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2024-02-29-accounts

Registered number: 01036704 Charity number: 501388

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1 - 2
Trustees' Report 3 - 20
Trustees' Responsibilities Statement 21
Independent Auditor's Report on the Financial Statements 22 - 25
Consolidated Statement of Financial Activities 26 - 27
Consolidated Balance Sheet 28 - 29
Company Balance Sheet 30 - 31
Consolidated Statement of Cash Flows 32
Notes to the Financial Statements 33 - 67

(A Company Limited by Guarantee)

NORTH YORKSHIRE MOORS RAILWAY TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 29 FEBRUARY 2024

Trustees

Mr J Bailey Mr M Brierley (resigned 7 October 2023) Mr S Brockington, Chairman (resigned 22 December 2023) Mr A Bruce Ms K Dodds Ms S Fisher (resigned 27 April 2023) Ms V Holmes Mr M Johnson Mr T Laasko Mr C Martin (appointed 7 October 2023) Ms T McGee Mr A Scott, Vice Chairman Mr D Slack (appointed 22 May 2023) Mr J Swift, Chairman

Company registered number

01036704

Charity registered number

501388

Registered office

Pickering Station Pickering North Yorkshire YO18 7AJ

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NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

Company secretary

Mr M Brierley (resigned 26 February 2024) Miss C McCann (appointed 26 February 2024)

Independent auditor

BHP LLP Chartered Accountants Rievaulx House 1 St Mary's Court Blossom Street York YO24 1AH

Bankers

Santander UK Plc Clearwater House Columbia Drive Thornaby TS17 6BJ

National Westminster Bank Plc Commercial Banking 1 Humber Quays Wellington Street West Hull HU1 2BN

Solicitors

Rollits LLP Citadel House 58 High Street Hull HU1 1QE

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(A Company Limited by Guarantee)

NORTH YORKSHIRE MOORS RAILWAY TRUST

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT)

FOR THE YEAR ENDED 29 FEBRUARY 2024

Preface

The Trustees present their report and the audited financial statements of the North Yorkshire Moors Railway Trust (“NYMR", “the Trust" or “the Charity") for the year ended 29 February 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

The Board sets strategy and annual objectives for its PLC subsidiary tasked with employing staff, holding safety certificates and for the successful day-to-day running of the railway and the wider charity, pursuant to a regularly reviewed Collaboration and Services Agreement. The financial statements cover the activities of the NYMR Group ("the Group") comprising the NYMR and its controlled subsidiary, NYMR plc ("the PLC").

Trustees recognise and are compliant with the Charity Governance Code and the Charity Commission’s guidance on equality, diversity and inclusion and recognise the strength that compliance brings to the Trust’s activities.

Both as an Accredited Museum and a licensed railway operator on its own line and the part of the National Network between Grosmont and Whitby, the NYMR Trust is committed to meeting standards overseen by the Office of Rail and Road and by Arts Council England. We value our relationships with the rail regulator and the museums accreditation office of ACE as we strive to deliver the greatest possible benefit to the heritage, the region, our community and our many thousand visitors each year.

Part 1 INTRODUCTION AND GROUP STRUCTURE

The year to 29 February 2024 has been one of success as the Trust has worked to re-establish the NYMR’s sustainability after the difficulties created by Covid and the subsequent cost of living crisis. The theme of this report is ‘an organisation in transition’. The Trust Board and senior management team have used the last year to embed the new governance arrangements developed in 2022 and to shape and deliver the necessary changes to our financial planning and our methods of operation required for future sustainability. The year saw us deliver many of the necessary changes and we ended in a stronger position than had been budgeted. One example has been the changes in plc Board structure, such that senior managers have become directors. This has strengthened teamwork.

It is pleasing to have been possible in 2023 to concentrate on encouraging visitors to return to enjoy the NYMR and the journey we offer through the North York Moors National Park. The response has been excellent, with visitor numbers rising strongly and secondary commercial activities (particularly Pullman dining) performing well. Turnover climbed to record levels, assisted by the popularity of our new Gift-Aid eligible annual ticket accompanied by a ‘kids go free’ offer, where good value has chimed with the current pressure on household budgets. More challenging has been the relentless pressure of rising costs which has necessitated highly disciplined budgeting, something that has been carried forward to the year ahead.

In 2023 our visitors benefitted from new learning and access facilities resulting from the Yorkshire’s Magnificent Journey project. Our learning programmes for schools and families have been relaunched. Our first steps to improving understanding of the heritage for all our visitors has been made with an exhibition at Goathland Learning Centre and the launch of App-based ‘Station Stories’ tours. All service trains now include Fuss Free Access coaches, offering wide doors, and enhanced lavatory accommodation for mobility impaired people. Lineside conservation works are delivering real benefits for wildlife and the environment and help increase visitor enjoyment and understanding of the countryside.

2023/24 has marked our first year as an Arts Council England (ACE) National Portfolio Organisation. Since founding of the

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(A Company Limited by Guarantee)

NORTH YORKSHIRE MOORS RAILWAY TRUST

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 29 FEBRUARY 2024

Preservation Society more than fifty years ago, the NYMR has relied entirely on income from members, from donations, from ticket sales and from other trading to meet its year on year costs (although we have been successful, of course, in gaining grant aid from public bodies for one-off capital projects). The Arts Council National Portfolio embraces around 1,000 not-for-profit organisations from every facet of culture: music, theatre, museums, heritage, craft and so on, who share ACE’s goals of spreading enjoyment of culture as widely as possible. This is what we do: our volunteers gain satisfaction from their involvement with the heritage and our visitors enjoy the experience of heritage travel through a special environment. ACE agrees and we are the first heritage railway to be admitted to the scheme which will bring £1M over four years in the first instance. This is helping us care for our historic collections (particularly where this cannot be prioritised directly from farebox income), extending education services to enhance the visitor experience and attracting audiences who are not currently visiting because of physical access, cultural or transport barriers.

Part 2

CHARITABLE OBJECTIVES

The Trust’s strategic objectives are closely based on the four charitable purposes set out in our Articles of Association. They are summarised below:

Part 3 PRINCIPAL ACTIVITIES

The Trust’s activities centre around providing for the public the experience of heritage train travel through the North York Moors National Park. The Trust owns and cares for its 18-mile long historic railway, its structures and the environmentally important corridor through the Moors that it occupies. It conserves, maintains and operates an important collection of heritage railway equipment much of which provides the Trust’s train services. It provides associated education and interpretation activities for diverse audiences. It provides opportunities for volunteer engagement in a huge variety of activities and specialisms upon which the Trust depends. The Trust’s railway from Pickering to Grosmont and its route onwards over Network Rail tracks into Whitby provide the stage from which the full range of the Trust’s charitable activities are delivered. The Trust’s heritage railway service is the busiest in Britain, carrying prior to the Covid downturn up to 300,000 passengers over a total of more than 60,000 train-miles each year. As the busiest visitor attraction in the National Park, it has a significant impact on the local economy.

Through its plc subsidiary, the Trust employs and trains around 100 staff and provides opportunities for some 1,000 volunteers. The Trust has volunteering at its heart. It was set up by local people as a reaction to the closure of the railway in the mid-1960s Beeching cuts and is a true community organisation, shaped and operated by a volunteer Board and membership. Membership has grown to around 10,000, a level that has been sustained for many years. Volunteers are active in everything from tea-room operation and archive care to locomotive driving; with many committing themselves to intensive safety-critical training and the rostered shifts on which safe and reliable operation depends.

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(A Company Limited by Guarantee)

NORTH YORKSHIRE MOORS RAILWAY TRUST

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 29 FEBRUARY 2024

Part 4 ACHIEVEMENTS AND PERFORMANCE

2023 was the 50th anniversary of the NYMR’s opening. This had been preceded by six years of hard work by volunteers to prepare the line for its new role and to acquire the equipment, historic vehicles and skills necessary. The official reopening in 1973 took place in the presence of the Duchess of Kent.

In 2023 we were honoured and delighted to be visited soon after his Coronation by His Majesty King Charles to help us celebrate that 50th anniversary. The visit was combined with a celebration of the 100th birthday of the National Railway Museum’s ‘Flying Scotsman’ locomotive, with the King travelling from York to Grosmont and on to Pickering in the Royal Train, hauled by ‘Flying Scotsman’. After enjoying his journey, King Charles met a cross-section of the NYMR’s people including some of the earliest volunteers, key staff and Trustees, junior volunteers and local schoolchildren, before leaving to make other visits in Pickering and area. A month earlier, on the actual 50th anniversary, invited guests enjoyed a reenactment of the reopening special train with the original locomotives and, indeed, the original locomotive crews. The event symbolised the lifetime commitment of many early volunteers, the importance of the new generations being engaged and trained and the thanks owed to all who have made the NYMR such a success over the last half century.

The optimism engendered by the anniversary and the beautiful early season weather was tempered by the accompanying drought which restricted our use of steam locomotives during the early summer season because of the high fire risk. Nevertheless, our aim to raise visitor numbers back towards those experienced pre-Covid was met, with footfall up by 31.6% (13.4% net of uncharged repeat visits) over the year.

We operated public services on 247 days during the year, with daily operations from late March until early November, together with services in the lead up to Christmas and during the New Year and February holidays. Our steam locomotives operated for 40,029 miles and diesels 25,190 miles during the year.

We expanded our programme of special events and reintroduced operations around New Year and the February half term to drive visits. Dining services were also particularly successful. Our 50th Anniversary steam Gala in September attracted record numbers with several visiting steam locomotives, including the streamlined pacific locomotive ‘Sir Nigel Gresley’. February operations were built around a visit from the locomotive ‘Royal Scot’.

In 2022 we piloted arrangements agreed with HMRC allowing visitors to link gift-aided contributions to their train ticket purchases. Building on that experience, gift aid contributions grew strongly in 2023 and our belief that the ‘annual pass’ model was the right one for the railway has been vindicated. We continue to see strong repeat visits and associated strong secondary spend (catering, gift shops, guide books etc) amongst those coming back for a second or third time. Overall the impact on income generation has been strongly positive with turnover up 23.5% on the previous year.

Preceded by much careful work, the Safety Certificate required for the railway’s operation between Grosmont and Whitby was successfully renewed. Work has continued on refreshing our organisation-wide safety management system (SMS) and on ensuring that we have a full suite of refreshed procedures and risk assessments in place to manage our operations.

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NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

PART 5 DELIVERING OUR OBJECTIVES

5.1 Heritage

Caring for the railway, its infrastructure, signalling systems and buildings

One of our many wrought iron bridges, bridge 11 at Farwath, was strengthened during the year. Although relatively small, this bridge over Levisham Beck, had a 10mph speed restriction because of its condition. By strengthening rather than replacing, we have maintained the heritage appearance and the speed restriction has been removed. Bridge 27A at Goathland, spanning the Eller Beck forms the station access road, has been similarly strengthened underneath and repainted, retaining its heritage appearance. The replacement of life-expired pointwork at Pickering Station provided the Permanent Way and Signalling teams with their biggest challenge of the year, but one delivered with great success. These new points will be good for the next 30 years. These three pieces of work have continued the programme of long-term improvements to the Trust’s strategic heritage infrastructure.

The Estates team has been busy repairing chimneys at both Goathland and Grosmont stations, and installed a new package treatment plant at Levisham for our waste water there.

Replacement and repair of lineside fencing is an ongoing task for our lineside teams and increased flail mowing activity has opened new sections of the lineside for habitats and considerably reduced fire risk.

Our historic vehicles and our broader museum collections

The highlight of 2023 was the return to service of LMS Class 5 steam locomotive 44806 after heavy overhaul at Grosmont. This has been a comprehensive overhaul carried out by staff and volunteers and will help form the backbone of our services in 2024 and beyond. We also welcomed Brush Type 2 diesel locomotive 31466 to our home fleet, in superb condition. Both locomotives are loaned from a NYMR member in the context of a partnership agreement.

31466 increases the size of our diesel fleet, enabling us to operate in high fire risk periods without needing to hire diesel locomotives in the commercial market.

The Standard 4 Preservation Trust very generously transferred ownership of BR class 4 tank locomotives 80136 and saddle tank 68030 to the NYMR. 80136 had previously been loaned-in to the Trust for several years through a partnership agreement.

Good progress has been made on the boiler overhauls of 80135 and 75029, the intention being that these locomotives will return to service in 2025.

The first stage of the long-awaited overhaul and restoration of WD 2-10-0 ‘Dame Vera Lynn’ has progressed with the delivery of the locomotive’s renewed tender tank from an outside contractor after a successful fundraising campaign. Research in the UK and overseas has been undertaken encouraging us to launch a project to convert the locomotive to burn fuel oil. This will allow us greater flexibility in future train operations, particularly when there is high fire risk.

A major issue in 2023 has been the need to satisfy the ORR that we have a solution to their recent requirement for adaptations to the Mark 1 carriages, which form the bulk of our passenger fleet, to meet central door locking regulations. Agreement has been reached for a low-cost adaptation to our carriage collection which will not be intrusive and which will minimise the impact on the heritage travel experience that we are able to offer. Installation of the required equipment will take place early in the year 2024-25.

The year has seen major overhauls to three of our BR Mark 1 carriages. One has had its former toilet area turned into a

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(A Company Limited by Guarantee)

NORTH YORKSHIRE MOORS RAILWAY TRUST

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

buffet area so that we can provide catering facilities on all three Whitby sets. The full overhaul and restoration of Mark 1 BSO 9274 has involved totally renewing the interior.

In 2022 we successfully added a generator car into the Pullman train to improve power supply. Consequently, in 2023 we have been able to complete the kitchen vehicle refit by introducing additional fridges and water boilers and updating lighting.

In a period of extensive skills shortages, we have been successful this year in retaining our skilled staff. Assisted by NLHF funding the department is now training four conservation apprentices, including, for the first time in eight years, one in our Pickering carriage workshops. All are doing well and becoming valued members of the team. We have invested in a variety of staff training, including working at height, middle management training, Telehandler driving and the systems to support and manage competence.

Volunteer numbers are also growing following the Covid hiatus, with numbers in the Pickering carriage workshops doubling in 2023, all making valued contributions towards providing the 32 coaches required each day to run peak services.

2023 also saw improvements to our workshop facilities, with the commissioning of our new CNC machining facility at Grosmont. The facility is producing components not only for our rolling stock workshops but also for other departments across the railway.

Caring for our smaller artefacts and archives and the administration of our collections

In 2023, a primary focus has been on the review, updating and adoption of collection policies and management procedures. Regular review ensures that underpinning policies and procedures are current, relevant and take account of current guidance on the management and use of Collections.

During the past year, a new overarching Trust Collections Policy and underpinning collection policies for key elements of the collection including locomotives, carriages, wagons, archives, lineside and station artefacts have been produced and adopted. Policies for the railway vehicles on the NYMR (locomotives, carriages, wagons) clearly identify and distinguish between ‘Heritage’ vehicles subject to museum disciplines over conservation and care and non-heritage vehicles not subject to the same levels of discipline, rendering (for instance) adaptation to meet modern access standards easier.

In our small exhibits and archives collections, records of over 8,000 artefacts and 10,000 photographs have been transferred from AdLib to new industry-standard Axiell Collections Management software, enhancing our ability to retrieve information and data necessary for management of the Railway’s assets.

Day to day Collection management procedures have been reviewed and updated to ensure SPECTRUM best practice guidance is reflected. The aim is to ensure that the Collection we manage is relevant and that as much as possible is accessible to visitors, either along the 18-mile length of the railway or in the Pickering archive and small artefacts facility.

Alongside this work, a collections review is identifying material falling outside our collections policy and arranging for disposal or transfer to other collections. In parallel with this work, renewed partnership agreements with some of our key rolling stock partners have been signed.

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NORTH YORKSHIRE MOORS RAILWAY TRUST

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 29 FEBRUARY 2024

5.2 Education

Enhanced experiences for general visitors and tailored services for learning groups and families.

Following the appointment of a new Head of Education in early 2023, the NYMR’s education service was relaunched to users with the focus being on Goathland, site of our new Learning Coach, developed as part of the NLHF-funded Yorkshire’s Magnificent Journey project. Following piloting and development work in the previous year, this has seen around 670 schoolchildren participating in formal learning such as workshops and trails with excellent feedback. Participants came from a wide range of backgrounds with entitlement to free school meals being slightly higher than the national average.

We have also launched a programme of informal learning based on Goathland and will be extending this in a series of initiatives across the railway in the years ahead. The first exhibition in the Learning Coach, Volunteer Voices, was launched as part of the Railway’s 50th anniversary celebrations.

Station Stories, an app-based tour of Goathland station was launched at Easter 2023 and has proved popular.

Besides those doing formal learning, over 1500 school-aged children participated in Railway-wide informal learning initiatives and a full programme of family activities including collaborating with the National Literacy Trust to host ‘Look for a Book’ where over 100 books were hidden around our stations for the public to find to support reading for pleasure. We have been supported by North Yorkshire Council to deliver family storytelling sessions with local freelance performers.

Adult learning outreach has included working with CaVCA (Coast and Vale Community Action) to offer an object handling session at Pickering’s Hungate Centre during a Winter Warmers club, enabling participants to engage with our collection in an accessible way to them. Another new event has utilised our residential Outstation located on the Moors above Levisham for stargazing in the context of the National Park’s ‘Dark Skies’ festival.

The relaunched Learning team has attracted a team of 12 volunteers supporting with both formal and informal learning.

Development work has run forward during the year in parallel with service delivery. A second Station Stories app, this time for Grosmont, has been developed for launch at Easter 2024, thanks to a £20,000 grant from the NYMR’s York Area Group. Formal learning workshops for Early Years and Key Stage 1 have been developed and tested ready for launch in the 2024 season.

5.3 Access and Engagement

Building citizenship, skills and wellbeing for individuals of all ages

Active volunteer numbers have risen from 845 to 1,015 during the past year as numbers continue to rebound following the Covid epidemic. Periodic recruitment campaigns across a wide range of Trust activities support the continuous interest in volunteering for the NYMR and attract people from a wide range of backgrounds and ages.

Two volunteers are now actively supporting recruitment and induction programmes under the supervision of the NLHFfunded Community Engagement Manager. A structured recruitment process is in place with emphasis being placed on surmounting barriers to engagement wherever possible.

Our 2023 volunteer survey identified 92% of respondents intending to maintain their involvement, a figure very much in advance of the 77% recorded nationally by the National Council for Voluntary Organisations in response to a similar question. Their survey highlighted concerns over pressures on time due to changing circumstances. Whilst we seem to have largely avoided this problem, the result highlights the need for us to continue to prioritise understanding and

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NORTH YORKSHIRE MOORS RAILWAY TRUST

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 29 FEBRUARY 2024

breaking down barriers to volunteering for our valued supporters.

The year has seen a thorough review of all policies and procedures relating to volunteering, with particular emphasis on problem-solving, supporting an aging volunteer demographic, engaging young people, and micro-volunteer opportunities. In parallel with this work, our safeguarding provision has been reviewed and updated.

We have collaborated with the National Park Authority to attract volunteers and encourage engagement with the NYMR. One such group is Ryedale Out of School Education where student groups supervised by NYMNPA staff supported lineside conservation activity. The NLHF-funded ‘Outstation’ residential facility has encouraged uniformed youth groups and many other schools and community groups such as Coast & Vale Learning Trust, RAFAC and S&RMR to engage with the railway, often as part of their Duke of Edinburgh award programmes.

Activities with several underserved communities have been delivered throughout the year including NYCC Looked After Children where many children experienced the NYMR for the first time.

In October, working collaboratively with Pickering Rotary, 180 adults visited the NYMR over 3 days. Groups from organisations including Mencap, Sight Support, Next Steps, Carers Support, MS Society and others. Activities included a journey by train, accompanied by our dedicated on-board train guides, guided visits to the Grosmont locomotive depot and refreshments adding up to a memorable visit.

Many of those attending are often isolated and can face barriers and challenges to engagement such as socioeconomic factors, disability or ill health. Despite huge changes in the sector in recent years, there are still striking inequalities in museum visiting for such groups. Such memorable experiences are extremely valuable to the individuals concerned. They can provide a platform to connect with others who share similar experiences and challenges, fostering a sense of belonging and support.

5.4 Environment

Addressing the community’s increasing concern for the environment, caring for and building public understanding of our unique green corridor through the National Park.

NYMR Environmental Sustainability programmes continue to be well represented and supported amongst staff, volunteers and our wider membership base. We have identified our key target areas of work and where they fit within the United Nations Sustainability Goals. Our three main ‘themes’ with target focus areas includes:

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NORTH YORKSHIRE MOORS RAILWAY TRUST

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 29 FEBRUARY 2024

We liaise with the North York Moors National Park Authority and the Pickering & Ryedale Environment Group to align targets and ensure best practice. In partnership with the University of Northumbria we are researching our Carbon Equivalent Emissions (CO2e emissions) with the initial aim of creating a baseline for both the NYMR and other heritage railways.

Our links with universities also include the Sustainability Clinic at York University where we have had 3 groups of students engage in fire risk management and habitat surveys on the lineside. Further projects are planned for 2024/25.

Our Environment Officer chairs the Heritage Railway Association Environment Group and is leading the development of new advisory notes and case studies on good environmental, conservation and sustainability practice for Heritage Railway Association members. This initiative follows her recent launch of 6 peer-reviewed Best Practice Guidelines on protected species for HRA members.

A student placement is working with the lineside conservation team to create a ‘Nature Conservation on Heritage Railways Handbook’. The aim is to give simple tips on how to consider biodiversity as part of lineside management and is one of the final NLHF-funded Yorkshire’s Magnificent Journey’ activities.

The Lineside Conservation team continues to attract new volunteers and requests from community volunteers to take part in activities. In the last year we have significantly invested in volunteer training with several volunteers trained in brush cutting, chainsaw work and pesticide treatment. Some volunteers also donated funds to support team training. This has meant that we have been able to achieve more, more efficiently.

Volunteer teams work 5 days a week on sites in a range of tasks, all of which continue to make our railway safer, biodiverse and rich in heritage features. Our lineside plan incorporates a growing emphasis on an annual cycle of fire risk management tasks, all now embedded in work programmes.

We work closely with the National Park Apprenticeship scheme welcoming a further 3 Apprentices to the Level 2 Countryside Worker Apprenticeship and for the first time sharing a Level 4 Apprentice Ranger with the National Park. The commitment to partnership work in this way cannot be understated. It fosters increasingly positive relations with the National Park and is an invaluable resource to the Lineside Conservation team.

The NYMR are official partners with the National Park, the Yorkshire Wildlife Trust and, Forestry England in the Defra funded ‘Linking Levisham’ project. The project aims to be ‘a flagship site of national importance for landscape-scale nature recovery and climate resilience within a working and culture-rich landscape’. Our distinctive role will be to support ecological conservation initiatives in Newtondale and to be an essential communicator to people travelling through the landscape and from Levisham Station.

We’ve built further working links with Forestry England to plan a 20-year programme of conifer plantation removal directly adjacent to the railway landholding. Our involvement will be an essential step in Forestry England's rewilding programme.

We continue our survey work of rare and common species to inform our programmes, including our continued

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TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 29 FEBRUARY 2024

partnership with the Birds on the Edge scheme to support turtle doves in the National Park.

Part 6 MANAGING OURSELVES

6.1 Structure, Governance and Management

Our Chief Executive, Chris Price, left the railway in December. He leaves with our thanks: the NYMR is in a stronger position than when he joined us. Chris built a resilient team to take the railway forward and Trustees were confident that the Deputy CEO, Laura Strangeway could manage the railway in the interim before a new CEO was appointed. Laura has more than justified Trustees’ confidence.

Also departing, we were sorry to see Trust Board Chairman Simon Brockington decide that with a new senior administrative role at Cambridge University, he could not give the time he felt was required to his role at NYMR. Trustee Jerry Swift was elected to the role of Chair.

Jerry has spent his working life in transport, the last 20 years at Network Rail. In his last role as Head of Community Rail, Jerry worked with heritage railways and community rail groups across the country.

Led by Acting CEO, Laura Strangeway and Finance Director Garry Mumford, the Senior Management Team embarked upon a re-organisation intended to streamline the organisation, build income and reduce expenditure and operating costs. 15 staff subsequently left our employment through a combination of retirement and a limited number of redundancies. Collectively these actions will save £364,000 per annum in the current year and beyond. Recruitment of a substantive CEO will be completed in 2024.

The Trust Board is supported by several sub-committees (Board Support Groups) to ensure the detail of running a large organisation is managed effectively. Towards the end of the year, a review has been undertaken and some small changes are being made to ensure every aspect of our business is covered by a BSG and to reduce their overall number. These changes will take effect during 2024.

6.2 Staff and Volunteers

Recruiting and retention pressures eased a little in 2023 with recruitment to vacancies in technical, operating and catering staff being achieved generally with fewer problems than experienced in 2022.

NYMR permanent staff numbers are as follows: Permanent staff numbers at 1 March 2023 113 Permanent staff numbers at 29 February 2024 87

(These figures include only those in permanent contracts and therefore excludes those on seasonal or short or fixed term contracts.)

Staff and volunteer training programmes continue. Externally facilitated training courses included an introductory course for new managers and a higher level course for more experienced leaders. Externally facilitated Customer Service training was arranged for retail and back-office customer-facing staff.

A wide programme of training for operating volunteers and staff continues with an increasing proportion being delivered and administered on-line.

Two new workshop apprentices were recruited, continuing our commitment in this area. We have continued our partnership with the National Park through which we finance shared countryside apprenticeship programmes

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administered by the NPA.

One of the strengths of the NYMR is the commitment and initiative shown by our many volunteers, not least those who take responsibility for the care and operation of our stations. Striking the right balance between encouraging this commitment and ensuring that activity takes place within the Trust’s priorities and standards frameworks is always a priority for leadership. But it is inevitable that, in a rapidly changing world, the Trust must retain responsibility and control over safety, financial and environmental standards and that volunteer teams must work within the frameworks established by the Trust Board to ensure that the Trust is not put at risk.

In almost every case, these changes have been achieved with the support of our hard-working volunteer teams. However, during 2023 it became clear that a small group of volunteers was not prepared to demonstrate their willingness to work within such management frameworks and when the necessary undertakings were not forthcoming, it was sadly necessary to suspend the individuals concerned from their involvement as volunteers.

This unfortunate incident has led to a review of our volunteer engagement terms and this has been reinforced through an extended programme of volunteer briefing and Q and A sessions. We move forward with much more robust controls and processes as a result.

6.3 Safety and Safeguarding

Safety

The NYMR operates within a strict safety regime regulated by the Government’s Office of Rail and Road Regulation. During the year, our Safety Certificate was successfully renewed, allowing us to continue to operate over the National Network between Grosmont and Whitby. We remain the only heritage railway operating routine daily services over the National Network in this way. Successful renewal was supported by modification of our Safety Management System structure to be more in-line with the ORR’s standard models. We have also taken the opportunity to review our Rule Book, which outlines the basis of our key operational controls and is the ‘bible’ for all our operational training. The revisions were completed at the end of the year and introduced for the 2024 running season. We had a tremendous response, especially from volunteers, during consultation on these suites of revised documents. This has enabled us to better clarify and align policy across the NYMR.

The embedding of the control log in operations has been a great success, providing an opportunity to analyse trends and bring targeted action to the newly launched monthly Operations Conference. We’ve targeted several key areas for action from this analysis, including level crossing misuse and lineside trespass. This appears to be having a very positive impact.

Dealing with the heightened risk of brush fires in periods of drought is always on the agenda. Following three significant fires in the early part of the operating season we worked with our lineside neighbours and key stakeholders to review procedures. Representatives of our conservation and operation teams sit on the National Park’s Fire Liaison Panel. We’ve run trials with double-meshed spark arresters, invested in new fire-fighting equipment, and have a strengthened team of trained staff and volunteers to subdue and contain lineside fires when they start. We’re also using data to better understand fire risk profile and target our actions based on risk.

A continual emphasis on training continues. Examples of some of the routine training programmes for both staff and volunteers include pre-season emergency evacuation scenarios and competence management, particularly for those involved in any aspect of train operations. An increased emphasis on multi-skilling has assisted in maintaining services throughout the season without difficulty.

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FOR THE YEAR ENDED 29 FEBRUARY 2024

Safeguarding

As noted last year, trustees adopted a fully refreshed and comprehensive safeguarding policy; this was circulated to all staff and volunteers. Other documents and procedures were then reviewed and have resulted in a Behaviour Code for Employees and Volunteers Working with Children under 16 years of age in Regulated Activities; an Employment Recruitment Procedure; a Safeguarding Reporting Form; and a secure Safeguarding Log where all safeguarding concerns are documented. As training is vital to successful implementation, a Safeguarding Training video was created and distributed to all staff and volunteers. As we continue to strengthen our culture of safeguarding, ensuring that people of all ages - our visitors, volunteers and staff - and circumstances, feel welcomed, respected and valued, additional information and training will continue and be an integral part of the year ahead.

6.4 Working with Partners

The NYMR has had close working relationships with other heritage charities including the North Eastern Locomotive Preservation Group (NELPG), the London and North Eastern Railway Coach Association (LNERCA), the A4 Preservation Society and the Class 4 Preservation Trust Ltd. Each organisation owns historical rolling stock all or some of which is based on the NYMR and which we operate in line with agreements between us and the relevant Trust. A revised agreement with the NELPG was finalised at the year end.

For some years we have had an excellent working relationship with the Class 4 Preservation Trust Ltd in respect of their ex-BR standard tank 80136, a type regularly used on the Whitby to Pickering line in the 1950s and 60s. Since its arrival some years ago, it has become a key part of our operating fleet. Trustees of the Class 4 Trust decided that the time had come to wind up the Trust and we were delighted to accept their donation of their assets, including 80136, which joins our heritage collection.

We are also grateful for the unstinting support provided by the NYMR’s local groups in Hull, Northallerton, South Yorkshire, Teesside and York, the latter being an independent charity. The Trust also values its relationship with a wide range of public bodies including the National Lottery Heritage Fund, the Arts Council for England, the North York Moors National Park Authority and Natural England. Our relationship with regional organisations including the York and North Yorkshire Local Enterprise Partnership is subject to change in the year ahead, in the light of the launch of the Combined Authority for York and North Yorkshire.

6.5 Principal risks and uncertainties

Both Boards are committed to managing all risk throughout the organisation, with a particular emphasis on the safety of visitors, volunteers and staff. The Corporate Risk Register quantifies risk and impact, with Charity Commission Guidance Note CC26 (Charities and risk management) underpinning much of the process. The review process assesses every risk against the following criteria:

We have recognised the need to continue to be vigilant in our controls, for the safety and health of everyone who is in contact with our activities. The Corporate Risk Register is a living document, reviewed at every Trust and PLC Board meeting so that Trustees and Directors have a clear view of the issues facing the charity and the mitigations required to reduce or manage the risk. We categorise risks as red, amber or green based on their score, before and after controls are

Page 13

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 29 FEBRUARY 2024

applied. Perhaps unsurprisingly, most risks directly attributable to our operations are currently green or amber as we believe we have robust demonstrable controls in place consistent with safety responsibilities and our licence to operate the railway. Red risks tend to be external and less easily controlled. Current ‘Red’ risks (those with an identified risk score of 15 or more) include:

Part 7 THE TRUST'S PRIORITIES FOR 2024/25

Trustees delegate train operations to the PLC, whose annual service delivery plan and organisational development plan are published separately. The role of the Trust Board is to take a strategic overview and ensure the long-term success of the whole organisation. Our future priorities are as follows:

7.1 Safety

Developmental priorities for the coming year include:-

7.2 Preserving and operating the heritage railway

After safety, our priority is to continue the improvements of the last two years and to see operations break even in cash terms in 2024/25. We aim to achieve this by:

Caring for the historic railway’s infrastructure

Page 14

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 29 FEBRUARY 2024

Caring for our collections – rolling stock and other collections

7.3 Informal, formal and digital learning

7.4 Promoting engagement and volunteering

7.5 Environment and conservation

Page 15

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 29 FEBRUARY 2024

7.6 Managing ourselves – Governance

To continue to develop our governance, the Trust Board will:

7.7 Managing ourselves - Developing staff and volunteers

Page 16

(A Company Limited by Guarantee)

NORTH YORKSHIRE MOORS RAILWAY TRUST

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 29 FEBRUARY 2024

Financial Review

The year to February 2024 was a year of consolidation financially and of implementing the necessary performance improvements to move back towards more financial sustainability.

The financial picture following the Covid Pandemic has been and remains very challenging. Dramatic increases in operating costs coupled with a slow return of visitors have placed very significant strain on financial performance, leading to the need for very careful cashflow management within the hugely seasonal business model.

The picture has changed significantly, and any return to the position enjoyed pre pandemic is not likely to be achievable. It is now very evident that the ability of the subsidiary, NYMR plc, to operate at a surplus, as it has for many years is no longer viable, certainly in the shorter term. As a result, focus is initially on eliminating the recent deficits and achieving a position where the operation of the railway is not a financial drain. Much has been achieved towards this aim in the year and the coming year is projected to see a further significant improvement.

The Group records a deficit in the year of £476,895 (2023: deficit of £519,094). The 2023 comparison is distorted by an exceptional adjustment to the Deferred Maintenance Provision of £417,647, so a like for like comparison should add this back making the 2023 deficit £936,741. This more fairly reflects the improvement in the result over the prior year.

Another significant distorting factor, as in the prior year, is the impact of the accounting for the continuing Yorkshire's Magnificent Journey ("YMJ") project, as is shown in the table below:

2023/24 2022/23 2023/24 2022/23 2023/24 2022/23
Financial Financial Yorkshire's Yorkshire's Financial Financial
activities as activities as Magnificent Magnificent Activities Activities
reported on reported on Journey "YMJ" Journey "YMJ" excluding YMJ excluding YMJ
page 26 page 26
Income £9,638,007 £7,868,087 £174,153 £414,073 £9,463,854 £7,454,014
Expenditure £10,114,902 £8,387,181 £369,332 £443,018 £9,745,570 £7,944,163
Net movement (£476,895) (£519,094) (£195,179) (£28,945) (£281,716) (£490,149)
in funds
Fixed asset £1,009,905 £1,506,175 £46,045 £565,427 £963,860 £940,748
additions

The YMJ project is due to complete in the summer of 2024. The project, which included many significant capital items, is now more focused delivering the final outcomes and completing remaining snagging on capital projects. Whilst all grant income received from the project is shown as such in the financial activities statement (in this and prior years), only the non-capital elements are expensed, with the other more significant capital elements showing in fixed asset additions.

Cashflow

Net cash flow outflows totaled £792,346 (2023: outflow of £2,506,757). The improvement being mainly due to the change in cash generated in operating activities of £1,031,481 caused by shifts in creditors and the significant re-evaluation of the Deferred Maintenance Provision in the prior year. In addition, the acquisition of The Station Hotel in the year through a generous benefactor added a significant asset at no cash cost.

Page 17

(A Company Limited by Guarantee)

NORTH YORKSHIRE MOORS RAILWAY TRUST

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 29 FEBRUARY 2024

Railway operations

The unrestricted income from the operation of the railway increased by 24% or £917,361 in the year to £4,703,028, reflecting the various initiatives put in place to provide a good value experience for our visitors, particularly the introduction of the Annual Pass discussed elsewhere.

All railway operating activities are accounted for in the subsidiary company, making it easier and clearer to see the results of these activities from the subsidiary accounts. This shows that all these activities recorded a deficit in the year of £633,118 (2022: deficit of £599,635, but as noted above this would be a comparable £1,017,282 deficit before the unusual adjustment in the Deferred Maintenance Provision).

Other trading activities

These form the second element of our charitable income, in the form of shop sales, catering in platform outlets, on train, and formal dining services etc. Income was £3,253,720, a 23.5% increase on 2023 reflecting again the efforts put in to build visitor number back up. It I also felt that the introduction of the annual pass has driven up secondary spend.

Fundraising Contribution

Total income from fundraising (Membership, Donations, Legacies, Grants and similar receipts) forms the other major source of the Charity's funds. Excluding those related to YMJ project these totaled £1,494,614 in the year, £447,828 up on that of the prior year of £1,046,786. The year on year increase being mainly due to the receipt of the first years National Portfolio Grant from Arts Council England of £250,000, and general donations increases.

Our membership of some 10,000 continue to give generously through subscriptions, donations mostly enhanced by gift aid and legacies, always a most welcome source of revenues which can be reasonably relied upon. In addition, the NYMR Foundation provides another form of regular income.

Capital Expenditure

During the course of the year £1,009,905 was spent on the acquisition of tangible fixed assets. Of this sum £46,045 was in respect of the YMJ project, which included the final stages of the various capital projects.

Much of the Group’s capital expenditure is the long term maintenance of its heritage assets, extending their life and making them usable on daily services for the enjoyment and education of our visitors.

Financial position at the year end

Cash and bank balances at the year-end totaled £778,199 (2023: £1,492,864), whereas bank overdraft and loans totaled £1,786,757 (2023: £1,972,045). The cash position has deteriorated in the period due to the weak trading performance as outlined above. Loans include £400,000 now due to the North Yorkshire Council (previously the LEP) which subsequent to the year end has been renegotiated and no payments are due until March 2025. This is interest free. As a result bank indebtedness is lower now than at any point for many years.

Net assets are now £17,521,559, as compared to £17,998,454, a decrease of £476,895. Within the total, £19,260,558 (2023: £19,012,997) is represented by designated funds, and general funds show a deficit of £3,458,895 (2023: deficit of £2,895,267). A total of £863,016 (2023: £1,023,844) is contained within restricted funds (including endowment funds). Minority interests remain unchanged at £856,880.

Page 18

(A Company Limited by Guarantee)

NORTH YORKSHIRE MOORS RAILWAY TRUST

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 29 FEBRUARY 2024

Reserves

The Charity is in many ways unusual in that it has a collection of very high maintenance heritage assets, which need to be available to operate the railway and attract visitors.

This valuable, unique, and irreplaceable collection is very (and increasingly) expensive to maintain and operate. Historically any surplus from the operation of the railway (as reflected in the results of the subsidiary NYMR plc) was fully utilised, together with any other fundraising income from the Charity, to cover this long term maintenance burden. Any other major projects or requirements not covered by this model, like the YMJ project, were normally funded through restricted appeals and grant funding.

This position has made the highly desirable building of reserves exceptionally difficult, and therefore the Charity, in common with many others in its sector, holds no free reserves.

Given the change in the business model post the pandemic period, significant work is on-going to reposition the charity and its fundraising to build more financial strength and resilience. However, it is acknowledged that this is likely to be a long process.

Going concern

The strong seasonal nature of the majority of the Group's trading activities means that in the period surrounding the accounting year-end, the Group relies on the facilities of its overdraft and management of available funds to maintain cash flow. With a strong Balance Sheet and the ongoing support of the membership, workforce, bank, other funders and wider community, this does not normally pose any financial threat to the Group's ability to continue trading.

The Group continues to be challenged by significantly increasing costs against a background building income. Delivering an operating surplus from the railway operation is still proving very difficult and whilst the position has improved significantly from 2023 the 2024 year has as noted still produced a deficit. Actions in recent months have increased confidence that it is possible to get nearer to breakeven in the new year, and this is reflected in the latest forecasts.

Recognising the challenges and uncertainties that the railway faces, the Trustees believe that with continued support from the bank, the actions already implemented, and continued scrutiny by the Trustee Board, the Group and parent charitable company will continue as a going concern. The Trustees therefore continue to adopt the going concern basis of preparation for these financial statements.

Disclosure of information to auditor

In so far as the Trustees are aware:

The auditor, BHP LLP, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.

In approving the Trustees' Report, we also approve the Strategic Report included therein, in our capacity as company directors.

Page 19

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr J Swift

Date:

Page 20

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 29 FEBRUARY 2024

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report (including the Strategic Report) including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on its behalf by:

----- Start of picture text -----
Mr J Swift
----- End of picture text -----

Date:

Page 21

(A Company Limited by Guarantee)

NORTH YORKSHIRE MOORS RAILWAY TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTH YORKSHIRE MOORS RAILWAY TRUST

We have audited the financial statements of North Yorkshire Moors Railway Trust (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 29 February 2024, which comprise the consolidated statement of financial activities, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees' report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Page 22

(A Company Limited by Guarantee)

NORTH YORKSHIRE MOORS RAILWAY TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTH YORKSHIRE MOORS RAILWAY TRUST (CONTINUED)

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Page 23

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTH YORKSHIRE MOORS RAILWAY TRUST (CONTINUED)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the group and parent charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

To address the risks of fraud through management bias and override controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding

Page 24

(A Company Limited by Guarantee)

NORTH YORKSHIRE MOORS RAILWAY TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTH YORKSHIRE MOORS RAILWAY TRUST (CONTINUED)

irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Signer ID: IPFNE7JEI6... Laura Masheder (Senior statutory auditor)

for and on behalf of

BHP LLP Chartered Accountants Statutory Auditor Rievaulx House 1 St Mary's Court Blossom Street York YO24 1AH

Date:

Page 25

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 29 FEBRUARY 2024

Note
Income from:
Donations and legacies:
4
Yorkshire's Magnificient
journey donations and
grants
Donations, grants and
similar incoming
resources
Operation of railway
5
Subsidiary railway
activities
6
Investment income and
interest
7
Other income
8
Total income
Expenditure on:
Raising funds:
Costs of raising funds
9
Other railway activities
9
Charitable activities:
10
Net release of deferred
maintenance provision
25
. Operation of railway
Total expenditure
Net
(expenditure)/income
Transfers between funds
27
Net movement in funds		 Endowment
funds
2024
£
-
-
-
-
-
-
-
-
-
-
4,511
4,511
(4,511)
-
(4,511)		 Restricted
funds
2024
£
174,153
249,684
-
13,763
-
-
437,600
22,799
1,000
-
387,344
411,143
26,457
(182,774)
(156,317)		 Unrestricted
funds
2024
£
-
1,244,930
4,703,028
3,239,957
12,492
-
9,200,407
323,313
2,157,521
9,720
7,208,694
9,699,248
(498,841)
182,774
(316,067)		 Total
funds
2024
£
174,153
1,494,614
4,703,028
3,253,720
12,492
-
9,638,007
346,112
2,158,521
9,720
7,600,549
10,114,902
(476,895)
-
(476,895)		 Total
funds
2023
£
414,073
1,010,644
3,785,667
2,634,394
22,577
732
7,868,087
307,450
1,871,923
(417,647)
6,625,455
8,387,181
(519,094)
-
(519,094)

Page 26

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED)

FOR THE YEAR ENDED 29 FEBRUARY 2024

Note
Reconciliation of funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward
27		 Endowment
funds
2024
£
63,413
(4,511)
58,902		 Restricted
funds
2024
£
960,431
(156,317)
804,114		 Unrestricted
funds
2024
£
16,974,610
(316,067)
16,658,543		 Total
funds
2024
£
17,998,454
(476,895)
17,521,559		 Total
funds
2023
£
18,517,548
(519,094)
17,998,454

The Consolidated Statement of Financial Activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 33 to 67 form part of these financial statements.

Page 27

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

REGISTERED NUMBER: 01036704

CONSOLIDATED BALANCE SHEET

AS AT 29 FEBRUARY 2024

Note
Fixed assets
Intangible assets
17
Tangible assets
18
Heritage assets
Current assets
Stocks
20
Debtors
21
Cash at bank and in hand
Creditors: amounts falling due within one year
22
Net current liabilities / assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
23
Provisions for liabilities
25
Total net assets		 294,107
674,483
778,199
1,746,789
(2,457,691)		 29 February
2024
£
22,554
19,544,158
-
19,566,712
394,057
613,998
1,492,864
2,500,919
(2,038,854)
(710,902)
18,855,810
(1,108,111)
(226,140)
17,521,559		 28 February
2023
£
31,544
19,276,524
-
19,308,068
462,065
19,770,133
(1,555,259)
(216,420)
17,998,454

Page 28

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

REGISTERED NUMBER: 01036704

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 29 FEBRUARY 2024

Note
Charity funds
Endowment funds
27
Restricted funds
27
Unrestricted funds
Designated funds
27
General funds
27
Total unrestricted funds
27
Total funds
Non-controlling interests
27		 19,260,558
(3,458,895)		 29 February
2024
£
58,902
804,114
19,012,997
(2,895,267)
15,801,663
16,664,679
856,880
17,521,559		 28 February
2023
£
63,413
960,431
16,117,730
17,141,574
856,880
17,998,454

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr J Swift Trustee Date:

The notes on pages 33 to 67 form part of these financial statements.

Page 29

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

REGISTERED NUMBER: 01036704

COMPANY BALANCE SHEET

AS AT 29 FEBRUARY 2024

Note
Fixed assets
Intangible assets
17
Tangible assets
18
Heritage assets
Investments
19
Current assets
Debtors
21
Cash at bank and in hand
Creditors: amounts falling due within one year
22
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
23
Total net assets		 334,039
678,523
1,012,562
(1,939,199)		 29 February
2024
£
22,554
19,544,158
-
50,000
19,616,712
237,986
1,218,986
1,456,972
(1,834,040)
(926,637)
18,690,075
(808,111)
17,881,964		 28 February
2023
£
31,544
19,276,524
-
50,000
19,358,068
(377,068)
18,981,000
(1,255,259)
17,725,741

Page 30

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

BALANCE SHEET (CONTINUED)

AS AT 29 FEBRUARY 2024

Note
Charity funds
Endowment funds
27
Restricted funds
27
Unrestricted funds
Designated funds
27
General funds
27
Total unrestricted funds
27
Total funds		 19,260,558
(2,241,610)		 29 February
2024
£
58,902
804,114
19,012,997
(2,311,100)
17,018,948
17,881,964		 28 February
2023
£
63,413
960,431
16,701,897
17,725,741

The Company's net movement in funds for the year was a surplus of £156,223 (2023: a surplus of £80,541).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr J Swift Trustee Date:

The notes on pages 33 to 67 form part of these financial statements.

Page 31

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 29 FEBRUARY 2024

Note
Cash flows from operating activities
Net cash (used in) / provided by operating activities
29
Cash flows from investing activities
Bank interest and rent receivable
Proceeds from the sale of tangible fixed assets
Purchase of intangible assets
Purchase of tangible fixed assets
Interest paid
Net cash used in investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Repayments of bank loans
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
30
The notes on pages 33 to 67 form part of these financial statements		 2024
£
521,154
12,492
300
(22,554)
(1,009,905)
(108,545)
(1,128,212)
238,050
(423,338)
(185,288)
(792,346)
1,492,864
700,518		 2023
£
(510,327)
22,577
-
-
(1,506,175)
(93,635)
(1,577,233)
-
(419,197)
(419,197)
(2,506,757)
3,999,621
1,492,864

Page 32

(A Company Limited by Guarantee)

NORTH YORKSHIRE MOORS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

1. General information

North Yorkshire Moors Railway Trust is a limited company (company number 01036704). The registered office is Pickering Station, Pickering, North Yorkshire, Y018 7AJ.

2. Accounting policies

2.1 Basis of preparation of financial statements

North Yorkshire Moors Railway Trust meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, unless otherwise stated in the relevant accounting policy. The financial statements are prepared in sterling which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 7 of FRS102 and has not presented its own Statement of Cash Flows in these financial statements

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 Going concern

The Group has sustained a loss of £476,895 for the year ended 28 February 2024 and in common with many others in its sector holds no free reserves.

As noted in the Trustees’ Report, the Group continues to be challenged by significantly increasing costs against a background building income. Delivering an operating surplus from the railway operation is still proving very difficult and whilst the position has improved significantly from 2023 the 2024 year has as noted still produced a deficit. Actions in recent months have increased confidence that it is possible to get nearer to breakeven in the new year, and this is reflected in the latest forecasts.

Restructuring of the operation over the winter period 2023/24 through “Project Blastpipe” has resulted in identifying operational efficiency savings and improved methods of working. As noted in the Trustees report this has also resulted in not insignificant costs savings.

Page 33

(A Company Limited by Guarantee)

NORTH YORKSHIRE MOORS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

2. Accounting policies (continued)

2.2 Going concern (continued)

NYMR relies on its existing bank facilities and cash resources to meet its day to day working capital requirements. NYMR also enjoys an excellent and very supportive relationship with its bankers, Santander, who have proactively assisted in easing the financial strain. An example of this is the restructuring of the remaining part of the loans supported by the Coronavirus Business Interruption Scheme (CBILS), where new facilities have been approved very significantly reducing cash outflows over the next few years. Following the balance sheet date, an agreement has been reached with The North Yorkshire Local Enterprise Partnership to defer further loan repayments totalling £100,000 which were due in under one year until 2026. Current forecasts indicate that the NYMR expects to be able to operate within these facilities for the foreseeable future. Accordingly, the Trustees believe it is appropriate to prepare the financial statements on the going concern basis.

However, despite this the Trustees recognise that there is still some element of uncertainty, and the trading climate remains challenging, although much improved. Constant work is focussed on seeking new operating income opportunities and other funding options, but these take time to reap benefits. Visitor engagement and feedback remains very strong, and the annual pass initiative has been very positively received. The Trustees feel that they have good reason to believe that the position will continue to improve.

Whilst the Trustees recognise the challenges and uncertainties that the railway faces, the Trustees believe that with continued support from the bank, the actions already implemented detailed above, and continued scrutiny by the Trustee Board, the Group and parent charitable company will continue as a going concern. The Trustees therefore continue to adopt the going concern basis of preparation for these financial statements.

2.3 Income

All income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Group has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Group, can be reliably measured.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Grants received in relation to the government Coronavirus Job Retention Scheme (Furlough) have been recognised within other incoming resources. The grant is accounted for on the accruals basis once the related payroll return has been submitted.

Page 34

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

2. Accounting policies (continued)

2.3 Income (continued)

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Group's accounting policies.

Life memberships are accounted for in the year of receipt. Three year memberships are deferred and allocated over the period of membership.

The value of services provided by volunteers is not incorporated into these financial statements. Further details of the contribution made by volunteers can be found in the Report of the Trust Board.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Group which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes are those costs incurred in attracting voluntary income and those incurred in trading activities that raise funds.

Expenditure on charitable activities include those costs incurred in the operation of the Railway.

Governance costs include those incurred in the governance of the Trust and its assets and are primarily associated with constitutional and statutory requirements.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

Page 35

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

2. Accounting policies (continued)

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Taxation

The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.7 Intangible assets and amortisation

Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following bases:

Whitby Project - 10 years straight line
Safety Certificates - 22 months straight line
Operator's Licence - 10 years straight line
Rebranding Costs - 10 years straight line

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.

Page 36

(A Company Limited by Guarantee)

NORTH YORKSHIRE MOORS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

2. Accounting policies (continued)

2.8 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives .

Depreciation is provided on the following bases:

2.9 Heritage assets

The Trust owns numerous assets of a heritage nature. The majority of major items are also used operationally in the Trust's activities and as such are capitalised at cost within the ordinary tangible fixed assets of the Trust. There are a large number of small items, both around the Railway and held in the archives at Pickering, which are logged on the Archive Register. The majority have been either donated to the Railway or acquired as part of other assets such as the land and buildings themselves. At this stage, no valuations have been undertaken on the register but the Archivist is working to value these in due course. However, the directors do not believe that these items will have any significant value and therefore no value is attributed to Heritage Assets in these accounts.

2.10 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.11 Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.12 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 37

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

2. Accounting policies (continued)

2.13 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.14 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.15 Provisions

Provisions are recognised when the Group has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and the obligation can be estimated reliably.

Provisions are measured at the best estimate of the amounts required to 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 at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

2.16 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.17 Finance leases and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.18 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

Page 38

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

2. Accounting policies (continued)

2.19 Employee benefits

When employees have rendered service to the group, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.20 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds are funds which must be held permanently by the Trust.

Page 39

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

  1. Critical accounting estimates and areas of judgment

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The items in the financial statements where these judgements, estimates and assumptions have been made include:

Critical accounting estimates and assumptions:

Useful economic lives of fixed assets

The trustees have used their judgement in estimating the useful economic lives (UELs) of assets. UELs have been estimated based on management's knowledge of the assets.

Provisions

These financial statements include provisions for liabilities as at 28 February 2023 that have arisen as a result of a past event, and that are judged probable to materialise at a future date. Where precise factual valuations of the liability are not available, judgement has been used to estimate the size and probability of the liability. Specifically, these provisions include the deferred maintenance provision for the upkeep of the locomotives and carriages.

Where the valuations cannot be measured reliably, a contingent liability has been included.

Grants

The recognition of grants and capital contributions in these financial statements involves judgements as to whether performance or other relevant entitlement conditions have been met. The recognition of grants in restricted funds involves a judgement as to the UEL of the asset to which it relates.

Concessionary loans

The intercompany loans and loan from The North Yorkshire Local Enterprise Partnership have been assessed as concessionary loans. This is based on the Trustees' assessment that these loans are not made solely to achieve a financial return and are made to advance the charitable purpose for the benefit of the charity's beneficiaries.

Page 40

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

4. Income from donations and legacies

onations
egacies
Memberships
Other
rants
rts Council England National Portfolio Grant
Other grants
orkshire's Magnificent Journey donations
orkshire's Magnificent Journey - National Lottery
Heritage Fund grant
otal 2023		 Restricted
funds
2024
£
249,574
-
-
110
-
-
249,684
27,518
146,635
423,837
697,244		 Unrestricted
funds
2024
£
181,557
571,612
174,329
-
250,000
67,432
1,244,930
-
-
1,244,930
727,473		 Total
funds
2024
£
431,131
571,612
174,329
110
250,000
67,432
1,494,614
27,518
146,635
1,668,767
1,424,717		 Total
funds
2023
£
286,039
548,539
175,856
210
-
-
1,010,644
62,191
351,882
1,424,717

The presentation of the income from donations and legacies has been amended to better reflect the nature of the income sources. The comparatives have been adjusted to ensure a fair comparison can be made. The overall total of income from donations and legacies in 2023 is unchanged.

Page 41

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

5. Income from operation of railway

raffic receipts
pecial events
otal 2023		 Unrestricted
funds
2024
£
3,925,425
777,603
4,703,028
3,785,667		 Total
funds
2024
£
3,925,425
777,603
4,703,028
3,785,667		 Total
funds
2023
£
2,958,467
827,200
3,785,667

All income in the previous year was unrestricted.

Page 42

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

6. Other railway activities

Income from non charitable trading activities

ootplate experience and sundry income
roject grants received
undraising and 900 club
hop sales
atering
Diner
ar park receipts
Oilers
otal 2023		 Restricted
funds
2024
£
13,763
-
-
-
-
-
-
-
13,763
27,851		 Unrestricted
funds
2024
£
389,209
-
9,636
644,709
896,515
1,157,041
87,997
54,850
3,239,957
2,606,543		 Total
funds
2024
£
402,972
-
9,636
644,709
896,515
1,157,041
87,997
54,850
3,253,720
2,634,394		 Total
funds
2023
£
455,840
36,799
12,635
537,591
635,822
803,889
84,393
67,425
2,634,394

7. Investment income

Rent received
Bank interest received
otal 2023
All income in the previous year was unrestricted.		 Unrestricted
funds
2024
£
5,550
6,942
12,492
22,577		 Total
funds
2024
£
5,550
6,942
12,492
22,577		 Total
funds
2023
£
5,540
17,037
22,577

Page 43

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

8. Other income

oronavirus job retention scheme grant received
otal 2023
All income in the previous year was unrestricted.		 Unrestricted
funds
2024
£
-
732		 Total
funds
2024
£
-
732		 Total
funds
2023
£
732

9. Expenditure on raising funds

rinting, postage and stationery
Moors Line
rofessional fees
tation and area groups (excl maintenance)
Governance costs (see note 11)
otal 2023		 Restricted
funds
2024
£
-
-
-
22,799
-
22,799
22,536		 Unrestricted
funds
2024
£
45,804
29,317
218,568
-
29,624
323,313
284,914		 Total
funds
2024
£
45,804
29,317
218,568
22,799
29,624
346,112
307,450		 Total
funds
2023
£
37,681
31,742
190,754
22,536
24,737
307,450

Page 44

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

9. Expenditure on raising funds (continued)

Other railway activities

hops
atering
iner
Oilers
upport costs (see note 12)
otal 2023		 Restricted
funds
2024
£
-
-
-
-
1,000
1,000
-		 Unrestricted
funds
2024
£
295,190
263,458
202,679
9,146
1,387,048
2,157,521
1,871,923		 Total
funds
2024
£
295,190
263,458
202,679
9,146
1,388,048
2,158,521
1,871,923		 Total
funds
2023
£
263,036
188,461
144,391
2,299
1,273,736
1,871,923

Page 45

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

10. Operation of the Railway

Maintenance of track, land, buildings and rolling
stock
oal, oil, lubricants etc
Hire of rolling stock
Operating costs
leaning materials
Wages and salaries
Water
Depreciation and amortisation
upport costs (see note 12)
Net release of deferred maintenance provision
otal 2023		 Activities
undertaken
directly
2024
£
730,395
845,299
459,941
79,087
101,088
2,747,280
33,057
769,666
-
9,720
5,775,533
4,584,513		 Support costs
2024
£
-
-
-
-
-
-
-
-
1,834,736
-
1,834,736
1,623,295		 Total
funds
2024
£
730,395
845,299
459,941
79,087
101,088
2,747,280
33,057
769,666
1,834,736
9,720
7,610,269
6,207,808		 Total
funds
2023
£
623,315
671,062
517,038
149,553
78,687
2,214,416
44,350
703,739
1,623,295
(417,647)
6,207,808

11. Governance costs

Audit fees
Other expenses		 29 February
2024
£
36,950
10,309
47,259		 28 February
2023
£
35,200
6,342
41,542

£29,624 (2023: £24,737) of governance costs have been included within the costs of raising funds (note 9). £17,676 (2023: £16,805) of governance costs have been allocated to other railway activity support costs (note 12).

Page 46

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

12. Support costs

Other railway
activities
2024
Railway
operation
2024
£
£
Wages and salaries
479,354
719,030
Telephone
10,838
16,257
Electricity and gas
147,269
220,903
Rent,rates and insurance
90,172
135,258
Printing, stationery and postage
14,763
22,144
Marketing
198,630
297,946
Legal and professional
64,717
70,562
Motor expenses
-
47,772
Leasing charges
4,622
3,082
Bank charges and interest
168,173
9,384
Other expenses
82,545
123,818
YMJ support costs
100,895
100,895
Train of Thought running costs
-
28,580
Other Plc support costs
26,070
39,105
1,388,048
1,834,736
Total 2023
1,273,736
1,623,295
13.
Auditor's remuneration
Fees payable to the Company's auditor for the audit of the Group's annual
accounts
Fees payable to the Company's auditor in respect of:
All non-audit services not included above		 Total
funds
2024
£
1,198,384
27,095
368,172
225,430
36,907
496,576
135,279
47,772
7,704
177,557
206,363
201,790
28,580
65,175
3,222,784
2,897,031
2024
£
30,950
6,000		 Total
funds
2023
£
1,082,545
32,238
171,162
220,492
30,136
505,558
109,293
39,852
9,095
173,515
194,019
246,538
6,673
75,915
2,897,031
2023
£
29,770
5,430

Page 47

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

14. Net income/(expenditure)

This is stated after charging:

2024 2023
£ £
Depreciation of tangible fixed assets 738,122 666,774
Amortisation of intangible fixed assets 31,544 39,042
Auditor'sremuneration -audit 30,950 35,200
Hire of rollingstock 459,941 517,038
Operatinglease rentals - track,land and buildings 41,925 78,863
Operating lease rentals - rolling stock, plant, office equipment etc 7,704 9,095

15. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2024
£
3,568,511
278,870
98,283
3,945,664		 Group
2023
£
2,952,681
250,834
93,446
3,296,961		 Company
2024
£
255,897
10,395
2,519
268,811		 Company
2023
£
191,607
16,651
4,096
212,354

During the year, termination costs totalling £190,253 (2023: £15,661) were provided for for 16 (2023: 2) individuals. These costs have since been settled in full after the balance sheet date.

During the year labour costs totalling £78,213 (2023: £114,199) were capitalised and have therefore not been included in total staff costs.

Page 48

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

15. Staff costs (continued)

The average number of persons employed by the Group during the year was as follows:

Manufacturing
hops and catering
Administration
Railway operations and maintenance		 Group
2024
No.
2
57
19
72
150		 Group
2023
No.
2
36
19
77
134

Staff numbers are based on the number of full and part time employees in each department. Comparatives to prior years may therefore be as a result of changes to the mix of full and part time staff rather than the number of paid positions.

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 2 1
In the band £80,001 - £90,000 - 1

The key management personnel comprise the Executive Directors of NYMR Plc. The total employee benefits, including Employers' pension and National Insurance, of the key management personnel of the group and parent charitable company were £366,464 (2023: £325,770).

16. Trustees' remuneration and expenses

No remuneration has been paid to members of the Trust Board for the year ended 29 February 2024 (2023: £nil). None of the Trust Board members received any remuneration from the subsidiary undertaking NYMR Plc, and the Articles of Association precludes members of the Trust Board from receiving remuneration.

During the year ended 29 February 2024, no expenses were reimbursed or paid directly to Trustees (2023: £nil).

Page 49

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

17. Intangible assets

Group and Company

ost
t 1 March 2023
dditions
t 29 February 2024
mortisation
t 1 March 2023
harge for the year
t 29 February 2024
Net book value
t 29 February 2024
t 28 February 2023		 Whitby Project
£
378,534
-
378,534
346,990
31,544
378,534
-
31,544		 Operator's
Licence
£
51,517
-
51,517
51,517
-
51,517
-
-		 Rebranding
costs
£
-
22,554
22,554
-
-
-
22,554
-		 Safety
Certificates
£
7,900
-
7,900
7,900
-
7,900
-
-		 Total
£
437,951
22,554
460,505
406,407
31,544
437,951
22,554
31,544

Page 50

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

18. Tangible fixed assets

Group and Company

ost or valuation
t 1 March 2023
dditions
isposals
t 29 February 2024
epreciation
t 1 March 2023
harge for the year
On disposals
t 29 February 2024
Net book value
t 29 February 2024
t 28 February 2023		 Track, land and
buildings
£
18,333,097
973,605
-
19,306,702
3,522,842
370,593
-
3,893,435
15,413,267
14,810,255		 Rolling stock,
plant and office
equipment
£
9,313,778
19,207
-
9,332,985
5,142,475
355,015
-
5,497,490
3,835,495
4,171,303		 Motor vehicles
£
175,393
1,500
(8,500)
168,393
112,086
12,514
(4,351)
120,249
48,144
63,307		 Assets under
construction
£
231,659
15,593
-
247,252
-
-
-
-
247,252
231,659		 Total
£
28,053,927
1,009,905
(8,500)
29,055,332
8,777,403
738,122
(4,351)
9,511,174
19,544,158
19,276,524

Included in track, land and buildings is freehold land with a carrying value of £329,850 (2023: £329,850) and is not depreciated.

All property and assets of the Trust (other than the rolling stock required in the usual course of business of the Trust) are pledged as security for the bank loans. A chattel mortgage has been issued over Engine 80135. In addition, there are first legal charges over the stations at Grosmont, Pickering, Levisham and Goathland, and a first legal charge over Newbridge Permanent Way Yard.

Under the terms of the National Lottery Heritage Fund grants programmes (historic and current) secondary legal charges have been granted over the properties at Pickering Station, the Volunteer Centre at Stape, and the Carriage Care Facility at Pickering.

Page 51

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

19. Fixed asset investments

ompany
ost or valuation
t 1 March 2023
t 29 February 2024
Net book value
t 29 February 2024
t 28 February 2023		 Investments in
subsidiary
companies
£
50,000
50,000
50,000
50,000

Page 52

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

  1. Fixed asset investments (continued)

Principal subsidiaries

The following was a subsidiary undertaking of the Company:

Name Company Registered office or principal place Principal activity Class of number of business shares NYMR Plc 02490244 Pickering Station, Pickering, North Railway operations Ordinary Yorkshire, YO18 7AJ Holding Included in consolidation 100% Yes

The financial results of the subsidiary for the year were:

Name
Income
£
Expenditure
£
NYMR Plc
7,898,691
(8,531,809)
20.
Stocks
Civil engineering, fuel and maintenance
Goods for resale
Other		 Loss for the
year
£
(633,118)
Group
29 February
2024
£
116,934
131,074
46,099
294,107		 Net liabilities
£
(310,405)
Group
28 February
2023
£
206,861
138,649
48,547
394,057

Page 53

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

21. Debtors

rade debtors
Other debtors
repayments and accrued income		 Group
29 February
2024
£
23,433
189,813
461,237
674,483		 Group
28 February
2023
£
20,327
206,938
386,733
613,998		 Company
29 February
2024
£
370
70,352
263,317
334,039		 Company
28 February
2023
£
5,606
44,630
187,750
237,986

22. Creditors: Amounts falling due within one year

Bank overdrafts
Bank loans
Other loans
rade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
29 February
2024
£
77,681
340,596
338,050
380,986
-
59,955
15,065
1,245,358
2,457,691		 Group
28 February
2023
£
-
316,786
100,000
404,303
-
57,278
10,731
1,149,756
2,038,854		 Company
29 February
2024
£
77,681
340,596
238,050
71,331
1,115,914
-
-
95,627
1,939,199		 Company
28 February
2023
£
-
316,786
-
88,285
1,321,422
-
-
107,547
1,834,040

Page 54

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

23. Creditors: Amounts falling due after more than one year

ank loans
Other loans
ncluded within the above are amounts falling due a
etween one and two years
ank loans
Other loans
etween two and five years
ank loans
Other loans
Over five years
ank loans		 Group
29 February
2024
£
808,111
300,000
1,108,111
s follows:
Group
29 February
2024
£
339,722
100,000
468,389
200,000
-		 Group
28 February
2023
£
1,255,259
300,000
1,555,259
Group
28 February
2023
£
316,787
100,000
806,472
200,000
132,000		 Company
29 February
2024
£
808,111
-
808,111
Company
29 February
2024
£
339,722
-
468,389
-
-		 Company
28 February
2023
£
1,255,259
-
1,255,259
Company
28 February
2023
£
316,787
-
806,472
-
132,000

The bank loans are secured by way of a floating charge on all the undertakings and all property and assets of the Trust (other than the rolling stock required in the usual course of business of the Trust). A chattel mortgage has been issued over Engine 80135. In addition, there are first legal charges over the stations at Grosmont, Pickering, Levisham and Goathland, and a first legal charge over Newbridge Permanent Way Yard. A guarantee has been granted by NYMR Plc to the value of £2,500,000 (2023: £2,500,000).

Under the terms of the National Lottery Heritage Fund grants programmes (historic and current) secondary legal charges have been granted over the properties at Pickering Station, the newly acquired Volunteer Centre at Stape, and the ‘in build’ Carriage Care Facility at Pickering, in favour of the Trustees of the National Lottery Heritage Fund, as security for any amount(s) that could become payable to the National Lottery Heritage Fund.

Page 55

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

23. Creditors: Amounts falling due after more than one year (continued)

Three loans are in place. 2 loans which total £1,578,518 and are repayable by monthly instalments by 16 February 2027 (commencing in February 2022) with an interest rate of 3.8% over base. The third loan is subject to a fixed interest rate of 4.15% and is repayable by July 2025. In addition, the company enjoys a £1,000,000 overdraft facility, which was in use at the year end to the extent of £77,681 (2023: £nil).

There are two other loans. The first is a concessionary interest free loan which is not secured with £400,000 (2023: £400,000) outstanding at the balance sheet date. The other is an interest free loan from a Trustee which is not secured. At the balance sheet date amounts totalling £238,050 (2023: £nil) were owed in respect of this loan.

24. Deferred income

alance at 1 March 2023
eleased to statement of financial activities
mount deferred in the period
alance at 28 February 2024
ue within one year
ue after one year		 Group
29 February
2024
£
842,395
(842,395)
774,389
774,389
Group
29 February
2024
£
774,389
-
774,389		 Group
28 February
2023
£
984,390
(984,390)
842,395
842,395
Group
28 February
2023
£
842,395
-
842,395		 Company
29 February
2024
£
85,776
(85,776)
78,162
78,162
Company
29 February
2024
£
78,162
-
78,162		 Company
28 February
2023
£
84,846
(84,846)
85,776
85,776
Company
28 February
2023
£
85,776
-
85,776

Amounts included in deferred income relate to advanced ticket sales, membership to the railway and amounts pre paid on gift cards.

Page 56

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

25. Deferred maintenance provision

Group and Company

t 1 March 2023
dditions		 Deferred
maintenance
£
216,420
9,720
226,140

This provision represents the financial obligation that may legally exist from the NYMR to third party owners of vehicles operated on the NYMR to restore or maintain those vehicles to a defined standard.

The costs provided for are the known incremental costs of materials or contractors to fulfil any obligation at 29 February 2024. Labour and related costs are not included as these are already expensed, neither is ongoing day to day minor running maintenance.

A small fund is being built up for Lambton No.29 and DMU Daisy based on mileage as it is currently unclear if this may crystalise.

There are no provisions within the charitable company itself.

26. Minority interest

The minority interest represents the 'A' ordinary shares of £1 each issued to the public as at 28 February 2024 in NYMR Plc. These shares do not entitle the holder to a dividend and on a winding up of the company they would be entitled to no more than the nominal value of the shares held.

Page 57

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

27.
Statement of funds
Statement of funds - current year
Unrestricted funds
Designated funds
Designated tangible fixed asset
funds
Designated intangible fixed asset
funds
General funds
General funds
NYMR Plc funds
Minority interest
Total Unrestricted funds		 Balance at 1
March 2023
£
18,981,453
31,544
19,012,997
(2,311,100)
(584,167)
856,880
(2,038,387)
16,974,610		 Income
£
-
-
-
1,301,716
7,898,691
-
9,200,407
9,200,407		 Expenditure
£
(733,611)
(31,544)
(765,155)
(402,284)
(8,531,809)
-
(8,934,093)
(9,699,248)		 Transfers
in/out
£
990,162
22,554
1,012,716
(829,942)
-
-
(829,942)
182,774		 Balance at 29
February 2024
£
19,238,004
22,554
19,260,558
(2,241,610)
(1,217,285)
856,880
(2,602,015)
16,658,543

Page 58

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

27. Statement of funds (continued)

ndowment funds
ocomotive 3672 - Dame Vera
Lynn
ocomotive 30926 - Repton
estricted funds
estricted Fund - Other
ridge & Wheels Appeal - Loco
80135
oco 3672 Dame Vera Lynn
Appeal
he Foundation
orkshire's Magnificent Journey -
Capital
orkshire's Magnificent Journey -
Revenue
otal of funds		 Balance at 1
March 2023
£
29,468
33,945
63,413
191,276
298,544
129,097
109,855
231,659
-
960,431
17,998,454		 Income
£
-
-
-
133,826
7,069
61,186
61,366
-
174,153
437,600
9,638,007		 Expenditure
£
(1,697)
(2,814)
(4,511)
(40,400)
-
(1,411)
-
-
(369,332)
(411,143)
(10,114,902)		 Transfers
in/out
£
-
-
-
(96,740)
(124,880)
(88,305)
(83,621)
15,593
195,179
(182,774)
-		 Balance at 29
February 2024
£
27,771
31,131
58,902
187,962
180,733
100,567
87,600
247,252
-
804,114
17,521,559

Page 59

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

27.
Statement of funds (continued)
Statement of funds - prior year
Unrestricted funds
Designated funds
Designated tangible fixed asset
funds
Designated intangible fixed asset
funds
General funds
General funds
NYMR Plc funds
Minority interest
Total Unrestricted funds		 Balance at
1 March 2022
£
12,628,962
70,586
12,699,548
(1,035,593)
15,468
856,880
(163,245)
12,536,303		 Income
£
-
-
-
821,696
6,321,296
-
7,142,992
7,142,992		 Expenditure
£
(662,184)
(39,042)
(701,226)
(284,996)
(6,920,931)
-
(7,205,927)
(7,907,153)		 Transfers
in/out
£
7,014,675
-
7,014,675
(1,812,207)
-
-
(1,812,207)
5,202,468		 Balance at
28 February
2023
£
18,981,453
31,544
19,012,997
(2,311,100)
(584,167)
856,880
(2,038,387)
16,974,610

Page 60

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

27. Statement of funds (continued)

ndowment funds
ocomotive 3672 - Dame Vera
Lynn
ocomotive 30926 - Repton
estricted funds
estricted Fund - Other
ridge & Wheels Appeal - Loco
80135
oco 3672 Dame Vera Lynn
Appeal
he Foundation
orkshire's Magnificent Journey -
Capital
orkshire's Magnificent Journey -
Revenue
otal of funds		 Balance at
1 March 2022
£
30,623
35,303
65,926
197,962
451,498
215,948
45,708
5,004,203
-
5,915,319
18,517,548		 Income
£
-
-
-
57,023
119,855
45,547
88,597
350,882
63,191
725,095
7,868,087		 Expenditure
£
(1,155)
(1,358)
(2,513)
(34,497)
-
-
-
-
(443,018)
(477,515)
(8,387,181)		 Transfers
in/out
£
-
-
-
(29,212)
(272,809)
(132,398)
(24,450)
(5,123,426)
379,827
(5,202,468)
-		 Balance at
28 February
2023
£
29,468
33,945
63,413
191,276
298,544
129,097
109,855
231,659
-
960,431
17,998,454

Page 61

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

Descriptions of funds

Designated funds

YMJ designated fund represent amounts designated in relation to the Trust's match funding towards the costs of the YMJ project, of which the grant funded element is held as a restricted fund. Designated funds have been created in relation to the unrestricted fixed assets, to enable greater visibility of the charity's free reserves position.

Endowment funds

The endowment funds represent two steam locomotives donated to the Trust. As a condition of the gift the locomotives have to be used solely for the conduct of activities which promote the Trust's charitable and educational purposes. In addition, should the Trust cease to be a charity it must immediately transfer the locomotives to another registered charity whose purpose include educating the public regarding historical railroads. Depreciation of £4,511 (2023: £2,513) has been charged on these assets in the year.

Restricted funds

Restricted funds hold donations and other income received for specific purposes. The balance represents amounts which had not been allocated or consumed at the year end. Funds received and expenses on capital assets are written off over the life of the asset, the balance representing that part of the funding which refers to the remaining book life of the asset concerned. Where such sums are received against expenditure written off in the SOFA when incurred, the income is similarly treated.

Transfers

As permitted by the Statement of Recommended Practice (SORP) the Trustees can elect to transfer restricted capital funds to one heading within designated funds once the terms of the restriction have been satisfied. In most cases this is where the asset has been purchased.

Where restricted capital funds have ongoing restrictions over them, the associated projects are yet to be completed or the appeals are still open for further income the funds have not been transferred. Further explanation of some of these larger projects is given below.

The same policy has been applied to designated funds whereby balances, on funds for which the purpose of the designation has been met, have been transferred to one separate assets purchased fund.

Transfers made from unrestricted to restricted funds represent contributions made by the Trust to the Yorkshire's Magnificent Journey capital project. The total transferred in relation to this was £210,772.

A transfer has been made from restricted funds to designated funds totalling £393,546 which represents capital projects which have finished in the year and the restriction regarding the grant funding has therefore been satisfied.

A further transfer has been made from unrestricted to designated representing the movement in capital additions in the year and amounted to £1,012,716.

Page 62

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

Funds information

Bridge and Wheels appeal

The Bridge aspect of this appeal with regards to Bridge 30 was completed in May 2010. The Wheels element of the appeal, is to fund the overhaul of locomotive 80135, one of the stalwarts of NYMR.

Loco 3672 Dame Vera Lynn appeal is monies received towards the restoration of the locomotive.

The Foundation appeal is restricted generally to infrastructure work or specific appeals for named subjects.

Yorkshire's Magnificent Journey Capital fund represents grants which have been received in relation to capital projects.

Yorkshire's Magnificent Journey Revenue fund represents monies received in relation to running and operating the specific project.

28. Analysis of net assets between funds

Analysis of net assets between funds - current period

angible fixed assets
ntangible fixed assets
urrent assets
reditors due within one year
reditors due in more than one year
rovisions for liabilities and charges
otal		 Endowment
funds
29 February
2024
£
58,902
-
-
-
-
-
58,902		 Restricted
funds
29 February
2024
£
247,252
-
556,862
-
-
-
804,114		 Unrestricted
funds
29 February
2024
£
19,238,004
22,554
1,189,927
(2,457,691)
(1,108,111)
(226,140)
16,658,543		 Total
funds
29 February
2024
£
19,544,158
22,554
1,746,789
(2,457,691)
(1,108,111)
(226,140)
17,521,559

Page 63

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

28. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

angible fixed assets
ntangible fixed assets
urrent assets
reditors due within one year
reditors due in more than one year
rovisions for liabilities and charges
otal		 Endowment
funds
28 February
2023
£
63,413
-
-
-
-
-
63,413		 Restricted
funds
28 February
2023
£
231,659
-
728,772
-
-
-
960,431		 Unrestricted
funds
28 February
2023
£
18,981,452
31,544
1,772,147
(2,038,854)
(1,555,259)
(216,420)
16,974,610		 Total
funds
28 February
2023
£
19,276,524
31,544
2,500,919
(2,038,854)
(1,555,259)
(216,420)
17,998,454

Page 64

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

29. Reconciliation of net movement in funds to net cash flow from operating activities

Net (expenditure)/income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Bank interest and rent receivable
oss on the sale of fixed assets
Decrease/(increase) in stocks
Increase)/decrease in debtors
Decrease)/increase in creditors
ncrease/(decrease) in deferred maintenance provision
nterest paid
Net cash provided provided by / (used in) operating activities		 Group
29 February
2024
£
(476,895)
738,122
31,544
(12,492)
3,849
99,950
(60,485)
79,296
9,720
108,545
521,154		 Group
28 February
2023
£
(519,094)
666,774
39,042
(22,577)
-
(97,009)
728,635
(982,086)
(417,647)
93,635
(510,327)

30. Analysis of cash and cash equivalents

ash in hand
Overdraft facility repayable on demand
otal cash and cash equivalents		 Group
29 February
2024
£
778,199
(77,681)
700,518		 Group
28 February
2023
£
1,492,864
-
1,492,864

Page 65

NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

31. Analysis of changes in net debt

ash at bank and in hand
ank overdrafts repayable on demand
ebt due within 1 year
ebt due after 1 year		 At 1 March
2023
£
1,492,864
-
(416,786)
(1,555,259)
(479,181)		 Cash flows
£
(714,665)
(77,681)
(261,860)
447,148
(607,058)		 At 29
February
2024
£
778,199
(77,681)
(678,646)
(1,108,111)
(1,086,239)

32. Contingent liabilities

As part of operating as a heritage railway, the group operates a number of locomotives and carriages on the railway which are owned by third parties. Through their usage, there is a risk that these assets may become damaged to such an extent that significant repairs are required in order to return the asset to operational use. However, an accurate assessment of the costs and extent of work required is not achievable until the repairs are undertaken.

The Trustees are not aware of any circumstances whereby significant repairs are being undertaken and the extent of work is measurable at the balance sheet date. As a result of this, no provision has been included for this work on the locomotives and carriages owned by third parties other than those already included within the deferred maintenance provision detailed in note 25.

33. Contingent assets

At the year end the group had been notified of 12 residual legacies (2023: 6) which could not be measured reliably. These have not been included in the financial statements.

34. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable by the charitable company to the fund and amounted to £98,283 (2023: £93,446). Contributions totalling £9,491 (2023: £10,607) were payable to the fund at the balance sheet date and are included in creditors.

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NORTH YORKSHIRE MOORS RAILWAY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

35. Operating lease commitments

At 29 February 2024 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

ot later than 1 year
ater than 1 year and not later than 5 years
ater than 5 years		 Group
29 February
2024
£
64,136
223,321
147,795
435,252		 Group
28 February
2023
£
64,136
223,321
205,313
492,770		 Company
29 February
2024
£
46,807
187,227
141,717
375,751		 Company
28 February
2023
£
46,807
187,227
197,276
431,310

36. Related party transactions

During the year staff costs relating to the Trust totalling £268,811 (2023: £212,354) were processed through the payroll and paid by NYMR Plc on behalf of the Trust. As at 29 February 2024, the Trust owed the Plc £1,115,914 (2023: £1,321,422).

During the year, a Trustee, Mr A Scott and his wife made an interest free loan to North Yorkshire Moors Railway Trust totalling £238,050. Amounts owed to Mr A Scott and his wife at the year end totalled £238,050 (2023: £nil). In addition to this, subsequent donations have been made during the year by Mr A Scott and his wife totalling £82,950 (2023: £nil) which has been offset against the outstanding loan balance.

£59,517 was paid to the North Eastern Locomotive Preservation Group, of which Mr A Scott is President (2023: £69,816). No balances were outstanding at either year end.

£420 (2023: £nil) was received from York Museums and Gallery Trust in relation to room hire, an organisation Mr A Scott is a Trustee of. No balances were outstanding at either year end.

During the year, whilst Mr C Price was a director of NYMR Plc, expenditure incurred by NYMR Plc totalling £8,361 (2023: £6,762) was paid to Heritage Railway Association, a company in which Mr C Price is also a director.

Mr G Mumford is a director of NYMR Plc. During the year, expenditure incurred by NYMR Plc totalling £82,836 (2023: 80,843) was paid to Insight Associates Limited, a company in which Mr G Mumford is also a director. At the balance sheet date NYMR Plc owed the company £110 (2023: £nil).

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