REGISTERED COMPANY NUMBER: 07281796 (England and Wales)

REGISTERED CHARITY NUMBER: 1146990

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

MALTON DODGER LIMITED

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

13

Malton Dodger Ltd was formed to take over the activities of the 'Yorkshire Wolds Railway Restoration Project' and this took place on 1st January 2011. All funds held by the original group were transferred on that date. "Yorkshire Wolds Railway" (YWR) is now the operating name of Malton Dodger Ltd

OBJECTIVES AND ACTIVITIES

Objectives and aims

The company has constructed a Visitor Centre and is developing an operational heritage railway on part of the trackbed of the former Malton & Driffield Junction Railway.

The objectives are to establish and develop a popular heritage attraction in the East Riding of Yorkshire, promoting education and training.

The charity trustees have complied with the duty in section 4 of the 2011 Act to have due regard to guidance on public benefit published by the Commission.

Public benefit

Being a heritage railway, there is an advancement of culture & heritage together with a public educational benefit.

There is a small museum at Fimber Halt detailing the story of the railway & many unique artefacts have been collected for the public to see. There is specifically a volunteer on hand to inform visitors.

Trains are run for the visiting public every week from Easter to the end of October each year, together with special events & dedicated running sessions for interested parties.

Many presentations about the region's local history & the progress of the railway's restoration are given to local groups. A record number of regional shows were attended during the year, educating the public about local history and the progress of the YWR.

The volunteer working teams again continue to increase in size & regularity. They provide skills training & a mutual interest for many participators from the local community. All volunteers are welcome, subject to certain safety & minimum age requirements.

Reports of the railway's progress are regularly made through the quarterly "Malton Dodger" newsletter, together with the railway's website & discussion forum, as well as other social media outlets and newspapers.

The charity trustees have complied with their duty to have due regard to the guidance on public benefit published by the Commission in exercising their powers or duties.

Volunteers

The Yorkshire Wolds Railway is staffed entirely by volunteers, both on & off site. There are no paid workers.

The directors wish to thank all those members & other supporters who have contributed to the railway's success to date.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

2025 saw visitor numbers increase again together with many 'Driver Experiences' being given. More presentations were delivered to local groups both on and off site.

The shop was relocated for the 2025 season into the vacant coach, further improving accessibility and the visitor experience. This was very well received by visitors.

Training for operational volunteers was progressed again. Such training is evidenced as part of the volunteers' competence management system.

The agreement with the Farwath Area Rolling Stock Team (ex - North Yorkshire Moors Railway) continued to be very beneficial to both parties.

The new Visitor Centre & Working Facility, part-funded by the "UK Shared Prosperity Fund" was structurally completed in the year. A further grant from "YorHub" enabled the commencement of the electrical installations..

Developments

Operating income & donations towards the Infrastructure & Rolling Stock funds allowed further restoration work to continue.

FINANCIAL REVIEW

Financial position

The company is in a sound financial position with net assets increasing again in the year.

Additionally, many of the assets are stated at depreciated cost (including refurbishments) & generally these values are substantially lower than their market value.

Fundraising activities

The company raised funds during the year to achieve its objectives including increased operational income & special events such as the annual Model Railway show.

Donations were welcomed again during 2025 enabling the railway to improve its visitor experience. The level of donations increased over the 2024 level mainly due to the supporting of specific purchases.

Reserves policy

Some of the reserves are restricted revenue funds. These are recognised to the extent of the unused monies received.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

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

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

07281796 (England and Wales)

Registered Charity number

1146990

Registered office

Fimber Halt

Beverley Road

Fimber

Driffield

East Yorkshire

YO25 3HG

Trustees

I Merino Infrastructure Director

P M Robson Finance Director

M Brown Media & Membership Director

Ms C Bowser Business Development Director

M Jones Operations Director

J.R. Lane Health and Safety Director

S Barraclough Rolling Stock Director

Company Secretary

I Merino

Independent Examiner

Geoff Mountain

Jackson Robson Licence Limited

33-35 Exchange Street

Driffield

East Yorkshire

YO25 6LL

Approved by order of the board of trustees on 8 March 2026 and signed on its behalf by:

M Brown - Trustee

Independent examiner's report to the trustees of Malton Dodger Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025.

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.

Geoff Mountain

The Institute of Chartered Accountants in England and Wales

Jackson Robson Licence Limited

33-35 Exchange Street

Driffield

East Yorkshire

YO25 6LL

12 March 2026

2025

2024

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

40,290

9,100

49,390

37,442

Charitable activities

General

17,646

-

17,646

9,889

Other trading activities

2

39,492

-

39,492

43,715

Investment income

3

142

-

142

364

Total

97,570

9,100

106,670

91,410

EXPENDITURE ON

Raising funds

30,381

-

30,381

20,140

Charitable activities

General

48,637

-

48,637

38,711

Total

79,018

-

79,018

58,851

NET INCOME

18,552

9,100

27,652

32,559

Transfers between funds

13

2,271

(2,271

)

-

-

Net movement in funds

20,823

6,829

27,652

32,559

RECONCILIATION OF FUNDS

Total funds brought forward

167,493

10,651

178,144

145,585

TOTAL FUNDS CARRIED FORWARD

188,316

17,480

205,796

178,144

2025

2024

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

7

273,422

-

273,422

181,247

Investments

8

1

-

1

-

273,423

-

273,423

181,247

CURRENT ASSETS

Stocks

9

4,713

-

4,713

50

Debtors

10

2,250

-

2,250

4,459

Cash at bank and in hand

21,359

33,420

54,779

48,095

28,322

33,420

61,742

52,604

CREDITORS

Amounts falling due within one year

11

(15,098

)

1

(15,097

)

(1,357

)

NET CURRENT ASSETS

13,224

33,421

46,645

51,247

TOTAL ASSETS LESS CURRENT LIABILITIES

286,647

33,421

320,068

232,494

ACCRUALS AND DEFERRED INCOME

12

(98,331

)

(15,941

)

(114,272

)

(54,350

)

NET ASSETS

188,316

17,480

205,796

178,144

FUNDS

13

Unrestricted funds

188,316

167,493

Restricted funds

17,480

10,651

TOTAL FUNDS

205,796

178,144

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 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 8 March 2026 and were signed on its behalf by:

I Merino - 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, 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.

Tangible fixed assets

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

Equipment

-

10% on reducing balance

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.

2.	OTHER TRADING ACTIVITIES

2025

2024

£

£

Fundraising

4,342

5,600

Sales

34,283

32,791

Sponsorship

358

278

Scrap sales

509

5,046

39,492

43,715

3.	INVESTMENT INCOME

2025

2024

£

£

Interest received

142

364

4.	NET INCOME/(EXPENDITURE)

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

2025

2024

£

£

Depreciation - owned assets

30,381

20,140

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2025 nor for the year ended 31 December 2024.

6.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

37,442

-

37,442

Charitable activities

General

9,889

-

9,889

Other trading activities

43,715

-

43,715

Investment income

364

-

364

Total

91,410

-

91,410

EXPENDITURE ON

Raising funds

20,140

-

20,140

Charitable activities

General

38,711

-

38,711

Total

58,851

-

58,851

NET INCOME

32,559

-

32,559

Transfers between funds

1,475

(1,475

)

-

Net movement in funds

34,034

(1,475

)

32,559

RECONCILIATION OF FUNDS

Total funds brought forward

133,459

12,126

145,585

TOTAL FUNDS CARRIED FORWARD

167,493

10,651

178,144

7.	TANGIBLE FIXED ASSETS

Rolling

Buildings

stock

Equipment

Infrastructure

Totals

£

£

£

£

£

COST

At 1 January 2025

73,219

45,158

46,985

147,488

312,850

Additions

91,093

-

4,491

26,972

122,556

At 31 December 2025

164,312

45,158

51,476

174,460

435,406

DEPRECIATION

At 1 January 2025

15,280

16,873

20,959

78,491

131,603

Charge for year

14,903

2,829

3,052

9,597

30,381

At 31 December 2025

30,183

19,702

24,011

88,088

161,984

NET BOOK VALUE

At 31 December 2025

134,129

25,456

27,465

86,372

273,422

At 31 December 2024

57,939

28,285

26,026

68,997

181,247

8.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

MARKET VALUE

Additions

1

NET BOOK VALUE

At 31 December 2025

1

At 31 December 2024

-

There were no investment assets outside the UK.

9.

STOCKS

2025

2024

£

£

Stock of regalia

4,713

50

10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Prepayments

2,250

4,459

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

-

(2

)

Other creditors

15,097

1,359

15,097

1,357

12.	ACCRUALS AND DEFERRED INCOME

2025

2024

£

£

Grant accrued income

114,272

54,350

13.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.1.25

in funds

funds

31.12.25

£

£

£

£

Unrestricted funds

General fund

167,493

18,552

2,271

188,316

Restricted funds

Infrastructure

1,192

9,100

-

10,292

Rolling stock

9,459

-

(2,271

)

7,188

10,651

9,100

(2,271

)

17,480

TOTAL FUNDS

178,144

27,652

-

205,796

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

97,570

(79,018

)

18,552

Restricted funds

Infrastructure

9,100

-

9,100

TOTAL FUNDS

106,670

(79,018

)

27,652

Comparatives for movement in funds

Net

Transfers

movement

between

At

At 1.1.24

in funds

funds

31.12.24

£

£

£

£

Unrestricted fund

133,459

32,559

1,475

167,493

Restricted funds

Infrastructure

1,012

-

180

1,192

Rolling stock

11,114

-

(1,655

)

9,459

12,126

-

(1,475

)

10,651

TOTAL FUNDS

145,585

32,559

-

178,144

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted fund

91,410

(58,851

)

32,559

TOTAL FUNDS

91,410

(58,851

)

32,559

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

Net

Transfers

movement

between

At

At 1.1.24

in funds

funds

31.12.25

£

£

£

£

Unrestricted fund

133,459

51,111

3,746

188,316

Restricted funds

Infrastructure

1,012

9,100

180

10,292

Rolling stock

11,114

-

(3,926

)

7,188

12,126

9,100

(3,746

)

17,480

TOTAL FUNDS

145,585

60,211

-

205,796

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted fund

188,980

(137,869

)

51,111

Restricted funds

Infrastructure

9,100

-

9,100

TOTAL FUNDS

198,080

(137,869

)

60,211

14.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2025.