Auditors who have produced a report on the North Yorkshire Moors Railway’s annual accounts have ‘cast significant doubt’ on its ability to continue as a going concern after a year in which operating costs rose dramatically.
The trust that runs the 18-mile heritage line submitted its accounts for the year ending February 2023 to the Charities Commission in December, and the auditors’ report was made available to the public last week. The document states that the railway made a loss of over half a million pounds due to lower than expected footfall in the summer of 2022 and a huge increase in the price of coal and other materials related to the war in Ukraine.
A period of ‘tight cash management’ is now necessary until at least August 2024, with the late winter period expected to be the most difficult to negotiate. However, the auditors included a note of warning about the trustees’ comments, stating: “We wish to draw attention to the assessment of a going concern, noting visitor numbers have not returned to pre-Covid levels and that costs have drastically increased.
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