Till KttGbILÉYbt•v4OAntVhtl£YYhy KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD Company Limited by Guarantee CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2024 Company i'egistration nurnber: 07135945 Charlty regisÈratioii iiumber: 1136853 Streets.
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPIINY LIMITED BY GUARANTEE CONSOLIDATED FINANCIAL STATEMENTS YEARENDED 31 DECEMBER 2024 PAGE Tiustees, annual report (incorporating the directoi's report) Independent auditor's report to the Membe 12 Consolidated Statement of finaiicial activities (includÉng inconie and expenditure account) 17 Consolidated Statement of financial position 18 Siateinent of fjnancial position Consolidated Statement of cash flows 19 20 Notes to the consolidated fiiiancial statements 21
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LImITD BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRICTORIS PORT) Y£¢ AR EIYDED 31 DECEMBER 2024 The trustees, who are also the diCtorS for the purposes of cornpany lawj present theii report and tlie Consolidated financial statements of the chaiity foi" the year ended 31 Decemb¢i' 2024. REFERLDICE AND ADMINISTRATIVE DETAIIS Registered charity name Chai'ity i'egkstratAoll llumber Keighley and Worth Valley Railway Preseivation Society Ltd 1136853 Company registration number 07135945 Priiicipal offjce 2nd i'egistered The Railway Station Office Station Road Hawoith BD22 8NJ The trustees Dr M J StIDh (Chaiiinan) W N Bennett A Brown J Duijstcrs R M R Graham O Han'ison R Hai't J Hinchcliffe J Hoyle R HustWAck T Ruddock C Sheehan M TaiiEn R Wilson (Resigned 27 Januaiy 2024) (Resigned l August 2025) Ulesigned 20 July 2024) (Resigned 4 Decembei" 2024) (Appointed 20 July 2024) (Appointed 20 July 2024) Compally secretai"y Audltor Batty Streets Audit LLP Chartered Accountant8 & Statutory Auditor Tower House Lucy Tower Strect Lincoln LNI IXW Balllcers Bai-clays Banlc PIC LeicesteJ- LE87 2BB
I<EIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIII TY LTD COMPANY LIIIUTED BY GUARANfEE TRUSTEESI ANNUAL REPORT (INCORPORATING THE DIRECTORtS REPORT) fcolllliijtedj YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMEwr Governing Document The Iceighley & Woitli Valley Railway PrerVation Society Limited is a company limited by guai'antee govei'ned by its Memorandum and Ailicles of Associatioii dated 19 January 2010. It is registered as a charity with the Charity Cominission (number 1136852). Trustees Tiustees, who are also the Directors of the Cliaiity, are elected for thi'ee yeais by Members at tlie A]lIal General Meeting. They are appointed on the basis of tlieir TSonal skillslexpei'ience and theii. COEniiiitment to tl)e charity. Trnstees niust be a membei of the Cliaiityj over 18 years old and not disqualified fi'om acting as a Ti'llstee undei" the chill¢S Act 2011. Members wl)o wisli to be proposed as a Tiustee must give notice to tlie Chaiity at least 45 days befoi'e tlie Arniual Genei"al Meeting. Memb&3 receive at least 14 days, notice of die Annual Genej'al Meeting and are entitled to vote in person or by pi'oxy. At any one time tliere should bc a ininimum of two Trustees, but no mwmum. At the date of this i'epoi't, t1]"e al'e I l Trustees. No person or body, other than Members at the Ai)nual General Meeting. or Trustees at a meeting, have the power to i'emov¢ Tiustees frolli office. Ti'ustee training Following theii. election. Trustees are given briefing notes for the conduct of Dii'ectors pi'oduced by the Heritage Railway Association and tlie Cliarity Commission's guidance for TStees. The Chainnan. Company SeciEtary and Finance Dii'ectoi. pi'ovide fiirther guidance as is necessairy. All Tiustees are fainiEiai' with the Railway as members and most have volunteei'ed for many ycars. Organisation Tlie Tivstees manage the business of the Charity and each has responsibility for a specific part of the Chai'ity's opei2tions. There are also at least two Trustees representing membeis, interests. TEie Cl)arity has two related parties as follows: The Iceighley and Woi'ih Valley Liglit Railway Liinited is a wliolly owned subsidiary of the Cl)ai"ity. whose function is to operate the Railway and undertake commercial activities. 11 Is a private limited company, incorpoi'ated in England and Wales, and wholly controlled by the Charity. Diirctors of the subsldiary are appointed by tlie Trustees of tlie Charity. The subsidiary also directly employs technical, professional and adininistrntive support staff who, along with the directoi's, undertake th¢ day-to-day iijnning of the subsidiary. The Keigliley and Woith Valley LÉglit Railway Limited is included in theAe consolidated accounts. The Fiiends of the Keigliley and Worth Valley Railway (forniei"ly known as The Iceigliley and Worth Valley Railway Tiust) is also a charity establislied to support the worlc of tlje Railway. Whilst the Trustees act independently, they ale appointed by the C11"1ty (KWVRPS) and tli¢ Fi'iend5 of ICWVR Can only suppoit projects that ai"e tIfIed by the Board of the Chai'ity (ICWVRPS).
I(EIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETYLTD COMPANY LIMITED BY GUARANT TRUSTEESI ANNUAL REPORT UNCORPORATING TUE DIRfi CTOR'S REPORT) YEAR ENDED 31 DLI CEMBKR 2024 rtDiili1111É41 Rtsk management The Trllstees conskdei. tbat the following are the most significant risks to the continued operation of the Railway.. Safe operating.. unsafe opeiations could r&wlt in an incident that pi'events the Railway fi'om running OT do our visitorslvo1unteestaff ll. To mitigate this risk, tbe Raitway has a full Safety Manag¢mcnt System in place and a clearly defined pi"ocedure foi. its review, amendmellt and appi-oval. Safety and iisk topics are a Standing Boa1 meetiDg agenda item. A catastrophic infrastructure event: such an event could compromise the ability to operate the Railway, To mitigate this risK th¢ Railway bas in place an on-going programme of p.reventivc maintenance procedures. It also maintains appropriate insurance to fi11th. piotect it fi'om such events. Loss of volunteer roi]rce. volunteers forni the core of the Railway's workforce and without their on-going supporL the Railway would cease to be financially viable and unable to meet is charitable objects. Both the ChaTity and the operating subsidxary actively manage the Rallway's wide base of volunteer skill and time to mitigat¢ this nsk. Continue to attract income/fimding: principally by attracting tlie public to visit the Railway. The sustainability of the Railway is based on su8taining tbe interest of the public. Continuing interest is ultimately central to the Chaiity's contÈnued inGome and relevance. OBJECTIVES AND AcfivITIEI S Objects and afms The Chanty has four objeGts in its Articles of A&8ociation. In sumary they are: l. the p'eservation, operation, restoration, maintenance and protection of the Keighley aod Woith Valley Railway (the railway). 2. the 'eseatIOn of archives, records and 8rtifacts relating to the railway, 3. the education of the public through the operation of the raiLway, 4. other charitsble pUoseS for the advancemertt of education asso¢Aat¢d with the raitway. The aim of the railway is to achieve its objects in a manner tbat is financially sustainable, whilst contributing signiflcantly to the local community (tlke Keighley/Bradfoi'dMlest Yorkshire &ea) atLd its econorny. Public benefit The Charity has'¢ontinued to meet its tharitablc objccts in the operation and preservation of the Railway alld continues to seek to contiibute Èo the local conmiunity through its pi'ogrnmme of events. The operation of the Railway pIovides a wider benefit by seel(inE to sustain tt'aditional engineering sl(ills' by providing a Welcoming enviionjnent for vollteerS to develop ncw skills alld compet¢ncÉes' and by sharing knowledge between simlllar organisations. The Tiustees confimi tbat they have each complied with their duties under section 17 (5) of the Charitics Act 2011 to have due regard to the guidance on public benefit published by the Charity Commission when carrying out their ioles and responsibilities.
KEIGHLEY AND WORTH VALLEY RAILWAY PREI SERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (eolliliiiie YEAR ENDEI D 31 DECEMBER 2024 Envlronmental polficy The Railway lias developed an Environmental policy and covers thts topic iegulaily at board meetiiigs with a project CO-OTdinatoi leading this activity. We inonitor closely the amount of eneiEY used by the railway including gas, electricity, coal and diesel. The Railway's policy includes objectives to minimise unnecessary smoke, reuse materials where possible and Tninimise noise whei'e feasible. We have an active Lecycling policy with recycling bins in place at all stations and oil many of our caniages. Objectives foi. the year The Charity had four primary objectives.. l. To nianage our caslVfll]ancial position to enable investment in entIal capital and investment expenditure requiirments to be inet. This is tnet thi"ough: developing growing passeng¢i' income (from far&s, events and suppl¢nicnY spend); i'etaining sufficient unrcstiicted aud designated caskn ieserves whilst undertaking capital pi'ojects to maintain and enliance thc Railway's assets and facilities. developing longer-term funding and piK)ject plans to enable the Cliarity to continue to eet the Railway's charitable objects. 2. Through the Charity's trading subsidiary, develop an appropiiate commercial plan, Wit a particular focus on enhancing the Railway's events, catei'ing, di.inks and retail offei'ing, 3. To develop long-term plans foi" the sustainabilRty of the volunteer oper&tion of the Railway. 4. ImpLove tlie infi?structui'e of the Railway (with the objective of replacing Bridge 27 and ImplVIllg our seclion of Keigliley station). Strategies fol" the year Continue to manage costs carefully througli a period of ¢hallengiiig eeonoinic conditions and to develop income levels whilst not cndangerillg Lhe long-term of the Railway. Implement activiti&8 and events aimed at ireaSEllg tEic number of passengers above tlie prior year levels and to implement plans to increase revenue pet passengei (from drinks, catcring and tall). Eslablishjncnt of a longer-terni programrlle of strategic initiatives designed to ellliance, suppoit and facilitate the Railway's commercial activities and invest in capital projects alld infiystructure (principally on tlie planned civil maintenance bridge ieplacement and groundworks piojects and the maintenance of the locomotive and rolling Stock fleet). nils included: Rebuilding Brtdge 27 at Hawoi'th. This project was to be the biggest civil engineering project CELn"icd out by the Keighl¢y and Worth Valley Railway since the i'eopening in 1968. Woik witli Network Rail and fwidiiig partners regaidtng tlie development of Keigliley station.
I<fi IGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LITrllTED BY GUARAwfEE TRUSTKESI ANNUAL REPORT (INCORPORATING TH DIREI CTOR'S REPORT) YEAR ENDED 31 DECEMBER 2024 (coiirfiiiiedj Challenges during tlie year The Railway lias continued to meet the challenge of its maintenance baokIog, which was stsited to be addrwed in the pi'evious 2 years. Oui biggest piY)ject challenge was tbe rebuilding of Bridge 27, wlieir planning started in the previous years. Tlie bi'idge was i'eplaced in sq)tb. 2024 - on time and on budget. A itflectioll of incredibly detailed piDject planning by our volunteer tcam. The ch'ity is a tenant at Keightey Station. Network Rail have carried out a major ovei'haul of lceigliley station. This rneant for the fii%t 2 months of the year we could not lun trains into tliis station, which is a major access point for visitors. This meant we lost IEvenue and visitoi. nun]bei's. Significant effort bas been put into improving the ICWVR pt of the station (including platforns 3 and 4 plus tlie Watei" Tower and Signal Box). Tlie RaiIway's caféthar "The Old PelS Office" aL Keighley was closed in the early part of the year foi much of the year as r&wlt of the redevelopinent works at KeIg1eY station, The Railway's venttll at "The Old P.celS Office" struggled to i"cbuild trade following tl?e Covid-19 lockdown pcriol and any ll'adlng momentum was hit again rther as a itsult of tlie works at Keigl)ley station. soui.cing coal remains a difficult and expensive chaIlenge witli costs p. tonne at fai- higher tlie levels tlian piior to the UIu'aine war. The Railway coi)tinues to consider the balance of opei'ation8 between heritage diesel and coal fired st¢am locomotAves. sI11fIcallt activities duriiig tlie yeai. aiid volunteer iiRvoJvement It was pleasing to report that tlie niost significant activities of the year rclate to the optiOnS of the Railway (lnnIng days or events) or tlie preservationlrest017tion woi"k of tl)e cIia'ity, A fiill lilling service was offered on nearly every weekend of the year. Tiains ran seven days a week iji higli summer and during school holidays. Eiithusiast Galas were staged (Olle feabjring steam locos (Marcli)and one with diesel stock (June)) and the ever-popular Bcei and Music Festival took pLace iii Octoba. followed by the Elf Exploicr" Christmas family event. The Chi'istmas events Were attended in recoi'd nUMb's. Following the development of plans in 2022 and 2023 our Civil engineering team prepai'ed the OUnd works (spi'ing/ summer) and then replaced bridge 27 at Hawortb (September). This was as well as attending to and managing the ongoing iDaint¢nance of the line including developments at Iceighley station. The Mechanical engiiieerllig leam contiiiue to manage the oii-going schedule of locomotive aiid rojling stock Over]ll1S and i'epai. Work contiiiues i'egarding tlie overhaul of tl)e Panllia Tank (5775), the War Department locomotive (90733) and Class 25 Diesel locomotive {25059). The recently ovei'hauled Stsndard 4 locomotive 75078 enjoyed a full year back sei'viGe on the lÈlle as did our Class l O I DMU. At the time of wiiting we have around 700 volunte% registei'ed with tlie Railway. Tl)e Trustees would like to thank all those voEullteei7 who continue to conts"ibuie so significantly to the ongoing success and achieveinents of the Railway. The running operation demands a great deal fi.om oiii. volunteei's, Running a progi'amme of events througli the year makes a vY significant contribiition to thc Railway's finances and 0. day to day running and events programine could not be held without tlie
I1 IGHLEY AND WORTH VALLKY RAILWAY P( SIRVATION SOCIETY LTD COMPANY LIMITED BY GUAIIANTEE TRUSTEESI ANNUAL REPORT (INCORPORATING THE DIREI CTOR'S REPORT) YEAR ENDED 31 DECEMBER 2024 effoi'ts of our dedicated volunteers. Thc Tiustees acknowledge tliat we indebted to tjie tnany volunteeEE who continue to work tii'elessly on tbe m&intenance of the Railway and its pi'opei'ty and assets. To give an exainple of this commitment we estimate that the Bridge 27 project alolie took 8,000 to l O,CK)O volunteer Iiours. No attempt has been made to quantify the financial value of the work of the volunteers An tliese accounts, but the Trnstees acknowledge that thc Railway would not be financially viable without their continued conti'ibution. The Trustees monitoi the number of new volunteeiE joining the Railway team. Safeguai'dlng oui" customers volunteers and staff We treat the personal safety of oui. custome1 volunteers and staff very sei'iously - especially those wlio may be young or vulnerable. As a rtsult, the Railway eniploys a co-ordinator to look after tE]e intei'ests of young people and carry out DBS (Disclosure and Barring Setvice) checks as required. The employees of tbe Railway are employed by the Operaling Company. the Keighley and Worth Valley Light Railway Ltd. We are very grateful for the cominitnient of our hardwoiking staff. STRATEI GIC REI PORT Tlie foLlowing sections for achievements and perform8ncc and fI7ncIal review foLin the strategic report of tlie CIlty. ACHIEVEMENTS AND PERfiORMANC]£ Achievement of objectives Fillancial The Tivstees are pleased that tlie Railway achieved its objectives iElating to sound financial Inanag¢Jnent and investment into infrastwcture and wc continue to operatc with a stix)ng operational fleet. But the unrestricted cash reselves of the Railway deci'eased in die yeai. as a i'esult of our heavy investment programme ill civil, property and meclianical engineering Projects. Visitors NUMb'S (attractlng the public to Visit t]ie Rallivay) Passengei. numbers and income increased in the year. Visitor numbeiE again exceeded 100,000, despite the closure of Keighley station at the start of the year. It has been paiticulai'ly pleasing tliat our majoi. events piDgrainm¢ (specifically the Christmas 'ogi'amme, entliusiast Galas and the Beer and Music Festival) Iiave attracted stsY)ng visitor levels to tlie Railway. To be able to attract high levels of visitors reflects t1 success of the ti?ding subsidiary's COMMC]a1 plan.
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) fcDItrfiiii) YEAR ENDED 31 DECEMBER 2024 Mainteijallce and Replill (to sustain the Rallivays operating futui"e) Civil Engineering Oui. biggest Civil Engineering project was tlie rebiiilding of Bridge 27 at HawoLth. Whilst the iiew bi'idge was put into place in September 2024, planning started in 2022 and 2023. TEiis pioject has cost well ov¢i' £lin, plus as stated earlier an inci'edible amount of volunte'S time. Ov¢r 90 /0 of tlie cost fell into 2024. We have becn extsEmely pleased to have enjoyed 80/ gj'ant support fiDm the Communities Ownei'ship Fund. This engineeriiig pi'ogramme has been a most colossal engineering (and financial) achievement and the biggest project since we reopened in 1968. Further work has been carried out by the Civil Engineei'ing team to inaintain tlie line, but otliei. activities have been dwarfed by the liuge progrnnme relating to BTidge 27. Mechanical Engineering Our locomotive and coach oveihaul programmes have moved forward to schedule with 2 major steam locoinotives (90733 and 5775) undei ongoing overhauL a diesel loco undei. ov¢ihaul (25059) and othei's undei"going on going repair. We expect these locomotives to be back in traffic in 2025126. TIIIS work112s been suppoited by the Friends of KWVR and prAvate donations Oui. Diesel Multiple Unit (DMU) fleet was strengthened in 2023 by thc i"etwi) to sfflvice of a Class 101 set, following the refiu'bishment of a Pacer (Class 144) set tlie yeai. before, This fleet lias become a veiy cost effective and regular runjiing part of our operatioi)s IJJ 2024. Restoration iuld repair of oui coacEiing stock remains a piiority, witli ongoing Coach rebuild work pt of our plans for coaches iE-entering sei'vice in 2026. Pi'opei'ty Mainteiiance and Developmellt Duriiig 2024 th¢ lccighley Maiiiline station was in the inidst of a very sigllificant irdevelopinent and the Iceigliley and Woitli Valley Railway has taken this opportunity to refui'bish Éts operating area of the station incEuding thc Water Towel. and Signal box. Tlie Water Towel. building has become a populai. visitor atlractÉon An its own right, pi'¢sentiag the history of the Railway aiid explaining the vital proc&qs of filling steam loconiotives witli water, The ramp IcadiIig to platform 3 and 4 lias been rebuilt at very considerable cost, following tlie fittÈng of new windows adjacent to thc rainp. The glass canopy will be iefiwbished in 2025, with preparations made in 2024. Oui. work at Keighley lias been partially 8UPPOrted by gi'ants froin tlie Towns Fund and tl)e Railway Hei'itagc TivtsL An example of furtl)er woik at othei. sites includes redevelopment of the Oakworth station cai. park. Plans are in progirss to refurbisli the Watei. Column at Oxenliope in 2025.
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTORI YEAR END1 D 31 DECEMBER 2024 S REPORT) Fundraising The projects above give examples of oui. successful fundraising. We are extremely grateful for the grant we ieceived fi'om the Cornmunities Ownership Fund to make the renewal of Bridge 27 possible, for ihe siipporL at lceiglilcy station fi.om the Railway Heritage Trnst and the Towns Fund alld foi. the continued support fi'om the Fiiends of KWVR, Additionally) we iEcetved donations Oarge and sillall) from private donors. We bclieve the generosity of the public demonslL'ates that we are providing a muGh loved and higlily valued experience. Ow. income from fundraising exceeded the PiEViOUS year. The Charity recognises that tlie speed and extent of our developinents is only made poss(ble by the sUPPOrt and inci'edible geneiDsity of our suppoiters. Additionally, we are grateful for support from the linked Chlty the Friends of the Keigliley and Worth Valley Railway. FINANCIAL REVIEW Tlie flnancial statemeats for 2024 demonstrate real progress on 2023, with significantly l)iglieL levels of incoine £4,238,546 (2023: £3,418,504) as a i.ult of inci"eased yj'ant income. Howeva.. oiii. ts'ading income fell on 2023 as a i&sult of the one off nature of tlie "Flying Scotsman Festival" in 2023. The Railway enjoyed plcasing 013t1ng incom¢ across the y¢ai', with healthy levels of visitors to the events programme. Our popular "Beer and Music" event in October was again well attended and our "Elf Exploi¢1 Cliristmas offer was again a "sell ouv,. Our llew 'Christmas Caiol" theatre production at Oxenhope extended our Cliristmas offei". The themed Steam and Diesel gaEas were again well attended. Despite the cominercial investments and the costs of tackling tlie liAnteance backlog the funds of the Charity, net of restricted funds, has Yeinained matei"iality consistent with the piioi. year £6.007,101 (2023: £5,429.236) and this is testimony to the focus on successful runuillg opei'ators and carefijl Cost mallagement dui'ing tlie year. Total iiicome grew to £42 in 2024 from £3.4m in 2023, but costs (net of taxation) incieased by £536,093 (2023: £993.043) and cash decreased to £J.288,434 from £1,857,664 (witli £825,123 invested as pait of tlie CliarAties InVtMent strategy- refeiiEd to later). All piujects liave been funded from both existing cash reseives, on-going fund-i?ising initiatives and operating activities. Tlie largest an¢ received in the year was from die Community Ownersliip Fulld of £1,000,000 for BL'idge 27 At the eiid of 2024 the Cli.ity had iestricted funds (£995,039) relatillg to pi'evious ftULdraising foil two locomotives (IvatL 41241 and 4F 43924), the Oxenhope Water Tower and Bi"idge 27. Relationsbip with Suppliers The Railway recognises that its suppliers (along witli Custolne, volunteei's, Inetnbers and staty) are a key "stakeholdei in the Railway. As such the Railway's policy is to pay invoices foi. sfttisfactoiy work to tlie tem]8 agreed between tlie Railway and tlie contractor. The Railway uses local supplieiE wheiE feasible.
I<EIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUAIL4NTEE TRUSTEI ES, ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) {eoiirfiiiiÉ&) YEAR ENDKD 31 DECEMBER 2024 Policy on reserves The Charity's policy is to hold a minimum of £150,000 unresti"icted and undelineated cash at bank as a reserve against the realisation of any of the risks set out in the Risk Management section and aims to hold a woi'king Capital reserve (nel of current assets) of at least £50,000 at 31 December each yeai, although the working Capital Irquirement is higher tljan this during ow. intensive summeL running period of operation. Cash at baith stood at £509.391 (2023: £1,075,744) plus investments of £825,123 (2023: £781,920) at the end of the year and there were no breaches of tlie reseive policy at any time dunng the year. Cash ieserves and investments were kept above £lm across tlie year. Net cui'rent assets at the yeai-end i'emain well witliin hlstoric norms foi. the Railway, totalling £295,351 (2023: £980.864), Pi'lneipal Fundlng sources In 2024, the piincipal funding soui'ces of the railway are incoine fi.oni our oiigoing operations aiid to a lessei. exfrnt a combination of menibeiEhip sub5cfAptions, 'allts and donations. PLANS FOR FUTUR PflUODS Plans foi" future periods Tlie Titjstees are cominitted to a nun)ber of initiatives OV the medium term. Tl)ese include: Protection and development of incomc from Railway opei'ations thi'ough enliancement of visitoy expience. Increase of the conts'ibution to sVIS froin events. drinks, catering and retail operations thi'ougli expanding the evcnts and catering offering, (both on ti'ain and at stations) as well as creating new channels f. retail opeiTttions (online web-shop and ti¢k¢ting). Tlie Trustees also iecognise their duty to continue tlie programme of maintenance and capital expendituiE to ensui'e the longevity of Railway assets under tl)eir cal'e and expect to matntatn higlilevels of expenditui'e into the future. Fiftancially, tl)e Trustees expect to nianage costs piudently to realis¢ a niodest long-tenn operating sujplus (after maintenance costs). Any surplus is expected to be ie-invested in capital expenditure programmes in fjjture yea. The Trustees also acknowledge that it will be ne¢sary to be proactive in seelcing fuuding fiom grant-making Fx)dies so that development initiatives can be fully realised. Investment Strategy As at tlje tÈmc of wilting this report in July 2025, the Cl]arity holds a casli and investsnent balance of over £933k (2023 - £1.235k) (coverinE resti"icted and uniestricted reserves for future pi'ojects), with its subsidiary the Keighley and Woith Valley Light Railway Ltd holding a furthei" balance that Cove at least six weeks ts'ading. Following a pei'iod of sustained inflation (specifically relating energy and building matfflials) the Cbarity proactively managcs its cash balance witli an investinent sts7tegy. The Railway invests cash with an investinents bank tliat lias a successful tracl< record working with cl)ai'ities. The aim is to make a return on oui- Inoney, rather than allowing the real value of oui. balance to decline in an intei'est free bank account. Tlie Chaiity is waiy of losses. and has no appetite for high levels of risk, but tlie imp&ct and real cost of inflatioii is a certainty. The Railway invests in a poitfolio which is cautiousl offei's a low LL)
I<EIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITKD BY GUARANTEE TRUSTE£1 Sl ANNUAL REPORT UNCORPORATING THE DIRECTOR'S REPORT) (toiiiliiiied) YEAR ENDED 31 DECEMBKR 2024 moderate i'isk. Tl)is nieans tliat the Charity iiivests the majority of its fijnds split primarily between casblfixed intei'est accounts, and equities (fi'oin a variety of sectors and geogi'aphics) but also to a lesser extent in altaative investmcnt vehicles such as real tate income funds, infrastiucture fuiids and investment fi7llds. The Illvestment Bank selects th¢ Funds on the Charity's belialf. The rnajority of the investmeiits air in UK Fundsl accounts. As stated above, the brief from the Railway is for a cautious I'etuin. rather tlian driven directly by social, environinental or ethical considerdtions. It is a requireiDent of the Charity that tbc investinent funds can be drawn down very quicldy, lather than being locked &way foi. yeai's. This allows these balances to b¢ di?wn upon for niajoi capital spend projects. Thc balance as of 31 st December 2024 was £825,123 (2023 - £781,920). Tlie Finance Directoi. follows the perforn]ance of these inv¢stments closely and he keep5 Ihe Tiustees up to date witli the results. Funds held as custodlan Trustee Neither the Chaiity nor its Trustees are acting as custodian tnteeS for funds beld on behalf of otliers. FUNDS HELD AS CUSTODIAN TRUSTEE Neither the Charity nor Its Trustees air acting as custodian tn]stees for fi)nds hekd on behalf of others. TRUSTEES, RESPONSIBILITIES STATEMENT The trustees, who ale also directors for the pury)oscs of company Iaw. are rcsponsiblc preparing the trustees, report and the Consolid&ted flnancial statements in accordance with applicable law 8nd United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Compaiiy law requir&s the charity trustees to prepare Consolidated flnancial statements for each year which give a tiue and fair view of the state of affai13 of the chaiitable coinpany and the iiicoming resowces and application of resources, including the income and expenditure, for that period. In preparing these Consolidated financial statements. the ttijstees aye iequired to: seleet suitable &ccouiiting policics and tlien apply them consistently; observe the methods and principles in the applicable Cliaritics SORP. make judgments and acLounting estimates that are re8sonable and piudent; slate whetlier applicable urc Accounting Standards have been followed, subject to any matei'ial departures disclosed and explained in the Consolidated financiaE statements; prepare the Consolidated financial statements on the going concern basis unl&8s it is uiappropriate to presume that the charity will continue in business. The trustecs are irspojjsible for keeping adcquate accounting records that are sufficient to show and explain the chity'S ts'ansactions and disclose with irasoiiable accuracy at any Lime the fjnaiicial 10
I<EI IGHLEY AND WORTH VALLEY RAILWAY PREI SE4 RVATION SOCIETY LTD COMPANY LIMtTED BY GUARANTEE TRUSTEES, ANNUAL PORT aNCORPORATING THE DIIIECTORIS REPORT) YEAR ENDED 31 DECEMBER 2024 position of tlie cl)ai'ity and enable them to ensure that llie Consolidated financial statements comply with the Coinpanies Act 2006. They are also iesponsible for safeguai'ding the dssets of the charity and hence for taking reasonable stcps foi the pievention and detection of fi7ud and othei" in'egularitie8. AUDITOR Each of the pei'sons who is a trustee at the date of appJx)val of this report nrimi8 thaL" so far as they e aware, there is no relevant audit information of which the ChIty'S auditor is unawaiE' and they have taken all steps tljat they ouglit to Iiave taken as a tnistee to make themselves awai'e of any Lel¢vant audit infoi-lnation and to establish that the chaiity's auditoi. is awai-¢ of that infoElllation. Tlie kn'ustees, annual i'eport and the strategic repoit weir approved on 24 Septemb. 2025 and signed on behalf of tlie board of tsustees by: CHCLIFFE ee 11
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMtTLD BY GUARANTEE INDEPENDEwf AUDITORIS REPORT TO THE MEMBERS OF KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD YEAR KNDED 31 DECEMBER 2024 OPINION We have audited the Consolidated financlal statements of Keighley and Worth Valley Railway Preseivation Society Ltd (thc 'charity') for the year ended 31 Decemb¢i" 2024 wliicli comprise the coiisolidated stateinent of financial activities (including income and expenditure account), consolidated statement of financial position, consolidated statement of cash flows and the related notes. including a summary of significant accounting policies. The financial reporting framewoi'k that has been applied in tliell. pi'eparation is applicable law and United T(ingdom Accouiiting Standards, including FRS 102 The Financial Reporting Standard applicable in the UIC and Republic of Ireland nited Kingth)m Generally Accepted Accounting Practice). In oui. opinion tlie Consolidated finaiicial stateinents: give a ttve and fair view of the state of the charitable company's affairs as at 31 Deceinbei. 2024 and of its incoming resoiirces and application of resources. including its incom¢ and expenditui"e, foi. the year then ended; have been piDperly prcparnl in accoi'dance with United Kingdom Genei7lly Accepted Accounting Piactice. have been 'epared in accoiylance with tlie requiiEments of Ilie Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance witli tntcrnational Standards on Auditing (UK) OSAS (UIC)) and applicable law. Our responsibilities under those standards are furthei. described in the auditor's iegponsibilities for the audit of the consolidated financial statements section of our i'eport. We are independent of the charity in ac¢oi"dance with the ethical iequirements thaÉ are iElevant to oui. audit of the Consolidated financiaI statements in the UIC, including the FRC'S Ethical Standard, and we have Ifilled our otEiei' ethical itsponsibilities in accoi'dance witli these requirenients. We believe that tEie audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing tlie Consolidated finaiicial statements, we Iiave concluded that the tiiJste¢s' use of th¢ going concei'n basis of accounting in the preparation of the Consolidated financial statements is appi'opi'iate. Based on the work we have pcrfonned. we have not identified any matei.ial uncci'tainties relating to events or conditions that. individually or collectively, may cast significant doubt on tlie chai'itable company's ability to continue as a going concern foi. a period of at least twelve moiitlis frojn when tlie Collsolidated finajicial statements are authoi'ised for issue. Our irspoiisibilities and the responsibilities of the trustees with respect to going conceiTr are desciibed in the i'elevant sections of this i"eport. 12
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KE¢ IGHLEY IIND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD (Co111 iittelj YEAR LNDED 31 DECEMBER 2024 OTHER INFORMATION The other illforniation compris&8 the inforniatioll included in tlie annual report. other than the Consolidated financial statements and our auditor's irport tliereon. Tlie trustees aiE IEspoiisibEc for tlie otlier inforniation. Our opinion on the Consolidated financial statements does not cover the otlier infonnation Elnd, except to the extent otheiivise explicitly stated in 0. repo¢ we do not expl'ess any fomi of assui2nce conclusion thereon. In connectioii with ow. audit of the Cojisolidated financial statements, 0. iEsponsibility is to read the Oth infoiThation and. in doing so. consider whether the other infoiination is materiatly incoiisistent with the Consolidated finallcial statenients or our knowledge obtained itt the audit oi. oÈheiwise appea13 to be inatei'ially misstated. If we idcntify such material incoitsistencies oi. appaicnt matci-ial misstatcments, we ai"¢ requiiEd to de(eiinine whetlier thcTe is a material rnisstatement in the Consolidated financial statemeiits or a material misstalement of the other inforniatioti. If, based on the work we have performed, we conclude tliat their is a lliaterial misstatement of this othei. infom]ation, we are requiLed to repoit that fact. W¢ have llothing to itport in this regard. OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPAIYIES ACT 2006 In oui. opinion, bJsed on the work undertaken in the course of the audit: the inforn]ation given in the trusiees, Yepoit for the financial year for whicli the ConsoEÉdated financial statements are prepared is consistent with the ConsolidRted financial statements. and the trustees, repoit has been piEpaird in accordance wÉth applicable legal requii'ements. mAERs ON WHICH WE ARE REQUIRED TO REPORT BY EXCEI PTION In the light of the knowledge and undei'standing of the charitable Conipany and its environnient obtained in the coui3e of tlie audit, we have not identified rnaterial misstatements Tn the bStee8, i'cporL We have llotljing to report in itspect of the following matters in relation lo which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records liave not been kept, or returns adequate for OUL audit l)ave not been received from brancli&g not visited by us" or the Consolidated financial statements are not in agreement with the accounting Itcoi'ds and returns, oi. certain disclosures of trustees, i"eniuDeration specified by law are not inade. or we have not received all the infoi'mation and explanations we reqllE for our audit. 13
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITORIS REPORT TO THE MEMBERS OF KEIGHLEY AND WORTH VALLEY RAILWAY PRESKRVATION SOCIETY LTD Icojil YEAR ENDED 31 DEI CEMBER 2024 riiiiedj RESPONSIBILITIES OF TRUSTEI ES As explained moTe fully in the trustees, iuponsibilities statement, the tnlstecs (who are also the dii'ectors for the purposes of compally law) are responsible for th¢ prepai'ation of the Consolidated financial stateTnents and for being satisfied that th¢y give a trne and fair view, and foi. such internal conh'ol as the trustees determinc is necessaiy to enable the preparation of Consolidated financial statements that al'e free fi'om material J)iisstatemenL wlietlier due to fraud or C01.. In pieparing the Consolidated financial statements. tlie trustees ate responsible foi. assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, mattel's i'elated to going concern and using the going concern b&8is of accounting unless the tsstee$ eithej" intend to Itquidate tlie cliai'itable coinpany or to cease operations, oi. have no realistic alternative but to do so. AUDITOR'S RCISPONSIBILITIES FOR THE AUDIT 011 THE CONSOLIDATED FINANCIAL STATE1Ts Our objectives are to oblaiii reasonable assurallce about whether die Consolidated financiaE statenients as a whole are free froin matei'ial misstatement. whether due to fraud or error, and to issue an auditoi's Itport that includes oui. opinion. Reasonable assurance is a liigh level of assui'ance, but is not a guarantee that ali audit conducted in accordancc with ISAS (UK) will always detect a inatei'iaL misstatement when it exists. Misstatejnents can arise from fraud or ¢m)r and are co1ldered matei.ial if, Endividually or In th¢ awegate, tlicy could irasonably be expected to influence the economic decisions of users trdken on the basis of th&se Consolidated financial statements. IITegularities. including fraud, are instanc&s of non-compliance with laws and regulations. We dign proCeduS in line with aur responsibilities. outlined alK)ve. to detect tnaterial misstatements in respect of li.regul.Aties, iiicluding fi'aud. Tlie extent to which our prOCedeS are capable of detecting intgulai'ities, including fi'aud is detailed beEow: Out. approach to identifying and assessing the risks of material misstateinent in respect of iIT¢gulai'ities, including fraud and non-compliance with laws and gUlations, was as follows: the engagement parinei. eftS.ed that the engageinent team collectively Iiad the appi'opriate competence. capabilities and skills to identify or recognise non-compliance with applicable laws and regulations: we Édentified the laws and regulations applicable to the cornpany thi.ough discussions witli dkieclors and otliei nianagement" we focused on specific laws and regulations which we considered may bave a diiEct matejial effect on the financial statements or the operations of the conipany; we assessed the extent of compliance with the laws and regulations identified above tI)rougli making enquities of management and inspecting legal correspondence. and identified Iaws and regulations war communicated WAthin the audit team rcEulaily and the tcam i'einained alert to instances of non-compliancc throughout the aiidit. 14
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMtTED BY GUARANTEI E INDEPEfsDE4 NT AUDITOR'S REPORT TO THE ImBERs OF KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD rtoiiliiiuerfj YEAR ENDEI D 31 DECEMBER 2024 We assessed the suscq)tibility of the charitable company's fiiiancial statements to inateiial niisstatement, incliiding obtaining an understandillg of how fi7ud inight o¢cur, by." Inaktng enquiries of management as to where they considered tljere was susccptibility to filud, theii" knowledge of actual, suspected and alleged fraud. and considering the intei'nal controls in place to mitigate risks of fraud and non-compliance with laws and regulatsons. To adth'ess tl)e risk of fi7ud through management bias and oveiiide of conts'ols, we: peiforrned an81ytical pi'ocedures to identify any unusual oi. unexpected relationshlps; tested journal ents'ies to identify unusual ti'ansactions; assessed whether judgements and assuinptions Inade in deteiThining accounting estimates were indicattve of potential bias; and iiiv¢stigated tbe rationale behind significant or ullusual transactions. In itsponse to the i"isl< of iri"egularities and non-compliance with laws and regulations, we designed procedui'cs wliich included, but were not Eimited to: agreeiug financial stateinent disclosuiu to undeilying supporting documentatioii. reading the minut&8 of meetings ofthose cbarEed with governance; enquiring of managenient as to actual and potential litigation and claims. and reviewing cottespondence WAth relevant regulators. There are inberent limitations in oui" audit procedures described above. The more i'einoved that law8 and regulations are from financial ts2usactions, the less likely il is that we would become aware of non-coniplÉance. Auditing standards also limit the audit procedures requii'ed to identify non-compliance with laws and regulations to enquiry of the directoiE and othei. management and the inspection of regulatoiy and legal COiTespondence, if any. Mateiial misstateinents that arise due to fraud can be Iiai'der to detect than tliose that arise froin &i"oi' as they may involve delibeiate concealment or collusion, 15
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY L]MITED BY GUARANTEE INDEPENDE4 NT AUDITOR'S REPORT TO THE MEMBERS OF KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD {e YEAR ENDED 31 DECEMBER 2024 JJliiJiiedJ A fuither dcrIption of our respoiisibilities foi. the audit of the Collsolidated financial statemciits is Iocv4ted on the Financial Repoi'tiiig Council's website at www.frc.oi"g.uklauditOlEresponsibilities. Tliis desci'iption foiThs pait of our auditor's iepoi't. USE OF OUR REPORT Tliis repoit Is made solely to the clritable company's meinbers, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we rnight state to the chai'itys memb5 those matters we air required to state to them in an auditoi s Irport and for no othei. puipose. To the fullest extent pennitted by law, we do not accept or assume responsibility to anyonc othei. tlian the chlty and the charity's mliberS as a body, for our audit work, foi. this repoil. or foi" tlie opinions we have foi'med. Sally Shacklock BA FCA (Senior Statutory Auditor) For and on behajf or Streets Audit LLP Chaitered Accountants & statutory auditor Tower House Lucy Tower Street Lincoln LNI IXW 16
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE STATEMENT OF CONSOLJDATED FINANCIAL ACTIvrriEs (INCLUDING INCOME AN'D EXPEI NDITURE ACCOUNT) YEAR M)D 31 DECEI MBER 2024 P.10d fi'om lJan23to 30 Dec 23 Year to 31 Dec 24 Unrestiicted Restricted funds funds TotAI funds Total fimds Note Income and endowments Donations and legacies Cliai'itsble activities Otlier trading activities Investment income 550.700 1,891,366 747.737 38,743 3,228,546 1,010,000 1,560,700 1,891,366 747,737 38,743 4,238,546 428,073 2,068,665 885,944 35,822 3,418,504 Total Income I,oIo,000 Expenditure Expenditur¢ on rnising funds: Costs of other trading activities 647,254 Expenditure on charitable activities 10,11 1794,543 Taxation 13 647,254 2,815,196 223,276 3,685,726 606,970 2,744,790 (202,133) 3,149,627 20,653 Total expenditure 3,665,073 20,653 Net gains on inves(ments 14 (25,045) (25,045) (29,955) Iyet income and net movenient in funds (41 L,482) 989,347 577,865 298,832 Reconciliation of fullds Total fidS brought foiward Total funds carried foiJY2rd 5,423,544 5,012,062 5,692 995,039 5,429,236 6,007,101 5,130,404 5,429,236 The statement of fanCIal activiti&8 includes all gains and losses recognised in the year. All income and expenditure derive froni continuing activities. Thc notes on pages 21 to 44 foi'jn pai't of tliese Consolidated finAnclal statements. 17
KEIGHLEY AND WORTH VALLEI Y RAILWAY PRESERVATION SOCIETY LTD (Company registration numbei-: 07135945) COMPANY LITED BY GUARANTEE CONSOLIDATION STATEIVIENT OF FINANCIAL POSITION 31 DEI CEMBER 2024 2024 2023 Note FIXED ASSETS Tangible fixed assets Investments 21 22 5,477,258 825.123 4.062.340 781,920 4,844,260 6,302,381 CURIiENT ASSETS Stocks Debtois Cash at bank and in hand 24 25 63,901 248,423 509,391 821,715 64,397 221,298 1,075,744 1,361,439 CREDITORS. amounts falling due withill oiie year NEI T CURRENT ASSETS 26 526,364 380,575 295,351 980,864 TOTAL ASSETS LESS CURRENT LIABILITIEfj S 6,597,732 5,825,124 CREDITORS: amounts falling due after More thali one year 27 367,355 395,888 PROVISIOIYS 30 223,276 NLI T ASSETS 6,007.101 5,429,236 FUNDS OF THE CHARITY Restricted funds Unrestricted funds 995,039 5,012,062 6,007,101 5,692 5,423,544 5.429,236 Total Charity funds 32 These Consolidated financial statements were approved by the board of trustees and autlioiised foi" is on September 25, and a signed on behalf of the board by: Chaiikllan The notes 011 pages 21 to 44 form part of these Coiisolidated finaiicial statemcnts. 18
KEIGHLEY AND WORTH VALLEY RAILWAY PRLSERVATION SOCIETY LTD (Company registi'ation number: 07135945) COMPANY LIMITED BY GUARANfEE COMPANY STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2024 2024 2023 Iyote FIXEID ASSETS Tangible fIxed asscts Investments 21 22 2,108,278 2,682,306 4,790,584 2.135,282 2,639,103 4,774,385 CURRENT ASSETS Debtors Cash at bank and iii hand 25 1,651.128 108.560 1.759.688 825,093 453,522 1,278,615 CREDITORS: amounts falliiig due ithln one year NET CURREwf ASSETS 26 56.705 52.271 1,702,983 1,226,344 TOTAL ASSEI TS LESS cuRRlr LIABILITILI S 6,493,567 6,000,729 NET ASSETS 6,493,567 6,000,729 riUNDS OF THE CHARITY Restsicted funds Unrestsicted fi]nds 15,692 6,477,875 6,493,567 5,692 5,995,037 6,000,729 Total cli8rity funds 32 Thre financIal statcments were appii)ved by the board of trustees and aiithoi'iscd foi issue on 24 tem ¢1. 2025, and are signed on behalf of the board by: DRM J STROH Clthii'man Tlie notes on pages 21 to 44 foiin part of tliese CollsoIEdated financial statemeiits. 19
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARAwfEE CONSOLIDATED STATEMENT OF CASH FLOWS YEAR EIYDEI D 31 DEI CEMBLR 2024 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net income 577,865 298,832 Adjusliiieiitsfoi.: Depreciation of tsngible fixed assets Net gains on investments Dividends, intert and rents from investments Otlier interest receivable and similar income TatiO11 Accrued expenses 306,826 (25,045) (27,943) (10,800) 223,276 24,073 251,036 (29.955) (22,299) (13.523) (202,133) 106,406 Chuiigas iii.. Stocks Ti'ade and othcr debtors Ti'ade and oth¢1 creditors 496 (27,125) 52,865 1,094,488 41,031 (75,907) 148,783 502,271 Cash generated from opeiations Intei'est i'eceived 10,800 1,105,288 13,523 515,794 Net casli fi'oin opei-atiiig activities CASH FLOWS FROM INVESTING ACTIVITIES Dividcnds, interest and rents from investments Purchase of tangible assets Purchases of otheA iiivesttnents Proceeds from sale of other investrnents 27.943 22.299 (1,721,744) (185,553) (248,744) (440,012) 224,824 432.498 (1,717,721) (170,768) Net cash used in investing activities CASH FLOWS FROM FINANCENG ACTIvrriES PLoceeds froin bOowingS Net casli from finl¢lng activities 46.080 46,080 NEI T IDEI CREASE)IINCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR (566,3S3) 1,075,744 509,391 345,026 730,718 1,075,744 I'lie iiotes oil pages 21 to 44 foi'm part of these Con501idated finaiiei21 statements. 20
KIGHL[l Y AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LllkllTED BY GUARANTKE NOTEI S TO THE CONSOLIDATED FINANCIAL STATEI IVLEIYTS YLI AR ENDLI D 31 DEI CmBER 2024 GENERAL INFORMATION The charitable company is a public benefit entity and a private company limited by shares, registered in England and Wales. Tlie address of the registei'ed office is The Railway Station. Haworth, Iceigliley. West YorkshiiE, BD22 8NJ. STATEMENT OF COMPLIANCE These Consolidated finaiicial statenients have been pi'epaitd in coinpliance with fRS 102, 'The Finaiicial Reporting Standard applicable Tn tlie UK and the Republic of Ireland,. the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UIC and Republic of li'eland (FRS 102) (chill¢S SORP (FRS I02)) and the Companies Act 2006. ACCOtJNTING POLICJES Basls of preparatio The Consolidated financial statements have bc¢n prepared on the historical cost basis, as modified by the i'evaluatioii of certain financial assets and liabilities ineasui-ed at fair value through inc02ne or eXpendIlre. Tlie CoiisoEidated fAnancial statements are prepared in stei'ling, which is die functional curi'ency of the entity, Coing conc'n In assessing tlie appropiiateness of the application of th¢ going concei'n basis, the trustees have considei'ed tbe uncertainties around the general economic environment, the cunent and futui'e tixding pei'forniance of the chaiitsble company and the available casli. The tiustees have a reasonable expectation that tlie clwitable company lias adequate i'esources to continue in operational exÉstence fol" tlie foie5eeable future. Accoi'dftngly, tliey continiie to adopt the going concern basis in pirparing the annual itport and financial statements. Consolidatlon The fjnancial statetnents consolidate the financial statements of tlie Cli11abIe company and all of its subsidiary undertakings. The paient charitable coinpany has applled the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of financ321 a¢tivities (including income and expenditurc account): 21
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPIINY LIMITED BY GUARANTEE NOTEI S TO THL CONSOLIDATED FINANCIAL STATEIKENTS f YEAR LIYDEI D 31 DECEMBER 2024 oJ¥liiiu ACCOUNTING POLICIES (evilNe) Judgements and Iiey soui.ces of estimatlon uncertainty In tlie application of the charitable company's accounting policies, the directois are requii.ed to make judgements, estiinates and assuinptions about tlie canying amount of assets and liabilities that aL'e not readily apparent fi'om otlier souires. Tlie estimates and associated assumptions are based on historical experience and other factoiE that ale considei'ed to be irlevant. AcLual results may differ from these estimates. The estimates and underlying assumptions &-e reviewed on an ongoing basis. Revisions to accounting ¢stiniates are recognised in the period in wliich the estimate is i'evised wliere the Irvision affects only that peiiod, or in th¢ p.1<xL of the revision and tu1.¢ periods where the revision affects both curnt and future periods. Criticaljudgements The following judgements (apart from those involving estiinates) liave had the most signiflcant effect on the amounts iEcognised in the fman¢ial statements. Depreciation The chaiitable company exerciscs judgement to detern]ine useful live8 and i'esidual values of property. plant and equipment. The assets aiE depreciation to theii" estimated residual values Ov. their estitnated usefiil lives. Income tax The charitabIe company is exempt from coiporation tsx on its chai'itable activities. ri uiid accouiitliig Unrestsicted fvnds are available for use at the discretion of tl)e tsustees to furthel any of the ¢lJaritable company's pui"poses. Restricted funds are subjected to iystrictions on their expenditui'e declaitd by the donor oi through thc tenns of an appeaE. 22
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (rn,,,,,,, YEAR EliDED 31 CEMBER 2024 ACCOUNTING POLICIES feoiitsjiudj Incomlng resoui'ces All income is included in the statement of finanal actlVLties wllen entitlement has passed to tlie charitable company, it is pi'obable that the economic bencfils associated with the transaction will flow to the chai'itable company and the amount cali be Jcliably nieasured. The followiiig specific policies are applied to pai'Licular categoiies of income. incoine fi'om donations or 'antS is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount Can be measured reliably. legacy income is i'ecognised when receipt is piDbable and entitlement is established. incoine fix)m donated goods is measui.ed at the fair value of the goods unless this is impractical to measure reliably, in wliich case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of gencrdl volunteers. income frorn contracts for tlie supply of services is recognised with the deliveiy of tlie conti'acted seNice. This is classified as unrestricted funds unless tlierc is a contractual iequireinent for it to be spenl on a particular purpos¢ and i'etui'ned if unspent, in which Case it may be i'egai'ded as r&8trJcted. Resource5 expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which Cannot be fully i'ecovei"ed, and is classified under headings of the statement of fillan¢ial activities to wlilch it relates: expenditure on raising funds includes the costs of all fundraising activities, events, non-chai'itable trading activities, and the sale of donated goods. expenditure on cbaritable activities includ&s all costs InCTed by a charity irL undertakAng activities that further ils charitable aims for the benefit of its benefici'1es, including those SITPPOrt costs and costs iElatiiig to tlie goveiDance of the charity appoi'tioned to chaiitable activities. other expenditure incliides all expenditllre that is neÉtlier related to raising funds for the charity noi. part of its expendituit on charitable activities. All costs arc allocated to expenditurc categoiies reflecting the use of the resource. DiLfCt costs atttibutable to a single activity are allocated directIy to that activity. Shared costs are appoi'tioned between the activities tliey contribute to on a reasonable, justifiable and consistent basis.
KEIGHLEY AND WORTH VALLEY RAtLWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE NOTEI S TO THI cofqsoLIDATED FINANCIAL STATEMIINTS f¢oiiiliiiied) YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES feoiitiwted) GoodivllI Goodwill arises on business acquisitions alld i"epresents the excess of the cost of the acquisition over tlie cliarity's intei'est in tlie net amount of the identifiabIe assets. liabilities and contingent liabilities of the acquii'ed business. Goodwill is measured at cost1&8s accwnulated amortisalion and accumulaled impaimient losses. Tt is amortised on a straight-line basis ovci. its useful lif& Wliere a reliable estimate of the useful life of goodwill oi" intangible assets cannot be made, the life is presumed not to exceed five years. Amortisatioii Amoi"tisalÉon is calculated 50 as to wnte off the cost of an asset. less its estiinated residual value. ovei the useful life of that asset as follows: Goodwill fijlly amortiscd If theie is an indication that there h8s been a Significant change in amortisation rate, useful life oj. residual value of an intangible assel, the amortisation is revised prospectively to i'eflect rhe new estiinates. Tangible fixed assets Individual fjxed ass¢ts are capitaliscd at cost and depreciated on a str8iglit line basis over their estiinated usefi]E economic lives taking account of any i'esldual values, as follows '. DepreeiAtioll Depi'eciation És calculated so as to write off the cost or valiiation of an asset, less its residual value, Ov. tlie useft]l econoinic life of tliat asset as follows.. Freehold land and buildings Leasehold land and buildÈngs Locoinotive restoiations Plant, machineiy and equipment Fixtures and fittings Office equipment aiid furniture Computer hardwaie and purchased softwaie 2 % pei annum ovcr tlie life of the Rease I 00/0 pei. annutn (see below) I 00/0 pei. winum IOQ/o per annutn 20'A per annuln 33Yo per annum 24-
KEI IGHLEY AND WORTH VALLEY RAILWAY PRE4 SERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS fcoiif YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIEI S (eoniliiiial) Depreclition (nI111edj The Railway maintains its opernting locomotiv and other i'olling stock items in full woi'king order. and all Loutine maRntenance costs are charged to the Statement of Financial Actkvities wlien inciwred. Additionally, some items aiE held as a non-opeiating strategic i'eseive at tlieir residual asset values. Locomotive5 8Dd otlier Tolling stock iterns are thei'efore consideird to have indeteiininate lives and the Directors do not consider it appi'opriate to charge depreciation except as set out below. When a major renovation or restoration of a locomottve takes place, the relevant costs ineui'red ale capitls¢d as fed assets, and depi'cciated on a stiaight line b8SLS from the point at which Èlle locomotive re-entet8 Service over its cxpected useful economic life (usually the ten-year life of a Steam locotnotive boilei. ts"dcet) down to the residual non-nEnning value of the locomotive. When a major i'ellovation oi. restoration takes place on a locomotive tliat reinains the propeity of an independent owncis, 0Up and a long-tem] hire agreement is in place between the Charity's opei'ating subsidiary and tliat ownei%' group, the costs incuiyed by tlic opei-aling subsidiaiy al-e also capitalised as fixed assets and depreciated on a straight line basis over the expected use1 econoEnic life of that locomotive to the Charity. Investineiits Unlisted equity investments are initially i'ecoi'ded at Cost aiid subsequently measui'ed at fair value. If fair value cannot be reliably measured. assets akE measured at cost less impaii"ment. Listed investinents are measured at fair value with changes in fail" value being recogni8ed in income or expenditure. Impairment of fixed assets A I'eview for indicators of impairniellt is carried out at each irpoitiiig date, wÉth tlie recoverable amount being estimated wheie such indicatoi's exist. Where the cairying value exceeds the recoverable amount, the asset is impaired aceordiiigly. Prioi impainncnts are also reviewed for possible reversal at each reporting date. Stocl(s Stocks ai"e nieasured at tl)e lower of cost and net realisable value. Ll2bilities Liabilities are recognised when there is an obligation at the balance sheet date as a iesult of a past evellt, it is probable that a transfa- of economic benefit will be i'equii'cd in settleinent, and Ilie amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the academy tiwt anticipates it will pay to scttle the debt oi. tlie amount it has ieceived as advanced paYMlt$ for the goods or service5 It must provide. 25
KEIGHLEY AND WORTH VALLEY RAILWAY P1 SERVATION SOCIETY LTD COMPANYLIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMEI NTS fLoiiliiiNedJ YEAR ENDED 31 DECE< MBER 2024 ACCOUNTINC POLICIES f¢oiirfiiiiedJ PJ'ov151ons Provisions are recognised when the entity has an obligation at the iepoitiiig date as a iesult of a past event, it ts probable that tlie entity will be required to transfei. econoii)Ic benefits in settlement and tlie amount of the obligation can be e5tiinated i'eliably. PIM)visions are i'ecognised as a liability in tlie stalement of financial position and the amount of the provision as an expense. Provisions ale initially measui.ed at the best estiinate of the amount IEquired to settle Ilie obligation at the iepoiting date and subseqiiently reviewed at each reporting date and adjusted to refleci the current best estÈmate of the amount that would be requlled to scttle tlie obligation. Any adjustnients to the Ounts prIouSLY recognised recogllised in incoine or expelldlttl unless the provision was originally recognised as part of the cost of an asset, When a pi'ovision is measured at tlie present value of tlie amount expected to be i'equired to settle the obligation, tlie unwinding of the discount Is recogiused as a fiiiallce cost in the statement of fiiiancial activities in tlie period it aris, and is allocated to the appi'opriate expenditure lieading. Grallts Grants are Iecognised at th¢ fair value of the asset received oi. i'eceivable. Grants arc not recogntsed unlil there is ieasonable a5Wdnce that the company will coii)ply with ilie conditions attacliing to them and the grants will be received. Grants are itcognised using the accrual model. Under the accrual model, grants relating to revenue are r¢cognised on a systematic basis over the peE'iods which the company iecognises the related costs for which tlic grlt is intended to Compensate. 'allts that are receivable as compensation for expenses oi. losses ali.eady incurred oi for tlie puryiose of givÈng immediate financial 8UPPOIt to tlie entity with no fUtt related costs are iecognised in incotlle in the period in wliich it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected use1 life of the asset. Wliere part of a allt relating to an asset is deferred. Lt is rccogiiised as defeA'red income and not deducted from tlie ¢]Ying amount of the asset. Financial instruments A financial asset or a fAnan¢ial liability is recogwsed only wlien the cntity becomes a party to tl)e conlra¢Lual piovisions of the instsument. Basic finaiicial insiTLunents aiE iiiitially recognised at thc ainount receivablc or payable including Aiiy ielated transaction costs, unless th¢ aiTangemcnt constitutes a filncing transaction, wlicre it is iecognised at the pi'e5ent value of the future payments discounted at a mai.ket late of inteiEst foi. a similar debt instiillnent. CutTent assets and current liabilities al'e subsequently measured at the cash or other considei?Éion expected to be paid oi" received and iiot discounted. 26
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIIWllTED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS r coiiliiitted) YEt AR ENDED 31 DECEMBER 2024 ACCOUI¥TING POLICIES feonlinHedJ Otlier fiiiancial instsiirnents. iiicluding derivatives, are initially recognised at fair value, unless payinent foi an assct is defened beyond nom]al business ternis or financed at a l'ate of Illtest that is not a mai'ket i?te, in wliich case the asset is m¢asured at the piEsent value of the future payments dxscounted at a market rate of inteiEst for a similar debt instrumen¢. Other financial instsuments subsequently measured at fair value, with any changes Tecogllised in pi.ofit oi. loss. Any i'evei'sals of impairnient are recognised immediately, to the extent that the reversal does not iesult in a canying amount of tbe financial asset that exceeds wliat the cai'iying amount would have been had the impaiiment not pi"eviously beeii Ltcognised. Defjned contributson plans Contributions to defined contribiitÉon plans are Tecognised as an expense in tlie peiiod in whicli the Iclated sVIce is pi'ovided. Piepaid contribiitions are recognised as an asset to the extent that tli¢ plepayment ivill lead lo a reduction in future payinents oi. a Casli L'efund. LIMITED BY GUIUIANTEE The cliaiitable ci)mpany is a company limited by guarantee and has no sbare capital. The liability of each nicjnbei. in the event of windiiig up is Rimitd to £1. 27-
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE NOTEI S TO THE CONSOLIDATED FINANCIAL STATEI MEI NTS (CDIJI,. YLI AR NDEI D 31 DECEMBER 2024 DONATIONS AND LEGACIES Unrestricted Restiicted Total Funds Fund5 Funds 2024 DONATIONS Bequests alld donations GIFTS Memba'ship subscripiions CRANTS Grants receivable L06,701 106.701 67,165 67,165 376,834 550,700 I,oio,000 1,010,000 1,386,834 1,560,700 uTs.1Cted Rests'LCted Total Funds Funds Fuiids 2023 DONATIONS Bequests and donations GIFrs Meinbei'ship subsciiptions CRANTS G17llts receivable 324,287 324,287 76,146 76,146 27,640 428,073 27,640 428,073 CHAIUTABLE AcfIvITIES Unrestricted Total Funds Unrestrkcted Total Funds Fuads 2024 Funds 2023 Fares Special events income Piivate Hire 880,924 1,010,442 880,924 I,DIO,442 802,311 1,254,694 11.660 2,068,665 802.311 1,254,694 11,660 2,068,665 1,891.366 1,891,366 28
KEIGHLEY AM) WORTH VALLEY IIAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITEI D BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (eoiil. YEIIR ENDED 31 DEI cEmBR 2024 OTHER TRADING ACTIVITIES Unrestrictcd Total Funds Unrestsicted Total Funds Fuiids 2024 Funds 2023 Catei'ing income Shop income Pai'king Filming fees Sundiies Sciap 50I,756 151.168 8,173 31,550 49,944 5,146 747,737 501,756 151,168 8,173 31,550 49,944 5,146 747,737 518,603 191,277 10.155 156,362 4,424 5,E23 885,944 518,603 191,277 10,155 156,362 4,424 5,123 885,944 INVESTMENT INCO1 Unrestricted Total Funds Um&8tiicted Total Funds Funds 2024 Funds 2023 Income fi.om listed investnients Bank inlci'est i'eceivable Rent irceivable 27,943 8,754 2,046 27,943 8.754 2,046 38,743 22,299 10,995 2,528 22,299 10,995 2,528 35,822 38.743 35,822 COSTS OF OTHER TIIADING AcfiviTEES Unrestricted Total Fund5 Unrestl"LCted Total Funds Funds 2024 Funds 2023 Sliop costs Costs of cat"Ing 83,030 564.224 647,254 83,030 564,224 647,254 85,347 521,623 606.970 85,347 521,623 606,970 29
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITfi D BY GUARANTEE NOTES TO THE CONSOLIDATED FINkNCIAL STATEMENTS Icoiili YEAR ENDED 31 DECEMBER 2024 ricdj 10. EXPENDITURE ON CHARITABLE ACTJVITIES BY FUND TYPE UmEstri¢ted Fullds Restrictcd Total Funds Funds 2024 Train services SuppoLt costs 1,453,909 1.340,634 2,794,543 1,453,909 1,361,287 2,815,196 20,653 20,653 Unrestsicted Funds Restricted Total Fundg Funds 2023 Train sei-iiices Suppoit costs 1,638,275 1,106,515 2,744,790 1,638,275 1,106,515 2,744,790 11. LI XPENDITURE ON CHAIUTAIILE ACTIVITIES BY ACTIVITY TYPE Activities undertaken directly Support costs Total fuiids 2024 Total fund 2023 Ti"ain services Shop Calering Fundi'aising activities Othu. activities Governance costs 1,453,909 781,178 2,258,739 2,396,391 33,903 33,903 42,540 93,235 93,235 106,347 243,57 E 219,919 85,659 l27,594 127,207 69,278 81,806 81,806 44,575 1,453,909 1.361.287 2,815,196 2,744,790 The support costs of £l.361,287 (2023 £1,106.515) are apportioned in this note across the chaiitable and othei- tt7ding activities in the group as set out above and in note 12. 30-
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IGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIltTED BY GUAIIANTE NOTES TO THE CONSOLIDATEI D FINANCIAL STATEMENTS (coiilliilied) YEAR ENDED 31 DECEMBER 2024 13. TAXATION 2024 2023 Defei'i'ed tax: Originating and reversal of timing dlffciEnS Taxatlon 223.276 (202,133) (202,133) 223,276 14. NET GAINS ON INVFSTMEI NTS Unrestrictcd Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Unrealised gainl(losses) on listed invcstinents R¢alised gainsl(losses) on listed inVeStentS 26.400 26,400 32,604 32,604 (1,355) 25,045 (1,355) 25,045 (2,649) 29,955 (2,649) 29.955 15. NET INCOMIL Nct incotne is stated after ¢hargingl(crediting): 2024 2023 Depi'eciation of tangible fixed assets 306,826 251.036 16. AUDITORS REMUNERATION 2024 2023 Fees payable for the audit of the financial statements of the subsidiary 9,984 7,813 Fees payable to tlie chariWs auditor for other services". Audit of the Consolidated financial stateinents Other non-audit services 11,431 4,550 15,981 10,239 500 10.739 32-
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIL< TY LTD COMPANY LIMITfi D BY GUARANTEE NOTES TO THEI CONSOLIDATED FINANCIAL STATEMENTS (coiiliiii*ed} YEI AR ENDED 31 DECEMBER 2024 17. STAFF COSTS The total staff costs and eniployee benefits for the iEPOrting period aTC analysed as follows: 2024 2023 Wages and salaries Social security costs Einployei. contsibiitions to pension plans 630,059 46,720 9,684 686,469 468,752 32,000 6,471 507,223 Th¢ &veiage head count of employees during the year was 45 (2023: 43). The average numbei. of Il-time equivalent employees during the year is analys as follows." 2024 2023 Administratson Loco departmei)t Sliop and caterAng Summei. seasonal staff 21 23 No employee i'e¢eived employee benefits of n)ore than £60,000 during the year (2023: Nil). 18. TRUSTEE REMUNERATION AND EXPENSES A director received remunffl?tion of £nil (2023 - £5.568). in respect of services provided to the Keigliley and Worth Valley Light Railway Limited. No trustees i'eceived reinuneration oi" other benefits fi'om ernployment with the clvdi'itable company or a ieEated entity during the current or previous Y.. No expenses were paid to th¢ trustees duting this or tlie previous year. 33
ICEIGHLI4 Y AND WORTH VALLEY RAILWAY PR[4 SERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS f¢oiiiiiiiitdJ YEI AR ENDED 31 DECEMBLI R 2024 19. FINANCIAL PERFORMANCE OF THE CHAIUTY UrtrIcted Restricted Total fund8 funds funds 2024 Donations And grants ieceived Membership alid otlier income Amount gift aided fi.om Keigliley & Worth Valley Liglit Rllilway Ltd 44,817 162,880 I,oio,000 1,054,817 162,880 316,798 524,495 23,651 15,267 27,784 (25,045) 316,798 1,010,000 1,534,495 23,651 15,267 27,784 (25,045) Costs of generating voluntary incom¢ Governance costs Suppoi-l costs Net gaul oll investments Giants made lo Keigbley alld worth Valley Liglit Railway Ltd 1,000,000 1,000,000 1,041,657 41,657 1,000,000 Net inovement in funds Total fLmds brought forward 482,838 5,995,037 6,477,875 10,000 5,692 15,692 492,838 6,000,729 6,493,567 Comparative Unrestricted Rests'icted Total fullds fi]nds 2023 Don&tions and Ints received Membership and other income 336,587 104.235 336,587 E04,235 440,822 20,23 20,836 27,089 (29,955) 38,201 402,621 5,598,108 6.000,729 440,822 20,231 20.836 27,089 (29.955) 38,201 402,621 5,592.416 5,995,037 Costs of gella?ting voluntary Income GoveiThnce costs Suppoit costs Net gaill on investments Net nLovement in funds Total funds brough fOard Total funds canied forward 5,692 5,692 34
I(EIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ( coiiliijwed) YEAR ENDED 31 DECEMIIER 2024 20. INTANGIBLE ASSETS Goodwill Cost At 31 Decetnber 2023 and 31 December 2024 40,000 Amortlsation At 31 December 2023 and 31 December 2024 40,000 Carryiiig amount At31 December 2024 At 30 December 2023 21. TANGIBLfi FIXED ASSETS tA)ng leaseliold Fixtui'es and pi'operty fittings Loconiotives & rolling stack Freehold propetly Total Cost At 3 E December 2023 Additions 2,115,614 1,270,137 3,385,751 42.509 632,588 3,030,561 5,821,272 50,313 401.294 1,721,744 682,901 3,431,855 7,543,016 At 31 Deeeniber 2024 42,509 Depreclation At 31 December 2023 Charge foi. the year At 31 Deeembei. 2024 228,716 141.668 370,384 26,268 852 501,416 1,002,532 1,758,932 43,724 120,582 306,826 545,140 1,123,114 2,065,758 27,J20 Carrying amount At 31 December 2024 3.015,367 1.886,898 15,389 137,761 2,308,741 5,477,258 131,172 2,028,029 4,062,340 At 30 December 2023 L6,241 Charitable company Long leaseliold pi'operty Locomotlves and rolling stock rreehold property PIAnt and InAcliiiiei'y Tot81 Cost At 31 December 023 847,642 1,412 47,413 1,393,191 2,289,658 Depi'eciation 31 Deceinber 2023 Cliarge for tlie year 70,288 14J52 84,640 763,002 777,354 144 36 20,247 4,741 24,988 63,697 7,875 71,572 154,376 27,004 181,380 180 At 31 Decembei. 2024 1,232 1,268 22.425 1,321,619 1,329,497 2,108,278 At 31 Decenibei. 2023 27,166 2,135,282 35
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANfEE NOTES TO THE CONSOLIDATED FINANcL STATEIWIENTS (¢oiirtftJfErfJ YEAR ENDED 31 DECEMBER 2024 22. INVESTMENTS Sh#i'es in group C2sh oi. cash undert#king5 eqvlvalents Listed invegtEnents Total Cost or valuation At I January 2024 Additions Disposals Unrealised gaiiis Realised losses Othei movement 1,857,183 19,398 762,522 781,920 248,744 248,744 (235,989) (235,989) 26,400 26,401 (1,355) (1,356) 5,403 825,123 781,920 5,403 24,801 At 31 De¢emb¢L' 2024 1,857,183 1,857,183 800,322 762,522 At 31 December 2023 19,398 Charitable cotnpany Cash or cash quivalents Listed investments Total Cost oi. valuatlon At 31 Decembei. 2023 AdditÈons Disposals Fail. value movetnents Otlicr movements 19,398 762,522 781,920 248,744 248,744 (235,989) (235,989) 26,400 26,400 (1,355) 4,048 800,322 82S,123 5,403 At 31 December 2024 24,801 Impaiiment At 31 December 2023 and 31 Decembei. 2024 Cariyillg amount At 31 December 2024 24,801 19,398 800,322 812.612 825,123 832,010 At 30 Decernbcr 2023 All investments shown above are lield at valuation. 36-
KEIGHLEY AND WORTH VALLEY RAtLWAY PRESEI RVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE NOT( S TO THE CONSOLIDATED FINANCIAL STATEMENTS IcoiiliiiKedJ YKAR ENDED 31 DECEMBER 2024 22. INVESTMENT (eonlinN¢d) riinanclal assets lield at fair value UK quoted securities are valued at the mid-market price quoted by the London Stock Exchange. All investments air Iield in tlie UK and are held priinaiily to provide an investment return for the chaiity. The following inv¢stments were worth mole than 50/0 of the poitfolio value at 31 December 2024. /oTotal Ullits mai'ket value Marl(et value 2024 UK (Govt of) 4.25Q/o Gilt 07/12127 UK (Govt ofj 4.125'A BDS 2910112027 CI08e Sustaknable Select Fixed Rncome 60,000 55,000 45,000 60,273 55,671 43,448 23. INVESTMEI NT ENTITIES Subsfidiarles and other Investments Thei'c ale no investments outside the UL The charitable company's investinents at the balance sheet dat¢ and included in these consolidated accounts coinprise. Iceighley and Worth VaLley Light Railway Ltd Company number Country of iiicoipordtion Registered office 008710851 England and Wales The Railway Statio Station Road Haworth BD22 8NJ Operation of the Kelghley and Worth Valley Railway Nature of business Class of sbaiEs Ordinary There is a minority interest in the subsidiary) Keighley and Worth Valley Liglit Railway Ltd, consisting of 164 ordinary shares of £lO each. These sl)ares do not entitle the holder to a dividend or voting rights. On winding up of the coJnpany they would be entitled to a inaxitnuin of tl)e nominal vatue. Tlie Chlty bolds IOO/o of all shares entitled to voting i"ights and dividends. 37-
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTE NOTEI S TO THE CONSOLIDATLI D FINANCIAL STATEMENTS f¢ovriiiiied) YEAR EN'DED 31 DECLI MBER 2024 23. INVESTMENT ENTITIEI S (eoiiliuuedj 2024 2023 surnary of irading iEsults Turnover Total expeiiditlll'e Othei. opei'ating incoine Otliei. income Defeired tax 2,633,216 2,936,519 (3,712,545) (3,283,606) 1,398,991 50,279 8.754 10,995 (223,276) 105,140 Loss for the year (285,813) Assets Liabilities 3,832,533 2,578,518 {2,784,495) {1,635,620) 1,048,038 942,898 Summary of assets and liabilitiCS 24. STOCKS 2024 2023 Retail shop stock Charitable company 63,901 64,397 2024 2023 Retail shop stock 25. DEBTORS 2024 2023 Trade debtors Prepallents and aCcied income Other debtors 52,458 125,520 70,445 248,423 44,348 94,480 82,470 221,298 Charitable company 2024 2023 Ti"ade debtors Amounts owed by subsidiary undertaking VAT 4,965 1,645,642 521 (1,306) 812,751 13.648 1,651,128 825,093 38-
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIEI TY LTD COMPANY LIMITED BY GUARANTEE NOTEI S TO THE4 CONSOLIDATED ffINANCIAL STATEMENTS (coiillii&edJ YEAR ENDEI D 31 CEMBKR 2024 26. CREDITORS: amounts falling due withln one year 2024 2023 Bank loans and oveith?fts Trade ci'editois Amouhts owed to undei*akings in which the chlty h&s a paiticipating interest Acciuals and deferred income Social seculity and ot]ier taxes Sundry creditors 46,080 250,131 188,114 5,762 176,932 24,196 23,263 526,364 5,762 158,634 J 6,055 12,010 380,575 ch1tble Company 2024 2023 Trade creditors Acciual and defetted income 8,605 48,100 15,661 36,610 52,271 56,705 27. CREDITORS: amounts falling due after more than one year 2024 2023 Ac¢i'uals and defentd income 367,355 395,888 Clydritable company 2024 2023 AccTuaLs and deferred income 39
KEIGHLEY AI¥D WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIllllTED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEME4NTS le01[1111¢dj YEI¥R ENDED 31 DECE¢ MBER 2024 28. DEFERRED INCOME 2024 2023 At31 Dec23 Amount ieLeased to income Amount deferred in year At 31 Dec 24 353,631 239,834 (49,121) (239,834) 14,813 353,631 353,631 319,323 At the balance sheet date the Keigliley & Worth Valley Railway Preservation Society Limited held funds received in advance which all relate to monies in advance for the 2025 financial year as follows: 2024 2023 Siibsciiptions paid in advance Grant income received in advance 30,000 289,323 29,010 324,621 353,631 319,323 29. DEFERRED TA The deferied tax included in tlie statetnent of financial position is as follows: 2024 2023 Included in provisions (note 30) 223,276 The defeii.ed tax account consists of the tax effect of timing differeThc¢s in i'espect of: 2024 2023 AcceLerated Capital allowances Unused tax losses 234,755 (11,479) 223,276 30, PROVISIONS Deferred tax (note 29) At 31 December 2023 Additions 223.276 At 31 December 2024 223,276 40
KEIGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED fllYANCL STATEMENTS f YE¢ IlR ENDED 31 DECEMBER 2024 31. PENSIONS AIYD OTHER POST RETIREMENT BENEFITS Defined contribution plans The amouot rccognised in income or expenditure as an expense in relation to defined conts'ibution plans was £9,684 (2023: £6,471). 32. ANALYSIS OF CHARITABLL FUIYDS Unrestricted fullds Gains and losses 31 Dec 2024 31 Dec 2023 Income Expenditure General funds 5,423.544 3.228,546 (3,665,073) 25,045 5,012,062 Gains and losses 31 Dec 2023 l Jan 2023 Income Expendit? GeneL71 fidS 5,124,712 3,418,504 (3,149,627) 29,955 5,423,544 Cliai'jtable cotnpaiiy Gains and losses 3 1 Dec 2024 31 Dec 2023 Income Expenditure General funds 5.995,037 524,495 (66,702) 25,045 6,477,875 Gains and loss&8 31 Dec 2023 l Jan 2023 Income Expenditure General ttds 5,592.416 440,822 (68,156) 29,955 5,995,037 41
Kri IGHLEY AND WORTH VALLEY RAILWAY PRESERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE cO'soLIDATED FINANCIAL STATEMENTS {¢oNlINe YEI AR NDED 31 DECEMBER 2024 32. ANALYSIS OF CHARITABLE FUNDS (¢oii¢lAiieAJ Restricted funds Gains and losses 31 Dec 2024 31 Dec 2023 Income Expenditure 41241 Evatt Engine 43924 Bridge 27 Oxenhope Water Tower 5.253 439 5,253 439 979,347 10,000 995,039 I,IK)O,000 Eo,000 1,010,000 (20,653) 5,692 (20,653) Gaiiis and losses 31 Dec 2023 l Jan 2023 Income Expenditure 4124L Ivatt Engine 43924 Biidge 27 Oxenhope Water Toiv&' 5,253 439 5,253 439 5,692 5,692 Charitable company Gains and losses 31 Dec 2024 31 Dec 2023 Income Expenditure 412411vatt Efjgine 43924 Oxenhope Water Tower 5253 439 5,253 439 10,000 15,692 i 0,000 5.692 i 0,000 Gains and losses 31 Dec 2023 l Jan 2023 Income Expaiditure 41241 Ivatt Engine 43924 Oxenhope Water Tower 5,253 439 5,253 439 5,692 5,692 Restticted funds iElate to appeals for iEstordtion wodi on specific locomotives as details above. 42
KEI IGHLEY AND WORTH VALLEY RAILWAY PRESEI RVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEE Ib NOTES TO THE CONSOLIDATED FINANCtAL STATEMENTS fco111iiiiitd) YEI AR ENDED 31 CEMBER 2024 33. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Resti'icted Total Funds Funds 2024 Tangible fixed assets Investments CuiTent assets Creditoi's less than l year Creditors greater than l year Provisions 4,497.911 825,123 806.023 (526,364) (367,355) (223,276) 5,012,062 979.347 5,477,258 825,123 821,715 (526,364) {367,355) (223,276) 6,007,101 15,692 Net assets 995.039 Unrestricted Funds Restricted TotaE Funds Funds 2023 Tangible fixed assets Investments Current assets Cxeditors l&ss tlian l year CrcditoiE greater tlian l year Provisions 4,062,340 781,920 1,355,747 (380,575) (395.888) 4.062,340 781,920 1,361,439 (380,575) (395,888) 5,692 Net assets 5,423,544 5,692 5,429,236 34. ANALYSIS OF CHANGES IN NETDEBT 31 Dec 2023 Cash flows 31 Dec 2024 Cash at banli and in hand Debt due within one year 1.075.744 (5,762) 1,069,982 (566,353) (46,080) (612,433) 509,391 (51,842) 457,549 35, CAPITAL COMMITMENTS Capital expenditure contLiCted for but not provided foi in tlie ConsolÉdated financial statements is as follows: 2024 2023 Tangible fixed assets 448,282 29,105 43-
KEIGHLEY AND WORTH VALLEY RAILWAY P1 SERVATION SOCIETY LTD COMPANY LIMITED BY GUARANTEI E NOTES TO THE CONSOLIDATKD FINANCIAL STATEMKNTS (co111T,,,,. YEAR ENDED 31 DECEMBER 2024 36. OPERATING LEASES The total fUt.e minimum lease payments under non-cancellabIe operating leLses are as follows: 2024 2023 Not lat than l year LateL' thali l year and not later than 5 years Later than 5 years 25,195 78,130 19,155 122,480 22,165 72,050 32,250 126,465 Total expendituie iacwied under operating lease contracts during tlie year was £24.745 (2023: £22,123). 37. RE¢ LATED PARTIES The Friends of the Kcighley and Worth Valley Railway - The irustees of The Friends of the lceighley w)d Worth Valley Railway e appointed by the trustees of The Keighley and Worth Valley Railway Pieservation Socicty Limited. Duling the year, the Keigbley and Woitb Valley Light Railway Limited received gL?nts amounting to £228,860 (2023 £67,938) from The Friends of thc Keigliley and Woi'th Valley Rallway of whicli £228,060 (2023 £nil) lias been recognised in the pi-ofit and loss accounl with an additional £20. L91 (2023 - £20,191) released fi'oni deferred income. Total allts of £149,786 {2023 - £ k 69,977) relating to fixed assets are included in def¢ed income. 44