DoGusign Envelope ID.. 22C1A3E8-07CC421D-B135-206FC2DA6287 The 5BEL Charitable Trust (CIO) Annual Report and Financial Statements Year Ended 31 December 2024 Charity registration number.. 1184057
DoGusign Envelope ID.. 22C1A3E8-07CC421D-B135-206FC2DA6287 The 5BEL Charitable Trust (CIO) Contents (continued) Reference and Administrative Details Trustees, Report 2to4 Statement of Trustees, Responsibilities Statement of Financial Activities Balance Sheet Notes to the Financial Statements 810 14 Accounlanls, Report 15
DoGusign Envelope ID.. 22C1A3E8-07CC421D-B135-206FC2DA6287 The 5BEL Charitable Trust (CIO) Reference and Administrative Details Chalrman Mr lan Brown CBE Trustees Rev Stephen Baxter Mr lan Brown CBE Mr Reg Davies Mr Michael Hart OBE Mr Douglas Lindsay Dr Stephen Murfiti Mr Stuart Wilkinson Senlor Management I Leadershlp Team Mr Anthony Ford, Heritage Advisor Charity Registration Number 1184057 Principal Office 52-55 Trafalgar Street Brighton BN1 4EB Accountants Francis Clark LLP Chartered Accountants Melville Building Unil 18, 23 Royal William Yard PLYMOUTH Devon PL1 3GW Solicitors Blake Morgan 6 New Street Square London EC4A 3DJ Pag8 1
Docusign Envelope ID.. 22C1A3E&07CC421tkB135-206FC2DAe287 The 5BEL Charitable Trust (CIO) Trustees, Report The Iruslees present the annual report together with the financial statements and audilorfs report of the trust for the year ended 31 December 2024. The financial statements have been prepared in accordance with Accounting and Reporting by Charities= Ststemenl of Recommended Pfficlice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective - January 20191 and the Charities Act 2011. Trustees and officers The trustees and officers serving during the year and Sin the year end were as follows= Trustees.. Rev Stephen Baxter Mr lan Brown CBE Mr Reg Davies lappointed 22 April 20241 Mr Denis Dunslone (resigned 24 January 20241 Mr Michael Hart OBE Mr Douglas Lindsay Dr Stephen Murfiti Mr Gordon Rushton (resigned 6 December 20241 Mr Stuart Wilkinson Chaimian.. Mr lan Brown CBE Senior Management l Leadership Mr Anthony Ford, Heritage Advisor Team.. ObJectSves and actlvltles Objects and aiTms The objects of the trust are to advance education and learning and to promote public benefit through the preservation, restoration, maintenance and exhibition of British electric trains and other vehicles including, in particular, the Brighton Belle, establishing a museum for the safekeeping and exhibition of them and the provision of information and education of British electric trains. FundraiTsin9 diTsclosures The trust continues lo ffiise funds from ils established group of supporting donors and by advertising in the railway press. The trust does not employ external fundraisers. Public benefit The Iruslees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard lo the public benefit guidance published by the Charity Commission for England and Wales. Pag8 2
DoGusign Envelope ID.. 22C1A3E8-07CC421D-B135-206FC2DA6287 The 5BEL Charitable Trust (CIO) Trustees, Report (continued) Achlevements and perfomiance In the year During the year, Locomotive Services Limited I'LSL'I continued various aspects of engineering and decorative work lo complete the four carriages being restored at Crewe. Elements of this included addressing aspects of engineering and electrical work previously performed which qUired revision due to changes in Health and Safety requirements, modifications in plans or where certain defects needed rectifwng. Post year end The four carriages were given a trial run on the main line between Crewe and Chester at the end of January 2025 hauled by two locomotives. This was regarded as a success and generated much interest and publicity and il is hoped lo undertake a second trial using the Merseyrail third rail system to lest the electric traction. Following this trail, ntral door locking will be instslled by LSL prior lo testing with passengers, which is anlicipaled in the Spring of 2026. Commercial operation will then follow later in the year. A lease lo enable the Royal Scot Locomotive and General Trust Limited lo complete the commissioning of the carriages and operate the train incepled on 1 September 2025. Financial review The trust generated income of £9,677 12023.. £9,485} in the year. Costs tolalling £95,606 {2023.' £97,437} were incurred. An overall deficit was suffered during the year of £85,929 12023.. £87,952). The balance of unrestricted funds at the year end was £11,158,21012023'. £11,244,139). Policy on reserves Al the year end the unrestricted fund stood at £11,158,210 (2023.. £11,244,139) of which £86,073 12023.. £218,919> can be considered free reserves. The remaining reserves balance is reflected in the investment made on carriages held in fixed assets. The trustees aim to maintain free reserves at a level which equate lo approximately three months worth of direct charitable expenditure, this policy is being met. The trustees considered that holding this level of reserves will also ensure that there are sufficient funds available lo cover support and governance costs. Risk review The Iruslees have considered the major risks to which the trust is exposed and have reviewed those risks and established systems and procedures to manager those risks. Liquidity risk In order to maintain liquidity lo ensure that sufficient funds are available for ongoing operations and future developments, the trust regularly monitors its cash reserves and forecast expenditure. Going concern After making appropriate enquiries and due consideration, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the forseeable future. For this reason, they continue lo adopt the going concem basis in preparing the financial statements. Pag8 3
DoGusign Envelope ID.. 22C1A3E8-07CC421D-B135-206FC2DA6287 The 5BEL Charitable Trust (CIO) Trustees, Report (continued) Structure, govgrnancg and managgment Nature ol governing document The charity is a registered charity in England and Wales under number 1184057. It is a charitable incorporated organisalion conslituled under a conslilulion dated 24 June 2019. The charity has a trading subsidiary, Brighton Belle Train Limited, which was sel up lo market and operate the Brighton Belle. This company is currently domant. Recruitment and appointment of trustees Trustees with suitable expertise and experience are invited by the Board of Trustees lo join the trust when vacancies arise. Their appointment requires formal approval by the existing Board of Trustees. New Iruslees are briefed on the activities of the trust and their responsibilities as Iruslees. The annual report was approved by the trustees of the trust on 29 October 20lld signed on its behalf by.. Do¢uShx*d by.. Rev Stephen Baxter Trustee Pag8 4
DoGusign Envelope ID.. 22C1A3E8-07CC421D-B135-206FC2DA6287 The 5BEL Charitable Trust (CIO) Statement of Trustees, Responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable lo charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the trust and of the incoming resources and application of resources of the trust for that period. In preparing these financial statements, the trustees are required to.. select suitsble accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent., stale whether applicable accoLJnting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the trust and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The Iruslees are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Iruslees are responsible for the maintenance and integrity of the trust and financial information included on the charills website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the trustees of the trust on 29 Oclober 2025 and signed on its behalf by= Do¢uShy*d by.. Rev Stephen Baxter Trustee Pag8 5
DoGusign Envelope ID.. 22C1A3E8-07CC421D-B135-206FC2DA6287 The 5BEL Charitable Trust (CIO) Statement of Financial Activities Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Total 2024 Notg Income and Endowments from: Donations and legacies Other income 7,711 1,966 7,711 1,966 Total income 9,677 9,677 Expenditure on: Charitable activities 195,6061 195,6061 Total expenditure 195,6061 195,6061 Net expenditure 85,929 85,929 Net movement in funds 185,9291 185,9291 Reconciliation of funds Total funds brought forward 11,244,139 11,244,139 Total funds carried forward 12 11,158,210 Unrestricted funds 11,158,210 Total 2023 Note Income and Endowments from: Donations and legacies Total income 9,485 9,485 9,485 9,485 Expenditure on: Charitable activities 197,437 197,437 Total expenditure 97,437 97,437 Net expenditure 87,952 87,952 Net movement in funds 187,9521 187,9521 Rg¢on¢iliation of funds Total funds brought forward 11,332,091 11,332,091 Total funds carried forward 12 11,244,139 11,244,139 All of the trust's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 and 2023 is shown in note 12. The notes on pages 8 to 14 forrn an integral part of these financial stalemenls. Pag8 6
DoGusign Envelope ID.. 22C1A3E8-07CC421D-B135-206FC2DA6287 The 5BEL Charitable Trust (CIO) Balance Sheet 31 December 2024 2024 2023 Note Flxed assets Heritage assets 11,072,137 11,025,220 Current assets Debtors Cash at bank and in hand 10 7,520 114,103 36,954 201,961 121,623 238,915 Credltors: Amounts falllng due wlthln one year 135,5501 119,9961 Net current assets 86,073 218,919 Net assets 11,158,210 11,244,139 Funds of tho trust: Unrestricted income funds Unrestricted funds 11,158,210 11,244,139 Total funds 11,158,210 11,244,139 The financial statements on pages 6 to 14 were approved by the Iruslees, and aulhorised for issue on 29 October 20lld signed on their behalf by.. Docu8hx*d by.. Rev Stephen Baxter Trustee The notes on pages 8 to 14 forrn an integral part of these financial stalemenls. Pag8 7
DoGusign Envelope ID.. 22C1A3E8-07CC421D-B135-206FC2DA6287 The 5BEL Charitable Trust (CIO) Notes to the Financial Statements Year Ended 31 December 2024 1 Accounting policies Statement of compliance The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities- Stslemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective - January 20191 and the Charilies Act 2011. Basis of preparation The 5BEL Charitable Trust ICIOI meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy notes. Going concgrn The Iruslees consider that there are no material uncertainties about the trust's ability lo continue as a going cOnrn. Income and endowments Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the trust has entillemenl lo the income, it is probable that the income will be reiVed and the amount can be measured with sufficient reliability. Donations and legacies Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Legacies in the form of investments or property are credited at the lower of probate or market value. Gift aid Incoming reSoUrS from tax reclaim are included in the Statement of Financial Activities at the same time as the gift lo which they relate. Investment Income Investment income is recognised when receivable. Expenditure All expenditure is recognised On there is a legal or conslruclive obligation to that expenditure. it is probable settlement is required and the amount can be measured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar costs lo that category. Where costs cannot be directly attributed lo particular headings they have been allocated on a basis consislenl with the use of reSoUrs. Pag8 8
DoGusign Envelope ID.. 22C1A3E8-07CC421D-B135-206FC2DA6287 The 5BEL Charitable Trust (CIO) Notes to the Financial Statements Year Ended 31 December 2024 (continued) Charitable activities Charitable expenditure comprises those costs incurred by the trust in the delivery of its activities and services for its beneficiaries. 11 includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. Governance costs These include the costs allributable to the trust's compliance with conslitulional and statutory requirements, including strategic management and trustees. meetings and reimbursed expenses. Herltage assets The cost of heritage assets is their purchase cost, together with any incidental expenses of acquisition. Any cars which have been donated lo the trust are included in the accounts al trustees, valuation. As all the cars held are in the process of refurbishment, no depreciation has been provided on them. In the view of the Iruslees, the cars will all increase in value. Fund structure Unrestricted income funds are general funds that are available for use at the trustees, discretion in furtherance of the objectives of the trust. Financial instruments ClassifiTcation The trust holds the following financial instruments.. Short lemi trade and other debtors and creditors., and Cash and bank balances. All financial instruments are classified as basic. 2 Income from donatlons and legacles Unrestricted General fund Total 2024 Total 2023 Donations and legacies., Donations from individuals Gift aid reclaimed 6,577 1,134 7,711 6,577 1,134 8,753 732 7,711 9,485 Pag8 9
DoGusign Envelope ID.. 22C1A3E8-07CC421D-B135-206FC2DA6287 The 5BEL Charitable Trust (CIO) Notes to the Financial Statements Year Ended 31 December 2024 (continued) 3 Other income Total Unrestricted funds 2024 Sale of scrap parts 1,966 1,966 4 Expenditure on charitsble activities Activity undertaken directly Activity support costs Total 2024 Total 2023 Renovation of cars Charitable donations Governance and support costs 68,060 68,060 60,496 2,000 27,546 27,546 34,941 68,060 27,546 95,606 97,437 5 Analysis of governance and support costs Support costs allocated to raising funds other support costs Governance costs Total 2024 Total 2023 Basis of allocation 100°/0 Insurance Sundry Bank charges Governan costs 19,585 19,585 24,700 1,337 306 8,598 1000/, 100'/0 185 185 7,776 7,776 7,776 19,770 27,546 34,941 All support costs are unreslricled expenditure12023.' all unreslrictedl. All g0Veman costs are unreslricled expenditure12023.' all unreslricledl. Page 10
DoGusign Envelope ID.. 22C1A3E8-07CC421D-B135-206FC2DA6287 The 5BEL Charitable Trust (CIO) Notes to the Financial Statements Year Ended 31 December 2024 (continued) Governance costs Unrestricted General fund Total 2024 Total 2023 Audit fees Audit of the financial statements Other fees paid to auditors Other g0Veman costs 6,500 547 1,551 827 6,949 827 6,949 7,776 7,776 8,598 6 Net incomingloutgoing resources Net outgoing resources for the year include.. 2024 2023 Audit fees Accountancy fees 6,500 5,500 7 Trustees. remuneration and expenses During the year, 2 Iruslees 12023.. 21 were reimbursed for travel and subsistence costs incurred in connection with the Irusl. The total cost for the year was £31212023.. £3221. No Iruslees, nor any persons connected with them, have received any remuneration from the trust during the year. No trLJStees have received any other benefits from the trust during the year. 8 Taxatlon The trust is a registered charity and is therefore exempt from taxation. Page11
DoGusign Envelope ID.. 22C1A3E8-07CC421D-B135-206FC2DA6287 The 5BEL Charitable Trust (CIO) Notes to the Financial Statements Year Ended 31 December 2024 (continued) 9 Heritage assets Railway cars Total Cost Al 1 January 2024 Additions 11,025,220 46,917 11,025,220 46,917 Al 31 December 2024 11,072,137 11,072,137 Depreclation Al 31 December 2024 Net book value Al 31 December 2024 11,072,137 11,072,137 Heritage assets consist of six railway cars which are being restored. All of the railway carriages owned by the Trust were built in 1932. They are in the process of being restored for operation on the main railway network, providing the experience of luxury travel and dining evocative of the 1930's. All the assets have been acquired using income from donations. Summary of transactlons 2024 2023 2022 2021 2018 Purchases and additions Vehicles 46,917 48,583 169,827 161,693 56,768 10 Debtors 2024 2023 Prepayments VAT recoverable 6,490 1,030 12,279 24,675 7,520 36,954 Page 12
DoGusign Envelope ID.. 22C1A3E8-07CC421D-B135-206FC2DA6287 The 5BEL Charitable Trust (CIO) Notes to the Financial Statements Year Ended 31 December 2024 (continued) 11 Creditors- amounts falling due within one year 2024 2023 Trade creditors Accruals 29,200 6,350 13,555 6,441 35,550 19,996 12 Funds Unrestricted Balance at 31 December 2024 Balance at 1 January 2024 Incoming resources Resources expended Unrestrlcted funds General Unrestricted General fund 11,244,139 9,677 95,606 11,158,210 Unrestricted Balance at 31 December 2023 Balance at 1 January 2023 Incoming resources Resources expended Unrestrlcted funds General Unrestricted General fund 11,332,091 9,485 97,437 11,244,139 13 Analysis of ngt a¥sgt$ bgtwgon funds Total funds at31 December 2024 Unrestricted General fund Heritage assets Current assets Current liabilities 11,072,137 121,623 135,5501 11,072,137 121,623 135,5501 Total nel assets 11,158,210 11,158,210 Page 13
DoGusign Envelope ID.. 22C1A3E8-07CC421D-B135-206FC2DA6287 The 5BEL Charitable Trust (CIO) Notes to the Financial Statements Year Ended 31 December 2024 (continued) Total funds at31 December 2023 Unrestricted funds General Heritage assets Current assets Current liabilities 11,025,220 238,915 19,996 11,025,220 238,915 19,996 Total nel assets 11,244,139 11,244,139 14 Related party transactions During the year the trust made the following related party transactions.. Railway Wheelset & Brake Limited IA Director of Railway Wheelsel & Brake Limited is also a trustee of The SBEL Charitable Trust) The company provided The 5BEL Charitable Trust with storage facilities totalling £620 during the year 12023.. £6001. Al the balance sheet date the amount due lolfrom Railway Wheelset & Brake Limited was £Nil12023 £Nill. 15 Control The ultimate controlling paty are the Iruslees. Page 14
DoGusign Envelope ID.. 22C1A3E8-07CC421D-B135-206FC2DA6287 Chartered Accountants, Report to the Trustees on the Preparation of the Unaudited Statutory Accounts of The 5BEL Charitable Trust (CIO) for the Year Ended 31 December 2024 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The 5BEL Charitable Trust ICIOI for the year ended 31 December 2024 as sel out on pages 6 10 14 from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales IICAEW} we are subject lo its ethical and other professional requirements which are detailed al http'.Ilwww.icaew.comlenl memberslregulalions-slandards-and-guidancel. This report is made solely lo the board of directors of The 58EL Charitable Trust ICIOI, as a body, in accordance with the tem)s of our engagement leller. Our work has been undertaken solely lo prepare for your approval the financial statements of The 5BEL Charitsble Trust ICIOI and slate those matters that we have agreed to stale to the board of directors of The 5BEL Charitable Trust ICIOI, as a body, in this report, in accordance with ICAEW Technical Release 07116 AAF. To the fullest exlenl pemilled by law, we do not a¢pt or assume responsibility to anyone other than The 58EL Charitable Trust (CIO) and its board of directors as a body for our work or for this report. It is your duty to ensure that The 5BEL Charitable Trust ICIOI has kept adequate accounting records and to prepare statutory accoLJnts that give a true and fair view of the assets, liabilities, financial position and of The 5BEL Charitable TrLJSt ICIOI. You consider that The 5BEL Charitable Trust ICIOI is exempl from the statutory audit requirement for the year. We have not been instructed lo cary out an audit or a review of the accounts of The 5BEL Charitable Trust ICIO). For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given lo us and we do not, therefore, express any opinion on the slatulory accounts. S&fi•d by.. FrAu£iS )35*2P6iV2P4t8...... Francis Clark LLP Chartered Accountants Melville Building Unit 18, 23 Royal William Yard PLYMOUTH Devon PL13GW 30 October 2025 Date.. Page 15