REGISTERED CHARITY NUMBER.. 1155210 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 FOR LINCOLNSHIRE WOLDS RAILWAY SOCIETY
LINCOLNSHIRE WOLDS RAILWAY SOCIETY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Page Report of the Trustees 1 to 2 Independent Examlner's Report statement of Financial Activities Balance Sheet Notes to the Financial Statements 6 10 10 Detalled Statement of Flnanclal Actlvities 11 10 12
LINCOLNSHIRE WOLDS RAILWAY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 The trustees present their report with the financial statements of the charity for the year ended 31st Dember 2024. The Iruslees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) leffeclive 1 January 20191. OBJECTIVES AND ACTIVITIES Oblectlves and alms To advance education for public benefit the preservation, maintenance and operation of the preserved heritage railway known as Ihe'Lincolnshire Wolds Railway,. Public benefit In setting our objectives and planning our activities our trustees have given careful consideration to the Charity Commission's general guidance on public benefit and inparticular to its supplementary public benefit guidance on preservation and cOnseallOn. ACHIEVEMENT AND PERFORMANCE Charltable actlvltles The trustees work closely with the directors of the Great Northern and East Lincolnshire Railway Limited, who operate the Lincolnshire Wolds Railway, to identify any work, projects or other activities that can be undertaken to improve. maintain or promote the railway and il's facilities. These are then achieved through donations made from the charity's income andlor through the use of volunteer time from the trustees and members of the charity. Charitable activities undertaken at the heritage railway during the year have included donations towards construction materials for the extension ol the Irackbed towards Louth, a destination on this roule originally. This is part of a larger project called 'Tracks to Louth,. Work on this project has been aided by a sizeable dorlations received by the charity during this and previous years specifically towards this cause. The charity continues lo have responsibility for fLJndraising for and administering this project. In the previous year the charity accepted responsibility for administering 'The Coach Fund, and has continues Ihis appointment this year. This is a fund maintained externally lo the charity and has responsibility for the Maintenan and refurbishment of coaches and wagons used by the railway. FINANCIAL REVIEW Reserves policy The charity has no regular ongoing financial commitments and therefore does not need to relain a specific level of reserves. Since its inception in 2013 the charity has seen significant increases in ils income and fundraising continues lo be a priority. During the year the charity's principal fundraising activities were the '200 Club,, car boot sales ar)d selling of the Society's books. During the 2017 year the trustees completed a review of the charity assets and noted that assets donated to the charity over a number of years had not been reflected in the financial slalements. The trustees arranged for an independent valuer to inspect and value the assets. The assets were included as additions during that year at a retail value of £104,900 with a corresponding entry being included in donations. ReseNes available for future projects total £172,446 of which £55,276 are restricted and relate to the Tracks to Louth Appeal1£20,0781 and the Coach Fund {£35,1981 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document. a deed of trust and constitutes an unincorporated charity. Page 1
LINCOLNSHIRE WOLDS RAILWAY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appolntment of new trustees The existing trustees are permitted to appointment any person willing to act as a trustee during the year, subject lo the maximum number of trustees. To be eligible for election at the AGM the charity must be given prior notice which is signed by a member entitled lo vote and also by the proposed trustee showing their willingness to be appointed. All Iruslees are reqUId lo retire al the AGM following their appointment but are eligible for re-election al the same AGM. Organisational structure Under the rules of ifs constitution the charity is required to have a minimum of three trustees and a maximum of 20. From these trustees the charity is also required lo appoint a Chair, a Secretary and a Treasurer. Only a person who is a member of the charity can be eleded as a trustee. The elected trustees are known as the committee and are responsible for the management and administration of the charity. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charity number 1155210 Prlnclpal address 2 Yarborough Close Holton le Clay Grimsby N E Lincolnshire DN36 SET Trustees N R Venlham Treasurer M Lynn J E Mimmack Secretary M Newham G Arnold Acting Chairman M J Bellini M Chapman {resigned 13 3.241 D C Gilmour K Lill (resigned 12.4.24) D Brocklesby (appointed 21.5.241 {resigned 31.12.241 Mrs J Collins (appointed 25.2.241 (resigned 31.12.24) K Ballard (appointed 25.2.241 Mrs M Redford (appointed 25.2.241 (resigned 12.11.24) i</i Ji< Approved by order of the board of trustees on ............................................. and signed on its behalf by.. N R Ventham - Trustee Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LINCOLNSHIRE WOLDS RAILWAY SOCIETY Independent examlner's report to the trustees of Lincolnshire Wolds Railway Society I report to the charity Iruslees on my examination of the accounts of Lincolnshire Wolds Railway Society (the Trust) for the year ended 31st December 2024. Responslbilltles and basis of report As the charity Iruslees of the Trust you are responsible for the preparation of the accounts in accordance wlh the requirements of the Charits'es Act 2011 {'the Acl'l. I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145{5llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in re8pecl of the Trust as required by Section 130 of the Act,. or the accounts do not accord with those records., or the accounts do not comply wlh the applicable requirements concerning the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mr Mark Stolhard FCA The Inslilule of Chartered Accountants in England and Wales Date.. ......... Page 3
LINCOLNSHIRE WOLDS RAILWAY SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted fvnd Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 22,553 72,117 94,670 165,092 Other trading activities Investment income 2,108 12,610 14,718 11.695 Total 24,661 84,730 109.391 176,787 EXPENDITURE ON Raising funds 288 7,874 8,162 1.796 Charitable activltles General Activities 41,546 75,686 117,232 205,057 Totsl 41,834 83,560 125,394 206,853 NET INCOMEIIEXPENDITUREI {17,173) 1,170 116.0031 {30,0661 RECONCILIATION OF FUNDS Total funds brought forward 133,743 54,106 187,849 217,915 TOTAL FUNDS CARRIED FORWARD 116,570 55,276 171.846 187.849 The notes form part of these finanrial slalements Page 4
LINCOLNSHIRE WOLDS RAILWAY SOCIETY BALANCE SHEET 31ST DECEMBER 2024 31.12.24 Totsl funds 31.12.23 Total funds Unreslricled fund Restricted funds Notes FIXED ASSETS Tangible assets 92,698 19,170 111,868 114,554 CURRENT ASSETS stocks Cash at bank and in hand 5.766 18,916 5,766 55,022 3,566 69,729 36,106 24,682 36,106 60,788 73,295 CREDITORS Amounts falling due within one year (8101 {8101 NET CURRENT ASSETS 23,872 36,106 59,978 73,295 TOTAL ASSETS LESS CURRENT LIABILITIES 116,570 55,276 171,846 187.849 NET ASSETS 116,570 55.276 171,846 187.849 FUNDS Unreslricled funds Restricted funds 116,570 55,276 133,743 54,106 TOTAL FUNDS 171,846 187,849 The financial statements were approved by the Board of Trustees and aulhorised for issue and were signed on its behalf by-. on N R Ventham- Trustee The notes form part of these finanaal statements Page 5
LINCOLNSHIRE WOLDS RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POLICIES Basis of preparing the financlal statements The financial statements of the charity, which is 8 public benefit ents'ty under FRS 1Q2. have been prepared in accordance wlh the Charities SORP {FRS 102) 'Accounling and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement lo the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are regnised as expenditure as soon as there is a legal or conslruclive obligation committing the charity to that expenditure, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated lo activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the followng annual rates in order lo write off each asset over ils eslimaled useful life. Plant and machinery Fixtures and Fillings Computer equipment 200/0 on dUcIng balance and 2.50/0 on cost 20 /0 on reducing balance and 10 /0 on reducing balance 25Yo on cost Stocks Stocks are valued al the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxation The charity is exempt from tax on its charitable aclivilies. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Iruslees. Restricted funds can only be used for particular restricted purposes Wlthin the objects of the charity. Restrictions arise when specifi'ed by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. OTHER TRADING ACTIVITIES 31.12.24 31.12.23 Sales of books Car Boots Coach usage less repairs "Hagglers Hall" net income 1.183 925 1,887 1.080 2.622 6.106 12,610 14,718 11,695 Page 6 continued...
LINCOLNSHIRE WOLDS RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024 INVESTMENT INCOME 31.12.24 31.12.23 Deposit account interest TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for Ihe year ended 31st December 2024 nor for the year ended 31st OeMber2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31st December 2024 nor for the year ended 31st Dernber 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIALACTIVITIES Unreslricled fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 39,503 125,589 165.092 Other trading activities 2,967 8,728 11,695 Total 42,470 134.317 176,787 EXPENDITURE ON Raising funds 1,798 1,796 Charitable activities General Activities 34,060 170,997 205.057 Total 35,856 170,997 206,853 NET INCOMEIIEXPENDITURE) 6,614 136,6801 (30,0661 RECONCILIATION OF FUNDS Total funds brought forward 127,129 90,786 217,915 TOTAL FUNDS CARRIED FORWARD 133,743 54,106 187,849 Page 7 continued...
LINCOLNSHIRE WOLDS RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024 TANGIBLE FIXED ASSETS Fixtures and fittings Plant and machinery Computer equipment Totals COST Al 1st January 2024 Additions 139,932 5,655 1,275 395 141,602 5,655 At 31 st December 2024 145,587 1.275 395 147,257 DEPRECIATION At 1st January 2024 Charge for year 26,014 8,228 639 113 395 27.048 8,341 Al 31 st December 2024 34,242 752 395 35,389 NET BOOK VALUE At 31st December 2024 111,345 523 111,868 At 31st December 2023 113,918 836 114,554 During a previous year the Iruslees completed a review of the charity assets and noted that assets donated lo the charity over a number of years had not been reflected in the financial statements. The trustees arranged for an independent valuer to inspect and value the assets. The assets were included as additions during that year at retail value with a corresponding entry being included in donations. STOCKS 31.12.24 31.12.23 Stocks 5,766 3,566 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Other creditors 810 MOVEMENT IN FUNDS Net movement in funds At 31.12.24 At1.1.24 Unrestricted funds General fund 133.743 117,1731 116,570 Restricted funds aking Tracks for Louth Coach Fund 23,468 30,638 13,3901 4.560 20.078 35,198 54,106 1,170 55,276 TOTAL FUNDS 187,849 {16.003) 171,846 Page 8 continued...
LINCOLNSHIRE WOLDS RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2024 MOVEMENT IN FUNDS - continued Nel movement in funds, included in the above are as follows.. Incoming reSoUrS Resources expended Movement in funds Unrestricted funds General fund 24,661 141,834) (17,1731 Restricted funds Making Tracks for Louth Coach Fund 65,565 19,165 168,955} 114,605} 13,3901 4,560 84.730 183,5601 1,170 TOTAL FUNDS 109,391 (125,3941 116,003) Comparatives for movement In funds Net movement in funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 127.129 6,614 133,743 Restricted funds Making Tracks for Louth Coach Fund 90,78S (67.3181 30,638 23,468 30,638 90,786 (36.6801 54,106 TOTAL FUNDS 217,915 130,0661 187,849 Comparalive net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 42,470 135,8561 6.614 Restricted funds Making Tracks for Louth Coach Fund 103,879 30,638 1170,9971 (67.3181 30,638 134,317 1170,9971 (36,6801 TOTAL FUNDS 176,787 1206,8531 (30.0661 Page 9 continued...
LINCOLNSHIRE WOLDS RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31ST DECEMBER 2024 MOVEMENT IN FUNDS - contlnued A cUrnt year 12 month5 and prior year 12 months combined position is as follows.. Net movement in funds At 31.12.24 At1.1.23 Unrestrl¢ted funds General fund 127,129 110,559) 116,570 Restricted funds Making Tracks for Louth Coach Fund 9Q.786 {70,7081 35,198 20,078 35,198 90,788 135,510) 55,276 TOTAL FUNDS 217,915 146,0691 171,848 A current year 12 months and prior year 12 months combined nel movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 67,131 {77,6901 {10,5591 Restricted funds Making Tracks for Louth Coach Fund 169,244 49,803 1239,9521 114,6051 (70,708) 35,198 219,047 1254.557) 135,5101 TOTAL FUNDS 286,178 {332,2471 146,0691 10. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 st December 2024. Page 10
LINCOLNSHIRE WOLDS RAILWAY SOCIETY DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024 31.12.24 31.12.23 INCOME AND ENDOWMENTS Donations and legacies Membership Donations 200 Club (Transport) Raffle Coach trips 3,715 84.546 1,416 4,993 4,873 152,851 1,256 5,023 1,089 94,670 165.092 Other trading activities Sales of books Car Boots Coach usage less repairs Hagglers Hall" net income 1,183 925 1,887 1,080 2,622 6,106 12.610 14,718 11,695 Investment Income Deposit account interest Total incoming resource5 109,391 176.787 EXPENDITURE Other tradlng actlvltles Opening stock Purchases Closing stock 3,566 10,362 {5,766) 3,943 1,419 13.586) 8.162 1,796 Charltsble actlvltles Advertising Donations Raffle Printing, postage & statsonery Sundries Repairs and Renewals Depreciation of tangible fixed assets 80 190,641 855 1,648 406 1,404 7,582 96.595 1,075 1,298 838 6,641 8,228 114,675 202,616 Support costs Management Insurance Light and heat Carried fotward 974 660 1,634 1,083 529 1,612 This page does not form part of the statutory financial statements Page 11
LINCOLNSHIRE WOLDS RAILWAY SOCIETY DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024 31.12.24 31.12.23 Management Brought forward Depreciation of tangible and heritage assets 1,634 113 1,812 109 1,747 1,721 Governance costs Accountancy and legal fees 810 720 Total resources expended 125,394 208,853 Net expenditure 116,0031 130,066) This page does not form part of the statutory financial statements Page 12