2023-03-31-accounts

Tarka Valley Railway C.I.O. Annual Report for the year ending 31[st] March 2023

Objects and activities

The constitution of the Tarka Valley Railway sets out the objects of the CIO. These are twofold:

For the public benefit to preserve and maintain the Tarka Valley Railway line through the Torridge Valley. To advance education about the history of transportation in the Torridge Valley area, and railways in particular.

To this end, the main activities undertaken in the year to 31[st] March to further these public objects have been the ongoing refurbishment and maintenance of our current running line, siding and associated features together with the continuing refurbishment of the railway vehicles. Interpretation of lineside structures which had previously been hidden for many years is provided when volunteers are on site to explain both these and the other aspects of the line’s history.

Owing to the reluctance to engage following the Covid-19 pandemic, and the postponement following the death of Her Majesty the Queen, there has not been the opportunity to visit other venues or invite visitors to the site during 2022/3 although this has changed since April this year and much progress has been made to further this abject.

All new Trustees, on appointment, are given copies of the Charity Commission guidance on public benefit and have regard for this in the charity’s dealings.

Achievements and Performance

Following the successful completion of our first phase extension last year work has steadily progressed to complete the minor jobs to the running line and siding, including renewing old sleepers next to the platforms, fitting the buffer stop at the down end of the siding and numerous maintenance activities to keep the running line in good condition.

The major event has been the acquisition of a class 143 two-car DMU from GWR. This was the last of its kind available from a national operator and met the need to have something with which passengers could be carried along the new extension. Following a visit to Bristol in

June to assess its suitability, a transport company was engaged to move the two units to site. The preparation for delivery involved many weeks work as the access route from the main road had to be cleared and the track from the foot crossing to just before the point work need to be temporarily filled in to allow the transporters to unload. The two vehicles arrived in mid-November and after re-uniting the two carriages into the single set and completing the necessary checks, a first run was made in early Janurary. Thanks must go to our key volunteer Bradley Lambert, an apprentice with GWR at Exeter for helping to acquire the set.

The second acquisition was an ex- London Passenger Transport ballast hopper obtained from the Swanage Railway, which arrived in July and has being undergoing much work to bring it up to operating standard

Work on our other rolling stock continued throughout the year, with the focus being on the brake van which, as it was moved to the siding along with the TSO carriage, meant that better and continual access was possible to remove and replace large sections of the timber work. We were gifted three substantial access towers during the year which will make some of the refurbishment work easier. The locomotive T orrington Cavalier had further work carried out including to the dynamo and alternator and has now become our main shunter.

Our new information centre and shop had a new electrical cabinet installed at the outside rear ready for an independent supply to be laid by National Grid, although there is a delay while DCC sort out the necessary wayleave.

The signal box had the whole of its internal structure cleared and now awaits work to plan the rebuild, while work did commence to clear the remains of the permanent way trolley hut so that it could be repaired to its original condition.

Now that the first phase extension is complete, thought have turned to the second phase, to take the line up to the first river bridge, which will approximately double the line length. A site meeting was held in March with County and District council officers to outline the plans, which did not throw up any major problems so this will be progressed further.

The Trustees would like to record their grateful thanks to all the volunteers for their hard work and commitment towards the railway’s objectives

The documentation needed to keep the railway safe and run in the proper way continues to be a major activity, although by its very nature is mostly ‘behind the scene’. Our first aiders were re-qualified during the year and a seminar run by the ORR with the assistance of the HRA about RM3, the safe management of railways, was attended by two of the Trustees to see how things could be further improved.

At the end of the year the total paid-up membership stood at 158, which after incoming and outgoing members through the year stayed the same as the previous year. Members are kept informed through the issue of regular newsletters and through TVR’s website and social media. There is also a blog which keeps members abreast of site work on a weekly basis.

Financial Review

For the year under review, the accounts accompanying this report were prepared in-house with outside help in the same format as 2022, with Berry’s Accountants acting as Independent Examiners.

Income for the year again exceeded the payments made by a wide margin which meant that the funds were in a very healthy position at the year end.

Our new shop was able to provide a better sales outlet than the previous use of the carriage for this which is reflected in the increase in sales figure for the year which was almost 75% up on the previous year. Although individual donations were down on 2022, the amount of grant money received more than doubled, which boosted the overall income by over a quarter more than last year. For this we must thank our Members and Grant Funders/Fundraisers for their sterling support for our cause.

The organisation’s reserve policy remains to keep at least an amount to cover the fixed costs, such as lease and insurance payments etc, for two years. The contingency fund to help offset any unexpected additional costs was maintained throughout the year, with gift aid and VAT repayments used to bolster the contingency fund.

The Foundation Fund continues to provide a further useful level of funding for capital projects and almost doubled during the course of the year.

As is usual, a budget was set for the year, and expenditure against this was monitored through the Administration and Finance committee and reported to the Board.

Structure Governance and Management

The organisation is governed by a constitution as approved by the Charity Commission and registered with them. It is a form of charity known as a Charitable Incorporated Organisation (CIO).

It is governed by a Board of Trustees who retire on a one third basis each year but can be re-elected for a further period if willing. The existing trustees are constantly seeking additional trustees to add to the skills of the Trustee body and to represent the community the organisation serves.

Reference and Administrative Details

The name of the charity as held by the Charity Commission is Tarka Valley Railway. Its registered charity number is 1162632, it operates in England and the registered office is Torrington Station, Station Hill, Great Torrington, North Devon EX38 8JD.

During the period that this report covers, the trustees were: Doug Smith (Chairman) Martin Wilson (Secretary) Jan Welch (Treasurer) Ralph Chapman Anita Garner Rob Dean

Exemption from Disclosure

None applicable for the year in question

Funds held as Custodian Trustee on behalf of others

None for the year in question

This report is signed as approved on behalf of all Trustees.

			Unrestricted	Restricted	EndowmentTOTALFUNDSTOTALFUNDS	EndowmentTOTALFUNDSTOTALFUNDS	EndowmentTOTALFUNDSTOTALFUNDS
			Funds f	Funds c.	Funds	202jl f	2{il2 f
	RECEIPTS
	Grants		33,634			33,634	14,653.
	Membershipand 100 Club		2,699			2,699	1,805
	Donations		7,102	LA46		8,148	11,668
	Sales		5,556			s,556	3,182
	Fundraising		648			648	1,035
	GiftAid						4,1,40
	VAT Refunds in Year		3,363			3,363	5,6]A
	OutputVAT		229			229	64
	Banklnterest		94			94	3
			53,325	1,046		54,37L	42,21,8
	ASSETANDINVESTMENTSALES
		TotolReceipts	53,325	L,O45		54,371	42,278
	PAYMENTS
	Purchases		544			544	808
	1-00Club Prizes		240			240	300
	Rent		1,000			1,000	1,000
	Room Hire						45
	Insurance		3,539			3,539	3,282
	Postage,PrintingandStationery		571			571	838
	Advertising		90			90	1,550
	Fueland Oil		539			639	342
	RepairsandRenewals		t,ttt			1,,1,7L	5,495
	EquipmentHire		996			996	3,548
	TrainingCosts		490			490
...	ProfessionalFees		1,000			1,000
	AccountancyFees		1,O75			1,075	500
	Subscriptions		8to			870	!70
	CardMachineCharges		37			37
	SundryExpenses		513			513	350
	lnputVAT		3,L68			3,168	5,810
			15,883			15,883	23,998
	ASSETANDINVESTMENTPURCHASES
	SummaryTotal Additions		13,O42			1,3,O42	17,715
	LIA.BILITIES
	Accruals		(1,07s)			(r.,07s)
		Total Payments	27,850			27,854	47,773
	NET RECEIPTSI(PAYMENTS)		25,475	L,046		26,521	505
	TRANSFERS BETWEEN FUNDS
	CASHFUNDSAIlSTAPRIL 2022		34,685	1,323		35,008	3s,503
	CASH FUNDSAT31STMARCH	2023	60,150	2,359	-	6e529	36,008

	Unrestricted	Restristed	Restristed	Endowment
	Funds	Funds		Funds
	E	f.		e.
CASH FUNDS
Current Account	1,,793
ActiveSaverAccount	1,5,L97
RestorationFund	43,040
FoundationFund		2,373
CashlnHand	126
	50,156	2,373
OTHERMONETARYASSETS
		Purchase		Current
		Cost		Value
		ff
INVESTMENTASSETS
ASSETSRETAINED FORTHECHARIW.SOWNUSE
Valuationat31st March2016		30,000		30,000
Additionsin Yearto31st March20L7		5,237		5,237
Additionsin Yearto3]"stMarch2018		6,910		6,319
AdditionsinYearto31stMarch2019		58,97s		58,635
Additionsin Yearto31stMarch2020		26,912		26,912
AdditionsinYearto31st March2021		23,637		23,637
AdditionsinYearto31st March2022		17,715		17,715
Additionsin Yearto 31st March2023		___::-	__:!2
		Amount		When
		Due		Due
		E		lLyrl
UABltMES		1,,075		<LYr