REC.ISTERED CHARITY NUMBER: 292240 IlepDrt ofihp Trysleu •nd Flp•ndAI Sl•iemenls Irr Yfhr F.vdcd.11 Ile¢¢mh¢r 2024 Pli)Illh R¥iiiytuii Gxwxr HallMi Tru51 Ashmole & Co 9 Broad Slrcel Ll3ndovcry Carnian117sh1 SA20 OAR
Pkvllii Nariov+ Cuie ror ihe I'tr Endtd.11 Dttemb¢r 2024 PME¢ Kelwethtc DDd Admlotsir#ilYt Detalls R¢pDrt ofiht TtU51¢es RepDrl of Ihe IndtPEndtHI Audliors Cfjn5011dttd Si¢tmeni ofTrln#h¢lAI A¢1111 9t0 10 Clsh Slattm¢nt Noiu i• Ihc Caih Flom %iitmcnt Noltt io tht Tr'lthNcl*l Siatwnenis 11 10 27
Pbvllii R¥mplon Narro#" Gaugo Rtftrevt Admlnlsrrniii"e Dtlai15 ror Ihe Ytar kndcd JI De¢embcr 2024 TRUSTEFS N Aiotnb D IV Evans L S LJn8cr S P mowi1rty14>in1Cil IJ NoYemb¢r 20241 PIIJNcifAL ADDRESS ylL.1•fhel(kn1 Rallway P¥ik Avcnu¢ (erl1810jl SY23 IPG RF.C.IS'I'Tr'RFD CIIARII'Y AUDJTURS AshJiivk- & Cu 9 lln)2d Sireei Llandov¢ry C'JriMrthLnshi SA20 OAR CAF Flsnk l.imiied 25 Kin¥5 Hill Av¢nu¢ Wesl Mallit Ml.-19 4J(J s(>l.l(.'Il'<)RS Si¢vcn% & IlolioTr LLP W¢y House Fllrnham R(Ad GuiJdfoTd Siirrcy GUI 4Y Hii¥h JanKs LLP CaftiilT CFIO IFS Pale I
Phvllis Rmpioll Narro. C4uEe K]1-I' I ru51 Report of IlteTrust¢es ror tht Year Tr.nd¢d.11 l)¢¢embtr 2024 The Iru41e¢5 pre5enl their rep1 wiih the financial %rxitmtJbts nf the d47Iitable ¥roup for Ihe year cndcd 31 Dcccmbcr 7024. Th¢ iNsie¢$ hav¢ #thpled Ihc ptOVbSlOnS ol Accouniing Reporfinb by Charslics.. Stgteinent of Recuiiimended PrJL4lie &pplicablv lo pTqparins ihvir ac¢ouThlG ITr a¢cord0J With Financ>nl Rcportin Sianilard applicable in the UK and R¢publicof Ir¢lyThJ IFRS 1021 leifeeii¥e l 20191. oBJTr'c'rii'Ls AND AC'I.IVI-I'I8 Th¢ objL¢liYcs of Ihc Phyllis Ramwon Ngimiv Cp8U8¢ Tn1 afe pre¢. txhibil. display ad lo loaii for dLlllilti¥iyaiion fur the public brnefii and for the advonc¢Jn¢lli ofi¢¢bni¢81. his11¢41 aiid general cducaiioii S1M and other railway1ocomoiive%. rolling 51ock. cquipmenl. machin¢sl T¢IKs whith areof lil hisioricAI opernlional gera[ int¢r¢st Jnd a(kliiion Ibl of educaliunal valuc. Publk bontni ThL' Phylli5 Raiiipton Nam)w Gauge Trust ptovidv fin•n¢i•l its ¢lwitablc 51dlEry Ihe Valc of Rli¢idDI Railwuy l.iiniied. Th¢ Val¢ of Rhtidol Railway yras lodemonAtr th¢op4¢ion of a Vi¢iorian naTrow4uge rgil4Yy (orth¢ b¢A¢f)I ufib¢ publi¢. 'lTh¢ rnilway 15 On 10 811 mwnb¢rsofih¢ publit. The public beer11 fri S] 5¢¢ lh¢ prAYv¢d loCOI1¥Ch and rolliiig siuck ill opcrniion. V•nI$ fr¢tthC#$1v$ •r¢ also av4ilablc includinm diS¢ots for ¢hildr¢ii ind lar¥e ¥[lp8 &n(I both $inyle TL'lurn journeys availllbt¢. Ae¢cs$ible toilds fhcililics arc in 1h AEryMwyih w¥J D¢vil's Llndge. All irnins have ces5ible ar¢a4 wilh on¢ vi'4¥11 f)P¢A Wilh v4illP Accc%s •nd q ljrycr wIelchaIr bay 4nd FirxVG¥•rd¢¥rri4B¢ a11 qiiclovod larg¢T wh¢¢1 Chair bay with ramp aceegs on etth irnin. lkn¥y Hro w¢l¢Dm¢ 10 travel wtih J)ASXn8us ith Ihird cLw fora 5mll ¢br8¢45 4r¢ 8uid¢do85 in fiTSI class and Ihitd I h¢ piiblii lurther benelils Irom Ihe on 25 Marrkn 2U24 ol'ih¢ IKW ll•rrow-8gU8e Thilivay mu5cuiii in ihL Gr¢ai WcslL'rn Railwny Iocomiii'L 51i¥d irb A'$twYlh. Th¢ rlI11Y allows visilor5 lu yW 4 iiumbcrofiu¢oin(iii%'es frillll th¢ V81¢ of Rh¢i(lol ¢olle¢iion. Admission is t¢Mhplim¢ntsry fw rnilw•y pa8E¢n8¢n. The Tni%Ert4¢onfirni IhAI they hove ¢omplied with the rtqUiTenithtsof Sed1 17 ChpntKs Aci 2011 have due re¥Hril lil IhL' lhI1¢ hemfit Billdr 1lIShc1 by Ihc (Th8riiy Comm155ion for r.n8land Walo&. irins Ihc ycar Ihc financial sUpry proYid¢d by lh¢ Phylli$ Rampton NarrowGIuBe llWaY Tru$1 ITr it$ chariiabl¢ 5wbbidiilly Ili¢ VJl¢ ufRlieithl Rtsilway LiJnii¢d h#¥ in¢lL¢d.. undJn¥ Ih¢ ¢ostsoiir¥n5WrtllbB loromDlive 9017, krK>wn u Ihe-t)ukcthry- from Ihe Illuthll R4ilway by kiThd In flom lh¢ Blu¢ Bell RRilw&y and dispjaycd in ih¢ Val¢ of Rh¢i¢Jol Railway Limitcd's ncw mu5cuni. conirililn8 low&1% Ihe re5carch ro%14 forihe Lblicli0n ofll new l>Mk aly)ui"ColleLlion X" lh¢ rnilway inusclliii LolleLiiun Iwhi¢h will in¢lude Dll ilems iknied by the thllrily from Lh¢ ofp¢i¢r Ramplonl. Contri111¥ 10 lh¢ d¢5ign c0515 ofcxtendingthe Vale ofRheidol R8ilways' s(ast fgciliiics at CapEI Bangor lo storc hcritsge i71W IvLwmviivr5 inhctilrd t[1 I1 c51alc Orcl Rampion. Conlribuiion to th¢tosts of mknalion work Caled out by ihe Valcof Rheidol l]Y Limiltd in its Surrey workshop ofnarrow-gaiigc heritage knmotiVe5 and carriages. This has Incl1¢.. coinp1elLI of th¢ $101allOn org narmw-8aug¢ Isle vfMuTr Coniwsile carTia8¢ F6H which was dtlivLred ror displAy in the Vxle nf Rheidnl RAilwxy'4 miLieiirn c-onti5ng rcÉtOfg1i¢>rJ liu$ton Pro¢tor lo17.. 11 15 antioipoted ihia will bceomplcted in 2025 and deliY¢red for display In museum in AkrysI1. Pag¢ 2
Phvllis RfflptOD N4rrow Giu R¥port of the Trnsitc for the Yt4r kThded 31 December 2014 FJN'ANCIAI. REI'IEW Prlncip81 fundinR 5&urtes Th¢ fiinds uf th¢ Phyllis Raiiiplon NarTOW Gaug¢ Railway Tws¢ ¢ome from th¢ Iome fr(m ils ponfolio of ins"esliMcnis and income earnod hank 41wilt In%'etniint polle>' oblectii. Th¢ invcslnieni% (>f th¢ Phylli5 Rampion Narrow Gauge RailM'4y Trnsi arc m3M8ed by James IlambTO LLP uiideran .-tlll%iii Poliiy gitslimcnl agttcd Witli tIL¢ whiLkn io Inaxlmise lh¢ capiial reiiirn& 011 in%'L$imenl froiii a niixed rtsk rE[01. ItQsorvo$ pollry 1115 IhL policy ol Iht Phyll Rampion Narrow Gusc R•ilw•yTru$i lo m•inthin unrtstri¢t¢d fuThJs which Ore the fret ycrYe5 01.ihe ¢hHrily sUtYi¢ieni io cover mgoA8erneM, lldmini51r¥iion and surwrt LY>5th. A% ill.11 t)Lc¢mbcr 2024 10th1 fund% r?A diA.rth12023.. (24.143.020). Thor• woro r¢31riL+lod ai Ilie yL'ar ¢nded 31 tkcniber 2024 noT JI tk¢eftth¢r 7023. Total end¢)wmcni fund ainounied 10 £633.650 as ai Ih yenr rllilpd 11 r)rt¢mber2024 Bnd 31 D¢¢thxbBr2023. (•olnR ¢on¢tr AnLr iiidkiii¥ uppropriaw enquivie5 lh¢ Irusw havell r¢as0nabkextKcwn Th Ihe Phylli$ Rmplon N•rrow (JHll¥t iknllwY Tiu&i fLywf¢¢s 10 COllllnu¢ In gkniional ¢xi%ien¢e lor ilK lort4Lablc fuiur¢. Fur Ihi% riJhuii they ¢vnlinii¥ 10 adthpi Ihe¥oin¥ con¢effl basis when pTcpaTln¥ Illi fiiiaiLcial $thlLIIIL'lits. trurtli¥r ul'i111 Mvijiy concem buis ¢Jn foundim lh¢ accotIng w>li¢ies. Vll'l'ullb. Pl.AN. TIIL Ikliylli% R4iiiiplon Nonow Gau8¢ Railway Tru51 will ¢0thitnue mAximi rdurni on iht invcslm¢DI PQrtfL)lio lo pM)vid¥ ¥ufficieni fllndj its subsidi•ry Miity th¢ VIOf Kh¢idol tiailway l.imi. SI'RIII"I'LIHTr'. (:()1,..RNACTr: AND MANAI:Tr'AIfr:NT I'IIL lJlivlli% K'liiipiiin Narrow CJ•ii8¢ Railway Tnul is wnlrol1 by its gOrtrnin¥ducMi. a (knxl of In151. and Chllrlty ¢on$t11lIn ThL' Phylli4 Raiiiploii N¥miw Gauge R4ilw8y T¢ll wai in 1985 by a tk¢lHraii(th of Trusl. Th¢ TTU.s1 i rc¥i%lL'fid LhAnly Icharity numbcr 2422401. l)r¥thtylJHiionil $lru¢iurt and mklng Thi Itu%lL¥% hayc iiiel rL'giil.?rly in 2024. ovcrs¢rl8 the opcr41ioM ofits sthidwry cniily th¢ Vak ofRheiJol Railway Limiicd, diid d¢l¢rmini¥ rhe ¥¢n¢rnl poliry of th¢ thawity arKI ITS lon8 tcrm *Negy. io cMur¢ the objeclivi% ibf lh¢ Phylli# fknmpion Nnrrow TruJl Trrc achi¢ Method of wppolnlmeni of ITte¢S ThL' manii¥LyiiciII of ihc Phyllis R&mpiDn NBrTOW Gatyge Railway Tnw 1$ Ihe t¢5pon$ibilily of Ili¢ INslce5 WIIO 8TL' pIle iiiid<'r Ihc IcTms of Ikcl&TaliOll ofTrn5t. The Phylli5 Rampion Nanow (iauB¢ Railway TTU5t x¢k$ 10 ffcrnil new rrustees with Ihe aim of cn5ur1n thai Ihc balHnce ofskills Ind expcrien¢e hcjd by lh¢ B[d of Irwitt¥ is maintsincd Televanl lo th¢objcclives of ihr ihsrjly. Siinon Palll MthriArly athlititinwl tru6ttt the year brinej inv¢sbhtnt CAPCll¢ll¥¢ ty ili¢ Prior Iv Ihcir BPPL)inlmEllL E¥(Wlive Inle¢S aR prDvi(kd wilh copie5 of I tkclamion of Tru51 alld Ili¢ lai¢51 Page 3
Phyllis Rmptoll Ngrrom G4¥
Rail) Tiusl
Report of tbe Trustees
for Iho Yt•r Indcd JI Decenih¢r 2024
STRUCTURE, C.OI'F.RNANCF AND MANAGEhlETr4T
Mflhud olappDlthiith¢nl or elcclioD OlTrusirc5- coni]ned
Prosii<¢iivL IILW tru1¥. dl£ iivltid 10 l¢nd a Duiiiii of th)Jrd ]ncetin8s of Ihc irnsteL% atHI its wbsidiary enlily wheT¢
IhL'y hdlvf An nDp()lIttlly Iti dis4'115s Ihe owrJtiDn of the charily #rtd plaS and objwj)'¢3 ¢011 bt vAplAinrJ io
Prospectivt inisiees ITC a150 proYid¢d wilh c(yies of the Chariiy CoThmi55iOn5 Giiidan¢e--The esseniiAI Iruffte
wliJi ii<'cd lo kiiow, what nced io dD- yhariiy Tnte¢.. whthi'5 jiivol%'cd"
Pjivr iu 1hL. funn81
appL)illiin¢ni pr05JKciiY¢ Ji¢w Iiiisices arc a150 Tequirtd to COTnpJ¢t¢ lh¢ ChArity ConHntsswn'$ 1rn51cc Eligibility
D¢kl&idl¢uii aiid IIMRC'> Fil PTyr FL'raon Dwi•railon.
Rlsk
ThL Iriisit¥s h#vi' c(Y1Cred Ihe J)Jr nIe¥le5, sin orxniional risk which Iht Phvllis Rampion Narrow
CJHllbtrC Railway Trust fgc¢s and tonftrm ihgl $y#ems ve F¢cn ¢stsblish¢d enablc regulBr rer8)ft% be pru¢¢d so
thal IIK. nLXL%SRry %l¢PS bc lakcn io Icwn IhL' risk.
si'A'I'b.'Ilfr'.N'l' l)P TRllgTFFq R'.£P4)NglRII.ITI&.S
Tlit IruilL'L% &ifL' risponsiblt for PTL'Pariligi Ihc ReJK)rt of ik Ihe finan¢i•l 5t•i¢ments in a¢¢OTdance willi
pplic&bl14w Unitod Kin$dom A¢¢LKthiin8 Stundordj (Uthitrd Kin5dom G¢(41]Y ¢v1 ALLUUtiliJJ¥ PiaL¢ILL'Tr.
Tkn. l&w appli4abk lo rhnrilicj in En8lrMI ih¢ Charilits A¢1 2011, Chariiy (A¢eouniy and R¥Tort$l
eyiiliiliuns 200X and Ihe prDvisions of th¢ de¢d rcgUif¢S ihe INe¢S ITr prep finan¢i81 slaleJiieni% fur Qaeh
niirsnLIo1 ytar wknl¢h 8lv¢ a Iwe &nd lair Yi¢w ol th¢ ol HllaiTS Ot. th¢ ¢harily aiid of the iijroiiiing rcyuuriC5 UIIJ
appliLaliiin uf r¢sour¢¢$. in¢ludiTr¥ inwm¢ •¢MI tndi1r¢. of I ¢harily fur Ihpl ri1. In prL'pJf4ny Ilu)s¥
tin8nriJl siaietntnis. th¢ Iwsi¢¢$ are required to
5elccl siii18bl¢ actouniing rrf)liri¢5 a1 Ih¢n Am)ly Ihcm wnsi¢nily.'
obscn'¢ lh¢ niLiIkn(l¥ prin
Report of tho IDdopeodent Auditors to Ihe Tru$lets of
Ph)"111S RanipTOh Narrow G•uge
Illlwxy'frwsl
Opl10Th
IVL lia%'e aiidiied Ihe financial •tEllI£15 ofphyllis Rampion NarnTrw Gauge Rail•Y T51 Iihe'charilable p1)i'l ajxl
11% suhsidies (the '¥roup'l loi the ycar cadcd 31 Dtcernber 2024 compri5c Ihc Coiisolidatld Siaiiiheiii lif
Finiiniial Aclivili& Ihc Con501idad Illathc¢ Shtti. Ihe Baknn¢t Slittt. th¢ Consolidaitd Ca%li Flvw Sialcniciit Blld
Dtg% tiJ thy linanriJl $ileeIk. of £i¥nifL'anl Oi1nl8 poIles. repprtiny
fT8111¥work ihgt h95 bc¢D gpplicd in Ihcir prcpatalion is appliubk law iThJ unit Kingdom AoutIng Siand8rds
In oiir upinion finaTrri&l sthiemenES'.
gil'¢ a iru¢ and fÈir Yi¢w of ik 51ai¢ orth¢ 8roups atyairs as It 31 1)c¢ember 2024 and of lis incoming rtsourccs and
oppIIEaiion ol"resouTCC5. lor Ihe ycai Ihcn tJ1.
hDve been prortY pr4r£d in accordancc wilh Uniicd KIgdoM Genernlly Atte¢ Ac¢ouniin8 Prncilce: and
have been pro)r in aLLordanc¢ with th¢ rtquir¢men¢s o(Ih¢ Coi))pani¢5 A¢1 I1.
Bsls for Dplnlo
WL, i'oililiiLtl Oiir ttiidii in Aee(prdAnct wilh lfflernbiion81 SthThYAfd5 Al111n8 IIIKI IISAq IIIK)) UpplicbIe l#w.
Oiir re55x)iiyibi1ilies iindeT those 5thndan15 are fiirther dcsctibed in Ihe Auditor< responsibiliiie% for Ihe uudii of Ihe
riiiun¢iAI slntLiii¢nlJ scclion of vcporl.
W¢ are ind¢rKndcnl of srvup in wilh ilic i+ilijcnl
rLqu¢re¢iiLnis Ihi are T¢l¢vani 10 OUT audii of ihc financial Maitments in lh¢ UK. including Ihc FKC'% Èihi¢81518nd&rd.
Ticl IVL. Iiuv¢ fuljlllid vui riliiLul i¢byvrvaibiliLi¢¥ ill JLLwrilwJ
aiiclii evidence w¢ have obiaiwd is suifsci¢ni and oppropriatr 10 provi
¢ a 5•5 forouropinion.
C'•n¢luJlons relallnR lo %olnR rop¢ern
Iii ilLid11111b tIIL liiii111iliil %lillCIIILllts. w¢ hovf concl]¢ ikni the et$. w ofih¢8oin8 eottern ba4ii of aeLOUllliii8 iii
Illi pr¥paiJiiuii ul'iliL IinAii¥iJl ¥laiLIIIL'iils is apprnpTiaic.
HJi%i'il lin tlir wnrk wp hnvp rwrfvvmrd. hni'r rl(Il l(kniifid i¢nrvrtxinitvs rvliiiny if nr rniidiiinn¥
thai. inilivithially or coll¢¢i¢v¢ly. may ea4 si8nifi¢aTht on ih¢ cknrity's abiliiy io con17lle &5 4 going conccrn for
pi'r11 vl'•t l¢ty Iw¢lv¢ mnth$ fmm lh¢ fItneIL $iat¢ihents ateauthl%ed wue.
Our 1¥swHisibiliti¢¥ th¢ r¢spowibiliii¢A rjfthc iruses with tcspcci to BOiTr8 concern are d¢Kribcd in lh¢ rL'l¢vaiil
ilinn% ()f Ihi4 rcwrt.
(Ilhor InformtloTr
Thc Iru$ic¢5 4r¢ rc5i>onsibl¢ for lh¢ oih¢r infom)•tion. Th¢ oth¢r iDfonllAii¢)D ¢OinS¢S rh¢ tnfomiaiion in¢lwled in Ihc
Alin1 Rcport, oihL'r Ihthn Ihc finaKil and our R¢p)rt of th¢ lrylwn(Itni AlI1r ihir¢on.
Oiii upinion on lh¢ financial Sthlemtnis does ¢ov¢r lh¢ olh¢r infonNqlion arnl. exc1 lo Ihc cxlcnl oilierwise
expli¢iiSy sthi¢d in our T¢FwI, w¢do CXPTtsS ny f(m o(&%swnce¢ortltssi(th Ihereon.
In ronnccttnll with our aiidii of Ihr finri41 yllteniits. r¢5pMsibiliiy b& lo read Ihc ¢nfonnaiiThi and. iii (k)iiig
$V. ¥Qlliid
RepoTI o(Iht llldepelldent Auditor5 to tht Trusitts of Phbllls Raiiiyluii G¥uxv Riilwav Trust R¢spoth%lbililies oftrusie ¥xplainid InorL lully th¢ Siai¢in¢ni of TTeCS. R¢s[nsIbIlI11¢$, Ihe lTUe£S gre reswnsiblt f(Klhe prep8T81ion of Ilit linHncial 51aiements which ¥iY¢ * irnt arKI Cair Vi¢w. ad fur such internal Control th¢ Iruslees dei¢rniiil¢ I nLCLSFdlry 10 enablc the PTcpuation of financ1 a[Cents 9r¢ fr¢¢ matciial Inisstst¢lli¢ni. wlieilicr due lo fraiid or em)r. In prep&riV ihe IinBncial aMent the trll51ccs arc f)%1h ftsr Ihp. rhArily' h1171Y lo con11lIe 80ing eonetm. di5closin& u appliC¥b. maitcrs r¢laicd 80in8 toKern and using th¢ going toneern basts of &eLiiiinlin8 uMle5s Ihe Inisiees eiiher iniend tty li(wide ihe Lharity t¥ to ¢e¥so opcThlions. or havc Iio fL¥ali51ir aliciiiaiive but 10 do %0. Our fL'Jponilhlllllos lor the audlt Of tht flnnrll Jl•iemehis Ve hll%rL b¢¢n appoinied as tsimliloys li %¢rlion 144 of the Chariiies A¢1 2011 3j rcpjrt in ac¢othm¢¢ with Ihc Act Dnd rLILI'anl rk¥ulalioll& InJdL' ui lJa¥'ui¥ ¢lTeLI IhcrcuThd¢r. Oiir objLcliYcs ar¢ 10 ¢Ill Thsonabje aboul whdkn lh¢ fin181 $tsi•neni$ 4$ A whole Br¢ frce froin mhlcrinl nii$taicmeni. %vhcther dv¢ Iv fraud or error, aibd ith i45u¢' a Rlpin uf ihL ldendelI¢ Audiior% IliAi illcliidcs oiir opinliin. R¢usoJLnble llssurnA¢¢ 1% 4 high level of sre. bui is ¥uaraiiicc thai an u11 conduLILiI in aiiorUdnLL wlih ISAS (UK) will always ¢JLeCI * marcrial mi&%thi¢mcMI Il cx¢si.%. M155iJieiiiLlilS can ariw. froin frEiud or ¢rKor ond r¢re consiilcicd mat¢rig1 if, Ij1¥1&1IY or in thc 88gr¢yit. thty ¢(pthld i&rysunably b¢ ¢xJ)c¢i¢d lo Inllucncc th¢ ¢eonDmi¢ decii0Trs ofuscrs rak¢n w lh¢ b&i5 oflhc5e fUn¢t21 li£M¢n(l. Th¢ cxl¢Jii 10 which our rmr¢thr¢s •r¢ clb 0rdd]n UT¢8ulaTiIH Includi ftawl is ddaild b¢low'. In rL¥iaiion io Irllyd. th¢ obJ¢¢iJves ol (vjr Jr¢ ideniify ind 15stss Ihc risk of mgierial inisslltincnl of ih¢ riiidiiLial %lB¢Lin¢nty due 10 frawj. lo obthin 5uffi¢ieni audil evidcnce rcgardin¥ Ihi asses$L ri¥ks of malLrial Ini%sluieincnl du¢ lo froud Iliroiigl> desi¥ninB implwniing 8A)ropriaie rcsponxs 01 10 spOnd 4Niropri&l¢ly to fruuil iir SUVLlcil frnuJ idiniifsed durin¥ IhL' uudii. Ilowcvcr. il 1$ th¢ primAry re4x>nsibilily of mawg¢m¢ni. wilh th¢ OVCT5i8hi of Eh05e ¢h•rxed wilh govcrnsn¢¢, I en%iir¢ thai the Lniity's opcraiion% ar¢ cotttlwkd in x¢ord•nce wilh Iht PTtsYision$ of lawl athd r¢8uliiions and fnr tho PWY¢lilion a1 d¢'lln of frud. ID iJ¢ntifyiB nd QE6QB6iTh6 risks of miJstlllemeTrt ID T¢&P¢¢t of irrc5utsritics. iffj¢lydin8 fi'41u¢J aiid on-Loinplian¢c with lawy and r¢¥ulaiwn, we ¢On¥trj IhL followin¥'. . obinintd An undcr3latKiinB of naiure of ilry &rMI serlor. in¢luding Ihc Ic8al rryulJi¢xy frnnxwork Ihai ¢h¢ ¥roUP OP¢rAlcJ in how thc SYp ¢01lY111s willi IIK al t&ul4iiiy niiiLWtrIk-, IMiuir¢d vl. mHnaBenLeni, aNI Ihos¢ Lhargtd wilh goYLYnaiK¢. gb)ut Iheii own ideTh1ifi¢81i and asGessmeni of the ri%ks iifirr¢gulArilie4. includin¥ llny know a¢tu•l. 5wied otallexcd inyaThc¢sof(taud." cIIsL'll%%cd iiii11i¢rs aboiil noll-coMiplianL¢ wilh l#ws ¥nd rcBulDlions and liow (Tud Ini8tLi OttUT inrlwlin8 8%5¢551ncni or hniv and wh¥rn IhL' linancsal 51alLillenis niay b¢ SOX¢Wiblc lo fraud. A¥ n r¢$uli ofihcse proceduru w¢ consid¢r Ihe m051 si8nifKBnl laws •nd rtgulBiions Ihal direci impli ei on Iht rininciil slalemcn15 ur¢ SQRP FRS102. a1 A¢1 21M)6. Ive perforni 8udii pro¢¢¢Jiirc5 to deiecl Jwn-Ix)Inplianc¢ which Iiiay hJY¢ 4 marial fu0¢ ¥wements which incluthd r¢¥i¢wi118 linaii¢irtl slai¢m¢ni disclosi15. The Aiidil ¢enOI IL'am idEnlificd Ihc risk of m8Ngem¢DI Dvetride of coiiin)ls as an arca where the finEIiciBI slii¢niLIs wer¢ niosl suK¢pi¢ble materilll mis51atcm¢ni du¢ w frawj. A]1¢ p¢rforni¢d in¢luded wc ¢iitirLxI into oiiibide Ihe nornial ¢outse ofbu5ines5. In iiddilion lo the our I(edr¢S includ¢d.. revicwiiig tlje fshjrtriul :lThlcmenl dis¢loaureJ t¢¥iin8 wportiTr8 ¢0 coiiipliaLK¢ wilkn relevaNi l&w% and Tr'¥thliilion5 - Inquires of iiianogenirTrt and Ih05e chorgd wi actual &Thl rM¢nii•l liiigaiion and ciaiEll5 pcrfoniiing analyii¥al prL*edures lo ideIllY any Of unexKKrlcd relsiionships Ihai may illdicalc risks of maierlai misstsiem¢nt due 10 lrni - YL'VILiiV of Ininules ofcommi1ie¢ medin Tillcn repre5enl&tion$ Pagc 6
Report oltbo IDdopendeMI Audilors lo Ihe Trustees 0( Pb)Il¢¥ 114mpiuu J¢ilviAY Trust A fiirthcrdescriplionofourre5]x)nsibililics fot the audir orth¢ financial slaiemen15 is l¢Y&led on the FinanciJl Rcportin¥ CounLil's website 31 www.frc.ot8.lik1ail10r5esPnS1b1l[lcs. This dcscripiion fonii% part uf our Rewrt of ih¢ ofour rtport Tliis rLPt)rl i&1 innJ¢ JDl¢ly lo th¢ Irustw aG ty body. ity wilh Ptsrt 4 ofih¢ ChJri¢irJ {Accounls Dd Reponsl H¢gulaiions 2(K)8. OUT audit work has b¢ undellaken $0 t1 we inighi stht¢ to iht chartiy's Irvslees ihose IlttLLs WL arL ILNUIIL io &¢ 10 ihcm in an rewn ond fw oibcr PUfjMJ5C. To fullLSi lL13¢ nI711¢L.(1 by IRW. we do )1 or &ssumc r¢slbilitY io ally0 oth¢r th¢ charity and tht charils irusiecs as a body. ior uur oudii work, lor Ihis repDrf, or (or the opinions wc have lonncd. A4hiiiolL & Lo Lhartered C'enified AcciwntDnls and Siatulory Audilo rilibihlv to oet oudilor in tern of S•clioTr 1212 oftho Cr1•6 2LX)6 9 Ilroad Sire Carniaiihenihir¢ SA20 OAK Dut¢'. 24 Page 7
Phylli5 Rimpton Narro GiEt J)" Trust C•D5011dted Sttem¢llt olTr'Snanclil A¢tliitie5 roi the )'tar Lnded 31 De¢¢nibtr 2024 31.12.24 Tolal fuiJd$ Unreslried Ind R&ii¢t¢d En(k)wmeni fond fu Total runds No¢es NC'()141F. AND F.NI)OIVP+TTr'.ITS FROhl I)0nlin% and Icgacies 715.707 715.707 2.616.829 chrIts1 •ttlvltl¢• Ruilivay 9]0.3%A 930.3A% 1.105.478 Oih¢r iThding llciiyili 440.449 194.2)4 440.449 1¢)4.254 4.875 $45.101 Total A5 2 2%5 673 4 774 411 EXPF:NDITUR Tr; OW R1%11)¥ fundA J18.7J9 318.739 318,483 cnhrtTIDIt Aeiivllles 1673.04 1595 535 TolAI 1991787 19917¥7 N¢1 gains on invesimenis 2h5.4(bJ 4.15.(Mll NF.T IP4COMI F. 559.209 J)y.L¥y 2.8Y4,¥16 OihLY 88in3 on fixd 17J3 697 1733697 70 NF.T MOI'FiMTr:NT IN FLINDS 2,292.986 2.292.986 3.0(15,304 K&CONC.11,IATION OV FUP4DS Tolal fuJLd5 broughl forward 2J.5(VJ,370 63J.650 24.14J.020 21.077.716 TOTAL b'UNDS CARRIED VORIVARD 24 802 356 633 650 26 136 iK>6 74 143020 Th¢ ne$ ofihese fIanCIal sthtcments Page 8
Phyllis mPto0 P4arro Gaiet RJLl1a) Cortsolidaled Balan¢e Sheet -11 Dtcember 2024 31.12.24 Total UnrcstrKr¢d riintl RenCttd FJthWl Total 'IXTr.D ASSLT.S 14 5.59A,A 3.718.3CiI 4.55A,521 4 632.147 5.59X.804 4.351.Y50 4.55X.521 4.632.147 13.272.816 4.553.¥92 3.5.17,005 HLriiagt Issers 633.650 10 16 Prop¢ny Invesimenls 18.507.772 633.650 19.141.422 21.1fi1.711 CIIRRLN'I. ASSK'I'8 17 108.913 2!U.947 2 5%4,YX2 Db¢oYÉ Cgh bnrtk aDd in hand 441.710 fj,864.669 7,421.1 7.421,1 2.914.842 CR Tr.I)ITORS YL I126) 1126.6061 NI:T C'URRF.NT A.44ETS 7 294 584 2 779 307 CURRTrA)I T I.IAHII.ITITr.'S 25.802.356 6J3.650 26,4J6.W6 24.143.020 CRKDITUR.4 Am•iinis folliny uller mor¢ thnn one yellr NF.T AS.4fr;'I'S 15 ¥02 356 6)3 650 26 416.IM 24 14J 1110 Unr¥.slri&i¢d fiinds F.n(h).m¢l liind5 25,802.-156 23.509..170 T()TAL FUNlkS 26,436.W6 24.143.020 All lh¢ 8TOilP'S aclivilie5 d¢riY¢ from coniinllth8Orn1iLxdUTfftB IhethY¢ Iwo perith. The Th)tcs fwm of kn fin*ial 5taments Pagc 9
Pkvllis Rmpton Narro. Gauge Rall.%1. Tru51 Chrlti' Illthtt Shtei JI De¢¢nibtr 2024 31.12.24 Ur¢S1r1Cd 31.12.23 Toial FIXF.D ASSETS HerilaBe a55etS 10,I¢KJ 4.558,521 10.100 -1.4(17,070 16 4.56¥.621 -1,477.17 CURRENT ASSFTS DeOrS Cii ¥h al bank 5.242.209 1235.233 5.250.622 1822.066 19 6.477.442 7.072.fi88 CR .l'r()S IIIOllllt% fllllin¥7 Ilu¢ wlthln y¢pr 114.OB4) NK'I. CUHREN'J. A%%b'l'S 7 05¥ 604 T()"I'Ill. ASSfr'.I'S I.Tr..SS CURR Tr'.NT .0?8 789 10.$35.774 NV.'r AS5Tr:I'S 102X.2119 10535774 VIINr)s Uiire&lricteil fun(ls 21 11.028.219 10 535.774 TOTAI. VUNDS 11028 2119 10 535.774 %lalLinenls wL'r¢ thppHTrYtyJ by Ihe l)¢awd of ityj iuihori5ed for iw on . were si8ned oth 11$ beh¥ifby.' N Aii)mb.'rtll4lL nrtes ofikne finartl aternets Page 10
Ph¥llis RAmplDD Ngrrom Consolldied Cx5h Flow Slittment for ihe Ytr JI DeccThibcr 20Z4 31.12.24 31.12.23 Nole5 C.4sh from optrtln% itth.Illes 22SS121 1 6ty) 670 Nci cash provided byAllged inl operdtin8 &¢liv jlic5 225.512) I.fjW.670 Cash n0115 frum 1nvtsl1g Xftli.Iilei 1777.lQ9) (2AO {2.391.4041 5.278,889 12.204 1.897.ose 78,159 110.09J 1593,1401 141.9Afi) 12.419.507) 21N,5¥7 12.0(15 2.371.Jf15 l)IirLlias¢ trl'liL'iilogL' asycl Piirihas¢ of fixcd agxm invesM)¢n SnlL of iungiblg fixed as SnlL' of heritagc asse¢% S1¥. (if Iix¢d 0&.¢ invejlmeiits DiviU¥Jid& i¢1¥1 91,94b N¢1 &a5h provided by inveMin8 athiviii 45136121 36147fi} Caih from llnTr¢lllR Acilvltl 197,723 N¢1 ¢gsh pro¥ithd by fil1¥ uclkvili 8.4131 198.021 ('hMnRo r•sh anil tash equlvlltnis S th¢ rtpDrlln# perl I'a%h iqulv•l¢ni$ 1 Ihe bgglnnlng of tho roporlttR p¢Ylod 4 779.687 l.S.16.215 1 584 982 1048 767 Cas11 wild rayli cqulwal*llli Ml Ihe ol thr pcrlod 2 5¥4 Y82 Th¢ noies part ofthese fina11 SthEemeDts PaB¢ I
Pkyllii Raoipton Nrivw G•uEe Tru>1 Not10 ihe Cash Flow Slltrncnl for Iht Year Ended 31 De¢embcr 2024 RFC()JNCILlIlTION OF NFT INCO,1IF Tn YFT CASH FLOW TrRUII ()PFRATlh'C. ACTII'ITIES 11 1??4 forth• portIng p•rlod {& ih St#tvNleTht of Fin•TrtlAI 2.292.986 3.068.6 AdluSlJlLtnts (or: DeprwiatlOD Char¥¢$ IOdiiiiooss¢s oll lllv¢sim¢Thi 11)rofitlsS dispwal of fixed •ssds Int¢Kbl reLYiv¢d CJain uii inve51M¢t Divid¢nd reeelvtd Increnx¢ iii yiock Ilnerea5eYdwr¢a5¢ in de($ {1wrPA)IJe¢r$e in ¢¥rdilLV 163,799 11.733.(071 178.1591 111.0441 1116.0951 15.8WI 191.9461 1490.4YYI 170.¥¥2 N¢1 provld¢d by1(1¢4 l*} 22JJ12) 1 699 070 A%'AI.YSIS 1)Tr CIIAII liF.T FUND Al 1.1.24 Casli flow Nti Cath al and in hand 2.584.1)82 6 864,66 2.584.4¥2 4 279.fiX7 Th¢ ¢S fomi pafl ofihExe financial slalements Page 12
Phvllis RIPIOn Narrovl fJiigc
ror Ihe Yer Ended JI Ikcenib¢r 2024
ACC.<)UJ%TIN'C. POLICILS
BA$ preparlthg ihe fiTran¢ll st•temtMts
TIIL. financlal siaieinenis of Ihe giroup. whEth a publir b¢n¢fii eniity under FRS 102. have been prepared in
ac¢ordaiice with Ihe Chariltcs SOKP IFRS 1021 'A¢LollnIiR and Rerminine by C118rilip.A. %t..Ili'iiieiit or
Kecommendcd Practice applicable ro ch8riiits pr¢pJrin¥ Iheir auoui$ in accorda¢ wilh th¢ F"inancial
R¢portln8 Slsndard appliiabl¢ in Ihc UK and R¢publiL ITclBnd (FRS 10?) Ii'ifcctive l JnniiAry 20191,
inan¢ial ReportinB Siahdard 102 Thc Financial Rcp)ning Siarmlatd applicable in Ihe UK and R¢public or
IrL'land'. Ihc ChArit$ Act 2(bl l I1 CoJhpJn Act 2(K)6. Tho finan¢iDI 3ts7¢cJI5 lidv¢ bLLII IIJLI)4rL'
undcr gh¥ hi%iuriLal C4)si comvcnlion, wilh ih¢ ¢xrLylion of illl'¢ADx.r whirh are liK1(ld al m#rkcE valu¢. as
m(¥lified by r¢valuBiM>Th ofttrtain 4d5.
.1 hL COttyulidiilLxI linAthcial stlllements Consolida Ihe fiD4n¢iil Ilil¢ments of th¢ ¢hiriiy 11$ Subsidiary
undekin85 drnwn up ¢0 31 l)e¢
Pb)'Jlii Rirnplon Nrrow Gatsg lor iht Y¢iT Endtif 31 Derembtr 2024 ACCOUJTINI C. PULICJFS- co4llMtd All is r¢co8niyd IIK Lhariry h8$ lI11Cment its the income. il 15 pmbable Ihai the incoJn¢ will b2 rec¢ived Ihe aiiK>unl Dr Ihc iwome rc¢¢ivablL can k MeasurL Teliably. Deferr1 ini'ijme rt'prcEentÉ mDIiiis I¥LL'jvrd for lh¢ kntw¢ and t¢XLSequenily r¢leas¢d 10 income dunng th¢ r¢levar¢l peti. abjd lryaclex fkntwtIOllS LurI4¢ wh¢Tr rtceived by Ihe ¢hiriiy. ITh Ik eyenl Ihii a doThaiian 1$ bjeCt lo condiii0118 11181 rcquire a l¢vel of Perfa¢ by Ihc befor¢ Ihe C1ty is ¢ftiiilcd io (he ful. Ihe ittCOIIIQ is dcfcrrcd nd not r¢COglllSL'd unlil ejiher the ¢oJ¥Jilions are fully thc fuifilin¢ni uf 11)osc condilions i& wljolly wiihin the coni¥ol of th¢chrity and ii is Nobllbl¢thllt ilw CwlillN will be fuiflllod io portin8 1)ri41. LcyJ¢y ¥ift5 are rccognistd on a ca by eNsc followin8 ihe grani of probaie wl)cn lh¢ diiiini51raiorlexccuior for th¢ estai¢ writin8 lh¢ aili0[ Ind swileniciit dulc. L'veni Ihbl ihe yin 1% if Ihe forni ofn asGoI othcr ihan cas11 w d liiiuiKial #%sci on a TLYii¥lli51d SIuLk ¢KchaNgt. recognition is subicci to th¢ valut of Ihc gill Ing reliably Jnt&wiablc with ¥ d¢grLf u1.Sonb1¢ lli-riira'Y and lh¢ titlLTr ofih¢ hJvin¥ iwi liwwferT¢d w ih£tthnly. Lrnts retelvAblt (Jrmiiis Arr rvro8ni$cd wh•n th¢ 8¥vup ho ¢¢iiiilciii¥ii¢ ¢u ib¢ njnds ond iny co1111( link¢d lu lh¢ ¥raiil h8v¢ .¢ mci. Whcrc r[ornn¢t condiiions ar¢ alla¢hthl lo the ¥ranl ig trnly reLoyiiiscd lo tliL' L'xlcnl thai Ilio ¢hurity hth$ providcd the SlLifi¢d 81 Capithl grnnts ¥r¢ reetrrdcd in ihc Siai¢iii¢iii of C:Ifti In klnd Gifis in kind 8r¢ M'o8ni5td in diffcrcni wiysde•N M knwthry •r¢ u4ed by the ¢horiiy'. lil Thos¢ donat¢d for wcsBle DThliir wh¢b ih•y sold. Thcy ylU¢ ui ihc amouim QL'iuuIIy r¥lllId. liiTr Thos4 (ion&r¢d for Lmward rrnnsmiuion 1¢ b¢ncfiEi4rics inLlud¢d in ih¢ Stalem¢ni ol'l.'inanci#l Ac(ivAt¢s I111n¥ rn'50llr&¢s and Thiirc¢x L'XPLYKJ¢d wh¢n Ihcy 4r¢ dislribuk4. Thcy llr¢ i'alucd 81 Ihc uiiiouiii IhL' ¢hllrity Woiild h&Ye to pay ttTr al4UII¢ IIKIn. liiil Ihu5c di)nalcd 10 use by Ihc choriiy ilsclf art includryl whth rrttii'abl¢. Try gre valued 41 the amoiiiil Ihc chfiriiy wDllld havl lo py to acquitt Ihcm. Invcslineni iTrL'omr is r¢¢ovir Ihc li the inven1 is r¢¢erv3b. ID%'cslineiil r¢itsni ur rixL A&%ei laY¢simcni A¢¢umuliion FuNJ5 15 ll01 shown a5 investht imeom¢ bui is TofltrrtpA in thr prieÉ of li uliii ther¢fore reiiec1 in Ihc nTrJrkL'I valu¢ ofthc Ihe yCgr-ts da. Turnovtr record¢d llcl of•ny 4roliLabJe VAT. ExpedI1t All exp¢ndiwre 15 fwLKd once thut 15 I legal w COnWiVe obliBatioTr 10 Ihe eXndIrE. 1¢ 1$ probabl¢ 5eiilLIIIL'iiI Is requirrd HJKI Ihc amounl can ni¢aSUTcd rtlinbly. All costs arc allocllicd lo ihe ai?pliktsbl expeiidiiurc heading Ihal 988re8atc similar 10 Ihai caregory. Where cas¢s cannol bc directly Biirsbuicd to paniiular heading$ Ihcy h8vo Wjih Ik Ur5urC. wirh c¢•iral 51lltE" Ct>51% allucatcd Ihc ba514 ofiitne $p¢nl. and d4)recia1 Cr¥c5 allocated on Ihe pjrtioii of IhE a%5e15 uscd. Oih¢T c051s are BlIoted bd Ibe Spre of iXb515. RislnB fuThdJ Tho¢ aro ¢05ts inwrrcd ikn attrac111 vulunwy inwme. rh¢ minaRcn*nt of invmeTrts 8tyJ Ih(w iulTed in IradinB B¢ii¥ilies Ihai rais¢ fuDd& Pa8e 14 ¢¢)niinued...
Phylw KlllPtoll Pl•rro Gige j1allal. Trust Noies to Iht Flna#cial StlcrnentS- ¢Olklinued for ihe YeAr Ended Jl Dectmbtr 2024 AcCOuTIN,6 POLIC'.IES- conilnutd Ch4rilgble ¢lii'ilic Lha¥iiiblc cxpendimr compris¢s Ehosc Costs incurred by th¢ ¢harity in ihe d¢liv¢ry of ils aciivsiies and SCTvices ror lis bL'IILfLLiJriCS. IE ilu&S c¥ ihai can bE allal¢d direllly 10 5u¢h viivilies and those Los1$ of a indir¢ei niiliire Trcc¢wry sw)Jx)rt Ih¢m. .Sthpport Co$is sliprt cosiy in¢lthd¢ cenlThl fulletltsJb haie tIV11Y ¢tsSl cwlewTrrieE conEGlonl wilh Ihc 115c of SOUrCes. forexuinpl¢. 011$11 property ¢osts by fknr4r¢4& orJKY Capila. Staff ¢0515 by iijn ynd and oiher cOS by iheirvsBBe. Gov¢rn•ntt ¢obt• TlirsL ill¥1 I1 allrirabIC ihe chArfly'$ ¢omplianke wilh coi)SlllillioMI and sluI0ry trquir¢Jii¢nis, inCdI1i¥ nudii. giyie¥ic m&Dp¥¢m¢ni IN¢¢5 me¢iiny5 aiid rcimbw8th1 ¢xpens¢S. Tn%lblc nxtd asyeti Indiviavtsl fixcd asseis ofany lut illiiKqlly Yerded 41 leo iThJ iubwueThi a¢tumul4lod dL'pr¢iwljp Ind 5llhs¢qutni n¢¢uinul•t¢d IM1neThIIOS5. Work tomplcwd in the re0110 of 4sis is fvndrd bysurplufA from th¢ CJTWP. Dipre¢l4tlon and mortl$•ihii Dc[18110n 1$ providcd on rsngibl¢ Iixed so * lo wri1¢ oif Ihe cost or v•luaiton. le¥ any c51¢m4lc¢J rL'%iduul valile. OVLY Ihetr u5cful ¢C0M1¢ lifr u follo%.. Asjti Cl&Js l)rprprllnn m+ihod Yt• Land lljxl buildinls 2% rni8h1 line bth5i% Plllnt and m¢hinory ILfy w 2(V• th 2J% >iiuIBhi Iln¢ ba51s Mutor Y¢hiEI¢s 5trnighi lin¢ basis Cl¥ll cn8ln¢crlng and itKk 2% str4i8hi linc basis on Ir¥¢k only Woodland is nol subject 10 &pRciRtion Ileiltaxr Owing 10 Ihe tsniqK n•luw ofknilage ass¢ts. Iht COSI of obthining %•lualEons would bE oncrous rompawd willi Ihc correypondiTh8 tfItS to Ihe charitsbl¢ ¢(rfnpany lh¢ US¢T5 of thc finaneial 51aiciiiciit%. The lieritaee as5L'Is are i.for¢ shown at cost 4nd Thil deptectDiol a5 Ihc Iwslees 81¢ of Ihc trpjiiioii iljai all hErila¥e havc an ithd¢finite life. The rtijedivt of heriiage is io display ihcm iii il)e prt)Pikod As much dwwM¢niaiion as lo th¢ p¥£thace of hrrii•g¢ a55els LS 41n¢ aThd reiaineJ by Ili¢ rhd1riTNhlt ffiny. AeeLtsE ty ihe assetÉ is ¢at¥fylly monD8ed in UTd¢r for Pf¢XnAlivn. Th¢ Iiu%liLTr i¥Yj¥w the lisi of lI¢e awls on an anllwl basis foi ttnpaitlliLMI. Any impaumeni ldclllif1 is rLYubikj41 jii th¢ rInsnlal slolefflenl¥ t thc y¢V ¢nd. Page 15 c¢)nlinu¢d..
Phy1115 Rmon GllEe Nott5 lo Iho FlJnriAI Slalemeffjis- conlinllod for Ihc YtAr Ended Jl De¢enibtr 2024 .ICCOUNTI%G POLICIES- ¢oDtl#utd Ftxtd 15set inyeslmtttts Fixcd a%scl Invcstnients. othcr Ilwb mrdmme kI¢d arr inrludcd ai fftark valu¢ al Ihe balaiic¢ sh¢ei dai¢. ReBlis¢d gains 10s5C5 on Invmen1$ aT¢ taltulaknl as ih¢ diiftrtnce Ilw¢¢n salcs peed an(1 lthejr markL'I %'alue DI Ihr siart of Ihe yedr. I11r subsfqwni ¢tis1. ai¢ charbLd or illdilL lu the Siaiem¢ni of FiNncial Acliviiics in the periodofdiAwl Ullr¢aliscd gains amd repTe5eni th¢ m4rkti values durittE the year and Irc credited or ehurg¢d io Ihe Sialc]tLcnl ol"Fin8nci•I ALliviii¢s 5¢d on Ihe j¢1 value al tbc y¢•r end. Cish ¢qwSYlenis La5b AtKI ¢ash cquival¢nis c¢wriK on hand ¢•ll dekwMi15. and thher shoT¢.Iwm highly liqiiid inve51mLnis Ihai art readily ¢wv¢niblc ts> J knowh of wh •re 10 in%iynifieail¢ rIk or Lhan¥L in volut. Cvrreni In%o51meniJ ( urrcni a$se¢ inve3im¢nts r¢pregeni funds lov¢d in • t¢nn invesllncnt far o per)d of less ihnn 12 monih% lo InAncIMI lTrstrumt#ts Tlii Lhiirily oiily lius rtnanLwI ond fir111 liibiliii¢s ora kirKi Ih81 qvalify basi¢ finan¢¢AI in%lniineni¥ ILisi¢ finnneiul insErum¢nis ithtslittlly rc¢ognistd li irnwffiion valu¢ and subseq1ntlY iii¢a%ur¢d al Ili¢ir Iluslness ¢omblniio•i Illi.%1n¢ combinaiion$ Irt •ccoum¢d for th¢ pw¢hue method. Where necesry. adjuMmcnl% Jf¢ made 10 tth¢ ljnanLiI sthi¢in¢nis ofsub5idinri¢s 10 1n8 lh¢ ar¢ouniin8 Ptblici¢s usd inl0 linc wilh IhosL' b). lh¢ n)up. All inl¥T-¥iwp 11a115aclions, bal•rt¢$. iiicom¢ ex8 ar¢ ¢liniinaiLd oil LiJiiv)liilAIi<iii. aCiurd#ne¢ with Sc¢iion 35 of FRS 102. Se¢iion 19 of FRS 102 has applicd Ihese finEncial ¥14ILYI)¥ni% ith rcyci uf busicM c(xnhiNrinths trrrrrll r Ihr dwloofir•g•tl. si¥¢k Sio¢k 15 valuut ai Ihe lower aThJ einIed lling wice tcsx c¢Ms ty ¢omplctc and scll. ofter du¢ T¢gafd IDr obsolclc and slow movin¥ stock5. is dderniin¢d usingihc fiNvin. first1 IFIFOI. 'I'&xillo Tli¥ iliariiy is con5iikr¢d pRss th¢ t¢SlS Sel Qui in I Sch¢dul¢ 6 0( Ihc FiiiaiiLf Aci 2010 aiiil IhLrLlorL IE m¢¢¢s Ihc definition of • tharily for UK ¢wralioTr thx puTWc5. Accordinsly, Ihe charily is iioleiililllly ¢x¢mpl from lax¥iitrn in rc%pccl ol Incomc 01 capital rcccivc¢l wiihin ralcgorics Lover¢d by C'h1pter 3 Part I l of the Corwrniiun TaA Aci 2010 DT SL10 256 tyf Ihc Taxoliw of C'har8cablc GaiM5 A¢1 1992. 10 th¢ exient Ihal such Ènc(miÈ or &Te pplicd W4¢11vely its ¢hpTiiablc pT$e%. Penslon coyli oiher post.lIr¢tMl btThenls Thi groiip op¢raies a dcfincd coiitrLbiiiK)n 510 xh¢m¢. Coniribiiiiffl$ tydyable Ihc chariiablc c(XllP8ny's nsiun 5chemc are chArd toihc Sraitlblcnl vf Fin011 Artivilie5 in 11)c pcriDd to %vhich th¢y Tclllle. Fund Sir¢urt unStrIc1¢d Incotne fvnds are 8enet¥l Ihai are ivaiLqblc for 91 diKtrlion in fvrtherAnce or Ihc Je¢liveS ofihc youp. R¢slrict¢J inrDme fiilld% arLb lh[ fnr i1¢ ill aru or for EpReifi¢ putPDSes. I. pf %ihich 15 re51rici¢d ID that aKa or puw. Endowtncnl rLVtcyenl contribulith$ a] Iwufsts the coMribur ba5 noled thai Ihc monies 5hollid bl. kcpt 35 capiial. The inrtbmTr yn •ecordr¢ w¥ih the t•rms of tho includcd in lh¢ alenni olfinancial *liVilies. PaB¢ 16 coniiiiuLd...
PIL>1 R•PD Narr•w Gaug¢ Rilwi' Trnsl Notes lo Ibt FluintiAI SIA1cmeIs- rontin¥¢d ror The Tr-ear Tr.Trded.11 Deceiiib¢r 2014 D(),%A'J'I()NS AIYD L&GACI&S 31.12.24 Jl.12.23 Gitls t)on¥iioni 715.707 2,616.¥2Y 715.707 2616.819 OTHTr:R TR*lDING ACTJVITILS 31.12.24 31.IZ.23 Rrnigj inrome SolAf ilKOlnC %iirroy iryion Mnna¥¢iNnl L'hHTge Vql¢ ufRhVidI Tr4din¥ Lid 4.ljo 6.or).I 49.4.12 10.!(x> 370 SYN J.JUL 9.?90 .V27 10.200 455.5x2 545,3(11 INVkSTfvlx r I%COhlE 31.12.24 ()Ih¥'r fixcd gss¢i inv- UnPJI Lk'pusit ¥¢¢oDnr tnt¢r¢st Inicrc.%i wiihin por¢ftylio Y4.261 65,?311 194.254 Pgg¢ 17 coijtillued...
RiJhvy Trust Notes its Iho Tr'lThaffttlal SlaienttTris- coDtlnucd ror Cht Year Tr.ndea JI Dtttmber 2024 I)COIL IE FROLM CHARITAIILE ACTJI'ITIES Jl.12.23 Ae111 Railway Rthilway Railway Railwthy Railway Train far¢s CaT park Museum inl Grants 817.226 694.317 14.456 67.655 399.249 Qlt) 1%8 GraDts re¢civ¢d. urlu&d the kne, art as folJtsw¥.' Jl.12.24 Vi$ii Ivales Gr4ni Rnilwuy IILritu¥c Ti) Collstal Community Gyani 194.249 10.%,u 100.000 RAI%IN'(: FIINI D 31.12.24 Jl.12.23 In¥'L%linLni advi¢¢ V•1¢ of Rhei(lol'l'r*lin8 Ltd 30.749 23.914 11,040 284.0?9 318739 31H9%.1 318739 J18983 PaBe IX ¢OJllinued,..
Phyljis Nrrow Gaug¢ Rllway Trn Noics to the Flthiell Stttments- contlNued rvi iknv )'ear F.nrtefj Ji De¢cllib¢r 2024 CHARITIlBI.E ACTII'JT1&5 COSTS Support Dlreef Costs 01¢ 81 TDial Gwup 837 J36 835 712 1.67.1.048 Dtred Costs 31.11.24 TrJinibiiildinglirnfk Mailllen&nce FUL'I Railway Roilwty R4ilwy R•ilwJy 5.555 437.X78 4.1.2X5 250.1.14 837 336 834.2%1 SUPPORT COSTS GovtmarKe osts Mana8¢inent T0ts15 W8¢A l)L'pf¢iithiiw & impaimnl Ilank chirBcx (•L'IILrJl ¢'xn$ 1911.91 185,019 15.3 194.791 24.3(V4 77.2%5 101,14 194,791 24..109 77.28.4 Aiidii & aLrotrnthncy Piiifc&%ivnJl f¢e% Tnis1 mcetin8S 22.575 ?.-17 22.575 7,370 y¥i 835.712 796,770 38.942 (ioiyrnac MRnaMennI Wll8C5 Dcpre¢iar Dank ch8r¥es llcnirnl eXny¢S 14$ 188 56.745 14.544 J85.419 23.551 74.09J 145.-IBR 56.745 385,419 23.551 74,(W3 7.437 20.000 13ad IlLth14 Aiidii & afiotyniawy Pmfc%sinDi11 f¢¢y TA51e¢ meelin8S 20,OfN) lTrcluded wiihin governance coms 15 awIiiDrs' fee Hmniinlin8 10 É6Jlh) fvr Phyllis ftamwvii Nwtvw fiauge R?ilway Tn15112023.. £5,(M)01 £8,750 furih¢ Val¢ ofRh¢idul Rail*ay Limilcd12023.. £8.3331 P•8e 19 coniittued...
Phylli> Narrow G4wge Rllwi Trus1 Nolts lo tbe Trtnantial Siiemenls- toniloutd for the Yt4r Lnded Jl Deeembtr 2024 NKT INCO.MEIIEXPENDITURF.I N¢t i¢wol11£xp¢l1wY¢) stsied aft¢r¢hargith8Urrdiimgl: 31.12.24 31.12.23 Audiivrb. f¢L' Audiior.' fLX' for non lludit wwk Deprla110n Imt%Lirmeni surp1(d¢fIiI on disposI of fixfd 1$ 17.640 8.820 163.799 21.22n {1.733.697) 15, 56.745 1170.3881 10. 'rRllS'fLk.s' KE[vI.RA TI()N AYD BI.%L Tr ITS l)iirin¥ lh¢ year Ihe ¥roup made Ihe fvlk)win¥ Irniisaclions wilt try$iees.' Mr L AP Lolo w¢ceIV of£77.41Kb12023.. £71.(KXII duiin8 the ycir. Thc ¢hwily mk employer Fn$w)n c(ffltribul1a on tehaif of Mr L Ap Lulo llmouniin¥ lo £1,321 12023.. £lJ211 The rcniiin¢raiiM wa5 •8f¢¢d Al bothl l¢Yel and approval obtsined fw by lh¢ CThArily C'rmiiii%stoii. Rcniun¥wiion w•y puid hy ibc V¥1¢ of Rhcidol Ratlwwy Lid. No trus¢5 hav¢ r¢¢¢iv¢d •nyb¢r b¢thefits from th¢ ¢hrily duriTrK th¢ y¢8[. t)urin8 Ihc y¢Br. Mr Llyr Ap Lolo w¢¢ived r¢muncraiion of£35,(K)O Iri ofvATI (or work donc ii) r¢loiion 10 thc .%ile uf prUrtI.8 conii¢ci¢d wilh Ihc l-'stsrc of Pclcr Ranip Piyment lTh T¢5PLI lif the wrviLCS arL' onsidered OUlsid¢ th¢ xoptofordiwry dulles a try51¢¢. and for by the Vale of Rli¢isJol Railway l.Id. Trustee$, cxpeThse Durin8 ih• yw TruDtecs wiihub th¢ r¢c¢1 ifthvrl CAVEtw uf£o.182 fiw ih¢ yw end1 31 DL*¢inb¢r 20241202J.. £591 Page 20 onlinued...
Pk>l&s Giugc Rilw•i' Tru Notei lo Ihe FlThanciAI.Siicmtnls- ¢Olllinutd lor Ihe YtAr Ended 31 Decembtr 2024 S'I'AFF C.OSTS 31.12.24 WAÈL'5 and sAlaii¢& Social %eciiriiy ¢osis Employ¢ts P(n3ion SllS.0116 70.5518 795.515 54.Cb84 972918 Si4trcoteRorkA Th¢ of rAthtT¢mploy by Ehc ehariiy dwing y¢ar was 0$ follo5.. 31.12.24 Op¢rni¢on of th¢ railwly Adni*niSErBiion arml support 33 35 37 The ilumb¢rof ¢mpl¢• wlbvjr riiwluiii¥iiis f¢ll wlthln ihe rollowingbEI5 wis.. Jl.12.24 31.12.23 £70.o01..oL1 Pag¢21 Lonlinued...
Phyl Rmptoth NytoM. CauÉ¢ R•llw)' TThsi P4otes to ¢ht FlnaR¢ial Sittmcnts- COJlTlnued fvr iht Ytthi JI Decembtr 2024 CO.MPARA TIVES VOR THE STATENIENT 0. FJIA.NCIAL ACTIVITIKS FnthwarI ru]¥J fuNI Tvlal funds i.IcohtE AND E%1 DOIVhlENTS FROIII 2ffj16.829 2.616.829 CharliHblt #ctli'lii Railway 1.105.478 1.105.478 fliher iTlldins ll¢tlVjljca Invcsii)teDt income Othrr im¢on 545,301 102,950 3.¥75 545,301 102,950 3.¥75 TvrAI 4 374 433 4 374 433 è.'XPfr'NDI'I'IIRk UN 118.9RI Railw4y .595.535 ,5Y5,5.75 T0141 1914518 Nei 8oin on investmenl 435.LX)I 435.1 NF.'I' I(.(}1.. 2.894.916 2,¥94.916 2.894,916 2,894,916 (hher an fixcd Jwi15 170J88 170,J88 N¢1 moYenieDi ln 3.ri55J04 3.065.la4 RFCONCII.IATlnN OF FUNDS 20.444.066 633.650 ?1.O77.716 TOTAL FUNDS CARRIED FORWARD 21 %lVJ I?0 24 14.5 U2U 13. PRIOR YFARADJUSTlENT TIKir We no pnot yeaiadju5tmenl in Tel&tion to they¢arended 31 D¢¢mbtr2021. P¥¥e 22 tonlinued...
Ph)'Jlis K2mpto• f4rroM Gaugt Rail1¥ Trllst NDl¢s Iv Ihc Financial Slalemcnls- Continued for ihe Yer Lmdtd JI Dtrcfflber 2024 14. TANCIBLE FIXED ASSETS Oiuuv FrLrlKTrl Pl4iLI Ji mDchin¢ry Mulur vchi¢1¢5 Tothl$ Ill l JBiivary 2024 13.018J98 762.7J5 190.018 lJ24.642 14.374 9.8(M) 14,-152.840 777.109 190.018 Rcclassifjration from h¢rits8e RLYlJssifLLd a5 inv¢51mthi prwy 4,632,147) 4.63! 1471 Al 11 IkL'cmbcr 2024 5 502 $27 6 830 J38 Db.PR Tr'.CTA TION 26J.J26 107,1181 814.739 1.9 1.960 Ih3.799 1?.2gui lim oil disrwl 12.24)) Al 31 De¢¢mb¢r 2024 J71307 856J07 J.920 231534 Nfr:'I' 11()OK VAI.UE Al ) I lkn'¥iiJLl 2024 J.lJl.J20 401.404 ).J¥N.J04 Al.I I Ik¢emkn 2023 12.7S5.073 509.4)3 13.272.816 Pag¢ 23 llluhutd...
Pbyllh Rimwoo Nirrow Gltsge
Itll11 I'rusi
Notu lo Ibt FiTranclai Staloments-tonllnmed
for Ibe Ytmr Euded Jl l)titmbtr 1024
HERITAGF. ASSETS
To¢#1
Gjuup
IARKL'I. I'ALUE
Ai l J
Ph>'llii RThpt•n Narrtriv Ga48r Riilw•w Trusl Notes lo Ibt FinnciJl SiiemontS- fOnliNuwl (r Yer Endtd Ji DecetDber 2024 ST()CKS 31.12.24 Jl.12.2 Jroup GP Charily Chartiy Swck DTr.IIT()RS.. ANIOIINTS FAI.i.INe. DVF. M'JTHII OIF. YFAR 31.12.24 31.12.23 31.12.24 Gruup GrDup ChATiIy Churiiy Trad¢ l)ebior5 Oih¢r Dcbiors A11114111T% owed by ¥mp undertakin8S VAI. PrL'payniL'Trts wip 111.799 2LM).¢ 5.242.2(F4 6.560 450 5.250.622 1fj.76_1 450 525Q,62? LA%II A'I. BA Tr4K 31.12.24 Group GrDup (Thariiy Coslh On Cllsh 111 bunk Cush p¢r inV¢M¢t Portlol 6.978 5.693.745 5.207 71,2H7 12X,14 20. CRb.DITORS: AlOUNTs FAI.I.INC Dub: IVITHIN ONF. YF.AR 31.12.24 31.12.23 31.12.24 31.12.23 Gmup Gruup Chxrily Charity Trlldi Lredi101s SlJI sccDriiy and oth¢r t4X¢S Accru¢d cxp¢nxs 2.320 89.502 76.IW4 135 14.084 Pag¢ 25 ¢oniinlld...
Pkvllts RrnptoTr Nirr•w GllEt Railytai. Tru51 Notts to Iht Fln•i¢ll Stttt1$- ¢omtIntd for the Year Ended 31 D¢c¢mb¢r 2024 I IOllkhlE%T IN FUDS Prior N¢t )vcm¢n¢ Al Ai 1.1.24 rAlju4iiirrJi Unrtstrlrted fllnds Cicncyal fund 23J09.370 2.292,9¥6 25.802.356 Tr'ndoMmcTrl lund5 Eniluwiiicnl fund 6J3.650 633,650 IU'I'AI, TrIINI) 24.143.020 221)2.y116 26.4.46.W6 N¢1 n10ment in fw>ds. ild¢d th¢•ly)ve are follows.. liomin8 R¢sowce5 reUrces tXndcd G4i115 ond I(K4K's Moviiii¢ni Unrttirleied Ci¢ncrnl fuNI 1285h73 11.Wl.787) I,W9.1 2.292.916 TI)TAI. Tr'IIND 2 2Y2,YX6 CompArAlvM for mov•m•NI Pritir year adju51meThi Nei m(bvciiienl in fund$ Al At 1.1.23 Unr¢strl¢t¢d CiinLrJl fun 20J93,705 1149.6391 3,065.3¢M 23,509,370 KndowtnoTht 633.650 633.6.%0 TOTAL FUNDS 21 24 14.1020 C'omparative net TrVerent irKlllded in the i¥)ve as follow5". Incomin8 ReUr¢ eXped Gains and losses Movcm¢ni in fuDd$ UDr¢>¢rSrt¢d eneial lund 4.374,4J3 11.914,5181 60.5,389 3.065,-104 TOTAL FUNDS 4 374.433 {1914J181 Page 26 conlinucd...
Pbylli4 Rxmpton Narrow GAMgt Rilwa> Trust Note5 lo IhE Finn¢kal 511emtni$- ¢othilthued (or ihe Ye¥ Ettdtdjl l)e¢eniber 2024 PwlOI'F.P4lFdiNT IN FU%'DS- toDtthu¢d A eumi ytT 12 and wior ye8r 12 months conhnwJ Ewiion is45 folknws.. Nei move¢n¢ni in fuDds Al 31.12.24 Al 1.1.23 UDrL'sirl¢i¢d (ndS Cifn<ro1 fujd 21.077.716 5.358,2fKI 26,436.(K)6 i'o'rAI. TrUNDS 21.077.716 5.35&2 26 436.006 A cur(cni year 12 mmths and prior yur 12 nKffiths combined n¢1 nwmcnl in fiumls, in¢lud¢d in the above Arc Iwomin8 lIcr¢ I$¢ n fund Unr¢slrl¢l¢d 6,660.1( IJ,Th.3051 2.6(b4,489 5.3%8.290 TOTAL FUNDS 3 9[Tr 3051 5 35% 990 V.I.AT&.Ib PARTY DISCI.0SV Tr.S Duriiix ilic finaiiii&l y¢or Llic wifc of onc ofihc Irustees pJid a remunernii(iTr of £41KI 12023.. Nil) lo allr ¢ru%t¢¢ m¢¢ting& rccord dcthilcd notrs and wrire ihc minulcs of cvcry mccliiig lo bc circiilaied lo all Ini%t¢eb. Ihc &pccific rcmtsncraiivn w45 by lh¢ b] tsrlpjs¢$0ll Is LX)llbbj¢r a falr 41)d r&d&vii#blL #ii)uuni Iii re5cl (Trf Ihc liRK and Ii&vel eomniiimeni. Nolc 10 rclers in d£lRil the addilional r¢muneraiion rc¢eivJ by Mr Llyr ap lolo of athjiiional work ndcrtllkcn oii18idc Df his 1 45 #n empltsy¢¢ amd t¢¢. 23. TrUNDS Th# #PQctfi¢ purpoÉ f4)twhieh the Are lo be applied RG followry.. The enthwmenl fund relBles to•515 fDJm Brilish Rail Js al l Aptil 1989. This page form p3rtof the thlulory financial statements PaR¢ 27