2025-03-31-accounts

R￿GL￿ERED COMPANY NUMBER: I)28484• {Eylx*d •dW•k&) REPORT OFTHE TRIFSTEES AND CO,WLTDATED FINA14CLIL STATEhf£Nfs VOR YEAR EI¥DED 31 bL4RCH 2•25 FOR GMviFk Hall Ilk RIY LEI Tru

VlI%TAGE TRAINS CHARITALILE TRUST coYrEm OF THE FINANCIALSTATKMETr4TS FOKTHE I'EAR ENDED JI K4RCH 2015 Page R¢poitof ihe Tru6tees I ro5 Reporl of the Independent A￿jitOrS 6108 Consolidated Siaiemenl of Fir00¢1￿ Acii¥iii¢s CoTtsolid21ed BJanc£ Sh 10 I Company B&thc¢ Shetl Conwlidaiiil Cash Fioiw SLatemcnt Ihc C"onsolidaiicI C.'t)sh l-.low SlaK"In￿ni Ibto34

VINTAGE TRAINS CHARITABU ITiiisr EfoRT OFTHE TRusfELS FOR IIIE YEAR JI iIIARCY 2•25 Th¢ Trust¢¢5 are also dj￿¢￿1$0f the forthe dx Comyknitt8 A¢1 20c￿. westhr thtrrepcft with tht fiM¢ial si&tcments oftht hr the WiLKt eth 31 2025. Tk Tru%tee5 have the FADViSiQnS of Ac¢ountiE¥g and ReF#Jrttfjg of Pw¥tir appli￿b￿ EO cF•ities pre￿1￿8 xcounts in w?rd4nry wrth th¢ Finafft¢tal RepErf1￿ Srandwd ITr tht UK ￿ Republi¢ of 1rd￿(FRs 1021 {efkdi¥e l 20191 T￿￿tets have Teferrtd Chity ConyTrission gwd4rKr ort wknlt¢ betxfit h￿e ¢rMwideTed activities wiu c(¥lrilxJtero th¢•iw WKI otfjwriw seL The W1￿1p8[ ￿vILy obittiives of the ¥e entthtrage artd pro￿0(¢ wbEi¢ itittttst tR the piwmtton of stc•m othEr t0comoth¥ KI mll¥¢ marrrtry ¢w1pn￿ ofhi)rid inteT¢ and in rnilw&w¥ tocomoiiv4 ioliir railway e4wAtieTrtgerraEIy. lo fiJrt￿¥1￿t of thts obj¢cri we havt contird with iestr)tattM tsf (Mjr colle¢tiOfL of lo¢¢thotives volli W¢or¢ one ofthemostlLighJYr¢sp¢e￿F1OV￿¢r5 of5Ptr￿jJ1h￿lIagtt￿giTxcringJerytttS SDtr bn1¢edKingd￿l atsj cottseqbXr￿ty" w¢ ￿ abk t• atr&t WOFk which ts uTrJertaen by wr ot4MtO sut6tdiary. TYS¢1￿ Louxrjotivt Works Limed whos¢ only th¢ h¢rits8t railwwj" Srfkf. Ixrt znodcrtt ratlway OF¢t2tots. lth ¢ourst of its ttvtiie4 Ty LO¢1)￿11¢ Works Lirllikd the ust of We will th) thi% ty.. shari￿ the fknin8 gthrt¢%of 1rDh￿tr¥I tiway ￿￿tage withtht

YINTAGE TRAINS CH.4RITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED JI MARCH 2025 Otyr Braud- Vinia8e Ti'ains has a srrong and Vi4)8nised biirKI 4I,hich is mad¢ up ofsLicral eletnents.. A vision A mission putpose Valucs To enable Vision and Nlission to be &hiei.&_ ivoi ¢lLbeik ￿1th Trains Coininun:.Iv B¢ntiii So¢i¢i ICFSSI rh13 I4-aS toiined under Ihe C.0-oper￿liI'e tnd Cornn?Iiniii' Benelit Sociciits A¢1 isith FinanLid Conduci AJI￿ril}, 76681. IW- are rh¥ Parcni oliltis cofflpany and ai'c entlElcd 10 appoini thi majoril) ol. I'￿ bo&rd ot diieciors tsnd. in tht majoril) ¢irti1￿$taTrc￿. hiL i-e fflember coniiDI. The CBS opened a Cotnmbniti Shw'e aiTer on I [k¢￿rnber 2017. appiDi¢d b% Ihe FiDancial Conduci AUitrK)rlL￿. and Iliis tlo>¢d on 30 Api'il ?019. ha￿Ing tal$L￿ >tsrylt£l. I million In share capithl. The puYp05e ofthc offer wa5 ro ertCOLirage cotntnunity Jnvolven¢nt in railivavs. Itom a ai our Tyselej dep)i. including lh¢ esiabli5hnicn( of a ¢ompaRb to op¢rw¢ ¢xpress sieam trains on the nation￿ HliYa} ndivor ACHIEVE.ME)T LtylD PER¥OAM.AYCE 'e coniinu¢ to havt cu5t￿la[ steiTratd5hip of the 7029 C.IuD Casile Limited eolleciien of1￿0￿0t1￿e5 and rolling 510¢k. The DTrtdors closely monitor the ptrformanct c>f its ￿dIng 511bsidiarn r}'s¢l¢v Lo¢oniotiv= Il'ork-s LiTnilcd in accordancc iittL Irie¢J fesied financial ￿e[noth1OgI al￿ busir4¢S$ rewning. li has adopE¢d the 5atnw P￿11¢¢ wilh 'Iniatte'Fitin5 CommunilTr Binefii Svci¢ii and its sLib51diaTh Viniage Train$ Lirnii¢d Tkstlty Looimolive Nl'ork5 coniinutd lo pro*idt spe¢ialisi cngineerin8 and rcsiolatiotl 5¢1%ic¢s ro Uic hcriiagt raili1• indL15U)' and also on oi%n LY)Ile¢:ioi of lu¢omutives and I'olling ytoknk. li has also managed Ihe deN"eloptn¢Dt ol. In the period under rei'iei4. l'inicige-I'r1c fll% Limired hi.s h¢¢n grnnied a rcnemed fil'e S￿lIe￿- cerrilic£li¢ ihi ni1￿¢ Netliork Rail &nd ihe Oftice i)fRail Road. FI."TURESTRA'fEG iDf.lJnue lo t)P-faii Oi. (uiure lui COP.liniiing lu lullil Ilie p￿Ep￿)e lor 14hich tho ￿l[¢ desiJO Kd. T1115 will also delii-ti einnoini¢ and %Triial iinpiui¢iiitni. PLLblic tefte.'ii and ttnjviin¢fti ol'a ioui'1iL bu)1&￿$5 run a Alain line heiii4 raillia￿ cotnptm> optn 10 tlityont. In iurn. thi$ ￿{11 SL'unire engineering. optraiing nd biisinoss knowledge skills for urchildrenand future £e1-￿i?￿l0￿sa￿d %¥e il'ill kngag¢ ￿11￿ a ￿l￿tr 4￿d murediTrer5e auJien¢¥- io d¥liijr Ihtstobjtcliwes. In &Jdition. ivill conrinuc lo.. D¢¥tlop the .￿lake$r￿are Lil￿ from B?rmtngh8m ro sir￿lord-on-.11(>L Pathering Il'"e51 ￿[1dlInd5 10 crlate Briiatn-s premitE herit¥t maiiTrline ￿11￿1&}.. tkvEIop Ehe fomi¢r LMRCA &cial C￿b at Tykltv into &terntre foiconmunity xtlVLN". tkv¢lop fa¢iliiia5 * Tjselvy depo( to inainiatn the hi610ri¢ infr&81nKrute buL fit for thc 21" century.. To profflote tr￿ning and aPprM￿¢5h1PS¢her1KI util￿[$￿ coiicges god tyaining ¢stablishtnemty e2

VII¥TAGETRAIKSCIL4RITABLE TRUST REPORT OFTHETRUSTEYS FOR THi YEAR ENDED JI MARCH 2D25 Asexfvd tn o(rft l. Bagis of Consolidafi(ML irxlud¢ tk ve9utssofViwTwsChK&Twst plus its ￿T￿lF￿1 wtw)lJy" o•Tred yJbsidi¥' Tyselo Locomotive L￿, t(WKr with the &tivitie5 of Vint4e TTaiA% COMME￿￿ty Benefit kni¢ty G1015P tnd its subsidiary. Vu)wTrai•s Lrd by Virn￿O( ¢ontrol board wuThenL A ￿￿1￿[alled xtivtty of ¢￿￿ etstity issttw 13 ￿ pqgc$23 to25. The Cprow St￿rll￿ of FinaFLCi￿ A¢rivities 5knws a (kuew in )F th peFk)d of £)05,IW (2024.. W2111 our ato s￿ph￿Qf £ 111.97612024.. £217.025}. The w soute5 Offr￿ were th iTwJin8 attivi¢t¢s ofTyseky Lo¢00￿&Ve WO￿ LiBMite& aftd a Iw (kn￿10￿ of 7(1.749 (2024.. fi433￿ 7029 Cliuj C&lc. Th¢Tyseky en8iKcrn¥f&cility Li ￿[ty i)per&tional aThlthc sitehsbeeD¢nknw¢dbTr the￿￿&￿￿￿￿)￿Or•￿rP)se knsild czrrtage a￿￿￿¢￿¢e tsility with th¢ Swp)rtOf￿ ERDF RFSEkVIS M>LICY The pjlicy of TEUStctS i k) snatnrain a Icvel of reserves wbtch wtit wovi& i stable t•e fi)r tht TI￿t'S continuKng tiwiiies￿<ftl¢d￿ TnLSt &}￿J￿$t W my sign¢fi¢ant th re4owc¢s IW eytm Ai 31 2025 the held by the Tr￿51 ¥t £73.912 {2024.. £2sfi￿ rthl of £Jo, 199{2024.. ￿,077)?&1 wJrestr￿d ftllxls of £63,7ti {2TrM.. £174,725 Mhtsk£2XS,965 (2024.. £263,61YJloffixed as% TheYeD￿l0% urwtri¢dvailabie ruervts b.I217,18Z{2b24...£1&&141 T&t T￿￿( knmiewedtht cwrt tve offt the unrestrirtedresaves a￿d &¥pects in fth￿￿ve￿I The wix be loothg to a p5iÉiie reserve in Ih¢ fvwre. ¢Trorder io rned rry of b¢tr¥ttn six and

'I1￿.4GETRAlYs CHARITABLE TRLST REpoirr ov THE TRUSTEES FOR THE PERIOD I'EAR Jt MARCH 2025 STRUCtI.'RE. CON'ERYANCE AND NIA￿,AGEm£NT The ch¥r':ts is controlled bl its goiernin4 dotiiment. Kl¥morandum anJ.4riiiles ol'A5$0¥iaiion. and Loniiutcs a limiltr.5 comp2n¥. lit￿lled ￿ gudrartiet. as d£fin¢d bv Cofftpanits.4ct ?fkn. ThL il., al'it} iy goiei'n¢d b! Ils B￿"d Directors and decisions madc & B￿1rd L￿¢1 are a¢tiord bTh ihe senior m8natmeni I￿aIll. Retr¥itmeDi ptrt)iDtm¢#i of trustets 'rhL ¢omp3R%' mak appoini Directors bl ￿-dinaTh r¢s0￿Ul10v. Eh¢ Dpreciors FnaN' appvini Iv fill a vacanik or 41hd an JdillQn4"J DireLtor. .Ipp)iTritner.1s made b) Ihc DiiLYIOf5 duL'ing ihe period mbsi be raiitied ai the next Annual Gefterthl et1￿8. Dirt¢t•r I￿￿¢tiOn T￿1￿1#% All new Directors rcceii"e an information pack" covcring pasT hisioiy"_ strLJCturt and goierngnce. together a f￿8￿cl infortnation coieiing knih Iht TtUSL and Ils u"ading subsithari¢s. Risk I'he Trn51&5 ljavca dul!" io ideniih and rei IC￿ the risks ro %s"hiLh rhe ch¥ii¥ i) exwbed and ioensureapproprl￿L coniro15 are in PL￿ rts pro￿￿de Irasonthlc assurdncL sgainsi fraLid and eTror. REFEREINCE ANDADMILS JSTK4TIfv'E DETAILS 07848A49 ILngtJr.d d ￿lIes1 RtgK5tsrtd Ch4rity 4UJ))btT 104WJ Rtgi51Errd offit TNs¢l¢ Bll ?klL TTwktS lall•fh• sttstd tkr•¥iknthi iht ¥p tts iht date ofthis rtport extopl staiedl blr CNI M.'hitehou5e Ir VE Nl..¢hel Ir IU Cadge Ir RG fhoEne frSENthv IR JEB fr MA G&8kell {OPPQi£Ered J9August Xl74J Ir SJ White1￿{15¢ (appoin￿d", Nok'tsnbtt 20241 M5 R tktmore (app)int¢d 5 kn ￿5) tr IJ Dtrtrdm Iresiyed 12 .4yil ?024} IF Kety (r¢sig>*d 19 A￿V$¢ 21¥241 Nt G Page 4

vINrAGE TIL4INS CHARrrABLgTRiJsr RE￿RT OFTHETRusfEE5 FOR ThE YEAR EPIDED 31 MARCII 2•25 REFERENCE AtYD ADMINiSTrATIVE DftAILS Audit•r Mxk J Rees LLP. S￿1￿. A￿1 Grnvilte Hall LEI 7RU The T￿￿1<¢$ (who ￿ also the dire¢rors Lbf Ch¥itabl¢ TrtA5t for the of oxrwy l•w> te$￿￿1h1e fcy wep8ru4 th¢ Ryrtof th¢ Truste¢s the fin￿1￿ staternert8 ￿ &¢ord￿ with Appli¢lAc ond Dited Accourtting Stthds (Unirtd Kittgikn eK￿lY Acc¢pta Acmunting P¢¥ticel ofthest of affairs of the ￿of th¢ iEK4)ming re>)urtts al￿ applicati(￿ ofrcwurco V￿k]dIng t income ￿ tYpe￿dI1￿¢c. of Ch￿tsb￿ ct4llPL> fi)r thai perio(L In prwiDg thos¢ firAn¢i81 Ttusttgs Sele￿ $uitabk ¢ouUttng￿ILciCS aThlthen ￿Y wA8iltthx1￿. obrYe tneth(Mls tn tkchartty SORP., comw). will ClYLti&ue in ￿S1￿ the C&￿F￿￿.￿¢( ￿6. Thev are 150 rtswwible for sofeguwthrE thE assets of the ¢knrttsbkc0m￿Y •ylheft¢t Th&% w h151%¢nw¢￿Ed withtt¥¢£ial P8rt 15ofttC(ffnF•wA¢t AFvoved bj •rderof .. .... ....

REPORT OF THE PDEPENDENT AUDITORS TO THE MEIMBERS OF VINYAGE TRAINS CHARITABLE TRUST Opinio We hai'e audiied ihe financial siaiern¢nts Oi - I'iniag¢ Trains Chariiable Tnsl (Ehe par atlairs ￿ •131 ￿larL 202) and Dt its Incofning resoiir¢es and application Or￿sour&e5. in¢ludin¥ ILS incornt and expendiiiire. lor'.. p¢i'iod Ihen ended.. hai'l be¢n propcrly prepwed ac£or(laftce w5th Lnite(t Kingdom Gcn¢rnllJ A¢¢epEed Acwvniing Pmiice,. atxl have k¢n prepartd in ￿￿or0￿C w'¥th the rcquirements of rk Cornpani¢s.4th 2(X)6 aod the Charities Act 2011. Ba$15 for opIn￿R We conducred our audit in accordarte with S•oOwd5 on Audiling IUKI {ISA5 ILIKII and awlicable ta￿.. Our r¢sFonsibiliti¢s undei. th05e standar(ts further descrtbed io the Auditors resp)nsibiliEies for th¢ qudst of rhe financial siaiemen15 seciion ofoui rep)rt. 4.e art in&pend¢nt ol the group in accordance iiith tht ethical iequiicm¥mts that are r¢le%onl lo our ¥udi'. ot the firwiciaf Stsl¢inent5 In the IJK. includtns ihr Fkc's ELhi"-al Siiiniard, 3nd ha¥e fvllillcd oui uth¢r tihical responsibilities in &cordan¢e with these reqtsiremen￿. We btliev¢ that rh¢ aud(T evidence w'e ho%.¢ obiained 15 svff.'cicni and appropriait io pro%ide a b9s15 lor oui. opinion Cot)tlM$igll$ relting io toillg coDtern In audiiino .-Ju￿.d,.haI rlie dire¢iors use ofih¢ LOr￿ern ￿￿15 ol'a¢cvup.ting Lhe ptcpat81ivp. ofih= linancial s￿,.￿m￿lIS is apptOPfiaiL. '.hi h2%-' ￿r¢OrTn..J. li= fAI( identili¢o an￿ malirial uncerthiftii¥S fL'lating to eV￿n[S 5JT CLblhliLliin OLIF restminsihililies Jnd ItrK' wsPt>niibililiei iifihi ￿lf¢￿i￿r5 Th.'tli r￿>p¢￿t l(1 going wr41¢[n.￿'e L￿Cri￿.rf irj trK' r. seLiions ol'ihi> reporl. Thc TrusicL5 are i'eswftsibl. for the other inCI)rrnatiort. OEh¢r informaiion cotnpr15¢s Ihc inform&ion in¥luded in LIK. annu￿ rewrl. other than the financial yatemthis our Rewrrof thc IRdepttMleni Audirory th¢rton. Ouropinioft on th¢ fInanC￿ siatemenEs&)¢s noi cotyer OEt¢er tnrormation Jnd ￿e Lwi ¥pre55 any lamj of a5sur&i conclusion thereon. In Wunect￿n with our awlii of financid 5wmerttk ttur responsibilitr is to rcJ rk other intorrnJa 50. considtr wheth¢r the other information is mareriakb. irtet)thsisrenr ith tht fiaancial sratemencs or our kwwled8e obiained in the athlit th. otherwise appe0 b) b¢ matttiaily rntsst&¢d. If. Ixged on the work we habe ￿rfOrm￿l we )nclude thw t￿¢ is & Mater￿ Mtsslatcm￿ of otkrtr kMfonT￿lQfL are rwirwl io rewt that fxL We hobe thiog to report Én thss r¢g Opwvj •• •hcr matl¢vs prtST¢d by IhtC•wai¢s.4tl 28•6 lrt our opinloft. based on th¥ uTrJertakcn irt th¢ Course of the wdii". informaEion given tTk of ￿T[USt￿￿. wh5rh incluts tht dthttil￿s, reiwE Prep¥￿ ttir the wrF ol colnwy law. For the f￿￿Lia￿ which tke fi•wKial statcmerrts afv. p￿pttra ¢5 const￿ertt with thc hmanciaI 5wmthTS'. aT5d Iht diTecEor5' re￿￿rt incluckd w4thiTr the kepoii of the Truses h¥$ b¢tn prepared 117 a¢¢othc iih 4pliublt lewdl requiremell

REPORT OF THE ll¥DEPEI¥DE￿ AUDrroRS TO THE MEMBERS OF VINTAGE TRAJNS CllaRITABLE TRUST Mtt¢rs •ll whith we ue re4llir¢d ¢• r¢p•rt by In ts lighr of the knowltytse aThJ ufft&rtsdin8 of the 8toup aNt tk clwitajk th¢iroviton the Rep)rt of the Trwtees. Wr have to TCPXI 411 Te5P¢¢tof& forkn¥1￿ rnaffs CIKwies Ath 2￿ rcwirs if. in our opirtt Th¢ parent cOmp￿Y h&8 nor keo &Jeryate re(urns ￿k4￿ale for audii kne w bc re¢¢ived ffom itsir£d by ￿ or havt noi W￿1&¢d all infortfLatiott andexplaTAÈIot￿ Wie wire a￿lit. or tht I￿Steal wert enritkd th¢ fu￿1￿ Jt¢m¢Ns X¢¢1e ftt thr wation of the fitwKial a￿$ tor saty8fieO thatifw giTrE a fair view., for su¢h ¢ofttrol Js the tru%tees determtn¢ iir¢e5 ty¢J¥ble of f￿￿1¢lai that are frtt f(ts￿ whether to fravjor eFror. ability to ￿￿1N¥Jt as o goi￿ dt8tlo3wK 45 f¢1&￿ usir¥ the goin8 b￿i$ of xcry¥tting th th¢ ¢tthu ￿¢￿d ￿ liqud th¢ d￿1￿(¢ com￿Y or ￿ (t Illaltri￿ mi&#ttetnent, to fraLd or errw, and ts> iwte a Rwi orth¢ Audikxs Ihat $￿tude$ rlr LyiAiorL signific￿1.. FRS IIYI Componi¢s Aa rekv*tt iti th VK. IL Wt

REPORT OF THE INDEPENDKNI AUDITORS TO THE LKEMBERS OF VINTAGE TRAIP¥S CHARITABLE TRUST e c0tnmi￿1ca￿d r¢l¢vani laws and regulations and potential arca5 oi fraud 10 all awtil Icam Mem￿[5 Inclvdins it itnii3I foi. fraud in rtveniic re¢ogn1tson through ihe inanitiolation of cosis Incurrcd on contracis. Wc rtmBined alLri 10 ani" indic&ri00s of Ir&ud or noii-compliance ii'ith la1￿$ and regula¢ioxs thtvughoiil audii. 11.'e hai'¢dciennintd thai Ihe piiniipal iisk areas ￿'b.ere maitnal iTre8iilaL"itiescvLildociur WLre relaiLd w P05Ling mamual iourntl entries io F4anipulale linankial pc¥foimanct. r¢i'enue r¥Yognition and si2nifiièni 0￿t￿FIOr unusual Iransactionl. OUT audii proiLliires werc de5igncd io rcspond in pl￿1￿114T ￿ these ideniified ri5i5 lincluding coinplian¢t wilh laH8 and regulaiions and traudl. Our a￿JIt py0ttdUre￿ inclu¢kd but iYer¢ Ittnyied w.. A review of laws and Teguiaiions the group is subjeKt ts. followcd by cofftpli3tKe ¢heck5 and discussion wi mwemeni so etisure nD instsnces tsf non compliance. Id¢ntiE) ing and testing Journ81 entNes OD a sample bL5is. 10 resiew for poiential ma[￿sement bi&% or rnauipulation of reven￿ recognition. - A mi¢ih ora sample tsf lick¢t sales and sali¥ ordcr3 in the )'ear and d¢rwlcd Lllll Otl-1¢5ting ￿tsU[￿ lh¢ year end 10 ensur¢ rcv¢nu¢ 15 rccorded accurattly reco?nised in the torreci period. We JMI not iden'.:,Iv anv mati¢r5 during thc cours¢ of our ￿Ork thai indicaied non-coinpliance ￿1th laws and re8ul81ions or r¢latint lo Iraud. --1 r￿rth￿T JiSLI'ipiion ol'i)ur iespuriS'.bilii.'cs ftsF au,dii ol-lht tina￿1￿1 5&1em¢n:s IS II)C•lid on IhL l--inaDiial ￿e￿)rE￿n8 CoviLCii S I1￿b￿lIe ai ￿.11.%￿.￿-(.org.ILk'aUdTttrr%r¢)PQp.%,.b1lili¢s. Inis ￿¢￿t1P1k0￿ I￿.￿& pol iil'our Ilewi'i i)I'ihL rtutsiiors. Lst of o¥r nptsri Ihi% TtFX)tT is niade solil% i{) IliL L￿￿118￿1¢ ￿}MP41￿￿'s nikninbif%. a hith. in ￿.111? Cllaplir 3 L)I' l)arl 16 oi Ihe C'otnp>ii¢> Aci 20￿& and io il)e clidr'.iJole iOT.-an% i tIUJl¥%S. ￿ a Eod) ill aLLLirJa.'lj¢ 11 iilTr 4 ufih¢ Clia".I:' aii4if Thork- hjs ￿'en undttwkdn Ji) lie iiii£hi 51atL io ihi chT1riiabl. S TfLtm4¢r5 irusie¢s Ihoie rnalit￿ i¥e ate 1¢4UIEeii tu Sl)LL' 10 li)eIn In wi audiEors riport and foi Iw Jdii¥ purp)st. To ihe fullcsi exleni perMill￿d b! w'e (kn noi a¢cep( or assume responsibilit% 10 ani.one othcr th￿ th¢ hariiablt coiiipan! Ihe chdriiable cotnpan)'$ n}ein￿r b x bod). and ihc ttWSlTable compan￿.,5 Erust&s as a bod￿ xor OUT work. tor Ihi5 rewil. ut lor the opinions v havc fornied_ ltr P Bolt FCA{Senitir Staiutory Auditor) S)raTrl onbehalf of Mark J Rees LLP Ch￿(1 AGts)utwiw ATJII Gran%ilie RoJ Leictst LEI 7RL Pw8

V￿AG￿TRANsC￿￿AITABLE1Ru5T CONS(IUDATEDSfATEMEKt OV FINANCIAL ACTiYrri%s IINCORPORATING AN f4COMK AND EXPgNDrruRE ACCOUND FOR THE YEAR ENDED 31 MARCH 21ll5 2fr25 Trt £4Td Fu￿ts No I￿.1•5 IM1•5 588195 15,452 3361,825 J361J 3,173285 1.179 (knStr IpxL¥Mt JJ77JgJ 3.779Jll RESOURCES EXPEI¥DED C•st •f fmdy 35x477 5,69)Jfl Jn 154 AOI.724 IllJ35 21,8KI rr n¥c(thw{irtrtcO￿1 (J2.154> 1745,763> 15974

Tr'1S"TAGE TIL41NS CHARITABLE TRIJST COPISOLIDATED BALAWCE SHEET A7 JI ￿t￿RcH 2025 Llthrestricttd funds 2025 Total ds Resirith fuvjds 2024 Torol FIIED.4SSETS Intan8ihle rangible asseis Ir>w¢SDii¢nis S.5,L112 6J2.8511 55.012 632,850 5).5 697.(K)3 687M61 687,86Z 7i2.58J CURREf4T A&8ETS Sto¢k5 Debior5 Cash ai bllnk 14 828 J39,323 225,843 6JZ8 J39J23 236.IMZ 37.688 1fj9.607 320.856 lth199 CREDITORS 571,YJ4 JO.199 582,193 .4muunts fèllin8 d￿. lsiihin ont J-L'dr 1887.0941 18&7.0941 19i7.iiQi £T CLRAE,.NT.45.sfT& ILJ.4BILITIESI 35?.IOOp 10,199 13(14.9111} i)gJg.399, TOT.4L 45SETS LESS CI'RRENT LI.IBILFTIES 372,762 iO.J99 J82.961 i4.1.5&1 CREDI-fORS rnoUa￿ laJlin¥ diJL' afttr more than o.ryt trear f2MgJ51 1270,985 13?6.1 £81 PROI'ISIONS FOR LIABILITIES ,YE7 A&srrs 101,7n iJiJ 217.L)26 UrwriEt¢4 Tw1 2024 Tt￿. 19 Lfarr&trt¢ted fvn 9212U) 192122J) IWig9 I,rtJM On-conin>lling intercsl 1&19Y 1188.0521 1OUO•D TOTAL FUNDS 1fy1,777 1(199 J 11.976 117,026 Pylo

VINTAG£ TK41NS CHAMITABLETrUST CONSOUDATED BALANCE SHEET. C(hVTINUE ATJI ￿1￿CH 21n5 These finaKiaE swemeftts baY¢ten wep¥tsl iFXa>rth￿With the sFcial pTovisiorL40tPart 15 of 1htc￿￿WtieS 2(￿ reJatiD8 h) smajl tompani¢ The f￿￿￿18[￿are￿r￿ts W¢Ee apwovd by the ofTtuskes on *cres1￿￿ on khal(￿J..

VIKfAG8 TRAINS CHAIUTABLE TRLST COMP.4NY BALANCE SHEET ATJJ M4RCH 2025 2025 Toial funds Lpnre51riLitd tund5 Resii'ici¢d lunds 0?4 Toial ftTrnJs' FIXED Asstrs Iniangible a55cIs "IIAgibli ¥s¢lS In￿¢s1}n¢nI5 12 180.965 206 5BO 321.591 20fi 280,96) 206 281.183 281.183 CLI, IRENT ASSETS Debtors C￿h aL bank and In hand jl.947 ,n6 10.199 i4,925 44.726 10.199 54,925 52.9?? CREDITORS -I￿Oun1& fdlink dui ¥IILhir. one ¥i47r 1262.1161 {262.1261 ET CLRRENT..ISSEts 4001 lfj.J99 207,201) TOT..IL IISSETS LESS CIIRRE%iT L14BILITIES .785 10.199 73.98Z CR£DITOR5 Amounts lalling due after tnoye Ihan ont ieaT ET ASSETS i(J99 73.982 ?56,802 2025 L'RrcsLrict Resrrided 2024 Total fijr FUNDS Unrestiricted fvnds RtSts"icted Funds 174.72) 82.077 1•,199 TOTAL FLNDS .7 71.912 256,802 Pagt 12

Y￿AGETIlAINs CIIARITABLE TRusr COMPANY BALANCE SHEET. CONTir¥ AT JI MARCH 1025 Thu¢ finaRcitE staements have been V¢F4red in xcord8nce with Itrt 4)ttI wvi8i(w È>f PHrt IS of rlte Comwi A¢t 2W reling to sm811 ¢h¥%rabie cOMp￿ie8. Tk rjm￿la1 Ststrmcnts weieapwoved Boardof Trust¢¢s oTr.. were signed on tts thalfty'. i Lfft4(_ trcm Whitelb)US¢- Tttyee Mrj Min&-Tr P4e 13

VI.IAGE TR41liS CHARITABLE TRUST corisoLIDATEfJ CASH FLOW STATEME.fv FOR THE YEAR ENDED JI MARCH 2025 20Z5 2024 Notes C15b Ilows from Dptr•ting %clivititS Cash gtncrai¢d Troih uperaiions 163A411 3)5 749 Net c4sh proi.'".ded b%i(usd inl opcrniing &ci(triries 63.411 355.749 Cas5 Ilov4y Irom invtstiThg 4CtivitiÈ5 Purehastof rangible fIX￿j a55ets Proc¢eds frotfk Sale of tangible fLx¢d ¥5ets {370.8i81 eash provsd¢d b￿. inve51thg a¢tivitics 17,011 1370.858 Cash Il•ws from fi•antiTrg arlivirits C.apiLal..q)a% mcnts in vew. wpJyTn¢nt ol-oihcr trK)rroiviRg¥ 14J62 'Lt caih providcd h!.'Iii%eil inl linancino lj%-irJei Change ITr e¥slJ c•sl the reportin¥ pei'iolt Cash aod cgsh eq¥iTr Altnts at the of the reportlJlE Ptri04] 184.8141 320.Li6 Csl b)nd ¢#sb t4Ub>41tnts rtrt ikn tDd of tkt reponln¥ 236fv42 32Q.856 Pagt 14

VINTAGE TRAI￿ ClI￿A￿LE71tlIST FOR THE YEAR F￿DED)I MARCH 2925 REC(thCIIJATIONOF INCOMEI(EXPEI¥DITURE)TOThTTCASH FLOW FRlhMOPIRATING A￿1vr￿lEs 2024 160.211) tkpTecialion clwge5 {lrtcTh$ty&¢r￿e in st¢xks 77,317 (31,231) 355,017 14,857 J4 {I•W¥p Net pr•wide4 byl(•l •perntl•m5 355 749 ANALYSIS OFCHANGES IN NETFUNI)S Ai )l.K125 t iA24 C¥h •bv 32•J56 (W14) 2J6fv 14 17,719) 719 T•tsl

vINrACE TUINS CHARITABLETRUST NOTES TO THE Flf¥ANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOuNTI￿G POLICIES Basis of preparing the fiMatstTral 51atsrntTrts ThL finaniial 51aiemenis LIF thc chaciiablt ￿0￿p. Lvhich 15 a publi￿ txtietit enili)" UDdLI FRS 102. hai'2 bttn prepared in accordan¢¢ 1%sih :hc chariti￿ SORP IFRS 1021 '.AiiOuniiig Reporiinq bl ChariliLS". Siai¥nen( i)f Prtillie appli¢4blk TO c4arities pi'¢paring Ihiir accoiiftts ir. acrordance s¥"Ith .￿￿. Fitwncial Reportinu Siandard appliLable the Llk and RLpiiblii ol Ireland IFRS IQ)l iil'feLxiie l Januafv 20191'_ financial R¢wiiint SraRdard 102'fJlt 11￿claI Rcporiino Sndard applicabli In Ihi LK and Republic ollrciand, I.￿ th.c CtrTrpanie¥ rlci ?(X)6. Thc linar.cigl Siarem¢p.15 have been prtpared tsndei t4e h..JioriLal co￿￿entIOn %5..th itt .XCLPiiE)n ol-.'aTresIffl' Th¢¢omwnTr is limited b} guarantcc and docs not ha¥.¢ any stwe capilal ICwipu￿ registered number O?848149. ¢hariL% re￿IStered ni￿nber 10409041. The liabiliN of the member is limited bui 5haJl not ￿XCl¢d £1. Bsr5 Df £tsnsalid4tioa Th¢consolidaLed dccounLS Incortx¥ratL' t￿.{¢5￿11S olih¢ p¢riod end Chartthblt I'ru51 has [￿- abi.iil to ap￿1￿., Ihe majoi'sii ol'iLS knard. is pr(Trh2Dli tha.. lie iiiLiin¥ li jil he IEXLiird and Ihe &iiouni hL' .'D.Lasiireo r￿11- 141). for l..¥ai'.e5. 1.4c iadi¥r ol'lhe iharity 74 01..li￿d 01 ap. Imwding IlsiribJtlDn thL Itkn¢! ILiLl%d. Inii)n-.Ing r￿soUl.¢￿ Iroai 8ran(>. %b-Ik'rL fil&."d LO P¢Tloi'iTran6¢ SPLiIIiL Lieliherariles. dlLM)unicJ li)r ￿ lh¢ chari'.able kntrmpanl. ihe ri¥hi 10 ctrn8idLraLion perfoimanic. ￿..he￿. iawme is rtLei¥ed ID Lll- peri-otmance 14 is Lrcaiud ss dttetTed Incom¥ and inLIEided ￿'ithin crixliior&. lient rKeib'ablt iiertl receti.ablc 1-r￿Tr the loing tst Iht car is recogftised the period to which il reLe5. Exp¢￿11• Liabil¥Lie5 ￿ fttL)Enised ls expcnditure as soon &$ ther¢ is d legal o¥ ￿tr￿uL￿ti¥.e Obli￿lon wmmirtiTrg L cha¥ii) to that cxFK(xlitute. it is probable 14aE a transfrr of economic benetits ￿tIl bt rtquired tn setrlern¢ni the arnounlof th¢ obligioti c¥L be mt85tsred rtliabli. &¥p¢nthtur¢ is ￿¢0￿￿ted for on an ac¢ruaEs Ixsis has been rlassified under he41in8s that aggreg au cost ￿td ￿ the r¥ot3'. Where catmi ￿ direthN, attribuL¢d to Wkicultr h¢adings the). h&Ye b¢en all￿¢d 10 a¢tLviliu on a bosis Cor￿1$￿1 rhe use of I1￿￿ In￿￿ble Issets ate Intrial￿ re¢trgnised at co8r. Aftrr inilial recognitiorL inthng.ble assets are m￿￿U￿d & ctsst k¢ss xcumultd nortisation aNI anv a¢¢umiilated itnpairtrtent lossts. W'eb5iie coy5 are bein2 arnornsed ¢vaJts" O¥ittth¢ir usef￿ iiftof four )"w5. P￿ents LiLYn¢es ¢onsisiof i Lrwjernark the application costs to obairt a Ira￿ line owalng l¢¢¢n¢e fyv the Offi¢¢ tsr Rail and ko&'. TrJ¢maTks art cdpit3tis¢d t￿￿n amortistd throJgh the at0 loss b>" equal irES&￿M￿)tsoyts thtirestimsttd useful eeonornic liFc up to i maximun of10 ye4r5. PaF 16

viwrAGE TRAINS CHARrrABLETRusr I¥OTESTO THE FINAPICIAL STATEMEWTS. ClkYTIYUED FOR THE YEAR ENDED3A MARCH 2025 ACcoup￿il￿G POLICILS. e••d• The ope12tire l]cc￿e will continue ￿ be irt fot¢t utttil revoktsl by ts Offic¢ of kail Ro•J. As is ¢¥i¢knce tha this will (Ktyr ¥ of lh¢ approv￿ of the ffimncial statematr4 it has EKetL dctennDxt tb the atset h¥ • indefinit¢ life. The ¥Kpliq will reviewed ro assess wlther the ljfe of tht li£th¢e b&8 betome defjntty ID wfv"¢h ¢aJc the 8$5rt will be evellty owerthe remai￿ng ￿¢fi￿ l¥fr. T¥tiblÈ ¥els Eand buildings . Eq￿ installr￿ts OV￿ the Ita5t - 1&15 years .>4yws . E4ual overth It￿pEri -4ye¥s - 15 years Pknt and m¥ht equioMe t cltuged kn ptofrtor k)ss in the wiod rel*.

vir4TAGE TRAINS CHARITABLE TRUST NOTTS TO THE FINAP4CI.4LSTATEMENTS. cowfiNuED FOR THE YEAR £￿DED3[ %IARCH ZOZ5 DtbtOS Shori lerED debior$ are FllouTed at liw￿•¢[lon ptice. Itss all￿ impair￿ent. Lo(Ths receivablc are mrasured iniiiall! ai Izir i'alue. net ofiiansaciiiin ¢osls_ and art mcastiird subk4iienllk * omortistd C051 using ihe efleciivt ip.lercsi rncihod. less an% irr.pairmtrtL Creditor5 Short ler1n Irade credittrri ave meesured 41 th¢ ￿an&￿CtIOn price. Oth¢r firiancial liabililies. includTng bank lo￿n$. arÈ m￿sUre￿ ini. Talli at f&ir walui. TrLO1-lrn￿Jac[lO¥& LXls15. and are mea¥ur¢d subsquen¢lv at ￿￿or115¢d cosi usifj8 rhe efC¢Ltive In1￿reSt meihod. Going After r¢ii¢ing Ik youp's forecasts and projttxions. the dirwrors ha￿¢ s reasonabl¢ ¢xpectatioD that the group has Jequate lo continue in 0￿8110￿￿ ¢xisi¢n¢e lor the foreseeable fillu￿. The group therefore wntirt1*s lo •lopi the going concern ba518 ￿ preparing its ronsolidated f¢nan¢i statements. Do￿"ATIONs AND LEGACIES- GROIJP 2025 Donaiiotts L¢ga¢ies Gronts ,ios 588.89) JO.905 I￿,r)it) DoJwtiorLS Gill aid do￿tIonS rLiLIIi Dvnaiion.s from 70?9 Clun Casrle Lifflired 12.J56 70,749 543.360 83.10> i88.895 lTr¥VEsfiiENT lh"cO￿l￿-GRolP 2025 2024 Inttrt5r rcceiv¢d 1.879 OTHER INCOME- CROUP Zi)25 Rttrtal irKomt 151 Page 18

vINrAGE Th41NS CHARfTABLI TIIU NOTZSTO THE YPIANCIAL STATEMFAwrs. Co1￿￿￿ FOKTHE YEAR EP4DED31 MARCH 20Z5 CHARrrABLE ACTITrITIFS C(fflS. GROUP 2024 tkprecistion and wn¢JrttsatiC(L D￿k charges A(hnin aperffjes 25.737 108 26.6B8 27.973 543 679 35318 JO.491 day costs 31154 GOVERNANCE COSTS-GROITr 21Y15 J02 2&aiX) Nfr INCOME4EXPENDFThryiEI-COMPANV J42• 54513 567 28.8￿} 53.655 567 TIIUSTEES. REMUNERAIION AI*D BENEFITS ¢Y•kd 31 2024. Py19

VIPITAGE TRAINS CHARITABLE TRL,ST NOTES TOTHE FIANCIAL ST.4TEMEYTS- CO.NTIYLIED FOR THE I'EAR ENDED 31 MARCH 2025 sfAFF COSTS- GROL.P 2025 l(t24 a8¢6 aqd bdaries gocikl securill. ￿0$￿5 Pcnsio 963,010 879161 73.411 12,742 1.039,461 96J.i95 Th¢ average monihlv numberof £mploye¢5 during rhe period fjs to110￿S." 2•25 Mantgemth¢ 4dministraiion tanufactyxiti￿TI.4Itt Ci"e%Y 2024 io Jo 19 37 Dur¢n¥ the perio6 manag¢meni FKll"sonrttl lil group enii¢iL¥ feLeii"ed remLU)eration toialling £106.876 1?O24.. £1 J6.1] ji. i numb¢r 0S'eTrpli)%'¢e$ i1￿15C ernploi'LL b, fiis l¥NilLidin? empliii-erpe.4%i{In ¢05tsi exc=tded t60.￿0 21F25 io. COIIP..IR.ITI)'ES FOR TIIE CONSOLID4TED ST4TE)IEh4T C>F FIY..INCI.4L 4C'TII'ITI&S _ 31 11.4RCH Z024 L."nresi¥Kkd Resiri¢k Toial funds J4COIII¥C RESOI.'RCES E)onacions receiied i88.895 15.45? s88.￿5 15.452 Comn¢¥gial trading 0￿[ali0[￿ 3.IT)J5 3.173.?85 Inttte5t re¢ei%ed 1.179 1.879 res••rt•s fr• tl*riublt #ctivilies Museum open dav reeei T•tsl 3779.511 i.779.511

vtNfAcE TrAINSCIIARfTAJLE TRUST NOTESTO THE FINANCIAL STAT£MEKtS-C(iYTINVED FOR THE YEAR ENDED 31 MARCH 1025 Ith COMPAUTIVLS FOR THE C(hYSOLIDATED STATEMENT OF FINANCIAL ACTiYfnL8 - R&SOURCL8 EXPEf¥DED Cojt of weré•it commetti￿ tralin8 XiVitics 3,69)J87 3.699.M7 Charitsbk ad1V￿lIS Pres¢rvo1ion of srcHm ar¥J cthr railway I￿OmOtIVeS v¢roan¢e costs 30.491 28.¥(K) T•tsl 3 8(W231 30.491 3.859.72Z (29,7201 (30,4911 (60.2111 RECONCILIATIONOF FUNDS (858J32} 112.569 (745.7631 TTWL5f¢r baw¢¢n fi￿￿$ 052 805.Y14 IKrANGIBLE FIXED ASSETS GR(XSP At l Awil 2W24 At 31 Marth 2025 Ar l 2024 (￿%¢ for yt¥ 567 At 31 .M¥¢b 2025 14rt X)OK VALUE At31 M¥di2 A¢ 31 M¥th2Q24 P4E2J

VINTAGE TRAINS CHARJTA&L£ TRLST 40TES TO THE FINANCIAL sfATEMENfs. COTriTINbED FOR THE YUR ENDED 31 MARCH ZI125 IhTA14GIBLE FIXED ASSETS_coTrtiuued COMP￿￿ Patcni> and licences COST rll l April 20?4 iJ48 -4i 31 Mi gx¢h ?025 5J48 DEPREClhTiof4 A; l April 2024 Charge for vear 5369 Ai 31 March 2025 ET BOOK WALLE .41 31 %larch ?O?- Ai ) I Xlarch ?0)4 i79 12. T.4¥GIBL Tr. FI.IED.4&SETS GROliP Rolling Sli)ik aiiJ Plani ankl tllaLhinL propiri equiptneni -Io>Eals Ai l Atyril ?024 Ath4ilions Dis5x)￿S 685,109 4(M>.178 l2.888 91.524 4.12J 2259 1.179.070 17.0)I At 31 ￿la[ch 2025 .109 411 9&647 2259 t.19&￿1 DEPRKCIATION At 1.4pril 20?4 Charg¢ for >eaf ElitlliEMfvJ dtspo&•l J•7J9Q J•J87 217,*11 44,669 74517 &107 2359 81.1 AÈ 31 Matth 2025 262 U59 ET B(K)KTrALUE At 31 Ilarth 2025 467J32 1&023 2,851 31 Mar¢h 20?4 41n.719 182.277 17,fM)7 697,￿)3 Page 22

VINfACE TRAINS CHARITABLE TRUST NOT&STO THE FII¥ANCIAL STATELIIENTS. CONtINU FOR THE YL4R ENDED 31 MARCH Zff25 12. TANGIBLE FIXED AS$￿S. ¢M¢i•e4 FTeelM)Id izaTcknkl Pl￿t￿d Computer TotsJ$ At l Awil 2024 2213)2 23S9 12,88 120811 At 31 M•rh 2025 172 DEPRECIATION At l Awil 2024 7VAJ ZiJ36 IAJ26 J9A565 3J.143 2359 56JiJ EJirnined o Ai 31 M￿￿2025 t¥ET •OOK VAIiIE A131 March 2025 Al 31 ma￿￿2￿24 14 324 WwTtaittsCharitabltTtusthk utth tknDsofaltr¥na8rcemeNwKh70JCknCa%tk Ltd{areJd dwitabk ¢wwi} by virty¢ ¥>f dIT¢¢so￿), thc ￿ LyfkKonbXii'¢S rolling Jtsk owngj by 7029 Ckn C•stk Ltd in itstivils. isf1￿17￿} (2024: QW791 At l April 2024 At 31 W25 Ji Mu(b 2025 216 Ai JI J)24

VIYTACETRAINS CHARITABLKTRisr liOTES TO THE FINA%I'CIALSTATEMEWtS- CONTII¥UED FOR THIYEAR ENDED 31 YARCH Z025 IJ. FIXED ASSET EST%1 JEPTS- co•tiTrM¢d 'I"here ii.ere no ini'esirncnr isscis odLsid¢ Ihe LK. I'he COmFan 0￿.￿$ Ine iihok ilf the isiued slLY¢ Clrf Pital. comprising 2 ordinarn £1 shar¥. in each ol. Birrninghatn fvluiini Limited. r!sele)- LoLoinoiii.¢ Works Li￿.￿l¢d and lletropoliian Railiia) Cwriagt & 11'4ooii Qornpan¥ l_imiiLd. ThL eompans glio omn5 the bshule of Ili¢ ISSts¢LI share capital. compi i%in8 100 oidinaTr £1 sha&S. in Oitai Il"esEern VinLage Trains Limilcd and rh¢ Blue Piillrnav. Limiithf. IiN)% SubsidiYies T)'sel¢y Locomo(¢¥e 14.orks Lirniied l•tOthrfivts rolliog stock 8irrnin8ham iiailwav Lsmited Agent f•rrniwli¢ th4rt¢rs l¢urrentlv donn¥Jil M¢tropolit4D Railiia)" Catli8gt & Compan) D•rthint Cwp¥Try l.imited Wesitm Vintage frains Limiltd Dorna•t Company The Blu DtsrvAamt Comp>n%' '.111) Li)niiili ih.. Niill'd. A t¥oNisi&n kof ￿),￿￿tial )n?pdi¥mini K'Ln InadL iii i￿. piior -har< Tk'i J..5 ar". lear agairLNI Ill ¥ N Viniage Trains CBS bAtfit soti¢tTr to fmnds tDr tht sti up a•d •1 * m¥Alb•¢ rai￿#Y ViniJgB TFaing Limited I lOiP,' sub5idi&)" ot V(nrag¢ Tr￿￿5 CBS) Optrtx)• •1 expr¢53 sleam d heTithgt 4iostl triA5 As pemiiited b￿ ￿￿10n408￿[th¢ ComwitsAd 201kn th¢p4f¢nLdwiJ'5 SEthnetti OfF£EM¢l￿ Adiwitse5 has Rot bttn included in thtsc f￿￿￿181 ￿a￿ents. The chityS tor￿ irKoming resouttts for the pthtyj wert £375.449 12024.. £7317161 )d ￿al rtsowtt5 exsnded were £527,778 Q024. £950,429) rcsultln8 in fteE OUtgoin83 of rcsourtts th¢ p￿d of £l?J29 {2024.. (httgoing of £218.693I whtch inclth adiiidcnd ￿4}ed of £241344 (2024: I124,￿2) Irom Tys¢k>' i￿l￿oll￿e Wo(ks Liini*& Page ?4

V￿￿AGE TRAANS CIIARTfABLETrUST NOTLS TO THE FINANCIAL STATEMENTS. ciwrrniKD FOR THE YEAR KNDED 31 MARCH2fr25 13. FIXED A&SET INvrmiENts- t••lih¥td The T￿￿lts thtaEytye as￿, liabklitie5 andcapital & tes¢rv¢s of the IIXPA9Jt¢ol￿ry itv at 31 2025 were a5 follows.. Rilw Gre1 Tysthy knipib Crl• Westrrn ltomtitiYt Raw•y Way Ttti 1.713.774 (1,713.774) Ex]ndk(ure Total &8s¢ts 4J24 1797.654) {1￿5) Ntt tssttsl(lithiltties> IfX> 6.67Q Q,975) Tyyekv Lrtotrthve w￿k Limittd a th"vid¢ryJ of £242J44 ())24: £140.963) kn tht dwi The figU￿•t4)y¢ Fs•huthiJ divid¢Tr Vlltig¢ TrJinsCBS which is ￿. virtuc of cott￿01. v85 as folkm: Vimt CBS 1.730.514 (1.711,1531 {147J571 847 L954 (1,047) 12.434.756) (l.￿￿,7n)

VINTAGE TRAINS CHARJTABLE TRLST IIOTES TO THE FINANCIAL STATEMENTS. CONTLtyVED FOR THE YEAR ENDED 31 M.4RCH 2025 14. STOCK5 Group Cumpany 1025 2024 2024 siock 6,828 17.688 6.J28 37,688 15. DEwfoRS.. .4MOUNTS FALLJNI G DUE wrrHIN ONIE I'EAR Group Compauv 2025 2024 2025 2024 Trad¢ ￿e￿Or5 ..Imoiints oi%'ed bv group unifcriakings Oihtt ￿-b¢0[S V.4T l¥J,?79 ?79.663 151 144 63.W7 i_94? J39 J?J J69.(4)". Th¥ Jmoilnl 10 ViiiiLk I'rains ('hLI'ji￿.1¢ I'IiL)l lil. £X'il is Jfiir %1 Pti)i isioii 01. £28.8". 6 ￿[￿L¥l ilie amounis i)M'ed Iroin Viniaoe Traitt> l.IllliL P4c 26

Y￿AGE TIL41NS CIIARtrAbL£ TRUST NOTES TO THE FThAf4ciAL STATEMENTS. CONTINIJED FOR THE YKAR ENDED JI MARCU 2•Z5 I& CREDITORS: AMOUI¥TS VALLING DUE IWITIUN ONE YEAR Bank loans awioversaft Trnl¢ uedirus VAT SJ¢ial security a￿d t4v¥ Otkrcredilors Ae¢ruais and deferr&l tkfrrred grant Awurttsowed 10 KfoupwLd¢rtr&i 7•J52 21Y?12 323,537 4245 75,973 371.L79 79,476 30.9)S 413A62 61,147 )3al 30.704 28.8L¥I 94 61,9)3 242.126 121497 Thedeferrtd8mi ts ¢ollnecurnto the It￿￿[d pnFrty. Th¢¢kfvred grgntwill b¢t¢l¢8sed to thr wofrt attd Jos$ xcount in ¥corth¢ with th thw¢ciation p)IKy of the ltaseknld prorrty. 17. GY••p C•p 2•25 2•24 9.167 27J95 293,763 27•9L 326.151 The loaD trAlallte TqxeAts two Bk of É50.fXX) ¢¥h tak￿ our in 2021 with or tEpaym•its ID first 12 Th¢ kn ¢¢nn 6 y¢as with sn¢¢t¢St ¢h*geda¢2.5%. P¥B¢27

VINTAGE TRATNS CHARITABLETRusr OTES TO THE FINANCIAL ¥fATETrL I£YTS- CONTINU"KD FOR THEYEAR ENDED 31 MARCH 21125 18. LEAS1NG.4GREE￿IENTS In¢iDum leas¢ pd)qn¢nts undtr nvn-cancellable optfating l¢tses i-all du¢ as folkTrws'. GRObP 2025 ?0?4 6Q.OC 240,IM)O 315,(4)0 60.0 240.0 (ktikeen one and five In morL' tI￿e vears 615,IN)O 675.IhYJ Th£Ch￿'1iab1¢ Group ha5 justover Ioyeari remainin8OD 3 25 ￿e0￿0P£[allft8 leas= in respe¢i of Ihe leasehold Jxopetis. 19. IOI'EMEN'T INI FUNDS GROL.P TraDSfers Al 1.&24 fund5 31.3.25 IIRrestricitTI 1.188.896 786.W2 1828,4 42.4051 9,134 1.984,222 2,90i,44*1 921.2231 ra,, fund- non wnir()III￿ i1S1ifi%t 1888,0521 92 Rt$trirttd funds Cliilor PaLers Ktrlhapur Blwmer T%ris Club MiniatLYe Raslww. 16Q.9831 14305) 3J99 6Jibl [35991 6,4 (230) 11,2fA)} TOTAL VL,N IllJ76 21

vwrAGE TrAINS CHARITABLK TRVST N￿ls TO THE FItWClALSTAT%MENfs. c(kYTIN FOR THE YEAR ELYDED 31 MARCH 2•25 19. N¢t In¢l￿d tn the thTrv¢ arc ¥ follows: GROiIP IW79 (1•6Q78T) .oi• C*nerai fut¥J. controllin8 int¢r¢at 42, Ctitycrfd Mirtt8tiJre Railway 160W) 1•sJ N•¢ At IA24 AtJ1i25 174, {IM1761 Clifford ,1 Kolhw IJ lthilltUTe Railw {lJ611

VINTAGETRAINS CHARfTABLE TRUST rfyrL8 TOTHÉ FIYANCIAL STATEMENTS- CONTINL,ED FOR THE YEAR ENDED JI TrIARCH 2025 l9. .MOVEIMEYT IP4 FLIWD5- ¢ofiiinuwJ COIIP.4Tr41' TTh A5ftr bet4ve¢n IncoLRiTrg res0￿r¢t$ ResDUY¢¢S txptnded LRrestricl¢d General fvnd J75.449 1495,625} J75.4M9 495,6Z51 R¥tri¢ttd funds Clifford Miniaiurt Railwa IJO,4921 {1.661 132.153 TOTAL FUSDS J75.449 1527.778) 20- MO¥'EMLNT IN ￿,ND5- 31 MARCH 2024 CROIIP TraDsfe¥s bthvttn mov¢mtJit At 1.4.23 At J1.3.24 L-hrt&ti'icttd fuDIls (i¢niral luvd 920.526 1,778.858 1858JJ2 268,37 1298,0901 29,7101 1,188J96 2,076,948 888,052 Re5tritted f4ds ainord Pa¢trs KolhapuE Bl(x)mer Tool$ Driyus Club finiature Railw 9S679 1.4(A) 3J99 A4 130.492 65.187 3399 131 OS7 12 1157 ?•• t*4ty•lliy IMe¥tsl 1,023,t#yJ TOTAL FLThDS 277337 60.2121 211,025 Pagc 30

VMAG£ TK41NS CILwfABLE TRUST N(YfES TO THE FINANCIALSTATEMEKfS.coKfiNUED FOB THE YEAR gNDKD 31 MARCII 212$ 2•. MOVEME]¥T IN FUNDS-31 MARCH 2W. ¢wlim•ed Na rnovcmeni ￿ frjrbjs. Ind￿ ID grt ¥ folb)w GROUP T¢wNrc¢s G￿traI 2375,035 (2OWI 741 Cliffotd JO,491 P4e31

VINTAGE TRAINS CHARITaBLE TRusr NOTES TO THE FINANCIAL STATEMENTS- COP4Tif4uED FOR THE YEAR ENDED JI hlARCH 202S 20- 11 Fb,.YDS. 31 hl.4RCH 2024 COMPA*I' Trxu5ftr5 bttw'ee funds ovtme•i At 1.4.23 At 31.3.2Jl UnrtSiTitted fuNds GeTreial luThl J93.7 12t&9801 174,n4 18.980 174724 R(stricted Clifford Pacers Kolhopur RloomeE I'ools Driw¥f5 Club linidcure Raili%a% 95,679 1.41M J599 6.404 230 12(W) 130,49ZI 65.187 1.400 3.599 23 i.zoo 4,057 112569 30.4921 P4e 32

VINTAGE TRAINS CIIARfTABLETRUST NOTES TO THE FLNANCIAL STATEMFNTS. CONTINUED YOR THE YEAR ENDED 31 MhJlCH I￿5 MOVEMYNt IN Fu￿T•S- cMl•ued IJ)n&ions amounttr to £1.41X) wer¢ re￿1v￿ in 2022 ro b¢sF¢D(oo rna1ntt￿￿OfthtPern. At 31 March 2025 £1,4(M)12W24: £1,4￿) temaifts uftall(Ata. K•lhp•r Don&tK)fLS amowLEin8W £3,599 w¢re r¢c¢ived in2023 w b¢sFrt Oth m8irtteR￿c and reJtordtiDo wwks for thcKolhw. Ar 31 March2025. the fijtwjwas tranSf￿r¢￿t0 th¢ga￿al fiuxi kavrgabai&K¢of £il ill)24.. £3,59)). t>JnioELs arno￿ttIng to £Nil12tY24.. £Nill wcrc rcc¢iva to bc SF¢llt on maintenance artd restontw)n ofthe BE(￿er. thjring the year £Nil {2￿24. £Nil) w&% s￿rtI ￿Killed a(xtvitie5. Al 31 2025, £6,404 (2024: £6.404) Doni(KkS nO￿tIng lo%l,23l w¢re received in 2022 kn bespthton trK)l £Nil 12024: £ni rt% ￿ta￿ed in ye¥. At 31 Mach 2025, th¢ tra￿(¢[T￿ to th¢ 8¢rn1 fvThl k•¥irbg a toknc¢of fnil Q024.. f2301. Drlvers Cl•b [hui￿they￿r￿nèty)nS atnouDttTrgw £Nil (2024.. £Nill wueYeceivtrJt(p k utii¥d ￿ th¢ Jubit¢lknv Club wthi¢h offers gJF&ribets the unique Op[￿Tr[ty b) dn.ve tiaifts JtTysdp. ￿ 31 March 2025.the was tttsfetred #> the general kaving a b4larK¢of %ftil12024: £12(X)I. Mi#lXtsreR￿￿•Y thJnngih¢Yt4rdo￿i0￿ •r[r￿MIng￿￿17 (2024.. £Nitlwert ttelvedto kgpeurnth¢mynlwe￿IiWY i￿. IbE yEar £1,661 (21Y24.. £Nil} n5 Spert OD a￿￿14 ¥¢iviii¢& At 31 Mx¢h 2￿5 £1396 (2W24.. £4,057) E#llairtd wthll(ared. The Trk&re lots)moli%<% ￿ ry¥llEale. £126.170 t0rvy7￿frQrn 31 ￿arCh2O21. thIr￿s th¢yr¥r £30.491 {2024.. £30.491} was spthonRl8ked ¥ti¥iiies. Ai 31 Mrth2W25. I wa5 the8t￿ra1 fimd abl1￿ of£nil {2Q4.. £65.Itii. t33

VINTAGE TRAINS CHARITABLETRUSf OTES TO THE FtNASCJAL STATE.MEfft- COTr•TINUED FOR THY YEAR £%DED 31 MARCH ZD25 ZI. REL.4TED PARTY DISCLOSURES Thc a)mpafiy has taken advantage o1.in￿ L4Enip'.ion under section 33 of FRS ID? noi 10 dis￿105¢ iransabiions ith oioup eornpanits. Duiino ihe vear. vin1￿e frttins Charitable I'rust received a donion trf £70.749170?4.. £543.3601 fron1 70?9 lull CsiSc I.1￿1[¢d. th ihariiablc u)mpan)' ￿'hI￿￿ 5har¢s commoo"livsiees and DINciors. Mi" C WhilLkniis¢ has a Lolisiilting agrttmeni with ￿ 5ubsidiJr> cotnp&ryi¥S. kiniag¢ T171n5 Limiloyj 2nd lj5el¢y LocomotiNe Li￿1￿¢￿_ arnOL￿ting to f56.6Z5 {2024: £84.￿01. flus seii'icL' is paid LhrouEh seT¥i¢e company. WildErne55 Enlerprists Lirn5ted. Mr J l B Minards hBS a consulting agrcetnent w'ith boih subsidiary comp￿leS. VinT4e Trains Limiitd and Tyselo Locomoiive ￿.0¥k5 Limited. arnouniing to f16.00012014.. £P%'ill. 22. NOl¥i-CONTROLLING INTERESTS .41 31 Marih 2025 the sh¥JY Lapiial issued ￿. Vini•8¢ Tr￿rIS CBS amouEJted w £1.073.0(X) 12024.. £1.073.(MX)i Ai ihis date £1.023.0(K)12024. £1.023,(KIOI %¥'&s held OLilsidc ot'thc group. Ti'aiiib (-Piariia41i fi'ii.51 lias ILYI iof.Ili)l (>ier Trains CBS &5 il p.olds Iht poitrcr [• appofni Ih ajorii¥' of Ilie and io Ihe fflajorit¥ ioi" * gim•'ol IDeeiiiig>. 23. PEYSIOI CO.MfvIIT•lEYTS I'h¢ CL)Iriyan! vptrLknS delii¢d ¢tsr,Iri%uiitr'.I P¥YSli*i s¢hem¢s Thi vl-the iLthei:'J¥S JfL' held separdiel ironi LknsL o,. I￿. group isjihin ind¥P-IILleiiil! wJiTrinist¥fiJ lU￿J￿. llTri '.Olal Ltsf.l-.ibLIIIVD> PJIJ in Ih¥ l Lar iiounie(I to £1? 7J? i?0?4. f In.41.:1. C.onu'-butioii% 01. É8.4111?024. £2.305I ￿ere iintmid aL Ihc I'¢are￿. PwJ4