REGISTERED COMPANY NUMBER: 02848449 (England Wales) REGISTERED CHAIUTY NUMBER: 1040904 REPORT OF THE TRUSTEES AND CONSOLMATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR VINfAGE TRAINS CHAIUTABLE TRUST Mark J Rees LLP. Stattltorv Auditor Chartered Accountants Granville Hall Granville Road Leices LEI 7RU
VINTAGE TIL41NS CHARITABLE TRUST CONTENTS OF THE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report ot the Trustees I to5 Report of thc Indep¢ndent Auditors 6t08 Consolidated Stdtcment of Financial Activities Consolidated Balance Sheet Company Balance Sheet 2to 11 Coiisolidatcd Casli Flow Stateiiieiit 14 Noles to tlie Consolidalcd Casl) Flow Siafriiieiit 15 Notes lo IhL FindnLidl Sl¢m¢.ntS 161034
VINTAGE TRAINS CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees who are also directors of the ¢haritv for the purposes of the Companies Act 2006, present their report with the financial statements of the charity foT the period ended 31 March 2024. The Tn]stees 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 l January 2019). The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public ben¢fit when revxewing the charitable company's aims and objectives and in planning future actkvities. In particular, the Directors have considered how pla[ed activities will contribute to the aims and objectives set. OBJECTIVES AND ACTIVITIES The principal activity and objectives of the charitable company are to encourage and promote public interest in the preservation of steam and other railway locomotives and rolling stock. machinery and equipment of historical interest, and in railways, locomotives, rolling stock, and railway machinery and equipment generally. In the furtherdnee of tbis objective, we have continued with the restoration of our collection of locomotives and mlling stock. We are one of the most highly respected providers of specialist beritage engineering services in the United Kingdom and consequently we are able to attract significant extemal engineering work which is undertaken by our wholly owned subsidiary, Tyseley Locomotive Works Limited. whose custoiners include not only the heritage railway sector. but also modern railway operators. In the course of its activities, Tyseley Locomotive Works Limited propagates the use of engIneerll skills and techniques otherwise at risk of extinction. Our employees, apprentices and volunteers learn ncw skilIs. providing them with unique knowledge available in very other environments. and this is a sound basis for their future careers. The Vislon - PYNTAGE TRAINS.. EXPRESS STEAM TRAIIVS ENGIIVEEIUIVGA FUTURE FOR EYER YONE Our Mission To share the romance and excitement of express steam trains with the world. We will do this by: Developing a main line heritage railway Company open to everyone BringÈng ¢xpr¢ss steam trains into regular public service for the benefit of everyone Developing the skills and capacities of new generations in heritage railway engineering Operating our collection to the highest standards (this includes Tyseley depot and the locomotives and carriages) Creating new experiences b&sed upon an apprexiation of the past Sharing the fas¢inating stories of Birmingham's industrial railway beritsge with the world In order to- Inspire the public to travel by express steam trains Our Values Engineering excellence in all that we do Showcasing our heritage for present and tUre generations Open to everyone Build partnerships and work collaboratively Rooted within ihe community Local. national and global imDOrtance Lone tenn sstaInabln age I
VINTAGE TRAINS CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Our Brand - Vintage Trains has a strong and recognised brand which is made up of several elements.. A vision A inission purpose Value5 A consistent house stvle and tone of voiee.. Logo Uniform approved font Consistent messages from all staff and volllnteers Followingy the Covid_19 pandemic, duringy which lime our train opeiations. carried out by Vintagie Trains Limited. were suspended, we rccominenced opcrdlions from August 2021 and a full train progrdmme iecommenccd in 2022. i o enable our Vision and Mission to be achieved. we work closely with Vintage Trains Community Bcncfit Society ICBS). This was fonned under the Co-operative and Community Benefit SoLteties Act with Financial Conduct Authority (rcgistration number 7668). We are the Pdrcnt of this Lumpany and are enlitlcd to appoint the tnajority of its board of directors and. in the majority of circumstances, have niember control. The CBS opened a ComTnunity Share Offer on I Deceinber 2017, approved by the Finaiicial Coiiduct Authority, and this clo.sed on 30 April 2019, havtng raised some £1. I million in share capital. The purpose of the offeT was to encourage community involvernent in railways. from a base at our Tvselev depot. including the estsblishment of a COTnpany lo operale express steam traiiis on the nationdl railway network. ACHIEVEMENT AND PERFORMANCE We Lolltinue lo havc custodial stewardship ol'the 7029 Clun Casile Limited colleotion of luLomotives and rullingy slock. The Direcloits closely inonilor thL perlormallLc of its Irading subsidiary, TysLlcy Locoinolivc Work5 Liiniled in accordance with tried ¢U]d iested financial Tnethodology and business reporting. It has adopled the same practice with VintagFe Trains Community BcnLfil Society and its subsidiaiy Vinlagc Trains Limited. Tyscley LoLomotivL Works continued to pi-ovidc sptscialist enginccringy iind resloralion scrvices to thL hcTitagc railwdy industry diid also on our own collection of loconiotiveb and rollingi stock. It hds also m<tnaged the development of the historic (ireat Western Railway depot. In July 2024. Vintage Train5 Limited gained a one-year safety certificate and a one year track access agreement, providing a solid base for future development. The safety certificat¢ is Currently progressing well with being renewed from July 2025 onwards. We are in good standing with the we.st Midlands Rail Alliance, Network Rail and the Office of Rail and Road. Page 2
VINTAGE TRAINS CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FUTURE STRATEGY We will ensure our collection of locomotives and carriages continue to operdte on the main line, so providing a secure future for them continuing to lfIl the purpose for which they were designed. This will also deliver ¢conomie and social improvement, public benefIt and enjoyment through the development of a tourist business run by a main line heritage railway company open to everyone. In turn, this will secure engineering. operating and business knowledge and skills for our children and future generations and we will engage with a wider and more diverse audience to deliver these objectives. In addition. we will continue to- Develop the 'Shakespeare Line. from BirniinEham to Strarford-on-Avon. partnerAng with West Midlands Trains. ro create Britain's premier heritage rnainline Tailway. Develop the fornier LMRCA Social Club at Tyseley into a centre for community activity: Develop facilities at Tyseley depot to maintain the historic infrastrncture but be fit for the 21" century. To promote training and apprenticeship schemes. where possible, with local universities. Colleges and training establishments FtNANCIAL REVIEW As explained in note l. Basis of Consolidation. these accounts include the r¢sults of Vintsge Trains Charitable Trust plus its principal wholly owned subsidiary Tyseley Locomotive Works Ltd, together with the activities of Vintage Trains Community Benefit Society Group and its subsidiary, Vintage Trains Ltd by virtue of control over board appointsnent. A more detailed analysis of the activity of each entity is set out in note 14 on pages 23 to 25. The Group Ststenwit of Financial Activities shows a net decre in funds for the period of £60,211 (2023: £37,531- net increase) and our totsl funds at a SUTplus of £217.025 (2023: £277.237). The Major source5 of funds were the trading activities of Tyseley Locomotive Works Limited and a large donation of £543,360 from 7029 Clun Castle. The Tyseley engineering facility is fully operntional and the site has been enban¢¢d by the construction of a purpose build calage maintenance facility with the support of an ERDF grant. RESERVES POLICY The policy of the Trustees is to maintain a level of reserves which will provide a stsble base for the Trust's continuing activities and ¢nabl¢ thc Trust to adjust to any significant change in resouTC¢S through both known and unplanned events, whilst ensuring that ucessive funds arc not accumulated. At 31 March 2024 the total fidS held by the Twst are £256.802 (2023.. £506.273). This includes restricted fimds of £82,077 (2023: £112,569) and unrestricted fijnds of £174.725 {2023= £393,704). The unrestricted ndS include £263.609 (2023: £319,264) of fixed assets. The remaining unrestricted available reserves amount to -£88.884 (2023: £74.440). The Trust has reviewed the cuent negative position on the unrestricted reserves and expects improvements in future years. The trust will be looking to hold a positive reserve in the future, in order to meet operaliollal commitments which equates with a range of between six and twclve months Unrestricted expenditure, in order to provide sufficient funds to finance expenditure on charitable activitle5 and governance costs. Pag¢ 3
VINTAGE TRAINS CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE PERIOD YEAR 31 MARCH 2024 TRUCTURE, GOVERNAIYCE AND MANAGEMENT Governing document The charity is controlled by its governing document, Memorandum and Ai1icles of Association, and constitutes a liinited conipany, limited by guarantee, as defined by tlie Companies Act 2006. The cliarity is governed by its Board of Directors and decisions made at Board Levcl Are actioned by the senior management team. Recruitment and appointment of new trustees The company may appoint Direclors by 01-dinary resoliition and the Directors may appoint to fill a vacancy or add dn additional Director. Appointments made by the Directors durtng the pei-iod n)ust be i'atified al tlie next Annual Generdl Meeting. Director Induction and Trainlng All ncw Directors receive an information pack covering past history, structure and govemance, together with a financial information pack covcring both the Trust and its trading subsidiaries. RKsk managenient Tlie Truslces Iiave a duly to idenlify and review the risks to which the charity is exposed and to ensure appropriaLe controls are in place lo pruvide rcasonable assurancc against fraud aiid error_ REFERENCE AND ADMINISTRATIVE DETAILS Re%istered Company number 02848449 (Eng141nd and Wdles) Registered Charity number 11140904 ReElStered office 670 Wanvick Road Tyselev Biniiingham B112HL Trustees (all of whom Served throughout the period up to the date of this report except where stated) Mr CM Whitehouse MT VE Michel Mr RJ Cadge Mr RG Thorne Mr SE Ndlovu (appointed 21 December 2023) MR JEB Minards (appointed 7 March 2024) Mr MA Gaskell (appointcd 19 August 2024) Mr SJ Ivliitehoiise {appuinled 7 November 20241 Mr MG Gilbcrt (resigncd 7 March 2024) Mr IJ Bertram {resigned 12 April) Mr DW Keay (resignEd 19 August 2024) {Emeritus trustee - non-voting) Companv Secretarv Mr G Moulder Page 4
VINTAGE TRAINS CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTIL4TIVE DETAILS Auditors Mark J Rees LLP. Stathtory Auth'tor Chartered Accountants Granville Hall Granville Road Leicester LEI 7RU STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees (who are also the directors of Vintage TrJiDS Charitable Trnst for the pOseS of ¢omp8ny law) are responsible for preparing the Report of the Trustees and the fmancial statements in accordance with applicable law and Uniled Kin¥dom Accounting Standards (United Kingdoin Generally Accepted Accounting Practice). Company law iequires th¢ TTUStees to prepare financial statements for each fmancial year which give a true and fair view of the state of affairs of the charitsblc company and of the incoming rcsourees 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 suitsble accounting policies and then apply them consistently. observe the methods and prtnciples 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 inappropriafr to presume that the cbaritable company will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the fulancial position of the charitable Company and to enable them to ensur¢ that the flnancial statements comply witb the Compani¢s Act 2006. They are also responsible for safcguarding the assets of the charitable company and hence for taking reasonabl¢ steps for the prevention and detrction of fraud and other irregularities. In so far as the TnteeS are aware: there is no relevant audit IDfom]ation of which the charitable company's auditors are unaware" and the Trnstees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The auditors, Mark J Rees LLP. Ststutory AuditOT. will be proposed for re-appointmcnt at the forthcoming Annual General Meeting. Thi5 report has begn prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 telating to small companies. Approved by order of the board of Trustees on ..... . and signed on its behalf by.. Mr CM Whitehouse - Trus ee Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VINTAGE TRAINS CHARITABLE TRUST A rther dcscription of oiir responsibilities for the audit of the financial statements is located on the Financial Reportin Council's websitu al www.frc.org.uklauditorsresponsibilitics. This description forms part of our Report of the Auditor5. Use of our report This rcport 15 made solely to the charitable company's members, a5 a body. in accordance with Chapter 3 of Part 16 OF the Companies Acl 2006 and io Ihe chaiitable company's trustees, as a body iii accoTdance wiih Part 4 01 Ihc Charitics (Accounts and Reports) Regulalion 2008. Oiir audil work has been undertaken so ihat we Inight siale lo the charilable company's mLmbers and tIsleeS ihose matters IVL are required lo slale lo (hem in an auditors, report and for no othLr PUiT)ose. To the lIest extent pcrniitted by law. WL do not accept or assunic responsibility lo anyone oth¢r than thL cliaritable company. the charitable company's menibers as a body, and the ehariÉable company's trustees as a body, for oui audit work. for this repoit. or for the opinions we have formed. Mr P Boti FCA (Senior Ststulorv Auditorl for and on bchdlf of Mai-k J Rcc5 LLP Chartercd ALLountants. Statutorv Auditoi. Granvillc Hal Granville Road Leicester LFI 7RU Dale Page 8
VINTAGE TRAtNS CHARITABLE TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR EIYDED 31 MARCH 2024 2024 Total funds Unrestrlcted funds Restricted funds 2023 Total Funds Notes IIYCOMIDIG RESOURCES Incoming resources from generated funds Voliintary Income Donations and legacies received Grants Activiliesfor generafing.fvnds Commercial trading operations Preservation of steam and other railway locomotives Ipiveslment income Interest received Other income 588,895 I5,4S2 588,895 15.452 58.560 3.173.285 3.173,285 3.017.419 1,879 1,879 8,011 940.553 IneomiThg resources from charitablt 2Ctlvltl Museurn and open day receipts 96 Total incoming resources 3,779,511 3,779,511 4.024,639 RESOURCES EXPENDED Cost of generating funds Commercial trading activities 3,699J87 3,699J87 3,833.296 ChaTRtable actlvities Preservation of steam and other railway locomotives Governance costs 81,044 28,8(Kl 30,491 111,535 28,81KI 127.172 26,640 Total resource5 expended 3,809.231 3,839.722 3.987.108 NET INCOMINGI (OUTGOING) RESOURCES {29.720) (30,491) {60311) 37,531 RECONCILIATION OF FUNDS Total funds brought fonvard Transfer belween fund5 (858J32) 112,569 (745,763) (783.194) (100) TOTAL FUNDS CARRIED FORWARD 888,052 82,078 805 974 745,763 The Consolidated Statement of Financial Activities includes all gains and losse5 recognised in the period. All incoming resources and r¢sources expcnded derive from continuino activiries. The notes on pages 16 to 34 fonn part of these financial statements. Page 9
VINTAGE TRAINS CHARITABLE TRUST CONSOLIDATED BALANCE SHEET AT 31 MARCH 2024 !024 Total funds Unrestricted I'unds Restricted funds 2023 Tolal Funds Notes FIXED ASSETS Inla]igible assets Tangible assels Invcstmenls 12 13 14 55,580 636,J2l 55,580 697,003 60,982 403,462 691,601 60,982 752,583 459,609 CURRENT ASSETS Stocks Debtorg Cash at bank 15 16 37,688 369.607 299.761 37,688 369,607 320,856 6,457 724.624 347,157 21,095 707,056 21,095 728,151 1,078,238 CREDITORS Amoiints falling due wiihin one yc&r 18 (937,550) (937,550) (1,034,434) NET CURRENT ASSETS/ (LIABILITIES) 230,494 21,095 209,399 43,804 TOTAL ASSETS LESS CURR'T LIABILITIES 461,107 82,077 543,184 503,413 CREDITORS Amounts falling due after more than one year 19 {326,158) (326,158) (226,176) PROVISIONS FOR LT ABILITIES )ET ASSETS 134.949 82.077 217 026 277,237 Page 10
VINTAGE TRAINS CHAIUTABLE TRUST CONSOLIDATED BALANCE SHEET- CONTINUED AT 31 MARCH 2024 Unrestri¢ted funds Restricted funds 2024 Total funds 2023 Total Funds Notes 21 FUNDS Unrestricted funds Restricted funds Non-controlling interest (888.052) (888,052) 82.077 1,023,000 (858.3321 112,569 1.023.000 82,077 1.023,000 TOTAL FUNDS 134.948 82.077 217,025 277,237 These financial statements have been prepared in accordance witb the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies. The financial stlltements were approved by the Board of Trnstees on-. . and were signed on its behaIf by: Mr CM Whitehouse - Trustee Mr J Minards - Trustee Pagell
VINTAGE TRAINS CHARITABLE TRUST COMPANY BALANCE SHEET AT 31 MARCH 2024 2024 Total funds LTnrcslricled tunds Restricted funds 2023 Total Noles FIXED ASSETS Intangible assets Tangiblc assets InvLstments 580 263,609 206 580 324,591 206 13 14 60,982 380,246 206 264.395 60,982 325,377 381.599 CURRENT ASSETS 16& 17 Debtors Cash at bank and in hand 31.947 (120) 31,947 20,975 109,776 58,864 21,095 31,827 21,095 52,922 168.6411 CREDITORS Amounts tallin&Y due within onc vear (121,497) {121,497} {43,966) NET CURRENT ASSETS 89,670 21,095 68,575} 124,674 TOTAL ASSETS I,F.S.S CURREf4T LIABILITIES 174.725 82,077 256,802 506,273 CREDITORS Amounts falling due after more Ihan one yoar )"ET ASSETS 174.725 82,077 256,802 50h,273 Page 12
VINTAGE TRAINS CHARITABLE TRUST COMPANY BALANCE SHEET- CONTINUED AT 31 MARCH 2024 2024 Totsl funds Unrestricted tunds Restricted funds 2023 Total fund5 Notrs 21 Unrestricted funds Restricted fijnds 174,725 174,725 82,077 393,704 112,569 82,077 TOTAL FUNDS 174,725 82,077 256,802 506,273 These firtancial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable Companies. The financial statements were approved by the Board of Trustees on . . and were signed on its behalf by.. Mr CM Whitehouse- TTUStee Mr J Minards- Trustee Page 13
VINTAGE TRAINS CHAIUTABLE TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 0?4 2023 Cash flows from operating activiti¢$ Casli generated froni operations 355,749 (527,2171 Nel cash provided byl(uscd in) operaling aclivitics 355,749 $27.2171 Cash floivs from investing activities Purchase of tangible fixed assets Proceeds from gale of tangible fixed assets (370,858) (174,582) 1,013,180 Net casli providLd by investing activities 370,858) 838.598 Cash flows from finaneiDg activities Repayment ot othcr bomwings Capital repayinents in year (53,000) (16.279) 111.192) Nel Cash provided hyl(uscd iii) fiiiaiiciiii? activiti¢s (11,192 69,2791 Change in cash #nd Lash equivalent5 in the reporting period Cash and c#sh equivalents at the beginning ot the reporting period 126,301) 242,102 347,157 105.05) Cash and cash equivalcnts at the end of thc reporting period 320,856 347.157 Page 14
VINTAGE TRAINS CHAIUTABLE TRUST NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET INCOME/(EXPENDITURE) TO IYET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reporttng period (2$ per the Statement of Financial Activities) Adjustments for: Depreciation charges Profit on disposal of fixed assets (Rncreaseyd¢erease in stocks (Increase)Idecrease in debtors tncrease/(decrease) in creditors (60,211) 37.531 77J17 61,668 (940.553) 8,354 (286.839) 592.62? (31.231) 355,017 14.857 Net Cash provided byl(used in) operations 355 749 . ANALYSIS OF CHANGES JN NET FUNDS At 31.03.24 At 1.423 Cash flow Net cash Cash at bank 347,157 {26JOI) 320,856 347,157 26JOI 320 856 Debt Bank IA)ans & Other bOowingS (72,889) (11.192) (84.081) 72,889 Total 137 493 236 775 Page 15
VINTAGE TRAINS CHARtTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS Tlie tiiiancial stalcinents of the eharilable Lyrollp, which is a public benetit entity under FRS 102. have lieen prcpared in accordance with the Charitics SORP (FRS 102) 'Accouiiting and Reporting bv Charities.. Statemenl of Recomtneiided Practice applicable to cliaritTes preparing thcir accoiints in accordance with the Financial Rcporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeclivc l January 2019),. Finaiicial Reporting S12ndard 102 'The Financial Reporting Standard appliciible in the UK and Repiiblic of Ireland, and the Cumpanics Act 2006. The finanLial slalcmenls havL bcLn prLparcd und¢i' the historical cost convention willi IhL exception ot inveslnients which are included at market value. The present2tion currency of the financial statements is the Pound Sterling (£) STA TUS OF COMPANY The company is limited by guarantee and does not have any share capital (company registeied number 02848449. eharity regi.%tered number 1040904). Thc liability of the membcr is limitcd but shall nol exceed £ l. BASIS Ob CONSOLIDATION The consolidated accounts incorpoiate the rcsults ofthe period cnded 31 March 2024 of Vinlage Trains Cliarilable Trust and ils wholly owncd subsidiary coinpaiiics as sel out in nole 14_ li also cons01idalcs. by virtue of control. Vintage Trains Coinmunily Benefit SoLiLty and ils wholly uwned sub.4idiary Vintage Ti"ains Ltd. which under Vintagc Trains Community Benefit Society'8 articles of association, Viiildge Tidills Charitable Trust has the ability to appoint the majority ot its board. INCOME All iiicome is recognised in the Statement of Financial Activities once tlie charity has entitlément to the fuiids and il is probablc that tlie incoine will be receiiicd and the ainount can bL InLasui-Ld i-Lliably. For ILg itCiLS. tIIL' entitlcment is the earlier ot the charity being notitied of an impcnding distribution or Ihc Icgacy being rcceived. Incoming rL%ources from gyrants. where related to perforniance and specific delivcrablcs, arc accoiinled for as the charitsbl¢ coinpany earns Ihe riglit to consideralion by ils perfonnance. Where inconie is reccived in advai)ce of perfonnance il is Irealed as defetred income and included wi(hin cr¢dilors. EXPENDITURE Liabilitics are recognised as expenditure 500n as thcrc is a legal or constructiv¢ obligation committing the charity lo that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amolli)l of thL obligation can be Ineasured reliably. Expenditure is accounted for on an accruals basis and has been cla55ified under headings that aggregatc 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. INTANGIBLE ASSETS Inlangible assels arc initially recognised at cost. After tnilial recognition, inlangiible assels are measured al cost less aiiy dccuinulaled ainorlisation and any accumulaled impainnent losses. WLbsite cosls are being amoilised cvenly over their cslimaled useful life of four vcars. Patents and Licunces consist of a trademark and the appliLatiun costs lo obtain a train line operating licence from thc Otficc of Rail and Road. Trademarks are capitaliscd then amortiscd through the profit and loss account by eqiial instalments over their e5tiTnated useful economic life up to a maximum of10 years. The operating licence will conliiiue lo be in foree until revoked by the Office of Rail and Road. As there is no evidence that Iliis will occur as of tlie approval date of the financial statements, it has been detenmined that the asset has an indefinite life. The accounting policy will be reviewed anniially to asscss whether the life of the '.enCe has become definite, in which case the asset will be amortised evenly over the remaining useful life. Pagc 16
VINTAGE TRAINS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued TANGIBLE FIXED ASSETS Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Land and buildings Rolling stock and trackwork Plant and machinery Long leasehold - Equal instalments over the lease period 10-15 years - 34 years - Equal instalments over the lease period STOCKS Work in progress is valued at the lower of Cost and net realisable value. Cost includes all diTe¢t expenditure and an appropriate proportion of fixed and variable overheads. TAXATION The charity is exempt from Cooration tsx on its charitable activities. FUIYD ACCOiiIYTJNG Unrestricted llds can be used in accordan¢¢ with th¢ charitable objectives at the discretion of the Trusttts. Restricted funds can only be used for particular restricted pu05¢5 within the objects of the charity. Restrictions artse 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. OPERATtNG.LE,ASES R¢nt#ls under operating. leases are chaiged on a strdight line basis over the life of the lease. GOVERNMENT GRANTS Government grants received in respect of capital expenditure relating to the l¢a5ehold propety havebeen deferred on the balanLe sheet and will be released to th¢ profit and loss account in accordance with the depreciation policy for thc leaschold property. Grant income is credited in the period to which it relates. SIGNIFICANT JUDGEMENfs AND ESTIMATES There were no areas in which the preparation of the financial statements requirement to make significant judgements or estimates. DEBTORS Short tenn debtors are measured at transaction Price, less any impainnenL Loans receivable TDVdsured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest n]ethod. Icss any impaiTuJent. CREDITORS Short terni trade creditor5 are measured at the transaction price. Other financial liabilities, including bank loans. are measured initially at fair value, net of transaction costs. and are measured subsequently at amortised cost using the effective interest method. GOING coficERN After reviewing the group's forecasts aud prOJtiOns. the diwtors have a reasonable expectation that the group has adequate resources to continue in operdlional existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its consolidated fmancial statements.
VINTAGE TRAINS CHARITABLE TRUST YOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES- GROUP ?024 2023 Donations Grants 588.895 58.560 604.347 58.560 Donations received, and included in the above, are as follows: 2024 2023 Donations Gift dld donations ieceived -J,uiiaiions Lrom 7029 Clun Castle Limited 45,535 543.360 58.560 3811,895 58,560 INVESTMENT INCOME- GROUP 2024 2023 Intercst reLeived 1,879 8.011 OTHER INCOMF. - GROUP 2024 2023 Protit on disposal of land 940,553 INCOME FROM CHARITABLE ACI'IVITIES- GROUP 2024 2023 Museum and open day receipts 96 96 Page 18
VINTAGE TRAINS CHARtTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 CHARITABLE ACTIVITIES COSTS - GROUP 2024 2023 Depreciation and atnortisation Bank charges Admin expens¢s Open day costs Repairs and newa1$ Staff costs 25,732 108 26.688 56,223 510 14,478 1.973 27,973 543 15,960 81.044 89.144 CHARITABLE ACTIVITIES COSTS- GROUP- RESTRICTED 2024 2023 Depreciation and amortisation RepaiTS alld reTh¢wals Open day costs 30,491 73 37,955 30.491 38.028 GOVERNANCE COSTS- GROUP 2024 2023 Auditors, remuneration 28.800 26.640 28.8 26.640 NET INCOMEI(EXPENDITURE)_ COMPANY Net incom¢/(expendithre) is stated after chargingl(creditillg): 2024 2023 Audito, remuneration Depreciation - owned assets Patents and licences amortisation 28,8(M) 55,655 567 26,640 55,656 567 TRUSTEES, REMUNERATION AND BENEFITS There were no Trustees, remuneration or other benefits for the period ended 31 March 2024 nor for the year ended 31 March 2023. TRUSTEES, EXPENSLS Ttustees, expenses tota]ling £Nil (2023: £516) were paid for the period ended 31 March 2024. Page 19
VINTAGE TRAINS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 iu. STAFF COSTS - GROUP ?024 2023 Wages and salaries Social security costs Pension 879,761 73,421 690,592 70,780 Y63,5gS 772,999 The average monthly number of employees during the period was as follows.. 2024 2023 Managemenl Administration ,I4anufacturinglTrain Crew io 19 10 24 37 40 During ihe period key management personnel of group enlities I'eceived r¢munL'ralion tolalling £146.135 (2023= £152.392). The number of employees whose ernployee benefits (excluding employer pen%ion costs) exceeded £611.1)00 2024 202i £70.001- £80.000 COMPARATIVES FOR THE CONSOLIDATED STATEMEIYT OF FINANCIAL ACTIVITIES - 31 MARCH 2023 Unrestricted funds Restricted Funds Total funds INCOMING RESOURCES Incoming resources from generated funds Voluntary Income Donations and legacies received Grants Activitiesfor generoting funds Commercial trading operations Investment income Interest received Other income 21,375 37,185 58,560 3,017,419 3,017.419 8,011 940,553 8,011 940.553 Incomlng resources from charitable activities Museum and open day receipts 96 90 Total 3.987,454 37,185 4,024.63L) Page 20
VINTAGE TRAINS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 ii. COMPARATIVES FOR THE COIYSOLIDATED STATEMENT OF FINAIYCIAL ACTIVITIES - continued RESOURCES EXPENDED Cost of generatlng funds Commercial trading activities 3,833,296 3.833,296 Charitable activities Preservation of Steam and other railway locomotives Governance costs 89.144 26.640 38,028 127,172 26,640 Total 3,949.080 38.028 3.987.108 Net movement in funds 38,374 (843) 37.531 RECONCILIATION OF FUNDS Total funds brougbt forward Transfer between funds (896,606) (100) 113.412 (783.194) {100) . TOTAL FUNDS CARRIED FORWARD (858.332 112,569 745.763 12. INrANGIBLE FIXED ASSETS GROUP Patents and licences COST At l April 2023 60848 At 31 March 2024 60.848 DEPRECIATION At l April 2023 Charoe for year 4.701 567 -4t 31 March 2024 5.268 Tr4ET BOOK VALUE At 31 March 2024 At 31 March 2023 56.147 Page21
VINTAGE TRAINS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 12. INTANGIBLE FIXED ASSETS- Continued COMPANY Patents and liccnces COST Al l April 2023 5,848 At 31 March 2024 5,848 DEPRECIATION At l April 2023 Charge for year 4,701 567 -4131 Marcli 2024 5.268 NET BOOK VALUE At 31 Mai'¢h 2024 5811 At 31 March 202.3 1.141 13. TALNGIBI.E FIXED ASSETS GROUP Rolling stock and trackwork Leasehold property Plai)l and machincry Coinpiite~. cquipineiit Total COST At l April ?023 Additions Disposals 314,251 370,858 400,178 91,524 2,259 808,212 370,858 At 31 March 2024 685,109 400,178 91,524 179,070 DEPRECIATION At l April 2023 Char&ie for year Eliminated un di.sposal 160,094 27,296 174,090 43,811 68.307 6,210 2,259 404,750 77.317 At 31 March 2024 187.390 217,901 74,517 2,259 482,067 NET BOOK VALUE Ai 31 March 2024 497,719 182,277 17,007 697,003 At 31 March 2023 154,157 226.088 23,217 403.46? Page 22
VJNTAGE TRAINS CHAIUTABLE TRUST L OTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 13. TANGIBLE FIXED ASSETS - continued COMPANY FixDJres and fittings Leasehold property PlarAt and machinery Computer equipment Totals COST At I ApTiI 2023 Additions Disposals 221,232 160.IJ)O 240.178 2,259 623,669 At 31 March 2024 221,232 160 000 240,178 2259 623 669 DEPRECIATIO At l April 2023 Charge for yeaT Eliminated on disposal 67.074 11,844 10,668 10,668 163.422 33,143 2J59 243.421 55,655 At 31 March 2024 918 21J36 196.565 299,078 NET BOOK VALUE At 31 March 2024 142J14 138,664 43.613 324,591 It 31 March 2023 154.158 149.332 76.756 380.246 Vintage Trains Charitable Tnt hag, undeT theternis of a loan agreement with 7029 Clun Castle Ltd la related charitable company by virtue of common directorships). the use of locomotive5 and rolling stock owned by 7029 Clun Castle Ltd in its activitie.s. The net book value of the assets included within the loan agreement as set out in the accounts of 7029 Clun Castle Ltd is £2.202:791 (2023.. £2.598.816). 14. FIXED ASSET tNVESTMEIYTS . COMPANY Shares in group nd¢rtakings MARKET VALUE At l April 2023 206 At 31 March 2024 206 NET BOOK VALUE At 31 March 2024 206 At 31 March 2023 206 ".goe 23
VINTAGE TRAINS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 14. FIXED ASSET INVESTMENTS- eontinued There were no investment assets outside the UK. Tlie company owns the whole of the is8ued share capilal, comprising 2 ordinary £1 Shares. in eacli ol- Birmingham Railway Museum Limited, Tyselev Locoinotive Works Limited and Metropolitan Railwa! Carriage & Wagon Coinpany Limitcd. The company also owns the whole of the issued share capital: comprising 100 ordinary £1 shxres, in Great Western Vintage Trains Limited and The Blue Pullman Limilcd. Name IOOO/o Sub$idiAri¢s Activitv Tyseley Locomotive Works Limited General and mechADical engineering and hire of locomotives and rolling stock Birniiiigham Railway Museum Liinited Agent for mainline eharters (currently dormant) Meiropolit2n Railway calage & Wagon Coiiipany Dormant Compan Limited Great Wcstcm VinLagc Trains Lin]ilcd Dormant Company The Blue Pullman Limited Dorrnant Company Tlic company also owns 50,000 * I sharcs in Vinlage Trains CBS, a communily benefit society which th¢ Trust onirols b! its abilitv to control thL Board. A provision for poLenlidl impÉiirmLnl hab bLen mdde in the prior yedl against the valuc of thcsc shaics. Details are. Vintag¢ Trains CBS CommuJJity benefit society to raise funds for the s¢t up and maintenance of a mainline railway company Operation of express steam and heritage diesel train5 Vintage Trains Limited (lOO/ 8ubsidiary of Vintage Trains CBS) As pemiitted by Section 408 of the Companies Act 2006 the parent charity's Statement of Financial Activities has iiot been included in these financial statements. The paicnt Charity's total incoming resources for the period were £731,737 (2023: £1.061,648) and total resources expended were £950.429 (2023: £1,303.239) resuliin¥ in ncl oiil¥oin¥s of rcsources lur the period of £218,692 {2023.' Outgoing of £241,591) which includcd a dividend received of £140,963 (2023.. £61.928) from Tyseley Locotnolivc Wurkb LimilLd. The charity also made a grant of £Nil (2023-. £177,000) lo Tyseley Locomolive Works Limited in the period. Page 24
VINTAGE TRAINS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 14. FIXED ASSET INVESTMENTS - continued The results for the period and the aggregate &8sets. liabilities and capital and reserves of the 100 /0 subsidiary undertakings at 31 March 2024 were as follows: Metropolitan Railway Carriage & Wagon Company Great Tyseley Birmingham Western e0otive Railway Vintage Works Museum Trains Llmited Tbe Blue Pullman Llnjlted Limited Limited Llmlted Income 1.684.261 (1,683,506) Expenditure Result 755 Total assets Total liabilities 100 731,963 (725293) (2.975) Net assetsl(liabilities) being r¢serves loo loo 6.670 (2.975) Tysel¢y Locomotive Works Limitcd paid a dividend of £140.963 (2023: £61,540) to the charitsble ¢ompanv. The figure abovc is after this dividend. The results for the period and the aggregate assets, liabilities and capital and reserves of the investment in Vintage Trains CBS which is consolidated by virtue of control. was as follows: Vintage Trains Vintage Trains Limited CBS Turnover 1,504.476 Expenditur¢ (1.793,622) (7.453) Result 289.146 Total assets Total liabilities 472,771 (2.400.904) 850.811 (1,047) Net assets/Oiabilities} being reserves (1,928,133) 849.764 Page 25
VINTAGE TRAINS CHARtTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 15. STOCKS Group Company 2024 2024 2023 Stock 37,688 6,457 37,688 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group Company 2024 2024 2023 Trade debtors Amounts owcd by group undertakings Oiher dLbiors VAT 279.663 249.280 76,-397 30.09U 63.997 472.055 3.289 6.000 25,947 369.607 724,624 31,947 109,776 Thc amount owcd to Vintagc Trains Charilablc Tnjst of £Nil is after a provi8ion of £452,734 against the amounts owed from Viiitage Traiiis LimId 17. DEBTORS: AMOUNTS FALLtNG DUE AFTER MORE THAIY ONE YEAR Company 2024 2023 Amounts owed by group aertakines Page 26
VINTAGE TRAINS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 18. CREDrroRS: AMOUNTS FALLING DUE THIN ONE YEAR Group Company 2024 2024 2023 2023 Bank loans and overdraft Trade creditors Social security and other taxes Other creditors Accruals and deferred income Deferred grant Amounts owed to group undertakings 56.686 323,537 75.973 371,179 79,476 30,90) 23.713 636,063 18,527 292,471 17,601 26.365 30,704 28.81)0 61,993 937 756 1034 434 121,497 43.966 The deferred grant is in connection to the leasehold property. The deferred grant will be released to the profit and loss account in accordance with the depreciation policy of the leasehold propeth.. 19. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR Group Comp4nv 2024 2024 2023 2023 Bank loans DefeTred grant 27J95 298.763 49,176 177,1100 326,158 226.176 The loan balance represents two Bounc¢ Back loans of £50,000 earb taken out in 2021 with no interest or repayments due in the first 12 months. The loan tenn is 6 years with interest charged at 2.5 % . The deferred grant is in connection to the leasehold property. The deferred grant will be released to the ptofit and loss account in a¢¢ordaftce with the depreciation policy of the leasehold property. Page 27
VIIYTAGE TRAINS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 20. LEASING AGREEMENTS Minimlim lease payments under non-e2ncellable operating leases tall due as follows.. 2024 202? Within one year BLlween one iU]d five yeiWS In more than five year 60,000 240.000 375,000 60.000 240,000 435,000 675,(KlO 735.oots The charitable company ha5 just ovcr I l years remaining on 8 25 year operating lease in respect of the leasehold property. 21. MOVEMENT IN FUND GROUP Transfer. between funds movement in funds -It 1.4.23 At 31.3.24 UnrestriLted funds Gencral fund GcnLral fund - non controlling inlcrcst 920,526 (1,778,858) 1858.332 268.170 298,090 29,720 1.188.896 (2,076,948) 888,052 Restricted funds Clifiurd Pacers Kolhapur Bloomer Tools Drivcrs Club Miniature Railway 95,679 1,400 3.599 6,404 230 1,200 4,057 112.569 (30,492) 65,187 1,400 3.599 6,404 230 1,200 4.057 82.077 30.492 Non controlling interest 1,023,000 1,023,000 1,023 01)11 1023 000 TOTAL FUNDS 277,237 (60,212) 217,025 Page 28
VINTAGE TRAINS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 21. MOVEMENT IN FUNDS - continued Net movement in fijnds, included in the above are as follows.. CROUP Incoming resources Resources expended Movement ill funds Unrestricted funds General fid General fund - non controlling interest 2,275,035 1,504,476 3.779511 (2,006,665) 1,801075 3807.740 268,370 296,599 (2&229) Restricted funds Clifford Pullman Kolhapur Bloomer Defiant Tools 5043 Drivers Club Miniature Railway {30,492) (30,492) 30.492 (30.492) Non controlling interest COMPANY Net movement in fund$ Transfers between funds At 1.4.23 At 31.3.24 Unrestricted funds General fund 393,704 (218.980) 174,724 393.704 218,980 174,724 Restrl¢ted funds Clifford Pacers Kolhapur Bloomer Tools Drivers Club Miniature Railway 95,679 1.400 3,599 6,404 230 1,200 4.057 (30,492) 65.187 1.400 3,599 6,404 23fl 1,200 4.057 112.569 30,492 Page 29
VINTAGE TRAINS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 MOVEMENT IN FUNDS- eontinued Net movement in funds. included in thc above are as follows. COMPANI. Resources expended Movement in funds ncoming resourees Unrestricted funds CJeneral fund 732580 (951,660) (219,080) 732,580 951,660 219 080 Restricted funds Pullman Kolhapur Rloomer Defianl Tool.q 5043 Drivcrs Club Minialiirc Railway 340 (125) 340 (125) (73) (73) 500 (1,485) 843 500 (1,485) (843 Comparative5 for movement in tunds ROUP Tran5fer5 between funds movemen¢ ID fund5 At 1.4.22 At 31.3.23 Unrcstrictcd tunds General fund General fund - non controlling interest 547,603 1,444 09 (896,606 373,023 334 649 38J74 (ioo) 920,526 1778 858 858J32 loo Restrieted funds Big Potential Fund Heritage Lottery Fund Cliffi)rd Pacer5 Kolhapur Bloomer Tool. Drivers Club Miniature Railway 95,679 1,400 3,259 6.529 303 700 5,542 113,412 1.022,900 95,679 1,400 3,599 6,404 230 1,200 4,057 112,569 340 {125) {73) 500 1,485 843 NOJ) Controlling interest loo 1,023,01)0 1022,900 loo 1023,000 Page 30
VINTAGE TRAINS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 21. MOVEMENT tN FUNDS- continued Comparative net tnovement in funds, included in the above are as follows: GROUP Tranfer between funds Incoming resources Resources expended Unrestricted funds General fund General fund - non controlling interest 2,447,648 1,539,806 3 987,454 {2,074,625) 1,874.455 3 949 080) Restricted funds Pullman Kolhapur Bloomer Defiant Tools 5043 Drivers Club Miniature Railway 1,211 340 loo 28.736 (1,211) (225) {28,736) (73) (2250) 2,250 500 5,533 (38,028 37.185 Non controlling interest TOTAL FUNDS 4.024,639 3 987 108 Page31
VIIYTAGE TRAINS CHAIUTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2U24 21. MOVEMENT IN FUNDS- continued Comporalives for movement in funds COMPANI. Net movement in funds Transfers between funds At 1.4.22 At 31.3.2.1 Unrestricted funds Geneial fund 620,679 (226,975) 39J,704 620,679 (226.975 393,7U4 Restricted fund5 Clifford Pacers Kolhapur Bloomcr Tools Di'ivers Club Miniature Railway 95,679 1,400 3,259 6,529 303 700 5,542 (13.412 95,679 1,400 3,599 6.404 2311 1,20U 4,057 112,569 340 (125) (73) 500 1,485} 843 roTAL FUNDS 734,091 Comparative nct movement in fuiids. includLd iii the abovc al-c as tollows.. (227,818 506,273 COMPANY Incoming resources Resources expended Movement in fund5 Unrestrieted funds G¢neral fund 1,024,463 (1,265,211) (240,748) ,024,463 (1,265,211 240,748) Restricted funds 1,211 340 loo 28,736 (1,211) Kolhapur Bloomer Defiant Tools 5043 Drivers Club Miniaturc Railway 340 (125) (225) {28,736) (73) {2,250) (73) 2.250 500 4,048 37,185 500 5,533 38,028 843 TOTAL FUNDS 1.061648 1,303,239 241,591 Page 32
VINTAGE TRAINS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTtNUED FOR THE YEAR ENDED 31 MARCH 2024 21. MOVEMENT IN FUNDS- continued Pacers Donations amounting to £1.400 were received in 2022 to be spent on maintenance of the Pacers. At 31 March 2024 £1.400 (2023.. £1,400) remains unallocated. Kolhapur Dondtions arnounting to £Nil (2023.. £3,259) were received to be spent on maintenance and restoration works for the Kolhapur. At 31 March 2024 £3,599 (2023.. £3,599) remains unallocated. Bjoomer Donations amounting to £Nil (2023". £100) were ieceived to be spent on MaintenCe and restoration of the Bloomer. During the year £Nil (2023: £225) was spent on 18socAated activities. At 31 March 2024, £6,404 (2023: £6,404) remains unallocated. Tots15 Donations amounting to £1.231 were received in 2022 to be spent on tools. £73 (2023.. £73) was expensed in the year. At 31 March 2024 £230(2023'. £230) remained uaallocated. Drivers Club During tbe year donations amounting to £Nil (2023: £500) were received to be utilised on the Jubilee Drivers Club which offers subscribers the unique opportunity to drive trains at Tyseley. At 31 March 2024 £1.200 (2023: £1,200) remaills unallocated. Mlniatsre R*llwgv During the yPAr donations amounting to £Nil (2023: £4,048) were received to be spent on the Miniature Railway project. l)uring the year £Nil (2023.. £5,533) was spent on associated activities. At 31 March 2024 £4.057 (2022: £4,057) remained unallocated. Clifford The Trust received substantial legacy from the estate of the late David Clifford which has been applied to the resioraiion of former Great Weslern Railway locomotives and turntable. £126,170 was brought forward froin l March 2021. Durino the vear £30,491 (2023.. £30.491) was spent on related a¢tiviti¢s. At 31 Mah 2024 i65.187 (2023.. £95.679) remained unallocat¢d.
VINTAGE TRAINS CHAIiiTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 22. RELATED PARTY DISCLOSURES The Company has taken advantage of the exemption under section 33 ot'FRS 102 not to disclose transactions with group companies. During the year, Vintage Traiiis Charitsble Trust received a donation of £543,360 (2023- £Nil) from 7029 Clun Castle Liinitr(L a cbaritable company wliich shares common Trustees and Directors. Mr C M Whitehouse has a consuliiiig agrcement with both subsidiary eompanies, Vintage Trains Limited and Tyseley Locomotive Liinited, amounltng to £84,000 (2023: £84,000). This service is paid thtough d service company, Wilderness Enterprises Limited. 23. NON-CONTROLLING INTERESTS At 31 March 2024 the share capital issued by Vintage Trains CBS amounted to £1,073.000 (2023.. £1,073.000). At this date £1,023.000 (2023= £1,023,000) w&$ held outside of the group Vintage T12ins Charitable Trust has legal control over Vintage Trains CBS as it holds the power to appoint the n)ajority of the board and to the majority vote at general meetings. Page 34