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 pe￿On$ 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 rai￿aY 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 reCeI￿d 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 encYclop￿diC
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 app￿ntiCes, 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 rela￿g 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 l*en 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 b￿Monthly, 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 Sec￿tary 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 p￿parIng 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 ￿SpOnsIbl11￿es 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 re￿OnablY 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 c0￿ealMent,
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 A￿1VITIEs
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 actIvi￿e$
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 a￿oUnting
policies adopted are set out below.
1.2 Going CO￿ern
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 ￿Strict￿On5 imposed ￿ the
donors or which have been raised ljy the charity for pa￿cl¢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 ass￿5
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 p￿sent
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 measU￿d 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
vnr￿trIrted 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.