**REGISTERED CHARITY NUMBER: 1202037**
## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024**
## **FOR**
## **YEO VALLEY TRUST CIO**
Cobbin Floyd Ltd Chartered Accountants 15a Station Road Epping Essex CM16 4HG
**YEO VALLEY TRUST CIO**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|2|
|**Independent Examiner's Report**||3||
|**Statement of Financial Activities**||4||
|**Balance Sheet**||5||
|**Cash Flow Statement**||6||
|**Notes to the Cash Flow Statement**||7||
|**Notes to the Financial Statements**|8|to|12|
|**Detailed Statement of Financial Activities**||13||
**YEO VALLEY TRUST CIO**
## **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 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objects of the CIO as set out in the governing document are:
(1) The preservation and restoration of the Southern Section of the former Lynton & Barnstaple narrow-gauge railway, to include trackbed, stations, bridges, viaducts, culverts, cuttings, out buildings, adjacent land (e.g. woodland) and any rolling stock that the trust may buy, store, borrow, or loan.
(2) The advancement of education in the history and operation of the aforementioned railway and railways generally by the preservation and display of historic artefacts, relics and documents of the railway or railways, carrying out of research into the history and operation of the railway or railways generally, the study of local history in relation thereto and the publication or other dissemination of the results of such research and study, and by the provision of educational and training facilities for those engaged in the restoration and operation of the railway or railways in general.
Nothing in this constitution shall authorise an application of the property of the CIO for the purposes which are not charitable in accordance with [section 7 of the Charities and Trustee Investment (Scotland) Act 2005] and [section 2 of the Charities Act (Northern Ireland) 2008]
## **Public benefit**
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **ACHIEVEMENT AND PERFORMANCE**
During the reporting period, one Trustee resigned, and one new Trustee was appointed.
Concerns were raised by the former Trustee about whether the Trust has sufficient control over Exmoor Associates CIC. The Trustees sought legal advice on these claims, which confirmed that whilst the Trust had a large degree of control over EA CIC, there were improvements that should be made. EA CIC then proceeded to draft a new set of proposed Articles of Association by the end of the period under review, which will then be subject to further review by a solicitor. The matter is still therefore still to be resolved however the Trustees fully expect a solution to be found in the next reporting period.
YVT funded the purchase of 2 benches for community use at Bratton Fleming. These are intended to be installed on the public bridleway adjacent to Bratton Fleming Station.
YVT funded the purchase of equipment and tools to support the management of the land owned by EA CIC and the restoration of Bratton Fleming Station.
YVT funded the restoration of the Victorian post-box (now installed in Bratton Fleming Station)
The YVT worked with Barnstaple Town Council and other Lynton and Barnstaple railway organisations to support a 5-day railway-themed exhibition event in Barnstaple in August 2024.
The YVT came to agreements in principle with 2 landowners to acquire sections of trackbed and these agreements were then placed in the hands of solicitors to complete the purchases.
In November, an application was made for Building Control approval to enable the construction of the proposed Goods Shed at Bratton Fleming
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1202037
Page 1
**YEO VALLEY TRUST CIO**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31ST DECEMBER 2024**
## **Principal address**
6 West Yelland Barnstaple Devon EX31 3EY
## **Trustees**
P Heathcote R Landen (appointed 6.7.24) Ms J Wright D I Cameron P James Ms A Belsey P J Buck M Buse A Hobbs (resigned 18.6.24) C Duffell (appointed 8.3.25)
## **Independent Examiner**
Cobbin Floyd Ltd Chartered Accountants 15a Station Road Epping Essex CM16 4HG
Approved by order of the board of trustees on 29th July 2025 and signed on its behalf by:
Ms J Wright - Trustee
Page 2
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF YEO VALLEY TRUST CIO**
## **Independent examiner's report to the trustees of Yeo Valley Trust CIO**
I report to the charity trustees on my examination of the accounts of Yeo Valley Trust CIO (the Trust) for the year ended 31st December 2024.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
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(5)(b) of the Act.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set 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.
Natalie Floyd ACA The Institute of Chartered Accountants in England and Wales
Cobbin Floyd Ltd Chartered Accountants 15a Station Road Epping Essex CM16 4HG
29th July 2025
Page 3
**YEO VALLEY TRUST CIO**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
Investment income
3
**Total**
**EXPENDITURE ON**
**Charitable activities**
4
Maintenance and enhancements
Other
**Total**
**NET INCOME**
**Transfers between funds**
9
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
**43,351**
**9,030**
**52,381**
**2,355**
**5,820**
**8,175**
**44,206**
**(4,426)**
**39,780**
**90,927**
**130,707**|Restricted
funds
£
**863,759**
**-**
**863,759**
**9,120**
**-**
**9,120**
**854,639**
**4,426**
**859,065**
**147,018**
**1,006,083**|**Year Ended**
**31.12.24**
**Total**
**funds**
**£**
**907,110**
**9,030**
**916,140**
**11,475**
**5,820**
**17,295**
**898,845**
**-**
**898,845**
**237,945**
**1,136,790**|Period
22.2.23
to
31.12.23
Total
funds
£
239,604
164|
|---|---|---|---|---|
|||||239,768|
|||||-
1,823|
|||||1,823|
|||||237,945
-|
|||||237,945
-|
|||||237,945|
The notes form part of these financial statements
Page 4
**YEO VALLEY TRUST CIO**
## **BALANCE SHEET**
## **31ST DECEMBER 2024**
|Notes
**FIXED ASSETS**
Investments
7
**CURRENT ASSETS**
Cash at bank
**CREDITORS**
Amounts falling due within one year
8
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
9
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Unrestricted
funds
£
**105,350**
**26,112**
**(755)**
**25,357**
**130,707**
**130,707**|Restricted
funds
£
**121,200**
**884,883**
**-**
**884,883**
**1,006,083**
**1,006,083**|**2024**
**Total**
**funds**
**£**
**226,550**
**910,995**
**(755)**
**910,240**
**1,136,790**
**1,136,790**
**130,707**
**1,006,083**
**1,136,790**|2023
Total
funds
£
149,750
88,915
(720)
88,195
237,945
237,945
90,927
147,018
237,945|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 29th July 2025 and were signed on its behalf by:
J Wright - Trustee
The notes form part of these financial statements
Page 5
**YEO VALLEY TRUST CIO**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2024**
|**Year Ended**
**31.12.24**
Notes
**£**
**Cash flows from operating activities**
Cash generated from operations
1
**889,850**
Net cash provided by operating activities
**889,850**
**Cash flows from investing activities**
Purchase of fixed asset investments
**(76,800)**
Interest received
**9,030**
Net cash used in investing activities
**(67,770)**
**Change in cash and cash equivalents in**
**the reporting period**
**822,080**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**88,915**
**Cash and cash equivalents at the end of**
**the reporting period**
**910,995**|Period
22.2.23
to
31.12.23
£
238,501
238,501
(149,750)
164
(149,586)
88,915
-
88,915|
|---|---|
The notes form part of these financial statements
Page 6
**YEO VALLEY TRUST CIO**
## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2024**
## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net income for the reporting period (as per the Statement of Financial**
**Activities)**
**Adjustments for:**
Interest received
Increase in creditors
**Net cash provided by operations**|**Year Ended**
**31.12.24**
**£**
**898,845**
**(9,030)**
**35**
**889,850**|Period
22.2.23
to
31.12.23
£
237,945
(164)
720|
|---|---|---|
|||238,501|
## **2.**
## **ANALYSIS OF CHANGES IN NET FUNDS**
||At 1.1.24|Cash flow|**At 31.12.24**|
|---|---|---|---|
||£|£|**£**|
|**Net cash**||||
|Cash at bank|**88,915**|**822,080**|**910,995**|
||**88,915**|**822,080**|**910,995**|
|**Total**|**88,915**|**822,080**|**910,995**|
The notes form part of these financial statements
Page 7
**YEO VALLEY TRUST CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', 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, with the exception of investments which are included at market value.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it 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 to activities on a basis consistent with the use of resources.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified 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.
## **2. DONATIONS AND LEGACIES**
|**Year Ended**
**31.12.24**
**£**
Donations
**25,534**
Gift aid
**25,669**
Legacies
**855,907**
**907,110**|Period
22.2.23
to
31.12.23
£
91,854
-
147,750|
|---|---|
||239,604|
continued...
Page 8
**YEO VALLEY TRUST CIO**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024**
## **3. INVESTMENT INCOME**
|**INVESTMENT INCOME**|||||
|---|---|---|---|---|
|||||Period|
|||||22.2.23|
||||**Year Ended**|to|
||||**31.12.24**|31.12.23|
||||**£**|£|
|Deposit account interest|||**9,030**|164|
|**CHARITABLE ACTIVITIES COSTS**|||||
|||||Direct|
|||||Costs|
|||||£|
|Maintenance and enhancements||||**11,475**|
|**SUPPORT COSTS**|||||
||||Governance||
||Management|Finance|costs|Totals|
||£|£|£|£|
|Other resources expended|**1,716**|**60**|**4,044**|**5,820**|
## **4. CHARITABLE ACTIVITIES COSTS**
## **5. SUPPORT COSTS**
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31st December 2024 nor for the period ended 31st December 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31st December 2024 nor for the period ended 31st December 2023.
## **7. FIXED ASSET INVESTMENTS**
|**FIXED ASSET INVESTMENTS**||
|---|---|
||Unlisted|
||investments|
||£|
|**MARKET VALUE**||
|At 1st January 2024|**149,750**|
|Additions|**76,800**|
|At 31st December 2024|**226,550**|
|**NET BOOK VALUE**||
|At 31st December 2024|**226,550**|
|At 31st December 2023|149,750|
There were no investment assets outside the UK.
continued...
Page 9
**YEO VALLEY TRUST CIO**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024**
## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other creditors
**9.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**Restricted funds**
Bratton Fleming
Post Box
Diesel
Trackbed
Chelfham Mill
M Selby Fund
Snapper Track
Volunteers
Benches
Bratton Fleming Clock
**TOTAL FUNDS**
Net movement in funds, included in the above are as
**Unrestricted funds**
General fund
**Restricted funds**
Bratton Fleming
Trackbed
M Selby Fund
Snapper Track
Volunteers
Benches
Bratton Fleming Clock
**TOTAL FUNDS**|At 1.1.24
£
**90,927**
**23,032**
**2,099**
**2,670**
**84,606**
**34,611**
**-**
**-**
**-**
**-**
**-**
**147,018**
**237,945**
follows:|Net
movement
in funds
£
**44,206**
**1,492**
**-**
**-**
**14,640**
**-**
**843,307**
**(5,470)**
**100**
**(1,055)**
**1,625**
**854,639**
**898,845**
Incoming
resources
£
**52,381**
**1,492**
**14,640**
**843,307**
**2,030**
**100**
**565**
**1,625**
**863,759**
**916,140**|**2024**
2023
**£**
£
**755**
720
Transfers
between
At
funds
31.12.24
£
£
**(4,426)**
**130,707**
**-**
**24,524**
**(2,099)**
**-**
**-**
**2,670**
**21,954**
**121,200**
**-**
**34,611**
**(21,954)**
**821,353**
**5,470**
**-**
**-**
**100**
**1,055**
**-**
**-**
**1,625**
**4,426**
**1,006,083**
**-**
**1,136,790**
Resources
Movement
expended
in funds
£
£
**(8,175)**
**44,206**
**-**
**1,492**
**-**
**14,640**
**-**
**843,307**
**(7,500)**
**(5,470)**
**-**
**100**
**(1,620)**
**(1,055)**
**-**
**1,625**
**(9,120)**
**854,639**
**(17,295)**
**898,845**|
|---|---|---|---|
continued...
Page 10
**YEO VALLEY TRUST CIO**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024**
## **9. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Restricted funds**
Bratton Fleming
Post Box
Diesel
Trackbed
Chelfham Mill
**TOTAL FUNDS**|Net
movement
in funds
£
90,927
23,032
2,099
2,670
84,606
34,611
147,018
237,945|At
31.12.23
£
90,927
23,032
2,099
2,670
84,606
34,611|
|---|---|---|
|||147,018|
|||237,945|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Bratton Fleming
Post Box
Diesel
Trackbed
Chelfham Mill
**TOTAL FUNDS**|Incoming
resources
£
92,750
23,032
2,099
2,670
84,606
34,611
147,018
239,768|Resources
Movement
expended
in funds
£
£
(1,823)
90,927
-
23,032
-
2,099
-
2,670
-
84,606
-
34,611
-
147,018
(1,823)
237,945|Resources
Movement
expended
in funds
£
£
(1,823)
90,927
-
23,032
-
2,099
-
2,670
-
84,606
-
34,611
-
147,018
(1,823)
237,945|
|---|---|---|---|
||||147,018|
||||237,945|
## **10. RELATED PARTY DISCLOSURES**
The following Trustees are also Directors in Exmoor Associates CIC:
P Heathcote R Landen D I Cameron P James M Buse
The charity currently holds shares to the value of £226,500 in Exmoor Associates CIC.
continued...
Page 11
**YEO VALLEY TRUST CIO**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024**
## **11. HERITAGE ASSETS**
It is the policy of the Trust not to capitalise heritage assets belonging to the Museum, where a reliable estimate cannot be made of the asset's fair value or the information on cost or value is not available and which cannot be obtained at a cost which is commensurate with the benefits to the users of the financial statements. These are in effect inalienable, held in perpetuity, and are mostly irreplaceable. Any financially based valuation would be misleading to the value and significance of the material culture involved. The trust has a clear duty of care for these assets and to make them available for the enjoyment and education of the public as far as is possible, commensurate with their long-term care and preservation. The highest possible standards of collection management are applied, and the catalogues are made available as widely as possible to facilitate all enquiries and requests for information, subject to appropriate security and data protection guidelines.
Page 12
**YEO VALLEY TRUST CIO**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024**
|||Period|
|---|---|---|
|||22.2.23|
||Year Ended|to|
||31.12.24|31.12.23|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|**25,534**|91,854|
|Gift aid|**25,669**|-|
|Legacies|**855,907**|147,750|
||**907,110**|239,604|
|**Investment income**|||
|Deposit account interest|**9,030**|164|
|**Total incoming resources**|**916,140**|239,768|
|**EXPENDITURE**|||
|**Charitable activities**|||
|Maintenance and enhancements|**11,475**|-|
|**Support costs**|||
|**Management**|||
|AGM expenses|**385**|418|
|Printing, postage and stationery|**188**|186|
|Computer consumables|**435**|150|
|Transport and carriage costs|**708**|-|
||**1,716**|754|
|**Finance**|||
|Bank charges|**60**|49|
|**Governance costs**|||
|Accountancy|**756**|720|
|Legal and professional fees|**3,288**|300|
||**4,044**|1,020|
|Total resources expended|**17,295**|1,823|
|**Net income**|**898,845**|237,945|
This page does not form part of the statutory financial statements
Page 13