REC.ISTERED CHARITY NUMBER: 292240 IlepDrt ofihp Trysleu •nd Flp•ndAI Sl•iemenls Ir*r Yfhr F.vdcd.11 Ile¢¢mh¢r 2024 Pli)Illh R¥iiiytuii Gxwxr HallM*i Tru51 Ashmole & Co 9 Broad Slrcel Ll3ndovcry Carnian1￿17sh1 SA20 OAR Pkvllii Nariov+ C*uie ror ihe I't*r Endtd.11 Dttemb¢r 2024 PME¢ Kelwethtc DDd Admlotsir#ilYt Detalls R¢pDrt ofiht TtU51¢es RepDrl of Ihe IndtPEndtHI Audliors Cfjn5011d*ttd Si*¢tmeni ofTrln#h¢lAI A¢11￿11 9t0 10 Clsh Slattm¢nt Noiu i• Ihc Caih Flom %i*itmcnt Noltt io tht Tr'lth*Ncl*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 y￿lL.1•f￿hel(kn1 Rallway P¥ik Avcnu¢ (erl￿1810jl 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 R*mpioll 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 rep￿1 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'I￿8 Th¢ objL¢liYcs of Ihc Phyllis Ramwon Ngimiv Cp8U8¢ Tn￿1 afe ￿ pr￿e￿¢. txhibil. display a￿d lo loaii for dLlllilti¥iyaiion fur the public brnefii and for the advonc¢Jn¢lli ofi¢¢bni¢81. his1￿1¢41 aiid general cducaiioii S1￿M and other railway1ocomoiive%. rolling 51ock. cquipmenl. machin¢s￿l T¢IKs whith areof lil hisioricAI opernlional ge￿ra[ 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 yra*s lodemon￿Atr th¢op4¢ion of a Vi¢iorian naTrow*4uge rgil4Yy (orth¢ b¢A¢f)I ufib¢ publi¢. 'lTh¢ rnilway 15 O￿n 10 811 mwnb¢rsofih¢ publit. The public be￿er11 fri￿ S]￿ 5¢¢ lh¢ prAYv¢d loC￿￿OI1¥Ch and rolliiig siuck ill opcrniion. V•nI￿$ f*r¢tth￿C#$1v￿$ •r¢ also av4ilablc includinm diS¢o￿ts for ¢hildr¢ii ind lar¥e ¥[￿lp8 &n(I both $inyle TL'lurn journeys availllbt¢. Ae¢cs$ible toilds fhcililics arc in ￿￿1h AE*ryMwyih w¥J D¢vil's Llndge. All irnins have *ces5ible ar¢a4 wilh on¢ vi'￿4¥1￿1￿ f)P¢A Wilh v4illP Accc%s •nd q ljrycr wI￿elchaIr 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 5m*ll ¢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￿'￿$twYlh. Th¢ r￿lI11Y allows visilor5 lu y￿W 4 iiumbcrofiu¢oin(iii%'es frillll th¢ V81¢ of Rh¢i(lol ¢olle¢iion. Admission is t¢Mhplim¢ntsry fw rnilw•y pa8E¢n8¢n. The Tni%Ert4¢onfirni IhAI they hove ¢omplied with the rtqUiTenithtsof Sed1￿ 17 ChpntKs Aci 2011 ￿ have due re¥Hril lil IhL' ￿lhI1¢ hemfit Billd*r￿ ￿1￿lIShc1 by Ihc (Th8riiy Comm155ion for r.n8land Walo&. irins Ihc ycar Ihc financial sUp￿ry proYid¢d by lh¢ Phylli$ 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 I￿n flom lh¢ Blu¢ Bell RRilw&y and dispjaycd in ih¢ Val¢ of Rh¢i¢Jol Railway Limitcd's ncw mu5cuni. coniril￿iln8 low&￿1% Ihe re5carch ro%14 forihe ￿Lblic￿li0n 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. Contri￿111￿¥ 10 lh¢ d¢5ign c0515 ofcxtendingthe Vale ofRheidol R8ilways' s￿(ast fgciliiics at CapEI Bangor lo storc hcritsge i7￿1￿W IvLwmviivr5 inhctilrd t[￿1 I1￿ c51alc Or￿cl Rampion. Conlribuiion to th¢tosts of mknalion work Ca￿led out by ihe Valcof Rheidol ￿l]￿Y Limiltd in its Surrey workshop ofnarrow-gaiigc heritage knmotiVe5 and carriages. This has Incl￿1¢￿.. coinp1elLI￿ of th¢ ￿$101allOn org narmw-8aug¢ Isle vfMuTr Coniwsile carTia8¢ F6H which was dtlivLred ror displAy in the Vxle nf Rheidnl RAilwxy'4 miLieiirn c-onti￿￿5ng rcÉtOfg1i¢>rJ liu$ton Pro¢tor lo￿￿￿17￿.￿. 11 15 antioipoted ihia will bceomplcted in 2025 and deliY¢red for display In museum in AkrysI￿1￿. Pag¢ 2 Phvllis R*fflptOD 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¢ I￿ome fr(m ils ponfolio of ins"esliMcnis and income earnod hank 41wilt In%'e*tniint 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 G*usc R•ilw•yTru$i lo m•inthin unrtstri¢t¢d fuThJs which Ore the fret ycrYe5 01.ihe ¢hHrily sUtYi¢ieni io cover mgoA8erneM, lldmini51r¥iion and surwrt LY>5th. A% ill.11 t)Lc¢mbcr 2024 10th1 fund% r?A diA.rth12023.. (24.143.020). Thor• woro r¢31riL+lod ai Ilie yL'ar ¢nded 31 tkcniber 2024 noT JI tk¢eftth¢r 7023. Total end¢)wmcni fund ainounied 10 £633.650 as ai Ih yenr rllilpd 11 r)rt¢mber2024 Bnd 31 D¢¢thxbBr2023. (•olnR ¢on¢tr AnLr iiidkiii¥ uppropriaw enquivie5 lh¢ Irusw havell r¢as0nabkextKcw￿n Th￿ Ihe Phylli$ R*mplon N•rrow (JHll¥t iknllw￿Y Tiu&i fLywf¢¢s 10 COllllnu¢ In gkniional ¢xi%ien¢e lor ilK lort4L*ablc fuiur¢. Fur Ihi% riJhuii they ¢vnlinii¥ 10 adthpi Ihe¥oin¥ con¢effl basis when pTcpaTln¥ Illi fiiiaiLcial $thlLIIIL'lits. trurtli¥r ul'i111 Mvijiy concem buis ¢Jn ￿ foundim lh¢ acco￿￿tIng w>li¢ies. Vll'l'ullb. Pl.AN. TIIL Ikliylli% R4iiiiplon Nonow Gau8¢ Railway Tru51 will ¢0thitnue mAximi* rdurni on iht invcslm¢DI PQrtfL)lio lo pM)vid¥ ¥ufficieni fllndj its subsidi•ry Miity th¢ VI￿Of Kh¢idol tiailway l.imi￿￿. SI'RIII"I'LIHTr'. (:()1,￿..RNA￿CTr: AND MANAI:Tr'AIfr:NT I'IIL lJlivlli% K'liiipiiin Narrow CJ•ii8¢ Railway Tnul is wnlrol1￿ by its gO*rtrnin¥d￿u￿cMi. a (knxl of In151. and Chllrlty ¢on$t11￿lI￿n 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 $lru¢iurt and m*klng Thi Itu%lL¥% hayc iiiel rL'giil.?rly in 2024. ovcrs¢rl￿8 the opcr41ioM ofits sthidwry cniily th¢ Vak ofRheiJol Railway Limiicd, diid d¢l¢rmini￿¥ rhe ¥¢n¢rnl poliry of th¢ thawity arKI ITS lon8 tcrm *Negy. io cMur¢ the objeclivi% ibf lh¢ Phylli# fknmpion Nnrrow TruJl Trrc achi¢ Method of wppolnlmeni of IT￿te¢S ThL' manii¥LyiiciII of ihc Phyllis R&mpiDn NBrTOW Gatyge Railway Tnw 1$ Ihe t¢5pon$ibilily of Ili¢ INslce5 WIIO 8TL' p￿I￿le￿ iiiid<'r Ihc IcTms of Ikcl&TaliOll ofTrn5t. The Phylli5 Rampion Nanow (iauB¢ Railway TTU5t x¢k$ 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 In￿le¢S aR prDvi(kd wilh copie5 of I￿ tkclamion of Tru51 alld Ili¢ lai¢51 Page 3 Phyllis R*mptoll 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]n￿ed Prosii<¢iivL IILW tru￿1¥*.￿ dl£ iivltid 10 ￿l¢nd a Duiiii*i 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 pla￿S and objw*j)'¢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 Tn￿te¢.. 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(Y￿1￿Cred Ihe J)￿J￿r ￿nIe¥le5, ￿sin￿ orxniional risk which Iht Phvllis Rampion Narrow CJHllbtrC Railway Trust fgc¢s and tonftrm ihgl $y#ems ￿ve F¢cn ¢stsblish¢d ￿ enablc regulBr rer8)ft% ￿ be pr￿u¢¢d so thal IIK. nLXL%SRry %l¢PS bc lakcn io Icwn IhL' risk. si'A'I'b.'Ilfr'.N'l' l)P TRllgTFFq* R*'.£P4)NglRII.ITI&.S Tlit IruilL'L% &ifL' risponsiblt for PTL'Pariligi Ihc ReJK)rt of ik Ihe finan¢i•l 5t•i¢ments in a¢¢OTdance willi pplic&bl*14w Unitod Kin$dom A¢¢LKthiin8 Stundordj (Uthitrd Kin5dom G¢￿(41]Y ￿￿¢v1￿￿ ALLUUtiliJJ¥ PiaL¢ILL'Tr. Tkn. l&w appli4abk lo rhnrilicj in En8l*rMI ih¢ Charilits A¢1 2011, Chariiy (A¢eouniy and R¥Tort$l eyiiliiliuns 200X and Ihe prDvisions of th¢ de¢d rcgUif¢S ihe IN￿e¢S ITr prep￿ finan¢i81 slaleJiieni% fur Qaeh niirsnLIo1 ytar wknl¢h 8lv¢ a Iwe &nd lair Yi¢w ol th¢ ol HllaiTS Ot. th¢ ¢harily aiid of the iijroiiiing rcyuuriC5 UIIJ appliLaliiin uf r¢sour¢¢$. in¢ludiTr¥ inwm¢ •¢MI t￿￿ndi1￿r¢. of I￿ ¢harily fur Ihpl ￿ri￿1. In prL'pJf4ny Ilu)s¥ tin8nriJl siaietntnis. th¢ Iwsi¢¢$ are required to 5elccl siii18bl¢ actouniing rrf)liri¢5 a￿1 Ih¢n Am)ly Ihcm wnsi*¢nily.' obscn'¢ lh¢ niLiIkn(l¥ prinMI￿*#I vii iiK ¥vbii¥ wiks) IL ts ￿￿ppru￿lale ￿ prr5UlnC IhBt th¢ ¢lwrlly WIII iunlinuL' iii b115incM. Thc Iru%i¢t$ #re ￿sPun51blc fw ki*ping pwr aCCOUliLill8 w¢ords which dis¢lo5¢ wilh rea￿lIable ￿QUraLY ai uiiy linic the IIMn¢illl ￿51110n ol'ih¢ Charity 10 ¢ngble Ihem lo cmure Ihai lh¢ finan¢wl 51atemcnls comply with Ilie Cliarili¢$ ALI 2011, IhL Chorily (ACLOU￿1% R¢wMJl R¢Bululions 21NI8 awj Il* pro%'isK>n% of Ili¢ Iru51 dced. ThL'y 8fL' also r¢sponsiblt fur 5af¢8ty8rdin8 aSS¢15 of Ib¢ ¢hariiy ind hthte thkin8 Te4wMbl¢ 5*ps for lh¢ p￿V￿li0￿ Jnd deiLKlioJi ofirANd 8nd other irr¢8uIErilicx. Appr(>ved by orf*r of Ihe ￿)81d of Iru8leu on............. . AtKI $iBrtedon its behalf by.. N Aconib- I ruitL Pag¢ 4 Report of tho IDdopeodent Auditors to Ihe Tru$lets of Ph)"111S RanipTOh Narrow G•uge Il*llwxy'frwsl Opl￿10Th IVL lia%'e aiidiied Ihe financial ￿•tEllI£￿15 ofphyllis Rampion NarnTrw Gauge Rail￿•Y T￿51 Iihe'charilable p￿￿1)i'l ajxl 11% suhsidies (the '¥roup'l loi the ycar cadcd 31 Dtcernber 2024 compri5c Ihc Coiisolidatld Siaiiiheiii lif Finiiniial Aclivili& Ihc Con501ida*d Il*lathc¢ Shtti. Ihe Baknn¢t Slittt. th¢ Consolidaitd Ca%li Flvw Sialcniciit Blld Dtg% tiJ thy linanriJl $i￿le￿e￿Ik. of £i¥nif*L'anl ￿￿Oi1n￿l￿8 poI￿les. repprtiny fT8111¥work ihgt h95 bc¢D gpplicd in Ihcir prcpatalion is appliubk law iThJ unit￿ Kingdom A￿ou￿tIng Siand8rds In oiir upinion finaTrri&l sthiemenES'. gil'¢ a iru¢ and fÈir Yi¢w of ik 51ai¢ orth¢ 8roups atyairs as It 31 1)c¢ember 2024 and of lis incoming rtsourccs and oppIIEaiion ol"resouTCC5. lor Ihe ycai Ihcn t￿J￿1. hDve been pro￿rtY pr4￿r£d in accordancc wilh Uniicd KI￿gdoM Genernlly Atte￿¢￿ Ac¢ouniin8 Prncilce: and have been pro)*r￿ in aLLordanc¢ with th¢ rtquir¢men¢s o(Ih¢ Coi))pani¢5 A¢1 I1￿. B*sls for Dplnlo WL, i'oililiiLtl￿ Oiir ttiidii in Aee(prdAnct wilh lfflernbiion81 SthThYAfd5 Al￿111n8 IIIKI IISAq IIIK)) Upplic￿bIe l#w. Oiir re55x)iiyibi1ilies iindeT those 5thndan15 are fiirther dcsctibed in Ihe Auditor< responsibiliiie% for Ihe uudii of Ihe riiiun¢iAI slntLiii¢nlJ scclion of vcporl. W¢ are ind¢rKndcnl of srvup in wilh ilic i+ilijcnl rLqu¢re¢iiLnis Ih*i are T¢l¢vani 10 OUT audii of ihc financial Maitments in lh¢ UK. including Ihc FKC'% Èihi¢81518nd&rd. Ticl IVL. Iiuv¢ fuljlllid vui riliiLul i¢byvrvaibiliLi¢¥ ill JLLwrilwJ aiiclii evidence w¢ have obiaiwd is suifsci¢ni and oppropriatr 10 provi ¢ a ￿5•5 forouropinion. C'•n¢luJlons relallnR lo %olnR rop¢ern Iii ilLid11111b tIIL liiii111iliil %lillCIIILllts. w¢ hovf concl￿]¢￿ ikni the ￿￿￿et$. 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(k*niifid i¢nrvrtxinitvs rvliiiny if* nr rniidiiinn¥ thai. inilivithially or coll¢¢i¢v¢ly. may ea4 si8nifi¢aTht on ih¢ cknrity's abiliiy io con17￿lle &5 4 going conccrn for pi'r1￿1 vl'•t l¢ty Iw¢lv¢ mnth$ fmm lh¢ fIt￿ne￿IL $iat¢ihents ateauth￿l%ed wue. Our 1¥swHisibiliti¢¥ th¢ r¢spowibiliii¢A rjfthc irus*es with tcspcci to BOiTr8 concern are d¢Kribcd in lh¢ rL'l¢vaiil ilinn% ()f Ihi4 rcwrt. (Ilhor Inform*tloTr Thc Iru$ic¢5 4r¢ rc5i>onsibl¢ for lh¢ oih¢r infom)•tion. Th¢ oth¢r iDfonllAii¢)D ¢Oin￿*S¢S rh¢ tnfomiaiion in¢lwled in Ihc Alin￿￿1 Rcport, oihL'r Ihthn Ihc finaKi*l and our R¢p)rt of th¢ lrylwn(Itni A￿lI1￿r* ihir¢on. Oiii upinion on lh¢ financial Sthlemtnis does ¢ov¢r lh¢ olh¢r infonNqlion arnl. exc￿1 lo Ihc cxlcnl oilierwise expli¢iiSy sthi¢d in our T¢FwI, w¢do CXPTtsS *ny f(m o(&%sw*nce¢ortltssi(th Ihereon. In ronnccttnll with our aiidii of Ihr fin￿ri41 yllten*iits. r¢5pMsibiliiy b& lo read Ihc ¢nfonnaiiThi and. iii (k)iiig $V. ¥Qlliid rin(irt in Tl'Vk'LI iifihL fiilli)wii)g li￿llera where thE C.harilics (Accounls and Rewri%) Re8ulalions 2VV¥ ri4llirLb 10 r¢w)4 10 you if. itt tyur OPJmM)Ji.' lh¥ iiilonnJtion givtn in th¢ Rewrt tsf ihe Trugitts is I￿j￿515*￿1 in llny respecl wilh Ihe linart¢i#l A13ten￿n1s. or ￿￿1￿1¢1￿1 aLKulil)Eiii8 Iwvc iwi b£¢ii k¢M. or th¢ IinaLIVI81 %ialrm¢nts aw Nit in 4¥r¢¢meni iviih rhe accounlinB rrcord5 aThl reluTh5: or we havc not received 311 ihe inlormlliion eAplanaiion5 we requir¢ for wr I￿]11. g¢5 RepoTI o(Iht llldepelldent Auditor5 to tht Trusitts of Phbllls Raiiiyluii G¥uxv Riilwav Trust R¢spoth%lbililies oftrusie ¥xplainid InorL lully th¢ Siai¢in¢ni of TT￿￿eCS. R¢s[￿nsIbIlI11¢$, Ihe lTU￿e£S gre reswnsiblt f(Klhe prep8T81ion of Ilit linHncial 51aiements which ¥iY¢ * irnt arKI Cair Vi¢w. a￿d fur such internal Control th¢ Iruslees dei¢rniiil¢ I nLCLSFdlry 10 enablc the PTcpuation of financ￿1 ￿a[C￿ents 9r¢ fr¢¢ matciial Inisstst¢lli¢ni. wlieilicr due lo fraiid or em)r. In prep&ri￿V ihe IinBncial *a￿Ment￿ the trll51ccs arc f￿*￿)￿%1h￿ ftsr Ihp. rhArily'* ￿h1171Y lo con11￿lIe 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(wid*e 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 fln*nrl*l Jl•iemehis Ve hll%rL b¢¢n appoinied as tsimliloys li￿￿￿￿ %¢rlion 144 of the Chariiies A¢1 2011 3￿j 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¢ fin￿181 $tsi•neni$ 4$ A whole Br¢ frce froin mhlcrinl nii*$taicmeni. %vhcther dv¢ Iv fraud or error, aibd ith i45u¢' a Rlpin uf ihL l￿de￿ndelI¢ Audiior% IliAi illcliidcs oiir opinliin. R¢usoJLnble llssurnA¢¢ 1% 4 high level of ￿s￿r￿￿e. bui is ¥uaraiiicc thai an ￿u￿11 conduLILiI in aiiorUdnLL wlih ISAS (UK) will always ¢JL*eCI * marcrial mi&%thi¢mcMI Il cx¢si.%. M155iJieiiiLlilS can ariw. froin frEiud or ¢rKor ond r¢re consiilcicd mat¢rig1 if, I￿j1¥1￿￿&1IY or in thc 88gr¢yit. thty ¢(pthld i&rysunably b¢ ¢xJ)c¢i¢d lo Inllucncc th¢ ¢eonDmi¢ deci*i0Trs ofuscrs rak¢n w lh¢ b&*i5 oflhc5e fU￿n¢t21 ￿li£M¢n(l. Th¢ cxl¢Jii 10 which our rmr¢thr¢s •r¢ cl￿b￿ 0rdd￿]n￿ UT¢8ulaTiIH Includi￿ ftawl is ddaild b¢low'. In rL¥iaiion io Irllyd. th¢ obJ¢¢iJves ol (vjr Jr¢ ￿ ideniify ind 15stss Ihc risk of mgierial inissl*ltincnl of ih¢ riiidiiLial %lB¢Lin¢nty due 10 frawj. lo obthin 5uffi¢ieni audil evidcnce rcgardin¥ Ihi asses$L￿ ri¥ks of malLrial Ini%sluieincnl du¢ lo froud Iliroiigl> desi¥ninB implwniing 8A)ropriaie rcsponxs 0￿1 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 a￿1 d¢￿'ll￿n of fr*ud. ID iJ¢ntifyi*B ￿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¥￿tr￿j IhL followin¥'. . obinintd An undcr3latKiinB of naiure of i￿l￿ry &rMI serlor. in¢luding Ihc Ic8al rryulJi¢xy frnnxwork Ihai ¢h¢ ¥roUP OP¢rAlcJ in how thc SY￿p ¢0￿1￿lY111s willi IIK al￿ t&*ul4iiiy n*iiiLWtrIk-, 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 (T*ud Ini8tLi OttUT inrlwlin8 8%5¢551ncni or hniv and wh¥rn IhL' linancsal 51alLillenis niay b¢ SOX¢Wiblc lo fraud. A¥ n r¢$uli ofihcse proceduru w¢ consid¢r Ihe m051 si8nifKBnl laws •nd rtgulBiions Ihal direci impli ei on Iht rininciil slalemcn15 ur¢ SQRP FRS102. a￿1 A¢1 21M)6. Ive perforni￿ 8udii pro¢¢¢Jiirc5 to deiecl Jwn-Ix)Inplianc¢ which Iiiay hJY¢ 4 ma*rial fu￿0¢￿ ¥wements which incluthd r¢¥i¢wi118 linaii¢irtl slai¢m¢ni disclosi1￿5. The Aiidil ¢￿￿￿en￿OI IL'am idEnlificd Ihc risk of m8Ngem¢DI Dvetride of coiiin)ls as an arca where the finEIiciBI slii¢niL*Is wer¢ niosl suK¢pi¢ble ￿ materilll mis51atcm¢ni du¢ w frawj. A￿]1¢ p¢rforni¢d in¢luded wc ¢iitirLxI into oiiibide Ihe nornial ¢outse ofbu5ines5. In iiddilion lo the our I￿(￿ed￿r¢S includ¢d.. revicwiiig tlje fshjrtriul :lThlcmenl dis¢loaureJ t¢¥iin8 wportiTr8 ¢0 coiiipliaLK¢ wilkn relevaNi l&w% and Tr'¥thliilion5 - Inquires of iiianogenirTrt and Ih05e chorgd wi￿* actual &Thl r*M¢nii•l liiigaiion and ciaiEll5 pcrfoniiing analyii¥al prL*edures lo ide￿IllY any Of unexKKrlcd relsiionships Ihai may illdicalc risks of maierlai misstsiem¢nt due 10 lrni - YL'VILiiV of Ininules ofcommi1ie¢ medin Tillcn repre5enl&tion$ 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.lik1a￿il10r5￿esP￿nS1b*1l[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 D￿d Reponsl H¢gulaiions 2(K)8. OUT audit work has b¢￿ undellaken $0 t￿1 we inighi stht¢ to iht chartiy's Irvslees ihose I￿lttLLs WL arL ILNUIIL￿ io ￿&￿¢ 10 ihcm in an rewn ond fw oibcr PUfjMJ5C. To fullLSi ￿lL13¢ ￿nI711¢L.(1 by IRW. we do ￿)1 or &ssumc r¢s￿lbilitY io ally0￿ oth¢r th¢ charity and tht charil￿s irusiecs as a body. ior uur oudii work, lor Ihis repDrf, or (or the opinions wc have lonncd. A4hiiiolL & Lo Lhartered C'enified AcciwntDnls and Siatulory Audilo rilibihlv to oet oudilor in tern￿ of S•clioTr 1212 oftho Cr￿￿￿1•6 2LX)6 9 Ilroad Sire Carniaiihenihir¢ SA20 OAK Dut¢'. 24 Page 7 Phylli5 Rimpton Narro￿ G*iEt J)" Trust C•D5011d*ted St*tem¢llt olTr'Snanclil A¢tliitie5 roi the )'tar Lnded 31 De¢¢nibtr 2024 31.12.24 Tolal fuiJd$ Unreslrie*d I￿nd R&ii¢t¢d En(k)wmeni fond fu￿￿ Total runds No¢es NC'()141F. AND F.NI)OIVP+TTr'.ITS FROhl I)0n￿li￿n% and Icgacies 715.707 715.707 2.616.829 ch￿rI*￿ts1￿ •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 $45.101 Total A5 2 2%5 673 4 774 411 EXPF:NDITUR Tr; OW R￿1%11)¥ fundA J18.7J9 318.739 318,483 cnhrtTIDIt Aeiivllles 1673.04 1595 535 TolAI 1991787 19917¥7 N¢1 gains on invesimenis 2h5.4(bJ 4.15.(Mll NF.T IP4COMI F. 559.209 J)y.L¥y 2.8Y4,¥16 OihLY 88in3 on fixd 17J3 697 1733697 70 NF.T MOI'F*iMTr:NT IN FLINDS 2,292.986 2.292.986 3.0(15,304 K&CONC.11,IATION OV FUP4DS Tolal fuJLd5 broughl forward 2J.5(VJ,370 63J.650 24.14J.020 21.077.716 TOTAL b'UNDS CARRIED VORIVARD 24 802 356 633 650 26 136 iK>6 74 143020 Th¢ n￿e$ ofihese fI￿anCIal sthtcments Page 8 Phyllis ￿mPto0 P4arro* Gaiet RJLl1￿a) Cortsolidaled Balan¢e Sheet -11 Dtcember 2024 31.12.24 Total UnrcstrKr¢d riintl Re￿nCttd FJthW￿￿l 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 D*b¢oYÉ C*gh 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 coniinllth8O￿rn1iLx￿dUTfftB IhethY¢ Iwo perith. The Th)tcs fwm of kn fin**ial 5ta*ments Pagc 9 Pkvllis R*mpton Narro￿. Gauge Rall￿.%1. Tru51 Ch*rlti' Il*l*thtt Shtei JI De¢¢nibtr 2024 31.12.24 U￿r¢S1r1C￿d 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 De￿OrS 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 finart￿l ￿aterne￿ts Page 10 Ph¥llis RAmplDD Ngrrom Consolld*ied Cx5h Flow Slittment for ihe Yt*r JI DeccThibcr 20Z4 31.12.24 31.12.23 Nole5 C.4sh from optr*tln% itth.Illes 22SS121 1 6ty) 670 Nci cash provided byAllged inl operdtin8 &¢liv jlic5 225.512) I.fjW.670 Cash n0115 frum 1nvtsl1￿g 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¢% S￿1¥. (if Iix¢d 0&￿.¢ invejlmeiits DiviU¥Jid& i￿¢1¥￿1 91,94b N¢1 &a5h provided by inveMin8 athiviii 45136121 36147fi} Caih from lln*Tr¢lllR Acilvltl 197,723 N¢1 ¢gsh pro¥ithd by fil￿￿￿1￿¥ 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 ropor*lttR 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 fina￿1￿1 SthEemeDts PaB¢ I Pkyllii Raoipton N*rivw G•uEe Tru>1 Not￿10 ihe Cash Flow Sl*ltrncnl 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)rofit￿l￿sS 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￿$e in ¢¥rdilLV 163,799 11.733.(071 178.1591 111.0441 1116.0951 15.8WI 191.9461 1490.4YYI 170.¥¥2 N¢1 provld¢d by1(￿1¢4 l*} 22JJ12) 1 699 070 A%'AI.YSIS 1)Tr CIIAII liF.T FUND Al 1.1.24 Casli flow Nti Cath al and in hand 2.584.1)82 6 864,66 2.584.4¥2 4 279.fiX7 Th¢ ￿￿¢S fomi pafl ofihExe financial slalements Page 12 Phvllis RI￿PIOn Narrovl fJ*iigc ror Ihe Ye*r Ended JI Ikcenib¢r 2024 ACC.<)UJ%TIN'C. POLICILS BA￿$ preparlthg ihe fiTran¢l*l 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¢LollnIi￿R and Rerminine by C118rilip.A. %t..Ili'iiieiit or Kecommendcd Practice applicable ro ch8riiits pr¢pJrin¥ Iheir auou*i$ 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¢cJ￿￿￿I5 lidv¢ bLLII IIJLI)4rL' undcr gh¥ hi%iuriLal C4)si comvcnlion, wilh ih¢ ¢xrLylion of illl'¢ADx.r￿ whirh are liK1￿(l￿d 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 unde￿kin85 drnwn up ¢0 31 l)e¢ •$ 10 obthin b¢n¢fits rr(mi 113 4Clivili¢s. Tl)¢ r¢3uItS (*f ¥￿b￿l￿￿ri¢& •¥4uiiLII yi vf dwjng rhe ￿ar art I￿¢1￿￿¢￿ ui ItLe st8l¢liiClil or rJnoiiLial ciivilics from Ihe L'rre¢liv¢ dai¢ of ￿￿￿1$111th1 or up 10 Ihc eff¢thi¥e dalc of ¢J1$￿￿1. as appN>prial¥. WIIL'fL' Ii¢ix&iury. wljusiiiKmis Br¢ made 10 Ik fin￿￿111 stsi¢m¢nts Of￿￿$%118rIes ro bring I1￿11￿¢0u￿i1ns tx>lici¢% into lin¢ with th￿¢ by Ihc ¥rtWP. Th¢ pttrcha￿ m￿hDd ofattouniing 18 wed 10 for Iw1n￿$ combinalions Ihai rcsull in Ihe Acqui%ilioM or siibsidiar?r% by lh¢ gr￿p. Tr Com of8 business wmbinalion is m¢asurcd as fail valuc of Iht asscis yiven. ¢quiiy iiislrum¢niy 15S￿d and li4bililiu inLufTcd or a￿mcd 81 th¢ dat¢ of exchange. plug L051s dirLYiIy allrihutablL' lo Ihc bw$ine%s combinaiion. l(t¢niifiable a¢qUi￿d ¥nd liabiliiiLh cÉinsill¥iiii lialijliij¥ llxsuiii¢d in a bu$incss Combineiion arc mea$iJr*¢l I￿ltiN11Y Al ihoir I￿￿r I'A1￿￿[ ui Aoqyislliuii dul¥. Any iifihe LO%1 i>fihL businLts¥ conihinaiiDJb over ihi. a¢quivLYS In1¢￿￿1 in I1￿ nei faiT vBlii¢ r*fihL' idciililiablL' a￿LI¥. liabiliii¢s cTrntin8eni IiRbiliiies w¢¢o8Dised is r¢wrded Qs8￿dWbl1. Ini¢r-¢thmpany trnntHtlinM. bAIAn¢rs y*n$ on tr•1￿*¢¢￿0￿S bciw¢tm LI￿ ¥lwi¢iy aiid li¥ siibstsliarieg, whi¢h reknt¢d prties. are ¢limiMitd in full. Inier-group 10$5¢5 ar¢ •lso ¢liminAt¢d tTrjl￿￿ ￿ impaimi¢nl thai requir¢5 TetoBnilioii in Ilie ￿cL￿UnlI￿B ￿tr(leS of$ubsidiari¢s h•v¢ been elwi8ed whcrc n¢¢¢ssDry w ¢n￿￿r￿ Ll)i¥i¥i¢n¢y wtlh Ill¢ ptsli¢ies doplcd by the Bmp. Nort-(onrnillinB illlcrw in the net 85xi$ of cTrn501idilcd %ub5idiarie5 AT¢ idciiiifi¢d pnNt¢ly f¥(Trm Ihc cquity ¢114i%jli. N￿￿L{lI11￿1IthB Inier¢sis consisi 01 am0￿15 ol 111(￿ inlcrLXi% ai Ili¢ daiL' ul'ihL' Qri8inal busiTh¢u ¢ombinaiion and Ihc nofv¢onirullinB shaTcknldds share ofchaii¥c% in LYUIIY %lll¢L' th¢ of ihL' ¢vmbinarM)n. Tth41 compr¢hensLYe incom¢ i5 allr1￿1£￿ to non-cotttrollins in*r¢s15 eve￿ if ihis 11115 in lh¢ no￿¢0￿trOllin¥ inicres15 having a deficii balance. CpOill¥ Con¢er Tl)c ¥rnup"s a¢liviiic$ am1 luture plans art Sci Oui in the Tnwees ReFM>rt. The TTUFA¢¢3 have i%4e*%¢d the hariiy'¥ ability lo ¢oniinuc Hs a Co￿¢rn iakin8 inlo ￿cOUnt ihe finJncial lin￿Lt5 ol. Covid.IY. Thc Tryisiee5 ha%¢ tunsidern￿ s¢ver31 fact(tyry in forming Ih¢ir C￿￿]USiOnS a5 lo wh¢ihcT the ofihc xoiiiB Lx)ncem bd515 is apDroDiiate in pretyaring th￿t *lAi¢ment4 inelvding cnÉh rwAr4'es. Iiguidity aiid rdNtliipai dL'mand T()r *rvices. Thc or¥Jni5aiion £w5i(krable fiwncial tf50urc¢s. As R conwuence. Ihe Tn￿¢¢$ b¢lie￿¢ rhal Iht or$gttir4tion is well plo¢cd ItTr tnanaBC ity bu>11L￿ iisk¥ SVLYe55th11y. Tlic Tiii>l¢ra Iiuyc a reaso￿￿1¢ eKpeciaiion that Ihe group adequate tesourtts lo coniinu¢ operd(ing $u¢ce851ully for Ihc foreseeablv (UthLr¢. For IhBse r¢asons Ihey coniinue to sdopi the goinE ¢DtKeTh basis of accounts prcp3raiion. Page 13 ¢Onlinued... Pb)'Jlii Rirnplon N*rrow Gatsg lor iht Y¢iT Endtif 31 Derembtr 2024 ACCOUJTINI C. PULICJFS- co4ll*Mtd All is r¢co8niyd IIK Lhariry h8$ ￿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. Deferr￿1 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 ￿L￿urI4¢￿ wh¢Tr rtceived by Ihe ¢hiriiy. ITh Ik eyenl Ihii a doThaiian 1$ ￿bjeCt lo condiii0118 11181 rcquire a l¢vel of Perf￿￿a￿¢ by Ihc befor¢ Ihe C1￿￿ty is ¢ftiiilcd io (he ful￿*. Ihe ittCOIIIQ is dcfcrrcd nd not r¢COglllSL'd unlil ejiher th￿e ¢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)ri4￿1. 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 of*n 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.￿￿Son￿b1¢ lli-riira￿'Y and lh¢ titlLTr ofih¢ hJvin¥ iwi liwwferT¢d w ih£tth*nly. Lr*nts retelvAblt (Jrmiiis Arr rvro8ni$cd wh•n th¢ 8¥vup ho* ¢¢iiiilciii¥ii¢ ¢u ib¢ njnds ond iny co1￿111(￿ link¢d lu lh¢ ¥raiil h8v¢ ￿.¢￿ mci. Whcrc ￿r[orn￿n¢t condiiions ar¢ alla¢hthl lo the ¥ranl ig trnly reLoyiiiscd lo tliL' L'xlcnl thai Ilio ¢hurity hth$ providcd the Sl*Lifi¢d 8￿1 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 y￿lU¢￿ ui ihc amouim QL'iuuIIy r¥lllI￿d. liiTr Thos4 (ion&r¢d for Lmward rrnnsmiuion 1¢ b¢ncfiEi4rics inLlud¢d in ih¢ Stalem¢ni ol'l.'inanci#l Ac(ivAt¢s I1￿￿1￿1n¥ 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¢¢ovi￿r ￿ Ihc li￿ the inve￿n￿￿1 is r¢¢erv3b￿. ID%'cslineiil r¢itsni ur rixL A&%ei laY¢simcni A¢¢umul*iion FuNJ5 15 ll01 shown a5 investh￿￿t 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. Expe￿dI1￿￿t All exp¢ndiwre 15 fwLKd once thut 15 I legal w COn￿WiVe obliBatioTr 10 Ihe eX￿ndI￿rE. 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 Ur￿5￿urC￿. wirh c¢•iral 51lltE" Ct>51% allucatcd Ihc ba514 ofiitne $p¢nl. and d4)recia1￿￿ C￿r¥c5 allocated on Ihe pjrtioii of IhE a%5e15 uscd. Oih¢T c051s are BlIo￿ted b￿d Ibe Spre￿ of iXb515. R*islnB fuThdJ Tho*¢ aro ¢05ts inwrrcd ikn attrac111￿ vulunwy inwme. rh¢ minaRcn*nt of inv￿meTrts 8tyJ Ih(w i￿ulTed in IradinB B¢ii¥ilies Ihai rais¢ fuDd& Pa8e 14 ¢¢)niinued... Phylw K*lllPtoll Pl•rro￿ G*ige j1all￿al. Trust Noies to Iht Flna#cial St*lcrnentS- ¢Olklinued for ihe YeAr Ended Jl Dectmbtr 2024 AcCOu￿TIN,6 POLIC'.IES- conilnutd Ch4rilgble *¢lii'ilic Lha¥iiiblc cxpendimr compris¢s Ehosc Costs incurred by th¢ ¢harity in ihe d¢liv¢ry of ils aciivsiies and SCTvices ror lis bL'IILfLLiJriCS. IE i￿lu&S c￿¥ ihai can bE all￿al¢d direllly 10 5u¢h viivilies and those Los1$ of a indir¢ei niiliire Trcc¢wry ￿ sw)Jx)rt Ih¢m. .Sthpport Co$is slip￿rt cosiy in¢lthd¢ cenlThl fulletltsJb* haie ￿tIV11Y ¢tsSl cwlewTrrieE conE*Glonl wilh Ihc 115c of ￿SOUrCes. forexuinpl¢. 011￿$11￿￿ property ¢osts by fknr4r¢4& orJKY Capila. Staff ¢0515 by iijn ynd and oiher cO￿S by iheirvsBBe. Gov¢rn•ntt ¢obt• TlirsL ill¥1￿￿ I1￿ allri￿rabIC ￿ ihe chArfly'$ ¢omplianke wilh coi)SlllillioMI and s￿luI0ry trquir¢Jii¢nis, inC￿dI1i¥ nudii. giy*ie¥ic m&Dp¥¢m¢ni IN￿¢¢5 me¢iiny5 aiid rcimbw8th1 ¢xpens¢S. T*n%lblc nxtd asyeti Indiviavtsl fixcd asseis ofany ￿lut illiiKqlly Ye￿rded 41 leo iThJ iubwueThi a¢tumul4lod dL'pr¢*iwljp Ind 5llhs¢qutni n¢¢uinul•t¢d IM￿1n￿eThIIOS￿5. Work tomplcwd in the re￿0￿110￿ of 4s*is 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 ¢C￿0M1¢ lifr u follo￿%.. Asjti Cl&Js l)rprprl**lnn m+ihod Y*t• Land lljxl buildinls 2% ￿rni8h1 line bth5i% Plllnt and m*¢hinory IL*fy 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)Pik*od As much dwwM¢niaiion as lo th¢ p￿¥£tha￿ce of hrrii•g¢ a55els LS ￿￿41n¢￿ aThd reiaineJ by Ili¢ rhd1riTNhlt ￿ffi￿ny. 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 rLYubikj￿41 jii th¢ rInsn￿lal slolefflenl¥ *t thc y¢￿V ¢nd. Page 15 c¢)nlinu¢d.. Phy1115 R*m￿on G*llEe Nott5 lo Iho FlJ*nriAI 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 Inv￿men1$ aT¢ taltulaknl as ih¢ diiftrtnce I￿lw¢¢n salcs p￿￿eed an(1 lthejr markL'I %'alue DI Ihr siart of Ihe yedr. I1￿1r 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 ¢qwSY*lenis 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¢ rI￿k or Lhan¥L in volut. Cvrreni In%o51meniJ ( urrcni a$se¢ inve3im¢nts r¢pregeni funds lov￿¢d in • t¢nn invesllncnt far o per*)d of less ihnn 12 monih% lo InAncIMI lTrstrumt#ts Tlii Lhiirily oiily lius rtnanLwI ond fir￿￿111 liibiliii¢s ora kirKi Ih81 qvalify ￿ basi¢ finan¢¢AI in%lniineni¥ ILisi¢ finnneiul insErum¢nis ithtslittlly rc¢ognistd li irnwffiion valu¢ and subseq1￿ntlY iii¢a%ur¢d al Ili¢ir Iluslness ¢ombln*iio•i Illi.%1n¢￿ combinaiion$ Irt •ccoum¢d for th¢ pw¢hue method. Where neces￿ry. adjuMmcnl% Jf¢ made 10 tth¢ ljnanLi*I 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¢$. iiicom¢ ex￿￿8 ar¢ ¢liniinaiLd oil LiJiiv)liilAIi1￿ R•￿P￿D Narr•w Gaug¢ R*ilw*i' Trnsl Notes lo Ibt FluintiAI SIA1cme￿Is- rontin¥¢d ror The Tr-ear Tr.Trded.11 Deceiiib¢r 2014 D(),%A'J'I()NS AIYD L&GACI&S 31.12.24 Jl.12.23 Gitls t)on¥iioni 715.707 2,616.¥2Y 715.707 2616.819 OTHTr:R TR*lDING ACTJVITILS 31.12.24 31.IZ.23 Rrnigj inrome SolAf ilKOlnC %iirroy iryion Mnna¥¢iNnl L'hHTge Vql¢ ufRhVid￿I Tr4din¥ Lid 4.ljo 6.or).I 49.4.12 10.!(x> 370 SYN J.JUL 9.?90 .V27 10.200 455.5x2 545,3(11 INVkSTfvlx￿ r I%COhlE 31.12.24 ()Ih¥'r fixcd gss¢i inv- UnPJI Lk'pusit ¥¢¢oDnr tnt¢r¢st Inicrc.%i wiihin por¢ftylio Y4.261 65,?311 194.254 Pgg¢ 17 coijtillued... RiJhv*y Trust Notes its Iho Tr'lThaffttlal SlaienttTris- coDtlnucd ror Cht Year Tr.ndea JI Dtttmber 2024 I)COIL IE FROLM CHARITAIILE ACTJI'ITIES Jl.12.23 Ae11￿1 Railway Rthilway Railway Railwthy Railway Train far¢s CaT park Museum inl Grants 817.226 694.317 14.456 67.655 399.249 Qlt) 1%8 GraDts re¢civ¢d. u*rlu&d the kne, art as folJtsw¥.' Jl.12.24 Vi$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 N*rrow Gaug¢ R*llway Trn Noics to the Flth*iel*l St*ttments- 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 R4ilw*y R•ilwJy 5.555 437.X78 4.1.2X5 250.1.14 837 336 834.2%1 SUPPORT COSTS GovtmarKe osts Mana8¢inent T0ts15 W*8¢A l)L'pf¢iithiiw & impaim*nl Ilank chirBcx (•L'IILrJl ¢'x￿n$ 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 (ioiyrna￿c MRnaMen￿nI Wll8C5 Dcpre¢iar Dank ch8r¥es llcnirnl eX￿ny¢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 R*llw*i Trus1 Nolts lo tbe Trtnantial Si*iemenls- toniloutd for the Yt4r Lnded Jl Deeembtr 2024 NKT INCO.MEIIEXPENDITURF.I N¢t i¢wol￿11£xp¢￿l1wY¢) ￿ stsied aft¢r¢hargith8Urrdiimgl: 31.12.24 31.12.23 Audiivrb. f¢L' Audiior.*' fLX' for non lludit wwk Depr￿la110n Imt%Lirmeni surp1￿￿(d¢f￿IiI on dispos*I 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$iees.' Mr L AP Lolo w¢ceIV￿ of£77.41Kb12023.. £71.(KXII duiin8 the ycir. Thc ¢hwily m*k employer Fn$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'r*miiii%stoii. Rcniun¥wiion w•y puid hy ibc V¥1¢ of Rhcidol Ratlwwy Lid. No trus￿¢5 hav¢ r¢¢¢iv¢d •ny￿b¢r b¢thefits from th¢ ¢h*rily duriTrK th¢ y¢8[. t)urin8 Ihc y¢Br. Mr Llyr Ap Lolo w¢¢ived r¢muncraiion of£35,(K)O Ir*i ofvATI (or work donc ii) r¢loiion 10 thc .%ile uf prU￿rtI￿.8 conii¢ci¢d wilh Ihc l-'stsrc of Pclcr Ranip￿￿ Piyment lTh T¢5PL*I lif the￿ wrviLCS arL' onsidered OUlsid¢ th¢ xoptofordiwry dulles￿ a try51¢¢. and for by the Vale of Rli¢isJol Railway l.Id. Trustee$, cxpeThse Durin8 ih• yw TruDtecs wiihub th¢ r¢c¢1￿￿ ifthvrl CAVEtw uf£o.182 fiw ih¢ yw end￿1 31 DL*¢inb¢r 20241202J.. £591 Page 20 onlinued... Pk>l&s Giugc R*ilw•i' Tru Notei lo Ihe FlThanciAI.Si*icmtnls- ¢Olllinutd lor Ihe YtAr Ended 31 Decembtr 2024 S'I'AFF C.OSTS 31.12.24 WAÈL'5 and sAlaii¢& Social %eciiriiy ¢osis Employ¢ts P(n3ion SllS.0116 70.5518 795.515 54.Cb84 972918 Si4trcoteRorkA Th¢ of rAthtT¢mploy￿ by Ehc ehariiy dwing y¢ar was 0$ follo￿5.. 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 rollowingbE￿I5 wis.. Jl.12.24 31.12.23 £70.o01.￿.oL￿1 Pag¢21 Lonlinued... Phyl￿ R*mptoth N*ytoM. CauÉ¢ R•llw*)' TThsi P4otes to ¢ht FlnaR¢ial Si*ttmcnts- COJlTlnued fvr iht Ytthi JI Decembtr 2024 CO.MPARA TIVES VOR THE STATENIENT 0￿. FJIA.NCIAL ACTIVITIKS Fnthwa￿r￿I 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 YFARADJUST￿lENT TIKir We￿ no pnot yeaiadju5tmenl in Tel&tion to they¢arended 31 D¢¢mbtr2021. P¥¥e 22 tonlinued... Ph)'Jlis K2mpto• f4*rroM Gaugt Rail￿1¥ Trllst NDl¢s Iv Ihc Financial Slalemcnls- Continued for ihe Ye*r 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 $27 6 830 J38 Db.PR Tr'.CTA TION 26J.J26 107,1181 814.739 1.9 1.960 Ih3.799 1?.2gui lim oil disrwl 12.24)) Al 31 De¢¢mb¢r 2024 J71307 856J07 J.920 231534 Nfr:'I' 11()OK VAI.UE Al ) I lkn'¥iiJL￿l 2024 J.lJl.J20 401.404 ).J¥N.J04 Al.I I Ik¢emkn 2023 12.7S5.073 509.4)3 13.272.816 Pag¢ 23 llluhutd... Pbyllh Rimwoo Nirrow Gltsge Itll1￿1￿ I'rusi Notu lo Ibt FiTranclai Staloments-tonllnmed for Ibe Ytmr Euded Jl l)titmbtr 1024 HERITAGF. ASSETS To¢#1 Gjuup IARKL'I. I'ALUE Ai l JOK VAI.UL Ai 11 t)r￿rn￿rr?fi?j Ai JI Drl¢it￿1 202) 4 JJJ 192 Included in heyiia¥e are assets held by th¢ wjbsidiiry crI￿pathY. va￿OrRI￿1thl Railw4y Limiltd with a ¢t book v•lu¢ of £4.J41.R5012023.. 4J43,7921. Th¢ r¢m•iTring herithge oss¢ts of £IO.IW12023.. £10.1001 are owneil by iht chAlity. 16. FIXFD ASSET INVESThlEYTS Gruup Invesiimni Shares in 8TVUP prqxrty undenikin8S invts¢nieni Toi81$ MARKTr.T VAI.UTr: Al l Jllnwry 2024 R¢Y.IA4sifi￿l fr￿hr•I￿ Athjiiions Sol¢% pr(Krrds Kevaluolion nKTrvemehi Sth5.750 3.030.249 3,537,(M)5 4 fi1? 147 2.-391.404 4.fi1?.147 2.-191.404 265.403 2(15.403 Ai 31 Dc¢¢nknr2024 4632 147 4051765 NET BOOK VALUE AI 31 1)CCLnilJcr 2024 4632 147 5(KI 756 4051765 9 190 (108 Al 31 Decem￿r2023 506.756 3.030.249 3.537,IJ05 Ineliidcd in li$i¢d invesnn¢nty are inv¢Mments held by thc subsidiary cOm￿ny. Vale of Rh¢idol Railway Limil¢(I with a nd bwk valw¢ of Nil 12023.. £(0,935>. The r¢mainio8 liiid inv¢51n*nls Qt. £4.051.7115 (2023.. £2.Y60.3141 1$ by Ihe ¢hariiy. InYcsrm¢ni pro￿nY Is h¢ld ty Val¢ ol Kh¢idol K*ilway iAd. PJ8e 24 conlinueil... Ph>'llii R*Thpt•n Narrtriv Ga48r Riilw•w Trusl Notes lo Ibt Fin*nciJl Si*iemontS- fOnliNuwl (￿r Ye*r Endtd Ji DecetDber 2024 ST()CKS 31.12.24 Jl.12.2 Jroup G￿￿P 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: A￿lOUNTs 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 S￿lJI sccDriiy and oth¢r t4X¢S Accru¢d cxp¢nxs 2.320 89.502 76.IW4 135 14.084 Pag¢ 25 ¢oniinlld... Pkvllts R*rnptoTr Nirr•w G*llEt Railytai. Tru51 Notts to Iht Fln•i¢l*l St*tt￿t￿1$- ¢omtIn￿td for the Year Ended 31 D¢c¢mb¢r 2024 I IOllkhlE%T IN FU*DS Prior N¢t )vcm¢n¢ Al Ai 1.1.24 rAlju4iiirrJi Unrtstrlrted fllnds Cicncyal fund 23J09.370 2.292,9¥6 25.802.356 Tr'ndoMmcTrl lund5 Eniluwiiicnl fund 6J3.650 633,650 IU'I'AI, TrIINI) 24.143.020 221)2.y116 26.4.46.W6 N¢1 n10￿ment in fw>ds. i￿l￿d¢d ￿ th¢•ly)ve are ￿ follows.. li*omin8 R¢sowce5 re￿Urces tX￿ndcd G4i115 ond I(K4K's Moviiii¢ni Unrttirleied Ci¢ncrnl fuNI 1285h73 11.Wl.787) I,W9.1 2.292.916 TI)TAI. Tr'IIND 2 2Y2,YX6 CompArA*lvM for mov•m•NI Pritir year adju51meThi Nei m(bvciiienl in fund$ 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 Tr￿Ver￿ent irKlllded in the *i¥)ve as follow5". Incomin8 Re￿Ur¢ eXpe￿d 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 R*ilwa> Trust Note5 lo IhE Fin*n¢kal 51*1emtni$- ¢othilthued (or ihe Ye*¥ Ettdtdjl l)e¢eniber 2024 PwlOI'F.P4lFdiNT IN FU%'DS- toDtthu¢d A eumi yt*T 12 and wior ye8r 12 months con*hnwJ Ewiion is45 folknws.. Nei move¢n¢ni in fuDds Al 31.12.24 Al 1.1.23 UDrL'sirl¢i¢d (￿ndS Cifn