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REGISTERED COMPANY NUMBER: 06609149 (England and Wales)
REGISTERED CHARITY NUMBER: 1128431















Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 30 June 2024

for

WHITWELL & REEPHAM RAILWAY PRESERVATION
SOCIETY LTD

WHITWELL & REEPHAM RAILWAY PRESERVATION
SOCIETY LTD






Contents of the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024




Page

Report of the Trustees 1 to 3

Independent Examiner's Report 4

Statement of Financial Activities 5

Balance Sheet 6 to 7

Notes to the Financial Statements 8 to 15

WHITWELL & REEPHAM RAILWAY PRESERVATION
SOCIETY LTD (REGISTERED NUMBER: 06609149)

Report of the Trustees
FOR THE YEAR ENDED 30 JUNE 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2024. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Public benefit
The charitable company's objectives and activities are:-

The preservation and conservation for the benefit of the public of the historic Whitwell Station, Norfolk and its surrounding, its structures, associated rolling stock and history.

To advance the education of the public in the history and development of Whitwell Station, Norfolk and its surroundings.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

FINANCIAL REVIEW
Financial highlights
The financial statements are set out on pages 5 to 15. Total income for the year amounted to £49,465 (2023: £60,830) and total expenditure amounted to £62,923 (2022: £46,146). Net movement in funds totalled £(13,458) (2023 : £134,684).
During the year the charitable company welcomed approximately £102,000 visitors to its site (2023: 84,000).

Reserves policy
The trustees have decided to hold sufficient unrestricted reserves to meet two years of charitable expenditure. This will be held to ensure site development can be completed. Additionally, in view of the current economic situation and pressure on household incomes, which may have a detrimental impact on future income, this will provide a buffer to allow timely decision-making regarding strategy.

The unrestricted fund balance at the year end was £96,316 (2023: £109,997) and included within this are cash funds of £9,688 (2023 : £12,529).

The restricted fund balance at the year end was £7,972 (2023: £7,749), representing donations raised towards the renovation/maintenance of specific items of rolling stock.

Going concern
In common with many charities, fundraising is an issue to be confronted. However, this year's activity shows that there is continuing goodwill towards the project by many people in both a financial and practical way. Trustees are hopeful that this will continue.

Looking further ahead, ownership of the site poses a challenge. The site is owned by a pension fund of which one of the trustees, Mr M F Urry, is a beneficiary. When the charitable company was established the intention was that a long lease would be established, providing some security of tenure until the society was in a position to purchase the site outright..The charity has currently entered into a five year lease which will expire in 2025.


WHITWELL & REEPHAM RAILWAY PRESERVATION
SOCIETY LTD (REGISTERED NUMBER: 06609149)

Report of the Trustees
FOR THE YEAR ENDED 30 JUNE 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Whitwell & Reepham Railway Preservation Society Ltd is a charitable company limited by guarantee, incorporated on 3 June 2008 and registered as a charity on 2 March 2009. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed by its Articles of Association. In the event of the company being would up, members are required to contribute an amount not exceeding £1.

At 30 June 2024 there were six such members.

Recruitment and appointment of new trustees
The total number of Board Members shall not be less than one. There is no maximum. The charity may from time to time increase or decrease the number of Board Members by appointment at a general meeting held by the members. The Trustees will from time to time appoint people with specific skills to fulfill specific projects. Those people would be entitled to attend management meetings.

Related parties
Details of related parties is given in Note 18 of the financial statements.

Risk management
HM Inspector of Railways and Broadland District Council

The trustees have during the year reviewed the major risks to which the charity is exposed and have established systems to mitigate those risks. All recommendations from HM Inspector of Railways and Broadland District Council have been implemented or plans are in place to ensure full compliance.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
06609149 (England and Wales)

Registered Charity number
1128431

Registered office
Saxon House
Hellesdon Park Road
Drayton High Road
Norwich
Norfolk
NR6 5DR

Trustees
M F Urry Director
Mrs D E Urry Director
R J Bailey Director
R Ewles Director
L J Turner
P J Stead

Company Secretary
M F Urry


WHITWELL & REEPHAM RAILWAY PRESERVATION
SOCIETY LTD (REGISTERED NUMBER: 06609149)

Report of the Trustees
FOR THE YEAR ENDED 30 JUNE 2024


REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Quinneys
Chartered Certified Accountants
Saxon House
Hellesdon Park Road
Norwich
Norfolk
NR6 5DR

Approved by order of the board of trustees on 18 March 2025 and signed on its behalf by:





M F Urry - Trustee

Independent Examiner's Report to the Trustees of
Whitwell & Reepham Railway Preservation
Society Ltd

Independent examiner's report to the trustees of Whitwell & Reepham Railway Preservation Society Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








M W M Lamb FCCA

Quinneys
Chartered Certified Accountants
Saxon House
Hellesdon Park Road
Norwich
Norfolk
NR6 5DR

18 March 2025

WHITWELL & REEPHAM RAILWAY PRESERVATION
SOCIETY LTD

Statement of Financial Activities
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 26,904 3,136 30,040 43,751

Other trading activities 3 19,158 - 19,158 16,940
Investment income 4 - 267 267 139
Total 46,062 3,403 49,465 60,830

EXPENDITURE ON
Charitable activities
Charitable activites 59,743 3,180 62,923 46,146

NET INCOME/(EXPENDITURE) (13,681 ) 223 (13,458 ) 14,684


RECONCILIATION OF FUNDS
Total funds brought forward 109,997 7,749 117,746 103,062

TOTAL FUNDS CARRIED FORWARD 96,316 7,972 104,288 117,746

WHITWELL & REEPHAM RAILWAY PRESERVATION
SOCIETY LTD (REGISTERED NUMBER: 06609149)

Balance Sheet
30 JUNE 2024

2024 2023
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 190,814 - 190,814 201,230
Investments 10 1 - 1 1
190,815 - 190,815 201,231

CURRENT ASSETS
Stocks 11 2,000 - 2,000 2,000
Debtors 12 5,614 - 5,614 3,601
Cash at bank 9,688 7,972 17,660 20,277
17,302 7,972 25,274 25,878

CREDITORS
Amounts falling due within one year 13 (99,110 ) - (99,110 ) (94,133 )

NET CURRENT ASSETS (81,808 ) 7,972 (73,836 ) (68,255 )

TOTAL ASSETS LESS CURRENT LIABILITIES 109,007 7,972 116,979 132,976

CREDITORS
Amounts falling due after more than one year 14 (12,691 ) - (12,691 ) (15,230 )

NET ASSETS 96,316 7,972 104,288 117,746
FUNDS 17
Unrestricted funds 96,316 109,997
Restricted funds 7,972 7,749
TOTAL FUNDS 104,288 117,746

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

WHITWELL & REEPHAM RAILWAY PRESERVATION
SOCIETY LTD (REGISTERED NUMBER: 06609149)

Balance Sheet - continued
30 JUNE 2024


These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 18 March 2025 and were signed on its behalf by:





M F Urry - Trustee

WHITWELL & REEPHAM RAILWAY PRESERVATION
SOCIETY LTD

Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Depreciation and amortisation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.



- Freehold property over 10 years
- Plant, machinery and equipment over 10 years
- Computer equipment over 3 years

Rolling stock is not depreciated as it is maintained so that the trustees believe that the value will at least equate to original cost/value. Memorabilia collections are not depreciated as their value will be at least equal to their original valuation.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

WHITWELL & REEPHAM RAILWAY PRESERVATION
SOCIETY LTD

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. DONATIONS AND LEGACIES
2024 2023
£    £   
Donations 16,412 26,712
Gift aid 1,718 2,041
Grants 7,245 10,672
Subscriptions 4,665 4,326
30,040 43,751

Grants received, included in the above, are as follows:

2024 2023
£    £   
Other grants 7,245 10,672

3. OTHER TRADING ACTIVITIES
2024 2023
£    £   
Fundraising events 12,815 15,542
Glass recycling 138 153
Sale of scrap metal 6,205 1,245
19,158 16,940

4. INVESTMENT INCOME
2024 2023
£    £   
Deposit account interest 267 139

5. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 10,746 12,568


WHITWELL & REEPHAM RAILWAY PRESERVATION
SOCIETY LTD

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023.


7. STAFF COSTS

The average monthly number of employees during the year was as follows:

2024 2023
Trustees/Directors 4 4

No employees received emoluments in excess of £60,000.

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund fund funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 32,527 11,224 43,751

Other trading activities 16,940 - 16,940
Investment income - 139 139
Total 49,467 11,363 60,830

EXPENDITURE ON
Charitable activities
Charitable activites 34,634 11,512 46,146

NET INCOME/(EXPENDITURE) 14,833 (149 ) 14,684


RECONCILIATION OF FUNDS
Total funds brought forward 95,164 7,898 103,062

TOTAL FUNDS CARRIED FORWARD 109,997 7,749 117,746


WHITWELL & REEPHAM RAILWAY PRESERVATION
SOCIETY LTD

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. TANGIBLE FIXED ASSETS
Other
tangible
Freehold fixed Plant and
property assets machinery
£    £    £   
COST
At 1 July 2023 105,016 242,905 11,250
Additions - - -
At 30 June 2024 105,016 242,905 11,250
DEPRECIATION
At 1 July 2023 73,011 80,110 7,041
Charge for year 6,282 804 3,521
At 30 June 2024 79,293 80,914 10,562
NET BOOK VALUE
At 30 June 2024 25,723 161,991 688
At 30 June 2023 32,005 162,795 4,209

Fixtures
and Motor
fittings vehicles Memorabilia Totals
£    £    £    £   
COST
At 1 July 2023 3,969 5,150 1,500 369,790
Additions - - 330 330
At 30 June 2024 3,969 5,150 1,830 370,120
DEPRECIATION
At 1 July 2023 3,248 5,150 - 168,560
Charge for year 139 - - 10,746
At 30 June 2024 3,387 5,150 - 179,306
NET BOOK VALUE
At 30 June 2024 582 - 1,830 190,814
At 30 June 2023 721 - 1,500 201,230


WHITWELL & REEPHAM RAILWAY PRESERVATION
SOCIETY LTD

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
MARKET VALUE
At 1 July 2023 and 30 June 2024 1
NET BOOK VALUE
At 30 June 2024 1
At 30 June 2023 1

There were no investment assets outside the UK.

The investment is in the charitable company's subsidiary, WRR Leisure Ltd. At 30 June 2024 the subsidiary had net assets of £693 (2023: £817) and in the year ended 30 June 2024 made a loss of £124 (2023: profit £500).

11. STOCKS
2024 2023
£    £   
Stocks 2,000 2,000

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,108 1,360
Other debtors 2,506 2,241
5,614 3,601

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 164 164
Other loans (see note 15) 6,840 7,100
Trade creditors 16,293 2,212
VAT 14,512 15,849
Trustees current accounts 56,563 59,563
Accruals and deferred income 4,738 9,245
99,110 94,133

Trustees current accounts are represented by amounts due to the charitable company's subsidiary and to MF Urry, a trustee. Further details are given in note 18.


WHITWELL & REEPHAM RAILWAY PRESERVATION
SOCIETY LTD

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Accruals and deferred income 12,691 15,230

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year on demand:
Bank overdrafts 164 164
Other loans 6,840 7,100
7,004 7,264

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 2023
£    £   
Within one year 6,800 6,800
Between one and five years 6,800 13,600
13,600 20,400

17. MOVEMENT IN FUNDS
Net
movement At
At 1.7.23 in funds 30.6.24
£    £    £   
Unrestricted funds
General fund 109,997 (13,681 ) 96,316

Restricted funds
General fund 7,749 223 7,972

TOTAL FUNDS 117,746 (13,458 ) 104,288

WHITWELL & REEPHAM RAILWAY PRESERVATION
SOCIETY LTD

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 46,062 (59,743 ) (13,681 )

Restricted funds
General fund 3,403 (3,180 ) 223

TOTAL FUNDS 49,465 (62,923 ) (13,458 )


Comparatives for movement in funds

Net
movement At
At 1.7.22 in funds 30.6.23
£    £    £   
Unrestricted funds
General fund 95,164 14,833 109,997

Restricted funds
General fund 7,898 (149 ) 7,749

TOTAL FUNDS 103,062 14,684 117,746

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 49,467 (34,634 ) 14,833

Restricted funds
General fund 11,363 (11,512 ) (149 )

TOTAL FUNDS 60,830 (46,146 ) 14,684

WHITWELL & REEPHAM RAILWAY PRESERVATION
SOCIETY LTD

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.7.22 in funds 30.6.24
£    £    £   
Unrestricted funds
General fund 95,164 1,152 96,316

Restricted funds
General fund 7,898 74 7,972

TOTAL FUNDS 103,062 1,226 104,288

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 95,529 (94,377 ) 1,152

Restricted funds
General fund 14,766 (14,692 ) 74

TOTAL FUNDS 110,295 (109,069 ) 1,226

The restricted funds are restricted income funds.

18. RELATED PARTY DISCLOSURES

During the year the charity made the following related party transactions:

WRR Leisure Ltd
During the year the charitable company received donations of £3,000 (2023 : £14,000) from its subsidiary company, WRR Leisure Ltd. At the balance sheet date the amount due to WRR Leisure Ltd was £12,529 (2023 : £15,529). The loan is interest-free and there are no formal repayment terms. However the intention is that this will be repaid when funds permit.

Mr M F Urry
At the balance sheet date the amount due to Mr M F Urry was £44,034 (2023 : £44,034). The loan is interest-free and there are no formal repayment terms in place. However the intention is that this will be repaid when funds permit.