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REGISTERED COMPANY NUMBER: 01408829 (England and Wales) REGISTERED CHARITY NUMBER: 1095123
Report of the trustees and Unaudited Financial Statements for the Year Ended 30th April 2025 for Railway Vehicle Preservations Limited
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oer ission |
Charity Comm
OG JAN 2026 =:
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Railway Vehicle Preservations Limited
Contents of the Financial Statements for the Year Ended 30th April 2025
| Page | |
|---|---|
| Reportofthe Trustees | 1 to3 |
| Statement ofFinancial Activities | 4 |
| Balance Sheet | 5 to6 |
| Notes to the Financial Statements | 7 to 10 |
| IndependentExamination | 11 |
Railway Vehicle Preservations Limited
Report of the Trustees for the Year Ended 30th April 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, présent their report with the financial statements of the charity for the year ended 30th April 2025. The trustees 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 1 January 2015).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity is constituted as a company limited by guarantee with share capital and is therefore governed by its memorandum and articles of association. This requires that the income and property of the company shall be solely restricted towards the promotion of its objects. The charity's object and its principal activity in the year under review continues to be that of the restoration, maintenance and operation of its collection of vehicles of historic interest.
Public benefit
The charity's trustees have had regard to the Charity Commission's guidance on public benefit and they consider that the charity's main activities are undertaken for the public benefit.
ACHIEVEMENT AND PERFORMANCE
Development, Activities and Achievements
Good progress was made up till October 2024 on the ongoing yestoration of the TTO coach 23981 with a number of teak panels being attached to coach sides, and the coach ends.
However, following storm damage, the team then started work on repairing and renovating buffet car 24278, including fastening down the teak panels, replacing the beading, and applying coats of varnish.
The buffet area ceiling was cleaned and repainted. Work continues with the aim of making the vehicle ready for service during 2026.
The TPO tender and brake coach are complete apart from the final gloss painting, lettering and roof painting. TPO sorter coach 80301 is next for renovation.
The TPO ground equipment at Quorn and Woodhouse Station was planned to be completely renovated during 2025.
Beavertail No 1719 continues in revenue-earning service at the Strathspey Railway.
Beavertail No 1729 remains in an enhanced display area in the museum at Margate, where it will remain for the foreseeable future. The financial strength of the company remains sound, and we look forward to increasing our overall progress.
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Railway Vehicle Preservations Limited
Report of the Trustees for the Year Ended 30th April 2025
FINANCIAL REVIEW
Financial position
During the year, net incoming resources on unrestricted funds after transfers amounted to £18,324 (2024 outgoing: £9,212) and net outgoing resources on restricted funds amounted to £1,486 (2024 outgoing: £15,443).
The balance on unrestricted reserves at the year-end amounted to £148,315 (2024: £129,991). The balance on restricted reserves at the year-end amounted to £12,225 (2024: £13,711).
Reserves policy
The trustees’ policy on reserves is that these shall so far as practical be held in interest bearing deposit accounts. The company has no endowment funds. The company's practice is to estimate the amount required for a major project and then raise an appeal for this amount. In other cases, income determines what projects the company undertakes, the directors determining whether the company can undertake a particular project in the light of its financial position.
Funds in deficit
There were no funds in deficit at the year-end.
FUTURE PLANS
There are no significant future developments except as mentioned above. There have been no events affecting activities since the year end.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, its Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Organisational structure
The company has no office apart from its registered office; its activities are principally carried on at Rothley Station, Leicestershire. There has been no significant change in the company's activity and the directors do not anticipate any change. There have been no financially significant events since the end of the financial year.
Related parties
There is no relationship with any related party or other charity except so far as the company sometimes receives grants, normally for specific projects, from other bodies; the grants received during the year are set out below.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 01408829 (England and Wales)
Registered Charity number 1095123
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Registered office 65 Stonehill Castle Donington Derby DE74 2LZ
Trustees M Lang A P Fillingham - Chairman G E Maslin K W Allen P Harrison A Voase — resigned 08/10/2024
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Railway Vehicle Preservations Limited
Report of the Trustees for the Year Ended 30th April 2025
Company Secretary K W Allen
REFERENCE AND ADMINISTRATIVE DETAILS
Bankers CAF Bank Limited National Westminster Bank Ple 25 Kings Hill Avenue 250 Bishopsgate Kings Hill London ; West Malling EC2M 4AA Kent ME19 4JQ
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on 6ht 2025 and signed on its behalf by:
A P Fillingham — Trustee
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Railway Vehicle Preservations Limited
Statement of Financial Activities
(Incorporating an Income and Expenditure Account) for the Year Ended 30th April 2025
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|---|---|---|---|---|---|---|---|
|30.4.25|30.4.24|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|Note|£|£|£|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Donations|and|legacies|19,074|-|19,074|8,248|
|Other|trading|activities|2|20,970|-|20,970|19,902|
|Investments|income|3|556|-|556|677|
|Sundry|income|-|-|-|1,300|
|Total|40,600|-|40,600|30,127|
|EXPENDITURE|ON|
|Charitable|activities|
|Restoration|18,315|1,486|19,801|46,497|
|Other|3,961|-|3.961|8,285|
|Total|22.276|1.486|23,762|54,782|
|NET INCOME/EXPENSES|4|18,324|(1,486)|16,838|(24,655)|
|Transfer|between|funds|-|-|-|-|
|NET MOVEMENT IN FUNDS|18,324|(1,486)|16,838|(24,655)|
|RECONCILIATION OF FUNDS|
|Total|funds|brought|forward|129,991|13,711|143,702|_168,357|
|TOTAL FUNDS CARRIED FORWARD|148.315|____ 12.225|_160.540||[143,702]|
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CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements 4
Railway Vehicle Preservations Limited
Balance Sheet
for the Year Ended 30th April 2025
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|---|---|---|---|---|---|---|---|---|---|
|30.4.25|30.4.24|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|Note|£|£|£|£|
|FIXED|ASSETS|
|Tangible|assets|7|91,540|-|91,540|90,261|
|CURRENT ASSETS|
|Stocks|8|13,924|-|13,924|13,924|
|Debtors|9|1,796|-|1,796|1,713|
|Cash|at bank|42,615|16,946|59,561|44,010|
|58,335|16,946|75,281|59,647|
|CREDITORS|
|Amounts|falling|due|within|one year|10|(1,560)|(4,721)|(6,281)|(6.206)|
|NET CURRENT ASSETS|56,775|12,225|69,000|53,441|
|TOTAL|ASSETS|LESS|CURRENT|
|LIABILITES|148,315|12,225|160,540|143.702|
|NET|ASSETS|148,315|12,225|160,540|143,702|
|FUNDS|11|
|Unrestricted|funds|148,315|129,991|
|Restricted|funds|12,225|13,71]|
|TOTAL FUNDS|160.540|143,702|
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The notes form part of these financial statements 5
Continued...
Railway Vehicle Preservations Limited
Balance Sheet - continued
for the Year Ended 30th April 2025
The charitable. company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2025.
The members have not required the charitable company to obtain an audit of its financial statements for the year ended 30th April 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial 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 onf[2025][and][ were][signed][ on][its][behalf] by: /[/][/]
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A P Fillingham - Chairman
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P Harrison - Trustee
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The notes form part of these financial statements Railway Vehicle Preservations Limited
Notes to the Financial Statements for the Year Ended 30th April 2025
- ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) (effective 1 January 2015) and the Companies Act 2006.
The financial statements have been prepared under the historical cost convention which has been modified for the revaluation of certain assets.
The presentation currency in the financial statements is the Pound Sterling (£).
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate 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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
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|---|---|---|---|---|---|---|---|---|---|---|
|life:|
|Carriage|Shed|- no|longer|depreciated|as|value|in|excess|of net book|value|
|Plant|and machinery|-|10%|on|written|down|value|
|Rolling|stock|and museum|- not provided — included|at|directors’|valuation|
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Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds are those which can be used in accordance with the charitable objectives at the discretion of the trustees. They include funds specifically designated for the future repair and maintenance of rolling stock.
Restricted funds are those which can only be used for particular restricted purposes within the objects of the charity. Restrictions arise 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.
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Railway Vehicle Preservations Limited
Notes to the Financial Statements
for the Year Ended 30th April 2025
- OTHER TRADING ACTIVITIES
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|---|---|---|---|---|
|30.4.25|30.4.24|
|£|£|
|Sale|of materials|1,500|1,107|
|Raffles|5,080|6,120|
|Hire|income|14,390|12,675|
|20.970|19,902|
|3.|INVESTMENT|INCOME|
|30.4.25|30.4.24|
|£|£|
|Interest|received|556|677|
|4,|NET|INCOME/EXPENSES|
|Net income/expenses|is|stated|after|charging:|
|30.4.25|30.4.24|
|£|£|
|Depreciation — owned|assets|221|246|
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- TRUSTEES’ REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 30th April 2025 nor for the year ended 30th April 2024.
Trustees’ expenses
The charity paid no expenses to its trustees during the year (2024: £NIL).
Trustees’ donations
Donations were received from trustees during the year amounting to £280 (2024: £325).
- INVESTMENTS
The company owns 4,480 ordinary shares of 25p each in Great Central Railway Plc. The directors consider that these have no market value and, therefore, this investment has been written down to £nil. ,
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Railway Vehicle Preservations. Limited
Notes to the Financial Statements
for the Year Ended 30th April 2025
7. TANGIBLE FIXED ASSETS
| Carriage | Plantand | Plantand | Rolling stock | Rolling stock | ||||
|---|---|---|---|---|---|---|---|---|
| Shed | machinery | and museum | Totals | |||||
| £ | £ | £ | £ | |||||
| COST OR VALUATION | ||||||||
| At 1 May 2024 | 77,102 | 11,189 | 34,080 | 122,371 | ||||
| Additions | - | * | 1,500 | - | 1,500 | |||
| Disposals | - | - | - | - | ||||
| At30 April2025_ | - | 77,102 | 12.689 | 34,080 | 123,871 | |||
| DEPRECIATION | ||||||||
| At 1 May2024 | 23,130 | 8,980 | - | 32,110 | ||||
| Charge forthe year | - | 221 | - | 221 | ||||
| At30 April 2025 | 23,130 | 9,201 | - | 32,331 | ||||
| NET BOOKVALUE | ||||||||
| At30 April2025 | ae | 53,972 | _3,488 | ____34.080 | 34.080 | _91,540 | ||
| At30April2024 | 53,972 | ___2.209 | __ 34,080 |
___90.261 |
The rolling stock and museum were valued on a fair value basis by the directors in 2001 at an amount of £30,642. Subsequent additions and disposals have been included at cost. No depreciation has been provided on these amounts to date. The directors are not aware of any material changes to the value of these assets since the last valuation.
- STOCKS
| 30.4.25 | 30.4.24 | ||
|---|---|---|---|
| £ | £ | ||
| Stock ofrestoration materials | 13,924 | 13,924 | |
| 13,924 | 13,924 | ||
| 9. | DEBTORS: AMOUNTS FALLINGDUE WITHIN ONE YEAR | ||
| 30.4.25 | 30.4.24 | ||
| £ | £ | ||
| VAT refundable | 725 | 253 | |
| Gift Aid recoverable | 1,071 | 1,460 | |
| 1.796 | __1,713 | ||
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 30.4.25 | 30.4.24 | ||
| £ | £ | ||
| Accruals | 1,560 | 1,485 | |
| 1729 restoration advance frommember | 4,721 | 4,721 | |
| 6,281 | 6,206 |
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Railway Vehicle Preservations Limited
Notes to the Financial Statements for the Year Ended 30th April 2025
li. MOVEMENT IN FUNDS
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|---|---|---|---|---|
|Net|
|Movement|in|
|1.5.24|funds|30.4.25|
|£|£|£|
|Unrestricted|funds|
|General|fund|114,936|18,324|133,260|
|Designated|funds|15,055|-|15,055|
|129,991|18,324|148,315|
|Restricted|funds|
|23981|Appeal|13,711|(1,486)|12,225|
|13,711|(1,486)|12,225|
|TOTAL FUNDS|—__ 143.702|16.838||[160.540]|
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Net movement in funds, before transfers, included in the above are as follows:
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|---|---|---|---|---|
|Incoming|Resources|Movement|
|Resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General.|fund|40,600|(22,276)|18,324|
|Designated|funds|:|-|-|
|40,600|(22,276)|18,324|
|Restricted|funds|
|23981|Appeal|-|(1,486)|(1,486)|
|-|(1,486)|(1,486)|
|TOTAL FUNDS|40,600|_|[(23.762)]|___16,838|
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12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30th April 2025.
13. ULTIMATE CONTROLLING PARTY
There is no ultimate controlling party.
14. MEMBERS' LIABILITY
Each of the members have voting rights in accordance with the number of shares held. In the event of the company being wound up, the members' liabilities are limited by guarantee. Fee paying members who are fully paid up also have voting rights.
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Independent Examiner's Report to the Trustees of Railway Vehicle Preservations Limited
I report to the charity trustees on my examination of the accounts of the company for the year ended 30 April 2025 which are set out on pages | to 10.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.
I have no concerns have come across no other matters in connection with the examination to which attention should be drawn in this, report inves aproper understanding of the accounts to be reached. Signed: \ / QL D SJ Sissons \ . ZINUUG
Chartered Accountant
The Old Court House Clark Street Morecambe LA4 5HR
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