Charlty Registration No. 263617 Company Registration No. 1038056 (England and W•lesl NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 lllll *I1(HuI. 1111012024 ¢¢phEs HCWSE
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY LEGAL AND ADMINISTRATIVE INFORMATION Pairon of Nene Valley Ralhmay HRH The Duke of Gloucester Honorary Presldent Miranda Rock Hiffiorary Vice President Roger Manns Trustees K J Parkinson SJ Bell T R Hobman M D Purcell R J Dorrnan J Stevèns E A Walters M J Alden-Farrow PJ Matthew (Appointed 27 October2023J (Appointed 30 Alovember 2023) (Appointed 15 Moy 2024) (Appointed 5July 2024) (Appointed 9 August 2024) Secretary N McGregor Charity number 263617 Comparty number 1038056 Museurn number 1636 Principal address W3nsford Station Old Great North Road Stibbington Peterborough PE8 6LR Reglstered office Wansford station Old Great North Road Stibbington Peterborough PE8 6LR
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY LEGAL AND ADMINISTRATIVE INFORMATION Audiiors Price Bailey LLP 36 Tyndall Court Commerce Road Lynchwood Peterborough PE2 6LR Bankers Naiional Westminster Bank plc PO Box 15 Cathedral Square Peterborough Cambridgeshire PEI IHW Sollcltors Sloarh Plumb Wood LLP Apollo House Minerva Business Park Lynch Wood Peterborou8h PE2 6QR Investment advisors Ravenscroft The Singing Men's Charnbers 19 Minister Precincts Peterborough PEI IXX Website www.nvr.org.uk
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY CONTENTS Page Chairman's report Trustee5' report Statement of trustees, responsibilities Independent auditor's report 10-13 Cons01id3ied statement of financial artivities 14 Consolidated balance sheet 15-16 Charity balance sheet 17-18 Consolidated statement of cash flows 19 Notes to ihe financial statements 20-43
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 JANUAR Y2024 th Mike Kerfoot resigned as Chairman in Febfuary 2023 and I was elected chairman by the board on 9 March 2023. The 2023 AGM Confirmed me in office as a director and I was re-elected chairman by the board. Tom Jennings resigned from the board in February 2023 and Margaret Stafford was co-opted onto the board and subsequently confirmed in office by the 2023 AGM. Margarei resigned from the board in May 2024. In October 2023, Richard Dorman was co-opted onto the board_ John Stevens joined the board in November 2023 as an appointed director wrth specialist Health and Safety knowledge. Lizzie Walters, appointed director with specialist legal knowled8e, re5i8ned from the board in November 2023, although she rejoined the board in May 2024. Adrian Oates. appointed director with specialist fvnd raising knowledge. resigned from the board in May 2024. Matthew Alden-Farrow was Co-opted onto the board in July 2024. Stan Bell was appointed as ¢hairm3n of Finance Committee in 2023. I want to thank all of the former directors for their service and the enthusrasm they brought to their roles. Miranda Rock DL Executive Chair of the Burghley House PreseatIon Trust was appointed Honorary President. During 2023, Sarah Pi8got resi8ned as General Manager. Tracy Sprin8 was appointed interim General Manager to see us through the Sania season with minimal disruption. Tracy was appointed as permanent General Manager in March 2024. An Extraordinary General Meeiing in June 2023 approved two changes to our Articles. The number of appointed director5 (those chosen to bring specialist knowledge) was increased from 3 to 4- and an employee of the company may not be a director. "Town Hall" meetings were instigated to allow members io question the board and to improve communication. The café at Wansford was outsourced in February 2023. After struggling with staffing problems. we took the decision to contract out an activity that was not a core competence to us as a heritage railway_ The work to restore the Fletton loop was compleied. In March 2023. our Orton Mere signal box wa5 severely damaged in an arson attack which meant that it was unusable for the remainder of the year. Without it. we were unable to pass trains at Orton Mere. causing a restriction in the services we were able to offer. We were able to acce55 the Fletton Loop using hand-winding and clamping procedures. AlthouBh awkward these were safe and kept us operating, allowing 60007 Sir Nigel Gresley to come in.
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 JANUARY2024 The signal box was resiored following a major fundraising effort. Two local boys started a campaign which attracted over £ll.Cl)O in donations. The response showed how much Nene Valley Railway means to the local community and attracted attention from far and wide. The work done by contractors. our Stalions and Buildings team and OL¢r Signals and Telecommunications team has delivered a box that is better than before. Wansford signal box was refurbished by the Siations and Buildings team including replacement windows, repainting and repointing. Although completion was delayed when problems were found with the roof, the results are outstanding. Thoma5 returned to service at the end of 2023. Initially providing shunting and sieam heating during the Santa services, he hauled services during the final weekend of the year and early-january. Regular Thomas services and events have been planned for 2024. After such a long period without him. we are looking forward to the increased income that he will bring in. Unfortunately, we were without 34081 92 Squadron during 2023, although it did return to service in 2024. The Polish Tank 5485 was in use until Chrtstmas 2023. Locomotive 656 retumed to service after an overhaul lasting nearly 20 years. At the beginnin8 of the year otjr f(xus was on providing reliable services, with reliable locos pulling reliable stock io offer an enjoyable day out. The board have now initiated a strategic plan to increase revenue, cut costs and exercise increased control over our artivities based on increased anatysis. The approach to this was informed by an informal survey of member5 and information Eleaned from contact with others in the leisure industry and the herita8e railway sertor. All businesses relying on discretionary spending are finding it harder to attrart CUStomers and to make money. The heritage railway sector is increasingly finding thai the old adage 'Steam sells seats. no longer hold5 true. It is also generally accèpted that simply selling train rides is not enough. Events are essential and we must do more on ihe 'living museum. side of our actNities. The generation ihat remembers steam and is nostalgic for it is reducing in numbers. The upcoming generation views carbon with distaste and we are going to have to be smart with how we try to attrart them. It is necessary to put on events to attract that generation and build in them an appreciation of the heritage activities that we exist to support. We are also working on the development of our fund-raising approach. taking advantage of all hjndraising opportunities to give NVR more financial stability. It looks as rf many other railway5 are quite rightly taking the same approach - some raising far more for general funding than they do for projects. The large fixed- cost means that the greater focus must be on revenue generation and the part general fund-raising pla t. We see that as a major change for the future. The nature of charitable or8anisations is such tha is nearly aN¥ay5 dependent on fund-raising. in t NVR Could hing ot exist withoLrt the hard work and dedication of its volunteers and staff. i am grateful for at they have all done in this challenging year. ever M Purce
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JANUAR Y2024 The trustees present their report and financial statements for the year ended 31 January 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the ch3ri13ble company's governing document. the Companies Act 2006 and 'Accounting and Reporting by Ch3flties'. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. leffective I january 20191. Our Misslon Nene Valley Railway Limited is a registered charity whose formal charitable purpose is= 'to promote the permanent preservation of railway lines. engines and rolling stock and equipment, and items of general railway interest of actual historic or scientrfic importance and education value, and to exhibit to members of the public interested in engine5 owned by the association any such engines, rolling stock, equipment and items as aforesaid by means of temporary or permanent exhibitions and to demonstrate and assist in demonstrating io such persons the working and operations of such engines, rolling stock and items of static or mobile displays.. Status of the Charity Peterborough RaFlway Society was incorporated as a company limited by guarantee in 1972 and subsequently acquired chafltable 5taius. The company name was changed to Nene Valley Railway Limited bn 1984. The charity has no share capital and the liability of each rnembei. in ihe event of winding up, is limited to £1. The 8overnin8 documents are the Memorandum and Articles of Association of the company. Anyone may become a member by payment of ihe appropriate annual subscription. The company has a wholly owned subsidiary Nene Valley Railway Enterprises Limited which is not a charitv and has its own board and accounts. its profits are gift aided to Nene Valley Railway Limited. The charity can have up to ten trustees. The articles prescribe that six are elerted by the members with up to four additional trustees on the basis that these persons have the skills required to ensure that the trustees as a body have in their opinion adequate financjal. legal, business. charity and other professional skills. The tfustees servlng durlng 2023- 2024 and the meetings they attended were: Artual Po55ible 15 15 Michael Purcell Cht7ir Michael Kerloot (resigned 2812120231 Stanley Bell Tom Jennings (resigned 112120231 Adrian Oates (resigned 1315120241 Keith Parkinson Eliiabeth Walters (resigned 141912023. re-appointed 1515120241 Timothy Hobrnan Richard Dorman (appointed 27110120231 M3rg3ret Stafford lappointed 91312023. resigned 316120241 John Stevens lappointed 30111120231 15 15 12 14 15 15 12 15 io 15
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY TRUSTEES. REPORT {CONTINUED){INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 JANUARY2024 Governance and Managernent The board normally meet every month of the year and subgroups of board members meet from time to time as business requires. The general manager is appointed by the trustees to Carry out the policies lald down by the board and to manage the day to day operations of the charity- The trustees are appointed by the subscribing members of the charitable company at the annual general meeting. All adult members have one vote and should the number of nominations to become trustees exceed the vacancies. a secret ballot is held. All trustees are subscribing members and must be nominated by two people. The initial appoinimenl is for a three year term. None of the trustees have any beneficial interest in the charitable company. All of the tru5tee5 are members of the charitable company and guarantee to contribute £1 in the event of a windin8 up. Following a strategit review of operaiions and governance. the company's committee structure. covering commercial and operating activities has been put on a more formal basis. This is expected to improve the profitability of events and ensure that we learn from our experiences. Health and Safety {H&SI The number of appointed directors was increased from 3 to 4 during the ye31. This allowed the appointment of a director wrth specialist health and safety knowledge. He has been w¢)rkinE Wlth the cornp3ny's health and safety officer to review the content and location of H&S documentation. There were no incidents during the year that required reporting to the ORR. Flnancial Revlew Income from traffic together with earnings from Nene Valley Enterprises Limited was É957,836 12023= £836.9151 In addition, we received bequests, donation5 and investment income of £247.434 12023= £264,154). Although every effort was made to control costs. they increased from £1.246,924 to £1.458.314. This year. theie was a deficit of £253.839 compared to a deficit of £160,470 in the previous year. Our trading operation5 in Enterprises made profrt of £42,267 compared to a profit of £4.738 in the previovs vear. This is the second consecutive year that we have made a Ios5. During FY2024, we have been retyin8 on our reserves and banking facilities. Wrth those reserves and with some severe Control on expenditure. we have kept within our facilities. To maintain ¢ontinued operation we have cut costs to reduce expenditure and we have sought ways to drive income higher io cover the costs of running the busine55. Having replaced the General Manager and back-filled the Commercial Managerfs posilion, we took the decision not to replace another departed manager. Two part-time staff members have been replaced so il is expected that we will see little or no payroll inflotion in 2024. However, there ts very limited scope for a reduction in staff nvmbers wbihout jeopardizing our ability to rvn tfasns and sell tickets.
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORn FOR THE YEAR ENDED 31 JANUARY2024 Financial Review Icontsnuedl Many of our other costs cannot be reduced rf we are to maintarn safe operation and a timetable that is ttractive to Customers. So, we look at increasing revenue. Visiting a heritage railway is a discretionary spend and is probably a long way down the priority list lor most people. If we are to attract sufficient numbers. then the offering must compete with other nearby attractions. In the ojrrent economic climate, there is a dlfficult balance between the prices we need to charge and the potential imp?rt on patronage. Despite a well*xe£uted Santa season. many trains were only part-full and income wa5 below the iargeted level. Like many other heritage railways. core-cost fundraising has become an integral part of ihe strategy to stabilise our finances. We began with an appeal to the railway's membership before launching a public appeal. Alongside ihat, we have been pursuing grant applications and corporate Sponsorship opportunities. As a further step towards a better use of the funds we do have. we are conducting an exercise to enhance the capture and use of financial and non-financial data across our operations. This will fatilitate improved budgeting and financial control, as well as providiftg greater insight to decision making throughout the year. These include Improved monitoring of short-term cashflow; quarterty budget reforeca5ting- and a new budget process. Alihough we have introduced lighter controk around expenditure we were able to continue with our essential maintenance and renewal projects to ensure safe and reliable operation. Other infrastrurture renewal and enhancement work will depend on the availability of funds. The café wa5 Quisourced in 2023. Commerclal Operations The evÈnis team have continued with innovative and profitable events. Although Thomas returned to service ai the end of the year after a 2Y. year overhaul. it was too late in the financi31 year to make a dtherence to our income. We look forward to the important contribution makes to our income in FY2025. Problems wrth 34081, .92 Squadron. and 5485 the Ptslish Tank meant thai we had to rely on hired-in locomotives to provide steam tfaction for much of ihe year. including the Santa services. Income from Santa services wa5 below projection5 although they did make a profit. Following those results. the board instigated a Strategic plan ihat led to the enhanced financial reporting and management processes described above. The visit of 60007 Sir Nigel Gresley was a major success. Inlrastructure A massive team effort by the plway team with the assistance of volunteers from other departments meant that the Fletton branch could be reopened in 2023. This allowed 6(KN)7 Sir Nigel Gresley to come in from the main line and en5ure5 thai future visrting Io¢os can follow the same route.
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY TRU5TEES' REPORT {CONTINUED)(INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 JANUARY2024 Locomotives and Rolling Stock Most of ihe steam haulage during the year was undertaken by hired-in locomotrves. Of the resident locomotives, Bullied Pacific 34081. .92 Squadron, was unavailable after mid-February 2023 and Polish 0-8- OT, 5485 was available intermittently. Hudswell Clarke 0-6-OT Yhomas, returned to service in time to provide shunting and steam heating services during the Santa se350n. Locornotive 656 returned io service following 3 20 year overhaul undertaken by volunteers. Peak locomotive 45041 Royal Tank Regiment on loan from the Peak Locomotive Company wa5 a popular diesel locomotive and ran throughout the year and the Pacer DMU continued to be available for quieter days and shuttle services. Visitors to the railway included 6(KKJ7 Sir Nigel Gresley and 2999 Lady of Legend. In the overhaul shed work on the overhaul of Hud5well Clarke tank engine. 'Derek Crouch. and diesel shunter Muriel continued. The longer ierm project Wtth Standard Class 5. 73050, City of Peterborough has progressed steadily in the overhaul shed. Coach C returned to service and the accessible coach was brought into service in tbme for the Santa season. The wagon group continued to overhaul and maintain ihe many freght vehicles around the railway. Passenger Numbers Passenger numbers were 48,417 an in¢rease on 42.903 in 2022123. Operations Department The operating department were able to staff all the train5 that ran. The Operating Manager coniinues to report he is extremely impressed with the standard of all the staff in the department. with their unrform and willingness to help beyond their dulle5 where required. Slgnal and Telecoms IS&T) The S&T team continued io mainlain our signalling assets during the year and undertook many minor and not so minor replacement and upgrade tasks. The arson attack on the signal box at Orton Mere meant that that it was unusable for the remainder of the vear. Without it. we were unable to pass trains at Orton Mere. causing a restrirtion in the services we were able to offer. We were able to acce5S the Fletton Loop using hand-winding 8nd clamping pro¢edures. Although awkward these were safe and kept us operating, allowing 60W? Sir Nigel Gresley to come in. The signal box was restored following a major fundraising effort. The work done by coniractors. our Stations and Bu41din8s team and our Signals and Telecommuni¢atK)ns team has delwered a box that is better than before.
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY TRUSTEES, REPORT ICONTINUED)IINCLUDING DIREcfoRS' REPORn FOR THE YEAR ENDED 31 JANUAR Y2024 Audlt Each of the irusiees have confirmed that there is no informatiorb of which they are aware which is relevant to the audit. bui of which the auditor is unaware. They have further confirmed that they have taken appiopriate step5 to identify such relevant information and to establish that the auditor is aware of such information. The trustees, port as approved by the Board of Trustees. M Purcell Chairman of ih stees Dated .
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 JANUARY2024 The trustees who are also the directors of Nene Valley Railway Limited for the purposes of company law, are responsible for prep3fin@ the Trustees. Annual Report and the financial statements in accordance with applicable law and Uniied Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law require5 the trustees to prepare financial staiements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfi.ed that they give a true and fair view of ihe stale of affairs of the charitable company and of the incoming resources and application of reSoUrs. including the income and expenditure. of the charitable company for that year. In preparing these financial statements. the trustees are required io= select suitable a¢¢ountin8 policies and then apply them consistently: observe the methods and principles in the Charffiies SORP 2019 IFRS 1021- make judgements and e5timate5 that are reasonable and prudent,. State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless tt is inappropriate to presume thai the charitable company will continue in operation. The trustees are re5pon5ible for keeping adequate accountinÉ records that disclose with Teasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are a159 responsible for safeguarding the dSSets of the charitable company and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aw3re-. there is no relevant audit information of which the charrtable company's auditor is unaware: and the trustees have taken all steps ihat they ought to have iaken to make themselves aware of any relevant audit information and to establish that the auditor is 3ware 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 financi31 statements of Nene Valley Railway Limited (the 'parent charitsble company'l and its subsidiary Ithe 'group'l for the year ended 31 January 2024 which comprise the Group Statement of Financial Activities, the Group & Parent Charitable Company Balance Sheet's. the Group Cashflow Statement and the notes to the financial statements. includinE a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accouniing Standards. inclvdin@ Financial Reporting Standard 102 The Finuncit71 Reporting Stondord opplicoble in the UK and Republic of Irelt7nd Iunited Kingdom Generally Accepted Accounting Practicel. In our opinion the financial statements- give a true and fair view of the state of the Group's and Parent charitable company'5 affairs a5 at 31 january 2024 and of the Group'5 incoming resourtes and application of resources, including its Intome and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Ad 2011. Basis lor opinion We cond¢Jcted our audit in accordance with International Standard5 on Auditing IUKI (ISAS IUKII and applicable law. Our responsibilities under ihose standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Parent charrtable company in èccordance with the ethical requirements that are relèvant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled ovr other ethical re5porhsibilities in accordance with these requiremenis. We believe that the audit evidence we havè obiained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going cottcern In audiling the financial statements. we have concluded that the trustees. use of the going concern basis of accounting in the preparaiion of the financial statements is appropriate. Based on the work we have perforrned, we have not identified any material uncertainties relating to events or condition5 that, individually or collectivejy, may Cast significant doubt on ihe group's or parent charitable company's ability to continue as 3 going concern for 3 period of at least twefve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitles of the trustees with respect to going toncern are described in the relevant sections of this report.
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY INDEPENDENT AUDITORS REPORT (CONTINUED) TO THE TRUSTEES OF NENE VALLEY RAILWAY LIMITED Other Information The tfVStees are responsible for the other inforrnation. The other inlormation comprises the information includèd in the trustee's annual report. other than the financial statements and our auditor's report thereon. Our 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 ihereon. 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 materially inconsistent with the financial statement5 or our knowledge obtained in the course of the audit or otherwise appears lo be materially misstated. If we identify such material incon51Stencies or apparent material misstatements. we are required to determine whether this gives rise to a material mi5Statement in the financial statements themselves. If, based on the work we have performed. we Conclude that there bs a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are required to report by exception In the light of our knowledge and understanding of the Group and Parent charitable company and its environment obiained in the course of the 8udrt. we have not identified material misstatements in the trustees, report. We have nothing lo report in respert of the following matters in relation to which the Charities Act 2011 require us io report to you if, in our opinion.. adequate accounting records have not been kept by the Parent charitable company. or the Parent charitable company's financial statements are not in agreement with the accounting records and return5,' or certain disclosures of trustee's remuneration specrfied by law are not made,. or we have not received all the information and explanations we require for our audil. Responsibillties of trustee5 As explained more fLtlly in the statement of trustees, responsibilities, the trustees (who are also the diTector5 of the charitable company for the purpose of company lawl are re5pon5ible for the preparation of the financial statements and for being 5at15fied that they give 8 true and fair view. and for such internal control as the tru51ee5 determine is necessary to enable the preparation of financial statements that are free from material misstaiement. whether due to fraud or error. In preparing the firbancial statement5, the trustees are responsible for assessing the Group's and Parent charrtable company's abilrty to continue as a going concern. disclosing, as applicable, matters related to going concern and usrng the going concern basis of accounting unless the trustees either intend to liquidate the Group or the Parent charrtable company or to cease operations. oi have no realistic alternative but to do so. io
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY INDEPENDENT AUDITORS REPORT (CONTINUED) TO THE TRUSTEES OF NENE VALLEY RAILWAY LIMITED Auditor's responsibilitles for the audlt of the financial statements We have been appointed as audrtor under section 151 of the Charttie5 Act 2011 and report in accordartee with this Act. Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that include5 our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance wilh ISAS IUKI will always delect a material misstatement when li exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. Ihey could reasonably be expetted to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to dete¢1 material mt5Statements in respect of irregularities, includin8 fraud. The ertent to which our proceduies are capable of deteciing irregularities, including fraud is detailed below.. We identified the laws and regulations applicable 10 the company through discussion with directors and our knowledge of the busine55. In addressing the risk of fraud through management override of controls. testing the appropriateness of journal eniries and other adjustments. A55essing whether the judBements made in a¢¢ountin8 estimates are indicatwe Df ¥ potential bias. Evaluating ihe business rationale of any sonificant transactions that are unusual or outside the normal course of business,. Analytical procedure5 are performed a5 well as sub5tanti¥e testing to identtfy any potential mi55tatefflent due to fraud- The audit procedures would also involve being aware of any such items from reviewing reports and discussions held with staff and management to obtain an understandinB- Enquiring of management as to actual and potential litation and claims.. and Making enquires of management as to their knowledge of actual and suspected fraud. Because of the inherent limitations of an audit, there is a risk thai we will noi delect all irregularities, including ih05e leading to a material misstatement in the financial statements or non-compliance with re8ulation. This risk increases the more that compliance with a law or reEtslation is removed from the events and transactions reflected in the financial statements. as we will be less likely lo become aware of instances of non-compliance. The risk is a150 greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. li
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY INDEPENDENT AUDITORS REPORT (CONTINUED) TO THE TRUSTEES OF NENE VALLEY RAILWAY LIMITED Auditor's responsibilities for the audit of the finan¢lal statements l¢ontinued} A further destription of our responsibilities for the audit of the finan¢ial statements i4 k)cated on the Financial Reporting Council's website at: https'.Ilwww.frc.org.uklauditorsresponsibilities. This description forms part of our auditor'5 report. Use of our report This report is made solely to the charrtatAe company's trustees. as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2C(18. Our audit work has been undertaken so that we might state to the charitable company's trustee5 those matters we are required to state to them in art auditor's report and for no other purpose. To the fullesi eent permitted by law, we do not accept or assume responsibil to anyone other ihan the charitable company and the charrtable company's trustees as a body. for our audit work. for this report. or for the opinions we have lormed. faco EaLAQy LLP Price Balley LLP Statutory Auditor 36 Tyndall Court Commerce Road Lynchwood Peterborough PE2 6LR Dale= Lt OciotU( 2024. Price Bailey LLP is eligÉble to act as an auditor in ierms of section 1212 of the Companies Act 2CQ6. 12
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY TRUSTEES. REPORT {CONTINUED){INCLUDING DIREcfoRS' REPORn FOR THE YEAR ENDED 31 JANUARY2024 Membershlp Membership has fallen this year from 750 memberships and 912 actual members in the previous year to 682 memberships and 834 actual members. The difference beiween rnemberships and actLt31 members is because a membership may be joint and include more than one member. Our very busy Volunteer Liaison Group continue to be active in this area, holding regular indu¢iion5 for new members and the number of working volunteers continues to increase. Stations and Buildlngs The stations and buildings team continued to undertake maintenance and renewal tasks across the estate. But their major job during the year was thè refvrbishment of the eerIOr of Wansford signal box. Work conducted to a very high standard included repJintin8. reglazing and repointing. Fundraising and oiher in¢ome We have continued to support the railw3y through seeking grants and donations from a variety of source5. We are pleased to have been awarded the sum of £136,854 under a S106 agreement from Huntingdonshire District Council. The money. received in mid-2024, 15 to be used at Wansford lor the promotion of tourism. The charity shop continues to support a variety of projects around the railway. FundraisinR remains central io our strategy. We have improved our capabilrty in identfying and securing funding from many different sources and ongoing we continue to seek further opportunities. Public benelit The trustees have due regard to the Charity Commission's guidance on public benefit. They believe that the charity provides a public benefrt by the preservation of items of railway interest for historic importance and educational value. Ri5* management The Iru5tees assess from time to time the major risks to which the charity is exposed and are sat15fied that Systems are in place to mitigate exposure to these. These risks relate to.. providing and mainiening a safe and secure environment for our visrtors and volunteers and for others who work 31 the charily premises. providing and maintaining governance. financial and administrative arrangements to safeguard the charity's assets and to facilitate its operational activities. Summary Thi5 was a challenging year that saw another colossal team effort from all areas of the railway. trustees, rn3na@ers. 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 wav. Financially, we are not where we want to be but the board firmly believes ihat a combination of firm Cost control and a strategic plan for intreased revenue will return us to a sustained surplus. Budgei and projections for FY2025 show a surplus albett not yet suffitient to restore our reserves. 13
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES lincluding consolidated income and empenditure account) FOR THE YEAR ENDED 31 JANUAR Y 2024 Unrestricted Oesl¥Dated Restrkted fvnd5 funds ld5 2024 2024 2024 Total Total IrestatÈdl 2023 2024 Notes Income from: Donations and other fund raising income Incoming resources Irorn chafitable activities Commercial trading operation5 and investment in tradin8 5ub5idiary Investments Other income 85,982 22.515 81.746 190.243 219,846 831.584 831,584 658,537 126.252 126.252 10.339 46,852 178.378 7,058 37.250 7.26S 46.852 Total income 1.093.714 22.545 89.011 1.205,270 1.101.069 Expenditure on= Raisin funds Comn7ercial trading operations and Investment in tradin8 subsidlary Other Charttable actrvities 70.119 70.119 102.640 1,247 1,143,037 io 1.127.854 65.445 194.896 1.388.195 Total rèsources empendtd 1.197.973 65.445 194,896 1,458.314 1,246,924 Taxation 12 4.362 4,362 Nei eains/llossesl on investments 14 15,1571 15,1571 114,6151 Net incominpj loutgoingl resourtes before transfers 199.8971 {42,9(M)I 1111.0421 1253.8391 1160.4701 Gr0$5 transfers between funds 5.374 13.8211 11,5531 Net movement in funds {94,5231 146.7211 1112.5951 1253,8391 1160,4701 Fund balances ar i February 2023 1.881.092 83.693 448,280 2,413.065 2,573,534 Fund balantes at 31 January 2024 1.786.S69 36.972 335,685 2,159,226 2,413,065 The statement of financial activitie5 includes all gain5 and losses recognised in the year. AJI intome and expeThditure derive from tontinuing activities. 14
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY CONSOLIDATED BALANCE SHEEr FOR THE YEAR ENDED 31 JANUARY2024 2024 2023 {restated) Notes Fixed assets Tangible assets Investments 15 17 2.023.719 175.444 2,199.163 2,054,534 285,368 2,339,902 Current assets Stocks Oebtors Cash at bank and in hand 19 20 36.559 77,509 212.306 326.374 29,455 49.685 267.541 346.681 Creditors: amounts falling due within one year 21 1347.1281 1211,0261 Net currenl asset5 120,7541 135.655 Total assets less current liabilities 2.178.409 2.475,557 Creditors: amounts falling due after more than one year 22 119.1831 162,4921 Net assets 2.159.226 2,413,065 Income funds Restricted funds Unrestricted funds= Designated funds General unresiricted funds 28 335,685 448.280 27 36.972 1,786.569 83.693 1.881.092 2,159,226 2.413.065 15
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY CONSOLIDATED BALANCE SHEET (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y2024 The company is entitled to the exemption frorn the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2024, although an audtt has been carried out under section 151 of the Charrties Ad 2011. No member of the company has deposited a notice. pursuant to seciion 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006. The trustees acknowledge their responsibilities for ensurinB that the charity keeps accounting record5 whi¢h comply with sectK)n 386 of the Act and for preparing financial statements which give a true and fair view of the Slate of affairs of the eompany 35 at the end of the financial year and of its incoming resource5 and application of resources. including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with ihe requirements of the Companies Act 26 relating to financial statements. so far as applicable to the company. These financial staternents have been prepared in accordance with the provision5 applicable to companie5 Subject to small Companies regime. The fin and ar temenis were approved by the board of directors artd authorised for i$5ue on n its behalf by.. signed M Purcell Trusiee Company Registration No. 1038056 16
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY CHARITY BALANCE SHEET FOR THE YEAR ENDED 31 JANUARY2024 2024 2023 Ire5tatedl Notes Flxed a55ets Tangible assets Investments Is 17 2,023,719 175.544 2.199.263 2,054.534 285.468 2.340.002 Current assets Stocks Debtors Cash at bank and in hand 19 20 27,773 96,601 204.641 329,015 18.282 114.569 261,785 394,636 Creditors: amounts falllng due within one year 21 1336.7831 1203,7291 Net current assets 17.7681 190.907 Total assets less current liabilities 2,191,495 2,530,909 Creditors: amounts talling due after more than one Year 119.1831 162,4921 Net assets 2,172,312 2,468,417 Income tunds Restricted funds Unrestricted funds-. Designated funds General unrestricted funds 28 335,685 448,280 27 36.972 1.799,655 83.693 1,936,444 2,172,312 2,468,417 The net movement in funds for the year for the charity wa5 nei defictt of £296.10512023.. £165,208). The charity's income was £1,095,94912023.. £952.2831 less expenditure of £1,386,897 12023= £1.102.8761 and net loss on investments of £5,15712023.. £14.6151. 17
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY CHARITY BALANCE SHEET ICONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 The company is entitled to the exemption from the audit requirement contained in se¢tion 477 of the Companies Act 2006. for the year ended 31 January 2024, although an audit has been carried out under section 151 of the Charitie5 Art 2011. No member of the company has deposited a notite, pursuant to 5ectiorh 476, requiring an audit of these financial statements under the requirements of the Companies Act The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparinB 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 its incoming resources and application of resourres. including its income and expenditure. for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements ol the Cornpanies Act 2006 relating to financial staternents, $0 far as applitsble to the company. These flnan subject to t tatements h3ve been prepared in accordance with ihe provision5 applicable to companies esm 11 companies regime. The financ and aresi 31 state edonit ent5 were approved by the board of directors and authorised for issue on behalf bv". 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 JANUARY2024 2024 2023 {restated) Plotes Cash flow from operatlng activities Cash absorbed by operating activities Interest paid Taxation 33 1191,2461 130,3551 14,3621 63,982 129,8351 Net cash outhow from ¢)peratln8 activities 1225.9631 34.147 Cash flow from investing activities Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Purchase of investment5 Proceed5 on disposal of investments Interest ieceived 143.795} 25.000 144,6781 158,836 10,339 1110,3101 194,6091 91.083 7,058 Net cath flow from investing activities 105.702 1106,7781 Cash flow from finantifig artivlties Repayment of borrowings 135.8401 134.7481 Net cash flow from financing artivities 135,8401 134,7481 Net decrease in cash and cash equi¥al¢nts 1156,1001 1107.3791 Cash and cash equivalenls at beginning of the year 233,868 341.247 Cash and cash equivalents at end of the year 77.768 231,868 Relating to: Bank balances and short term deposits Bank overdrafts 212,306 1134.5381 267.541 133.6731 77.768 233,868 19
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY2024 Accounting policies Charlty infomiation Nene Valley Railway Limited is a prrvate company limited by guarantee in England and Wales. The registered office is Wansford Station, Old North Road, Stibbington. Peterborough. PE8 6LR. 1.1 AccountlnE convention The financial statements have been prepared in accordance with the charrtable company's governing document. the Companies Act 26 and "Accounting and Reporting by Charitbes.. Statement of Recommended Practice applicable to chartlies preparing their accour)ts in accordan¢e with the Financial Reporting Siandard appli¢able in the UK IFRS 1021". The charitable company is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in 5terlin& which is the funrtional ¢vrrency of the tharitable company. Monetary amounts in these financial Siaternents are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and io include certain fin3n¢ial instruments at fair value. The principal accounting poli¢*s adopted are set out below. 1.2 Going concern These financial statements are prepared on the going concern basis. The trustees have a reasonable expectatioTh that the chaiily and its subsidiary will continue in operational extstence for the foreseeable future and have considered a period of at least 12 monihs bn making this assessment. 1.3 Charitable funds Unrestricted fund5 are available for use at the discretion of the trustees in furtherance of their charitable objeciives unless the funds have been deSrtated for other purposes. Designated funds comprise funds which have been set aside at the discretion of the trv5tees for specific purposes. The purposes and uses of the designaied funds are set out in the notes to the accounts. Restricted funds are subject to specifrt conditrons by donors as to how they may be used. The details of the restricted funds are set out in the notes to the accounts. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charitable company. 20
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JAIVUAR Y 2024 Ac¢ountlng pol¢¢ies (Conllnuedl 1.4 Incoming r¢soufces Intome is recognised when the charrtable company is legally entrtled to it after any performance conditions have been met. the amounts can be measured reliabfy. and rt is probable that income will be received. Donations and other form5 Of voluntary income are Teco8nised as incoming resources when receivable, except insofar as they are Capable of financial measurement. Legacy income is recognised either by the charity being notified of an impending distribution or the legacy being received. Endowment income is restricted. 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 gifts in kind for which the charily is eKlremely grateful. Grant income is recognised in the year in which the grant t5 receivable_ Governmènt grants relating to revenue are recognised as income over the periods when the related costs are inturred. This includes the Government Coronavirus lob Retention Scheme grant which is included as 'other income,. Grants re¢eived from non-governrnent sources are recognised under the performance model. Where there are no specrfic performante requirements the grants are recognised in the statement of comprehensive income when the proceeds are recewed or receivable. Where grant is received with specific performance requirements attached, tt is recognised as a liability until the performance conditions are met and then it is recognised as turnover. Income from driving courses is recognised when the income is receivable rather than when the course is booked. this is considered reasonable a5 the vouchers do not have an expiry date and in some instances have not been utilised. Life membership subscriptions are released inio 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 JANUAR Y 2024 Accounting policies (Continuedl 1.5 Resources expended Policy for recognition of liabilities is as soon as there is a legal or constructive obligation committing the charity to expenditure. Recognition of the costs of generating funds is on an acuuals basis. excluding VAT. Charitable expenditure compri5e5 Ihose costs incurred by the charity in the delivery of it5 aclivrties and services for its beneficiaries. Governance costs include those costs associated wilh meeting ihe consiitutional and Statutory requirements of the charily and included audit fees and costs linked to the strategic management of the ch3ritv. Costs are allocated. where possible, directty to the activtty. Where the tost is not dirertty attributable it is allotatèd by informed management'5 best estimate of the activities undertaken. The charity has three main objectives and the premises and pmmotion costs have been allocated 1/3rd to each of the main objectives. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently rneasured at cost or valuation. net of depreciation and any impairment losses. Tangible fixed assets are stated at cosi or valuation less depreciation. Depreciation is provided at rates calculated to wnte off the cost less estimated residual value of each a55et over its expected useful life, as follows= Freehold buildings Property improvement5 Plant and machinery Track and ballast Rolling stock and locomotives Mobile cla5sroom- 10 years straight lifte Bridge imprtsvernents- 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 capr(3lised, the depreciation is written off over 10 vears straight line fvom the date of completion The gain of loss arising on the disposal of an asset is deterrnined 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 freehold buildings are maintained in such a state of repair that their residual value is at least equal to iheir net book value. As a result the corresponding depreciation would not be material and iherefoie is not tharged in ihe statement of financial activities. Land at a value of £300.OtKI ha5 not been depreciated. 22
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 A¢¢ountlng policles (Continued) 1.7 Fixed asset investments Listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised In net incomellexpenditurel for the year. Trans3On costs are expensed as incurred. Investments in subsidiaries are measured at Cost. A subsidiary is an enttty controlled by the charriable company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. 1.8 Impalrment of fixed assets At each reporting end date. the charitable company reviews the carrying amounts of its tangible and Intangible assets to determine whether there i5 any indication that those assets have suffered an impairment 1055. If any such inditation exists, the recoverable amouni of the asset Is esiimated in order to determine the exact of ihe impairment loss. Intangible assets wilh indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired. 1.9 Stocks Stock is valued at the lower of cost ond net reolisoble value. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing. selling and distribution. 1.10 Cash and cash e9uivalènts Cash and cash equivalènts include cash in hand. deposits held at call with banks. other short-term liquid investments with original maturrties of three months or less, and bank overdrafts. Bank overdrafts are shown wFthin borrowings in current liabilites. 1.11 Flnanclal Instruments The Charitable Company has eletted to apply the provisions of Section 11 'Basic Financial Instrument5, and Section 12'0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instrument5 are recognised when the charitable company becomes party 10 the contractual provisions of the instrument. 8oslcAinorKioI ossets Basic financial assets. which include debtors and cash and bank balance5, are initially measured at tiansaction price including transaction costs and are sub5equentty corried at amortised cosl using the effect interest method unless the arrangement constrtutes 3 financing transactn, where the transaction is measured at the present value of the future receipts discounied at a market rate of interest. Financial assets clissrfied 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 JANUAR Y 2024 A<counting policies {Continuedl 1.11 Financial Instruments l¢ontinyedl 8t¥si¢llnonciol liobilities Basic financial liabilities, including trade and other payables. are initially recogt)ised at transaction price unless the arrangemeni constitutes a financing transaction. where the debi instrument is measured at the present value of the future receipts discounted at a markel rate of interest_ Debt instruments are subsequently carried ai amortised cost, using ihe effective interest rate meihod. Trade payables are obligations to pay for goods or services thai have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as current li3bilitie5 if payment is due wrthrn one year or less. If not. they are presented as non-current liabilr(ies. Trade payables a recognised initially at transaction price and subsequentty me3siJred at COSI using the effective interest method. Derecognition offinoncial liabilities Financial liabilities are derecognised when the charitable company's tontractual obligations expire or are dischar8ed or cancelled. 1.12 Taxation The lax expenstr represents the sum ol the tax £urFentty payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Tayable profit differs from net profit as reported in the Statement of financial aciivities because it exclude5 Items of income or expense that are taxable or (leductible in oiher year5 and it further excludes items that are never taxable or deductible. The company's liabilrty for current tax is calculated using tax rates thai have been enacted or substantively enacted by ihe reporting end date. Deferred lax Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are noi Tecognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affect5 neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax 15 calculated at the tax rates that are eypected to apply in the period when the liability is settled or the asset is realrsed. Deferred tax rs charged or credited irt the statement of financial activities, except when it relates to items charged or credited direct to equity. in which cose the deferred tax is 0150 dealt wtth in equity. DefÈrred tax assets and liabilities are offset when the company has a legally enfortèable right to oftset ¢urrent tax assets 3nd liabilities and the deferred tax assets and liabilitie5 relate to taxes levied by the same lax authority. 24
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED31 JANUAR Y2024 A¢¢ounting policies {contindI 1.13 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediatety as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.14 Retirement benefits The charitable company operates 3 defined contributions pension scheme. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme_ I.IS Irrecoverable VAT All resources expended are classrfied under attivty headin8S that aggregate all costs related to the category. Irrecoverable VAT is tharges against the category of resources expended for which it was incurred. 25
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y 2024 2 Critical accounting estimates and judgements In the application of ihe charitable company's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from oiher 50urce5. The estirnates and associated assumptions are based on historical experien¢e and other factors that are consideied 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 retognised in the period in which ihe estimate is revised where the revision affects onlv that period. or in the period of the revision and future periods where the revision affects both current and future periods. 3 Commercial trading operations and Investment in trading subsldiary 2024 2023 Bar. CaterinE and Shop income Other trading income 114.151 12.101 174.934 126.252 178,378 4 Donations and other lund raising income Unrestricted Designated Restricted lunds funds funds Total 2024 Total 2023 Donations and 8ifts Legacies receNable Grants receivable Membership fee5 44,459 io.c(() 22,SlS 81,746 148.720 10.000 5.000 26,523 153.452 5,000 42,554 18,840 26,523 85.982 22,515 81.746 190,243 219,846 For the year ended 31 January 2023 121.536 18.898 79.412 219.846 S Incomlng resources from ¢h4ritsble artivities 2024 2023 Traftic and admission charges Driving course income Santa specials Charitable rental income Sundry income 459.419 27.103 289.123 18.403 37.536 306.701 14.679 283.194 8.945 45.018 831,584 658,537 26
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 JANUAR Y2024 6 Investments Unrestricted Desl8nated funds funds Restricted funds Total 2024 Total 2023 Income from listed investments Interest receivable 7.265 7.265 3,074 5.990 1,068 30 3.044 30 7,265 10.339 7.058 For ihe year ended 31 January 2023 1,068 5,990 7,058 7 Othew income 2024 2023 Net gain on db5posal of tangible fixed assets Insurance claims Other coronavirus relaied income 17.8(K) 29.052 37,250 46,852 37,250 8 Raising funds 2024 2023 Commerclal tradin8 operations and investment in trading subsidiary Operating trading company undertaking non-charitable trading artivity 70,119 102,640 70,119 102,640 9 Trustees No trustees lor any persons connected with them) received remuneration during the year. One trustee received expenses in the year amounting to £1912023- No trustees received expenses). 27
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y2024 10 Charitable artlvities 2024 2023 Maintenance staff including Nl and pension Depreciation and impairmeni Fuel and lubricants Insurance Hire and transport of rolling stock Maintenance and overhaul costs Santa special purchases Refuse and cleaning Sundry operating expenses Subscriptions Online booking system Publicity and printing costs Special event expenses Bank. interest and credit Charges 153,539 67,411 123.759 69.967 123,171 372,937 80.551 31.359 34.475 376 2.876 15.335 22,575 30,355 1,128.686 165,090 35.346 84.204 70.890 80.817 230,030 80.426 31.697 12.694 550 4.635 18.253 23.808 29,835 868.275 Sypport cost515ee note 111 Governarhce costs Isee note 111 234,917 24,592 255,754 19,008 1.388,195 1,143,037 Analysis by fund Unrestricted funds Designated funds Restricted funds 1,127.854 1,026.251 65,445 30.384 194,896 86,402 1,388,195 1,143,037 28
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 11 Support tosts Support G¢eMan(e Costs costs 2024 2023 Administration and cleaning wa£e5 Premises costs Promotion costs 134,454 78,070 22,393 134,454 78,070 22,393 193,575 38,521 23,658 Auditors remuner3tion= - for audit seNices - for non audit services Legal and professional 7,500 8,100 8,992 7,500 8,100 8,992 4.500 2.800 11.708 234,917 24,592 259.509 274.762 Analysed between: Charitable artivilies 234,917 24.592 259.509 274,762 12 Taxalion Group Taxatlon 2024 2023 Deferred tax Tax losses 4,362 4.362 The parent entity Nene Valley Railway Limited is a registered charity- It only applies it's funds in accoidance with its charitable objectives, and is not trading with a view io making distrrbutable Profits, therefore corporation tax is not chargeable. Charity Taxation 2024 2023 Deferred tax Tax105ses 29
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 JANUARY2024 13 Employees Number of ernployees The average monthly number of employees during the year was: 2024 2023 Nurnber Number Adminisiration. shop, catering and cleaning Mechanical io 12 16 In addition to the employee numbers above, there was an average of 7 trustees12023.. 101 during the year. Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 262.948 283,967 17.819 23.191 5.929 10.099 286.696 317.257 Included in the above employee costs is a sum of £1.29712023.. £41.4081 which are the wages costs of the trading subsidiary Nene Valley Railway Enterprises Limited. There were no employees whose annual remuneration wa5 £60,(M)O or more. 14 Net 8ainsI{losses) on investments 2024 2023 Realised Ilossesl/gains Unrealised gains included in market value 15,7041 112,1781 547 12,4371 15,1571 114.6151 30
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y2024 15 Tangible fixed assets Group and Charity Rolling Property Plant and Track and stock and improvements mathinery ballast locornotivts Freehold land and buildings Toial Cost At l February 2023 Additions Disposals Redassificatton 1.104.728 206.046 76,001 252,903 1,052,394 2.692.072 43,795 43.795 115.6661 115,6661 1128.7491 128.749 At 31 January 2024 1,104,728 77,297 76,001 381,652 1.080.523 2.720,201 Depreciation and impairment At l February 2023 Depreciation charged in the year Eliminated in respect of di5posa15 Reclassrfication 57.824 53.276 26.414 s.024 637.538 3.459 11,470 3.485 48,996 67,410 18,4661 18.4661 16.7701 6.770 At 31 January 2024 54,513 64,746 36,669 540,554 696,482 Carrying )mount At 31 Jan*Jary 2024 1.104.728 22.784 11.255 344.983 539.969 2,023.719 At 31 January 2023 1,104.728 148.222 22.725 226.489 552.370 2.054.534 Freehold land and buildings with a carrying amount of £1.078.574 12023 - £1.078.5741 have been pledged io secure borrowings of the charitable company. The charitable company is not able to pledge these assets as seturity for other borrowing5 or to sell them to another entity. Freehold land and buildings are measured at deerned cost, based on a prevbous revaluation undertaken in 2012 and in accordance with the transitional provisions of FRSIO2. Property improvements with net book value of £121.979 as at l February 2023 have been reclassified to Tra¢k and ballast for the year ended 31 January 2024. 31
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 JANUAR Y2024 16 Financial instruments 2024 2023 Carrying arnount of financial assets Debt instruments measured at amortised cost Equity instrument5 measured at cost less impairment 289,815 317.226 175,444 285,368 Cwrying amount ol linanclal liabilltles Measured at amortised cost 333,773 266,671 17 Fixed asset Investments Group 2024 2023 Listed investments Cash deposits 170.207 278,840 5.237 6,528 175.444 285,368 Charity 2024 2023 Investments in sUbSlarieS Listed investments Cash deposits loo i(KJ 170.207 278.840 5.237 6.528 175,S44 285,468 32
NENE VALLEY RAILWAY LIMITED AND ITS SU8SIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y 2024 17 Fixed asset investments {Continued} Listed Cash deposits investments Movements In fixed asset inveslments Group and Charity Total Cost or valuation At l Februarv 2023 Addilions Movements in deposit5 Unrealised gains/llossesl Disposals at book value 6,528 278,840 44,678 285.368 44.678 11,2911 547 1153,8581 11.2911 547 1153.8581 At 31 Janvary 2024 5,237 170,207 175.444 Carrylng amount At 31 January 2024 175,444 At 31 January 2023 285,368 18 Subsldiarle5 The charity owns 100% of ihe ordinary shares of rt's subsidiary, Nene Valley Enterprises Limited which is a private company incorporated in England. (Registration number 28834831. The principle adivities of the subsidiary are the operation of shop facilities, caterin8 and commercial bar. The subsidiary's results a5 extrarted from the statutory linancial stalements for the year ended 31 January 2024 are outlined below.. 2024 2023 Turnover Expenditure 126.2S2 183.9851 178,378 1173.6401 Net profit 42.267 4,738 The aggregate of the assets, liabilitie5 and reserves were= 2024 2023 Current Assets Current liabilities 23.743 136.7291 16.929 172,1821 Total reserves 112,9861 155,2531 33
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 19 Stocks Group 2024 2023 Consumables 36,559 29.455 Charity 2024 2023 Consumables 27.773 18.282 20 Debtors Group Amounts falling due within one year: 2024 2023 Trade debtors Other debtors 29.375 48,134 22.118 27,567 77.509 49.685 Chafity Amounts falling due within one year: 2024 2023 Trade debtors Amounts due from subsidiary undertakings Other debtors 26.445 26,384 43,772 22.118 64,884 27,567 96,601 114.569 21 Creditors: amounts fallin8 due within one year Group 2024 2023 Notes Loans and overdiafts Other taxation and social security Deferred income Trade creditors Other creditors Accruals 24 169,671 11,181 46,988 59,148 27,602 32,538 71.337 8,917 43,996 34,355 45,574 6,847 23 347.128 211.026
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y2024 21 Credltors: amounts falling due within offte year Icontinuedl Charity 2024 2023 Noles Loans and overdrafts Other taxation and social security Deferred income Trade creditors 24 169,671 5,390 46,988 58.694 27.602 28.438 71,337 6,149 43,996 33.674 41,724 6.849 23 Other creditors Accrua15 336.783 203.729 22 Creditors . amounts fallln8 due after more than one year Group and Charity 2024 2023 Notes Loans and overdraft5 Other borrowings Other creditors 24 23,177 29,31S io,(xx) 24 19,183 19,183 62,492 23 Deferred income Group and Charity 2024 2023 Balance brought forward Amount released to the Statement ot Financial Activities Amount deferred in the year 43.996 28.147 143.9961 128.1471 46,988 43,996 Balance carried forward 46.988 43.996 35
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 24 Loans and overdrafts Group and charity 2024 2023 Bank overdrafts Bank loans Other borrowings 134,538 35,133 19.183 33,673 60,841 29,315 188,854 123,829 Payable within one year Payable after one year 169,671 19,183 71,337 52,492 The lon8.term loan is secured by fixed char8e5 over the freehold property known as Wansford Station. Peterborough and tts assotiated assets. The bank loan is repayable by monthly instalment5 over 4.5 years, the last instalment falling due in 2024. The interest rate in force for the year ended 31 January 2024 w3$ 8.81%. The bounce-back loan is repayable by monthly instalments over 6.5 years including an 18 month repayment holiday. The13st instalment falling due in 2026. The bntere5t rate for this loan is 2.5% fixed. 25 Deferred taxation The following are the major deferred tax liabilit5 and assets recognised by the group nd movement5 thereon= Assets Assets Group 2024 2023 Tax losses 4,362 Assets Assets Charitv 2024 2023 Taxlosses 26 Retirement benefit schemes The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separaiely from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. At the year end a balance of £90 is included in other creditor$12023- £Nill. The charge to proh"t and loss in respect of defined contribution schemes was £5.92912023 - £10.2991. 36
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 27 Deslgnated lunds The income funds of the charity include the following designated funds which have been Set aside out of unrestricted funds by the trustees for specific purpose5- Balance at l February 2023 In¢omin8 Re1<¢$ res11£¢$ expended Transfers Balance at 31January 2024 Friends of the Nene Valley Railway Thoma5 fund Track appeal Loco 656 Carriage and Wagon Restaurant car Signal box 3.917 40,807 4,847 9.459 4,565 997 {3.8211 1.093 29.589 5,451 12,344 53 3,700 {16,6691 117,1911 19,5121 12,0751 6,190 loo 19.998 119.9981 83,693 22,545 165,4451 13,8211 36,972 Money raised by the Friends of Nene Valley Railway is utilised on specrfic projects. as agreed by the charity's finance committee. The Thomas fund has been set up to cover curfent repairs and o¥erhaul costs. Signal box funds are to be used for the maintenance and upkeep of the signal box. Track appeal fund is to raise money for works on the track. Loco 656 funds have been set up to cover cost of the full overhaul. The Carriage and Wagon fund is set aside to fund the restoration of carriages. The Restaurant car fvnd is set aside to fijnd the restoration and maintenance of the restaurant car. 37
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y2024 28 Restricted funds The income funds of the group include restricted funds cOMpr1ng the following balances of donations and grants held on trust for specific purposes= 8al•n¢e at Incoming Resources Transfers Investment$ 8alJnce at l February resources expended gainsl 31 January 2023 1055es 2024 TPO Fund Small Engine Fund Wansford Old Station fund Nene Corridor Iyarwelll Museum Fund Loco 73050 Loco 73050- investment Wagon Group Signal box's Yaiwell 13.079 12 8.454 18,6621 12,871 12 60.835 4.382 3,128 25,907 175,444 1.678 1,581 5,118 60,750 4,431 3,128 18.874 285.368 7.534 15,325 5,719 744 10,455 3,835 19,026 85 1491 16.271 1119.2381 110.000 7.266 12.0331 1110.ocKJI 10,622 116.4781 1,413 115,1571 49 15,1571 16501 HLF D Crouth Pacer Appeal Other small funds Youth Group Raffle Tickets Lineside 17421 110.7411 12401 121,556) 1.597 1.311 3,595 18,058 1.485 9.620 10.660 21.489 1.485 9.620 10,660 19011 448.280 89.011 1194.8961 11.5531 15.1571 335,68S Restricted funds represent specrfic appeals and don3tions. 38
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 28 Restricted tunds {Cohiinued) Restricted fvnds represent spetrfic appeal$ and donations. The TravellinB Post Office Fund is to be used for the restoration of the various Travelling Post Office coaches and also includes the fvnds raised and expended for the Ferry Meadows Ni8ht Mail Proiett, whith is to fund a Museum foi the Travelling Post Office coaches. The Wansford Old Station fund was created to raise funds for the potential improvement and restoration of the old station building. Loco 73050 fund is to be used for ihe maintenance and upkeep of L¢xo 73050. Signal box's funds are to be used for the maintenance and upkeep of the snal box. The other restricted funds cover a variety of specific donations and appea relating to specific engiftes, rolling stotk or othèr projects. The proceeds from raffle ticket sales are towards the upkeep of the Wansford Level Crossin8. Line$4de fund is committed to fen¢in8 repairs. 29 Analysis of net assets between funds Unwestrirttd Designated fvnds fvnds 2024 2024 Restricted funds 2024 Total Total 2024 2023 Fund balances at 31 January 2024 are represented bv= Tangible assets 2.023.719 Investments Current assetsl 2.023.719 175.444 2.054.534 285.368 175.444 1217,9671 119,1831 36,972 160.241 120,7541 119.1831 135.655 162.4921 Long term liabilities 1.786.569 36.972 335.685 2.159.226 2,413,065 39
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y 2024 30 Control The charity is a company limited by guarantee and ha5 no share capital. The liability of each member in the event of winding up is £1. 31 Related partytransactions Remuneratlon ol key management personnel The remunefation of key management personnel is as follows- 2024 2023 Aggregate compensation 37,975 37,906 Transactlons wlth related parties During the year the charity received some donations from trv5tees. During ihe year. expenses totalling £600 12023- £nill were paid to Roythornes Limited, a company in which a trsjstee of the charity is a partner and shareholder. During the year, expenses totalling £13,543 12023.. Inill were PaKI to a busines5 wholly owned by a trustee of the charity for services and repairs. The transactions were undertaken at market value rates following a tender process. 32 Operating lease commitments At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2024 2023 Within one year Between two and five years 7.147 18.377 5.869 22,010 25.524 27,879
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JAIVUARY2024 33 Cash flow from operating activities 2024 2023 IDeficitl/Surplus for the year 1253,8391 1160,4701 Adjustments for.. Interest and divKlend income Interest paid Loss/lGainl on disposal of investments Fair value gains and losses on investments Depreciation and loss on disposal of tangible fixed assets 110,3391 30,355 15471 5.704 49.610 17,0581 29,835 2,437 12,178 36,592 Movements in working capital-. Decreasellincreasel in stocks Decreasellincreasel in debtors (Decreasellincrease in creditors 17.1041 127,8241 22,738 290 130,991 19,187 Net cash absorbed by operating artivities 1191.2461 63.982 34 Analysls of changes In net debt Asatl February 2023 Cash flows Other nonSh mo¥ements Asat31 January 2024 Cash Overdraft Loans due within one year Loans due after one year 267,541 133,6731 137,6641 152.4921 IS5,2351 1100.8651 2,531 33.309 212,306 1134,5381 135.1331 119.1831 143,712 1120.2601 23,452 35 Prlor period adjustment Changes to the balance sheet Group At 31 January2023 Adjustment As previou5ty ieported As restated Fixed assets Tangible assets 1.957.144 97,390 2,054,534 Capital funds Restricted funds Unrestricted funds.. Designated funds General unrestricted funds 448.280 448,280 83.693 1.783.702 83.693 1.881.092 97,390 Total equstv 2.315.675 97.390 2.413.065 41
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 31 JANUARY2024 3S Prior peri<)d adjustment (Continued) Changes to the balance Sheet Charity At 31January 2023 Adjustment As previously reported As restated Fixed assets Tangible assets 1,957,144 97.390 2,054,534 Capital funds Restricted funds Unrestricted funds.. Designated funds General unrestricted funds 448,280 448,280 83.693 1,839,054 83,693 1,936,444 97,390 Total equitv 2.371.027 97,390 2.468.417 Changes to the statement of finan¢i31 arti¥ities Group At 31 January 2023 Adjustment As previously reported As reststed Donations arbd other fundraising income 175,266 44.580 219,846 Charitable activities 1,195,847 IS2.8101 1,143,037 Net movement in funds 1257.8601 97.390 1160,4701 Changes to the statemenl of financial activities Charity At 31 January 2023 Adjustment As previou¥ reported As reststed Donations and other fundr8ising income 175,266 44,580 219,846 Charitable activities 1.155.686 152,8101 1.102.876 Net movement in funds 1262.5981 97,390 1165.2081 42
NENE VALLEY RAILWAY LIMITED AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 35 Prior period adjustment (Continued) Explanation of changes to previously reported profit and equity= Capital expenditure relating to Rolling stock ènd locomotives incurred in the year ended 31 January 2023 has been adjusted from maintenance and repairs to fixed assets. No adjustment to depreciation was required as the asset was under construction as at 31 January 2023. Donations amounting to £44.580 and equbvalent capital expenditue not previously recoBnised have been correctly recognised in the year ended 31 January 2023. 43