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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 LImIT￿D BY GUARANTEE
TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRICTORIS PORT)
Y£¢ AR EIYDED 31 DECEMBER 2024
The trustees, who are also the di￿CtorS 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 Pr￿erVation 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 ch￿ill¢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 T￿Stees.
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 visitorslvo1untee￿staff ￿￿￿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 r￿oi]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 sum￿ary they are:
l. the p'eservation, operation, restoration, maintenance and protection of the Keighley aod
Woith Valley Railway (the railway).
2. the ￿'ese￿atIOn of archives, records and 8rtifacts relating to the railway,
3. the education of the public through the operation of the raiLway,
4. other charitsble pU￿oseS 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 voll￿teerS 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¢nicn￿Y 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
Impl￿VIllg 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 i￿reaSEllg 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)t￿￿b￿. 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 p￿t of the station (including platforns 3 and 4 plus tlie
Watei" Tower and Signal Box).
Tlie RaiIway's caféthar "The Old P￿￿elS 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 KeIg1￿eY 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.
sI￿11fIcallt activities duriiig tlie yeai. aiid volunteer iiRvoJvement
It was pleasing to report that tlie niost significant activities of the year rclate to the op￿￿tiOnS of the
Railway (l￿nnIng days or events) or tlie preservationlrest017tion woi"k of tl)e cIia'ity, A fiill lill￿ing
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 v￿Y significant contribiition to thc
Railway's finances and 0￿. day to day running and events programine could not be held without tlie

I￿1 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 fI￿7ncIal review foLin the strategic
report of tlie CI￿lty.
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
COMM￿C]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 p￿t
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 END￿1 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 Ch￿lty 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 0￿13t1ng 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 li￿Ante￿ance 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 InV￿tMent 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 exp￿ience.
Increase of the conts'ibution to s￿VI￿S 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 alta￿ative 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 tn￿teeS 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 ch￿ity'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 Ch￿Ity'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 (Co￿111
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.
mA￿ERs 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 b￿Stee8,
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 C￿01..
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 ts￿stee$ 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 STATE1￿￿Ts
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 co1￿ldered 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 d￿ign
proCedu￿S 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 prOCed￿eS 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 I￿￿mBERs 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 d￿crIption 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 cl￿ritable 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 memb￿5 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 ch￿lty and the charity's m￿liberS 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 fi￿dS 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 f￿anCIal 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 LI￿TED 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 cuRR￿l￿r
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
Thr￿e 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, inter￿t and rents from investments
Otlier interest receivable and similar income
T￿atiO11
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 bO￿owingS
Net casli from fin￿l¢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

K￿IGHL[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 C￿mBER 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) (ch￿ill¢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 eXpendI￿lre.
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 Cli￿11abIe 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 (evil￿N￿e￿)
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 cur￿nt 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 finan￿al 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 InC￿Ted 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 (￿nI1￿11edj
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 capit￿ls¢d as f￿ed 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 use￿1
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 paYM￿lt$ for the goods or service5 It must provide.
25

KEIGHLEY AND WORTH VALLEY RAILWAY P￿1 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 pr￿IouSLY 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 a5￿Wdnce 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 gr￿lt 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 fUt￿t 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 use￿1
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 fil￿ncing 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 Illt￿est
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 s￿VIce 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
u￿Ts￿.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 cEmB￿R 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-

Yt%roinw)O￿￿0f40TrI
'E oJr-•
C4tr4 r4
I I 1 1 1 I r4
Iri O I 1 o I
Otr- l
-a)ty
(rJ{￿u0{)&￿rovJ￿

IGHLEY AND WORTH VALLEY RAILWAY PRESERVATION
SOCIETY LTD
COMPANY LIl￿tTED 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 dlffciEn￿S
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
inVeSt￿entS
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
U￿r￿trIcted 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 fO￿ard
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 FINANc￿L 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 Ch￿lty 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
su￿rnary 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
Prepa￿llents and aCci￿ed 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 ch￿lty 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
ch￿1t￿ble 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 le0￿1[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 fllYANC￿L 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 fi￿dS
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 {¢oNlIN￿e
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 P￿1 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