Derwent & Wye Valley Railway Trust Ltd - Charities report

REGISTERED COMPANY NUMBER: 05285448 (England and Wales)

REGISTERED CHARITY NUMBER: 1109543

Report of the Trustees and

Unaudited Financial Statements For The Year Ended 31st December 2024

for

The Derwent & Wye Valley Railway Trust

Limited

Page

Report of the Trustees

1

to

2

Statement of Trustees' Responsibilities

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Balance Sheet

6

Notes to the Financial Statements

7

to

11

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 31st December 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

Objectives and aims

The charity's objectives are to acquire, restore, preserve and operate a representative collection of heritage railway buildings, structures, rolling stock and artefacts for use by, exhibition to and for the education of the public in the infrastructure, management and operation of railways between Ambergate and Buxton in the County of Derbyshire.

Significant activities

During the period under review the Trust has continued to further its objectives by progressing the following opportunities, namely

- The restoration of a Mark 1 first open coach acquired in 2006

- The restoration of the former Daley Dale Footbridge at Darley Dale

Achievements

- We have been extremely fortunate to receive a substantial grant of £223,353 from the National Heritage Lottery Fund for the restoration of the Historic Darley Dale footbridge. This will be paid as the project progresses.

- During this year we have also been fortunate to receive various private donations.

- The Trustees would like to express their appreciation and thanks to all their supporters for their help and encouragement, especially the National Heritage Lottery Fund and the Lottery players, as well as the Peak Railway Association, and Peak Rail PLC for providing further help and administrative facilities.

FINANCIAL REVIEW

Thanks to the kind donation of resources by Peak Rail PLC, we continue to receive the income from books and other donated items sold in the Peak Rail shops. Income for the year amounted to £6,915. Gift Aid donations (including Darley Dale Station collection box) amounted to £348. Other donations amounted to $540, and interest received was £1,032.

Reserves Policy

Unrestricted Funds Reserve Policy

Restoration of Mk 1 First Open Coach acquired in 2006 £310.

The Trustees maintained Designated Funds within the Unrestricted Funds during the year to clearly identify the different projects within the accounts. The Designated Funds are Footbridge, MK 1 coach and Water Tank Crane & Tower.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its Articles of Association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

New trustees may be appointed by recommendation of the trustees, or by election at the annual general meeting in accordance with the Articles of Association.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

05285448 (England and Wales)

Registered Charity number

1109543

Registered office

Matlock Station

Station Yard

Matlock

Derbyshire

DE4 3NA

Trustees

D Lathrope Chair

B Riley

R Morgan Treasurer

S Morgan

R Carabine

M Sealey

Company Secretary

R A Horne

Independent Examiner

Dale Accounting Services Limited

64 High Street

Belper

Derbyshire

DE56 1GF

Approved by order of the board of trustees on 23rd September 2025 and signed on its behalf by:

D Lathrope - Trustee

The trustees (who are also the directors of The Derwent & Wye Valley Railway Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees 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 year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charity SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Derwent & Wye Valley Railway Trust for the purposes of company law) are responsible for preparing the Report of the Trustees 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 year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charity SORP;

- make judgements and estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Independent examiner's report to the trustees of The Derwent & Wye Valley Railway Trust Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 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.

Mr Edward George Wint

Dale Accounting Services Limited

64 High Street

Belper

Derbyshire

DE56 1GF

Date: .............................................

2024

2023

Unrestricted

Restricted

Total

funds

fund

funds

Notes

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

32,199

-

32,199

1,752

Other trading activities

2

6,915

-

6,915

6,628

Investment income

3

865

167

1,032

558

Total

39,979

167

40,146

8,938

EXPENDITURE ON

Raising funds

4

26,640

-

26,640

-

Charitable activities

Direct costs

465

-

465

1,309

Total

27,105

-

27,105

1,309

NET INCOME

12,874

167

13,041

7,629

RECONCILIATION OF FUNDS

Total funds brought forward

35,078

6,700

41,778

34,149

TOTAL FUNDS CARRIED FORWARD

47,952

6,867

54,819

41,778

2024

2023

Unrestricted

Restricted

Total

funds

fund

funds

Notes

£

FIXED ASSETS

Heritage assets

7

6,200

-

6,200

CURRENT ASSETS

Cash at bank and in hand

41,752

6,867

48,619

35,578

NET CURRENT ASSETS

41,752

6,867

48,619

35,578

TOTAL ASSETS LESS CURRENT
LIABILITIES

47,952

6,867

54,819

41,778

NET ASSETS

47,952

6,867

54,819

41,778

FUNDS

8

Unrestricted funds

47,952

35,078

Restricted funds

6,867

6,700

TOTAL FUNDS

54,819

41,778

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

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 23rd September 2025 and were signed on its behalf by:

D Lathrope - Trustee

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.

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.

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.

2.	OTHER TRADING ACTIVITIES

2024

2023

£

Shop income

6,915

6,628

3.	INVESTMENT INCOME

2024

2023

£

Deposit account interest

1,032

558

4.	RAISING FUNDS

Raising donations and legacies

2024

2023

£

Support costs

94

-

Investment management costs

2024

2023

£

Bridge expenditure

26,546

-

Aggregate amounts

26,640

-

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st December 2024 nor for the year ended 31st December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2024 nor for the year ended 31st December 2023.

6.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

fund

funds

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

1,752

-

1,752

Other trading activities

6,628

-

6,628

Investment income

434

124

558

Total

8,814

124

8,938

EXPENDITURE ON

Charitable activities

Direct costs

1,309

-

1,309

NET INCOME

7,505

124

7,629

RECONCILIATION OF FUNDS

Total funds brought forward

27,573

6,576

34,149

TOTAL FUNDS CARRIED FORWARD

35,078

6,700

41,778

7.	HERITAGE ASSETS

Total

£

MARKET VALUE

At 1st January 2024 and
31st December 2024

6,200

NET BOOK VALUE

At 31st December 2024

6,200

At 31st December 2023

6,200

The Charity holds the following assets which were all gifted to them:

120 shares in Peak Rail Plc in April 2007

2290 shares in Peak Rail Plc in September 2020

1000 shares in Wyvern Rail Plc in September 2020

1000 shares in 48624 Locomotive Company Limited in September 2020

Braithwaite Water Tank which was transferred to the Trust by the Black Country Museum on 13th March 2007. A footbridge which was transferred to the Trust by the Derby Museum.

8.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.24

in funds

31.12.24

£

Unrestricted funds

General fund

35,078

12,874

47,952

Restricted funds

Darley Dale

6,700

167

6,867

TOTAL FUNDS

41,778

13,041

54,819

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

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

39,979

(27,105

)

12,874

Restricted funds

Darley Dale

167

-

167

TOTAL FUNDS

40,146

(27,105

)

13,041

Comparatives for movement in funds

Net

movement

At

At 1.1.23

in funds

31.12.23

£

Unrestricted funds

General fund

27,573

7,505

35,078

Restricted funds

Darley Dale

6,576

124

6,700

TOTAL FUNDS

34,149

7,629

41,778

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

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

8,814

(1,309

)

7,505

Restricted funds

Darley Dale

124

-

124

TOTAL FUNDS

8,938

(1,309

)

7,629

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

Net

movement

At

At 1.1.23

in funds

31.12.24

£

Unrestricted funds

General fund

27,573

20,379

47,952

Restricted funds

Darley Dale

6,576

291

6,867

TOTAL FUNDS

34,149

20,670

54,819

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

48,793

(28,414

)

20,379

Restricted funds

Darley Dale

291

-

291

TOTAL FUNDS

49,084

(28,414

)

20,670

9.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st December 2024.