Ch•iity rtyistratlon nwnb•r 259626 IEngland and W4198} C¢Jnyany regl&tratlon numbtr 00956100 THE BAHAMAS LOCOMOTIVE SOCIETY LIMITED ANNUAL REPORT AND UNAUDrrED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE BAHAMAS LOCOMOTIVE SOCIETY LIMtrED LEGAL AND ADMINISTRATIVE INFORMATION Tru$t••$ S CAIsop G C Bowler FPGa D J Guest G HoYJr¢J P W Skelon Pwsnwth K Vthitmore J M Wnderbank Chadty number 2526 Company nurnber (I)9561LMI Reglsl•rod offl The Shwipen 8 Th• Cmd Hall C(AxI Yard Heath Wakerj West YNkshire F1 SST Ind•p•nd•nt •xamlnor CraJ Stratford FCA tJo Simpson Lwiited Bank Chambws Market Stre Huddersfiek HD12EW B•nk•rn Th& Royal Bank of So)Iland PIC Chalham Customer Ser¥ts Centre Waterside Courf Chalharn marits.me Chalham ME4 4RT Sollcltors MOsworth &¥Jhl£g 17 Yothshe Street Ro¢hdale OL16 1BH
THE BAHAMAS LOCOMOTIVE SOCIETY LIMITED CONTENTS Pag• Trustees rgFK Statement ol trustees responybliis IndepeThJenl examinerfs reFNt Statement of finanoal a¢liviies Balanca sheet No*s to the fmancyal slatemenls 9-18
THE BAHAMAS LOCOMOTIVE SOCIETY LIMITED TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEPABER 2024 The trustees present ther annual rewl and fala1 statomenl$ for year etyaed 31 December 2024. The accounls have been ppared in aCX4Kd(e with the pc4ci•s sat thjt in notÈ 1 to the accounts and comply Mth the ¢harity's goverrmng doojment, Ihe Companigs Ad 2rth the Slalemenl of Recommended Pr8dte. 'AttOting and ReF)iting by Charilies-. issued in March 2005. Objoctives and actlvltlès Objective and Policy The objective ol the Sooely is lo encouiage arKI womole pubk interest in th8 preservatK)n of Ste and other raiaY locomotives and iolh.ng sto¢k togethw wilh ra4vay ma¢hinery ar¥J oquIpml. The policy is:_ a) to acqr8 and restor• suit8trAÈ raIaY k)¢onwkn and rOTha stock. et¢ aThl display them lo the public either as slaiic or pieferabty workrng exhibils 8nd bl lo operate a rnu5eum and educatiorhal lauliiy vthich displays ¢onserves the ¢olle¢tw)n ol smaller ar1efaS and explains lo future generations the imFwxlit pi rrilway uldusty h8$ played n the iThJustrial. sooal and economi¢ development of IS counlry. Thè tsustees have paid due regard lo gumknce issued by the Charity CLNnmi55ion in deuding T*that activiti8S the charity should undertake.
THE BAHAMAS LOCOMOTIVE SOCIETY LIMITED TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEAIBER 2024 A¢hlov•m•nts and porfomian In my last report lor 2023 1 started by rèmarking Ihal year s• 8 1))mplele relum lo normalily for our adtvities and that our flagship locomotive-455 Bahamas" had been muc in demand working with the RaIlaY Touri Company IRTCI. We were eXpeCtg a contiruJal)n of this wilh plans for a ful prwamme of mainline tIvIty for 45596. Unfortunately, this proved lo nol be fulfiled.. within a maltw of w8aks in NM(kJanuary, a urt hen9 brought our aspirations to an abrupl h1. West Coasl RaiaYs. ba$&(l al Carnfotlh. had been in dispute with the Office of Rail and Road IORR) for some ¢onsid¢rable lime lolk)wing Ihe dear staled aim of the ORR Ihal the use ol slam door non-cenlfal locked co5 on Ihe mainlir was at an end. West Coast RaiPways look the ORR to ¢ourt over Ihls #nd lost Ihe case in nN(kJanuary, and il was dear that Ihey needed to ccrfnply wilh the Court ruling lo wort toward5 operating with cfflty centraly-locked Tng stock. Thi$ would involve w(wking Mlh an air-braked sieam locomotive. Folkjwing this njing "Bahamas" was margwlsed from m8in Ie opwalion a5 a non-air- braked locomotNe. All our businèss lli 2023 had bÈen th RTC who onty operate with West Coasl in the UK. Effectively their market 7Jso ¢hanged overnb3hl by betr4J able lo operale onty with central b)cked coaches and an aw-braked locomolwe. very much limitw their operath lo the locLJmo1iS with comph'ant air brakes. This meanl thal we had to look for wcKk else we look 45596 to a number of pres8rved (alayS induding the Sevem Valley Raih¥ay, wthere the knco hauled a very special train in mèmory of Slave Peach who passed away in Awil 2023 and had been invdved wh the loco and lh¢ So¢i&ty sin cw early Dinting days. Also, there were wsits to Peak Ral a1 Nene Vaky Rahlxay twhere Ihe lo¢0 worked dur9 speryal events. Following almost 12 months of n-MaIn line vthking we were Ileliyhted lo reo51ablish a relationship with Birmingh8nFbased vintage Trains, whith led to us oper8tiNJ 2 mainlirte trips with them from Derby to Stratford and from Biimingharn lo 81&k)l. We worted wrfh Vintage TraTh during the earty days of operatron following the lottery-funded overhaul and were pbeased lo be WOrkg wilh th•m agan. Th8y have an agmment vrilh the ORR on the phasing oul of th1 non*centra foll1 slock. The Coal Ta[ also enioye(I visits lo 01 hlIage rPS the Cr8w• Hwitaga Cantre a fomial handover ceremony of the loco from the Naiional TnFSt to oursefvos was a $CIal occasion we have looked after the loco since 1973. We also acquired 2 other bx¢y))otives gftgd to us folk)wing the National Trusfs rationalisation of their collection based at Penrhyn Castle in North Wales. Bolh locomotive5 were built by Hudswèll Clarke ol Leeds. Wesla" wthe(J al Shollon Steehvorks arKI we have tlaced the kjco under the care of East LancaShi Rah4way at Bury Twsport Museum. "Hawarden-. a Slalybridge wcwking loco. in now at the MiddlElon Railway Leeds not far (rcrfn where the hx4J was bulk. H i8 not OLK intention to pemianentFy (Mn tISe lo5 and in lime they will be gifted lo each of Ih8se raihvays. Vi10r numbers at our museum al Inww ha4E fernad steathy but stdl b8bx pl0¥)d ls. thjr Duty Officars have continued to open the seUM on a daly basis and school visits ha also continuèd on a vèry règular basis. We have worked very dosety in Cctroperatwjn wilh our partrws partKipated in the KWR Spring Gala with both of our operating locos in steam," 1054 Coal Ta also worked the summer ¢)n wntage trains. 'Bahamas' also ran during the Oejober Beei FeslNal on the KWR. We again organi5ed joint events with our colleaguès at the Vintaye Carriages Twsl induding parlicwiion in Ihe September Heritage Open Days behirKI-Ihe-$¢ene$ tours al both museums. Our LearniThJ Coath was again used as a polliNJ station lor bolh the local elections and lor the General El8ctw)n as wel. Our bcal wjnallors also again held t1 adv¢ce bU#V in Ihe coach. We have oinlinued to play a major rolè in the Brndford Musèums Group. hseUM Development North and the Bronte Parinership. FollowriThJ finan¢iat support from the A5s0riats"on of Independent Mu5eum5 and useum Development North on a rewew of our governa. an independent report has been issued and discussed by the trustee$, we are w wnpleMenlw its findS to enswe that we are a society ready to meet m¢xlern challenges. Financial review The Balance Shee1 shows the festricted and trled ol the Society 81 Ihe yearond and Ihe prior yéar. Notè 15 shows the movèments on restrted funds. At the year-end. unrestricted funds amounted to £551.051, bul after laking a¢Unt of amounls vested in fryed assets less fixed assets relatr'ng to restrthd lunds. the free reseryes are £470,414, representing approximat8ly 103 Mr1hS. expernliture. which the Iruslees feel is adequate.
THE BAHAMAS LOCOMOTIVE SOCIETY LIMITED TRUSTEES REPORT ICONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEAIBER 2024 Fln•n¢lal Ri$k Stratsgy The Board of Truslees regularly reewS the weas of thaTNial li These may be summarised as follows.'- al Insufficienl funds to contThJe operalors and complete wciects. bl Unaulhortsed Iransadions. cl Flre lo safwJuard oui a$se dl Failure to adhere lo legislation or restri¢#p)ns in vhalever)leld. el Liabilities are not identified and provision not for them. Ts0 risks aro mitigated as fdk)ws'. The Board mee16 regularly lo oversee the Ws adi¥th5. Major expenthlure has to be apFKoved by the Board and board members Id¥ectorsl have specific role5 and tles. The Board ensures that current projects have sutfiaent fuThJs available on a rggLAar basis from a variety of sources e.g. subscrptKsn$. (ksnatvjns. &"ft , Shop and museum In¢om¢ grant$. Al present the Cfxnpany has no twowing$. OUT assets are housed Securely al In9r(wi other than "Bahamas" is securely st¢Med at Haworth. Items stored outside are Secured and protected from the weather. A modern security system is in plac and varK>us insurance policie5 including public liability ale in lorce. The Board keeps up lo dale with kgislalitin and regulalion$ by contact wlh speu'alisls in ihe preseNat)n sphere, membership ofvalS associatKJns and by taking advKe from reClsed experts. Plan8 for th• ftrtur• 2025 is a very special year for rlway$ aThJ ¥e brai$ tskiThJ pla¢e to mark the 2( annivws¥y since 'LcwnotiM" first haed a Iwn between Stockton and Darlnglon.. we shall be very muth involved in these ¢etebr81iMs. In parDlar. we are (khghied th•1 -8aham8s" has been invited to join the Greatest Gatheting Event at the A15tom V4)rks at Derby whiL is one of the Ma events during the ye¥. °8ahamas' will also be ¥iSng ihe Sevem Valey RK¥ay, North Yorkshire Moors Raikvay and West Somerset Railway to join in their Rail 200 èv8nts. Thè Coal Tank will also bè out and aboul for Rail 200. Wè aro also agaii working with Vintag& Trains mainline operation th -Bahama$' s¢hedule(I to haLd trains over some very interesting ioutos where the I9 has never been WO. ff the srtualiL)n wilh Coast Raways changes. we wrfl be able lo work wilh the RaiaY ToLW¥VJ Company again. Folowing the expiry of the boiler certfficate in September. "Bahamas- was due to undergo overhaul work following seven years of operation c4) the mainline. have decided to bring forwa what would be Ihe nomal 10-yearty ovwhaul of the loeo and lo start this wcrfk earty October. It is our Ihal lollowing the last exlènsivè loltery-furtded ovérhaul this wll morÈ of a routinè m8intènafteè opÈrdlh?n and to do the work now mpes sense in order lo conlinue mwn line are aLw seriously knking al the possible air-braking of the loco in View of the issues which have resulted in us rH)t be at4e to operate with the Railway Touring Company. Aii-braking would future proof the locomolNe and it to ccffltinue to work on the main line uninterrupted. Our new mess facihty has prove(l extremely popu* wilh have had lo endute the cokl 8$ muth as previously and been able lo enjoy and banter wam $urtounding51 INe are planning lo imprtsve the visitor expeiience lo Ihe museum and aTe looking forward lo receiving some new exciiing exhibits 5hortty. Simlarly we contThJe lo inwrove our schools. offer and have achieved an increase in the number ol sChoS wsiting Ingrow. Ow members we our strengih and we are pleased to have recruited new younger volunteets into our locomotive support cr8w. In adithtw)n. our govèmanc8 review is intènded lo help contributè trj ensuring that OLK fvlwo is ¢. StrUcre. governance and management The Bahamas Loccrfnotive Society Limited rs a ¢ompwy Iwnrted by guaranlee. registered in England as r. 9561C(l on 12 June 1969 and is governed by its Memorandurn and Articbes ofAssocialion. The company has also been registered as a Chanly Edu1)nal Purrw)w a$ no. 259626 $nce 10 Awusl 1970. The Iru51ees. WIK) are &so the diredors for the purFrf)se of c(Nnpany law. and who served (kning the year and, 1h the exceplion of H J Peath, up to the date of 5vJnature of Ihe fnan(&il statements were.. S C Allsop G C Bowler F P Galwn D J Guest G Howard
THE BAHAMAS LOCOMOTIVE SOCIETY LIMITED TRUSTEES REPORT (CONTINUED}IINCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 P W Skelh)n H J Peach P W Smith K Whitmore J M ndea (Resigned 12 Oclober 21r241 The Boaid ofTws199s. currently ¢onsislin9 of dire¢1 and trustees. holds mgnlmy meeth)gs to manage the activi.eS ol the So¢ty. Delails of the dw¢¢torsllrusleos are induded in lh& company inf0mlIn given on the firsl page of the financial slalemer A wholy owned subsidiary. Bahamas Loco Trad Liid. was formed in 1991 with a wothng capital of £5.000. This company is responble for am trading aclivitits such as locomotNe hire. eMpYMent contracts, books atKI Swvertir salès. Proffts are transf•rred to the Socièty in rétwn for frae use of Ihè Societys locomotNés and other The &xi8ty is an organisalion based on vohjntary Wwolvewl. Fortunately. Ihe SorAety is well supported by its friwds and membgrs aThJ r¢lies on ¥nIe¢r labour vtherever pos&ble. Thanks again are due io the dethcalod le who have opeialed Ihe museum arwj shop a1 Cared for the Soc4ety's assels. A small number of paid staff are wnployed by Bahanas Lcth Trading Lld •) (xJstomer-fng and museum role& OtheiSe. neither dlfectors nor members receive any ienwnw8ti0n. Llquld assets a hekl in current aThJ dwit a(minls wilh various high street bank5 aNI lh• Charib"8s Official Inveslmenl Fund. The Society's base was fomierfy kn as Loo) MuseLtm" on lh8 KeIgh aThJ Worth Valley RaiN¥ay IKWVRI in West Yorkshirè whèrè an èx-midland RaTay goods warehous? has bèèn convertad inl0 a workshop and museum wth finwKial a5Si$tance from Ihe National Lottery Hentage Fund. Thg Irwjrow sile is continuing to be developed as "Ral Slorf WKI Ihe S(K4ety has re-branded and dtrveloped its museum there lo prowde the -Engine Shed. component of the atiracthin. IAÈ are h)oking al further developments to improve the visitor eXperier al the Ingr(pw %¢e incJding a po5trAe extension lo the museum buihjing. Accountsnts A¢countants &mp$on Wt*)d wll bg ¢onsidgrsd tr re.app1ffl¢n1 * fv I1h¢0mlng anrKwl ggneial Tr)Wing. The Iruslees pOrt was aprrfo¥ed by Bwd of Tnjstees. K Whltmore Tvustee Oated.. 16April 2025
THE BAHAMAS LOCOMOTIVE SOCIETY LIMrrED STATEMENT OF TRUSTEES RESPONSIBILtriES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees. who are also the dnclors of The Bahamas LOo)ThtIVe sOty Limited for the purpose of company law. alè responsiblè for prèparin9 the Tmslees RepcKi the finanaal stalemenls in acLordance with applicable law and United Kingdom A(xounlirwJ Slandaids (United Kin9dw Gengrany Accepted Accounting Piaclicel. Company law requires the Itee$ lo prewe ffinancial ststements fty each year whth yive a Inje and fair Vigw of Ihg siatg of affairs of the tharity aThJ of the irthmr•J rvsources and applICaOn of re50urce5, IndJing Ihe income expendilwe. ofthe tharilatle ccwwy for Ihal year. In preparing these finanrAal statemonts, the truslees a requwed to." . select suilablè aCCUntI1g OiLies aTrJ then appty them CAinsislenlty: . observe the methods and in the Charits SORP". - make iudgemenls and eslimales that are reaso1 and prLNJent: . stale whether awAicable UK Accounting Standards have been foyw&J. sthject to any materk31 departures dis¢k)sed and elaIned li ffinanfial statements: and - prepare thè financial statements on tk ¢>)n¢m basi4 unless il is 1wpprop1e to wesumg th tho charity wdl conunue in operation. The tmst8es arè rèsponsble for k88pKry adequate acco1 records Ihal disdose wilh reasonable accuraq al any time the finanoal position of the charity en¥ Ihgm to ensure that financial statements CoMY with the Companies Act 21)J6. They are a150 respowwlAe kn safeguarding ts assets of the charity and het for taking reasonable sleps for Ihe prevention and dele¢bon of fraud 8nLI other Irre9arIties. Company law requves Ihe truslees to wepare fnancial statements for each fManLyal year whic give a trvè and fair view of the stale of aff84rs of the d)arity and of the resources and appli(2tion of resourc89, including the income and expenrjlure. of the dtat ccthpany lty thal year. In preparing these fNncial siaiements, the tnjstees are requyed lo.. - sèlect suitable accountin9 poltLxes and then appty them consislènlly: - observe the methods and Pr¢¥PreS in the Charifies SORP". - make judgements and eslirnales that are [easonab KI prudent" - state whelher apThble UK Acc¢xJnting St18d5 have beeri fokne(l. slIe¢t lo any materHI dèpartures disdosed and explained in the ffinancial stalements.. and - prepa financial statements on the gcrfng CCern basi5 il is Thpprowiate Io we5ume that thè charity will Continue in <er3110n. The trustees are responble for keepww adequate oxmling re¢ords th)t dL8dose vrith fe8s0nable aUr3¢Y al any time ihe financial position of the charty and enaNe them lo ensure that the financial slalemenls compty with the Companiès Act 2006. They ar8 also respons*Ae for safeguarding the assets of the tharity and hence for taking r&450nable steps for the provention and de1¢dr of fra4KI and other irre9ulari¢w.
THE BAHAMAS LOCOMOTIVE SOCIETY LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BAHAMAS LOCOMOTIVE SOCIETY LIMITED I report on the anrAal statements of the charity f(Y the year ended 31 December 2024. which are sel out on pages 7 to 18. Rèspeetlv¢ rtspon$lblltie$ of tw$t¢e$ •nd •xminer The Irusle¢5. who are also the diiectgrs of The Bahama$ L0M0 Sc¢iety Limiled for the purposes of company law. are iesponsible for the preparalKJn of the a1UnIs. The Iwslees conshler that an audit Is not required lor Ihis year under 5eclion 144{21 ol Ihe Charilie5 Ad 2011 Ohe 2011 Act) and that an independenl examination is needed. The charrty's gross me exceeded £250.0 in 2017 and l am qualffied lo undertak& the examination beiNJ a qualified member of The InstibJe of CharteredAw)unlanis in England and Wales. Hawing satisfied myself thai Ihe ¢harily is not Subjèct io wdit uThJer company I and is eligible for indepeThJent examination, is my responsknility.. lo examine the aLxounls under section 145 of Ihe 2011 Act.. {ii} to follow pro¢Èdures I"d down In the General DweCth gpn by Ihe Charty Commisston under section 14515llb) of the 2011 Act., ar (lill to stale vthether partilar matters have c4>rne lo my attentK)n. 8agls of Independent examlnerfs report My examinalKJn was carried oul in accordance wth the General DireC1S given by Ih8 Charty Commission. examination indudes a review of the aCCUntIn9 r8cords kept by the chaiity a compaiison of thè accounts presented with those records. 11 also ¢wderatv)n of any unusual items 01 disdosure5 in Ihe accounts. and seeking explanalions from you as trustees concwwg any such matters. The ProCe(re5 underlaken do not provide 1 the evidence Ihal would be rewired in an conSequenY no (sjinion is given as lo whether thè a¢¢ounts present a llrL* and law view. and the repNI Iwnited to those rnatters sel oui in Ihe stalemenl below. Ind•p•nd•b)t •xamin•rfs stst•m•nt In connection wth my examination, no matter has come to my attention.. la) which give5 me 8$OnatIe cause to bdieve Ihat in any malerial res the re(wirements'. lil to keep accounting record5 in accudance with secbon 386 ofthe CompaniesAct 2006., and lil) lo piepaie finawal stalemen15 rnjrd with the accounltng records. COrnFty wrth the accounting requirements of seth"w 396 of the Companies Act 2CI)6 th meihods and prinrAples of the stalemenl of Reccrfnned Practice.. AccouW and Ret by Charitw.. hav& not bèèn mel or {b} to which, in my opinifm, altenlion $MMJkJ bè drawn in otder lo enable a ptopei understaThling of the financial statements lo be 8¢hed. Crwi Stratlord FCA clo Simpson Wood Lwnited ChartA1ants Bank ChaMrS Mathel Slreel Huddersfield HD12E¥V Dated.. 16 April 2025
THE BAHAMAS LOCOMOTIVE SOCIETY LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 LthTrslricted Restricted fund¥ fund* 2024 2024 Total Unrestricted Restricted lund$ funds 2023 2023 Total 2024 2023 Income from: Voluntary 8CtMties Olher trading actmiies Invastmenis 220.231 28.727 10,939 128.055 348,286 26.727 79,294 8.946 93.093 6.410 18.415 27.361 93,093 11.569 5.159 Total Income 259.897 136.410 3s.7 108.449 23.574 132,023 endltur• on. Raising lunds S)2 518 518 Charitable acbwti8s S4,024 14,OSO 68,074 39.375 18,784 58.159 T¢Aal rnsourc•s •xp•nd•d 54,526 14,050 68.576 39.893 18,784 58,677 Net gains on investments 16.633 16,633 29.687 29,687 Net movement In funds 205.371 138.993 344.364 34.477 103,033 Fund ba1CeS at 1 Janu 2024 345.680 401.787 747.467 277,124 367,310 644.434 Fund balantes at 31 Dgc•mb•r 2024 551.051 540,780 1.091,831 345,680 401.787 747.467 The $latemenl of finawKial athwties all and losses recogni5ed in the year. Al incJJme aThJ expeThJilur8 derive from conts"nuing a¢Aivities. The slatement of financial ac11eS also ¢on¥Jle$ wilh the unIS ¥w>)me and expenditure accxjunl under the Companies Act 20(b.
THE BAHAMAS LOCOMOTIVE SOCIETY LIMITED BALANCE SHEEr AS AT31 DECEMBER 2024 2024 2023 Fixed assèts Tangible assets Inveslmenls 10 11 140,533 120.642 5.000 145.533 125.642 Cvrrnnt a$$•ts D¢blors Investments Cash al bank and in hand 12 13 68.LYJ7 222,719 667.282 38.861 2C,O87 388.091 958.008 632.839 Credltorn: amounts falmng due wlthi one year 14 11.710 11.014 Nel CUTrent assots 946298 621.825 Total ass•ts less current Ilabllltl•s 1.091.831 747.467 Thé fund$ ol thè eharlty Restricted income funds Unrestrided funds 540.780 551.051 401.787 345,680 1.091.831 747,467 The cornpwy is entiued lo the exemptknn from the a11 requrernent ccffitained In sedn 477 of th8 Ccrfnpanl8sAct 21XJ6. for the year ended 31 December 2024. Thg Iruslg¢s acknowledge Iheir responsibihbe5 foi th the keeps accountg record6 whh comply with section 386 of Ihe Act arKI for preparirNJ fin3ncyal slaternenls lch give a true and fair view of the slate of affairs oflhe company as at the end ol the financial year and of its incoming resources and applThtion of SoUrc8s. induding its irKome and expenditure. for the financial year accordance with the requyements of sections 394 and 395 and which othefwise comply with the requirements of the Compans Acl 2LKJ6 lating to financial slalements. so far as awJlicabl• to the company. The members have nol requed the company lo obLln an audil of its finanaal siaternents fcff th8 year in qLtestlon in aCCordare wilh section 476. T15e financ1 statements have be wepared in a(tcwd3e the FThSh)ns applicable to companies subject lo Ihe small )val)leS regime. The financial stemgnls were apwovefl by Iw51ees 16 Aw"1 2025 K Whitmore TTusts• Company regislrali¢)n number 00956100 (Engla1 and Ilkle5)
THE BAHAMAS LOCOMOTIVE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Aecountlng pollcl•s Charity Infomiation The Bahamas Locomotive &Kiety Limited is a wivale CoMpY limited by guarantee ¥i(x)rporated in England and Wales. The registered olfKe is The Shippen. 8 The Old Hall Crt Yard. Heath. Wakefield. West Yorkshire. IhFI 5ST. 1.1 A¢¢ountlng ¢onv¢nllon The a¢u1$ ha been ppared undw the hist1 o)sl wmnin. with the 9¥tion of inv?slmenls which are inckxled at rnarket vthe. The finanal statements are prepared in sterfr4J. %thch is the fwdional CnCY of the charity. Monetary amounts in these finaThial slatements are [Ided to the nearesl £. The fInanCA statements have been wepared w¥Jer Ihe INs1Thi1 cost convention. The WinLypal accounting policies adopted we sel out bel. 1.2 Golng Conrn Al the lim¥ of appr¢)viThJ the ffin•Kial slatements. the truslees habe a reasonable expectslon Ihal lh¢ charily ha$ adequale resources to contin in Opernknn existe for the fL¥eseeable lulure. Tlxts the trustees continue to adopt Ihe going concem basis ol attounlffj in weparing the finanoal stslemenls. 1.3 Charitable funds Unrestricted funds ¥e ava•abb us¢ at th& of lh& trusl¢os in firftherance of their charille objectives. Restrted funds are subje¢l lo corKlilK)n$ by donots as to they may used. The pvrp)$es and uses of the re51ricted fund5 we Set out in the rnles to the acuun 1A Incomlng r•8ource• Income is Tecognised when the thaiity is legaly enlilled lo rt after any Frfoman¢% )lI)n8 have been mel. Ihe amounts ¢8n be measud ieliaNy. #nd it is probable that income wll be received. Cash donatil5 are recogni5ed on [lp1. Olher donalion5 are recognised once the charrty has been notified of the donation. unless performance conditnS reqUe deferral of Ihe amount. Income tax Tecoverable in relation to dcrflations received under Gift Aid or deeds olcoNtnant is recouvmsed at the time of receipl. Legacies are recognised receyl or otheThvise if Ihe tharity has been Th)tified of an Thpending distribution, the amounl is kn¢ywn. aThJ recevj is expeded. If the amount i% I1 kThxvn. the legacy trealed as a contingent asset. TvrrYJver is measured at Ihe fr value of the ¢MsKleralKm f¢1¥80 01 fe¢eNable and repsentS amounls receivable for goods and services pro¥ryded in the nom1 course of IM5ine55, net of discounts, VAT and other sales related taxes.
THE BAHAMAS LOCOMOTIVE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEYJENTS {cOriNUED> FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ounting poll¢l•• IContlnu•dl 1.5 R¢sourc•s exnded EKpenditure is rec¥)ynis•d once thère is a Wl nstrUCt obliyalKJn lo Iranslèr ety)nomic benefit to a thard party. rf is probable that a transfer of econ berth be rerwiTed in settmen1. and th8 amount of the obh'gation can be measured reliabty. ExpenditLKe is dassified by adivity. The costs of eath b¥ity are mad? up of th& totsl ol dwecl c051s and Shared costs. Trj supwl costs invofved rn uNlertaking eath aclM"ly. D¥ed costs attitjulable to a single activity are alocaled direclly lo Ihal actiwty. Shared ¢x15ts whwth contrJLts lo mcffe than one activiiy and 5UPPOrt costs which are nol attribulae lo a single aclivrty are aFwiioned behveen those admlies on a basis consistenl with the use of resources. Central staff costs are athxated on the basi8 of spgnl, a d8preciatk)n charges arè alocated on Ihe wrbon ofthe asset's use. Expendilure is accounled for an acx7uals basis and has been ctsssifieil eT hea(tings that aggregate all co$1 related lo the calegory. )ere costs Cannot be direcuy attsibuled to particulw headings they have been 8lto¢aled lo adNities M • b8si% ¢onsislenl with tho use of resources. 1.6 Tanglble red 4$$ots Tangle assets are vlitialty rneastwgd al (051 and stheynty I5ed at cost or valuation. net of depreuation any impairment k)sse5. Deprec4ation is prowded al the aMu81 rates n der lo wre off eath as501 over ils estimaled useful Building improvements Plant and ma¢h'nery Fixtuigs awwj equipmenl ConN)uters StraJht lin 0r 25 years Str1 Ine ovw 20 years 10% on rekn.ng balancÈ Strt l)e ow 4 years The gain or bss ari%ng on ihe disposal of an asset is letemi0d as the dffteTence belween the sale proceeds the Carrying value of Ihe asset. is re¢ogr¥sed in Ihe stslemenl of financial activities. 1.7 Flxed as In¥ttnts Fixed asset inv8Stments are initialy mèasured al transaction wi( Èxeknlin9 transaction ¢osts, and are SLknsequently measur9d al fair value at each rop(Ktiny (lale. Changes in fair value are recogr¥sèd in nel in¢Omel{expgndiluI for IF1& year. TwsactK)n are expensed as irKurred. A $sIdI8ry is an entily controlled by the ¢hty. Cclrol 1$ the ptrrt to govem Ihe ffinancial and operaling polirAes of Ihe enlrty 50 as lo obfairh benefjts from its adiwtyes. IA Impalrment ol IIx¢41 *sets Al each reporting end dale, Iho tharily teview5 the canwng amounls of its langitAe assets to delerrnine whether there is any indicabon Ihat th¢)se assets have suffered an impairmenl loss. If any such indication exists. Ihe recoverable amount of the asset is eslimated in order lo detemiine the extent of the impaimenl 10s5 lil any). 10-
THE BAHAMAS LOCOMOTIVE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ounllng pollci•$ (Contlnuedl Re¢ovèrable amount is the higher o(far value less costs to sell value in use. In a$$es$ing alue in use. Ihe e5timaled flrtV cash fflcw4s are discounted lo tr present value using a pre4ax discount rale that reflects currenl m8tket assessments of the b'me value ol a1 the risks speofic lo the assel for whith the estimatès of luture cash llows have nol been .Sted. If the recoveratAe amowrt of an asset is eSlw)ked lo less its carrytng amount. the carrying amount ol Ihe asset is reduced lo ils recoverablè aMol An wnparmènt h)ss is rècoynisÈd Nnmedlalely in incomel (expenditure) for Ihe ye¥, unless Ihg rglwanl assel ¢aNd al a revalued Jnounl, in which case the ImpalmnI lo 1$ Iwled as a revam110 de(¥ease. Re¢owised impaimienl losses are reversed rf, rf. Ihe reasons for Ihe impaimenl lo have ceased to apply. Whefe an inwainnent loss sSeqUenIty verSe$. the ¢anying amount ol the asset 15 increased lo the fevised estimatè ol its recoverable amolml. bul so that ¢he inuease(l Carrying amount does not exceed thè earrybng amunt that Wd hève been determed had no Hwairment ILW been recognised for the asset in wior years. A reversal of an 1mpalrnI tOSS F5 legn immeth"atety. lesS the relevant asset 1$ Carried in at a revahjed amounl. in whKh case the r[SaI of the Impalmnt loss is treated as 8 revaluation increase. 1.9 Ca$h and ¢ash equivalwts Cash and cash equivalents indud• cash li hd. derA)sits W at c1 wilh banks, aNI bar overdrafts. 1.10 Financial instruments The ¢haity has dected Its appty the pr(V¥15ion5 of Sedn 11 'BaS FinanrAal Instruments, and Sgclion 12 'Olher Fin¢ial Inslrumènls Issues, of FRS 102 lo al of its finanraal Instruments. FinanrAal SIrnents are recognisad in Ihe dmritys baa0 sh•al vthen thè charity be¢xrn$ party to the ntractual provisic$ of the #)strwMnt Finanoal assets liabilities are offsel. with the nel amounts presented in the financial stalem8nts, when there is a legalty enforceable right lo set off the recogr4sed ncyJnts and Ihere is an intention to sèltlÈ on a nèl basis or to reah'se the asset aThJ setlle the labthty simuttaneousty. Bask Ilnanelal assèts Basic financial assets. whth indude dsbtors cash and bar bn¢es. are initially measured at IranSaCti price iiduding transacti ¢0515 arKI arp s)SeqUent Tried at amortised cosl using the effedive interest method lesS the arIgeMent (¥)nslrtute5 a finanwg transaclion, Whe the transaction is mèasured 81 the piesenl value ol ihe future receipts disco1ted at a martel Tate of inleresl. Finawal assets da$sified as re¢eivable within one year are rbol amortised. Bask ffnanelal Ilabllldes Ba¢ (inclaI liabilities. induding ue(th"t(ws aThl bans ar& inrtialy rery)wMsed 81 transaclH)n price unless the wrangement conslitules a finanung transact. where the debt in51rument is rneasured al the preserit ¥alue of the fvre receipts discounted at a rnawket rale of interest. Financial liabililies dassified as payablè thin year are not ar[lsed. Trade creditors are oblwjations to pay lor gocrfls or services that have been acquired in the OTth'nary course of operalions from suppliers. ATrKJunls payatrAe are dasSIf as oJNenl liabilities rf payment is due wh1n one year or 18$$. If not. thèy are pre5eiit8d as nOrtrrent liabilrties. Trade credrtors are recognised initially at Iransa¢tion pe awKf subsewenlly measured al amortwd cosl using the effect1 interesl melhod. Derecognillon of finanelal liab•lill•s Finanryal liab115 are derecwised when the charitls contractual obligatS expire or arè dis¢harged or cancdled. 11
THE BAHAMAS LOCOMOTIVE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles IC¢Jntlnued} 1.11 T•xatlon The charily is axempt from cortty)n lax on its 1Witab aclivits. 1.12 Fund accountlng unre5th.cted Ivnds be used in ace rylh Ihe dvitable otiectNes al the discretion of Ihe trustge$. Reslricted fund5 can only be used for particular restricted PLwposes wilhin Ihe oLierts ol the chaTity. R&striCnS aris8 when sp8ufi8d by th• thnor or the funds are rdised for p8Cul¥ restrKtèd purpose5. Further eXanat of the nalure puryme of eath 15 in the noles to th• financial slalements. 1.13 Grnnts Capital grants TVed ¥e tr•at•d as defwred Thx)me as arè released to the iame xpendrduré account ovw t samè as assÈt dÈprtCIth. h xts)rdance wth the Ststèmeni ol Recommended Pracbce. all hentJe graDt5 ale treated as ncome when receivable. Volunl2ry arflvltl•s Total 2024 Total 2023 fumts Donations and gifts MembeTship fees 215250 4.981 128.055 343.305 4.981 22.247 5,114 220.231 128,055 348.286 27.361 Forth• y•ar•ffid 31 D•e•nthèr 2023 18.415 27.361 CXh•r trading a¢titAII•$ Unr•stricted funds 2024 Totsl 2023 Admissit)ns Other income 22.078 6.649 19.741 73,352 28.727 93.093 12-
THE BAHAMAS LOCOMOTIVE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income Irom investm•nts Unrestrithd R•stricted funds 2024 Tot1 Unrnstri¢t•d RJtitt fvnd¥ fund$ 2023 2023 Totsl 2024 2024 2023 Irt¥$1 receivable 10.939 19.294 6.410 5,159 11,569 Ral$lng funds Unrestricted fund8 2024 Totsl 2023 Fundraising publirity Gener81 lundrY4sry expwyjiiure S2 518 502 518 Charitabl• actlvlti Ch•rit•bh Govem•n¢e acliviti•• ojts Total 2024 Totsl 2023 Depreciat)n and iryainnenl Rem and raies Insutanco Light. hèal and power R9pairs to buildings aThJ equyffnt Locomotive and rollirwJ sto¢k rnaintena Poslage an(151alionery Tdephonè Svndries Bank tharges Legal and profess*Jnal fees Travel and subsistence 12.018 61 12.018 61 12.796 58 18,277 3,279 2,9)9 12.572 4.186 400 1.598 22.1 3.824 6.503 11.194 4.987 215 1.238 37S 22,1 3.824 6.503 11.194 4.987 215 1.238 37S 3,969 108 82 66.574 66.574 56.659 Govemance costs 1.500 66.574 68,074 58.159 The goveman¢e costs relate to Ihe accolan f8es for year and Ihe Frfevbu$ year. 13-
THE BAHAMAS LOCOMOTIVE SOCIETY LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Trustms None of Ihg Injslees {or any r$$ 0)nnd with ttrnI received Y remunerallon durtn9 the yoar and, aside from travel expenses. Iherewere no trustees, expenses paMI for the year (2023- ni. Galns and loss on Investments R•sld¢t•d lund$ 2024 R•$trl¢tsd funds 2023 Gains arising on: Revaluation of nvestmenls 16.633 29.687 Taxatlon The chartty 1$ exempt from taxat on its act14ty because ils NK4>me is applied kn charitable PLKposes. 10 Tangible fimd *$stts Plantand Ftxtur•s and Coryutor Tolal Cost At 1 January 2024 Addithons 250.315 92.(K15 30.410 20,841 3.327 366,488 31.910 At 31 Decombor 2024 251.815 122.415 20.841 3.327 398,398 D•pr•cl¥tion •nd kn11•1 At 1 January 2024 DeprecAalon ¢harged in the year 26.1 16.014 2.928 245.846 12.019 6.472 At 31 Dècemr 2024 207.375 30.5 16.497 3.028 257,865 Carrylng amouftt At 31 December 2024 91,450 140,533 At 31 December 2023 49.413 4.827 120,642 14-
THE BAHAMAS LOCOMOTIVE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThIE YEAR ENDED 31 DECEAIBER 2024 11 Fixed asset invesiments Invèslmènts Cost or valuatlon Al 1 January 2024 & 31 December 2024 5.0(XS Carrying amount At 31 DÈ( 2024 5,000 Al 31 December 2023 5.000 2024 2023 Other Inve$lmen¢$ tsynpiise.. Not•s Inv8Stmenls in subsidiaries 19 5,000 12 O•btor 2024 2(123 Amounts f•lllng wlthln on• yar. Amounts owed by subsidr¥y undartakn9S Other debtors VAT recoverable Prepayments 8nd 8ccrued 43,335 20.072 779 184 17.826 4,275 20.397 68,rx17 38.661 13 Cuvr•nt ass•t Inv•$lm•nts 2024 2023 Short term InStMents 222.719 2[.087 14 Cr•diton: amounts lalllng du• wlthlffi on• year 2D24 2023 Oiher Creditors AccruaL5 and deferd income 3.790 7.920 774 10.240 11,710 11.014 15-
THE BAHAMAS LOCOMOTIVE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEAIBER 2024 15 Restrlcted funds The restricled funds of Ihe charity (x)rnpe Ihe unexpended brKes of donations and grants held on Iru$l subject lo Speci nd1{AS by (knK>fS a5 to tw may be used. Ilov¢m•nt in fund BaK• 1 R•souT¢•S G•lDs B•lan¢e at )$888 31 Déc•Mr 2024 The Bahamas Appeal National Lottery Heritage Fund Grant.. MuseLwn The Southwick Fund Loco Depl. Fd Adamson Fund 347.468 16.847 (11.083) 16.633 369.865 12.422 32.838 {2,800) 116n 9.622 32.671 9.059 119.563 119.563 401.787 136.41Q {14,050) 16.633 540,780 The Bahamas Appeal is a $p8of fund for the restoralpjn of the I0¢0{e Bahamas movements in fvnd$ a wrthn off as itirr&l. The National Lottery Helltage Fund Grant.. Museum ts the bala of the prc¢eeds from Ilw Natn81 Lottery Heritag8 FuThJ grant. The grant was provided to as$1 in Ihe buildtyw of the swews museum. The fund is b8ing writtèn off in line with tho 10 exptcfaney Of1 museum. Yhe Soulhwith Fund" represents cributIonS by members and herS towards the restOrat)n of Rob8rt Slephenson & Hawthom Cr lank no. 7C69 %ouilr•ricf. The Loco Depl. Fund: contrljuticfts from merthrs ltrward$ the purdwse and mainlenance of 10015 for the workshop. The Adamson Fu1 is a fund m•nlen8nce of London & Noth Weslein Rathay 2T No. 1054 'Coal Tan 16 Unr•$trF¢trd funds The unTe51ricted funds of Ihe charity nprise the Wpended balances ofdonalions and grants ar& not Subject to specific condilicffls by dtJKYS and grantors as tg how Ihgy may be used. These indude designated funds t•thich have twi set asx1& (Krt ol UnlIK1ed fwds by the tru51ee5 speufK purposes. At 1 January Inc<>mlng Resour¢ At31 2024 ff•sourcv4 9Xp•nd D•umbor 2024 General fund$ 345.660 259.897 154.5261 551.051 16-
THE BAHAMAS LOCOMOTIVE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Unr•strlet•d funds IContinu•dl Pr•vlou• r. Al 1 January Incoming 23 rr•ourc R•sourc•s •XP•fbd•d At31 D6¢embvT 2023 Geneial funds 277.124 108.449 {39,6931 345,680 17 Analy8ls of net assets bthleen fund5 Unrestricted funds 2024 Rostri¢t•d fund 2024 Tot1 2024 At 31 De¢¢rnr 202&" Tangible ass8ts Investments Current assets 80.637 5.000 465.414 59,8 140,533 5,000 946,298 480.884 551.051 540,780 1,091,831 Unrestricted R4trict•d funds fvnd$ 2023 2023 Tot*1 2023 At 31 December 2023: Tangible assets Investments Curfent assels 55.002 5.000 284.678 64.640 120.642 5,000 621,825 337,147 345.680 401.787 747,467 17-
THE BAHAMAS LOCOMOTIVE SOCIETY LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 R•lat•d party transactlons Transactions wlth related parti During the ye8f the tharity entered into the hkning transacims wih 18laled Part.. Management charges 01 £2,80212023 - £71.782) were rec8Ned from ihe subsidiary Bahamas Loco Tradiig Ltd. Al the balKe sheel date the amount due from cL¥wny was £43.33512023- £20.0721. 19 Subsldlarles Thèse financial st8lements we separate thwily rMla1 slalemgnts f The Bahamas L¢)¢¢)molive So0ty Limited. Details of th8 chWs SLtsidiarns at 31 (Yg¢omber 2024 are as fckns.. Nam• of und•rtaklng R•glstered t)ffi¢e Ilatsn of ljusine Class of 'A Hèld sh•rÈ held Dlrèct Indlrnct Bahamas Loco Trading Ltd. EngLand & Vltsl•sTo womote Ihe tra(ng admtiès of thè Souely. Ordinary 100.00 The aggregate capital and reseNes and the result for the year of sSidlI1eS excluded from consolidation wa$ as follS.. Name of undtrtaking PmfiVILoMI C•pft•l and ReseThes Bahamas Loco Trading Ltd. 8232