Charity Registration No. 263617 Company Registration No. 1038056 (England and Wales) NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 •ACOSE3BE* 31Y0912023 COMPANIES HOVSE
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NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY LEGAL AND ADMINISTRATIVE INFORMATION Patron of Nene Valley Railwav HRH The Duke of Gloucester Honorary Vice President Roger Manns Trustees K J Parkinson SJ Bell E A Wahers A L Oates M Stafford T R Hobman M D Purcell fAppointed 9 Morch 2023) (Appointed 15 September2022J fAppointed 3 November2022J Se¢retsry N McGregor Charlty number 263617 Company number 1038056 Museum number 1636 Princlpal address Wansford Station Old Great North Road Stibbington Peterl)orough PE8 6LR Reglstered office Wansford Statlon Old Great North Road Stibbingion Peterborough PE8 6LR
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY LEGAL AND ADMINISTRATIVE INFORMATION Auditors Stephenson Smart & Co 36 Tynd311 Court Commerce Road Lyn¢hwood Peterborough PE2 6LR Bankers National Westminster Bank plc PO Box 15 Cathedral Souare Peterborough Cambridgeshire PEI IHW Sollcltors Sloan Plumb Wood LLP Apollo House Minerva Business Park Lyn¢h Wood Peterborough PE2 6QR Investment advlsors Ravenscroft The Singing Men's Chambers 19 Minister Precincts Peterborough PEI IXX Webslte www.nvr.org.uk
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY CONTENTS Page Chairman's report Truslees, report Statement of trustees, responsibilities Independent avditor's report 10-13 Consolidated statement of financial actwities 14 Coftsolidated balance sheet 15-16 Charity balance sheet 17-18 Consolidated statement of cash flows 19 Notes to the financial statements 20-40
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 JANUARY2023 2022 saw us free of Covid restrictions. l joined the board in November 2022 and following Mike Kerft7ot's resignation for health reasons. I was elected chairman by the board on 9th March 2023. 1 want to thank Mike for everything he did a5 chairman nd l am pleased to say that he has made a good recovery and is once again driving locos. He has provided me with useful guidance and support since I took over. Sadly, Charles Swift, our Vice-President died during ihe year. A railwayman by profession, Charles started his career on steam at New England. working his way up to driver. Charles was a supporter of the creation of the Nene Valley Railway and was a great friend and advocate of the railway. Although we mounted a Bood programme of events and services dufing the year. we were badfy hit by the rising Costs of ¢031, oil and electricity. Following a lineside fire during the summer. we were forced to suspend steam services. which also affected our income. The lack of Thomas through the whole year also deprived us of the considerable income that he geneTates. We had a strong Sènla season and introduced two tr8ifi operation to facilitate the cleaning and preparation of services. Unfortunotely, only one steam locomotive was available, which made steam he3ting the coaches difficult. Foflunaiety, 5485, the Polish Tank managed right up until the final day. The visit of 6233 Duchess of Suiherland was a pleasant bonus. Originally arriving for overnight stablin8, we were able to operate a service using her and volunteers and staff pulled together to make that P055ible at very short notice. One of our appointed trustees, Amanda Deane resigned during the year. Rich Dixon resigned as a director and as chairman of the Finance Committee and Sarah Derry. one of the elected director5 also resigned. Phil Marshall did not seek re-election at the 2022 AGM. On behalf of the board, I want to thank them all for their service and the enthusiasm they brought to their role5. Roger Manns, member number I was appointed as our Vice-President, I welcome him to thi5 latest of many roles in which he has sen4ed NVR. The engineering shed was busy with a variety of projects during the year.
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 JANUARY2023 All of our volu Without their eers nd permanent staff worked hard all year to keep our services and events running. d teamwork, rt wouldn't be possible and l am hugely grateful for everything ihey do. M Purcell Dated .....................
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY TRUSTEES, REPORT {INCLUDING OIRECTOR5' REPORT) FOR THE YEAR ENDED 31 JANUARY2023 The trustees present their report and financial statements for the year ended 31 January 2023. The financral statements have been prepared in accordance with the accounting policies set out in note 110 the financial statements and comply with the charitable company's governing document, the Companies Act 2006 and 'Accounting and Reporting by Charitie5.' Staiement of Recomrnended Practice applicable to charities pieparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. (effective l January 20191. Our Mission Nene Valley Railway Limited is a re8lStèred charrty whose lormal charrtable purpose is.- 'lo promote the permanènt preservation of railway line5, engines and rolling stock and equipment, and rtems of general railway intèrest of actual hisioric or scientific importance and education value. and to exhibit to members of the public interested in engines owned by the association any such engines, rolling stock. equipment and items as aforesaid by means of temporary or perrnanent exhibition5 and to demonstrate and assist in demonstrating to such persons the working and operations of such engines, rolling stock and items of static or mobile displays.. Status ¢1 the Charlty Peterborough Rarlway Ssxiety Wa5 incorporated as • company limited by guarantee in 1972 and subsequently arquired charitable status. The company name was ¢han8ed to Nene Valley Railway Limited in 1984. The charity has no share ¢apital and the liability of each member. in the event of winding up, is limited to £1. The governing documents are the Memorandum and Articles of Association of the company. Anyone may become a member by payment of the appropriate annual subscription. The company has è wholly owned subsidiary Nene Valley Railway Enterprises Limtted which is noi a charity and hès its own board and account5. It5 profi.ts are grft aided to Nene Valley Railway Limited. The chaflty can have up to nine trustees. The articles presuibe that six are elected by the members with up to three additional trustees on the basis that these persons have the Skil required to ensure that the trustees as a body have in iheir opinn adequate financial. legal. business, charity and other professional
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY TRUSTEES. REPORT {CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JANUARY2023 The trustees seNln8 durlng 2022- 2023 and the meetings they attended weie: Adual Posslble Michael Purcell- Choir loppoinred3 November2022J Michael Kerfoot Stanley Bell Tom Jennings Adrian Oates Keith Parkinson .Elizabeth Walters rimothy Hobman (appointed 15 September 2022) Philip Marshall (resigned IS September 2022} Rich Dixon fresigned 23 Morch 2022} Sarah Derry Iresigned 24 September 2022) Amanda Deane (resigned 12 December 2022) 13 15 li 12 15 li 15 Is 15 15 15 15 io io li Governance and Management The board normally meet every month of the year and subgroups of board members meet from time to time as business requires. The generol manager is appointed by the trustees to carry out the policies laid down by the board and to manage the day to day operation5 of the Charity. The trustees are appobnied by ihe subscribing members of the charitable company at the annual general meeting. All adult members have one vote and should the number of nominations io bectsme trustees exceed ihe vacancies. a secret ballot is held. All trustees are subscribing rnernbers and must be nominated by two people. The initial appointment is for a three year term. None of the trustees have any beneficial interest in the tharitable company. All of the trustees are members of the charitable company and guarantee to contribe £1 in the event of a winding up. Health and Safety IH&SI The anticipated ORR visit took place in July 2022. They found that- Overall, control of risk created by the operation of the Railway and associated work activities was well managed and consistent with the duties placed on it by the legal framework: - Document managementlrecord keeping 15 good and NVR has begun to m3ke effective use of the Heritage Operations Protessing Syslern IHOPSI; and Well-lounded skills, knowledge and experience of their areas ol responsibility on the railway of those we Spoke to was evident. as wa5 their posilive approach to Safety managernent. General ¢ondilions/housekeepin8 in workshops were good. Engineering machinery was effectivety guarded. Lifting equipment/ac¢essories and pressure systems are thoroughly exarnined in compliance with relevant legislation. There were some 8ood examples of provision of work at height equipment, i.e., the scissor lrft at Overton Yard.
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 31 JANUAR Y2023 Health and Safety IH&SI Icontinuedl However. as discussed, some concerrhs were noted with,. inspecttortr of track geometry.. inadequate means of preventing falls during work at height. several metre5 of exposed electrical cable on rough stony @round in Overton Yard; inadequate measures in place to prevent acce55 by member5 of the public, including young children, to unsupervised areas of Overton Yord- informal supervisionlmonrtoring of signallers and multiple 5ign-on points (introduced durin8 ihe pandemicl. All of these have been addressed and a response to the ORR was sent within their required timetable. There were no incidents during the year that required reporting to the ORR. Flnanclal Review Although ihe influence of ihe pandemic on our finances had waned. this was a year in which we started to regain our momentum. However. our income was affected by the lack of Thoma5 throughout the year- the inability to run steam during the hot, dry summer month5. and the lack of coach C during the Santa season. Income from charitable activitie5 Was £658.537. In addition. we received donations and other fundraising income of £175,266. Afthough every effort was made to control costs, they increased from £1,157.867 to £1,299,734. This year. there was a deficit of £257.860 compared to a surplus of £269,038 in the previovs year. Our trading operations both in the charity and Enterprises made a loss. We have introduted tighter controls around expenditure but were able to continue with our essenibal maintenance and ienewal projects and maintained our staffin8 establishment. We took ihe decision to outsource the café. although this was not implemented until the 2023-24 period. Cofflmerdal Operatlons The events team have continued to introduce innovative and profitable events. However. we were adversely affected by the lack of Thomas and problems with 34081.'92 Squadron. which meant that we were reliant on 5485 the Polish Tank to provide Steam traction for much of the year. However. following a lineside fire in the summer, we were forced to suspend steam services, which adversefy affected our income.
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY TRUSTEES, REPORT (CONTINUED){INCLUDING DIREcfoRS' REPORn FOR THE YEAR ENDED 31 JANUAR Y2023 Commerclal Operatlons l¢onlinued) The Santa service5 were a near sellout and this year, we operated two rakes to assist with cleaning and preparation. This worked well and volunteers and allowed volunteers to have better breaks between services. However, we only had one steam locomotive. which caused problems Wlth steam heatin8. Income was also affected by the lack of Coach C, which reduced our capacity. Infrastructure At the beginning of the year. the permanent way Itrackl tearn compleied re-railing work in the tunnel contendbng with constricted space. the dark and constantly dripping water. Work was completed on the Castor stTai8ht that allowed the temporary speed restrirtion to be lrfted. This was an immense effort by the Plway team with the assistance of volunteers from many other parts of the railway. During the Summer, inspertion of the Fletton Branch showed that it had to be closed due lo rts poor condition. Again massive team effort by the Plway team with the assistance of volunteers from other departments meant thai the branch could be reopened in 2023. Locomotives and Rolling St¢¢k Most of the steam haulage during the year was undertaken by completed by the home fleet, Bullied Pacific 34081. .92 Squadron, and Polish O-8-OT. 5485. Hudswell Clarke 0-6-OT Thomas. spent the year in the shed following boiler problems. Peak locomoti¥e 45041 Royal Tank Regiment on loan from the Peak Locomotive Company was a popular diesel locomotive and ran throughout the year and Swedish railcar 1212 continued to be The Pacer DMU was brought into seThice and has proved to be a reliable irain. Vi51tors to the railway included 6233 Duchess of Sutherland. which arrived for stablin8 but ended up in service. In the overhaul shed work on the overhaul of Hudswell Clarke tank engine, 'Derek Crouch. and diesel shunter MuTiel continued. The longer term project with Standard Class 5. 73050. City of Work continued on Coach C and the accessible coach. The wagon group continued to overhaul and maintain the many freight vehicles around the railway.
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY TRUSTEES. REPORT {CONTINUED}(INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 JANUARY2023 Passengef Numbers Passenger numbers were 42,903, up on 23.924 in 21-22. Operations Departrnent The operating department were able to staff all the trains that ran. The rule book was updated and reissued. The major revisions were to languaEe- changes to reflect the changing role of the station masier,. and If a train has more than one locomotNe hauling r( (including top and tail model. the section staff is tarrie(J on the leading locomotive. The Operating Manager continues io report he is extremely impressed with the standard of all the staff in the department, wTrth their uniform and willingness to help beyond their duties where required. Signèl and Telecoms {S&T) The S&T team continued to maintain our snaIlIng assets during the year and undertook many minor and not 50 minor replacement and upgrode tasks. However, they had to contend wtih a cable iheft at Orton Mere. which rendered the signallin8 there ineffective. Their response was impressive and service was restored in a matter of weeks. The interlockin8 31 Orton Mere was also modified so that when OM box is c105ed, the route is set through Platform 2 thereby reducin8 the we3r on the turnouts at both ends of the statitin. Although occurring in 2023. Ihe arson attack on the signal box at Orton Mere has to be mentioned. Repairs are progressing well and ihe box shoukl be back in service by September 2023. Membership Membership has fallen slighily this year from 766 membership5 and 949 actual members in the previous vear to 750 memberships and 912 actual members. The drffererb¢È between memberships and artual members is because a membershlp may be joint and include more than orte member. Our very busy Volunteer Liaison Group continue to be active in this area, holding regular inductions for new members and the number of working volunteers continues to increase. Stations and Bvildlngs The team completed the installation of a new tiled floor in Retail Shop. In addition general repairs and maintenance were completed in many areas. including the repainting of the exterior of the café conservatory. New level crossing gates were made and fitted. These are perfect replicas of the originals.
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY TRUSTEES. REPORT (CONTINUED)(INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 JANUARY2023 Fundraislng We have continued to support the raikvay through seeking grants and donations frorn a variety of sources. Additional grènts were also applbed for to support specrfic projects including the tunnel, level crossing and yard. The charity shop is now well established and has been able to support a variety of projects around the railway. Fundraising remains central io our strategy. We have improved our capability in identifying and securing funding from many different sources and ongoing we contTrnue to seek further opportunities. Summary A satisfactory outcome to another challenging year ihat saw another colossal team effort from all areas of the railway. trustees, manager5, paid staff and our huge army of volunteers. Thanks must go to everyone that contributed to this and to those that supported us in whatever way. Audlt Each of the trustees have Confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to Ident such relevant information and to establish that the auditor is aware of such information. The trustees, repo was approved by the Board of Trustees. M Purcell Chairman of th rustees
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY STATEMENT OF TRUSTEES. RESPONSIBILMES FOR THE YEAR ENDED 31 JANUARY2023 The trustees who are 3150 the directors of Nene Valley Railway Limited for the purposes of company law. are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pratticel. Company law requires the trustees to prepare financial statements for each financial year. Under company law the tru51ees must not approve the financial statements unless they are satisfied that they give 3 true and fair view of the state of affairs of the charitable company and of the incoming rtrsources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these finantial $13tements, the trustees Jre required to.. Select svitable accountin8 policies and then apply them consistently. observe the methods and principles in the Chartties SORP 2019 IFRS 1021: make judgements and estimates that are reasonable and prudent- state whether applicable UK Accounting 5tandard5 have been followed, subject to any material departures dFStlosed and explained in the financial 5tatements- and prepare the financial statements on the going ¢ort¢ern basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statement5 comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularrties. In so far as the trustees are aware.. there is no relevant audit inforrnatn of which the charrtable company's auditor is unaware- and the trijstees have taken all Steps that they ought to have taken to make themselves aware of any relevant audit information and to establish thai the auditor is aware of that information.
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF NENE VALLEY RAILWAY LIMITED Opinion We have audited the financial statements of Nene Valley Railway Limited (the 'parent charitable company'l and its subsidiary (the 'group'l for the year ended 31 January 2023 which comprise the Group Statement of Financial Activities, the Group & Parent Charitable Company Balance Sheet's. the Group Cashflow Staternent and the note5 to the financial statements. including a summary of significant accounting policie5. The financial reporting framework that has been applied in their Preparation rs applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financiol Reporting Stondord opplicoble in the UK ond RepublK of Irelond (United Kingdom .Generally Accepted Accounting Practice). In our opinion the financial statements-. give a true and fair view of the state of the Group's and Pareni Charrtable company's affairs as at 31 January 2023 and of the Group's incoming resources and application of resources. including its income and expenditure. for the year then ended- have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice.. and have been prepared in accordance with the reqU1mentS of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI (ISA5 IUKII and applicable law. OUT re5ponsÉbilities under those standards are further described in the Auditor's responsibililies for the audit of the financial slaternents section of our report. We are independent of ihe Group and Pareni ¢haritable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, includin8 the FRC'S Ethical Standar(I, and we have fulfilled our other ethical responsibilities in accordance wtth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to prO¥e a basis for our opinion. Concluslons relating to goin8 concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounling in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating io events or conditions that. individually or colleciivÈly. may cast significant doubt on the group's of pareni charitable company's ability to continue as a going concern for a period of at least twefve months from when the financial statements are authorised for issue. Our re5pon5ibilitie5 and the responsibilities of the trustees with respect to going concern are described in Ihe relevant sections of thi5 report. io
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY INDEPENDENT AUDITORS REPORT (CONTINUED) TO THE TRUSTEES OF NENE VALLEY RAILWAY LIMITED Other infom•ti¢n The trustees are responsible for the other inforrnation. The other information comprises ihe information included in the trustee's annual report, other than the fin•n¢ial statements and our auditor's report thereon. OUT opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so, consider whether the other information is rnaterTrally inconsistent with ihe financial statements or our knowledge obtained in the course of the audit or otherwisè appears to be materiallv mi5Stated_ If we entIfy such material inconsistencies or apparent material misstatements, we are required to determine whether thi5 gNes rise io a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information. we are reguired to report that fact. We have nothing to report in thi5 regard. Matters on which we are required to report by exception In the light of our knowledge and understanding ol ihe Group and Parent charitable company and its environment obtained in the course of the audrt. we have not identified material misstatements in the trustees, report. We have nothin8 to report in respert of the following matiers in relation to which the Charities Act 2011 require us to report to you if, in our opinion= adequate accounting records have not been kepi by the Parent charitable company: or the Parent charitable company's financial statements are not in agreement with the accounting records and returns- or certain disclosures of trustee's remuneration specified by law are not made. or we have nol received all the informatitin and explanations we require for our audit. Responsibilllies of trustees As explained more fully in the statement of trustees. responsibilrties. the trustees {who are also the directors of the charitable company for ihe purpose of company lawl are spOnsible for the preparation of the financial statements and for being satisfied that they give a twe and fair view. and for such internal conirol as the trustees determine is necessary to enabte the preparation of financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustee5 are responsible for assessing the Group's and Parent charitable ¢ompany's ability to continue as a going Concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unles5 the trustees erther intend to liquidate the Group or the Parent charitable company or to cease operations, or have no realistic alternaiive but to do so.
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY INDEPENDENT AUDITORS REPORT (CONTINUED) TO THE TRUSTEES OF NENE VALLEY RAILWAY LIMITED Audltor's Tesponslblllties for the audlt of the financlal statements We have beerb appointed as auditor under sertion 151 of the Charits Ath 2011 and report in accordance with this Act. Our objectives are to obtain reasonable a55urance about whether the financial statement5 as a whole are free from material misstatement. wheiher due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that on audit conducted in accordance with ISAS IUKI will always detect 3 material mi55tatement when it exists. Misststements can arise from fraud or error and are consKJered material rf, individually or in the aggre8¥te, they could reasonably be expected to influence the economic decisions of users taken on ihe basis of these financial statements. Irregularities. including fraud. are instances of non-compliance wffih laws and regulations. We design Procedures in line with our responsibilities. outlined above. to deted material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of deiecting irregularities, including fraud is detailed below.. We identified the laws and regulation5 applicable to the company through discussion with directors and our knowledge of the business. In addressing the risk of fraud through management erride of controls. testing the approprktitenes5 of journal entries and other adjustment5,' Assessing whether the judgements made in accounting estimates are indicative of a potential bias. Evaluating the business rationale of any signrficanl transactiofis that are unusual or outside the normal course of business- Analytical procedures are perfornd as well as substantive testing to identify any potential rnisstatement due to fraud- The audit procedures would 3150 involve being aware of any such items from reviewing report$ and distussions held with staff and managèment to obtain an understanding. Enquiring of management as to actual and potential litlBalion and claims- and Making enquires of management as to their knowledge of attual and suspected fraud. Because of the inherent limitations of an audit, there 15 a risk that we will not deted all irregularities, including those leading io a material misstatement in the financial statemen15 or non-compliance with regulation. This iisk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the linanci¥l siaiements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularit occurring due to fraud rather than error, a5 fraud involves intentional concealment. for8ery, collusion. omÉssion or misrepresentation. 12
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY INDEPENDENT AUDITORS REPORT (CONTINUED} TO THE TRUSTEES OF NENE VALLEY RAILWAY LIMITED Auditor's responsibsllties for the audit of the financlal statements Icontinuedl A further description of our responsibilitie5 for the audit of the financial statements is located on the Financial Reporting Council'5 website at= https.'Ilwww.frc.org.uklOur-WorklAuditlAudit-and- assurance/Standards-and-guidancelStandafds-and-guidJnce.for-auditors/Auditors-responsibilities-for- auditlDes¢ription-of-auditors-responsibilities-for-3udit.aspx. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's trustees. as a body, in actordance with part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit Work has been Undertaken $0 that we might state to the charitable company's trustees those malters we are required to state to them in an auditor's report and for no other purpose_ To the fullest extent perrnitted by law. we do Aot accept or assume responsibility to anyone other than the charitable company and the charrtable company's trustees as a body, for our audit work. for this report, or for the opinion5 we have formed. Stephens¢n Smart & Co Statutory Audrtor 36 Tyndall Court Commerce Road Lynchwood Peterborough PE2 6LR Date.. a919l Stephenson Smart & Co is eligible to act as an audf(or in terms of sertion 1212 of the Companies Act 2006. 13
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIE5 lincluding con501idated income and expendlture aetount) FOR THE YEAR ENDED 31 JANUAR Y 2023 Unrestrirted Desl8nated Restrlcted fund5 funds funds 20 2023 2023 Total Total 2023 2022 Income from: Oonation5 and other fund raising income Incomin8 resources from chariiable activities Commercial tradin8 operations and investment in trading subsidiary Investments Other income 76.956 18.898 79.412 175.266 686.442 658.537 658.537 574,047 178,378 178,378 7.058 37.250 90,174 6.220 62,132 5.990 37,250 rotal income and endowments 952.189 18,898 85,402 1.056.489 1,419,015 £xpendlture on.. Raisin funds Commercial trading operation5 and investment in trading subsidiary Other Charitable attivities 102,640 1.247 I.079,(1 102,640 1.247 86,402 1,195,847 84,498 89.834 983,535 io 30.384 Total resources ejtpended Nei gainslllossesl on investments 1.182.948 30.384 86.402 1.299.734 1.157,867 14 114,6151 114.6151 7,890 Net incomin lout8oin81 resources before transfers 1230.7591 111,4861 115.6151 1257,8601 269.038 Gross transfers between lunds 65,505 168.0861 2,581 Net mo¥ement in funds 1165,2541 179.5721 113.0341 1257.8601 269.038 Fund balances at I February 2022 1.948.955 143,267 481,312 2,573,S34 2,304.495 Fund balantes at 31 January 2023 1.783,700 83.693 448,280 2.315,674 2,573.534 The statement of financial activities intludes all gains and losses reco8nbsed in the year. All intome and expenditure derive from continuing artivities. 14
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 JANUARY2023 2023 2022 Notes Flxèd assets Tangible assels Investments 15 17 1.957,144 285.368 2.242,512 1.980.817 296.457 2,277.274 Current assets Stocks 19 29.455 49.686 267,541 346,682 29.745 180.677 341.247 551.669 Debtors Cash at bank and in hand Creditows: amount5 fallin8 dye 1¢h}n one year 21 1211.0291 1147.7501 Net current assets 135.653 403,919 Total assets less Current liabilities 2.378,165 2,681,193 Credltors: amounts falllng due after MO than one year 162,4921 1107.6591 Net assets 2.315.673 2,573,534 Income fvnds Restiiued funds Unrestricted funds.. Designated funds General unrestricted funds 27 448,280 481,312 26 83,693 1,783,7(X) 143,267 1.948,955 2.315,673 2.573.S34 15
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY CONSOLIDATED BALANCE SHEET (CONTINUEDI FOR THE YEAR ENDED 31 JANUARY2023 The company is enliiled to ihe exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2023. although an audit has been carried out under section 151 of the Charities Act 2011. No member of the company has deposlted a notice. pursuant to section 476, requiring an audit of these financial statements under the requsrements of the Companies Act 2(K)6. The trustee5 acknowledge their re5pon5ibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial siatements which give a true and fair view of the 51ate of affairs of the company a5 at the end of the financial year and of its incoming re50ur¢es and pplication of resources, including its in¢ome and expendrture. for the financial year in accordance with the requirements of sertion$ 394 and 395 and which otherwise comply with the requirements of the Companies Au 2¢K relating to financial statements. so far as applicable to the company. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the s all companies regime. The financial state nd are sign donit nts were approved by the board of direaors and authorised for issue on behalf bv-. M Purcell Trustee Company Registratlon No. 1038056 16
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY CHARITY BALANCE SHEEr FOR THE YEAR ENDED 31 JANUARY2023 2023 2022 Notes F•xed assets TanBible assets Investments 15 17 1.957.144 285.468 2.242.612 1,980,817 296,557 2,277,374 Current assets Siotks Debtors Cash at bank and in hand 19 18.282 114.569 261.785 394,636 20.053 250,830 333,641 604,524 Creditors". amounts fallin8 due within one year 21 1203,7301 1140.6151 Net current assets 190.906 463,909 Total assets less current liabllltles 2,433.518 2,741,283 Cfeditors: amounts falling due after more than one year 22 162,4921 1107.6591 Net assets 2.371,026 2,633,624 Income funds Restricted funds Unrestricted funds.. Designated fund5 General unrestricted funds 27 448.280 481,312 26 83.693 1.839.052 143,267 2,009,045 2.371.026 2.633.624 The net movement in funds for the year for the charrty only was net deficit of £258,80912022.. surplus of £291,043). The charity'5 income was £907,703 12022.. £1.356,8381 le55 expenditure of £1,151,897 12022: £1,073.6851 and net1055 on investments of £14,61512022= gain of £7,890). 17
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY CHARITY BALANCE SHEET (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 The company is enirtled to the exempiion from the audit requirement contained in sedion 477 of the Companies Act 2006. for the year ended 31 January 2023, although an audit has been cairied out under section 151 of the Charities Act 2011. No member of the company has deposited a noiKe, PLtrsuant to section 476. requiring an audit of these financial statements under the requirements of the Companies Act 2006. The trustees acknowledge their responsibilrties for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of ris incoming resources and application of resources, including its intorne and expendrture. for the financial year in accordance with the requirements of sections 394 and 395 and which oiherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. These fbnan¢i31 statements have been prePad in accordance with the provisions applicable to companies subject to the small companies regime. The finan and are si tatemenis were approved by the board of directors and authori5ed for issue on n its behalf by: ne M Purcell Trustee Company Registration No. 1038056 18
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY2023 2023 2022 Notes Cash flow from operating activitie5 32 133.4081 243,557 Cash flow from investing activities Purchase of tangible fixed assets Purchase of investments Proceeds on disposal of investments Interest received 112.9201 194,6091 91,082 7,058 1137.4531 152,8291 49.347 6,220 Net cash flow Irom investing aclTr¥ities 19.3881 1134,7151 Cash flow from financing actl¥ltle5 Interest paid New borfowings Repayment of borrowings 129,8351 120,7891 134.7481 125,2821 Net cash flow from financing artl¥itieS 164.5831 146,0711 Net decrease In cash and cash equivalents 1107.3791 62,771 Cash and cash equivalents at beginning of the year 341.247 278,476 Cash and Cash equivalents at end of the year 233,868 341.247 Relating to- 8aDk balances and short term deposits Bank overdrafts 267.541 133.6731 341,247 233.868 341,247 19
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY2023 Accounting policies Charity information Nene Valley Railway Limited is a prNate company limited by guarantee in England and Wales. The registered office is Wansford Station. Old North Road. Stibbinyon, Peterborough. PE8 6LR. 1.1 Accounting convention The financial statements have been prepared in accordance with the charitable company's Eoverning document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial ReportinE Standard applicable in the UK IFRS 1021" (effective l January 20191. The charitable company 15 a Public Benefit Entrty as defined by FRS 102. The tinan¢ial siaiements are prepared in sterlin& which is the functh)nal ¢urren¢y of the charitable company. Monetary amounts in these financial statements are rounded to ihe nearest £. The financial statements have been prepared under the historical cost convention. modified to include the revaluation of freehold properties and to include certain financial instruments at fair value. The principal accounting policie5 adopted are Set out below. 1.2 Going ¢oncern These financial statemenis are prepared on the going concern basis. The trustees have a reasonable expettation that the charity and rts subsidiary will continue in operational existence for the foreseeable future and have considered a period of at least 12 months in making this assessment. 1.3 Charitable funds Llnrestricted funds are available for Use at the discretion of the tTUStees in furtherance of their charitable objectives unles5 the fvnds have been desnated for other purposes. Designated fund5 comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the nores to the accounts. Restricted funds are subject to specrfic conditions by donors as to how they may be used. The details of the resiricted funds are set out in the notes to the accounts. Endowment funds are subject to specifK conditnS by donors that the capital musi be maintained bv the charitable company. 20
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 Accounting lICIeS Icontlnuedl 1.4 Incomlng resourtes Income is recognised when the charrtable company is legally entitled to it after any performance conditions have been met. the 3mounis can be measured reliably. and it is probable that income will be received. Donations and other forms of voluntary income are recognised as incoming resources when receivable. except insofar as they are capable of financial measurement. Legacy income is recognised eiiher by the charity being notrfd of an impending distribution or the legacy being received. Endowment income is Testricied. The charity benefits from many hours and unclaimed out-of-pocket expenses contributed by a number of supporters. It would be impossible to place a value on all these grfts in kind for which the ¢harity is extremely 8rateful. Grant income is re¢ognised in the year in which the grant is receivable. Government grants relating to revenue are recognised as intome over the periods when the relaied costs 3re incurred. This includes the Government Coronavirus Job Retention Scheme grant which is included as 'other Into.. Grants received from non-government sources are recognised under the performance model. Where there are no specrfic performance reqvirements the Erants are recognised in the statement of comprehensive income when the proceeds are received or receivable. Where grant is received with specific performance requirements attached, rt is recognised as a liability until the performance ¢ondition5 are met and then il 15 recognised as turnover. Income from driving courses is recognised when the income is receivable rather ihan when the ¢our5e is booked. this is considered reasonable as the vouchers do not have an expiry date ènd in some instances have rbot been utilised. Life membership subscriptions are released into income on a straight line basis at 8% per annum. 21
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 A¢¢ounting poll¢les Icontlnuedl 1.5 Resources expended Policy for recognition ol liabilrties ts as soon as there 15 a legal or ¢onstruciive obli8ation committin8 the charity to expendilure. Recognition of the costs of generating fund5 is on an accruals basis. excluding VAT. Chariiable expendrture comprises those costs incurred by the Charity in the delivery of its activities and services for lis beneficiaries. Governance costs include those cosis associated with meeting the constitutional and siatutory requirements of the charity and intluded audit fees and costs linked to the 5trate8lt management of the charity. Costs are allocated. where possible, directty to the activity. Where the cosi is not directly attributable it is allocated by informed management's best estimate of the activities undertaken. The charity ha5 Ihree main objectives and the Premises and promotion costs have been allocated 113rd to each of the main objectives. 1.6 Tangible fixed assets Tan8ible fixed a55ets are inilially measured at cost and subsequently measured at tost or valuation. net of deprecration and any impairment losses. Tangible fixed assets are stated at C05t or valuation less depreciation. Depreciation is provided at Tates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows.. Freehold bvildings Mobile classroom- 10 years siraight line Bridge improvements- 20 years Straight line Straight line over S years 1% reducing balance No depreciation is charged on items where the cost of restoration has been charged against income. On restored locomotives where work has been capitalised. the depreciation is written off over 10 years straight line from the date of completion Plant and machinery Track and ballast Rolling stock and locomotive5 The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset. and is recognised in net incomellexpenditurel for the year. The trustees consider that the ffeehold buildings are maintained in such a state of repair that their residual value is at least equal to their net book value. As a resuli the corresponding depreciation would noi be material and therefore is not charged in the statement of financial activities. Land at a value of £300.000 has not been depreciaied. 22
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUEO) FOR THE YEAR ENDED 31 JANUARY2023 Accountlng policies Icontlnued) 1.7 Fixed asset investments listed Investments are initi3lly measured at transaction Price excluding transaction costs, and are subsequently measured at fair value ai each reporting date. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. Investments in subsidiaries are measured at C05t. A subsidiary is an entity controlled by the charitable tompany. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. 1.8 Impairment of fkned assets At each reporting end date. the charitable Company reviews the c8rryin8 amounts of its tangible and intanBible a55et5 lo determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists. the recoverable amount of the asset is estimated in Ofder to determine the exact of the impairment loss. Intangible assets with indefinite useful lives and intangible a55ets not yet available for use are tested for impairment annually, and whenever there is an indicatTron that the a55et may be impaired. 1.9 Sto¢ks Stock is valued at the lower of cost and net realtsable value. Net realisable value is the estimated selling price bess all estimated costs of completion and ¢osts to be incurred in marketing, selling and distribution. 1.10 Cash and cash eqyivalents Cash and cash equivalents intlude cash in hand, deposits held at call with banks. other short-term liquid investments Wrth original rnaturities of three months or less, and bank overdrafts. Bank overdrafts are shown wrthin borrowings in curreni liabilities. 1.11 Flnancial Instruments The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12'0iher Financial Instruments Issues, of FRS 102 to all of its financial instruments. Flnah¢lAI rnstruments are recognised when the charrtable company become5 Party to the contractual provisions of the instrument. Basicfinanciol assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including tran5aciion costs and are subsequentty carried at amort15ed cosi using the effect interest method unless the arrangement constitutes a financing transaction, where the trènsaciion is measured at the present value of the future receipts discounted at a market r8te of interest. Financial assets classrfied as receivable within one year are not amortised. 23
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 Accounting policies Icontinuedl 1.11 FiTrancial in5tTuments {con¢inuedl Bosi¢finan¢iulliobili¢ies Basic financial liabilities, including trade and other payables. are initially recognised at transaction price unless the arrangemenl constitutes a financing tiansaction, where the debt instrument is measured at the presenl value of the future receipis discounted at a market rate of interest. Debt instruments are subsequently cJrried at amortised cost, using the effectrve interest rate method. Trade payables are obligations to pay for goods or seryices that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or les5. If not, they are presented a5 non-current liabilit5. Trade payables are recognised Initial at transartion price and 5ub5equently measured at cost using ihe effective interest method. Derecognition oAfinoncialliobilities Financial liabilities are derecognised when the charitable company's contractual obligation5 expire or are discharged or cancelled. 1.12 Employee benefits The cost of any unused holiday entitlement 15 recognised in the period in whbch the employee's services are received. Termination benefits are recognised Immediate as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide terminaiion benefits. 1.13 RIrement benef The charitable company operates a defined contributions pension scheme. Contributions are charged in the a¢¢ounts as they become payablè in accordante with the rules of the scheme. 1.14 Irrecoverable VAT All resources expended are classrfied under actwr(y headings that aggregate all costs related io the category. Irrecoverable VAT is charges against the category of resources expended for which it was ncurred. 24
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y2023 2 Critical accounting estlmates and judgements In the application of the charrtable company's accounting policies, Ihe trustee$ are required to make judgements. estimaies and assumptions about the carrying amount of assets and liabilities that are not readily appareni from oiher sources. The estimates and associated assumptions are based on historical experfjence anil other factors that are consided to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future period5. 3 Commercial trading operations and investment In tradin8 subsidiary 2023 2022 Non-charitable trading activities 178.378 90.174 4 Donations and othet lund raising in¢ome Unrestricted Designated Restricted funds funds nds Total 2023 Total 2022 Donations and gifts Legacies feceivable Grants receivable Membership fees 13.562 18,898 76,412 108.872 170,800 14,500 479.765 21,377 39.554 18.840 42.554 18.840 76.956 18,898 79,412 175.266 686.442 For the year ended 31 January 2022 67.587 38.664 580.191 686.442 5 Incomine resource5 from tharitable arti¥itie5 2023 2022 Traffic and admission charges Driving course income Santa specials Charitable rental income Other income 306,701 14,679 283,194 8,945 45,018 244,729 11,122 297,215 12,081 8,900 658.537 574.047 25
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 6 Inve5trnents Unre5trirted tlesignated funds fvnds Restricted funds Total 2023 Total 2022 Income from listed investments Interest receivable 5,990 5,990 1.068 6.180 40 1,068 5,990 7,058 6,220 For the year ended 31 Jarnuary 2022 40 6,180 6.220 7 Other Iorne 2023 2022 Net gain on disposal of tangible fixed assets Coronavirus job retention scheme grant Other Coronavirus related income 25.564 36,568 37.250 37.250 62,132 8 Ralsing funds 2023 2022 Commercial trading operation$ and investment in trnding subsidiary Operating irading company undertaking non-charitable trading activity 102,640 84,498 102,640 84.498 9 Trustees No trustees lor any persons conneued wrth theml received remuneration during the year. No irustees received expenses in the year12022 - No trustees recÈived expenses). 26
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 10 Charitable arti¥itSes ZOZ3 2022 Maintenance staff including Nl and pension Depreciation and impairment Fuel and lubricants Insurance Hire and transport of rollin8 Stock Maintenance Sania special PLFrch3ses Stamp purchases for resale Refuse and cleaning Sundry operating expenses Subscriptions Onlinè booking system Publicity and printing costs Special event expenses Bank. Interest and credit charges Expenditure from restricted funds 165.090 35.346 84.204 70.890 80.817 198,903 80,426 153,265 34,618 61,122 64,639 82.393 120,676 60,514 574 26.659 31,697 12.694 550 4,635 18,253 23,808 29.835 83,937 921,085 1,822 5,365 5.768 14.479 20.789 76.635 729,318 Support ¢osts Isee note 111 Governance costs (see note 111 255,754 19,008 240,280 13.937 1,195,847 983,535 Anatysls by lund Unrestricted funds Designated funds Restricted funds 1,079,061 30,384 86,402 699.763 40.453 243,319 1,195,847 983.535 27
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 JANUAR Y2023 11 Support $ts Support Govemance iosts costs 2023 2022 AdminisiTation and cleaning wages Premises costs Promotion costs 191,782 40,136 23,836 191.782 40,136 23,836 191,258 39,865 9,157 Auditors remuneration- . for audit services for non audit seThices Legal and professional 4.SCKJ 2.800 11.708 4.500 2,800 11,708. 4,SOO 2.800 6.637 255.754 19.C(J8 274.762 254.217 Analysed between= Charitable activitie5 255,754 19,tX)8 274,762 254,217 12 Taxatlon Nene Valley Railway Limited is 3 registered charrty. It only applies it'5 fvnd5 in accordance wtth its chariiable objettives, and is not trading with a view to makinE distributable profits, therefore corporation tax is not chargeable. 28
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y2023 13 Employees Number of employees The average monthly number of employees during the year was: 20Z3 2022 Number Numbtr Adminislration. shop. catering and cleaning mhan1(al io 16 14 Employment costs 2023 2022 Wages and salarie5 Social security costs Other pension costs 323.582 309,423 24,806 27.674 10,277 9.893 358.665 346,990 Included in the above employee costs is a sum of £41,40812022.. £24.6841 which are the wages costs of the trading subsidiary Nene Valley Railway Enterprises Limrted. There were no employees whose annual remuneration was £60.000 OT more. 14 Net gains/llosses) on investments 2023 2022 Revaluation of investments ILo55llGain on investments 112,1781 12,4371 2,619 5,271 114.6151 7,890 29
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 IS TanBible fixed a55ets Group and Charitv Rolling Property Plant and Tradt and stock and improvements mathinery ballast locomotives Freehold land and buildings Total Cost At l February 2022 Additions Disposals 1.104.728 206.046 64,081 252.903 11.920 955.391 2.583.149 i.(KJo 12.920 11,3861 11,3861 At 31 January 2023 1.104.728 206,046 76.001 252.903 955,CQ5 2.594,683 Depreciation and impairrnent At l February 2022 Depreciation Charged in the year Elimated in respect of disposals 53.132 39,991 24,126 485,083 602,332 4.692 13.285 2.288 I5.a0 35.345 11391 11391 At 31 January 2023 57,824 53,276 26,414 5ThJ,024 637,538 Carrylng arnount At 31 january 2023 1,104,728 148,222 22.725 226.489 454,980 1,957,144 At 31 January 2022 1.104.728 152.914 24.090 228.777 470.308 1.980.817 Freehold land and buildings including improvements with a carrying amount of £1,252,950 12022 £1,257,642) have been pledBed to secure borrowings of the charitable company. The charitable ¢ompany is not allowtd to pledge these assets as sècurity for other borrowinES OT to Sell them to another entity. Freehold land and buildings are measured at deemed cost, based on a prevh)us revaluation undertaken in 2012 and in accordance with the transitional provisions of FRSIO2. 30
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 16 Flnancial instruments 2023 2022 Carrying amount of finan¢ial assets Debt insiruments measured at amortised cost Equity instruments measured at cost less impairment 317,227 521.924 285.368 296.457 Carryin8 amount of finarttial liabilltles Measured at amort15ed cost 266.671 248.559 17 Fixed asset Investments Group 2023 2022 Listed investments 285.368 296,457 Charity 2023 202Z Investment5 in subsidiaries Listed investmenis loo 100 285,368 296,457 285,468 296,557 31
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 17 Fixed asset investments {Continued} Ltsted Investments Movements in fixed asset investments Gwoup and Charity Cost or valuation At 31 january 2022 Valuation changes Investment management fee5 Dividends received 296.457 114.6141 12.4651 5,990 At 31 January 2023 285,368 Carrying arnount At 31 January 2023 285,368 At 31 January 2022 296,457 18 Subsidiaries The charity owns 100% of the ordinary shères of rt's subsidiary, Nene Valley Enterprises Limited which is private company incorporated in England. IRegistr31ion number 28834831. The principle activities of Ihe subsidiary are the operation of shop facilitles. catering and commercial bar. The subsidiary's results .a5 extracted from the statutory financkil statement5 for the year ended 31 January 2023 are outlined below.. 2023 2022 Turnover Expenditure 178,378 1173.6401 115,174 1137,1791 Net loss 4.738 122.0051 The aggregate of the assets. liabilities and reserves were= 2023 2022 Current Assets Current li3bilit*s 16,929 172,1821 18,212 178,2031 Total reserves 155,2531 159.9911 32
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y2023 19 Stocks Group 2023 2022 Consumables 29,455 29,745 Charity 2023 2022 Consumables 18,282 20,053 20 Debtor5 Group Amoun15 fallin8 due within one year- 2023 2022 Trade debtors 22,118 19.546 27,567 161.131 Other debiors 49,686 180,677 Charity Amounts falling due within one year: 2023 2022 Trade debtors AmoLFnts due from subsidiary undertakings Other debtors 22,118 19,546 64,884 71.068 27,567 160.216 114,569 250.830 21 Creditors: amounts falling due within one year Group 2023 2022 Notes Loans and oveidrafts Other taxation and social security Deferred income Trade creditors Other creditors Accruals 24 71,337 8,917 43,996 34,355 45,574 6,850 37,245 10.912 28.147 31,794 32,802 6.850 23 211.029 147,750 33
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 21 Credllors: amounts falling due within one year {conlinuedl Charity 2023 2022 Notes Loans and overdrafts Other taxation and social security Deferred income Trade creditors Other creditors Accruals 24 71.337 6.149 43,996 33,674 41,724 6,850 37.245 9.005 28,147 30,216 29,152 6.850 23 203.730 140.615 22 Crediiors". amounts falling due after more than one year Group and Charlty 2023 2022 Notes Loans and overdrafts Other borrowings Other crediiors 24 24 23,177 29,315 io.cK)o 48,286 39,373 20,CN)O 62,492 107,659 23 Deferred income Group and Charity 2023 2022 Income received in advance 43,996 28,147 43,996 28,147 34
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 24 Loans and overdrafts Group and tharity 2023 2022 Bank overdrafts Bank loans Other borrowin85 33.673 60,841 29,315 85,531 39.373 123,829 124.904 Payable within one year Payable after one year 71.337 52.492 37,245 87.659 Amounts payable by instalments after S years is £Nil12022= £Nill. The long-term loan is secured by fixed charges over the freehold property known a5 Wansford Station, Peterborough and its associated asseis. The bank loan is repayable by monthly instalrnents over 4.5 years. the last instalment falling due in 2024. The interest rate in force for the year ended 31 January 2023 was 3.95%. The bounce-back loan is repayable by monthly instalments over 6.5 years including an 18 month fepaymeTrt holiday. The interest rate for this loan is 2.5% fixed. 25 Retirement benefil schemes The company operates a defined contribution pension scheme fof all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension c051 charge repre5ent5 contributions payable by the cornpany to the fund. At the year end a balance of £Nil is included in other creditor$12022 £Nill. The charge to profit and loss in respect of defined contribution schemes was £10,27712022 - £9,8931. 35
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 26 Desl8nated fund5 The income funds of the charity include the following designated funds which have been Set aside out ol unresiricted funds by the trustees for specific purposes.. Balance al l February 2022 Incoming Resources resources expended Transfe Balance at 31 January 2023 Friends of the Nene Valley Railway Thomas fund Legacy fund Track appeal Loco 656 Wagon Group Carriage and Wagon Restaurant car Signal box 3.892 47,234 44,220 2,783 7,505 12.7581 113,9321 3.917 40,807 144,2201 11,3351 8.057 553 11.8751 14.7041 4,847 9,459 13.610 11.0001 16.0811 {22.0001 11,0351 469 19,998 32.646 665 4.565 loo 19,998 143,267 18,898 130,3841 {48.0881 83,693 Money raised by the Friends of Nene Valley Railway is uttlised on specific projects. as agreed by the charity's finance committee. The Thornas fund has been set up to cover current repairs and overhaul costs. The Legacy fund ha5 been sel up io earmark one off income to be used on specific projects. Loco 656 funds have been set up to cover cost of the full overhaul. The Carriage and Wagon fund is sei aside to fund the restoration of carriages. Thè Restaurani car fund is set aSKle to fund the restoration and maintenance of the restaurant c3r. 36
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 27 ReriCted funds The income funds of the group include restricted funds comprising the followine balances of donations and grants held on trust for specific purposes- Balance at Incomin8 Resources Transfers Investments Balance at l February resources expended galnsl 31 January 2022 losses 2023 TPO Fund Small Engine Fund Wansford Old Station Nene Corridor Iyarwelll Museum Fund loco 73050 Loco 73050- investment Wagon Group Signal box Yarwell HLF D Crouch Pacer Appeal Other small funds 23.$08 2.176 60.750 4.431 3,128 15,925 296.458 4.607 43.158 5.719 1,887 1,031 3.923 14.611 13,100 115 123,5291 12.2791 13.079 12 60.750 4,431 3,128 18,874 285,368 7,S34 15,325 5.719 744 10,455 3,835 19.026 10,810 5,990 14.903 3.050 17,8611 12.4651 112.5071 531 110.88SI 119.9981 114,6151 {1,1431 16,7571 1881 118.8881 14,131 2.050 23.303 481.312 85.402 186,4021 IJ7,4171 lJ4.6151 448,280 Restricted fvnds represent specrfi¢ appeals and donations. 37
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 27 Restrirted funds (Continued) Resiricted funds represeni specrfic appeals and donations. The Travelling Post Office Fund is to be used for ihe restoration of the various Travelling Post Office coaches and also includes the funds raised and expended for the Ferry Meadows Night Mail Project. which is.to fund a Museum for the TravelSing Post Office coaches. The Wansford Old Station was created to raise funds for the potential improvement and restoration of the old station building. Loco 73050 fund is to be used for the maintenance and upkeep of L¢xo 73050. Signal box funds are to be used for the maintenance and upkeep of the signal box. HLF reserves relate to grant funding received from the Heritage Lottery Fund in relation to a detailed review of the Charities governance that has been performed. Thi5 fund is used to tover COSts in relation to training in relation to governance projects as well as the implementJtion of The other restricted funds cover a variety of specrfK donaiions and appeals relating to specific engines. rolling stock or other projects. 28 Analysis of assets between funds Unrestrirted Oesi8nated fvnds funds 2023 2023 Rt5Qricoed funds 2023 Total Total 2023 2022 Fund balances at 31 January 2023 are represented by: Tangible assets 1,957.144 Investments Current aS5ets/ 1.957.144 285.368 1,980.817 296,457 285.368 1110,9521 158,7031 83,693 162.912 135.653 158.7031 413,659 1107,6591 Long term liabiltties 1.787.489 83.693 448.280 2.319,462 2.583,274 38
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y2023 29 Control The charity is a company limited by guarantee and has no share capital. The liabtlity of each member in the event of winding up is £1. 30 Related party transartlons Remuneration of key rnanagernent personnel The remuneration of key management personnel is as follows.. 2023 2022 Aggregate tompensation 37.906 64,626 Transactions with related parties During the year the charity received some donation5 from trusiees. During the year. income totalling £36 12022= £Nill was received from Nene Park Trust, a business in which director Mr A Oales is an employee. Duiing the year, income totalling £7,311 12022.. £nill was received from Railworld, • business in which former director Mr P Marshall is a trustee. 31 Operatin8 lease Commltments Al the reporting end dale the charitable compar¢y had outstanding commitrnents for future minimum lease payments under non-cancellable operating leases. which fall due as follows.. 2023 2022 Within one year Between two and fwe years 5,869 22,010 6,519 27.879 6,519 39
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENT5 (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y2023 32 Cash flow from operaiin8 artivitits 2023 2022 IDeficitl/Surplus for the year 1257,8601 269,038 Adjustments for.. Interest and dividend income Interest paid LossllG3inl on disposal ol investments Fair value gains and losses on investments Depreciation and loss on disposal of t3n8ible fixed assets 17.0581 29.835 2.437 12,178 36,592 16,2201 20,789 15,2711 12,6191 124.452 Movements in working capital.. Decreasellincreasel in stock5 Decrease/lincreasel in debtors IDecreasellincreasÈ in creditors 290 130.991 19,187 24,634 1164,1961 117,0501 Net £ash outflow from operatlng activities 133.4081 243,557 33 Analy51s of thanges in net debt Asatl February 2022 Cash fk>ws Olher non<ash Asat31 movements January 2023 Cash Overdraft Loans due within one year loans due after one year 341,247 173.7061 133.6731 134.0921 35,167 267.541 133.6731 171,3371 152,4921 137.2451 187,6591 216.343 1106.3041 110,039