**==> picture [487 x 58] intentionally omitted <==** ## 125 GROUP LIMITED (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2024 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 13 ## **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| ||G. Andrew| ||A. Carpenter| |**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 13 ## **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 31 December 2024. 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: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. 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 13 ## **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: - C. Lloyd - J.M. Trebinski - B.L. Webber - B.A. Wood Following the AGM held on 9 November 2024, two additional Trustees were appointed - G. Andrew - A. Carpenter 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 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 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 13 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** 2024 has seen a strong advance in some operational areas of the Charity’s performance, whilst some of the earlier goals have failed to progress at the anticipated pace. Following the initial charter train operation in October 2023, further main-line operations have been undertaken to meet our charitable objectives of demonstrating the High Speed Train to the public and future generations as to what was achieved by these trains. In March, we operated a special train in conjunction with Retro Tours to London Marylebone to commemorate the 125th Anniversary of the opening of the station and route – a fitting operation for our 125 train. By late Spring, we had completed further tanked toilet fitments and this allowed us to operate our train at the full 2-power car and eight trailer formation. In this format, we ran trains for UK Railtours to Skegness – reliving one of the first HST tours ever operated by the touring group and taking our set back to a regular Saturday operational haunt when operated by East Midlands trains. The set was also utilised by Bishops Tours from Newcastle to Chester and Retro Tours again from Crewe across the Pennines and up the East Coast route to Edinburgh. Our final operation of the year was to visit the East Lancs. Railway at Bury for a Gala Weekend in November – and in order to make the operation financially sound, we opened up to the public the outbound stock move from Derby to Bury – filling the train completely and ensuring a positive financial return as well as giving a wider public base the opportunity to travel on our set – on the main line, at a very advantageous ticket price. The weekend on the East Lancs. Railway was also hugely successful, both for the Group and the Railway and the opportunity was taken to hold the AGM. During the year, we also operated twice at our home railway – Midland Railway – Butterley, the first of these involved splitting the coaching set into two (four coaches each) and running four of our power cars for the first time. This allowed operation by the Group of a two-train service, with both trains utilising our HST vehicles. This was VERY popular. The second event saw some of our vehicles used for a weekend with one power car, a freight class 66 at the other end, and the second train being operated by a heritage 1950s diesel and a recently restored steam engine – providing attraction for all tastes. Other activities during the year have included two society talks outlining the history of both the High Speed Train and the Group – something we are always keen to do, together with a couple of privately requested tours of the train. Membership has remained over 750 throughout the year, and we have delivered the four quarterly magazines both on time and to a very high standard – of which we are extremely proud. These magazines convey a wealth of information about the how and what, together with historic articles about the trains. Our shop has been active – both on-line and on our rail trips and we have also operated a buffet service on a few occasions for our customers. Both of these continue to be a good source of revenue for the Group. Our former home of Ruddington has become increasingly difficult to maintain as the year has progressed, and we will sadly be leaving this location during 2025, maintaining the train at Midland Railway – Butterley. As a result, the proposed depot at Ruddington will not now be built, but we will look to secure adequate covered accommodation elsewhere to perform our key maintenance tasks. 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 13 RESERVES POUCY The chaT￿yS reserves policy is to attempt to ensure that the￿ are sufficient funds avallable to meet the anticipated expenditure requirements for a minimum period of 12 months. Now that we have ownership of five power cars and nlne trdilers, funding is dlrerted towards the ongoing maintenan￿, storage and upkeep of the fleet. Our ft)rmer vehides of locomotive-hauled coathes no longer has relevan￿ 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 creatlng a suitsble Maintenan￿ facillty for the upkeep of our fleeL FINANCIAL REVIEW The reserves policy of the Board is to maxlml* Income so as to provlde reserrfes for the further development and refurt)ishment of the slte and to enable major repalrs to be carried out. aosing reserves of £301,503 are sufficient for this purwise. The Board have assessed major rlsks to whlch the charity Is exposed, in particular those related to the operations and finances of the charty and are satlsfied that systems are In pla￿ to midgats exposure to the major risks. SMALL COMPANY PROVISIONS This report has been prepared in accordan￿ wlth the small companlg regime under the Companles Art 2006. Approved by the Board on 3 March 2025 and signed on tts behalf by.. B.A. Wood Page 6 of 13 125 Group Limited Registered In England and Wale5 No. 07611121 Realstered Charity No. 1167120 VAT Reg No: GB 274 7100 11 Regtstered Office.. 85 Great Portland Street, London. WIW 7LT ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF 125 GROUP LIMITED** I report the accounts of the company for the year ended 31 December 2024, 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: - examine the accounts under section 145 of the 2011 Act - to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)b of the 2011 Act - to state whether particular matters have come to my attention ## **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: - to keep accounting records in accordance with section 386 of the Companies Act 2006 and - to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities 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: Jason Foxwell FCCA FCIE Relevant professional body: Chartered Certified Accountant Address: PO Box 9864, Poole, BH15 9JZ Date: 5 March 2025 Page 7 of 13 125 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 2024 |**Income**||**Unrestricted**|**Restricted**|**Total Funds**|**Prior Year**| |---|---|---|---|---|---| |||**Funds £’s**|**Funds £’s**|**£’s**|**Funds £’s**| |**Income and endowments from:**|||||| |Donations and legacies (Note 2)||138,488|0|138,488|115,799| |Charitable activities (Note 3)||34,132|0|34,132|28,867| |Other trading activities (Note 4)||68,502|0|68,502|21,998| |Investments (Note 5)||5,162|0|5,162|2,796| |**Total**||**246,284**|**0**|**246,284**|**169,460**| |**Expenditure**|||||| |**Expenditure on:**|||||| |Raising funds (Note 6)||304|0|304|408| |Charitable activities (Note 7)||11,412|0|11,412|10,054| |Other (Note 8)||148,249|0|148,249|113,885| |**Total**||**159,965**|**0**|**159,965**|**124,347**| |**Net**
**income/(expenditure)**|**before**|**86,319**|**0**|**86,319**|**45,113**| |**investment gains/(losses)**|||||| |**Net income/(expenditure)**||**86,319**|**0**|**86,319**|**45,113**| |**Net movement in funds**||**86,319**|**0**|**86,319**|**45,113**| |**Reconciliation of funds:**|||||| |Total funds bought forward||215,184|0|215,184|170,071| |**Total funds carried forward**||**301,503**|**0**|**301,503**|**215,184**| All of the charity’s activities derive from continuing operations. 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 13 125 GROUP LIMrrED ACCOUNTS BALANCE SHEEf AS AT 31 DECEMBER 2024 Unrestricted Restrlcted Total Funds Prlor Year Funds £'s Funds £.$ Funds £'s Flxed assets Tangible assets (Note 9) Totsl fixed assets 50,807 50,807 50,807 50,807 52,898 51898 stocks Debtors Cash at bank and in hand VAT account Totsl ￿rrent assets 4,453 451 264,213 4,866 273,983 3,608 1,312 157,513 2,284 164,717 Creditors: amounts falling due within one year (Note 10) Accruals Totsl Credltors 2,431 22,800 23,287 1431 Net current assets l (Ilabllltles) 250,696 162,286 Totsl net assets or liabllltles 301,503 215,184 Funds of charfty Unrestricted funds Totsl Funds 301,503 301,503 215,184 215,184 These accounts have been preparèj in at￿dan￿ wth the spedal prov151ons rela￿n9 to small corvyanles wlthln Part IS ofthe Companles Att 2W6 and wlth the NnarKlal Re4KJrtJng Standard for Smaller En￿￿eS (effth April 2008). For the flnanclal year ended 31 December 2024 the compary was entltled to eXeMp￿an from audlt under sectknn 477 Companle5 Art 2006 and no no￿￿ has be￿ de[4)S￿ under s&tlon 476. The dlrectors acknowtdge thelr ￿K￿￿bIlItIeS for ensujlng that the compary ￿p5 accounttrKJ records whlch compty w￿h secdon 386 and weparfrrfJ accounts Ythlch gfve a true and falr vlew of the stste of affvlrs of the company as at the end of the year and of Its profit or loss for the financial year in accordafi￿ with the requlrements of sertion 394 and 395 and whlth otheNise comr4y wlth the requlrements of the Companles Act 20t15, $0 far as appllcabEe to the company. Approved by the 8oard on 3 Marth 2025 arKI *ned on behalf by.. B.A. Wood Page 9 of 13 125 Group Lbmlted Registered In England and Wales No. 07611121 Reglstered Charity No. 1167120 VAT Reg No: GB 274 7100 11 RegFstered Office: 85 Great Portland Street. Lormlon. WIW 7LT **125 GROUP LIMITED NOTES TO THE UNAUDITED ACCOUNTS – 31 DECEMBER 2024** ## **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 13 ## **125 GROUP LIMITED NOTES TO THE UNAUDITED ACCOUNTS – 31 DECEMBER 2024** |**2. Donations and Legacies**
**Donations and legacies**
Donations, legacies and subscriptions
**Total**
**3. Charitable Activities**
Sales
**Total**
**4. Other Trading Activities**
Book Fee
Fare income
Vehicle Hire
Recycling/scrapping
**Total**
**5. Income from Investments**
Interest Income
**Total**
**6. Raising Funds**
Website
Fees
**Total**|**Unrestricted**
**Funds £’s**
**Restricted**
**Funds £’s**
**Total Funds**
**£’s**
**Prior Year**
**Funds £’s**
138,488
0
138,488
115,799| |---|---| ||138,488
0
138,488
115,799| ||**Unrestricted**
**Funds £’s**
**Restricted**
**Funds £’s**
**Total Funds**
**£’s**
**Prior Year**
**Funds £’s**
34,132
0
34,132
28,867| ||34,132
0
34,132
28,867| ||**Unrestricted**
**Funds £’s**
**Restricted**
**Funds £’s**
**Total Funds**
**£’s**
**Prior Year**
**Funds £’s**
0
0
0
116
9,270
0
9,270
21,882
52,945
0
52,945
0
6,287
0
6,287
0| ||68,502
0
68,502
21,998| ||**Unrestricted**
**Funds £’s**
**Restricted**
**Funds £’s**
**Total Funds**
**£’s**
**Prior Year**
**Funds £’s**
5,162
0
5,162
2,796| ||5,162
0
5,162
2,796| ||**Unrestricted**
**Funds £’s**
**Restricted**
**Funds £’s**
**Total Funds**
**£’s**
**Prior Year**
**Funds £’s**
174
0
174
408
130
0
130
0| ||304
0
304
408| 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 11 of 13 **125 GROUP LIMITED NOTES TO THE UNAUDITED ACCOUNTS – 31 DECEMBER 2024** ## **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**
2,092
0
2,092
2,152
1,404
0
1,404
1,388
1,460
0
1,460
592
5,619
0
5,619
5,361
837
0
837
561| |---|---| ||11,412
0
11,412
10,054| ## **8. Other Expenditure** |Accommodation
Advertising and Marketing
Audit and Accountancy Fees
Buffet Expenses
Companies House Charges
Depreciation
Engineering
Fuel
Haulage
Independent examiner fees
IT Software and Consumables
Insurance
Rent
Subscriptions
Sustenance
Travel
Workwear
**Total**|**Unrestricted**
**Funds £’s**
**Restricted**
**Funds £’s**
**Total Funds**
**£’s**
**Prior Year**
**Funds £’s**
8,183
0
8,183
8,584
54
0
54
0
0
0
0
475
1,685
0
1,685
662
13
0
13
13
470
0
470
1,650
68,596
0
68,596
71,597
16,100
0
16,100
6,628
17,928
0
17,928
4,180
985
0
985
0
472
0
472
258
11,610
0
11,610
11,135
19,000
0
19,000
8,100
225
0
225
220
172
0
172
0
2,561
0
2,561
0
195
0
195
383| |---|---| ||148,249
0
148,249
113,885| 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 13 **125 GROUP LIMITED NOTES TO THE UNAUDITED ACCOUNTS – 31 DECEMBER 2024** ## **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
45,525
7,783
271
60,069
0
0
2,218
0
2,218
(3,500)
0
(2,000)
0
(5,500)| |---|---| ||2,990
45,525
8,001
271
56,787| ||**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
6,901
270
7,171
0
0
470
0
470
0
0
(1,661)
0
(1,661)| ||0
0
5,710
270
5,980| ||**Large**
**Traction and**
**Rolling Stock**
**Components**
**Rolling Stock**
**Equipment**
**and Plant**
**Office**
**Equipment**
**Total**
**£**
**£**
**£**
**£**
**£**
2,990
45,525
2,291
1
50,807| ||**6,490**
**45,525**
**882**
**1**
**52,898**| ## **10. Creditors: amounts falling due within one year** |**Analysis of Creditors**
Accounts payable
Accruals and deferred income
**Total**|**Amounts falling due within one**
**year**
**This Year**
**Last Year**
**£’s**
**£’s**
487
2,431
22,800
-| |---|---| ||**23,287**
**2,431**| 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 13