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 De￿mber 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 cOnse￿allOn. 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 reqUI￿d 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