased by £790,910 (2022.. £491,286) [d cash increased fi'otrL £1.469,407 to £1,857.664 (with £781.920 invested as part of thc Chmiities illvestment StragY re¥¢ed (o later)- All projcots have been funded from both cxisting cash reserv¢s. on-going fund-raising initiatives and operating activities. At the end of 2023 th¢ Charity had restricted of £5,692 I'elating to previous Fundraising for two locomotives (Ivatt 41241 and 4F 43924). There has been no moment in these funds. Relationship wit]1 Suppliers The Railway i'ecognises thai its suppliers (along with customei-s. volLmteers, members and staffj al'e a key "stakeholder" ill the Railway. As sll¢h tbe Railway's policy is to pay invoices for satisfa¢tory work to the temjs agreed betwee(L the Railway and the contractor. The Railway uses local suppliers wh¢te feasible.
KEIGHLEY AIYD WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARATrITEE TRUSTEES, ANNUAL REPORT IDICORPORATING THE DIRECTOR'S REPORT) PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 Pollcy reserves TELe Charily's policy is to hold a minimum of £150,000 unregtricted and undesignated cash at bauk a5 a reSe against the realisation of any of Ihc risks Set out in the Risk Management section and aims to hold a working capital reserve (net of current assets) of at leasL £50,000 at 31 December each year, although the woi'ktng capital requirement is hitr than this during our intensive summer nmning period of operatioo. Cash at bank stood al £1,075,744 (2022= £730.718) plus investtllents of £781,920 {2022.. £738,689) at the end of the ycar and there were no breaches of the reserve policy at any time during the year. Cash reserves and investments (llllrestrickd reserves and desi ated fillids) were kept above £ I million aGI'oss the year. Nel current assets at the year-end remaiii well within historic noiTns for the Railway, totalling £980,864 (2022.. £635,717). Principal Funding sources In 2023, the piincipal funding soar¢e& of the railway are income fi-om our ongoing operations Ellid to a lesser extent a corrLbiiiation of menibcrship subscriptions. grants and donations. PLANS FOR fi UTURE PERIODS Plans for future periods The Trllstces ar¢ cornmitted lo aniunber of initiatives over the medium t¢rm. These include". Protection and development of incvme from Railway operations through ethaocem¢Rt of visitor experience. Increase ol the contribution to surplus frottl events, drinks. catering and retail operations through expanding the events and catering offering, {both orn train and at stations) as well as creating new chare&S for r¢tail operations (oniille web-shop and ticketing). Thc Trnstees also iecognis¢ their duty to continue the programine of maintenance and capital expenditure to ensure the longevity of Railway Jssels under their e and expect t(1 increasc currerit levels of ¢xpenditure into tbe thture. Financially. the TleeS expect to manage costs prlldently to realise a modest long-tsrni operating surplus (after maintenance costs). Any surplus is expected to be re-invested in capital expendin]re programmes in future years. The Trustees also acl(nowledg¢ Ibat it will be n¢¢¢ssary to be proactive in seekino funding from grant-making bodics so that development initlotivcs can be llY realised. Investment StT¥tegy As at te time of writing Ihib rcport irl July 2024, the Charity Iiolds a cash and investsnent baianee of over £1.2m (covering u¢strICted reserv¢s 2nd fiu]d8 dcsignated to future projects), with its subsidiary the K¢ighley and Worth Valley Light Railw&y Ltd holding a fuither balance that covers al Icast six weeks tradirig. FollowirLg a period of sustained intlation {specifI¢ally i"el&ting energy and building maleiialsl the Charity proactively manages its cash balance with investmeDt strategy. The Railway invests cash with all inVtMents bank that has a successful tra¢k record working witb clmrities. l-he aim is to make a return on our mon¢y, rather than allowing tlie teal value of our balance to decline in an interest free bank aLeollnt.
KLIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COANy LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) PERIOD FROM J JANUARY 2U23 TO 30 DECEMBER 2023 The Charity is wai? of losses, and has no appetite for high levels of risk, but Ilie impact and real Gost of inflation is a certainly. The Railway invesis in a PDrtfolio which ig cautiousl offers a loiv to modei'ate risk. This means that the Charity illvests the majoiiry of its fvnds split prirnarily between ¢a5h/fixed interest accotsnts, and equiti¥6 (from a variety of $e¢lors and geographics) but alqo ro a lesser extent in alternative investment vehicles such as re&1 estate income ful5, infrastructsjre funds and investtnent flds. The Investmclll Bank selects the Funds on Ilie Charity's behalf. The majortty of the inve5ttnents are in UK Fundsl accounts. As stsled above, the brief froiii the Railway is for & catOi1S rettirn, l'ather than driven directly by social, eThvironrnent&l or ¢thical consid¢rations. It is a requirem¢nt of the Charity that the itLvestment funds can be drawn down very quickly, rather than being locked away for years. Thi8 all()ws ihese balances Èo be drawn upon foi. major capital Spend projects. The bl£ lance a5 of30 Dec¢tnber 2023 w&s £781,92012022 - £738,689). The Finance Director follcbws the perfonDan¢e of these investments closely alld he keepg ihe TNstees up to date with the results. TUNDS HELD AS CUSTODIAN TRiISTEE Neither Ibe Cliarity nDr its Trustees ar¢ acting as custodiats trllstees for funds held on behalf of others. TRUSTEES, RESPONSIBILITIES STATEMEwr The trllstees, who are also dircctor8 for the putposes of CopanY law, llre responsible for preparing the trust¢cs' report and the Consolidated financial statements En 2eCOTd&ticc with applicable law and UtLit¢d Kingdom A¢¢ounting Standards (United Kingdom Gener211y Ae¢q)tcd Accounting Pra¢tLG¢). Comp&iy law requli'es. the charity trustees to prepare Consolidated financtal stateTnenls for each year whiLh give a tn]e and fair view of the state of affairs of the charitable coinp&ny and tbe incomi]kg r¢sources and application of resources. including the income and eKpcnditure, for that period. In'preparing these Consolidat¢d finaucial statements, th¢ trustees are required to: select suitable &eeountÉng polici&g and tben apply them consistrntly? observe the methods and principles in the applieable Charities SORP., make judgments and accounting estimates that are reasonable and prudent., stale whethcr applicable UK Accounting Siaudards have been followed, subjcct to any maierial departures disclosed and explained in the Consolidated financial stalcTneDts" prepai'e the Consolid2tcd financial statetnents on the going concern basis unless il is inapproptiate to) presume that the chaiity will continue in busincss.
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LILIIITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) PERTOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 The trnslees are responsible For keepiug adequate accounting records that &r¢ 5ufficieut to show and explain the charity's transactions and disclose with reasonable &ceuia¢y at any time the financial position of thc chlty and enable thetn lo ensur¢ that the Consolidated financial statements comply with the Compthics Act 26. They are also i'esponsible for saregLrdinQtr the &s.qet8 of thc ¢hLrity and hence for taking reasonable steps for the prevention and detection of fraud and 0er irregulariLies. AtrDTTOR Each of the persons who is a trnslee at the date of appi.oval of thts repoit confjrns that.. so far as they are aware, there is no relevant audit information of which the charity's auditor is uniware. and they have tak) all steps that they ought to hav¢ tsken as & trustee to make themselves aware ot any relevant audit inlomwtion alld to establish that the cha[ty,5 auditoi. is aware of that information. The trustees. amiual r¢port and tlie strntegic report were approved on l October 2024 attd signed oil behalf of tbe board of trustees by.. J HINCHCLIFFE Trnstec io
KEIGHLEY AND WORTH VALLEY IL41LWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE IIIEMBERS OF KEIGHLEY AfiD WORTH VALLEY Li4ILWAY PRESERVATIO SOCIETY LTD PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 OPINION We have audited the Consolidated financial statements of Keighley and Worth Valley Railway Preservation Society Lid (the 'cl]arity') for thc peiiod ended 30 December 2D23 which comprise the eonsolidalcd statement of financial activities (including incoine and expenditure account), Consolidated statement of financial position, consolidated stat¢mcnt of cash flows and the ielated notes, including 2 summary of signifi¢aDI accounting policies. The fin2nci21 reporting framework that has be¢n applied in their preparation is applicable l&w and United Kingth)m Accounting SLmdards, including FRS 102 Th¢ Financial Reporting Stgndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accollnting Practice). In our opinion the Consolidated financial stAl¢ments.' give a true and fair view of the state of the group and chaTitable company's tLffairs as at 30 tkcember 2a23 and of its incoming resources aDd application of resourc¢s, includinu jts income and expenditure, for the period then ended- have bcen pi'operly prepared in accordance with Uuited Kingdom Generally Accepted Accounting Practiee. have been prepared in accoid2rLre with the requirements of the Companieg Act 2006. BASIS FOR OPINION We conduetcd our audit Èti a¢¢ordance wilh Internattonai Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards are further described in the auditor's respollsibilities for th¢ audit of the consolidated financial statements section of our report. We are indepetidenl of the charity in accordance with the ethical rcquirements that are relev2nl to our audit of the C.oJ)solidated finAllcial statements in IELe UK, including the FRC'S Ethiclll Stttndard, and wc have fulfilled our other ethical responsibilitscs in accordance with th¢5c requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinioJL CONCLUSIONS RELATING TO GOING CONCERN In auditing the Consolidated financial statements, we havc concluded that tlie trusiees, use of the going concein basis of accounting in the preparation of thc Consolidatcd financidl statements is appropriate. Based on the work we have perfortned, we have not idemlified auy niatrial iinccrlaillties relatillg to event5 or conditions that, individually or collectively, may cast s]lfIcant doubt on tbe chatity's ability to continue as a going concern for a pcriod of at least twelve months from ivhen the Collsolidated financial stalcmellfs are authorised for issue. Our responsibilities aThd the responsibilTrlies of the trustees with respect to going couc¢rn are dcscribed in the r¢l¢*dllt sections ofthis report. il
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUAIUNTEE INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF KEIGHLEY AND WORTH V.4LLEY RAIL WAY PRESERVATIO SOCIETY LTD I..,,,,,.. PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 OTHER INFORMATION The other inforn)ation compriscs the infomalion included in the aDnual report, other than th¢ Consolidated financial Statements and our auditor's report thereoD. The trustccs are responsible for th¢ other inftstination. Our opinion on the Consolidatcd financial staleinents does not covei. the other infoiTllation and, except to th¢ Cxtent otherwige explicitly stated in our repoTL we do uot Express any forni of aurance collclusion thereon. In connection with our audit of the Consolidaled financial statements, our respollsibility Is lo read the other infonnation and, in doing so, consider whether the other infornutftoll is materially inconsistent with the Consolidated financial statemellts or our knowledge obtained in the audit or otherwise appcais to be mat¥TikLIIy mi5Stated. If we id¢Dtify such material incon6iStencies oi. apparent material MiSstaments, we are required to deterniine whether there is a m<lt¢rial misstatement irL tlie Consolidated financial statetnents or a material misstatement of the other infonnation. If, based ou the work we have perfornied, we conclude tliat there is a fftaterial misstateinent of this other infoLinatLO wc are iequired to report that fact. We have TLOthing to report in this regord. OPINIONS ON OTHER IL4ERs PRESCIitBED BY THE COMPALVES Acr 21HJ6 In OLif opitjion, based on the work undertaken in the ¢ourse of the audit.. the infomiation given in the truste¢s' report for the financial pertod for which the Consolidal¢d finaDcÈal stalcments are prepared is consistent with th¢ Consolidated financial statements,. and the trustees, report has been prepai'ed in accordance with applicable legal requirements. MATTERS ON NTr7IICH ARE REQiJIRED TO BIPORT BY EXCEPTION In the light of th¢ knowledge and understanding of the cbaritable comparLy iDd its cnvirojllneot obtained in the course of the audit, we have not ideTrtifi¢d matertal misstatements in the tmstecs, report. We have nothing to ieport Én respect of the fnllowing matters ielatiou to which the Companies Act 2006 requires us to repnrt to you if, in our opinion.. adequate accounting records E]ave not b¢en kept, or returns adequate for our audit hav¢ tLoI been reeeived froin branclies not visited by us. 01 the Corysolidated financtal statements are not in agreement with the acc4)unting records and retttrn$" or certain disclosures of trus1ee5' remuneration specified by law are not made. or we have not re¢eiv¢d all the infotThation alld explanations we qUIrE for our audit. 12
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COIIIPANY LIMITED BY GUARANTEE INDEPENDEf4T AUDITOR'S REPORT TO THE MEMBERS OF KEIGHLEY ALND WORTH VIILLEY IL41LWAY PRF,SERVATION SOCIETY LTD letslitsy,,,. PERIOD FROL¥I I JANUARY 2023 TO 30 DECEMBER 2023 RESPONSIBiufIES OF TRUSTEES As cxplained more fully itt the trustees, responsibilities statement, the tStee$ (who are also the directors for tbe putpos¢s of company law) arc i-csponsible for the preyaration of Ihe Consolidatcd financial statetncnts and for being satisfled that they give a tru¢ and fair view, and foi. such intemal control a8 the trustees deteiiiikne is necessary to enable the preparation of ConsolidatEd financial stateEnents that are free from tnaterial misstatement, whether due to fraud or ertor. Tn preparing the coOIldtcd financial ststtements, the trustees are responsible foT as5¢551ng the Charitable company's ability to continue as a going concern, disclosing, as applicable. matLers related to goirtg ¢oncern and using the going concern basis of ac¢oualing unless the trlislees either intend to liquldate the charitable ¢OKllPdny or to cease opeiations, or have no realistic altetmative l?ut to do so. AUDrroRtS RESPONSIBILITIES FOR THE AUDIT or TH£ CONSOLIDATED FINANCIAL STATELENTs Our objectIv are to obtain reasonable assurance about whether the Consolidated financial statements ds R whole are fr¢c froin materi&l misstatcmcnL wliether du¢ to fiaud or error, and to issue an auditor's repDrt that includcs our opinion. Reasonable ass'Snce is i high level of assurance, buc is not a guarantee that an audil conduetcd in accoidaoc¢ with ISAS (UIC) will always detect a material misstatement when it exists. Misstatements can arise froin fraud or error and are considered material if, individually or in the tt8.¢gate. they could reasonably be expected to iufiucoce the economic decisions of users taken on the basis of thcse ConsolidaEed financial stAtem¢llts. Irregularitieg, including fraud, are instances of non-compliance with laws and regulatiODS. We design procedures in line llth our responsibilities, outlined above, to delect tn&terial misstatements in respect of irregularities, including fraud. The exterjt to wbich our pro¢tdur¢s are capable of detectint irr¢guiarilies, including ft'aud is detailed below.. Our approach to identifying and ass¢ssing the risks of material misstatement in respect of irregulariti¢s, including fraud and non-compliance with laws and regulations, Ivas as tollows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise ntsn-compliance witli applicable aws andgUlationS. we idelltified the laws and regulations appIieable to the comp2ny through discussions with directors and other management. we focused oll 6pecific laws and regulations which wc ronsidered inay have a direct material effect orj thc financial stst¢Tncnts or the operations of the company- we 8ssessed the extent of COpIlanCe with the laws and regulation5 idcnlified above through makiug enquiries of manaoement, }d identified laws and regulatioas were communicated within th¢ audit team regularly and the team remained alert to instances of nDn-£ompliallce throughout tht &udit.
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE INDF.PENDENT AUDITOR'S REI PORT TO THE T*IEMBERS OF KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATIOP4 SOCIETY LTD ( PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 We assessed the susceptibility of Ihc chai'itable company's financial statemeiits to material mi8staleTncnt, including obÉaining an understaiiding ofhow fraud might occur, by.. making enquiries of Ml#geMent as to wher¢ they Gonsidered there was susceptibility ro fraud. theii knowledge of actual, suspected and alleged fraud,. and considering the inl¢rnal controls in plaec to Jnitigate risks of fraud and non-coinpliance with laws alld rcgulatiorLS. To address the risk of fraud througli managetnent bias and OVride of coNtrols, we.. perforni¢d anY1]l procedures to idenkn.fy all)T unusual or unexpected relationships- tested joumal entn'es to idthitify unusu&l tran5actiolls- assessed whether judgements snd assuTnptions made in determinintr accounting estimat¢s Ivere indi¢aUvc of poientiat bias. Éujd investigated the rationale behind significant or unusual transactions. tn response to th¢ Aisk of irregtslariEi¢s and non-corripliattce with law3 and regulatioDS, we desiuned procedures which included, but wcre not limit¢d to.. agreeing financial Statement disclosures to underlying supporting documentation- reading the minutes of meetings of those charged with governance- CnqUiLing of management as to actual and potential litigation and ctaims. and reviewihg correspondence with rtlevaTrt regulators. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are frorn financial transaetions, the less likely it is that w¢ would become aware of non-compliance. Auditing standards also b.mit the audit procedll1È9 required to identify non-compliance witli laws and reglllations to enquiry of the dir¢Ltorb aE)d other managemellt alld the inspection of regulatory and legal correspondence, if 2ny. Material MisstateenlS that arise due to fraud can be harder to dete¢t than those that arise from error a8 they may involv¢ deliberate conc¢almeat or collusion. 14
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE INDF.PF,NDENT AUDJTOR'S REPORT TO THE MEMBERS OF KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD (e ittEiJuEdJ PEIUOD FRO[ i JANUARY 2023 TO 30 DECEMBER 2023 A further deseriptioll of our responsibilities for the audit of the Consolidatd faCIal statements 15 located on the Financial Reporting Council's website at .C.Org.uk1&udItorsrc5ponSlb1llt1Cs. ThÈs description fDmiS Part Df our auditOT'S l¢PQrt. USE OF OUR REPORT This report is Lnade sol¢ly to the chaLity's memberg, as a body4 in accordance with Chapter 3 of Part 16 of the Companles Act 2006. Our audit work has been undertakett $0 tliat we migbt stale to tht charitsble company's members those niatteis we al'e required to stsle tts thetn iii al] auditoes rcport and for no other purpose. To the fullest extcnt pem)itted by law, we do nor accept or a4sume responsibility Éo anyone other than tlic charitable company the Charitable COEnpany's mejnbets as a body, for our audit work r this report, or for the Dpinions we have fomied. Sally Shacklock BA FCA (Senior SiatLttory Auditor) For and on behalf of Streets Sp¢nb¢r Wilson (Yorkshire) Limited Chartered Accountants & statutory auditor Equitable House 55 P¢llon e Hatifax West YoFkshire HXI 5SP 2 October 2024
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF FINANCIAL AC.TTVITIES (INCLUDI_NG INCOME AND EXPENDII'URL ACCOUNT) PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 Year to 31 Dec 22 Period from l 23 to 30 Dee 23 Unrcstiicled Restricted funds Total fulld5 Total funds P4ote Income And endowmelltg Donations and legacies Charitable activilics Other trading activities Investment inccbme Othet incorn¢ 428,073 2.068,665 885,944 35,822 428,073 2,068,665 885,944 35,822 223.976 1,594,551 656,678 13,191 5.702 2,494.098 Total income 3,418,504 3,418,i04 Expenditure EipcndÉtwE on raising ndS.. Costs of other trading activities Expenditure on chwitable activities Taxation io 606.970 11,11 2,744,790 14 (202,133) 3,149.627 606,970 2,744,790 (202,133) 3,149,627 351,868 2,012,195 (5,346) 2,358,717 Total expenditui'e Net gainsl(losses) on inY¢5ttnents 15 (29,955) {29,955) 8,138 Net income 4nd net movement in fund$ 298,832 298,832 127,243 ReconeilÉation of funds Tot21 tsiids broiigbt forward Total funds ¢orried forward 5,124,712 5,692 5,692 5,130,404 5,429.236 5,003,161 5,130,404 5,423,544 The statement of financial a¢tivitie5 includes all (*ains and losses recoguised in the year. All income aud expenditure deLive from continuing activÉties. The note5 on pages 20 to 43 form parl of these Consolidated financial stateinents.
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD (Company registration number: 07135945) COMPANg LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 DECEMBER 2023 30 Dec 23 31 Dec22 Note FIXED ASSETS Tangible fixed assets Inv¢&lments 22 23 4,062,340 781,920 4,844,260 4,127,823 738,689 4,866,512 CURRENT ASSETS Stocks Debtors Cash at bank and in band 25 26 64,397 221,298 1,075,744 105,428 145,391 730,718 981,537 lJ61,439 CREDITORS: Atnounts falling due within one year NET CURRENT ASS£TS 27 380,575 345,820 980,864 635,717 TOTAL ASSETS LESS CURIIENT LtABILITIES 5,825,124 5,502,229 CREDITORS.. amounts falling due fter more thAn one year 28 J95,888 169,692 PROVISIOLYS 31 202,133 NET ASSETS 5,429,236 5,130,404 FUNDS OF THE CHAIUTABLE COMPANY Restricted fAmds Unrestri¢ted funds 5,692 5,423,544 5,429,236 5,692 5,124,712 Total Charitable ¢ornpany funds 33 5,130,404 These Consolidatcd financial statements werc approved by the board of trustees and authDfi8ed for issue on l October 2024, and are signed onbehalf of the boardby: DR M J STROH Chaimian The not on pages 20 to 43 form part of these Consolidated financial statements. 17
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATJON SOCIETY LTD (Company registration number.. 07135945) COMPANY LIMITED BY GUARANTEE C]L4RITABLE COMPANY STATEMENT OF FINANCIAL POSITION 30 DECEMBER 2023 30 Dec 23 3ID¢¢22 Note FID ASSETS Tangible fixed assets Investments 22 23 2,135,282 2,639,103 2,162,286 2.595.872 4,774,385 4,758,158 CURRENT ASSETS D¢btars Cash at b&nk and in hand 26 825,093 453,522 780.595 95,486 876.081 1,278,61S CREDITORS., araounts falling due within one year NET CURRENT AS,SF.TS 52,271 36.132 1,226,344 839,949 TOTAL ASSETS LESS CURREiYr LIABILITIES 6,000,729 5,598,107 NET ASSETS 6,000,729 5.598,107 FUNDS OF THE CHthtTABLE COMPANY Restricted funds Unr¢stricted ftLndb -5,692 5,995,037 6,000,729 5.592,415 Totxl charitable eompany funds 33 5.598,107 These financial slatemellts were approved by the board of trustces and authorised for issue on l October 2024, and Al'e siglled on bebalf of the board by.. DR M J STROH Chaimian The Dotes on yage5 20 to 43 form part of these Con501idated finan¢lal sl8tements. 18
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF CASH FLOWS PERIOD FROIII I JANUARY 1023 TO 30 DECEMBER 2023 30 Dec 23 31 Dec22 CASH FLOWS FROM OPE114TING ACTIVITIEI S Net ill¢()me 298,832 127,243 Adjustme£sIor.- Depre¢ialion of tangible fjxed assets Net gainsl(losses) on invesm)ents Dkvidends, illteiest &nd Ter]ts from investments Other it]lerest receivable alld sirtiilar income Gains on disposal of tangible tixed assets Taxation Accrued expenses 251,036 (29,955) (22,299) (13,523) 232,406 8,138 (5,546) (7,645) (5,702) (5,346) 62,026 (202,133) 106,406 Chapiges Èn.. Stocks Trade and othcr debtors Trade and other ci'editoi's 41,031 (75,907) 148,783 (57,305) {71,926) 78,527 354,870 Cash gerated from operdtions 502,271 Interest received paid Net cash from operating aetlVLties 13,523 7,645 (2,025) 360,490 515,794 CASH FLOWS FROM ]NVESTING ACTIVITIES Dividends, int¢r¢st and rents from investments Purchast of tangible assets Proceeds from sale of tangible assets Purchases of tnvesrmenls Proceeds from sale of othcr investments 22,299 (185,553) {165.189) 12,iOO (440,012) {767,861) 432,498 21,034 (170,768) (893,970) Net cash used in investing iotivities CASH FLOWS FROM FINANCING ACTIVITIES NF.T INCRF.ASE/(DECREASE) IN CASH AND CASH £QUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINT4ING OF PERIOD CASH AND CASH EQUIVALENfs AT END OF PERtOD 345.026 730,71.8 1,075,744 (533,480) 1.264,198 730,718 The notes on page$ 20 to 43 form part of these Consolidated finttnei21 statements. 19
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LEMITEI D BY GUARANTEE NOTES TO THE CONSOLLDATED FINANCIAL STATEMENTS PERIOD FROIII I JANUARY 2023 TO 30 DECEMBER 2023 GENERAL INFORNL L4T10Tr4 Th¢ ch&itable company is a public benefit ¢tity and a privatc company limited by shar&s, registrred in England and Wales. The addrcss of the rcgistcred office is The Railway Station, Haworth, Keighley. West Yorkshire, BD22 8NJ. STATEMENT OF COMPLIANCE Thes¢ Consolidated fanCIaL statements have be¢n pr¢pared in compliancc with FRS 102, 'Tb¢ Financial Reporting Standard applicable in the UK and the RepubliL of Ireland,, the Statement of Recommended Praetiee applicable to charities preparing their ateounts in accordance with the Financial Reporting St2nd&rd applicable in the UK and R¢public of Th'eland {FRS 102) (Charities SORP (F,RS 102)) and the Lompanies Act 2006. AccouwfiNG POLICIES Basis of preparation The Consolidated financial staleTnont5 have been prepared on the historical cust basis, as ulodified by the revaluation of Certain finallcial assets arLd liabilities m*d&ured at fair value tILroug& income or exp¢nditLtre. 11]e Consolidated financial statements are prepared in sterling, whicli is the functional CULTcncy of tbe entity. Going coacer The Railway has d¢monstrated its resilience through one of the m()st unusual periods in its ext5tence. Whilst there will b¢ significant chaueiiges as the economy reeoveyq from the impact of the r.ovid-19 pandcmic, now tbat the Railway has re-cotum¢nced operations and with the ongoing 5UPPOrt of the Keighley and Worth Valley Pi'eservgtion Society, the Direotors are of the opinion that there are no rnatsrial uncertaintLes about the company's ability to continue for the foreseeable tLe. Con$olid2tion The financial statements consolidatc the fjnancial statements of the charitable company and all of its subsidiary uttderlakings. The parent charitable company has applied the exEmption contairted in section 408 of the Companies A¢t 2006 and has not included its individual statement of fall¢ll1 activities (including incom¢ and expenditure account). 20
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS re&iittliJttj PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 ACCOUNTING POLICIES {CQJitsiiiitdJ Judgements and key sources of estimation uncertainty In the application of the eh2rit&ble company's ac¢ountlAg polieies, the directors are requii'ed lo make judgements, estimates and assumptious about the carrying amount of aq%etS 2nd liabilities that are not readily apparent fi'om t)ther sources. The estitnates and associated assumptions are based on historical experience and other factors that are eonsidtred to be relevant. Actual results may diffei. from these estimates. The estimates and underlying assumptions llre reviewed on an ongoing basis. Revisioll5 to accounlillg esiimateg are recognised in th¢ period IEL which the estimate ig i'evised whci'e the revisioTL aftccls only that period, oi. in the period of the revision and fure periods where the revision ttff¢cts both current and fU1'e periods. Critical judgements The followsng judgements lapait froTll those involvin(F estim2tes) have had the most significant effect on the amounts recognised in the financial statementg. Depreeiaiion Th¢ charitable company exercises judgement to deterniine ugeful lives and residual values of prop¢ty, plant and equipm¢nL The assets are depreciitioTr to their estimated residual values over dieir estimated useful lives. Income tax The charitable ¢ompaLly is exempt from corporation tax on its charitable activities. Fund #ecounting Unrestricted funds ar¢ available foi. use at th¢ discretion of the ttustees to further any of the charitable company's purposes. Designated funds Ale ullr¢stricted funds eamarked by the trustees for a particular future project or commitment. Restr¢ted funds are subjected to restrictions on their expenditUTe declared by the donor or throu} the tern of an appeal. 21
KEIGHLEY AND WORTH VALLEY IUILWAY PRESERVATION
SOCIETY LTD
COMPANY LIMITED BY GUARANTEE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LLVIITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS c¢41) PERIOD FROTII l JANUARY 2023 TO 30 DECEMBER 2023 ACCOUNTING POLICIES (tojilinu Goodwill Goodwill arises ON bL%ine.%s acquisitioiis aiid represents the exctss of t]ie ¢08t of the acquisitivn ovcr the charity's intcrest irL the nec atnounl of the id¢nlifiablc 855et8 liabilities and contingent liabilities of tht acquii'ed buSi5]S. Goodwill is measured at cost les8 accttmulated amortisation and accumulated impairmeat losses. It is amortised on a straighE-linc basis over its useful lifc. Wliere a reliable esiimate Df the useful lif¢ of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. Amortisatloll Aniortisation is calculated so as to write off the cost of aa assc£. less its estimated residual vAIuc, ov¢r the useful life of that ass¢t as follows.. Goodwill Ily amortised If there is an indicatÉon that there has been a significant change in amoriisalion ratè, useful life or fC5idual value of an intangÉblc asset. the amortisaÉion is revised prospectively to reflect the uew estimateg. Tangible fjxed a&5¢ts Individual fixed assets are capitalised at cost and depreciated on a straigbt line basis over their estim&t¢d useful economic lives taking account of any residual values, as follows . Depreciation Depreciauon is calculated so as to write off th¢ ¢osl or valuation ol an asset. Icss its residual vallle, over thc useful ecooon]ic life of tbat asset as follows.. Depreciation rates {all calculated on a straight line basts): Freehr)Id land Freehtsld buildings Leasehold buitdiiigs Property improvements Locomotive rc5tOTalions Plant, m#chincry and eqlliptncnt FiKtur¢s and fittings Officc Cqiiipment and fumitui'e Computer hardware and purchased software Cat¢rillg equipment Nil 20/0 per a1uM over the life of th£ lease 330/9 per annu I OO/ts per aUrn (see below) IOO/& per annum 10 % per annum 200/th pei. annuin 330/0 per annum 33Q/D per annum
KEIGHLEY AND WORTH VALLEY II4ILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINATrICIAL STATEMENTS f PEI RIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 ACCOUNTING POLICIES Depreeiation {conriiiued) The Railway maintains its operating locomotives and other rolling stock items in fi]11 workin(r order, and all routine maintenance costs 2rc charged lo the Staiemenl t)f Finaiicial Activities whett incurred. Additionally. some items are held as a non-operatiiig strategic reserve at their residual asset values. Locomotives and othei. rolling stock items Jse thei"efor¢ ¢onsid¢red to have iTLdeterminate lives and the Directors do not consider it appropriate to chargc dqireciation except as set oui below. When a major renovation or restoi'atioa of a locomotive takEg place, the relevant costs incurred are capitalL5ed a5 fixed assets, 2nd deprcciated oil a strJighi linc basis froin the point at wbÉch the Locomotive re-enters service ovcr its expected useful economic life (usually the ten-year life of a sl¢ain locomotive boilei. titket) dowi to th¢ I'esidual non-iunning value of the locomotivc. When x major renovation or restoration takes pLa¢c on a locomotive that remains the propcty OF an independent owncrs, uroup and a Iotig-tcrm hire aEreeTn¢nt is in place between the Charity's opei'ating subsidiary and that ownei's, gi'oup, the costs incurred by th¢ operating subsidiary are also capitalised as fixed assets and depreciat¢d on a straight line basis over the expected useful ecoiiomic life of that locomotive to the Charity. Investments Unlisted equity investments are iniiially recoL'ded at cost, and subsequently measured at fair value. If fair value cannot be reliably mcasured, 8ss¢ts are Tneasured at cost less impairnitnL Listed investments are measured &t fait valu¢ with changes in fair v&lEie being recognised in income or expenditure. ImpairniÈnt of fixed assets A review foi. indicators of impairment is caried out al ¢a¢h rcporting da, with Ilie recoverable amount being estimated wher¢ such indicators exist. Where the carrying valuE exce¢iL% the r¢covciable arllounl the asset is impaired a¢¢ordiiigly. Prior impairments are also revi¢wed for possible reversal at ¢a¢h reporting date. Stocks Stocks ar¢ measured at the lower oÉ-cosl and net realisable value. Liabilitie$ Liabilities are recognised when there is an obligation at tbe balance sheet date as 2 iesult of a past event, it is probable that a Éransfer of econotnie bttnefit will be I'equired in settletnent, and the amount of the settletnent cali be estimatd reliably. Liabilities &re ieeognised at th¢ amount that thc academy trnsl anticipates it will pay to settle the debt or the amount it bas received as advanced payments for Ili¢ goods or services it must Pi'ovide. 24
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS f PERtOD FROM I JANUARY 2023 TO 30 DECEMBLR 2023 ACCOUNTING POLICIES Grants Grants ar¢ recognised at the fair valLie of the asset received or i'eceivable. Qrants ar¢ Tjot rceognised until there is reonable assurattC¢ that the company will COiDply with the conditions attaching lo thein and the grants will be i'eceived. Grants are recognised using the accrnal tnodel. Under the <i¢crual model, grants relating lo revenue are recognised on a systeinalic basis over the periods in whieh the company recogni5es the related costs for which the grant is intended to compensate. Grants that are receivable as eompensation tor expenses or losses already incurred or for tl]¢ puryTrose of giving i]nmediate fillanoial support to the entity with no filture related costs are recognised in income in the period in whiokn it becomes receivable. Grants relating to assets are recognised in inconie Oll a systematic basis over the expected useful life of the asset. Where part of a ¢yiant relating to an asset is deferred, it is recognised as deferred income and not deducted frorn the carrying amount of the asset. Operating leases Rentals payable under operatinty leases e charoed lo the profit and Ioss otL a Slraight-liue basis over the Icase terni. The a¢legate benefit of lease ineentives aTe recognised as a reduction to ¢xpense recognised over the lease tem], on a straight-linc basis. Lease income is recognised in profit or Ios8 on a straight line basis over the lease term. The aggregate cost of lease incentives are iecognised as a reduction to income over the leas¢ tenn on a straight-line basis. Costs, ineludinu depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and aangIllg tFLe operating lease are added to tbe canying amount of the lease and recognised as an expense over the lease lenn on the same basis as the lease income. Provisions Provisions are recognised when the entity has all obli(Fation at the ieportlllg date as a result of a pxst event. it is probable tIt the entity will be required to transfer eeonornic beefItS in settlement and the amount of the obligarion ean be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. 25-
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE li NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ( royrtijriied) PERIOD FROM I JANL:ARY 2023 TO 30 DECEMBER 2023 AccoinyTLNG POLICIES i¢•TJliNiicdJ Provisions (eontliiued) Provisions are initi2lly mcasured at the best estimite of the amount required to settle the obligatioii at the reporting date and subs¢qucntly reviewed at eacli i'eporting date and adjusted to r¥fle¢t thc current best estimate of tlie amount that would be required tc> settle the obligatioii. Any adjiislments lo the amounts pi'eviously recognlsed are rccogllised in income or expenditure unless the piDvision was originally recognised as part of the cost of an ¥set. When a provi510U IS meagured at the pi'esent value of the amount expected to be required to settle the obligation. the unwind]"ng of the discount is ie¢ogntsed as a finan¢e ¢osl Lll the statement of financial activities in tbe period it arises, and is allocated to the appropLiate expenditure h¢ading. Financial instrumellts A finan¢ial asset or a financial liabili¢y is rtcognised only when the entity becomes a party to the contractual provisions of the in5trumcnt. Basic fit&qn¢ial instruments are initially Ic¢ogniied at the amount receivable or p2yable ineludiug atly relalcd IransaclioD costs, wiless the angernellt coiistitutcs a flEI¢lg transaction, wh'e it is recogniscd at the pi'esenl value of the futw'e payments discounted at a market rate of interest for a similar debt lllstrument. Current assets and curretit liabilities ar¢ subsequently e&Sred at the eAsh or other consideratton expected to be paid or received and not discountcd. Oth¢r financial instrLLments, including dctivatives, are initially recognised at fail. value, ulllcss PayEnent for arL asset is deferred beyond nomial business or fmanc¢d at a rale of intei'est that is not a market raÉe, in which case the asset is mea$"ed at the present value of the tUre payfftents discouiited at a mark¢t rate of Inte$L for a similar debt instiument. Other financial instruments are subsequcntly measured at fair value, with any changes recogniscd in profit oi- loss. Any revers218 of impairment al'e recogTrÈscd immediatelyy to the extent that the rttveiEal does not iesLtIt in a carrying amount of the financial asset that exceeds what the canying atnount wollLd have beel) had tlie impaimi¢nL not previously been recognised. DefIned eontributioll plans Contributions to d¢fLn¢d contribution plans are reeo8nised as an expense in the period in whi¢h the related service is provided. Prepaid ¢ontributions al'e recognised as an asset to the ¢xtent that the prepayment will lead to a reductiou in future payments or a cash refund. 26
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED B Y GUARANTEE NOTES TO THE CONSOLIDATED FINALYCL4L STATEMENTS ( PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 LIMITED BY G[JARANE The charitable company is a company limited by guardntee and has no share capital. The liability of each member in tlie event of windiug lip is limited to £1. D0Tr4A TIONS AND LEGACIES Unrestricted Total Fund5 Unrestricted Total Funds Funds 2023 Funds 2022 DONATIONS Bequests and donatitsns 324,287 324,287 105,108 105,308 GIFrs Membersbip subsctiptions 76,146 58,496 58,496 GIULYTS Grants receivable 27.640 27,640 428,073 60.172 60.172 428,073 223,976 223,976 CHARITABLE ACTIVITIES Ullrestri¢led Total Funds Unrestrieted Total Funds FuE]ds 2023 Funds 2022 Fares Loco Hir Special events income Private Hire 802,311 802?11 832,160 5,900 749,891 6,600 1,594,551 832.160 5,900 749,891 6,600 1,594,551 1,254,694 11,660 1,254,694 11,600 2,068,665 2,068,665
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LII%qITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ( PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 OTHER TRADING ACTIVITIES Unrcstiicted Tota] Funds Unrestricted Total Funds Funds 2023 Funds 2022 Caterin(r income Shop income Parking Filming fees Sundries Scrap i18,603 191,277 10,155 156,362 4,424 5,123 518,603 191,277 10,155 156,362 4,424 5,123 885,944 289,819 163,546 24,111 168,350 7,404 3,448 656,678 289,819 163,546 24,111 168,350 7.404 3,448 656,678 885,944 tNVESTlVtENT INCOME Ullresthcted Total Funds Unrestticted Totil Funds Fullds 2023 Funds 2022 Income from listed investments tncoEne from o15h inve8tments BarLk interest receivable Rent receivable 22,299 22,299 2,161 3,385 4,836 2,809 2,161 10.995 2,528 10,995 2,528 35,822 4.836 2.809 35,822 13,191 OTHER INCOME Unrestricted Total Funds Unrestrtcted Total Fuiids Funds 202J Funds 2022 Gai¥L on disposal of tangible fLxed assets held for ¢harity's own use 5,702 5,702 10. COSTS OF OTHKR TRADING ACTIVITIES Unrestricted Total Fun(ts Unre5tticted Total Funds Funds 2023 Funds 2022 Shop costs Catering 85,347 521,623 85,347 521,623 606,970 104,909 246,959 351,868 104.909 246,959 606,970 351,868 28
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED B Y GUARANTEE NOTES TO TAE CONSOLIDATED FINCAL STATEMENTS f PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 11. ExPENDfTti or4 CHARrrABLE ACTIVITIES BY FUND TYPE Unrestricted Total Funds Unrestticted Total Funds Funds 2023 Funds 2022 Train services Support costs 1,638,275 1,106,515 I,638,275 1,106,515 2,744,790 1,135,891 876,304 1,135,891 876,304 2,744,790 2,012.195 2,012,195 12. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Activities undertaken dii"¢ctly Support costs Total funds 2023 Toial fijnd 2022 Train services Shop Catering FundraisinLr activitits Other activities Governance Cost& 1,638,275 758,116 42,540 106,347 85,659 69,278 44,575 2J96,391 42,S40 J06,347 85,659 1,764,048 37,038 58,202 58,550 61,936 32,421 44,575 1,638,275 1,106,515 2,744,790 2,012,l95 The suppoii costs of £1,106,515 (2022 £876,304) are apportioned in this note across the charitable and other trading activities in the group as set out abov¢ and in Jote 13. 29
f4r4 * ¥0 tr-o )oK
KEIGHI.F.Y AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCL4L STATEMENTS ( PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 14. TAXATION Major components of tax income P.eriod from lJan23to 30 Dec 23 Yèar to 31Dec22 Current tai: UK curreni tax expense 2,025 Deferred tax: Origination and reversal of timing differences T&xation (202,133) (202.133) (7.371) (5,346) 15. NET GAINSI(LOSSES) ON INVESTMENTS Unrestricied Total Fund$ Untcstricted Total Funds Funds 2023 Funds 2022 Ui)realised g&iT]/{losks) on listed investments Rcalised gains/(losseg) on listed invcstmcnts 32.604 32,61)4 {6.419) (6,419) (2.649) 29,955 (2,649) 29,955 (1,719) (8,138) (1,719) (8,138) 16. NET INCOME Net income is stated &ftcr chai'gingl(Gi-¢diling]'. 30 Dec 23 31 Dec 22 Depreciation of tallgible fix¢d assets Gains on disposal of tangsble fixed assets 251,036 232,406 (5,702) 31
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE cof4SOLIDATED FINANCIAL STATEMENTS Icoiiti,,., PERIOD FROM I JANUARY 2023 TO 30 DLCEMBER 2023 17. AUDfroRS REMUNERATIOTrI Period frorn lJan23to 30 Dec 23 YEar to 31 Dec22 Fees payable for the audit of the fancial statem¢nts of tbe subsidiary 7,813 5,303 Fees payable to the charity's auditor and its associates for other serviee8- Audit of the Consolidated financial statements of associatcs Otber non-audit sen7¢¢5 10,239 500 10,739 6.333 18. STAFF COSTS The total staff costs and employee benefits for the ieporting period are analysed 2s follows.. Period from l Jan 2.3 to 30 Dec 23 Year to 31 Dec22 Wages and salaries Soctal security ¢osls Employer contrsbutions to penston plans 468,7S2 32,000 329,777 25,774 5,274 360.825 507 223 The average head count of employees during the period was 43 (2022.. 40). The stveraoe number of full-time equiv&lent employees during the period is analysed as Eollows.. 30 Dee 23 o. 31 Dec22 AdEnÈnistration Loco department Shop and caterino Summer seasontl staff 23 16 No employee received employee benefits of more than £60,000 during the year (2022.. NÉl)- 32
KEIGHLEY AND WORTH VALLEY RAILWAY PRLSERVATION SOCIETY LTD COMPANY LIMITED BY GU2IRANTEE NOTES TO THE COIVSOLIDATED FINANCL4L STATEfviETrifs { eollllllue PERIOD FROM I JANUIIRY 2023 TO 30 DECEMBER 2023 19. TRUSTEK REMUNERATION AND EXPENSES A director i'eceived remiin¢ration of £5,568 (2022 - £5,142), in respect of services provided to the Keighley and Worthvalley Light Railway Linllted. No trustees received reinuneration or other beuefits fi employment with the Charitable compally or a ielated entity during the current or previolls yeatr. No expellses were paid to the trustees during this or the pr¢vious year. 20. FINANCtAL PERFORMANCE OF THE CHARITY Unrestricted Restrieted Total funds funds runds 2023 Dollalions and grants received Menib¢r5hÉp and other itLcome 336.587 104,235 336,587 104,235 440,822 20,231 20,836 27,088 (29,955) 440,822 Costs of genaating voluntary income Govemancc costs Support costs Net gain on investments 20,231 20,8J6 27,088 {29,955) 38,200 38,200 Net rnovcment in funds Total funds Brought forward Total funds carried fopvard 402,622 5,592,415 5,995,037 402,622 5,598,107 6,000,729 5,692 5,692 Cotnparative Unrestrieted Restricted Total funds funds fund$ 2022 Donations and graijts ieceived fvtembership and other income 105,278 75,927 105,278 75,927 181,205 19,801 13,912 8,lJ8 181,205 Costs of (Tener&ting voluntary income Govei'nance costs Net losscs on inveslmcnts 19,801 13,912 8,138 41,851 112,248 5,480,167 5,592,41S 41,851 112,248 5,485,859 5,598,107 Net movement in fidS Total fitnds brought forward Total funds Caled forward 5,692 5,692 33
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED B Y GUARANTEE TrIOTES TO THE CONSOLIDATED FINANCIAL STA TEMENTS (rfjirlittucd) PERIOD FROM I JANUARY 2023 TO 30 DECEftrtBER 2023 21. INTANGIBLE ASSETS Goodwlll Cost At l January 2023 and 31) December 2023 Amortlsation At l January 2023 and 30 December 2023 Carrying amount At30 December 2023 40,000 40,000 At 31 Decemb¢r 2022 22. TANGIBLE FTXED ASSETS Loog leasehold property Locomotives rolling FIEehold property FIxleS & fittings Cost At l January 2023 Additions 2.005,119 110,495 42,509 568.129 3.019.962 5.635,719 64,459 10.599 185,553 632,588 3,030,561 5,821,272 At 30 December 2023 2,115,614 42,509 Depreciatio At l J&nllary 2023 Charge for the period At 30 December 2023 162,693 66,023 25.416 852 454,730 865,Q57 1,507,896 46,686 137,475 251,036 501,416 1,002,532 1,758,932 228,716 26,268 Carrying amount At 30De¢ember 2023 1,886.898 16.241 131,172 2,028,029 4,062,340 113,399 2.154,905 4,127,823 At 31 December 2Q22 1,842.426 17,093 34
KEJGHLEY AND WORTH VALLEY IL41LWAY PRESERVATION SOCIETY LTD COMPANY LMTED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL sTATELNTs ( FLliiiNcdJ PERIOD FROM I JANUARY 2023 TO 30 DECEhIBER 2023 22. TANGIBLE FIXED ASSETS f Charitable company Long leasehold prop¢rty Locomolivcs aud iolling stock Freehold pIDpcrty Plant & machinery Total Cost At l Janu2ry 2023 and 30 Deeember 2023 847.642 1,412 47,413 1,393,191 2,289,6S8 Depre¢iatlon At l January 2023 Chargc for the year AI 30 Dccember 2023 55,936 14,352 70,288 108 36 15,506 4,741 20,247 55,822 7,875 127.372 27,004 154,376 144 63,697 CaLrrying a0t At 30 December 2023 777,354 79 1,706 27,166 1,329,494 2,135,282 2,162,286 At 31 Decen?ber 2022 1,304 31,907 1,337,369 23. INVESTlWtEINTS ShaF&8 ill group Cash or casli undertakings equivalerttg Listed investsncnts Total Cost or valuation At l January 2023 Additions Dispos&18 Unrealised gains Realised losses Othei. movemeTkt 1,857.183 54,360 684,329 738,689 440,012 440,012 (391,775) {39l,775) 32,605 32,605 (2,649) (2,649) (34,962) 19,398 54.360 At 30 December 2023 1,857,183 762,522 816,882 2,595.872 At 31 Decernber 2022 1,857,183 684,329 35
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (c1*1114} PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 CharAtable company Cash or Cash Listed eqiiivalents investments Total Cost or vAluation At l January 2023 Additilins Disposals Fair Vlle movements Other movements 54,360 684,329 738,689 440,012 440,012 (391,775) (391,775) 32.605 32,605 (2,649) {37,611) 762,52? 781,920 (34,962) 9.398 At 30 I)eceber 2023 Impairment t l January 2023 and 30 December 2023 Carrying ajnount At 30 DeCeber 21)23 19,398 762,522 684,329 781,920 738,689 At 31 Deeetnber 2022 54,360 All Investments shown above are held at valuation. Financial assets held #t fair value UK quoted securitie5 arc valued at the mid-tnarket pi'ice quoted by the London Stock Exchange. All illvesttnents are held in the UK and are held primarily to provide an investment rcknrn for the ¢hority. The following investments were worth mol'e thatt 50/0 of thc portfobo value at 30 December 2023. /&Total Mayket MV value 2023 Units UK (Govl ofj 0.25Q/. Gilt 3 L101125 UK (Govt 00 5 % GÈlt 0710312025 Clnse Sustainable Select Fixed tncome UK (Govt ofj 4.250/0 Gilt 22/07123 40,000 10,000 40,000 40,000 38,327 61,474 38,660 41,350 36
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (¢,.,,,,, P[1 IUOD FROM I JANUARY 2023 TO 30 DEI CEMBER 2023 24. INVESTMENT ENTITIES Subsidiaries and other investments There are no illvestments Outside tl)e UK. The chaIitable company's investments at the balance sheet dale and included in these consolidated accounts conprffse.. Keighlcy and Worth Valley Light Railway Ltd Company number Country of incDrporation Rcoistered nffi¢e 008710851 EnglaT)d and Wales The Railway Station Station Road Haworth BD22 8NJ Opei'ation of th¢ K¢ighley and Worth Valley Railway Nature of business Class of sl]ares Ordiu8ry There is a minorsty InreSt in the stEbsidiary, Keighley and Worth Valley Liuht Railway Ltd, consisting of 164 ordinary shaes of £10 each. These shares do not entitle the holder to a dividend or voting rights. Ou wioding up of Ilie company they would be entitled to a maximum of the norninal value. The Charity holds. IOOO/o Ot all shares entitled to voting rigbts alld dividends. 2023 2022 Summary of trading results Tumover Total expenditure Otlier operating Income Other income Taxation 2,936,519 2,239,373 (3,283,606) (2,297,541) 50,279 83,092 10,995 4,836 5,346 Loss foi the year (285,8l3) 35,106 Assets Liabilities 2,578,518 2.606,578 {1,635,6201 {1,580,000) 942,898 1,026,578 Summary of assets and liabililies 37
KEIGIILEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FIP4ANCIAL STA TEMENTS I,.,,,,,., PFRIOD FROM l JIINUARY 2023 TO 30 DECEMBER 2023 25. STOCKS 30Dec 23 31 Dec22 Retail shop stock 64,397 105,428 26. DEBTORS 30 Dec 23 31 Dec2? Trade debtors Prepayments and accrued income Other debtois $14,348 94,480 82,470 32.817 73,655 38,919 221,298 145,391 Charltablt company 30 Dec 23 31 De¢22 Trade debtors Amounts owed by subsidiary undertakin VAT (1,306) 812,751 13,648 825,093 io 700,008 224 700,242 The amounts owed by the subsidiary undertaking are unsecured and r¢payable on demand. 27. CREI DITORS." amoumts falling due withiD one year 30 Dee 23 31 Dec22 Trade creditors Amount5 owed to undertakings in which the chartty has a participatillg interest Accruals and deferred income SOCt security and olheT taxes Sundry ¢r¢dilors 188,114 138,538 5,762 158,634 16,055 12,010 380,S75 164,627 10,476 32,179 345,820 38
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUAIL4NTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ( PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 27. CREDITORS: amounts fling due Ivithin one year (cowdKJÈd) Cbaritable company 30 Dec 23 31 Dec 22 Trade ¢itditors Accrual aTAd deferred income 15,661 36,610 5,130 31,002 36,132 52,271 28. CREDITORS: amounts falling due after more th8JA one year 30 Dee 23 31 Dec22 Acciuals and defeed income 395,888 169,692 29. DEFERRED INCOMI 30 Dec 23 31 Dec22 AtlJdn23 Atnount released to income Amount deferred in period At30Dec 23 239,834 236,831 (239,834) (236.831) 353,631 239,834 353,631 239,834 Al the balance sheet date the Kei8hley & Wortli Valley Railway Prestrvalion Society Limited held funits received in ddvallce which all relate to mollies in advance for the 2024 financial year as follows: 2023 2022 Subscriptions paid in advance Grant incoLlle received in advanc¢ 29,010 324,621 26.502 213,332 353,631 239,834 39
KEJGHLLY AND WORTH VALLEY IL4ILWAY PRESERVATION SOCIETY LTD COMPANY LIMtTED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CulIe) PERIOD FROM I JANUARY 2023 TO 30 DECEMBER 2023 30. DEFERRED TAX The deferred tax ill¢lud¢d in the statsment of fin&n¢sal position is as follows: 30 Dee 23 31 De¢22 Included in PLY>visions (not 31) 202,133 The defeed tax account consists of the tax effcct of timing differences in respect of-. 30 Dec 23 31 Dec 22 Atoeletxted capital kllowances 202,133 31. PROVISIONS Deferred tax (note 30) Al l January 2023 Covered by losses At 30 December 2023 202,133 (202,133) 32. PENSIONS AND OTHER POST RETIREIKENT BENEFITS Detlned colltribution plans The amount recognised in illcome or expendithTe as an expense in relation to. defined contribution plans wa¥ £6,471 (20?2.. £5.2741. 40
KEIGHLEI Y AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIllTD BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS f,,. ,,,,, PERIOD FROM l J}UARy 2023 TO 30 DECEMBER 2023 33. ANALYSIS OF CHAIUTABLE FUD4DS Unrestricted fullds Gains and losses JO Dec 2023 l Jan 2023 Income Expettditu Transfers General funds Capital projects 3,924,712 3,418,504 (3,149,627) 1,200.000 5,124,712 3,418,504 (3,149,627) 29,955 4,223,544 1,200,000 29,955 5,423,544 Gains and 10.8.%e8 31 Dec 2022 l Jan 2022 Income Expenditure Transferg General funds Capitsl projects 4,997,469 2.494,098 {2,358,717) (1.200,000) ,200,000 (8,138) 3.924,712 1,200,000 4.997,469 2,494,098 (2,358,717) (8,&38) 5,124,712 tksign2ted funds relatillg to capital projects will be spent in the 2024 financial year. Restricted funds Gains and losses 30 Dec 2023 l 2023 Inco¢ Exp¢nditure Transfe13 41241 Ivatt Enoine 43924 5.253 439 5,253 439 5,692 5,692 Gains and losses 31 Dec 2D22 l Jan 2022 Income Expenditi]re Transfers 412411vatt Engine 43924 5,253 439 5,253 439 5.692 5,692 Restricted relate tij appeals tor restoration work on specific locomotives as details above. 41
KEIGKLEY AND WORTH VALLEY RAILWAY PRESERVATION soctETY LTD COMPANY LIMITED BY GUARATr4TEt E NOTES TO THE COFISOLIDA TED FINANCIAL STATEMENTS (¢oNtiNiied) PEIUOD FROM I JANUARY 2023 TO 30 DECE.VIBER 2023 34. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Restrictcd Total Funds Funds 2023 T8nEible fixed asscts tni'estTnents Cun'ent assets CrfditoTh less tFLan l year Creditor& greater than l ycar Provisions 4,062,340 781.920 1.355,747 {380,575) {395,8881 4,062,340 781,920 1,361,439 (380,575) {39i,888) Net assets 5.423,544 5,429,236 Unrestricted Restricted TtsrAI Funds Funds Fund5 2022 Tangible fed assets Investments Curtent asscts Creditors Icss than l year Creditors greater than l year Provisions 4,127,823 738,689 97.5,845 (345,820) (169,692) (202,133) 5,124,712 4,127,823 738,689 981,537 (345,820) 1169,692) (202,133) 5,130,404 5,692 Net assets 5,692 35. ANALYSIS OF CHANGES IN NET DEBT l Jan 2023 Cash flows 30 Dec 2023 Cash at bank and in Iulld Debt due within olle yeai. 730,718 345,026 (5,762) 339,264 1,075,744 (5,762) 1,069,982 730,718 36. CAPITAL COMMITMENTS Capital expenditure contracted for but not provided for in the Consolidated fLnancigLI staiements is as follows.. 30 Dec 23 31Dec22 Tangible fixed assets 29,105
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS IcoiiliKued) PERIOD FROM I JANUARY 2023 TO 30 DECEf¥lBER 2023 37. OPERATING LEASE COMMtTLIqENTS The total futllre minimum lease paynents und¢r non-canc¢llable operating leases are as follows.. 30 Dee 23 31 Dec22 Not later than l year Later than l year and not lalcr than 5 years Latcr than 5 years 22,165 39,800 64,500 126,465 50,808 64,500 134,353 Total expenditure incurred under opcratino lease contra¢ts during the year was £22,123 (2022.. £21,259}. 38. RELATED PARTIES The Friell(ts of the Keighley and Worth Vallcy Railway - Th¢ irnstees of The Friends of the Keighley and Wortb V&ll¢y Railway are appointed by the twst¢es of The Keigjley and Worth Vall?y Railway Th"esetvttion Society Limited. During the year Ihc year The Fri¢nds of the Keighley and Worth Valley Railway charged the company £nil (2022 - £5,762) foi mil¢age costs incurred. Durino the y, the Keighlcy and Worth Vallcy L1 Railway Limited received grattts amounts'Thg to £67,938 {2022 - £20,193) from The Friends of th¢ Keighley and Wortli Valley Railway of which £nil; (2022- £8,000) has been recognise.d in the profit and loss account with an additional £20,19112022 - £16,191) released froin deferred income. The remaining grants (tF£nil (2022 - £11,622) have becn defentd over th¢ lilc of the assets whicli the gi'ants relate to. Totsl grants of £169,977 (2022- £122,230) relaling tc> fixed assets are included in deferred income. 43