RègistÈrÈd number: 01891491 Charity numb•r: 291515 RAILWORLD (A Company Limited by Guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 AEHR7RSX 1911212Q5 COMPANIES HOUSE A39 *237
RAILWORLO {A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charity. its Trustees and Advis¢vs Chairnian's Statement Trustees. R•port Independ•nt Exarninerfs Report ststgment of Financial Activities 10-14 16 8alanc• Sheet 17-18 Not9$ t¢ the Financial Statements 19-30
RAILWORLD IA Company Limitèd by Guarant••l REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEE3 AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustsos B T Pearce MBE. Chaimian D Johnson, Viee Chairman P Marshall, Vice Chairman Dr D Ball B E Pennill B Tyson P A Halmshaw (appointed 27 November 20241 C¢mpany registered numb¢r 01891491 Charlty r*gl$tergd number 291515 R•gi5tered offi¢¢ Railworfd Oundle Road Peterborough Cambs PE2 9NR A¢¢ountants Streets Chartered Accountsnts Enterprise House 38 Tyndall Court Peterborough Cambs PE2 6LR Page 1
RAILWORLO IA Company Limited by Guarnntee CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 202S The chairman presents his staiement for the year. The Next June 2025 - This Rais1 Registered Charity 291515 wll celebrate 40 years since its in¢eplion, as we look back- it is 28 years since Volunteers won their first Major UK Award - The 'lCIIDulux UK Environmentsl Tearnwork Award,. It is also 32 years since thi5 small city attraction run by volunteers opened to the public1 Ouring that time. we estimate close on 150,000 people have visited . This number has risen every yearl 2024 10 2025- We had well over 10,000 induding ¢hildren, adults and ¢on¢e8sions. At the insD'galion of the Unrted Nations. the world's environmenl was taken seriously for the very first tsme 54 years ago in 1972 at the Sto¢kholm Earth Svmmit. Twenty years later. in 1992 - Rev Richard Paten. our founding father and lifetime volunteer, highlighted lo me the conclusion5 from the next major Earth Conference in Rio De Janeiro. 8razil. 8ack then in 1992, Richard helped me personally to understand the enormous consequences of'Human Induced Clsmate Change, and the need to preserve, not destroy much needed habrtat and improve our worlds biodiveTsityI In 2024 the Earth Confereneè -COP 29 was held in Baku, Azerbaijan. but in reality, little had changedl People and Governments were afraid or reluctant to make any major environmental or C02 Erni55ion chan9esl Ironically . Everything we had predieted has now come true. There are more heaa¥es, there 1$ a contsnual inaSe in the World's Average Temperature, there are more wildfires of greater magnitude, there is an increased propensity of stomis that are more intense, pllts hurricanes of excess magnitudel All through the 1990's this volunteer project INed to highlight the need lo reduce 'Man-Made Emissions. and encourage rail travel. but to no avail, we didn't forget it- 8ut we pul it on the 'backbumer' as we embarked ¢Jn something - No one could 'Knock'l By creating an inner-Gity green space on the derelict coal yard Richard had purchased for the charityl The passionate volunteer5 desire was to crealp - A 'Lovely Place to go, To relax and be at home with gur natural wodd. a beautifully landscaped area wth pond5 and waterfalls, learning with habitst and kn'odiversity, a place that now. so many of visitors call a 'Hidden Gem'l The 'RaIOrld Wildlife Haven, is not just a much-loved visitor attraction and community asset, il's much more than thatl The 'Haven' is an antidote for stre$s". 11 can help reduce loneliness, increase sell-esleem and lower anxiety. volunteerlng is a fvn and a social activty. you meet lots of like-minded people, who you can both leam from and Share your skills with. We have a group that look after the Wildlife Haven, another group that likes building habitat, nest btsxes and the su¢hlike. another like woodturning. another creating, running and maintaining the charity's model railway5 - All helping to create cohesive community of friends and friendship? This helps you find Inner fulfilment - perhaps above all else, volunteering 15 a really rewarding experience that lets you give something back lo your community and make it better more postive place for everyone living there? The Charity is helped tremendously by the efforts and 5UPPOrt ol a very wide range of volunteers, companies. group5 and Individuals from many parts ol the UK, an every part of our'city of Peterborough Community,. Thè Chariws environmental project'Railworfd Wildlife Haven. givÈ$ equal prominence to the eharily's promotion of encouraging protects'on of the enwronment an¢J inspiring environmentally friendly interest In railways and rail travel. As we progress, we are endeavoring lo emphasize more our role of public education, or a 'Pilgrim Cenlerfs a5 Rev Richard Paten, our founding Chairman called them. Our strapline is 'Entertain and Educate about our World - Volunteers ¢realing Habitat for Nature with Model Railways., Our visitor base is worldwide, as are views to our website, and we are hopefully, educating In many way5, people from all over the wortd. As I mentioned earlier, after the Rio Earth Conference Re¥ Richard Paten. Raworld'S Chairman at the time, and ihe Trustees. made the decision to highlight the need to control the wotld's carbon emissi¢ns. One of the greate51 contributor5 was transport and the Board saw an opportunty for the charity lo promote 'Rail at the heart of an integrated transport policy,, because rail is one of the most environmentally friendly transport modes of people and freight known to man. Page 2
RAILWORLD IA Company Limited by Guarantè•l CHAIRMAN'S STATEMENT {CONTINUEDI FOR THE YEAR ENDED 31 fvIARCH 2025 The charity ha$ ¢ontinued thi5 difficult SLbject of carbon emissions and climate change. bul now after over 30 year5, we stsll feel the Board of Trustees followed the rtghl path lo highlight lulure envtronmental problem$. We have continued to do this highlighting the benefits of the Raihvortd Wildlife Haven's inner city green space bmth ponds. waterfalls and restored and repurposed Victorian iTonv40rk in true 'Cir¢ul8r Economl ICE) fashion. The Ch8rity's overall arnbilion is to be 'Suslainable' and improve 'Visitor Experience, plus create a viable 'Earth Centre. to highlight the facts about 'Climate Change. NO Theories- JUST the Facts! We would create many lotslly inter3Ctive displays, highlighting h¢)w'Our World. ha5 gone from a 'Green Low Carbon Economy, Horse and Cart. Walking, Windmills, Waterrnills, Sailing Ships, with an estimated 1 billion people. Then progresse¢J lo the 'lndustnal High Carbon E¢onorry Revolutson. a totslly transfomative era that lundamenlally shifted human societyl At present though we are still in and experiencing a 'High Carbon Economy'_ This must be drastically reduced, but wlh at least B billion people ¢reatsng all this Co2, that is an unbelievable challengel These high emissions need to be and are being drastically reduced by engaging in a NEW 'Green . Low Carbon Economy,. With improved high output Solar Panels, Wind Turbines, more $lringenl emission legislations improved electric vehicles. We are approaching the Science Museum, they have so much material and artifacls that are not on display, these could be incorporate into thi$ New Earth Centre a150 a futUTe E¢o-Tran5POrt Centre also to help advance the education of the public in all aspects of Sustainable Living and sustainable tran5POrt including railway travel. The world appear5 to be tsking a greater interest in our natural worfd and the need for greater biodiversity. We need to as a charity. emphasise the important links betsveen nature and climate. especially bearing in rnind the predictions that ¢limate scientists made 40 years ago. are starting to become more evident with increased World temperature5, increased intensity of Storms. hurricanes. rainfall and wldfires. The 8oard continues lo review and manage costs and invest re50ur¢es to grow recurring income, Income ha$ Inc3$ed over the past 12 months as have our visitor numbers and we hav• •annarked funds to build more pemianent premises rather than rely or our ewsb.ng portable buildings1 I wsh lo acknowledge the role of fellow tru51ees. who a5 the Board, are responsible for overseeing the charilvs strategy and operatsons. I would like lo thank Philip Warren for taking the minute5 at all the trustee meetsng5. The Charity received welcome donations from the Foresters and Employee Team days continued unabated Nearly 300 hours of external help by Several employer5. GL Events singleh¥nde¢Jly restored our Field Study Centre and donated multiple sheets ol wood and Alison homes a150 donated over 2CO lengths of seasoned 4x2 wood which enabled us to roof over Ihe 40ft containers the volynleers acquired very cheaply Irom Kart Eves of Deeping Direet Oelivery. A Big Thank you to all these amazing people that help us so much We were delighted when National Highways provided funding to dismande and move Wansford Road Station lo Peterborough to provide an impressive entrance for both charits.es the Nene Valley RaiaY and the RWH. Volunteers have had a ma$sive drive t¢ raise fund lo ¢omplete the Victorian Building close on £200,000 will be required to complete ready for openingl Peterborough City Council continue to support us in many ways especially wlh the donation of redundant materials. Volunteer5 also dearly hope and pray that pete0[0ugh City Council support our passion and environmental vision by offsetling the cost of Ihe 20.10 Business Rates for the charity's premises. Volunteers are doing so mLbch for this city and deserye support, wilh well over 100,000 Recorded Volunteer Hour5. We have Ivnds allocated for our CCTV and lighting scheme and Ihey still help to provide a safe passage acros$ the charity's lan¢J. The CCTV has been used by the police to assist them wth their investigations into criminal activib'es and provides a well-lit and CCTV protected roule befven Railworfd Walk and enlrances.to the south. site al Pleasuie Fair Meadow and Cubitt Way. Page 3
RAILWORLD IA Company Limit•d by Guarants•l CHAIRMAN'S STATEMENT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Highlights during the year were.. We Continued to be well rated on TripAdvisoT.' we al30 reached the lop spot again this yearl Because of our consistently High Visitor Ratings- we are in the Top 1 OOA of Attractions World-widel Kennedy Wild Bird Food continues lo Supply all of the wld bird ftsod at discountl Drew Bery of Fenland on Film ¢ontinues to digitize and support the charity's film archives of RTV31. Circlefire Electrical, provided, certified and maintained our fire-fightsng equiprnent. They a150 carried out free of charge emergen¢y119hting tests. Simon Kelsall has been providing IT and computer support. Slirling Maynard have completed a structural integrity survey of the RTV31 support beam and the beam has been condemned and nee¢Js l¢)wering and breaking up. We hosted many events but the PECT 2024 Environmental Education Awards in the Globe Hall Earth Centre were a feature. The Railworfd Wildlife Haven acts as a focal point for volunteering an¢ ag a community 8$get, supporting the City'5 public services and civic society. It provides car parking on football match days and for major events as part of the public 98fety and traffic management arrangements made by the Police. Council and Peterborough United FC. Regarding the charity's operations. feedback frorn vi51tors mainS P05rtive, made p05siblE by our small team of volunteers who give theif time generously to ensure every visitor has a great day out. I would like to thank Rebekah While, our part-lime Attraction Manager, vA)o oversees the attraction wth Bob Clarke,. Paul Sewell, John Stanton and Neil Turner. I would like lo thank the followng dedicated volunteers which include Elwn Edis, Charfie Stevens, 8ob Harris, Pete Nunn, Paul Mitchell, the Crane Family, John and Diane, Chris Miller, Derrick Mulvana, Bill Griffiths and Rob Smale who maintain the grounds and Wildlife Haven. The Morri5 Family, Rod. Janet and Colin who look after 'Nene Halt, featurel Stan Houchen who looks after the Village Turners and Steve Smith for guiding and suppo"n9 the volunteers in the 'Men's Shedil Bob Clarke. lakes care of the Garden and Model R311ways on track, Craig Owen and his little team that look after the new arrival the HST. Sharon Chittock who has responsibility, on a voluntary basis, of the preparation and day to day iunning of the chaiitvs manayement accounts. also Ken Ince who continues to update our sofNvare to help. Volunteer have been running the Duke of Edinburgh Award on site for the past 30 years and to celebrate this we had a visit frorn the new DofE- HRH Prince Edward. He was thrilled to visit the haven site and enjoyed meeting many of the present DofE youngsters and some pasl one5 that had moved on to gain Gold al a later datel Early 2024 1 gave a presentation earfy 2024 in the Great Hall and this resulted in Oundle School visiting us for a Big Tearn Day, 40 pupils and the constant arrival of 51udenls from Russia, China and Mauntius to help u5 in praetical ways on the project. l also wish to exlend my special thank5 to those who support the promotion of the altraction so that more people can discover and enjoy a visit to the Raiknrld Wildlife Haven. Special thanks to the Editors of The Peterborough Telegraph, ESP, The Moment Magazine. Group Travel Wortd and Nene Steam, who continue to support our environmental endeavors. All of these effort5 continue to sUPPOrt the projecL So¢ial rnedia continues to rernain important as we extend our environmental message. Page 4
RAILWORLD IA Company Limited by Guarantee) CHAIRMAN'S STATEMENT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 202S wildlife HAVEN *hampions Repur,posel ailway Bridge Bridge over Victorian Railway Bfidge should Nature advice Naturel ANYTHING!! Pedestrian Wildlife aven Pa9e 5
RAILWQRLD IA Company Limlt•d by Guarantee) CHAIRldlAN'S STATEPdlENT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Derelict Coal Yard to 'Railworld Wildlife Haven, 1985- 2025 ATh2in9 what a few volunte Can dc•- Helpe¢J by 5urne ArTraziny Companies, Gioups and Indiwdual5.. Op•n Év8ry W88k8nd8 40d Wgdng•day¥ Page 6
RAILWORLD (A Company Limited by Guarantee) CHAIRMAN'S STATEMENT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 11. 'Ii Page 7
RAILWORLD (A Company Limit•d by Guar•ntsel CHAIRMAN'S STATEMENT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 rJ4.. Page 8
RAILWORLD (A Company Limited by Guaranteè) CHAIRMAN'S STATEMENT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Brian Pearce M8E Chairman Date.. Page 9
RAILWORLD IA Company Limited by Guaranteel TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together wth the financial 5tatement5 of the ¢hanty for the year from 1 Aplil 2024 to 31 March 2025. The Annual Report 5erve5 the purposes of both a Trustees. report and a director5, report under Cornpany law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply wi¢h the current slalutory requirements. the requirements of the charitable cornpanvs governing document and the provisions of the Statement of Re¢oMmended Practice ISORPI applicable lo charities preparing their a¢¢ounts in a¢¢ordance with the Financial Reportin9 Standard applicable in the UK and Republic of Ireland {FRS1021 (effective 1 January 2019). Since the charity qualffies as small under secbon 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Reporti Regulations 2013 has been omitted. Objectives and activItIè$ a. Polici95 and objgcQiv•s The prin¢ip81 objects of Ihe charity are.. to advance the education of Ihe public in all aspe¢ls of sustainable transport as part of the United Nation$ range of measures to Gornbat human Induced dimale change to advance the education of the public in all aspects of raifv4ay travel as a Trmdely acknowledged form of sustsinable transport lo create an eco-IranspDrt centre open lo the public for the aforesoid purp05est to promote the research and study of man's mobility and its impact on the world and to publish the useful results of this research to emphasise Ihe lole of public education centres in contributing lo mutual understanding beN•ffjen the P&L)ple$ of the worfd In seth'ng objectives and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Publi¢ benefit". running a Charity {P62}'. b. Strategies for achigving ¢bj?¢tives Our strategies are based around the followng.. provide an interesting and entertaining visitor attraction educate visitor5 particularly younger visitors of the impact of global and environmental changes develop the Wildlife Haven to be more biodiverse develop the tsvo model railways work wlh other environmental ¢harilies to improve the natural environment ol Pelerborough Page 10
RAILWORLD (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Objectives and aetiviti•s Icontinuedl c. Acttviti•s und•rtakon to achi•v• objo¢tkv¢$ Attracting visltors is still OUT major priorlty. The charity's facilitie5 are open to the general public lo 'enlertain and Educate, about ¢urrenl environmentsl issyes in¢luding transport, bi¢diversity. our natural world, sustainable tran5POrt and the raIVaYS. contribution. We also receive visits from schools and other group5 to help them understand environmental awane$S and its importance and we maintsin and improve the 8re¥ with help from local company'Team Days,. We continue lo develop the Wildlife Haven as a habitat creation programme and which 1$ accessible to all. The displays are always being expanded and improved lo be more relevant. We make presenlalion5 to various oryanisalions such as sehools, Rotary clubs and Women's In$btutes promote ourselves via the inteTnel, our website, promobons, social media. We continually seek to recruit new volunteers lo develop the Raiknrfd Wildlrfe Haven and to explain to visitors about the need lo be environmentslly aware and lo protect the future. d. Main acti¥itSes undertaken to further the charity's purposes for the public benefit The charity's facilitie5 are open to the general public and include visits from local schools and other groups lo learn about our natural wortd, environmental awarenes5 a5 well as susfainable tran5POrt and raihvays. The Wildlife Haven is accessible lo all and, as such, the twstees believe the charity has fulty complied with the Charity Comrnission's guidance with regard to public benefit. Achievements and perform8n¢e . Going Concern After making appropriate enquiries. the trustees have a reasonable expectatson that the charity has adequate Tesources to meet its liabilities for the foreseeable futu. The level of cash resee5 means that the charity remains in a Sound financial position and the twslee8 continue to monitor all activities, so that they can continue to maintain and improve facilities for the future. For this reason, they continue lo adopt the 90ing concern basis in preparing the financi8151alernents. b. Rèvl•w of aetlvltlès Details of the activities undertaken during 2024125 are set out in the Chairman's Statement. ¢. Fundraising a¢tl¥llle$ and income generation The charity 15 primarily funded by income received from vtsitors. The charity's trading subsidiary company. Railworld Trading Limited 15 responsible for managing commercial inilialive5. such as the provision of a café, the sale of second-hand books and the use of Ihe car park. Railworld Trading Limited makes an annual donation tts Railworfd under its Deed of Covenant. Page11
RAILWORLD IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Financial rnview . Review fty th* year The Iruslees have continued lo keep the level of actNity within the available cash resources. The Staternent of Fin8nci81 Activities shows.. lotsl income £71,183 from charitable and fundraising activities12024 income totalled £93.823} lotsl expenses £105,971 12024 £67.7841 including governance costs of £3,18012024 £2,880}, depre¢ialion charges of £23,23212024 £20,572). the tharity has reported a net deficit for the year of £34.78812024 net surplLts £28,039). Railworld has invested into improving the assets held by the charity, with additions in the year tolalling £20,404 12024 £21,802) The charity 15 also expeGting lo install a Vidorian $talion on the Raitworld slte in 2025126 which wll require the car park and entrance to be modified. Whilst the Iruslees have not specifically designated fund5 to cover the expected cost of this work. thele wll be a considerable amount of work requiied which wll be met from the general funLlraising in recent years. b. Re$•Nos policy The trustee$ re¢ognise their duty of responsible stewardship over Railworld's a$sets. The long-lerm poliw of the tharity is to e$tabli$h $h reserve$ at a level which 1$ sufficient. but not excessive. to finance the nomal activities of the chanty for a period of al least six month5. On the basis of current expenditure, the charity seeks to maintain the general reseNe at a balance of £45.OQO to £SO.OOa. representing six months operating costs. Al 31 March 2025, the cash reserves held in general funds amounted to £144.696 which VAII enable the charity to spen¢J up to £120,000 on the new station area and other improvements wlhoul inhibiting the level of working captal needed to manage day to day activities. c. Material invoslments policy The chanty5 Surplus fvnd5 are held in bank depowt accounts, which generate a small amount of interest but have minimal risk lo the capiial invested. d. Freehold land and bulldings The charity owns approximately 16 acres of freehold land induded in its assets at cost. structure. gov•rnan¢• and managomonl . Constitution Railworld is registered as a charitable company limited by guarantee and wa$ established on 1 March 1985 and the Memorandum of Association was amended 9 Octobei 2008. Page 12
RAILWORLD IA Company Limited by Guarantee) TRUSTEE5' REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and managem•nt (continu) b, Railworld Trading LimTrted Railworld Trading Limited was inc0018ted on 2 May 2017, as a whollywowned subsidiary of Railworld. On 20 January 2020 the charity hived down ils trading acliwlies lo Railwodd Trading Limited. The trading profits of Railworfd Trading Limited are covenanted to the charity under a Deed of Covenant dated 20 January 2020. c. Pdlethod5 of appointment oi election of Trustses The management of the charty is the responsibilrty of the Tmstees Ytho are elected and co-opted under the terms of the Memorandurn of Association. d. Poli¢ies adoptsd for the indurtion and trnining of Tru$ts•$ Should the existing trustees consider il necessary lo appoint further trustees. they %Uld ensure that adequate training was provided, and that any candidate would have the required skills in management and planning and would have empathy with the objective5 of the charity. e. Organisational structure and deci5ion-making policies Railworld is based in central Peterborough, from which it operales a public visitor attraclion. The operation and increment81 development is largely carried out by volunteers. R8iKvorld ernploys four part-time members of staff. The trustees are involved in the day-today management of the charity during the year and expect lo Continue to 8Gtively manage the charty for the foreseeable future. The board of trustees meets ¥ minimum ol four times a year. to direct, review and monitor the work and management of the charity. There was a minimum ol six trustees Ihrou9houl the year. f. Relatod party rel•ti¢n$hips Some of the charity's trustees are also, indiwdually, involved in a number of other businesses and organisab"ons, but there a not any related party tran$a¢tions Tequiring dis¢105ure in the acctsunts. 9. Flnanclal rlsk managemont The trustees actively review the major risks which the charity faces. The trustees believe that they have systems in pla¢e to mitigate these risks. Raiwld Tr$ ¢ommitted lo achieving its prin¢ipal obje¢tive$ and the trustee5 believe that thi5 1$ best attained by keeping a strong liquid financial position. Although current interest rates are low. the fun(Js are protected against tr)e risks of long-term impairment ol the values inherent tn other ftsrms of investment which Is of paramount importance to a small charity. The trustees continually monitor and review health and safety issues relating to the Railwortd site. During the year. further maintenance has been made lo the car park to ensure pedestrian safely and enforcement of parking lees. Page 13
RAILWORLD (A Company Limited by Guarante¢l TRUSTEES, REPORT ICONTINUEOI FOR THE YEAR ENDED 31 MARCH 2025 Members. liability The Members of the charity guarantee to contribute an amount not exeIng £1 to the assets of the charity in the event of winding up. Fuiur• D•¥•lownents The Board of Iru51ees has ¢ontinued to adopt the followng RaIld Wildlife Haven attraction's opening days align wth Nene Valley Railway Improve the guided tours for visitors Revlew merchandise and cafe products, tariffs and promob.onal efforts to in¢rea$e Sales an¢J profit margins Progress Health and Safety priorities Organi5e special family'themed, days independently and wth other associated environmental groups Complete the rebuilding of the signal box lo ¢ale a bird hide and viewing plattorm Construct a new main line viewng platform Develop Nene Halt, a Swedish Rail Bike display created by the Morris Famity Statement of Trustees. r•5ponsibiliV"•$ The Trustees (who are also the directors of the charity for the purposes of company lawl are SpOnSible lor preparing the Tru$tees' Report and the financial staternenls in accordance wth appIlble law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practs'cel. Company law requires the Trustees to prepare financial ststemenls for each financial . Under company law. the Trustees must not approve the financial statements unless they are satisfied that ihey give a true and fair wew of the state of affairs of the charity and of its incoming resources and application of resoulces, including Its income and expen¢Jiture, for that period. In preparing these financial stalemenls, the Trustees are requifed to.. select svitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 102)., make judgments and accountin9 estimates that ale reasonable and pwdenl,. slate vthether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any rnaler+al departures disclosed and explained in the financjal statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume thal the charity wll continue in business. The Trustees are responsible for keeping adequate accountsng records that are sufficienl lo show and explain the charity's transactions and disclose wth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the finanual statements comply vmh the Companies Act 2006. They are also responsible for safeguarding the assets of the charlty and hence for taking reasonable steps for the prevenb.on and detection Qf fraud and other IrgUIantr.es. Approved by order of the members ol the board of Trustees and signed on their behalf by." B T Pèarc• MBE Chairnian Date.. Page 14
RAILWORLD (A Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Indeptrndènt Examinèes R•port to th• Trustees of Rallworfd I'the charlty.) I report lo the charily Tw$lees on my examination of the accounts of the charity for the year ended 31 March 2025. Responsibilitie5 and Basis of Report As the Trustees of the charity land its directors for the purposes of company law) you are responsible for the preparation ol the ac¢ounts in accordance wth the requirements of the Companies Ad 2006 Ilhe 2006 Act'l. Hawng satisfied mysew that the accounls of the charity are not required to be audited undef Part 16 gf the 2006 A¢1 and are eligible for independent examination, I report in respect of my examination of the Gharitys accounts carried out under section 14S of the Charities Act 2011 (e 2011 Act'l. In carrying out my examination I have followed the Direetions given by the Charty Commission under seth'on 145(5)(b) of the 2011 Aci. Indèpendent Examinerfs Stst•m8nt I have cornpleled my examination. I confirm Ihal no matters have come lo my attenlion in ¢onneetion wth the exarnination giving me cause to believe.. accounting records were not kept ir• fespect of the charity as required by section 386 of the 2006 Act.. or the accounts do not accord those records.. or the accounts do not comply wth the accounting requirements of sedion 396 of the 2006 Act other t+)an any requirement that the accounts give a 'true and fairf wew which is not a matter conSided as part of an Independent examination., or the accounts have not been prepared in accordance with the methods and principles ol the Statement of Recommended Practice for ac¢ounting and reporting by charities lapplicable lo charities preparin9 their accounts in accordance vAlh the Financial Reporting SlanL1ard applicat4e in the UK and Republic of Ireland IFRS 10211. I have no conceTn5 and have come across no other matters in connection wth the examination to which Zttention should be drawn in thi$ report in order to enable a proper understanding of the accounts to be reached. This report Is made solely lo the ¢harity's Trustees. as a body. in accordance s*th Part 4 of the Charities (Account5 and Reports) Regulations 2008. My work has been undertaken so that I might state to the charitys TTUStees those matters l am required to slate to them in an Independent Exarniner's Report and for no other purpose. To the fullest extent pemitted by law, I do not accept or assume responsibility lo anyone other than the charity and the Charity's Trustees as a body, for my work or Yor this report. Signed.. Dated.. &J&C Jonathan Day FCA Street5 Charterefj Accountants Enterprise Court. 38 Tyndall Court. Commerce Road, Lynchwood. Peterborough. Cambs PE2 6LR. Page 15
RAILWORLD IA Company Limited by Gu•rnnt¢el STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 PIARCH 2025 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Note Income from-. Donations and legacies Charrtable activities Oiher trading activitie5 Investments 20,757 48,284 870 20,757 48.284 870 1.272 48.556 44,087 1,272 1, 180 Total income 71,183 71.183 93,823 Expèndlture on". Charrtable activities 105.971 105.971 67,T84 Totsl exptnditurt 105,971 105.971 67,784 N•t movement in lund 134,788) 134.788) 26,039 Reconciliation of fund5: Total funds brought forward Nel movement in fund$ 1,323,226 134,7881 1,323,226 (34.7881 1,297, 187 26,039 Total funds carried forward 1.2B8.438 1,288,438 1,323,226 The Stslement of Financial Activities includes all gain5 and losses recognised in the year. The notes on pages 19 to 30 form part of these financial statements. Page 16
RAILWORLD (A Company Limltsd by Guar¥ntse REGISTERED NUMBER.. 01891491 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Nole Fixed assets Tangible a55e15 Investments 12 1.121,694 100 1, 124,522 100 1.121.794 1,124,622 Current assets Debtors 14 24.748 144.696 35.202 170,397 Cash at bank and in h8n 169.444 205.599 Current liabiliti•s Creditors.. amounts falling due within one year 15 12.8001 (6.995) Net current assets 166,644 198,604 Total assets less ¢urront liabilities 1.288,438 1,323,226 Total n•t assets 1.288,438 1,323,226 Page 17
RAILWORLD IA Company Limited by Gu•rantee) REGISTERED NUMBER: 01891491 BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2025 2025 2024 Note Charlty funds Reslricled fvnds Unrestricted funds 18 16 1.288.438 1,323.226 Total funds 1.288.438 1,323,226 The charity was entrtled to exernpts'on from audit under seclion 477 of the Companies Act 2006. The members have not required the company lo obtain an audit for the year in question in a¢¢ofdan¢¢ wrth section 476 of Companies Act 2006. The Trustees acknOedge their SponSIbl11teS for comptying wlh the requirernenls of the Act wlh respect to accounb'ng records and preparation ol fin¥nci¥l $talements. The financial slalemenls have been prepared in aGGordance wilh the provisions applicable to entities subiecl to the small companies regime. The financial steme5 were apprtsved and aulhorised for issue by the TnJstees and signed on their behalf by.. 8 T P•ar¢ MBE Chairrnan Date.. The notes on pages 19 to 30 form part ofthese financial slalemenls. Page18
RAILWORLD IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Goneral inform•tion AS Set out in the trustees. report, Railworld. is an incorporated charity registered ir> England and Wales. The address of their gIstered office 1$ Oundle Road. Peterborough. Cambs. PE2 9NR. The financial statements are prepared in sterling, vthich 1$ the fun¢tional curfftn¢y of the enlily. Accounting policies 2.1 Basis of preparation of fin#n¢lal statements The finanaal statement5 have been Prepared in accordance with the Charits"es SORP IFRS 102) - Accounting and Reporting by Charities". Statement of Recommended Practice applicable to charitie$ preparing their accounts in accordance vJith the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 {effective 1 January 20151. the Financial Reporting Standard applicable in the UK and Republic 01 Ireland IFRS 1021 and the Companies Ad 2006. Railwtsrfd meets the definits'on ol a public benefit enthty under FRS 102. Assets and liabilrties are initially recognised at historical cost or transaction value unless otherwise stated in the relevant aGcounts"ng policy. 2.2 Inc¢mo All income is recognised once ihe charity ha5 entitlement to the income. il is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to donations received under Gift Aid OT deeds of covenant is recognised at the time of the d¢)nation. Income from the provi510n of $ervice5 falling wthin the company'$ ordinary adivilies, for exarnple from takings for admissions. is recognised on receipt, net of Value Added Tax (where applicable). 2.3 Expenditure Expenditure is recognised once there is a legal or constnjctive obligation to transfer economic benefit to a third party, rt is probable that a transfer of economic beneffts will be required in Settlement and the amount of the obligation can be measured reliably. Expenditure on ¢haritable activities is incurred on directly undertaking the activities which further the charity's objectives, as well a5 any associated support costs. All expenditure is indusve of irrecoverable VAT. 2.4 Interest r•ceiv•bl• Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity.. this is nornially upon notrficalion ol the interest paid or payable by the institution wrth whom the funds are deposited. Page 19
RAILWORLD (A Company Limltèd by Guarantèt) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2025 Accountlng pollci•s {continuedl 2.5 Tangible fixed assèts and dèprèclatlon Tangible Iixe<l assets a initially iecognised at cost. After recognition, under the cost model. tan9ible fixed assets are measured at cost less accumvlated depreciation and any accumulated impaimient losses. All costs incurred to bring a tangible fixed asset into its intended working con(Jits'on should be included in the measurement of $1. In addition to the charitys a55els classified as Land and Buildings and Plant and Machinery (note 111 Railworld owns a number of heritage assets, which are standing exhibits. C05t information is not available for these assets and conventsonal valuation approaches lack sufficient reliabilty for these assets to be included in the account5. Depreciation is charged 50 as lo allocate the ¢ost of tangible fixed assets less their tesidval value over their estimated useful lives. Depreciation is pn)vided on the following bases.. Freehold property Freehold footbridge 1.7% per annum straight line. Freehold buildings 10% per annum straight line Prefabricated buildings 25% per annum $traight line Freehold land is not depreGialed 20% per annum straight line 20% per annum straight line or reducing balance 20% per annum straight line or reducing balance Plant and machinery Fixture5 and fittings Computer equipment 2.6 Investments Fixed a55et inve5trnenls are a form of financial instrument and are initially re¢ogni$ed at their transaclion cost and subsequently measured al fair value at the B3lance Sheet date, unless the value cannot be measured reliably In whi¢h ¢ase it is measured at cost less impairment. Investrnent gains and losses. whether realised or unrealised, are combined and presented as 'GainsllL05ses} on inveslmenl$' In the Slatement of Finanaal Activities. Investments in subsidiaries are valued at cost les5 provision for impairment. 1.7 Debtors Trade and other debtors are recognised at the $etUement amount after any trade di$¢ount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash al bank and in hand Cash at bank and in hand includes ¢ash and Short-lemi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or ssmilar account. Page 20
RAILWORLO (A Company Limitsd by Guar¥nts8) NOTES TO THE FINANCIAL STATEMEMTS FOR THE YEAR ENDED 31 PAARCH 2025 A¢¢ounting poli¢i•$ Icontinuodl 2.9 Liabilitie$ and provi$lons Liabilitie5 are recognised when there 15 an obligation al the 8alance Sheet date as a result of a past event, it is probable that a transfer of economic benefit wll be required in settlement. and the mount of the settlement ¢an be estimated reliably. Liabilities are reGogni$ed al the amount that the ¢harity anliGipate$ it pay lo setue the debt or the amount it ha$ received as advanced payments for the goods or services it must provide. Provision5 are measured at the best estimate of the Bmounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tsx discount rate that reflects the risks Specific to the liability. The unwnding of the discount is recognised in the Statement of Financial Activits'es as a finance cost. 2.10 Financial instruments The charity only has financial as5et5 and financial liabilibes of a kind that qualify as basic financial instruments. Basic financial instrument5 are initially TeGogni5ed al transaction value and subsequently measured at their settlement value with the exceptson of bank loans whith are subsequentsy measured al amortised cost using the effe¢tive interest method. 2.11 Fund accountong General funds are unrestn¢ted funds which are availabl¢ for use at the discretion of the Trustees in furtherance of the general objectives of the charity anL1 which have not been designated for other PIITposes. Critical accounting estimat•$ and •r••$ of judgm¥nt Estimates and judgments are ¢ontinually evaluated and are based on histoncal experience and other factors, including expectath'ons of future events that are believed to be reasonable under the ircumstsnces. Crili¢al accounting estimates an¥J a$$umptions". The charity makes estimates and assumption$ conceming the future. The resulting accounting estimates and assumptions wll, by definits'on, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adiustment to the carrying amounts of assets and liabilities wlhin the next financial year are discussed below. Critical areas of judgment.. Tangible fixed assets are recognised at cost or valuation, less accumulated depreciation and any impaimients. Depreciation lakes place over the e5tsmaled useful life, down lo the a55essed residual value. The carrying amount of the company's fixed assets is tested as soon as changed conditions show that a need for Impairment has arisen. Page21
RAILWORLD IA Company Limitsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Incom• from donations and legacies Unrestricted fund$ 2025 Total funds 2025 Total rtjnds 2024 Don¥tlons RaIOd Trading Limited Other donations Donations 15,924 6,833 12,0001 15.924 6.833 {2.0001 41,832 6, 724 20,757 20.757 48,556 Income from charitsble #Ctivlties Unrestricted funds 2025 Total funds 2025 Tolal funds 2024 Entrance fees 48,284 48.284 44,087 Income from other trading activities Income from fundrai$ing events Unrnstrl¢tsd funds 2025 Totsl funds 2025 Tol81 lunds 2024 Car parking and room hire 870 870 Page 22
RAILWORLD {A Company Limited by Guarant••} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investm&nt Incomo Unr•stricted nds 2025 Total funds 2025 Total lunds 2024 Bank InteSt received 1.272 1,272 1, 180 Analysi5 of expgnditure on charitable activities Summary by fund type Unrestricted funds 2025 Totsl 2025 Total 2024 Visitor attraction 105.971 105,971 67.784 Pa9e 23
RAILWORLO IA Company Lim•t•d by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities Activities undertakèn directly 202S Support osts 2025 Total funds 2025 Total funds 2024 Visitor attraction 103,129 2.842 105.971 67,784 Total 2024 64,784 67,784 Analysis of dir¢¢t costs Total funds 2025 Totsl funds 2024 Depreciation Visilor leaflets and publicity Postage and stationery 23.232 7.792 913 20.572 4.867 901 É ij Bank charge$ Site development and repairs Heat and light Insurance Telephone and broadband Equipment repairs and renewals Professitsnal fees Sundry expenses and subscriptions Accountancy fees 606 52.564 8.068 6.704 418 2,825 42,213 9,910 4,328 564 2,142 f28,457J 4,906 13 607 2.225 103,129 64, 784 Page 24
RAILWORLD IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Indgpondent examineS romuneration 2025 2024 Fees payable lo the charit5 independent examiner for the independent examination ol the charity's annual acEounl$ 3,180 2,880 11. Trustees. remuneration #nd èxpenses During the year. no Trustees receive¢J any remuneration or other benefrts (2024 - £NILJ. Two trustees received reimbursement for materials purchased for specific proie¢ty, amounting to £12,474 12024 £17,027) dunng the year. Trustees and other volunteers are authorised to purchase materials and other goods on behalf of the ¢harity in 511ualions vlhere the need is urgent and nom)al credit facilib.es are not available. 12. Tangiblè fix•d as$•ts Freehold property Plant and Fixtures and machin•ry fittings Computer equipm•nt Total Cost or valuation At 1 April 2024 Additions 1,480.679 17.935 45,124 1.131 38,087 11,543 1.338 1.575,433 20,404 At 31 March 2025 1,498,614 46,255 38.087 12,881 1.595.837 D•preciation Al 1 April 2024 Charge for the year 391,655 13.518 24,011 6,104 24,70S 2,796 10,540 B14 450,911 23.232 Al 31 March 2025 405.173 30,115 27,501 11.354 474.14J Not book value At 31 March 2025 1.093.441 16.140 10,586 1.527 1.121.694 Al 31 March 2024 I.t,024 21,713 13,382 1,003 1, 124,522 Included in Ireehold property is land at cost of £1,012,20012024- £1,012.2001 which is not depreciated. Page 25
RAILWORLD IA Company Limit•d by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Fixed asset investments Investment$ subsidiary cornpanies Cost or valuatlon At 1 April 2024 100 At 31 March 2025 100 Net book value At 31 Mareh 2025 100 Al 31 March 2024 100 Principal subsidiariès The followng was a subsidiary undertaking of the charity.. Mame Company numbtr Registered office or principal Principal activity placè of buslnÈss Railworld Trading Limited 10747668 Railworld. Oundle Road, Peterborough, PE2 9NR Management of car park, leth'ngs, shop and cafe Class of share5 Holding Included in ¢onsolidati¢n Ordinary 100% No The financial results of the subsidiary for the year were.. Name Income EXndItUrn N•t assèts Railworfd Trading Limited 70,S01 70.501 100 Page 26
RAILWORLD (A Company Limited by Guar¥ntoe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. D•btors 2025 2024 Due within one year Amounts owed by group undertakings Other debtors 12.386 539 25,928 539 Prepayments and accrued Income 11.823 8,735 24,748 35,202 Is. Cr•ditors: Amounts falling du• within one y¢ar 2025 2024 Accruals and deferred income 2.800 6.995 Page 27
RAILWORLD IA Company Limited by Guarant•¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Statemfrnt of funds Statem•nt of funds . ¢utt•nt y¢ar Balance at 31 Ma¢¢h 2025 Balance at 1 April 2024 Transfers inlout Income Expenditure Unrestrleted fvndg Fixed as$el fvnd Gnral lund 1,124.S22 198,704 {23,232) {82,7391 20,404 120,4041 1.121.e94 166.744 71,183 1,323.226 71,183 1105,971) 1.288,4J8 Statement of fund5 - pfioT y•ar Balance al 31 Mar¢h 2024 8alance al l Apnl 2023 Transfers inloul Income Expendilure Unr•$tri¢ted funds Fixed asset fund General lund 1, 123,292 173,895 (20,572) (47,212J 21,802 (21,802J 1, 124.522 198, 704 93,823 1,297, 187 93,823 (67. 784) 1,323.226 Page 28
RAILWORLD (A Company Limlt•d by Guarantee) NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2025 16. Statemgnt of funds l¢onlinu•dl General Flxod Asset Fund - The general fixed asset fund represents assets which are owned by the charity and used in furtherance of its charitable objects. General Fund The general fund represents the charity'5 free reserves which a available as cash or liquid resources to be used in furtherance of rts charrtable objects. Th& trustees expect to use some of the general funds to make changes and improvement5 to the car park and entrance area and to install new lighting and a heat pump in a new Iviclorianl station building ¥thich is expected to arrive al the Railworfd site in 2024125. 17. Summary of funds Summary of funds- current year Balance at 31 March 2025 Balance al 1 Aprll 2024 Transf•rs Inlout Income Expèndlture General funds 1.323,226 71,183 1105.971) 1.210.438 Summary of fund$ - prior y¢av Balance at 31 MarGh 2024 8alanc8 al l April 2023 rransfers in/ou¢ Income Expenditur8 General funds 1.297. 187 93,823 (67, 784) 1,323,226 18. Analysi$ of net assèts b•iween funds Anatysi5 Of not assets b•tw••n lunds- curY*nt yèar Unr•stricted funds 2025 Total funds 2025 Tangible fixed assets Fixed asset investments Current assets 1,121,694 100 169,444 12,800) 1.121,694 100 169,444 12.800) Creditors due wilhirt one year Total 1,288,438 1,288,438 Page 29
RAILWORLO {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of net assets between funds Iconlinued? Analysis of net ass•ts betsveen funds - prior y¢•r Unreslricted funds 2024 Total funds 2Q24 Tangible fixed assets Fixed asset investments Current 85se15 Creditors due rythIn ofte year 1, 124,522 1t)O 1. 124,522 100 205,599 16,995) 205,599 (6,995} Total 1,323,226 7.323.226 19. Contingent li•biliti•s A ¢ontingent liability is recognised in the amount of £28,761 12024 £28,761) lor consultancy services provided by Warwck 8u$ine$s Management Limited in conneth'on wth the potential sale Df land. 20. Members. liability Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while helshe is a mernber. or wthin one year after helshe ceases to be a member. such amount as may be required, not exceeding £1 for the debts and liabilrties contracted before helshe ceases to be a member. 21. Rèlatèd paty transactlons The charity's income includes a donation of £13,924 12024 £41,832) from Railworld Trading Limited, ils subsidiary undertaking. At the reporting date, Railworld Trading Limiled owed the charity £12,38612024 £25.9281. Page 30