Charlty Registration No. 292497 THE BLUEBELL RAILWAY TRUST ANNUAL REPORT AND FINANCIAL sfATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2023 GROUP BUSINESS ADVISORS 4A¢CQiINTAt4r$ One Bell Lane Lewes Easi Sussex BN7 IJU
THE BLUE8ELL RAILWAY TRUST LEGAL AND AOMINISTRATIVE INFORMATION Trustee BRT Trustee Limited Governors Mr V F N Blackburn FCA MrTCCole Mr M Wjohnson MrRASalmon MrT A Swainson MrCTy50n MrRI WattsMBE IAppointed 6 December 20231 (Appolnted 15 June 20241 Charitynumber 292497 Prlncipal address Sheffield Park Station Sheffield Park U¢klield East Sussex TN22 3QL Auditor TC Group One Bell Lane Lewes East Sussex BN7 IJU Bankers Natwest Business Centre l Muster Green Haywards Heath West Sussex RH16 4AP
THE BLUEBELL RAILWAY TRUST CONTEMrs Page Trustee report Statement of Trustee sponsIblE1tieS io Independent auditor's report 11-14 Statement of financial activlties 15.16 Balan sheet 17 Statement of cash flows 18 Notes to the financial statements 19-36
THE BLUEBELL RAILWAY TrUST TRusfEE'S REPORT FOR THE YEAR ENDED 31 DECEM8ER 2023 BRT Trustee Ltd, the sole Trustee of The Bluebell Railway Twst 1.the Trust"), presents its report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accouniing policies Set out in note I lo the financial statements and comply with the Trust's governing document, the Charities Act 2011 and "A¢(ountin8 nd Reporting by Charities: Statement of Retommended Practice applicable to charities preparin8 the accounts in accordance with the Financial Repothng Standard applicable in the UK and Republic of Ireland IFRS 1021" leffertive l January 20191. BRT Trustee Ltd is managed by its directors, known as governors. Objectives and activities The principal objects of the Trust are the encouragement of research into railway equipment and Safety, the maintenance and support of museums for the preservation of railway equipment, the provislon of facilities for recreation activities connerted with railways and the assistance of peOn$ in need connetted with Rilwav employees. Subjeet to these objects the Governors may bear especially in mind Charitable purposes ¢(neCted to the Bluebell Railway. The Trust 15 an independent chaflty Inumber 2924971 whose princlpal purpose is to raise funds to wpport the work of Bluebell Railway PIC la "Not for Profit" company) to which it make5 grants for various specfic purposes. It does not own any shares in the company. However, being a charity. the Trust is bound by Charity Commission regulations and its activities must be for the benefit of the 8eneral public. The Govefnors work tlosely with Bluebell Railway PIC to review and prioritise the projerts that potentially meet the Trust's charitable objectives and which can be funded by the Trust. The Trust owns three steam locomotives various historic carriages and wagons. SECR 01 Class No 65, H Class No 263, and C Class No 592 - and The Trust operates the Railway's Arts Councll England Accredited MLt5eum at Sheflield Park and owns most of the artefacts on display and in its $erne collection. The Trust also maintains the Railway's archive of historic railway documents, maps, plans, books. photographs and other material, most of which are owned by the Trust and are kept In an industrial building at Holmwood, near Dorkin8. In addition. the Trust now has responsibilty for the management of the Steamworks locomotive exhibition in part of the running shed at Sheffield Park and operates it as an additional facility of the Museum. The Governo have paid due regard to guldance Issue(I by the Charity Commission in deciding what artivities the Trust Should undertake and are mindful of the need to ensure that such activities provide public benefit. The Governors believes that the activities of the Trust do provide such benefit primarily from assisting with the preservation of historic structLtrres and rolling stock and ensuring that these are fully available to the public for current and future generations to visit, examine and enjoy. The Trust has continued to make grants for the preservation of historic rolling stock and raiaY related buildings and infrastructure as well as suppotting the training of apprentices.
THE BLUEBELL RAILWAY TRUST TRUSTEE'S REPORT {CONnNUEDI FOR THE YEAR EAIDED31 DECEMBER 2023 Achlevements and perfomiance The Trust's income in 2023 totalled £803,207 of which donations amounted to £287,958 and legacies £402,408, summari5ed as follows-. Designated Unre5tri¢ted Unrestricted 2022 Restrlcted Total Total Donations, including Gtft Ald Value of Donated Assets for Retention 40,539 247,419 287.958 9,000 270.652 10,000 Legacies Interest 385,408 72,892 321 17,000 402,408 275.407 72,892 30,949 803,207 26,637 10,501 593,197 Other Income 30,628 Total Income 502,160 301,047 The Trust's expenditure in 2023 is summarised as follows:. Unrestricted 2022 Unrestricted Designated Restricted Total Total Grant5 Paid for Projects Museum and Archive 8,250 19,774 10,197 7,318 236,822 965,764 6,307 1.210.836 1.390,348 23,940 9,426 6,180 1,429.894 26,081 Administration 10,197 7,318 1,254,432 Fund Raising Total Expenditure 45.539 236,822 972,071 Grants to support charitable projects at the BILbebell Railway amounted to £1,210,836. Administration costs and fund-raising expenses remain at a very low level and are now substantially exceed by interest reCeId on cash deposits. Supporters can therefore be confident that all their gifts are spent for the direct benefit of the Bluebell Railway. As in 2022, expenditu in 2023 significantly exceeded income, partly due to the fact that no rna1 appeals were made to supwrters although fundraising continued for existing projects. Staff and volunteer5 have been concentrating on projects for which large sums had been raised in earlier year5. particularly for the conservation and repair of Horsted Keynes station and the planning application to reconstruct and rfropen the line between Horsted Keynes and Ardingly. With fundraising appeals planned for both 2024 and 2025. it is anticipated that in future the levels of income and expefiditu will be much closer.
THE BLUEBELL RAILWAY TRUST TRUSTEE'S REPORT {CONTINUEDI FOR THE YEAR ENDED31 DECEM8ER 2023 Flnancial review Donatlons Donations for 8eneral purposes to our unrestricted fund amounted to £40,539 12022 - £58,3291, and we received donations to restricted funds for 47 specific projects totalling £247,41912022 - £212,323). All figures include Gift Aid. In addition, the Museum and Arehive were given various assets valued at £6,00012022 £IO,0001. A5 mentioned above, no malor appeal was launched in 2023. Details of restricted donations tan be found in note 15,. significant amounts raised include £47.589 for the construction of the replica Brighton Atlantic "Beathy Head- No 32424 and its successor project, the overhaul of Adams Radial No 488.. £25,765 for the overhaul of the tender of Q Class locomotive No 541- £25,275 for track renewal and £21,601 for the overhaul of Maun5ell Restaurant Car no 7864. Le8a¢ies Whi15t most donations are for specific projects, the majority of gifts that are made in wills are not usually for any parkncular purpose and are therefore available to support any project that satisfie5 the Trust's charitable objecb'ves. In 2023 Unrestricted legacies totalled £385,40812022 £223,2231 and Restricted legacies for specific purposes totalled £17,(M)012022 - £52,184). The Governors are once again very fortunate that supporter5 have left le6acies in their wills to the Trust. In 2023 we were notified of 20 legacie5, varying in size from £250 to £178,634 and we are extremely gr*eful for them all. Unrestricted legacie5 enable the Trust to provide vital funds for project5 that have the highest priority whilst restrictetl legacie5 deliver funds for particular projects which might otherwise not be able to be carried out. However, by their very nat¢J it is impossible to predict from year to year the number, timing or level of legacie5 that mi8ht be received- compared with the 20 totallin8 £402,408 in 2023. in 2022 we receiv&1 6 legacies totallin8 £275,407 and in 202116 legacies totalling £916.123. This inevitable wide variatK)n from year to year restricts the Trust's ability to make long term fvnding commitments for project5 and therefore we necessarily operate on the basis of only agreeing to funding applications based upon known levels of avaSlable resources. Under the accounting rules for charities, le8acie5 must be recognised in our annyal accounts when we have been formally notified of them and their estimated amount and certalnty of payment has been established. even rf the payment ha5 not been received. As menb'oned above, in 2023 the Trust became entitled lolegacies totalling an estimated £402,408. Of the total legacies (lue for both 2023 and Previous years an estimated £180.776 had yet to be received on 31 December 202312022 £85,ocKII of which, at the time of completing this report, £166.953 has since been received. john Worby, who left us £178.634 was an avid lifelong llwaY and bus enthu5ia5t with an encYclopdiC knowledge, although with no recent active connection with the Bluebell Railway. Micheal Simmonds, tho left us £83,062 was also a keen railway enthusiast who lived close to the Bluebell before he moved to Cheshire some years ago. We are also extremely grateful for legacies from Derek Ayres, Philp Beard, Graham Berridge, Ronald Buflin8, Catherine Carter, Peter Fletcher, Robert Flewers, DSE Hall, Victor Gorham, Clifford Hawkins. Keith Jacobs, Alan Mann, Jean Neal, Douglas Rhodes, John Summersell and David Upton. All their gifts will make a huge difference to the ability of the Trust to support the Railway, particularly with the vitsl work ol maintaining its l¢xomotives, rolling stock and infrastructure which otherwise would not be possible. The charitable objective is ultimately the education, benefit and enjoyment of the Bluebell Railway and its unique collertion of historic assets by the general public.
THE BWE8ELL RAILWAY TRUST TRUSTEE'S REPORT ICONTINUEOI FOR THE YEAR ENDED31 DECEMBER 2023 Expenditure Planning for larger projects can often take a long time and therefore, once funds have been allocated for projects from Unrestricted funds, they are trdn5ferred to Separate Designated funds. This helps the Governors to monitor individual projects which the Trust is fundin@ and measure the level of uncommitted funds available for other projects. If financing commilments prove not to be required, either in whole or part, any unused funds are transferred back to the Unrestricted Fund to be used for other future projects. During the year a net amount of £357,74312022 £292.2151 was transferred to various Designated funds for specific current and future project5 that the Governors agreed to fund both durin8 the year and in the future. This incbjdes a net total of £96.71412022 - £221,457) for the further replacemenl of track and £50.00012022 - £50.IX)01 to meet the cost of training appntiCes, one of the specific charitable objectEves of the Trust. As mentioned previously, durin8 ihe year the Trust made grants to Bluebell Railway PLC toialling £1,210,836- 12022 - £1.394,5401. Delails can be found in notes 14 and 15 of the accounts but the most significant grants We..- A further £416,692 for the first phase of the conservation and repair work 8t Hor5ted Keynes Station, principally on the station house and platform S but also including r&routing of seNices to the rest of the station. A total of £170,071 for the overhaul of various locomotives inclLtding Bulleid Pacific 34059 Sir Archibald Sit)cla4r, Schools Class 928 Stowe, Q Class No 541, H Class No 263, P Class No 27 and Standard Class 2 Tank No 84030. £164.762 for the replacement of track £83,258 for the ongoing work on the planning application to re-open the railway line between Holsted Keynes and Ardingly and thereby secure access to Lywood Tunnel to facilitate the possible future reinstatement of the line between Horsted and Haywards Heath (Western Extension Project). The cost was met exclusively from donations speciftcally for the purpose. £61,206 for the construction of the replica of BTighton Atlantic No 32424, "Beachy Head" £36,517 for the salaries of apprentice5 and trainees in the locomotive and carriage and wagon works. Museum Under the terms of a tripèrtite agreement between the Trust, the Bluebell Railway Preservation Society and Bluebell Railway Plc, the Trust is responsible for the funding and operation of the Railway's awarckwinning Arts Council England Accredited Museum at Sheffield Park. the museum's content5 and its extensive reserve collection, the bulk of which are owned by the Trust. It is also responsible for and owns mosl of the ever- growing archive of historical papers, books, plans, photographs, and other important material relag to the Southern Railway and its former tonstituent companies. In 2023 the Trust was @iven responsibility for the management of the Steamworks locomotive exhibition in part of the running shed at Sheffield Park which it operates as an additional facility of the Museum. The detailed operation of the Museum, the Archive, and Steamworksl is delegated to a management committee. The Museum reserve collection is stored at Sheffield Park and at Horsed Keyne5 Station. Pending the construction of a purpose-built facility to house both the Museum reserve collectr'on and the Archive, ideally at Sheffield Park, the Archive is housed in an industrial unit at Holmwood, near Dorking where it can be inspected by interested parties.
THE BWEBELL RAILWAY TRUST TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 There is a dedicated team of c. 74 volunteers which works for the Museum and Archive. SteamWorks11s looked after by a team drawn from Museum, Locomotive and Sheffield Park Station vofjyntee. The total cost of operatt'ng the Museum, Archive and Steamworksl was £26,081 12022- £23,940) of which £6,307 12022 £4,192) was met from restricted funds specifically for the enhancement and conservation of the collections. The balance of the cost of £19,77412022 - £19,748) was met from the Trust's unrestricted fund of which by far the largest element was the cost of the Tent and other occupational costs of the temporary industrial unit at Holmwood near Dorking. In addition, Bluebell Railway PLC meets all the cost of providin8 the Museum premises at Sheffield Park and the insurante of the Museum's assets and the Archive. Net Assets The balance sheet in the accounts shows that at 31 December 2023 the Trust's total net assets amounted to £3,173.35912022 - £3,624,584) This includes its significant Collertion of Heritage Railway Items, as well a5 it5 three locomotives SECR 01 Class No 65. H class No 263, and C Class 592. The total hisioric book cost was £433,01012022 £374,133) but the overall current value is likely to be considerably more than this. The assets a150 include 56,07112022 - 56,0711 shares in 801SI Locomotive Company Limited which represents just over 40% of the total shares issued by that company. The duCtIon in net assets of some £450,OLK) can be broadly explained by the fact that expenditure in the form of Grants to Bluebell Railway PLC ft)r charitable projects exceeded income by that amoL*nt. The Governors are not unduly concerned about this as the bulk of the additional expenditure is represented by costs of two projects the consernation and Tepair work at Horsted Keynes Station and the planning application for the Westefn Extension to Ardingly- totalling almost £5CM),000, specilic funds for whith had been raised in 2022 and previous years. Other than the heritage assets referred to above, the principle asset5 of the Trust at 31 December 2023 consisted of: £2.670,18012022 - £3,395,371) in bank and building Society accounts. the bulk of which was held in 1nte$t-bearing account5 to minimi5e investment risks. Bank counterparty risk is regularly monitor by review of cTedit ratings. With interest rates having increased during the year, the Trust has and will continue to earn significant amoLtnts of interest on tts deposits. £229,72012022 - £111,984) of debtors lamounts owing to the Trus11 of which £180,776 12022 £85,O¢XJI was for legacies of which the Trust has been notified as being payable to it, but which had not been paid at the end of the year. As mentioned elsewhere, at the time of completin8 this report £166,953 has since been received. £31,87512022 - £3,473) was the amount of interest earned but not yet paid on deposits with banks and building society accounts and £11,31412022 - £22,998) was the arnount of Gift Aid due from HMRC, all of which has since been received. On 31 December 2023 the Trust had liabilities of £215,622 12022 - £312,9751 mostly representing grants payable by the Trust to Bluebell Railway PLC in respect of costs incurred in 2023 on projects being funded by the Trust bul which had not been paid by 31 December 2023. Of the total net assets of £3,173,359 on 31 December 2023.' £1,847,82612022 £2,518,807) was held for 69 separate restricted funds for specific projetts. Of this £161.80712022 - £137,204) repwented the book tost of the restricted assets of the Museum and ArchSve. £453,35312022 - £332,432) was held for 16 designated fvnds for projects for which the Goverriors had agreed to provide fundlng.
THE BLUEBELL RAILWAY TRUST TRu¥fEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 OECEM8ER 2023 Net assets Icontinuedl £872,180 12022- £773.3451 was held for the TfU5t'5 Llnrestricted fund. However, £338.OCK)12022 £293.(KK)I represented the book tost of the Trust's unrestricted heritage assets and investments mentioned above and was not available for funding projects, leaving a net E534,17912022 - £480,345) notionally available for grant5 for projects. But this is before allowing for a reserve for expenditure. The Governors have kept under review their policy on the level at which tsnrestricted fund5 which have not been designated for a specific purpose should be retained as a reserve. As mentioned previously, by their very nature, the income from legacies to unrestricted funds is very variable and therefore difficult to wedict. With a view to ensuring that funds wlll be available for projects that often have to be planned a year or more in advance, the Trust continue5 to retain £2LKJ,orx) for this purpose. In addition, it is retaining £20,LNX), being the equivalent of the cost of operating the 81uebell Railway Museum and administering the Trust for six months. The Governors therefo consider that the Trust'5 total reserves should be set at £220,000, a level that will ensure that, in the event of a 5i8nificant drop in funding13nd parricularly legacies), they will be able to continue the Trust's current activities while consideration is given to ways in which additional fund5 may be raised. Plans for the future As mentioned previously, there was no major appeal in 2023. The priority W35 and still is to deal with the projects already in hand. many of which were delayed due to the Covid pandemic. The second year of the major con5èrvats.on and repair scheme of grade 11 listed Horsted Keynes station was completed in 2023 and elsewhere staff and volunteers in the locomotive, carriage and wagon and infrastructure departments are all working hard on current projects. The Governors have launched an appeal for the overhaul of P Class locomotive No 323 "Bluebell" where repairs that are needed to the boiler have proved to be far more extensive that anticipated. A limbted appeal has also been made for funds for new coping stones for the edge of Platform l at Horsted Keynes. It was also intended that an appeal for the second phase of the jewel in the Crown Appeal for the on-going conservation and repair work of Horsted Keynes station would be launched with a view to work startire in the spring of 2025. However. detailed planning is currently being undertaken for the Railway's parhcipation in Network Rail's 2025 "Rail 200" celebration of the 20rJ anniversary of the Stockton to Darlington Railway. If this event goes ahead, it will be centred on Horsted Keynes during the summer of 2025, which will preclude anv further major repair work being carried out on the station until 2026. Fundralsing will therefore l adjusted to fit In with revised timin8. It ha5 been widely reported that the construction of replica Brighton Atlantic No 32424 "Beachy Head" has been completed and it successfully entered service in August 2024. Its place in Atlantic House has len taken by two LSWR Adams designed locomotives, B4 No 96. "Normandy" and the radlal tank No 488 lappropriatdv also a 4-4-2 Atlantic) where they will both be overhauled. Fundraislng for the 84 wi15 be carried out by the Bulleid Society which owns that locomotive. Fundraising on behalf of the Trust for the Radial tank has commenced and is being carried out by its supporting team. The Governors a in regular discussions with the directors of Bluebell Railway PIC about other ptDjects that are likely to have the highest priority for consideration of funding from the Trust over the next decade.
THE BLUEBELL RAILWAY TRusr TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEM8ER 2023 All heritage railways are Suffering from a combination of escalating costs, parDcularly of coal, electricity. and materials for the malntenante of locomotives, rolling stock and infrastructure and reduced levels of discreb'onary spending available to our visitors. The future therefore remains challenging although the public has responded well to support the wide range of additional events that have been introduced which has resulted in higher levels of both visitor numbe and income for the Railway. However, it 15 unlikely that the Railway wlll be able to generate sufficient extra income in the foreseeable future to meet the high costs of overhauling and maintaining its extensive Ileet of locomotives and rolling stock or any major work its infrastructLtre. It is therefore likely that, provided our supporters maintain their generosity, the Trust will continue to be able play a significant part in the provision of funds to the Railway for those projects that meet its charitable objectives. Strurture. Bovernance and management The Trust is constituted under a Irust deed dated 20 May 1985, and its objects and powers, as amended by a deed dated 7 November 2017 and an order of the Charity Commission dated 20 February 2018, are set out therein. The Trustee who served durin8 the year was BRT Trustee Ltd, a company limited by guarantee. BRT Trustee Ltd 15 managed by its dirertors, known as Governors. Those who served during the year were- MrLJBee Mr V F N Blackburn FCA MrTCCole Mr M Wjohnson Mr P Churchman MrRA5almon MrT A Swainson MrCTyson MrRJWatts MBE (Resigned 30 May 20241 (Appointed 6 December 20231 (Resigned 4 March 20241 (Appointed 15 June 20241
THE YWEBELL RAILWAY TRusr TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 The Governors are supported by Mr T l Allen. the company secretary, a team of Trust administration volunteers, and Museum and Archive volunteers and stewards. The maximum number of Governors is ten of whom the Chairman for the time being of BRPS 15 one and another is nominated by BRPS. Appointment5 are made by the Board of Governors after con5LFltalion with the BRPS and app04ntments must be confirmed by election by the members at the subsequent Annual General Meeting. The member5 of the company are the Governors for the time being. New Governors are provided with a copy of the Trust Deed las amended), 8nd copies of the minutes of retent Governors, meetings, annual account5 and Charity Commission 8uidante for Trustee5. They are also given detailed batkground information about the Trust and the procedures in place for dealing with appli¢aions for rants and the subsequent monitoring of projects that the Trust has funded. The Governors have also ptsblished detailed regulations which set out the basis on which they will operate and the Trust will be administered. The Governors conduct the business of the Trustee Company at board meetings, usually held bMonthly, but have delegated the day to day rnnnir)g of the Trust to the Chairman, who is also the Administrative Governor. and to the Fundraising Governor. Matters on which decisions by the Governors are required between board meetings are dealt with by electronic mail. The Governors work closely with Bluebell Railway PIC to review and prioritise the projects that potentially meet the Trust's charitable objectives and which can be funded by the Trust. The Governors, Risk Management Poliq is kept under review. The Trust Sectary maintains a register of the major risks to which the Trust is exposed and regularly reports to the Governors on them. In particular. regular Governo. meetings are held at which careful reviews of the Trust's ftJndin8 and available resources a carried out to ensure sufficient monies are held for restricted and designated funds and the Trust's ongoing costs and general commitment5. The Governors conslder that they are the key management personnel of the charity in charge of directing and controlling it,. running and operating the charity on a day to day basi5 IS the responsibility of the Administrative Governor. All Governors give up their time freely and no remunefation was paid in the year. Details of their expenses and related party transactions are disclosed in notes 8 and 18 to the accounts. Governors are required to disclose all relevant interests and register them with the Trust Secretary and, in accordance with the Trust's policy, withdraw from decisions where a conflict of interest arbses. The Trust doe5 not have any employees but Ss supported by voluntee, none of whom receives any remuneration.
THE BLUEBELL RAILWAY TRUST TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Fundraising Statement Tlie Trust is registered with the Fundraising Regulator and has commitlEd to the Code of Fundraising Practice 15ee www.fundraisingr&£ulator.org.uk l. This dovetBIls W5th the Trust's obligation5 under the Charities Act 2016. The Trust welcom&s individual donations (including Gift Aid), and gifts in wills. Such funding may be provided as a general donation or for a specific project or purpose. Hence the Trust manages a range of 'Re5trict*d Funds, ensuring that such monie5 are used only for their intended purpose. All fundraisinÉ activity undertaken by the Trust. and by various Bluebell RaIlwaY-1ated gYoup5 to 5UPPOrt specific projects. is under the supervision of the Governors. As mentioned previously, no major fundtnE appeal was launched in 2023. However, groups supporting riOUS Specific projects were active in raising funds for the Trust. In total, the Trust received donations from supporters totBlling £287,998for 3 wide range of mainly restricted fund5. Many donètions are made on a regular basis by standing order. In addition. people with known interests in othÈr particular projects were approached Individually with a view to obtainirng their support. Durin8 2023 the Trust h3s not used or employed any third-party organi5ation to undertake funclraising The Governors are mindful of the requirements of the Fundraising Preference Service. No individuals have used thi5 n3tion31 service to opt-out ol Bluebell-related promotions. No complaints have been received by the Trust regarding it5 fundraising acrivities, and Governors believe Ihey have complied with. and not breached, the terms of the Code ol Fundraising Practice. The Trust observes the requirements of the Data Protection Act 2018, including the ri8ht5 of Individuals regardin8 the use ol their personal inforrnation. The Trust has Complaints Policy which would be made 3vai12ble shovld the need arise. All Governors are alert to the importance of Safeguarding. The nature of the Trust's fundraising activities. and their purpose, a not of type5 that would affect or put pressure upon individua15. includin8 those deerned vulnerable. The Trust does not engage in telephone or online direct marketing and neither does it operate a lottery. The Trust adheres to the Bluebell Railway PIC'5 rule5 on Equal Opportunities, applicable to all volunteers. Volunteer5 The Trust carries Out its role entirely with the help of volunteers,. there are no paid st3ff. Apart from the team which deals with the administration and finance5 of the Trust's ever increasingly complex affairs, there are approximately 74 v¢>lunteer5 who help run the Museum, look after the Archive and assist with Steamworksl Once again, the Governtsrs would like to extend their thanks to them all for their dedication and hard work. Disclosure of infoYm8tlon to auditor Each of the Trustee has confirmed rhat there is no inlorrnation of which they are aware which is relevant to the audit, but DI which the auditor is un3W3re. They have further co¥tfirmed that they have taken appropriate Steps to identify such relevanr information 8nd to establish that the auditor is aware of such information. he Trustee report was approved by the Board of Governors on.. Mr V F N Blackburn FCA GoverrioT on behalf of BRT Trustee Limited Dated..
THE BLUEBELL RAILWAY TRusr STATEMENT OF TRUSTEE RESPONSIBIUTIES FOR THE YEAR ENDED 31 DECEM8ER 2023 The Trustee is responsible for preparing the Twstee Report and the accounts in accordance with applicable law and United Kingdom Accountin8 Standards (United Kin8dom Generally Accepted Accounting Practice). The law applicable to charities in England and Wale5 requires the Trustee to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that year. In pparIng these actounts, the Trustee is required to.. select suitable accounting policies and then apply them con5iStentlyJ - observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subjert to any materlal departures distlosed and explained in the accounts- and prepare the actounts on the goin8 concern basis unless it is inappropriate to presume that the trust will continue in operation. The Trltstee is responsible for keeping proper accountin8 records that disclose with reasonable accuracy at any time the financial posits.on of the Trust and enable them to ensure that the accounts comply with the Charities Art 2011, the Charity (Accounts and Reportsl Regulations 2008 and the provisions of the trust deed. It is also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. 10-
THE BLUEBELL RAILWAY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSfEE OF THE BLUEBELL RAILWAY TRUST Oplnion We have audited the financSal statements of The Bluebell Railway Trust (the Yrust'l for the year ended 31 December 2023 which comprise the statement of financial activities. the balance sheet. the statement of cash flows and the noies to the financial statements, including a summary of signifi'cant accounting polities. The financial reportin8 framework that has been applted in their Preparation is applicable law and United Kingdom Accounting Standards, intluding Financial Reporting Standard 102 The Finoncigl Reporting Standard opplicoble In the UK und Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a Irue and fair view of the State of the charity's affatrs as at 31 December 2023 and of its incomin8 resources and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting practi.. and have been prepared in accordance with the quIreMentS of the Charities Act 2011. Basis for opinion We tonducted our audit in accordance with International Standards on Auditr"ng IUKI IISAS IUKII and applicable law. Our responsibilities under those Standards are further described in ihe Auditor s responsibilitiesfor the oudlt of the finonciol statements section of our report. We are independent of the Trust in accoidance with the ethical requirements that are relevanl to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffi.cient and appropriate to provide a basis for our opinion. Conclusions relating to 804n8 concern In auditing the fi.nancial statements, we have concluded that the Trustee use of the going concern basis of accountin8 in the preparation of the fi'nancial statements is appropriate. 83sed on the work we have performed, we have not identified any material uncertainties relating to events or condition5 that. individually or collectively, may cast significant doubt on the Trust's ability tocontinue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our SpOnsIbl11es and the responsibilities of the Trustee with respect to 8obn8 concern are described in the relevant section5 of this report. Other intormation The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustee are responsible for the other inform8tion contained w¢thin the annual report. Our oplnion on the financial statements does not cover the other infofmalAir¢ and we do not express any form of a55LFrance conclusion thereon. Our responsibility is to read the other ink)rmation and, in doing $0, consider whether the other information is materially inconsistent with the linancial strtements or our knowledge obtained in the course of the audit, or othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstaternents, we are required to determine whether this gives rise to a materbal misstatement in the financial statemer¢ts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 11
THE BLUEBELL RAILWAY TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRusfEE OF THE BLUE8ELL RAILWAY TRusr Matter5 on which we are required to report by emception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2(J)8 require us to report to you if, in our opinion.. the information given in the financial statements 15 inconsistent in any material respect with the Trustee report,. or stjffi'cient accountfng records have not been kept,. or the financlal statements are not in agreement with the accounting records,. or we have not received all the information and explanations we requlre for our audtt. Responslbllitles of Trustee As explained more fully in the Statement of Trustee Responsibllities, the Trustee Is responsible for the preparation of the accounts and for bein8 satisfied that they give a true and fair view, and for such internal o)ntrol as the Trustee determines is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. In preparing the accoLtnts, the Trustee ts responsible for assessing the Trust's ability to continue as a going concern, disclosing, as applicable, matter5 related to going concern and using the going concern basis of accountr'ng unless the Trustee either iritends to liquidate the charity or to cease operations, or has no realistic alternative but to do 50. Audttor's responslbilities for the audit of the financial statements We have been appointed a5 audilors under section 144 of the Chaiities Act 2011 and report in accordance with the Act and relevant fegLTrlations made or having effed thereunder. Our objectives are to obtain reasonable a55urance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to Issue an auditor's report that include5 our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conthcted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reOnablY be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regltlations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Extent to which the audit was considered capable of detectfng Irregularities. including fraud The objectives of our audit, in respect to fraud, are.. to identify and assess the risks of materia misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misststement due to fraud. through designing and implementing appropriate respoftses. and to respond appropriately to fraud or susperted frayd identified during the auilTt. However, the primary SponSIbl1rtY for the prevention and detection of fraud rests with both those charged with Eovernance of the entity and its management. 12-
THE BLUEBELL RAILWAY TrUST INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEE OF THE BLUE&ELL RAILWAY TRusr Our approach was as follows- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discijssion with the directors 3nd other management las required by audlting standards), and discussed with the directors and other management the policies and procedure5 regardin8 compliance with laws and regulations; We identified the followin8 areas as those most likely to have such an effect- General Data Protection Regulation IGDPRI,. fraud and bribery and corruption. Auditing standards limit the required audit procedures to identify non-compliance with these law5 and re8ulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any. The identified &tual or suspected non-cornpliance was not suffi'ciently signih'cant to our audit to result in our response bell18 identified as a key audit matter. We considered the legal and regulatory frameworks dirertly applicable to the linancial statements porting framework IFRS 102, Charities SORPIFR51021 and the Charities Act 20111 and the relevant tax compliance regulations in the UK: We considered the nature of the industry, the control environment and business performall, including the key drivers for management's remLtneration- We communicated identilied laws and regulations throughout our team and remained alert to an Indications of non-compliance throughout the audit; We considered the procedures and eontrols that the charity has established to address risks identified, or that otherwise prevent, deter and detect fraud,. ond how senior management monitors those programmes and controls. Based on this understandlng we designed our audit procedure5 to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included.. testing manual journals- reviewing the financial statement disclosures and testing to supporting documentation,. performing analytical procedures,. and enquiring of management, and were designed to Provide reasonable assurance that the financial statements were fr from fraud or error. (fv4ing to the inherent limitations of an audit, there is an unavoldable rlsk that we may not have detected some material misstatements in the financial Statements, even though we have properly planned and performed our audit in accordance wilh auditing standards. For example. the further MOVed non-compliance with laws and regulations lirregularitiesl is from the events and transactions refiected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater Barding irregul8rib.es occurring due to fraud rather than error, as fraud involves intentional c0ealMent, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations A further description of our responsibilities is available on the Financial Reporting Council's website at.. https:/l www.frc.org.uk/auditor5responsibilities. Thls description form5 part of our auditor's report. 13-
THE BLUEBELL RAILWAY TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUEOI TO THE TRUSTEE OF THE BLUEBELL RAILWAY TRUST Use of report This report is made solely to the charity's trustee, in accordance with part 4 of the Charmes Ikcounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trL¢Stee those matters we are required to State to them in an audStors' report and for no oiher purpose. To Ihe fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the chaiity and the charity's trustee, for our audit work, for this report, or for the opinions we have formed. TCGroup Statutory Auditor Oflice." Lewes TC Group is eligible for appointment as auditor of the TrLtst by virtue of its eligibility for appontrrtent as auditor of company under of section 1212 of the Companie5 Act 2(Y)6 14_
THE BLUEBELL RAILWAY TRUST srATEMENT OF FINANCIAL A1VITIEs INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Current financial year Unrestrl¢ted Ufirestricted funds funds general designated 2023 2023 Restricted funds Total Total 2023 2023 2022 Notes Income and endowments from: Donations and legacies Investments Other incorne 428.947 72,892 321 270,419 699,366 72.892 30,949 556,059 29,637 10,501 30,628 Total income 502,160 301,047 803,207 596.197 ExpendituTe on: Raising fund5 Charitable activities 7,318 38,221 7,318 1,247,114 6,180 1,423,714 236,822 972,071 Totsl expenditure 45,539 236,822 972,071 1.254,432 1,429,894 Net incomellexpenditurel 456,621 1236,8221 1671,0241 1451,2251 1833.6971 Transfers between funds 1357,7861 357,743 43 Net mo*ment in funds 98,835 120.921 1670,9811 1451,2251 1833,6971 Reconciliation of funds: Fund balances at l January 2023 773,345 332,432 2,518,807 3,624.584 4,458,281 Fund balances at 31 December 2023 872,180 453,353 1,847,826 3,173,359 3,624,584 The statement of financial athvitie5 includes all gains and 105ses recognised in the year. All income and expenditure derive from continuing activities.
THE BLUEBELL RAILWAY TRusr STATEMENT OF FINANCIAL ACTIWnES ICONTINUEDI INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 OECEM8ER 2023 Prlor financlal year Unrestrlrted Unrestrlcted funds fvnds genernl deslgnated 2022 2022 Restrirted funds Total 2022 2022 Notes Income and endowments from: Donations and legacies Investments Other Income 281,552 29,637 358 274,507 556,059 29,637 10,501 10,143 Total Income 311,547 284.650 596.197 Expendlture on: Raising funds Char5table activities 6,180 29,174 6.180 1,423,714 365,275 1,029,265 Total expenditure 35,354 365,275 1,029,265 1,429,894 Net incomellexpenditure} 276,193 1365.2751 1744.6151 1833,6971 Trarhsfers between funds 1307,6791 292,215 15,464 Net movement In funds 131,4861 173,0601 1729,1511 1833,6971 Recon¢lllation of funds: FLtnd balances at l January 2022 804,831 405,492 3.247,958 4,458,281 Fund balances at 31 December 2022 773,345 332,432 2,518,807 3,624,584
THE BLUEBELL RAILWAY TRUST BALANCE SHEET ASAT31 DECEMBER 2023 2023 2022 Notes Flxed a55ets Tangible assets Investments li 12 433,010 56.071 374.133 56,071 489,081 430,204 Current assets Debtors Cash at bank and In hènd 13 229,720 2,670.180 111,984 3,395,371 2.899,900 3,507,355 Creditors: amounts falling due withln one year 14 1215,6221 1312,9751 Net cur¥ent assets 2.684,278 3,194,380 Total assets less Current liabilities 3,173,359 3,624,584 The fund5 of the Trust Restricted income lund5 Unrestricted funds- general Unrestricted fund5- designated 15 1,847,826 872,180 453,353 2,518,807 773,345 332,432 16 3,173,359 3,624,584 financial statements were approved by the Trustee on 23 DeTE)QEi CVk/ I Mr V F N Blackburn FCA Governor on behall of BRT Trustee Limited Mr T A 5wainson Go¥erFtor on behalf of BRTTrustee Limited 17
THE BLUEBELL RAILWAY TRUST srATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operatlng artlvltles Cash (absorbed byllgenerated from operations 19 1739,2061 56,970 Investin8 activlties Purchase of tangible fixed assets Investment income receiveil 158,8771 72,892 17,989 29,637 Net cash generated from In¥estln8 activities 14,015 21,648 Net cash used in financing actIvie$ Net {decreè5el/increase in cash and cash equivalents 1725,1911 78,618 Cash and cash equivalents at beginning of year 3,395.371 3,316,753 Cash and cash equivalents at end of year 2,670.180 3,395,371 18-
THE BLUEBELL RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ountin8 policies Charfty information The Bluebell Railway Trust is a charity registered in the United Kin8dom. The principal address is Eiven in the charsty legal and administrative information of these financial statements. The nature of the Trust's operations and principal artivities are included on page l. 1.1 Accounting ¢onvention The financial statements have been prepared in accordance with the T¥ust's governing document, t Charities Act 2011 and "Accounting and Reporting by Charities: Ststement of Recommended Practice applicaljle to charities preparing their accounts in ateordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 (effective l January 20191" The Trust is a tljblic Benefit Entity as defined by FRS 102. The financial statements are prepared in sterllng, which is the functional currency of the Trnst. Monetsry amounts in these financial statements are rounded to the nearest £. The financial staternent5 have been prepared Ltnder the hSstorical tost convention. The principal aoUnting policies adopted are set out below. 1.2 Going COern At the time of approving the finantial ststements, the Trustee have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustee continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds General funds are unrestricted funds which are available for use at the discretion of the Trust tn furtherdnce of the general objectives of the charity and which have not been tlesignated for any other purpose. Restricted funds a funds which are to be used In accordance with specifFc StrictOn5 imposed the donors or which have been raised ljy the charity for pacl¢lar purposes. The aim and use of each restricted fund is set out in the notes to the financial statements. Designated funds comprise unrestricted funds that have been set aside by the Trustee for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 1.4 Income Income is recognised when the TT115t is legally entitled to it after any performance conditions have been met, the amount5 can be measured reliably, and it is probable that income w111 be received. Cash donations are recognised on receipt. Other donations are reco8nised once the Trust has been rK)tified of the donation, unless performance conditions require deferral of the amount. Income tax recoverab in relation to donations received under Gift Aid is cOgnised at the time of the donation. For legacies, the receipt is considered probable when there has been a grant of probate,. the executors have established that there are sufficient assets in the estate, after settling any liabilitie5, to pay the legacy,. and any conditions attached to the legacy are either within the control of the charity or have been met.
THE 8WEBELL RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED31 DECEM8ER 2023 Aecountlng policies {Continuedl Donated services or facilities are recognised when the Trust has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Trust of the item is probable and that economic benefit can be measured rellably. In aecorLfance with the Charities SORP IFRS 1021, the general volunteer time is not recognised. 1.5 ExpendSture Expenditure is recognised once there is a legal or constructive obligan'on to make payment to a third party, it is probable that Settlement will be required and the amount of the obligation can be measured relialAy. All expendit{J is accounted for on an accruals basis. All expenses including support costs and 8)vernance costs afe allocated to the applicable expenditure headlngs. 1.6 Tan8lble fixed ass5 No depreciation has been Provided on the tangible fixed assets because these are railway items olhistorical Interest. It is the Trust'5 policy to maintain its collection at their current condition and the items are deemed to have indeterminate lives. The trustee therefore does not consider it appropriate to charge depreciation. 1.7 Fixed asset investments Fixed asset investments are Trnitially measured at transaction price excluding transaction Costs, and are subseqtsently measured at fair value at each reportr'ng date. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed a5 incurred. 1.8 Impairment of fixed assets At each reporhng end date, the Trust reviews the tarrying amounts of its tangible and intsngible 8ssets to determine whether there is any indication that those assets have suffered an impaSrment10s5. If any such indication exists, the recovernble amount of the asset is estimated in order to detemiine the extent of the impairment loss lif any). 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand, dep051ts held at call with banks, other short.term liquid investments with original maturitie5 of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. l.lo Financial instruments The Trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instrument5 Issue5, of FRS 102 to all of its linancial instruments. Financial instruments are recoBnised in the Trust's balance sheet when the Trust becornes party to the contractual provisions of the Snstrument. Financial asset5 and liabilities are offset. with the net amounts presented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention tosettle on a net basi5 or to realise the asset and settle the li8bility simultaneouslv. -20-
THE 8WEBELL RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONnNUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policles Icontfjnuedl Basicfinancial ossets Basic financial assets, which include debtor5 and cash and bank balances, are initially measured transaction price including transaction cost5 and are subsequently tarried at amortj.sed cost Using the effertive interest method unless the arrangement constitutes a financing transaction. where the Iransaction is measured at the Present value of the future receipt5 discounted at a market rate of inte$t. Flnancial assets classified as receivable within one year are not amortised. 805icfinancial liobilities Basic financial liabilitr"es, including creditors and bank loans are initially recognised at transaction price unless the arrangement conskntutes a financing transaction, where the debt instrument is measured at the psent value of the future payments discounted at a market rate of interest. Financial liabilities classifi'ed as payable within one year are not amorti5ed. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for Eoods or services that have been acquired in the ordin¥ course ol operations from suppliers. Amounts payable are classified a5 current liabilitie5 if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measUd at amortr'sed cost Using the effective interest method. Dere¢ognition offin¢7ncit71 liabilities Financial liabilities are dereco8nised when the Trust's contractual obligations expire or a distharged or cancelled. Incorne from donatfons and legacles Unrestrlrted Restrirted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Donations and gifts Le8acies Donated assets 40,539 385,408 247.419 17,(Kl) 287,958 402,408 58,329 223,223 212,323 52,184 io.oc 270,652 275,407 io,o(y) 428,947 270,419 699,366 281,552 274,507 556,059 21
ThE BLUEBELL RAILWAY TRUST NOTES TO THE FINANCIAL sfATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Income from investments Unrestricted Unrestrl¢ted funds fvnds 2023 2022 Interest receivable 72,892 29,637 Other Income Unrestrirted Restricted funds funds 2023 Total Unrertri¢ted Restrlcted fvnds funds 2022 2022 Total 2023 2023 2022 Other income 321 30,628 30,949 358 10.143 10,501 Expenditure on ral$lng funds vnrtrIrted Unrestricted funds lunds 2023 2022 Costs of generatin8 donations and le8acie5 7,318 6,180
THE BWEBELL RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activities 2023 2022 Restoration and projert costs Govemance t05t5 1,236.917 1,414,288 10.197 9,426 1,247.114 1,423,714 Restoration and projert Costs Museum costs Designated fund expenditure Restricted fun(1 expenditure 28.024 19,748 236,822 365.275 972,071 1,029,265 1,236,917 1,414,288 Net movement in funds 2023 2022 The net movement in fLtnds is stated after chargingllcreditingl.. Fees payable for the audit of the charity's financial statements 7,260 6,600 Trustee None of the Governors lor any petsons eonnected with thernl received any remuneration or benefits from the Tw5t during the year12022- £nill. During the year, 5 Goveinors 12022 61 made donations totalling £2,74612022 - £6,341) to The Bluebell Railway Trust. Employees The average monthly number of employees during the year was.. 2023 2022 Number Number Totsl There were no employees whose annual remuneration was more than £60,CX)O.
THE BLUEBELL RAILWAY TRUST NOTES TO ThE FINANCIAL ATEmENTs (CONTINUED} FOR THE YEAR ENDED31 DECEMBER 2023 10 Taxation The charity is exempt from taxation on its activities because all its intome is applied for charitable purposes. 11 Tanglble fixed assets Heritage Railway Items Cost At l January 2023 Additions 374,133 58,877 At 31 December 2023 433.010 Carrying amount At 31 December 2023 433,010 At 31 December 2022 374,133 Heritage asset5 held are Railway items acquired at cost rf purchased or valuation if donated. They are held in support of the Bluebell Railway's objective5 of maintenance and 5UPPOrt of the museum for the preservation of Railway equipment. A five year summary of heritsge asset transactions is as follows-_ 2023 2022 2021 2020 2019 Railway items Additions at cost Disposals at carrying value 58,877 7,989 224,722 17,205 2,322 24-
THE BLUEBELL RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 12 Fixed asset investments Unllsted Investments Cost or valuation At l January 2023 & 31 December 2023 56,071 Carrylng amount At 31 December 2023 56,071 At 31 December 2022 56,071 The unli51ed investment is a holding of 56,071 £1 ordinary shares in The 80151 Locomotive Companv Limited. representing 40.3% of the total. Debtors 2023 2022 Amount5 fallin8 due withln one year: Trade debtors Other debtors Prepayments and accrued intome 180,776 37,630 11,314 85.OQMJ 3.986 22,998 229,720 111,984 14 Creditors: amounts falling due wlthln one year 2023 2022 Other creditors Accruals and deferred income 208,362 7,260 306,375 215,622 312,975 2.fj_
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THE BLUEBELL RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED31 DECEMBER 2023 17 Analysis of net assets between funds Unrestrirted Vnrestrlrted funds funds general designated 2023 2023 Restrlcted funds Totsl 2023 2023 At 31 December 2023: Tangible assets Investments Current a55ets/lliabilitiesl 281.929 56,071 534,180 151,081 433,010 56,071 2,684,278 453,353 1,696,745 872,180 453,353 1,847,826 3.173,359 Unrestfirted Unrestricted funds funds general designated 2022 2022 Restricted fund5 Tota 2022 2022 At 31 December 2022: Tangible assets Investments Current assetsllliabilitiesl 236,929 56,071 480,345 137,204 374,133 56.071 3,194,380 332,432 2,381,603 773,345 332,432 2,518,807 3,624,584 18 Related party trnnsartions There were no disclosable related party transactions (iuring the year12022- none). 19 Cash geneftted from operalions 2023 2022 Deficit for the year 1451,2251 1833,6971 Adjustments for- Investment income recognised in statement of financlal activities 172.8921 129,6371 Movements in working capital: Ilncreaselldecrease in debtors IDecreasel/increase in creditors 1117,7361 197,3531 685,502 234.802 Cash (absorbed by}/generated from operatlons 1739,2061 56,970
THE BLUEBELL RAILWAY TRVST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR EAIDED 31 DECEMBER 2023 20 Analysis of changes In net funds The Trust had no material debt during the year.