REGISTERED COMPANY NUMBER: 04703357 (England and Wales) REGISTERED CHARITY NUMBER: 1145787
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
FOR
URIE LOCOMOTIVE SOCIETY LIMITED
Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR
URIE LOCOMOTIVE SOCIETY LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6 to 7
Notes to the Financial Statements 8 to 14
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URIE LOCOMOTIVE SOCIETY LIMITED (REGISTERED NUMBER: 04703357)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 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 FRS 102.
OBJECTIVES AND ACTIVITIES
Objectives and activities
The charity's objectives remain the preservation, operation, and exhibition of locomotives designed by Robert Urie of the LSWR, notably S15 locomotives 499 and 506. Restoration efforts continue on 499, while 506 remains operational and revenue-generating. The Society also maintains a collection of rolling stock, including the LSWR LowMac wagon donated by the National Railway Museum last year.
Volunteer contributions
Volunteer support remains the backbone of the Society's operations. Over the reporting period, volunteers contributed thousands of hours to engineering, fundraising, event support, and administration. Their work has been vital in progressing restoration and maintaining operations, with an estimated value exceeding £145,000.
ACHIEVEMENTS AND PERFORMANCE
Engineering progress
Locomotive 499:
-
Completion of the weigh shaft for the reverser and installation of the train pipe along the chassis. Boiler No. 799 faced extensive cracking around inner firebox stay holes, leading to a decision to replace the lower copper sides entirely. Estimated costs increased from £8,000 to approximately £60,000, but this ensures a further 20
-
years of life for the firebox.
-
Valve chest boring completed on the right-hand side; left-hand side pending.
-
Driving wheels primed and painted; axle boxes undergoing repairs and re-metalling.
Tender No. 3223:
-
Chassis and floor completed, with vacuum and steam heat pipework installed.
-
Internal framework progressed significantly, with flush-riveted steel sheets and curved corner sections fitted.
-
- Shovel plate slope installed.
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Lubrication pipework and low-level water filler holes added.
Locomotive 506
506 continues to perform reliably, supporting events such as the Steam Illuminations and generating essential revenue for the Society.
Events and Outreach
The Watercress Line engineering open weekend in October 2024 was a success, showcasing restoration progress and engaging the public. The Society continues to maintain visibility through social media and its website, with online membership and renewals available.
FINANCIAL REVIEW
Financial performance
Income has continued to be strong, driven by 506's operations and strong fundraising. Despite increased expenditure on 499's restoration, reserves remain healthy, and the financial position is not expected to delay progress. The trustees continue to focus on raising the Society's profile and expanding membership and fundraising.
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URIE LOCOMOTIVE SOCIETY LIMITED (REGISTERED NUMBER: 04703357)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL REVIEW
Reserves policy
The charity aims to keep general reserves at a level which will support its objectives for the next 2 to 3 years and this aim has been met, despite expenditure on locomotive 499 remaining significant with the purchase of a new set of superheater elements, further large components of the motion and smaller but expensive items such as injector castings, etc. However, there are few major items still to be procured, apart from a new tender tank, but the boiler, bogie and tender overhauls are well advanced. All will require completion before the planned return of 499 to steam in the next few years but the financial position is unlikely to be a delaying factor.
As for the last reporting period, income from the running of 506 by MHR has been used to build a supply of spare parts and consumables, to build a reserve in case of a need for unexpected repairs to 506 and to fund work by MHR staff working on the overhaul of the boiler for 499.
The trustees have previously stated their aim of raising the charity's profile, to increase membership and to increase fundraising activities, as all this must continue in order to achieve the charity's goals.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is governed by its memorandum and articles of association. Trustees meet regularly and receive guidance from the Charity Commission. New trustees are inducted with access to all activities and relevant training. During the year the leadership team has been bolstered by the addition of trustees Sam Wyatt and Tori O'Regan (both active volunteers for the Society with Engineering and Sales) as well as Directors Liam Kenchenten and Simon Baggott who bring many years of business management and heritage railway experience.
Governance
An AGM was held at Ropley in November 2024, with continued use of the postal voting system introduced in 2020. This system remains effective in ensuring broad member participation.
With Gratitude and Remembrance
In last year's report we recorded the passing of our Chairman Mark Pedley, later in the year we also lost John Fry, a stalwart of the Engineering Team. As part of this report we'd like to formally acknowledge with deep gratitude the invaluable contributions of our volunteers and members who sadly passed away during the year. We remember them with affection and recognise their part in our custodianship of 499 & 506.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
04703357 (England and Wales)
Registered Charity number
1145787
Registered office
c/o Tylston Cottage Tunbridge Lane Liphook Hampshire GU30 7QA
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URIE LOCOMOTIVE SOCIETY LIMITED (REGISTERED NUMBER: 04703357)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
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|---|---|
|Trustees|
|D Barfield|Director, Trustee, Company Secretary|
|M Pedley|Director, Chairman (deceased April 2024)|
|B Stratton|Director, Trustee|
|J Fry|Trustee (deceased December 2024)|
|S Gault|Trustee|
|N Marshall|Trustee, Vice-Chairman|
|F Rogers|Trustee|
|R Urie|Trustee|
|S Wyatt|Trustee (appointed 9.11.2024)|
|V O'Regan|Trustee (appointed 9.11.2024)|
|Independent Examiner|
|N R Whitemore FCCA|
|Hopper Williams & Bell Limited|
|Chartered Accountants|
|Highland House|
|Mayflower Close|
|Chandler's Ford|
|Eastleigh|
|Hampshire|
|SO53 4AR|
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This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
14 Nov 2025
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... D Barfield - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF URIE LOCOMOTIVE SOCIETY LIMITED
Independent examiner's report to the trustees of Urie Locomotive Society Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.
Responsibilities and basis of report
As the charity's 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 charity'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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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 (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
N R Whitemore
N R Whitemore FCCA The Association of Chartered Certified Accountants
Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR 17 Nov 2025
Date: .............................................
Page 4
URIE LOCOMOTIVE SOCIETY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted Restricted fund fund Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 79,663 15,997 Investment income 2 265 1,630 Other income 9,635 - Total 89,563 17,627 EXPENDITURE ON Charitable activities Charitable activities 8,923 12,162 NET INCOME 80,640 5,465 RECONCILIATION OF FUNDS Total funds brought forward 418,610 73,415 TOTAL FUNDS CARRIED FORWARD 499,250 78,880 |
2025 Total funds £ 95,660 1,895 9,635 107,190 21,085 86,105 492,025 578,130 |
2024 Total funds £ 73,749 1,395 - 75,144 9,693 65,451 426,574 492,025 |
|---|---|---|
The notes form part of these financial statements
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URIE LOCOMOTIVE SOCIETY LIMITED (REGISTERED NUMBER: 04703357)
BALANCE SHEET 31 MARCH 2025
| Unrestricted Restricted fund fund Notes £ £ FIXED ASSETS Tangible assets 6 289,083 48,646 CURRENT ASSETS Stocks 7 8,110 - Debtors 8 8,299 - Cash at bank 200,244 30,234 216,653 30,234 CREDITORS Amounts falling due within one year 9 (6,486) - NET CURRENT ASSETS 210,167 30,234 TOTAL ASSETS LESS CURRENT LIABILITIES 499,250 78,880 NET ASSETS 499,250 78,880 FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
2025 Total funds £ 337,729 8,110 8,299 230,478 246,887 (6,486) 240,401 578,130 578,130 499,250 78,880 578,130 |
2024 Total funds £ 287,295 8,110 7,477 198,315 213,902 (9,172) 204,730 492,025 492,025 418,610 73,415 492,025 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(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.
The notes form part of these financial statements
continued...
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URIE LOCOMOTIVE SOCIETY LIMITED (REGISTERED NUMBER: 04703357)
BALANCE SHEET - continued 31 MARCH 2025
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
14 Nov 2025
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. D Barfield - Trustee
............................................. B Stratton - Trustee
The notes form part of these financial statements
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URIE LOCOMOTIVE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. 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) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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.
Trading income is stated after trade discounts, other sales taxes and net of VAT.
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 life.
Plant and machinery - Straight line over 5 years
Some of the plant & machinery assets are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.
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 can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
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URIE LOCOMOTIVE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
1. ACCOUNTING POLICIES - continued
Fund accounting
Restricted funds 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.
Going concern
These financial statements have been prepared on the going concern basis. The charity is reliant on voluntary donations as a source of income. The trustees have considered the uncertainties in relation to the charity's future funding and are confident of the charity's ability to continue as a going concern.
Financial assets
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
2. INVESTMENT INCOME
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|---|---|---|
|2025|2024|
|£|£|
|Interest on cash deposits|1,895|1,395|
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continued...
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URIE LOCOMOTIVE SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
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|---|---|---|
|2025|2024|
|£|£|
|Depreciation - owned assets|12,609|444|
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4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
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|---|---|---|---|
|Unrestricted|Restricted|Total|
|fund|fund|funds|
|£|£|£|
|INCOME AND ENDOWMENTS FROM|
|Donations and legacies|65,120|8,629|73,749|
|Investment income|-|1,395|1,395|
|Total|65,120|10,024|75,144|
|EXPENDITURE ON|
|Charitable activities|
|Charitable activities|9,693|-|9,693|
|NET INCOME|55,427|10,024|65,451|
|RECONCILIATION OF FUNDS|
|Total funds brought forward|363,183|63,391|426,574|
|TOTAL FUNDS CARRIED FORWARD|418,610|73,415|492,025|
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continued...
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URIE LOCOMOTIVE SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
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6. TANGIBLE FIXED ASSETS
Plant and
machinery
£
COST
At 1 April 2024 304,704
Additions 63,043
At 31 March 2025 367,747
DEPRECIATION
At 1 April 2024 17,409
Charge for year 12,609
At 31 March 2025 30,018
NET BOOK VALUE
At 31 March 2025 337,729
At 31 March 2024 287,295
7. STOCKS
2025 2024
£ £
Finished goods 8,110 8,110
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
Trade debtors 7,500 4,385
Other debtors 799 782
VAT - 2,310
8,299 7,477
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continued...
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URIE LOCOMOTIVE SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
||
|---|---|---|
| Trade creditors VAT Other creditors Accruals and deferred income |
2025 £ 5,104 532 250 600 |
2024 £ 8,322 - 250 600 |
| 6,486 | 9,172 | |
| 10. MOVEMENT IN FUNDS At 1.4.24 £ Unrestricted funds General fund 418,610 Restricted funds Restricted fund 73,415 |
Net movement in funds £ 80,640 5,465 |
At 31.3.25 £ 499,250 78,880 |
| TOTAL FUNDS 492,025 |
86,105 | 578,130 |
| Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 89,563 Restricted funds Restricted fund 17,627 |
Resources expended £ (8,923) (12,162) |
Movement in funds £ 80,640 5,465 |
| TOTAL FUNDS 107,190 |
(21,085) | 86,105 |
continued...
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URIE LOCOMOTIVE SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1.4.23 in funds £ £ Unrestricted funds General fund 363,183 55,427 Restricted funds Restricted fund 63,391 10,024 |
At 31.3.24 £ 418,610 73,415 |
|---|---|
| TOTAL FUNDS 426,574 65,451 |
492,025 |
| Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 65,120 (9,693) Restricted funds Restricted fund 10,024 - |
Movement in funds £ 55,427 10,024 |
| TOTAL FUNDS 75,144 (9,693) |
65,451 |
| A current year 12 months and prior year 12 months combined position is as follows: Net movement At 1.4.23 in funds £ £ Unrestricted funds General fund 363,183 136,067 Restricted funds Restricted fund 63,391 15,489 |
At 31.3.25 £ 499,250 78,880 |
| TOTAL FUNDS 426,574 151,556 |
578,130 |
continued...
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URIE LOCOMOTIVE SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted fund |
Incoming Resources resources expended £ £ 154,683 (18,616) 27,651 (12,162) |
Movement in funds £ 136,067 15,489 |
|---|---|---|
| TOTAL FUNDS | 182,334 (30,778) |
151,556 |
Restricted Funds
Restricted funds are for the purpose of repairs and restoration of Locomotives to restore them to full use.
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2025 nor for the year ended 31 March 2024.
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