Full Steam Ahead with a £4.4m National Lottery Heritage Fund Grant

20th May 2019

PRESS RELEASE

Essex Outsourced Finance Specialist Insight Associates deliver vital financial management and accounting support to the North Yorkshire Moors Railway (NYMR).

Insight Associates Managing Director Garry Mumford tells us “NYMR’s ambitious ‘Yorkshire’s Magnificent Journey Appeal’ project is dedicated to preserving the railway for future generations and we’re delighted to be an integral part of that providing financial management and accounting support”.

The £4.4m grant from the National Lottery Heritage Fund, £1.75 million from the Rural Payments Agency (RPA), plus contributions from local organisations and private donors will enable the work on the £10m project to commence this spring”.

The 180 year old railway runs along 24 miles of breath-taking landscapes and carries over 300,000 visitors every year. NYMR is a popular film location and their Goathland station famously doubled as Hogsmeade Station in the first Harry Potter Film.

Insight Associates has delivered Financial Management & Support Services and Outsourced Accounting to businesses and charities since 1992 and have specialist skills in the heritage railway sector. Garry Mumford is Finance Director for the North Yorkshire Moors Railway and Chief Financial Officer for the Talyllyn Railway in Wales.

“The NYMR railway is a charitable trust with a complex financial structure”, explains Insight’s Associate Director, Simon Hammond. “It’s imperative that Insight Associates continue to deliver quality financial management both for the railway and to satisfy the stringent regulations of the three major grant awarding bodies”.

“The finances for this ambitious project need to be well managed and the project team will need to have full clarity and control at all times. Insight Associates have laid the foundations and developed the systems and reporting to ensure the project keeps on track. We’re excited for the next phase of work to commence.”

More than 3.5 million viewers watched ‘The Yorkshire Steam Railway: All Aboard’ series about the railway that aired on Channel 5 last year. The second series continues on Channel 5 on Friday 24th May at 8pm.

The impact of the project will be significant and will take 5 years to complete. The grant will enable NYMR to develop a volunteer programme, provide learning for young people, improve accessibility and preserve & develop the infrastructure.

“The Insight Associates team based in Stansted, Essex are very proud to be part of the ‘Yorkshire’s Magnificent Journey’ project and to play our small part in securing the future of the past”. “The project now needs to be delivered and there’s still £1m of funding to raise - so it’s full steam ahead from now on!”

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