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2021-12-31-accounts

125 GROUP LIMITED

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31[st] December 2021

125 Group Limited Registered in England and Wales No. 07611121 Registered Charity No. 1167120 VAT Reg No: GB 274 7100 11 Registered Office: 85 Great Portland Street, London. W1W 7LT

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125 GROUP LIMITED REFERENCE AND ADMINISTRATIVE DETAILS

Charity Name 125 Group Limited
Charity Registration Number 1167120
Company Registration Number 07611121
Registered Office 125 Group Limited
85 Great Portland Street
London
W1W 7LT
Principle Operating Base Great Central Railway (Nottingham) Limited
Mere Way
Ruddington
Nottinghamshire
NG11 6JS
Trustees G.S. Heelas
S. Maclean
J.M. Trebinski
S.J. Vaughan (Part)
B.L. Webber
B.A. Wood
Company Secretary G.S. Heelas
Finance Director G.S. Heelas

125 Group Limited Registered in England and Wales No. 07611121 Registered Charity No. 1167120 VAT Reg No: GB 274 7100 11 Registered Office: 85 Great Portland Street, London. W1W 7LT

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125 GROUP LIMITED TRUSTEES REPORT

DIRECTORS'/TRUSTEES' REPORT

The trustees who are also the directors of the charity for the purposes of the Companies Act submit their annual report and the accounts of the company for the year ended 31st December 2020. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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).

DIRECTORS'/TRUSTEES' RESPONSIBILITIES FOR PREPARING THE FINANCIAL STATEMENTS

The trustees (who are also directors of 125 Group Limited for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' have had due regard to guidance published by the Charity Commission on public benefit. They believe the activities and achievements discussed in this report clearly show how the charity brings benefit to the public.

125 Group Limited Registered in England and Wales No. 07611121 Registered Charity No. 1167120 VAT Reg No: GB 274 7100 11 Registered Office: 85 Great Portland Street, London. W1W 7LT

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TRUSTEES/DIRECTORS

The members of the Board, who are the directors of the company under Company law and also the trustees of the charity under Charity law, during the year were as follows:

Mr S.J. Vaughan resigned from the Board on 27[th] May 2021.

All Trustees/Directors offer their services on a voluntary basis and no funds are held as custodian trustees.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is a charitable company limited by guarantee and it was incorporated on 20[th] April 2011. The company was established under a Memorandum and Articles of Association. Note that the company changed its name in 2016 from High Speed Diesel Train Limited to 125 Group Limited.

The company is limited by guarantee and does not have a share capital. No director, therefore, holds any shares in the company.

APPOINTMENT, INDUCTION AND TRAINING OF THE COUNCIL OF MANAGEMENT

New trustees are elected only at the Annual General Meeting.

New Trustees are inducted at their first Board Meeting when the operation of the Charity is explained to them. They are also given copies of the minutes of previous meetings and relevant Charity Commission publications. New Trustees are familiar with the annual accounts as they are required to be members of the Charity when they are appointed and whilst they serve on the Board.

OBJECTIVES AND ACTIVITIES

To advance the education of the public through the preservation, operation and exhibition of locomotives and rolling stock of historic and scientific importance in particular the InterCity 125 or High Speed Train by providing working exhibits of said locomotives and related rolling stock.

PUBLIC BENEFIT

The Charity aims to advance the education of the public through the preservation, operation and exhibition of diesel locomotives and rolling stock of historic and scientific importance, in particular but not exclusively, the InterCity 125 or High Speed Train. We also aim to provide working exhibits of locomotives and related rolling stock for study by and for the education of the public by maintaining them in main line working order. We aim to promote interest in the preservation of diesel locomotives and associated equipment that is of historic and scientific value.

The Charity will organise and participate in displays, exhibitions, tours and events designed to educate the public and stimulate interest in railways and their importance to the economic and cultural development of Great Britain. We will co-operate with museums and other authorities in order to provide exhibits and archive material to the public. We will preserve, restore, maintain and operate locomotives, carriages, wagons,

125 Group Limited Registered in England and Wales No. 07611121 Registered Charity No. 1167120 VAT Reg No: GB 274 7100 11 Registered Office: 85 Great Portland Street, London. W1W 7LT

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buildings and machinery for the benefit of current and future generations. We will provide material, including a Company magazine, books, papers, articles, talks, website and leaflets containing historical and educational material.

The Charity has established ties with the original designer of the High Speed Train profile, Sir Kenneth Grange, who is both our Hon President, and a keen advocate with the general public at major events.

ACHIEVEMENTS AND PERFORMANCE

2021 has proven both exciting and frustrating for the Group.

The positives saw us take delivery of additional former East Midlands HST trailer vehicles from Porterbrook, and an additional power car – the record-breaking 43159. As ever, our good friends at Porterbrook have been immensely supportive and we are immensely grateful for their support and generosity. This puts our fleet up to 4 power cars, nine HST Trailers and four loco-hauled coaches. Fabulous though this achievement is, it has provided significant headaches in terms of keeping and maintaining the vehicles.

Our host railway at Ruddington continues to be beset by significant infrastructure issues, exacerbated by operating deficiencies and a lack of progress by the GCRN to remedy matters. Board membership has now changed twice, and we are seeing the first green shoots of progress towards future operation. For 125 Group, this has continued to restrict our ability to both maintain and operate our vehicles there, and any movements to or from site have been by road – thus increasing our cost base significantly. Until such time as we have some certainty of the future operational position of the line, we have put on hold the development of the maintenance facility.

We managed to hold one event at Ruddington in August – “Meet the Fleet” where we were able to place our vehicles on display in the platform area and open them up to members and the public with a walkthrough display of the trains and our involvement and behind the scenes look at the vehicles. It proved very popular and did allow us to operate a sales and recruitment drive at the same time.

Our main line HST set has had to find refuge elsewhere. This has been a combination of sites culminating in our arrival at Swanwick Junction in July. The very size of our train is problematic, but we have been successfully stabled against platform 4 and this has allowed us to undertake significant engineering and presentational work on the set. We are grateful to the Midland railway Trust for accommodating us, and to members who have volunteered with the ongoing work.

The desire to operate the set on a mainline charter was thwarted by Network Rail’s harsh interpretation of their own rules on toilet discharge which not only precludes our operation until toilet tanks are fitted (unlike some other operators) but also puts the entire cost of fitting onto ourselves whereas other operators have had theirs funded by Network Rail. This has been solely down to the timing of us receiving ownership of our vehicles and there was nothing more that 125 Group could have done to obviate this situation.

Sales have continued by way of our on-line shop but the ongoing Covid restrictions have placed severe limitations on undertaking other group activities and we have been unable to operate any of our vehicles in public service, or undertake peripheral aims such as lectures and attendances at events. We can only hope that this changes very soon and we can undertake these educational activities again during 2022.

125 Group Limited Registered in England and Wales No. 07611121 Registered Charity No. 1167120 VAT Reg No: GB 274 7100 11 Registered Office: 85 Great Portland Street, London. W1W 7LT

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RESERVES POLICY

The Charity's reserves policy is to attempt to ensure that there are sufficient funds available to meet the anticipated expenditure requirements for a minimum period of 12 months.

Further the Charity operates a “Preservation Reserve” fund which is separately ring fenced from day to day operations with the long-term goal of preserving a production InterCity 125 (High Speed Train).

FINANCIAL REVIEW

The reserves policy of the Board is to maximise income so as to provide reserves for the further development and refurbishment of the site and to enable major repairs to be carried out. Closing reserves of £158,704 are sufficient for this purpose.

The Board have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems are in place to mitigate exposure to the major risks.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the small companies’ regime under the Companies Act 2006. Approved by the Board on 9[th] February 2022 and signed on its behalf by:

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_______
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B.A. Wood

125 Group Limited Registered in England and Wales No. 07611121 Registered Charity No. 1167120 VAT Reg No: GB 274 7100 11 Registered Office: 85 Great Portland Street, London. W1W 7LT

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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF 125 GROUP LIMITED

I report the accounts of the company for the year ended 31 December 2021, which are set out on pages 8 to 14.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect the requirements:

have not been met or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached

Signed:

Name: Relevant professional body: Address:

Andrew Murray Association of Accounting Technicians 7 The Hawthorns, Meadow Road Hadleigh, Essex SS7 2DP

Page 7 of 14

125 Group Limited Registered in England and Wales No. 07611121 Registered Charity No. 1167120 VAT Reg No: GB 274 7100 11 Registered Office: 85 Great Portland Street, London. W1W 7LT

125 GROUP LIMITED ACCOUNTS

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021

Incoming Resources Unrestricted Restricted Total Funds Prior Year
Funds £’s Funds £’s £’s Funds £’s
Income and endowments from:
Donations and legacies (Note 2) 80,206 0 80,206 44,573
Charitable activities (Note 3) 21,284 0 21,284 5,986
Other trading activities (Note 4) 181 0 181 537
Investments (Note 5) £8 0 £8 64
Total 101,680 0 101,680 51,160
Resources expended
Expenditure on:
Raising funds (Note 6) 167 0 167 181
Charitable activities (Note 7) 7,122 0 7,122 6,144
Other (Note 8) 73,172 0 73,172 52,199
Total 80,460 0 80,460 58,524
Net
income/(expenditure)		 before 21,220 0 21,220 (7,364)
investment gains/(losses)
Net gains/(losses) on investments 0 0 0 0
Net income/(expenditure) 21,220 0 21,220 (7,364)
Extraordinary items 0 0 0 0
Transfers between funds 0 0 0 0
Other recognised gains/(losses)
Gains and losses on revaluation of fixed
assets for the charity’s own use 0 0 0 0
Other gains/(losses) 0 0 0 0
Net movement in funds 21,220 0 21,220 (7,364)
Reconciliation of funds:
Total funds bought forward 137,484 0 137,484 144,848
Total funds carried forward 158,704 0 158,704 137,484

125 Group Limited Registered in England and Wales No. 07611121 Registered Charity No. 1167120 VAT Reg No: GB 274 7100 11 Registered Office: 85 Great Portland Street, London. W1W 7LT

Page 8 of 14

125 GROUP LIMITED ACCOUNTS

BALANCE SHEET AS AT 31 DECEMBER 2021

25 GROUP LIMITED
CCOUNTS
ALANCE SHEET AS AT 31 DECEMBER 2021
Unrestricted Restricted Total Funds Prior Year
Funds £’s Funds £’s £’s Funds £’s
Fixed assets
Tangible assets (Note 9) 38,795 0 38,795 20,873
Total fixed assets 38,795 0 38,795 **20,873 **
Current assets
Stocks (Note 10) 4,429 0 4,429 3,281
Debtors (Note 11) 451 0 451 451
Investments 0 0 0 0
Cash at bank and in hand (Note 12) 117,779 0 117,779 113,989
VAT account 1,293 0 1,293 2,811
Total current assets 123,952 0 123,952 **120,532 **
Creditors: amounts falling due within one
year (Note 13) 3,804 0 3,804 3,921
Accounts Payable 239 239
Total Creditors 4,043 0 4,043 **3,921 **
Net current assets / (liabilities) 119,909 0 119,909
116,611
Total assets less current liabilities 158,704 0 158,704
137,484
Creditors:amounts falling due after one 0 0 0
0
year
Total net assets or liabilities 158,704 0 158,704
137,484
Funds of charity
Unrestricted funds 158,704 0 158,704 137,484
Total Funds 0
158,704 158,704 137,484

These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Micro Entities (effective April 2008).

For the financial year ended 31st December 2020 the company was entitled to exemption from audit under section 477 Companies Act 2006 and no notice has been deposited under section 476.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the year and of its profit or loss for the financial year in accordance with the requirements of section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006, so far as applicable to the company.

Approved by the Board on 9[th] February 2022 and signed on its behalf by:

B.A. Wood

Page 9 of 14

125 Group Limited Registered in England and Wales No. 07611121 Registered Charity No. 1167120 VAT Reg No: GB 274 7100 11 Registered Office: 85 Great Portland Street, London. W1W 7LT

125 GROUP LIMITED NOTES TO THE UNAUDITED ACCOUNTS – 31 DECEMBER 2021

1. Accounting Policies.

i. Basis of accounting.

The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Micro Entities (effective April 2008).

ii. Fund accounting policy.

Unrestricted income funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the charity.

Restricted funds represent grants received towards the repair and improvement of the equipment owned by the charity.

Designated funds are unrestricted funds set aside at the discretion of the trustees for specific purposes.

iii. Incoming resources

Legacies are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Income derived from events is recognised as earned (that is, as the related goods or services as provided).

iv. Depreciation

No depreciation is provided on the Engines, Cooler Groups or Traction and Rolling Stock. This policy is not in accordance with the provisions of Financial Reporting Standards and the Companies Act 2006, that fixed assets with a finite life be depreciated. However, by applying an impairment test to these assets, the scrap value of these assets is shown to be significantly higher than the value paid. Furthermore, it is the opinion of the directors that it is the company’s purpose to restore, preserve and keep these assets in good repair for the future.

125 Group Limited Registered in England and Wales No. 07611121 Registered Charity No. 1167120 VAT Reg No: GB 274 7100 11 Registered Office: 85 Great Portland Street, London. W1W 7LT

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125 GROUP LIMITED NOTES TO THE UNAUDITED ACCOUNTS – 31 DECEMBER 2021

2. Donations and Legacies
Donations and legacies
Donations, legacies and subscriptions
Grants
Grants receivable
Total
3. Charitable Activities
Sales
Total
4. Other Trading Activities
Book Fee
Recycling
Total
5. Income from Investments
Interest Income
Total
6. Raising Funds
Website
Total		 Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
80,206
-
80,206
44,573
-
-
-
-
80,206
0
80,206
44,573
Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
21,284
0
21,284
5,986
21,284
0
21,284
5,986
Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
181
0
181
441
0
0
0
96
181
0
181
537
Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
8
0
8
64
8
0
8
64
Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
167
0
167
181
167
0
167
181

125 Group Limited Registered in England and Wales No. 07611121 Registered Charity No. 1167120 VAT Reg No: GB 274 7100 11 Registered Office: 85 Great Portland Street, London. W1W 7LT

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125 GROUP LIMITED NOTES TO THE UNAUDITED ACCOUNTS – 31 DECEMBER 2021

7. Charitable Activities

Magazine Postage
Magazine Production
Sales Shipping
Stock
Merchant Fees
Software
Total		 Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
1,556
0
1,556
1,171
1,088
0
1,088
1,142
1,317
0
1,317
871
2,437
0
2,437
2,016
724
0
724
920
0
0
0
24
7,122
0
7,122
6,144

8. Other Expenditure

Accommodation
Admin
Advertising and Marketing
Audit and Accountancy Fees
Corporate Membership
Companies House Charges
Depreciation
Engineering
Fees
Fuel
Haulage
IT Software and Consumables
Insurance
Legal Expenses
Office Consumables
Subscriptions
Travel
Total		 Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
5,746
0
5,746
1,843
2
0
2
16
75
75
0
350
350
0
290
290
0
13
0
13
13
1,428
0
1,428
877
50,079
0
50,079
39,930
0
0
0
517
4,618
0
4,618
567
9,395
0
9,395
7,843
276
0
276
0
454
0
454
353
240
240
0
0
0
0
51
163
163
0
0
0
0
189
73,172
0
73,172
52,199

125 Group Limited Registered in England and Wales No. 07611121 Registered Charity No. 1167120 VAT Reg No: GB 274 7100 11 Registered Office: 85 Great Portland Street, London. W1W 7LT

Page 12 of 14

125 GROUP LIMITED NOTES TO THE UNAUDITED ACCOUNTS – 31 DECEMBER 2021

9. Tangible Fixed Assets

Cost or valuations:
At the start of the year
Additions
Disposals
At the end of the year
Depreciation or
impairments:
Basis
Rate
At the start of the year
Charge for the year
On disposals
At the end of the year
Net book value:
Net book value at the
beginning of the year
Net book value at the
end of the year		 Large
Traction and
Rolling Stock
Components
Rolling Stock
Equipment
and Plant
Office
Equipment
Total
£
£
£
£
£
6,490
13,025
3,933
271
23,719
0
15,500
3,850
0
19,350
0
0
0
0
0
6,490
28,525
7,783
271
42,798
Large
Traction and
Rolling Stock
Components
Rolling Stock
Equipment
and Plant
Office
Equipment
Total
N/A
N/A
S/L
S/L
0%
0%
20%
33.3%
£
£
£
£
£
0
0
2,756
90
2,846
0
0
1,334
94
1,428
0
0
0
0
0
0
0
4,090
184
4,274
Large
Traction and
Rolling Stock
Components
Rolling Stock
Equipment
and Plant
Office
Equipment
Total
£
£
£
£
£
6,490
13,025
1,358
181
21,054
6,490
28,525
3,693
87
38,795

125 Group Limited Registered in England and Wales No. 07611121 Registered Charity No. 1167120 VAT Reg No: GB 274 7100 11 Registered Office: 85 Great Portland Street, London. W1W 7LT

Page 13 of 14

125 GROUP LIMITED NOTES TO THE UNAUDITED ACCOUNTS – 31 DECEMBER 2021

10. Stocks

Charitable activities
Opening
Added in period
Expensed in period
Impaired
Closing
Total this year
Total previous year		 Stock
For
distribution
For re-sale
£’s
£’s
0
3,281
0
3,584
0
2,437
0
0
0
4,429		 Donated Goods
For
distribution
For re-sale
Work in
progress
£’s
£’s
£’s
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 Donated Goods
For
distribution
For re-sale
Work in
progress
£’s
£’s
£’s
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,429		 0 0
0
0
3,281		 0 0
0

11. Debtors

Prepayments and accrued income
Total		 Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
451
0
451
451
451
0
451
451

12. Cash at bank and in hand

Short term cash investments (less than 3 months maturity date)
Short term deposits
Depot Account
Cash at bank and in hand
Total		 This Year £’s
Last Year £’s
0
0
85,209
83,058
32,570
30,930
117,779
113,989

13. Creditors: amounts falling due within one year

Analysis of Creditors
Accruals and deferred income
Total		 Amounts falling due within one
year
This Year
Last Year
£’s
£’s
3,804
3,921
3,804
3,921

125 Group Limited Registered in England and Wales No. 07611121 Registered Charity No. 1167120 VAT Reg No: GB 274 7100 11 Registered Office: 85 Great Portland Street, London. W1W 7LT

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