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2025-03-31-accounts

Tarka Valley Railway C.I.O. Annual Report for the year ending 31[st] March 2025

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 maintenance of our current running line, siding and associated features as well as the re-positioning of the static rail vehicles together with their continuing refurbishment . and this is expanded on below . We are now also a member of the river Torridge Heritage Group which exists to further public education about the history of the area alongside and on the river Torridge.

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

The maintenance routine reported on in last year’s report continued during the year. A big change during this year was the re-positioning of our rolling stock with a view to making a more focussed display. The biggest job here was the re-location of the TSO Mk 1 carriage from the siding to a permanent home on the far side of the coal stage where it will be transformed into a heritage display carriage We were fortunate in being offered for free a good number of rails and sleepers from a site where they were no longer needed. Much clearance to prepare the rear of the coal stage, including making repairs to the coal stage wall took place before it was finally, towards the end of March, moved by laying temporary track in the car park for the move and then returning the borrowed car park to normal use

To make this part of the site more attractive, work proceeded during the year on building a pair of gates, similar to crossing gates, to replace the temporary fencing between the car park and the coal stage. Although

almost complete, the finishing work still has to be done before installing. As the Railway is also responsible for the trees near here, several trees affected by ash die back had most of their top parts cut down to keep everyone safe.

The other major change this year has been the installation of our own electricity supply, removing the need to be reliant on borrowing electricity from the Puffing Billy . This was another big job, with trenching having to be excavated from the nearest supply point up to a new distribution box at the rear of our information centre, then cables run from here to another box positioned close to the goods van body within the secure area. A beneficial side effect of this was to enable the goods van body to be converted into a workshop with power and lighting.

As reported last year, the office of Rail and Road (ORR) gave us permission to operate as a Heritage Railway just before the end of 2023. As expected, we had a visit by an inspector from the ORR which took place in August and it was pleasing that nothing major was found to be wanting although a number of recommendations were made which we were given to February 2025 to put in place. Most of these were done by that date and a further update was given to the ORR some while later, leading to their satisfaction that we were progressing as expected. This has meant, however that even more documents have had to be created and checking and testing regimes put in place, which largely goes unseen by both the public and many volunteers.

For our Phase 2, surveying and plan creation work continued throughout the year, which is necessarily a long drawn out process. We had hoped to bring top people form Devon County Council (DCC) to site in the Autumn but this was halted by the urgency of the proposed reorganisation of county councils announced by the government which meant the people we had invited were not available. It wasn’t therefore possible to bring DCC people down to discuss the drawn plans, although this has now taken place.

Other rail work during the year included securing the buffer stop at the up end of the line and installing a ground frame between the signal box site and the ‘blockhouse’ to more easily control the points from the siding onto the main running line.

The permanent way trolley hut repair was completed during the year and is now in use as intended. Our up platform benches were showing their age after many years, so a project was started to completely dismantle them and replace the wooden slats, which as a fair weather job, was carried on into 2025.

Our collection of rolling stock continued to receive restoration and maintenance, in particular the interior of the brake van was completed and fitted out as it would have looked in service. The ballast hopper had some attention to free one of the drop doors which had become stuck after many years of use before coming to us.

Three public running events were held during the year:the May Day special run in conjunction with Great Torrington Mayfair, a summer two day event and a Halloween running day with suitable decoration and Halloween characters. As the 143 unit had a technical problem on the day, we ran Torrington Cavalier and gave cab rides.

For those of you who were present at last years AGM, we were very fortunate to be presented with one of the original nameplates and crest from the West Country class locomotive Torrington by the Town Lands charity who had had it in their possession for a considerable time, and decided that our railway would be a more suitable home.

This report could not end without paying tribute to our long standing volunteer and permanent way expert Phil Tarry who retired from working with us prior to his move to the Midlands. Without his help and guidance, we wouldn’t be where we are today.

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

At the end of the year the total paid-up membership stood at 153, which after allowing for incoming and outgoing members through the year showed a slight drop of around 4.5% on the previous year. Members are kept informed through the issue of monthly 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.

Finance

For the year under review, the accounts accompanying this report were prepared in-house with outside help in the same format as 2024, with Berry’s Accountants acting as Independent Examiners.

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 (General Secretary) Jan Welch (Treasurer) Anita Garner (Membership Secretary) until 5[th] January 2025 Ralph Chapman David Lambert

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 was approved by the Board on 15/08/25 and is signed on behalf of all Trustees.

General Secretary.

TARKA VALLEY RAILWAY CIO

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

CHARITY NUMBER 1162632

TARKA VALLEY RAILWAY CIO

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

CONTENTS

PAGE
INDEPENDENT EXAMINERS REPORT 1
RECEIPTS AND PAYMENTS 2
STATEMENT OF ASSETS AND LIABILITIES 3

TARKA VALLEY RAILWAY CIO

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

ON THE FINANCIAL STATEMENTS

I report on the financial statements of the Tarka Valley Railway CIO (charity no. 1162632) for the year ended 31st March 2025 which comprise the receipts and payments, the statement of assets and liabilities and the related notes. These accounts have been prepared using the receipts and payments basis.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to:

Basis of independent examiner's statement

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking examinations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no mattesr have come to my attention which gives me cause to believe that in any material respect:

I have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Keith Berry FCA

For and on behalf of

Berrys, Chartered Accountants

12 High Street TORRINGTON Devon EX38 8HN

Dated:

TARKA VALLEY RAILWAY CIO

RECEIPTS AND PAYMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

RECEIPTS
Grants
Membership and 100 Club
Donations
Sales
Fundraising
Gift Aid
VAT Refunds in Year
Output VAT
Bank Interest
ASSET ANDINVESTMENT SALES
Total Receipts
PAYMENTS
Purchases
100 Club Prizes
Rent
Light and Heat
Insurance
Postage, Printing and Stationery
Advertising
Fuel and Oil
Repairs and Renewals
Equipment Hire
Training Costs
Professional Fees
Accountancy Fees
Subscriptions
Card Machine Charges
Sundry Expenses
Input VAT
ASSET AND INVESTMENT PURCHASES
Summary Total Additions
Current Assets
LIABILITIES
Accruals
Total Payments
NET RECEIPTS/(PAYMENTS)
TRANSFERS BETWEEN FUNDS
CASH FUNDS AT 1ST APRIL 2024
CASH FUNDS AT 31ST MARCH 2025		 Unrestricted
Funds
9,420
2,228
7,805
6,962
471
2,077
3,350
332
720
33,365
33,365
1,162
250
1,000
297
4,154
146
25
58
3,295
2,510
1,195
575
183
64
185
2,440
17,539
6,564
623
(114)
24,612
8,753
41,982
50,735		 Restricted
Funds
1,439
1,439
1,439
1,439
3,641
5,080		 Endowment
Funds		 TOTAL FUNDS
2025
9,420
2,228
9,244
6,962
471
2,077
3,350
332
720
34,804
34,804
1,162
250
1,000
297
4,154
146
25
58
3,295
2,510
1,195
575
183
64
185
2,440
17,539
6,564
623
(114)
24,612
10,192
45,623
55,815		 TOTAL FUNDS
2024
20,500
3,224
7,916
8,654
165
3,544
3,669
526
763
48,961
48,961
592
270
1,000
3,971
1,058
26
1,011
5,994
3,055
69
2,900
1,058
369
54
241
5,921
27,589
38,261
17
65,867
(16,906)
62,529
45,623

TARKA VALLEY RAILWAY CIO

STATEMENT OF ASSETS AND LIABILITIES

AS AT 31ST MARCH 2025

CASH FUNDS
Current Account
Active Saver Account
Restoration Fund
Foundation Fund
Cash In Hand
OTHERMONETARYASSETS
INVESTMENT ASSETS
ASSETS RETAINED FOR THE CHARITY'S OWN USE
Valuation at 31st March 2016
Additions in Year to 31st March 2017
Additions in Year to 31st March 2018
Additions in Year to 31st March 2019
Additions in Year to 31st March 2020
Additions in Year to 31st March 2021
Additions in Year to 31st March 2022
Additions in Year to 31st March 2023
Additions in Year to 31st March 2024
Additions in Year to 31st March 2025
LIABILITIES		 Unrestricted
Funds
3,215
14,587
32,751
182
50,735
623		 Restricted
Funds
5,080		 Endowment
Funds
5,080
Purchase
Cost
30,000
5,237
6,910
58,975
26,912
23,637
17,715
13,042
38,261
6,564
Amount Due
£
1,172
Current
Value
30,000
5,237
6,319
58,635
26,912
23,637
17,715
13,042
38,261
6,564
When Due
(<1yr/>1yr)
<1yr

NOTE

These accounts have been prepared on the Receipts and Payments basis. It should be noted that previous years' accounts were prepared on the Accruals basis.

Approved by the Trustees on ...... .22/01/2026 . and signed on its behalf by:

Mr M Wilson

TARKA VALLEY RAILWAY CIO

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

ON THE FINANCIAL STATEMENTS

I report on the financial statements of the Tarka Valley Railway CIO (charity no. 1162632) for the year ended 31st March 2025 which comprise the receipts and payments, the statement of assets and liabilities and the related notes. These accounts have been prepared using the receipts and payments basis.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to:

Basis of independent examiner's statement

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking examinations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no mattesr have come to my attention which gives me cause to believe that in any material respect:

I have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Keith Berry FCA

For and on behalf of

Berrys, Chartered Accountants

12 High Street TORRINGTON Devon EX38 8HN

Dated: