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← 125 Group Limited

2025-12-31-accounts

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125 GROUP LIMITED

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2025

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 The East Lancashire Railway
Bolton Street Station
Bury
Lancashire
BL9 0EY
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

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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 31 December 2025. 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:

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 14

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

2025 has been a successful year for 125 Group – with good progress being made in many areas of the Charity’s performance. It was not without its challenges or surprises, but can definitely be viewed as a successful and progressive period.

Major change has been the home for the rolling stock. Having been at Butterley for five years – after anticipating a stay of three months - both parties agreed it was time to move on. The main line operations were logistically difficult for the railway and this reflected on our operators struggling to agree access whilst paying very high rates to do so. Two avenues were (and continue to be) explored, but from November 2025, we have been homed at the East Lancs Railway at Bury, whilst our spares and long term stored locomotive are at GBRf Stoke on Trent.

Operations during the year went largely to plan and produced good income for the maintenance of the fleet whilst delivering on our charitable objectives by demonstrating the High Speed Train to the wider public and future generations as to what was achieved by these trains.

At the end of May, we chartered the set for a return trip from Kings Cross to Stanhope on the Weardale Railway. Despite some issues with the toilets, it was a largely successful day and we returned to Weardale in August with a charter to Edinburgh and a day operating the full service on this preservation line. In between, we operated a charter from Paddington to Pembroke, adopting the empty stock move the previous day as a Group special via some rare HST routing from Derby to Reading. Late August saw a tour from the Manchester area to Great Yarmouth and we finally ran a tour from Derby to an open day held at the Northern Depot in Newcastle.

Squeezed into the programme, we were delighted to attend the 200th Anniversary of UK Passenger Railways celebration - the huge event organised as “The Greatest Gathering” at the Alstom factory in Derby. This comprised over 100 exhibits for a three day public programme attended by over 30,000 people. We displayed two power cars – one specially liveried for the event – and four trailer cars which were accessible by the public and contained a fifteen part exhibition on the HST story. This was very well received.

We have also worked with another Group – 125 Preservation – with a temporary power car switch to allow both Groups to benefit from achieving new objectives and mitigating operational issues.

Other activities during the year have included another society talk 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 visits to the train.

Membership has remained over 700 throughout the year, and we have delivered the four quarterly magazines with a new Editor taking the reigns. These continue to deliver a very high standard – of which we are extremely proud. They convey a wealth of information about the how and what, together with historic articles about the High Speed 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. These continue to be a good source of income to support the Group.

At the end of the year, we acquired power car 43190 as a valuable source of key spares – this being provided to us in recompense for the loco-hauled vehicles that were disposed of from Ruddington.

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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ACHIEVEMENTS AND PERFORMANCE (continued)

In addition to Annual Memberships, we continue to benefit from a Direct Debit scheme to bring in regular income in a tax efficient manner and have been massively helped by some very generous donations made by a Member towards the Valenta Project, and for repainting our coaches which has been done to a very high standard at UKRL Loughborough.

We also continue to appreciate the massive contribution made by our volunteers in terms of time and hands on support, without which we would not be able to maintain and demonstrate our HST.

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 £300,928 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 30[th] March 2026 and signed on its behalf by:

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 2025, 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: Jason Foxwell FCCA FCIE Relevant professional body: Chartered Certified Accountant Address: 12 Hillbourne Road, Poole, BH17 7JB Date: 2 April 2026

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 2025

Income Unrestricted Restricted Total Funds Prior Year
Funds £’s Funds £’s £’s Funds £’s
Income and endowments from:
Donations and legacies (Note 2) 208,974 0 208,974 138,488
Charitable activities (Note 3) 48,919 0 48,919 34,132
Other trading activities (Note 4) 88,700 0 88,700 68,502
Investments (Note 5) 4,464 0 4,464 5,162
Total 351,057 0 351,057 246,284
Expenditure
Expenditure on:
Raising funds (Note 6) 1,469 0 1,469 304
Charitable activities (Note 7) 346,371 0 346,371 156,495
Other (Note 8) 3,718 0 3,718 13
Total 352,657 0 352,657 159,965
Net
income/(expenditure)		 before (1,600) 0 (1,600) 86,319
investment gains/(losses)
Net income/(expenditure) (1,600) 0 (1,600) 86,319
Net movement in funds (1,600) 0 (1,600) 86,319
Reconciliation of funds:
Total funds bought forward 301,503 0 301,503 215,184
Total funds carried forward 299,903 0 299,903 301,503

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 14

125 GROUP LIMITED ACCOUNTS

125 GROUP LIMITED
ACCOUNTS
BALANCE SHEET AS AT 31 DECEMBER 2025
Unrestricted Restricted Total Funds Prior Year
Funds £’s Funds £’s £’s Funds £’s
Fixed assets
Tangible assets (Note 9) 49,207 0 49,207 50,807
Total fixed assets 49,207 0 49,207 50,807
Current assets
Stocks 3,813 0 3,813 4,453
Debtors (Note 10) 18,519 0 18,519 5,317
Cash at bank and in hand 284,692 0 284,692 264,213
Total current assets 307,024 0 307,024 273,983
Creditors: amounts falling due within one
year (Note 11) 55,303 0 55,303 487
Accruals 1,025 0 1,025 22,800
Total Creditors 56,328 0 56,328 23,287
Net current assets / (liabilities) 250,696 0 250,696
250,696
Total net assets or liabilities 299,903 0 299,903
301,503
Funds of charity
Unrestricted funds 299,903 0 299,903 301,503
Total Funds 299,903 0 299,903 301,503

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 31 December 2025 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 30[th] March 2026 and signed on its behalf by:

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 9 of 14

125 GROUP LIMITED NOTES TO THE UNAUDITED ACCOUNTS – 31 DECEMBER 2025

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 2025

2. Donations and Legacies
Donations and legacies
Donations and legacies
Subscriptions
Total
3. Charitable Activities
Sales
Total
4. Other Trading Activities
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
200,816
0
200,816
130,329
8,158
0
8,158
8,159
208,974
0
208,974
138,488
Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
48,919
0
48,919
34,132
48,919
0
48,919
34,132
Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
32,368
0
32,368
9,270
56,332
0
56,332
52,945
0
0
0
6,287
88,700
0
88,700
68,502
Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
4,464
0
4,464
5,162
4,464
0
4,464
5,162
Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
474
0
474
174
995
0
995
130
1,469
0
1,469
304

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 2025

7. Charitable Activities

Magazine Postage
Magazine Production
Sales Shipping
Stock
Accommodation
Advertising and Marketing
Buffet Expenses
Depreciation
Engineering
Fuel
Haulage
Independent examiner fees
IT Software and Consumables
Insurance
Printing and stationery
Rent
Storage of rolling stock
Merchant Fees
Total		 Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
2,190
0
2,190
2,092
1,307
0
1,307
1,404
690
0
690
1,460
6,116
0
6,116
5,619
6,905
0
6,905
8,183
60
0
60
54
2,713
0
2,713
1,685
1,600
0
1,600
470
204,105
0
204,105
68,596
23,408
0
23,408
16,100
65,422
0
65,422
17,928
1,025
0
1,025
985
708
0
708
472
12,906
0
12,906
11,610
273
0
273
0
0
0
0
19,000
15,600
0
15,600
0
1,343
0
1,343
837
346,371
0
346,371
156,495

8. Other Expenditure

Bank charges
Companies House Charges
Fare expenditure
Total		 Unrestricted
Funds £’s
Restricted
Funds £’s
Total Funds
£’s
Prior Year
Funds £’s
10
0
10
0
34
0
34
13
3,674
0
3,674
0
3,718
0
3,718
13

Note: Some expenditure headings have been moved from the Other Expenditure classification to Charitable Activities to more accurately reflect their nature. The prior year figures have also been amended both in notes 7 and 8 and on the face of the Statement of Financial Activities. There was no change to the total expenditure.

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 2025

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
£
£
£
£
£
2,990
45,525
8,001
271
56,787
0
0
0
0
0
0
0
0
0
0
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
5,710
270
5,980
0
0
1,600
0
1,600
0
0
0
0
0
0
0
7,310
270
7,580
Large
Traction and
Rolling Stock
Components
Rolling Stock
Equipment
and Plant
Office
Equipment
Total
£
£
£
£
£
2,990
45,525
2,291
1
52,898
2,990
45,525
691
1
49,207

10. Debtors

Analysis of Debtors
Prepayments
VAT repayable
Total		 This Year
Last Year
£’s
£’s
0
451
18,519
4,866
18,519
5,317

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 2025

11. 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
55,303
487
1,025
22,800
56,328
23,287

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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