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
#50

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 opin￿n 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 contrib￿e £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 s￿naIlIng 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 inforrnat￿n 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 reqU1￿mentS 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 Charit*s 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 perforn*d 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 prePa￿d 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 des￿nated 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 condit￿nS 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 notrf￿d 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 liabilit￿5. 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 R￿Irement 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 conside￿d 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 I￿orne
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
m￿han1(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 Re￿riCted 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