Company registration number.. 03299431 Charity registration nwnber: 1060193 Devon Diesel Society Limited (A company limiied by guaraniee) Unaudiled Annual Report and Financial Sialcmenls for thc Year Ended 31 December 2024 'AE4Q7JIJ' 1410612025 COMPANIES HOUSE A14
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Peplow5 Limil¥d Chartered ac¢ounlRnls Moorgdte Hoiise King Street Newton Abbot Devon TQ122LG
Devon Diesel Society Limited Contents Reference and Adminislralive Dctails Trusi¢¢s' R¢porl (including Directors. report) 2104 Independent Examinerfs Report Siaiemcnl of Financial Activities Balance Sheet Notes io the Financial Statements 81016
Devon Diesel Society Limited Reference and Administrative Details Trustees Jon Morton Rob Evans lan Mills David Martin Karl Atkinson Chris Deacon Derek Higgs Adam Howard Company $tcretary David Marlin PrlDclp¥l Ol¢e 78 Brantwood Drive Paignton Devon TQ4 SHY Company Registration Number 03299431 Ch#rlty Registr#tlon Number 1060193
Devon Diesel Society Limited Trustees, Report (including Directors, report) Th¢ Tru51¢¢5 Pret th¥ir report and th¢ unaudited finan¢iJl stat¥menls of the Lharity for the year cnded 31 December 2024. The trustees have adopted the provisions of the Siatem¢nl of Recommended Practice (SORP) 'Accounling and Reporting by Charities" in preparing Ihe annual report and financial slalements of the charity. The Irusiee5, who are directors for the Plirposes of company law, present the annual report togethcr wilh the financial sraiemenls of the chatitsble company for the year ended 31 December 2024. Trustee5 Jon Morton Karl Atkinson Rob Evans Ian Mills David Martin Chris Deacon D¢rek Higgs Adam Howard Str¥iturv> 8ov¢rnAni¥ and minAgemeTht Nalure ofgoverning doc'uni¢nl The ¢h¥rity is conlrolled by its governirt8 document, Ihe arricles of associalion, and consiifvled 8s a limilcd company. limited by guaraniee. as defined by the Companic5 Act 2006. The company was incorporal¢d on 6 January 1997 and reistered as a charily on 16 Janu3ry 1997. The liability of full members of the charity is an undertaking lo conlribute lo the assets of the charitable company in the eveni of li being wound up, while a member, or within on¢ year of ceasing lo be a member, a sum not exceeding one pound. Recriiitnient and appuiiifnieiil ufirusiee& There sliould be a Ininiinum of three Iruslees ai any time, bul Illere is no rnaximum. A third of trustees automatically relirc al every AGM but may be reappointed it. Ihcy wish lo ¢onlinue. New trustees must be recommended by existing trusiees and must be al least 18 years old. Arrftngementsfor setting key mrtnrtgemenlpersonnel remuiieration TNslees are not remunerated. Organisqlional slruL'lure Thc Chariiy is not part of a groiip. The trustees meet at least three tirnes a year lo discuss progression against obj¢clives and to tormulaie future plans. Pag¢ 2
Devon DAesel Society Limited Trustees, Report (including Directors, report) Objectives aDd aetlvltles Objecls aiid aims The Charity's objectives are to advance the education of the public in the history and developrnent of railways and locomotion by the preservation of diesel locomotives, rolling stock and oihcr equipment and tlems. The Charily currently owns three locomotives. Class 50 D402.Class 37 D6737 and Class04 D2246. The cornpany also owns a l 00 year old fomer Great Western Railway tool van. a R¢¢ Tank flat bed rail vehicle and a Siphon "G. goods vehicle. There have been no changes in the Charity's objeclives since the last report. Any Surplus generated by ils aclivilies is applied lo ils cliaritsble purposes. Thc aim5 of the Charily are io preserve the long term fiiture ot" rhe rolling slock and to provide members of ihe public wiih educalional inforiiialion lo learn about Ihc Inainlcnan¢¢ and resioralion of locomotives and rollin stock. ObJ¢¢'liv¢s, sÈrfifeg4e) lind iic'livities The Charity raises funds predominantly by Nnning various beer fesiivals on the South Devon Railway, and the receipt ot. regular subscriptions and donations. Public benef¥1 Educalion of ihe public in Ihe.mainlenance and the running of rhe locomotives. The Iruslres Lonfimi Ihal Ihey have Lompli¢d with ih¢ requirements of seLlion 17 of Ihe Charities ALI 2011 10 hav¢ due regard lo the public benefi1 guidance published by the Chiirity Commission for England and Wales. Grai1¢ makiftg puli¢ies The Charity can Lise surplus unrestricted [LdS lo makes gr3nls to other organisations if such applicalions are in ar¥ordan¥e with rhe obJe¥lives of the Charity. Use of voluNleer5 The Charity receives the benefit of volunleer services; Ihesc are nol quantified in the accounls as this cannot bc quaniifi¢d. Th¢ volunteers fill various roles. such as vehiclc resloration aiid maint¢n#nce and assisting with fund raisin¥ activilies. All of Ihe Board ot'Trustees are voliinlccrs. Achievemenls andperformnnce During the year the charity made 8 5urpliis/(deficit) from Trd raising events of £20,380 (2023 - £15,537) and had charitable expenditure ot'£34,859 (2023 - £31.317). The deficit tor the y¢ar was £3.927 (2023 - £482). Th¢ d¢fiGit was planned as the charity is investing heavily in thc repair and refurbishmcnl of its locomotives. Page 3
Devon Diesel Society Lirnited Trustees, Report (including Directors, report) Flnanclal revlew At Ihe end of the year the charity had unrestricted reserves of £13.195 (2023 £17,312). Policy on reserves The Charity continues its. policy of accuinulaling funds to provide for large scale re51orationlovcrhaul work on ils locomotives and rolliii8 Stock. Prlncipolfundirtg sour¢e5 Funds arc pr¢dominanily rai5cd via regular donation amounls And by the runnin8 of beer festivals on lh¢ Souih Dcvon Railway. Golng ¢oncer The accounts are prepared on the going concern basis as no Inaierial uncertainties exist. For the finanLial y¥ar ¥nding 31 DeL¥mb¢r 2024 Ihc Charity was enlitl¢d lo exemplion from audit under seLlion 477 of the Companies Act 2006 rel&41in¥ to small ¢ompdnie&. Direclors, responsibililies.. Th¢ members l)ave noi required Ille Charity to obtain an audit of ils accounts for rhe year in question in acLordance with seulion 476; and The directors a¢knowledge their responsibilities for complying with Ihe requirements of Ihe Act with respect lo accouniin8 r¥cords and ihe preparalion of accounls. These accounts have been prepared in accordance with the provisions applicable to companies subje¢t io th¢ small companies regime. Th¢a al r¢porl was approved by th¥ truslees of the Charity vn 2Dif and signed on it5 b¥half by.. orlon Istee Page 4
Devon Diesel Society Limited Independent Examiner's Report to the trustees of Devon Diesel Society Limited I report lo the Lharity Irusi¢es on my examination of the aLcount5 of thc Lompjny for the year end¢d 31 December 2024 which are sel out on pages 6 10 16. Respon51blll¢les and basis of report As the charity Iruslees of the company (and dlso ils directors for the purposes of company law) you are responsible for ihe preparalion of Ihe accoLinls in ac¢ordanc¢ with (he r¢quir¢m¢nts of thc Compani¢s Act 2Q06 {'Ihe 2006 Act.). Havinbl Satisfied myself ihat the accounts of the company are noi required lo be audited under Part 16 of the 2006 Act and are eligible for independent exaimination. T report in respect of my examination of your company's a¢eounts as corried out undcr section 145 of the Charities Act 2011 ('Ihe 2011 Act,). In carrying out my examination I have followed the Directions given by ihe Charity Commission under se¢tion 145(5)(b) of the 201 Aci. Independent exthmin¢r'$ $totemtnt I have ¢ompletcd my examination. l Confirm thai no matters have come io my attention in connection with th¢ examination &iivinbi me cause lo believe thai in any maierial respecl: accounting records were not kept in respect of ihe company as required by section 386 of the 2006 Act- or 2. the accounts do not accord wilh Ihobe records,. or 3. the accounts do noi comply with the accounling requirements of section 396 of th¢ 2006 Act oiher than any requiremenl Ihal ihe accounts ¥ivc a 'lru¢ and fair vi¢w' whiGh is not a mailer consider¢d as part of an independent examination. or 4. the ac¥ounls hav¥ noi b¥¥n pr¢pJred in aLuordanLe with the methods and prin¥iples of lh¥ Statement of Recommended Practice lor accounting and reporting by charilies. I have no concerns and have come across no other maltcrs in connection with Ihe cxamination to which attention should be drawn in Ihi5 report in order to cnable a proper underst8ndin8 of the accounts lo bc reached. Michael Young FCA MOOrale House Kin8 Sirect Newton Abbot Devon TQ12 2LG 6 ri47 Page 6
Devon Diesel Society Limited Statement of Financial Aetlvities for the Year Ended 31 December 2024 (Including Ineome and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrieted funds Total 2024 Totsl 2023 Restricted funds Trlote Income and Endowmenl$ from: Donalions and legacies Oiher iradirtg ai.liviti¥s Investment income 2,039 40,797 8,3S4 10.393 40,797 159 15,170 37.760 128 159 Total Income Exp¢ndlture on: Raising funds Charitable aclivilies Other costs (20,417) (24,785) {20.417) {33,108) (21.545) (30.299) 696 (8,323) Total Expenditure Nei Income / (Expenditure) 190 482 Gross transfers belween funds Other reLognis¥d gains and Ius$Ls Nyl mov¥m¢nt in funds (4,117) 190 (3,927) (482) R¥¢onLili¥tivn of fund5 Tol81 funds brought tonvard Tolyl funds carried forward 14 All of Ihc Charily's a¢iivities derive froiii continuing operations during Ihc above two periods. The funds break.down tor ?024 is t>hown in note 14. Pag¢ 6
Devon Diesel Society Lfimited (Registration number: 03299431) Balance Sheet as at 31 December 2024 2024 2023 Note Fixed &$$ets Tangible assets 12 998 Current assets Cash al bank and in hand 30.996 33,925 Credltors: Amounts t'alllng due wlthin one year 13 200 Ne¢ current assets Net •s$ets Funds of the Charity: Re$triLted InLome funds Unrestrlcted income funds 16,601 16,411 Total I'unds For the financial yedr endin¥ 31 Deccmber 2024 the Charity Wd¥ enliiled lo exemption from audit undcr section 477 ot. the Companies Act 2006 relating to small companies. Direciors, responsibilities.. The members have noi required Ihe Charity to obtain an audit of 115 ac¢ounlS for the year in question in accord(Ince wilh section 476., and The directors acknowledge their responsibilities for complying wilh Ihe requircments of the Act with respect lo accounling rccords and ihe preparation of aceounls. These accounts have been prepared in accordance with the provisions appli¢8ble to ¢ompanies subject to Ihc small companies rtgime. The financial blatemenls 01? pages 6 ¢0 16 were appmv¢d by the trusl¢es. and auihoriscd for issue on signed on their behalf by.. and an Mills Trustee Pag¢ 7
Devon Diesel Society Llmited Notes to the Financial Statements for the Year Ended 31 December 2024 l Accounting poliLie5 Summary of 5ignifirgnt ¥ccounting policies and key SCCOUDting estimates Thc prin¢ipal accoiinting policies applied in the preparation of these financial slalcments aTe set oul below. Th¢s¢ policies have been consist¢nily applied lo all the y¢ars prcsent¢d, unl¢ss oiherwisc ststed. Bosis of preparation Devon Diesel Socieiy Limited is a charity and a private company, limiied by guarantee, in England and Wales. In Ihe evenl of ihe charity being wound up, Ihe liability iii respect of the guarantce is limited to £1 per member of Ihe charity. The address of rhe re8islered oftice is given in ihe charity infornialion on p8gc l of thc5¢ financial slalem¢nl¥. The nalure of Ihe ¢h8rily'b operations and principal a¢livilie> are given in the INslee$' reporl. The charily constiliitcs a piibli¢ benefit cntity as defined by FRS 102. The financial Stslemenls have been prepared in aLLordance wilh A¥Loiinling and Reporling by Charities.. Statement of Rccommended PractiLe applicable to harili¢s pi'epai'iiig their accounis in a¢¢ordance with the Financial Reporting Standard applicable in the UK and RepubliL of Ireland issued in Oulob¥r 201 g. the FinanLial R¥porling Standard appliLabl¢ in th¢ Uniied Kin8dom and Republic ot. Ireldnd (FRS 102), the Chdrities Act 201 I, and UK Generully Aecepled Accountin8 Practice. Th¢ financial 5tal¢mLnls are prepared on a going concern basis iind¢r the historical cost ¢onvenlion, modified lo include certain items ai fair valiie. The financial siateinents are presenred in sierling which is Ihc funGlional urrency of ihe charity and roiinded lo ihe nearest £. IDcome and endtiwment5 Bver festival inLome'. Receipts and payments reldted io rhe beer festivals are credited lo income and debited lo expenses as they are Irans8cled. Doftalions oiid le¥aties Subs¢riplion 3n(l app¥al inLoiTre.' Subscriplions and appeal revenucs are credited to inrome as they are received. Inve5tnient iiiLoiiie Inlerebt.. B3nk iniercst received is crediied lo income as il is received. Expendlture Rfiisiiigfiiiid& These ure eobts incurred in attracting voluntary income, thc mandgement ot investments and those incurred in trading activilies that raise funds. Page 8
Devon Diesel Society Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Chariloble acliviiies Charitsble expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for ils beneficiarles. It includes both costs that can be allocated directly to such activities and those costs of an indirccl naNrc necessary 10 support them. Support costs Support COtr>t.s ineliid¢ c¢nlrdl tun¢tions and havc been allocated lo activity cosi categories on a basis consislcnt with the use of resources. GovernancL Losts These include the costs atlribuiable lo the Charity's Compliance with ¢onstiNtional and stsNtory requirements, inclLtdin¥ examination, slrate¥ic m#nu¥ein¢nl und Trustee's mcelings and reimburs¢d exp¢nses. TAxa¢io The Charity is considered io pass the iests sel out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it m¢els the Ilefinilion of a Lhariiable iompany for UK Lorporation lax purpose5. Accordingly, the Charity is poienlially ¢xempt froin iaxation in re¥pect of income or capital gains received wiihirt ¢alegories covered by Chapter 3 Pill'l I l of the Corporalioii Tilx Acl 201 O or Section 256 ofihe Taxation of Char8C8ble Gains Act 1992, lo the exienl that such income or gains are applied exclusively to charitable purposes. T Anglblt Il%ed as$ets Fixed assets al'e included initially ai Losi. Depre¢i#tion and amthrtisation Depreciation is provided on iaiigiblc fix¢d'a55ets so as lo write off the cost or valuation, less any estimated residual vali1¢, over Ih¢ir exp¢cted uscfiil Lcoiiomic life lls follows,. Asset Class Locomolives Rollin8 btoLk Computer and other equipment Deprecl4rfon mtthod And rate slraib)ht line 20 year5 siraight line 5 years straight linc 3 years Cosh and Lash equivalents Cash and casli equivalenTS comprise cash on hand and call dep05ils. and other shorl-lerni highly liquid investmcnls Ihal are readily Lonvertible to a known ainount of cash and are 5ubje¢t to an insignificant risk of change in value. Page 9
Devon Diesel Soelety Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Fund accountlng Unrestricted income funds ure general funds that are available for use al the trusi¢¢'s disGretion in furtherance of Ihe objectives of the Chai'ity. Designaied tunds are unrestricted funds and are resources set aside for specific purposes at the discretion of the trnsiees. Reslricled incoine ndS are thosc donaied for use in a particular area or for specific purposes, Ihe use of which is restricted tu thal area ur purpuse. 2 Ineome from donatiuns Ind legacles Total 2024 Total 2023 Re¥ular ¥iving ortd capil?I I donalions £8.354 (2023 £7,545) ot- Ihe above income was altribiiled lo the resirieled fiinds. £2.039 (2023 £7,625) of Ihe above income was allributcd to the unreslricled funds. 3 In¢om¥ Irom oiher tradlng 4ctlvltles Totil 2024 Totgl 2023 Income fron7 fiindraising7 ¢venlS; Beer festival income and niiscellaneous sales 40,797 £40,797 {202.1 £37,760) of Ihe above inLoine was atiribuled to the Linrcsttict¢d funds. 4 Investment in¢om Total 2024 Totsl 2023 Inleresl r¥Liivable and similar income- Int¢rebl reLcivable on bank deposi1> 159 128 £159 (2023 £128) ot the above inLome was atiribuled to the rcsiricied funds. £Nil (2023 £Nil) of ilie abovc incoiiie was allributcd to Ihe unreslricled funds. Page 10
Devon Diesel Society Limited Notes to the Financial Statements for the Year Ended 31 December 2024 S Expenditure on raising funds Cost of trading aL'tivities Tot¥1 2024 Total 2023 Cosis of good5 sold Support co%ls Donations 19,013 1,404 20,035 1,510 £Nil (2023 £Nil) of thl above cosis w¢re allribut¢d lo the reslriLled funds. £20,417 (2023 £21,545) of the above costs were attributed to the unrestricted fund5. 6 Exp¢nditurL on Lhurltoble g¢tlvltl¢s Activity ndertgk¢n dlrectly Aetlvlty support costs Total 2024 Total 2023 Maintenance of locomoiives £8,323 (2023 - £4,251) of the above costs were atlribuled lo the restriclcd nds. £24,785 (2023 £26,048) of the abov¥ Losls were altribuled lo th¢ unr¥slriLt¢d funds. Pagell
Devon Dlesel Society Llmited Notes to the Financial Statements for the Year Ended 31 December 2024 7 Annlysls ot. governthnLe and support costs Support costs allo¢Mted to ¢harilable aetivltie5 Total 2024 Total 2023 Basis of allocation Maintenance of loconivlives Support cost$ 411ocated to other expendlture Tol41 2024 Tot81 2023 Basis ot. allocation Fund raisin&v activities Reference Method of ulloc¥tlgn 60V/o of g¢neral support costs. including governance costs, are allocated to Ihe charilablc ailivilies of the Lharity. 4DO/o of general support Losls, including gov¢rnanLe costs, are allocaled to the fund-raising activities of ihe charily. Governance Lo$ts Tolal 2024 Total 2023 Independtnl cxaminaiions fees Other govcrnance costs 1,470 281 1.416 280 £Nil (2023 £Nil) of ihe above cosis were attribiit¢d to Ihe restricted tiind5. £1,751 (2023 - £1,696) of ihe above costs were atiribuled to the unreslrictcd fvnds. Page 12
Devon Diesel Society Limited Notes to the Financial Statements for the Year Ended 31 December 2024 8 Net inLomingl(uutgtsing) re50urLrs Net incoming resour¢e.b foi. Ihe year inLlude'. 2024 2023 Depttciation of fixed asseis 998 .763 9 Trustecs, rLmunL'rutSon And expenses No truslees, nor tsny persons connecied with them, have received any remuneration from the ¢harily during the year. During the yeai. the Inisie¥s have rcLeived reimbursement for expertses paid lolalling £Nil (2023 - £Nil). 5 of the trustees were reiinbui-sed for the expenses during ihe year, whicli relaled lo Ili¢ charitable activities of Ili¢ company. As the Charity does nvl have ils own Lredil uard faLililie5, Iruslees frequently pay bills on behalf of the Charity using persoii81 credit cai'(Is and theii I'¥claim the costs 10 Slaft. costs The monihly avei'age iiiimber ofper.sr)ns lincliiding senior management team) employed by th¢ Charity diiring th¢ year exprebsed as full liinc cquival¢nlb was as follows.. 2024 2023 Truslees No employee received eniol(Imenls diiring the year. I l T*xatiun No lax was Lhar¥ed in lh¢ year (2023 £nill. P3ge 13
Devon Diesel Society Limited Notes to the Financial Stgtements for the Year Ended 31 December 2024 12 Tttngfible fixed a$setS Computer #nd Rolling $tock other equlpment Locomotives Total Cost Ai l January 2024 AI 31 D#L'ember 2024 450 Depreclatlun At l January 2024 Charge for the year ,450 7,552 50,997 998 59.999 998 Al 31 December 2024 Net book value At 31 December 2024 Ai 31 December 2023 998 998 13 Credllors: thmounts I'thlling due ivlthln one year 2024 2023 Accruals Page 14
Devon Diesel Society Limited Notes to the Financial Statements for the Year Ended 31 December 2024 14 Fund$ B#lJnLe at I JUnry 2024 Incoming resources Rt50ur¢es expended Tr4nsf¢rs Balance at 31 December 2024 Unr&strlcted funds UnreslriLled strenepalfiind.f General fund 17,312 42,1136 (46,953) 13,195 Unrestricled desigiioiedfuhd Maintenan¢¢ Fund Tolal unrestrlcted lunds Re5trlcted fund$ Class 50 Fund Class 37 Fund Maintenance Fund 2,792 10,3112 5,255 1.770 (5,642) (1.404) 277 2,405 10.748 Total restricted I'und5 8,323 16,601 Tot81 funds BMl#nce 4t Jiinuary 2U23 Intoming resources Rosourtes expended Trin$fer$ Balonce at 31 December 2023 Unrestrleted lund8 Unr&flricitd¥eneMlJiiiids General nd 21,216 45,385 (49,289) 17,312 Unresfricled dL'signu¢ed]iinds Maintenance Fund Total unrestrlcted I'unds 45,385 49,289 17J12 RestrlLbted fund$ Clas5 50 Fund Clilss 37 Fund Maintenance Fund 815 9,437 2.737 4,415 1,726 1,$32 (2,438) {781) 2,792 10.382 Total restriit¥d funds Total funds 34.205 Page 15
Devon Diesel Society Limited Notes to the Financial Statements for the Year Ended 3.1 December 2024 The specific purposes tor which the liinds are to bc applied arc as follows.. Class 50 Fund This bjnd is restricied to direct expendimre to maintain and overhau! the class 50 locomotive owned by the Charity. Class 37 Fund This fund is festricred lo direct expendilure to maintain and overhaul the Class 37 IomOtIve owned by the Charily. Maintenan¢¢ Fund This eund is resli'ici¢d to direct expendirure io maintain the Charity's fleet of locomolivcs and vehicles. There were £Nil (2023 £3,768) of Iranslers froin Ihe Designaied to General Fund in the year to 31 D¢¢ember 2024. IS Analysis nel 0s¥ets between I'unds General fund5 Restricted runds Toijl funds Tangible fixed a5seis Current ass¢l.8 14,395 (1,200) 16.601 30,996 (1,200) 29,796 Currcni liabilitie5 Total net asbcls 13,195 16,601 16 Rel4ted porty trtsns&¢tlon$ There w¢re no I'¢lal¢d party transa¢tiorts in the year. Pag¢ 16