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The 5BEL Charitable Trust (CIO)
Annual Report and Financial Statements
Year Ended 31 December 2024
Charity registration number.. 1184057

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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

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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

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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.
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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

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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

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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
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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.
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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

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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 cOn￿rn.
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 re￿iVed 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 reSoUr￿S 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 reSoUr￿s.
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

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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.
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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.
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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

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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

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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