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← 125 Group Limited

2023-12-31-accounts

125 GROUP LIMITED

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31[st] December 2023

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 1 of 14

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
Principal Operating Base Great Central Railway (Nottingham) Limited
Mere Way
Ruddington
Nottinghamshire
NG11 6JS
Trustees C. Lloyd
J.M. Trebinski
B.L. Webber
B.A. Wood
Company Secretary G.S. Heelas
Head of Accounts 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

Page 2 of 14

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 2023. 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

Page 3 of 14

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:

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, 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.

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 4 of 14

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

2023 has allowed us to make advances towards our charitable aims following the difficulties of the pandemic years. Our host railway at Ruddington continues to be beset by significant infrastructure issues, exacerbated by operating deficiencies and a continued lack of progress by the GCRN to remedy matters. We have not operated at this site since February 2020 and no operation at the site has occurred since. We were able to display a small number of our vehicles in a stationery manner during a weekend in August which coincided with our AGM. 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, though we now have an urgent need to create suitable maintenance facilities for our vehicles, and have funds available to progress such development.

Due to the unsatisfactory situation above, we continue to locate most of our vehicles temporarily at the Midland Railway – Butterley, to whom we are grateful. We have been able to progress maintenance against our main line standards and enjoyed a successful weekend of operation on this private railway. This weekend proved successful and popular – both with our members and other enthusiasts, but also with local Derbyshire residents and families who have taken a keen interest in our historic vehicles.

We have also been donated a fifth power car during the year, which we are currently working on to return to main line operational standards.

More importantly, following a programme to design, fund and install retention tanks for toilet waste, we have met a key objective of the charity to operate our historic vehicles on the Network Rail mainline infrastructure by running our own main-line tour from Ilkeston, Nottingham and Sheffield to London St Pancras and back, utilising only our preserved passenger vehicles and power cars – and being the first such preservationists in the UK (and maybe the World) to operate historic rolling stock at 125mph – and we believe our catering vehicle has been the first ever utilised to bake scones at 125mph! The event was massively supported and well acclaimed and we are proud to have delivered what we hope to be the first of many such trips around the UK.

We have additionally been able to continue our programme of lectures regarding the history of the HST and the Groups activities- and these lectures continue to be well received and in demand amongst historians and railfan groups.

Board membership has remained constant, and the Group has a strong cross section of skills and knowledge to support our Charity, together with an enhanced band of volunteers to help us with all the tasks necessary to keep, and maintain/present our vehicles and their historic story.

Membership and Sales by way of our on-line shop, and on-board our train during public events, have continued to raise much of the funding to support the upkeep and development of our charitable objectives whilst a generous bequest has swelled the fund to create a maintenance facility.

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 5 of 14

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. Now that we have ownership of five power cars and nine HST trailers, funding is directed towards the ongoing maintenance, storage and upkeep of the fleet. Our former vehicles of locomotive-hauled coaches no longer has relevance to the Group’s operation and will be disposed of in due course.

The ring fenced “reserve” fund is in place to support our aims of creating a suitable maintenance facility for the upkeep of our fleet.

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 £215,184 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 25[th] February 2024 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

Page 6 of 14

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

I report the accounts of the company for the year ended 31 December 2023, 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: Date:

Jason Foxwell Chartered Certified Accountant 39 Enfield Road, Poole, BH15 3LJ 25 February 2024

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 2023

Income Unrestricted Restricted Total Funds Prior Year
Funds £’s Funds £’s £’s Funds £’s
Income and endowments from:
Donations and legacies (Note 2) 115,799 0 115,799 54,598
Charitable activities (Note 3) 28,867 0 28,867 13,425
Other trading activities (Note 4) 21,998 0 21,998 34,299
Investments (Note 5) 2,796 0 2,796 430
Total 169,460 0 169,460 102,752
Expenditure
Expenditure on:
Raising funds (Note 6) 408 0 408 190
Charitable activities (Note 7) 10,054 0 10,054 6,960
Other (Note 8) 113,885 0 113,885 84,234
Total 124,347 0 124,347 91,384
Net
income/(expenditure)		 before 45,113 0 45,113 11,368
investment gains/(losses)
Net income/(expenditure) 45,113 0 45,113 11,368
Net movement in funds 45,113 0 45,113 11,368
Reconciliation of funds:
Total funds bought forward 170,071 0 170,071 158,704
Total funds carried forward 215,184 0 215,184 170,071

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

125 GROUP LIMITED
ACCOUNTS
BALANCE SHEET AS AT 31 DECEMBER 2023
Unrestricted Restricted Total Funds Prior Year
Funds £’s Funds £’s £’s Funds £’s
Fixed assets
Tangible assets (Note 9) 52,898 0 52,898 37,548
Total fixed assets 52,898 0 52,898 **37,548 **
Current assets
Stocks (Note 10) 3,608 0 3,608 3,896
Debtors (Note 11) 1,312 0 1,312 451
Cash at bank and in hand (Note 12) 157,513 0 157,513 137,765
VAT account 2,284 0 2,284 1,761
Total current assets 164,717 0 164,717 **143,873 **
Creditors: amounts falling due within one
year (Note 13) 2,431 0 2,431 11,312
Accounts Payable 0 0 0 38
Total Creditors 2,431 0 2,431 **11,350 **
Net current assets / (liabilities) 162,286 0 162,286
132,523
Total net assets or liabilities 215,184 0 215,184
170,071
Funds of charity
Unrestricted funds 215,184 0 215,184 170,071
Total Funds 215,184 0 215,184 **170,071 **

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 Smaller Entities (effective April 2008).

For the financial year ended 31st December 2023 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 25[th] February 2024 and signed on its behalf by:

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_______
B.A. Wood
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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 9 of 14

125 GROUP LIMITED NOTES TO THE UNAUDITED ACCOUNTS – 31 DECEMBER 2023

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 applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

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. Income

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

Page 10 of 14

125 GROUP LIMITED NOTES TO THE UNAUDITED ACCOUNTS – 31 DECEMBER 2023

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
Fare income
Vehicle Hire
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
115,799
-
115,799
54,598
-
-
-
-
115,799
0
115,799
54,598
Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
28,867
0
28,867
13,425
28,867
0
28,867
13,425
Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
116
0
116
132
21,882
0
21,882
0
0
0
0
34,167
21,998
0
21,998
34,299
Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
2,796
0
2,796
430
2,796
0
2,796
430
Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
408
0
408
190
408
0
408
190

Page 11 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 2023

7. Charitable Activities

Magazine Postage
Magazine Production
Sales Shipping
Stock
Merchant Fees
Total		 Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
2,152
0
2,152
1,749
1,388
0
1,388
1,206
592
0
592
731
5,361
0
5,361
2,820
561
0
561
454
10,054
0
10,054
6,960

8. Other Expenditure

Accommodation
Advertising and Marketing
Audit and Accountancy Fees
Buffet Expenses
Companies House Charges
Depreciation
Engineering – Bring Back the Valenta
Engineering – General
Fuel
Haulage
IT Software and Consumables
Insurance
Rent
Subscriptions
Sustenance
Training
Travel
Workwear
Total		 Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
8,584
0
8,584
4,679
0
0
0
455
475
0
475
350
662
0
662
349
13
0
13
13
1,650
0
1,650
1,247
0
0
0
10,596
71,597
0
71,597
32,779
6,628
0
6,628
5,437
4,180
0
4,180
6,900
258
0
258
305
11,135
0
11,135
454
8,100
0
8,100
19,000
220
0
220
240
0
0
0
110
0
0
0
617
0
0
0
131
383
0
383
573
113,885
0
113,885
84,234

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 2023

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
28,525
7,783
271
43,069
0
17,000
0
0
17,000
0
0
0
0
0
6,490
45,525
7,783
271
60,069
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
5,344
177
5,521
0
0
1,557
93
1,650
0
0
0
0
0
0
0
6,901
270
7,171
Large
Traction and
Rolling Stock
Components
Rolling Stock
Equipment
and Plant
Office
Equipment
Total
£
£
£
£
£
6,490
28,525
2,439
94
37,548
6,490
45,525
882
1
52,898

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 2023

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
3,896
0
4,962
0
(5,250)
0
0
0
3,608		 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
3,608		 0 0
0
0
3,896		 0 0
0

11. Debtors

Other debtors
Prepayments and accrued income
Total		 Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
861
0
861
0
451
0
451
451
1,312
0
1,312
451

12. Cash at bank and in hand

Short term deposits
Depot Account
Cash at bank and in hand
Total		 This Year £’s
Last Year £’s
116,127
87,141
41,386
50,624
157,513
137,765

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
2,431
11,312
2,431
11,312

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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