Charity Registratlon No. 292497 THE BLUEBELL RAILWAY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ORtyJP BUSINESS ADVISORS ACCOUPITANTS One 8ell Lane Lewes E35t Sussex BN7 IJU
ThE BLUEBELL RAILWAY TRUST CONTENTS Page Company information Trustee report 2-10 Statement ol Trustee responsibilities li Independent auditor's report 12-15 Statement of financial activities 16-17 Balance shèet 18 Statement of cash flows 19 Notes to the financial statements 20-38
THE BLUEBELL RAILWAY TRUST CHARifi INFORMATION Trustee BRT Trustee Limited Governors Mr V F N Blackbuin FCA MrTCCole Mr M W Johnson MrRASalfflon Mr CTyson Mr RJ Watts M8E (Appoirbted 15 June 20241 Secretary Lance Allen Charfty number 292497 Pilncipal address Sheffield Park Station ShefField Park Uckfield East Sussex TN22 3QL Audltor TC Group One Bell Lane Lewes East Sussex BN7 IJU 8ankers Natwèst Business Centie l Muster Green Haywards Heath West Sussex RH16 4AP
THE BLUEBELL RAILWAY TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 BRT Trustee Ltd. the sole Trustee of The Bluebell Railway Trust 1.the Trust"), presents its report and financial statements for the year ended 31 December 2024. The financial Statements have been prepad in accordance with the atcounting policies set out in note I to the financial statements and comply with the Trust's governing document, the Charities Act 2011 and 'Accountin8 and Reporting by Charities.. Statement of Recornmended Practice applicable to charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffectlve l January 20191. BRT Trustee Ltd is man3ged by its direclor5, known as Governors. Oblectlves and acdvltles The principal objects of the Trust are the encouragement of research into railway equlpment and safety, the maintenance and 5UPPOrt of museums for the preservation of railwèy equipment. the provision of facilities for ¢reation activities connected with railway5 and the a5SlStance of person5 in need connected wtth railway employees. Subject to these objects the Governors may bear especially in mind charitable purposes connected to the Bluebell Railway. The Tiust is an independent charity Inumber 2924971 whose princlpal purpose is to raise funds to support the work of Bluebell Railway Plc18 "Not for Profit" company) to which it makes grants for various specific purposes. It does not Own any shares in the company. However, being a chaTlty, the Trust is bound by Charity Commission regulation5 and its activities must be for the benefit of the general public. The Governors wo¥k closely with 81uebell Railway PIC to review and prioritSse the projects that poterbtially meet the Trust's charitable objectives and which can be funded by the Trust. The Trust tswns three steam locomotives - SECR 01 Class No 65, H Class No 263, and C Class No $92 - and various historic carriages and wagons. The Trust operates the Railway'5 Arts Counc*l EnBland Accredited hrtuseum at Sheffield Park and owns most of the artefacts on display and in it5 reserve collection. The Trust also maintains the Railway's archive of historSc railway documents, rnaps, plan5, books, photographs and other material. most of which are owned by the Trust d are kept in an industrial building at Holmwood. near Dorking. In addition. the TnJ5t now has re5ponsibillty for the management of the Steam Works locomotive exhib¢tioTr in part of the running shed at Sheffreld Park and operates it as an additional facility ot the Museum. The Governors have paid due regard to guidance issued by the Charity Commission in dlding what attivÈties the Trust should undertake and are mindful ol the need to ensure th3t such activities provide public benefit. The Governors believes that the artivities of the Trust do provide such benefit primarily from assisting with the preservation of historic structures and rolling stock and ensuring that these are fully avallable to the pub15c for current and future generations to visit. examine and enjoy. The Trust has contlnued to make grants for the preservation of historit rolling stock and railway related buildin85 and infrastrurture as well as 5UPPOrting the training of apprentices.
THE BLUEBELL RAILWAY TRUST TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDE031 DECEMBER 2024 Achievements and pertormance By far the m05t 5tgnificant achievements of the Railway in 2024 were the completion and entry into traffic of both the replica Brighton Atlantic no 32424 -Beachy Head" and plIman Car No 54. which has been adapted for wheelchair accessibility. Both have received widespread critical actlaim and received n8tional awards. Both piojects were almost entirely funded by the Trust. The Trust's income in 2024 totalled £1.465,642 of which donations amounted to £396,824 and legacies £958.581. summarised as follow5'.- Deslgnated Unrestrlcted Unrestrlcted Restrlcted 2024 2023 Total Total Donation5. including Gift Aid Value of Donated Assets for Retention 96,500 30C>,324 396,824 287,958 9,000 Legacies Intefe5t 909,714 53,444 322 48,867 34,951 21,520 405.662 958,581 88.395 21,842 1,465,642 402,408 72.892 30,949 803.207 Other Income Total Income 1,059,980 The Trust's expenditure in 2024 is surnmarised a5 follows:_ Unrestricted Unrestrlrted Desi8nated Restrlcted 2024 2023 Total Total Grnnts Paid lor Projerts Museum and Archive Administration Fund Raising Total 543,236 557,077 4,620 1.100,313 28,340 11,283 5,694 1.145.630 1,210,836 26.081 10,197 7,318 1,254.432 23.720 11,283 5.694 40.697 543,236 561.697 Grants to support charitable projects at the 814Jebell Railway amounted to £1,100,313. Adminlstration Costs and fund-raisrng expense5 remain at a very low level and are now substantially exceed by interest received on cash deposits. Supporter5 can therefore be confident that all their gifts are spent lor the direct benefit of the Bluebell Railway. In addition to on8oin8 fundraisin8 on behalf of the Trust for various specific restoration projerts, in 2024 the Trust launched two appea15, one for the overhau5 of P Class No 323 '81uebell- and another to finance the purchase of new copin8 stone5 for the edge ol Platform l at Horsted Keynes Station. However, the responses to both appeals were rather disappointing.
THE BLUEBELL RAILWAY TRusr TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED31 DECEMBER 2024 Flnan¢lal review DonatSons Donations for general purposes to our unrestrlrted fund amounted to £96,500 12023 . £40,5391, and we received donations to restricted funds for 45 5pec¥fic projects totalling £300,32412023 - £247,4191. All figures include Gift Aid. Oetsi15 of donations can be found in note IS and 16- significant amounts raised nClude £27,137 for the construction of the replica Brighton Atlant4c"8eaehy Head" No 32424 and its successor project, the overha1 of Adams Radial No 488.. £32,208 for the overhatjl of P Class no 323 "81uebell" £38,822 for the overhaul of 8attle of Britain Class no 34059 "Sir Archibald Sinclair" E28.500 towards the cost of the installation of a remote osm05is plant to treat water for locomotives at Sheff¢eld Park and £21,320 for new ¢opin8 Stone5 for Platform I at Horsted Keynes. Legacle$ Whilst most donations are for spÉclfi¢ projects, the majoTlty of gifts that are made in wills are not Usually for any particular purpose and are therefore available to support any project that satisfies the T¥ust's charitable objettives. lft 2024 Unrestricted legacies totalled an estimated £909.714 12023 - £385,408) and Restricted legacies for specific p¢Jrposes totalled £48,86712023- £17,000). SupportÈr5 continue to remember the Railway by leaving legacies in their wills to the Trust- it is no exaggeration to Say that the Railway might find it difficult to survive without them. Unrestricted legacies enable the Trust to provide vital funds for projects that have the highest priority whilst restrirted le8acies deliver funds for particular projects which mlght otherwise not bè able to be carF4ed out. However, by their very nature it 15 impossible to predict from year to year the number, timing or level of legacies that might be received. In 2024 we were notified of 22 le8acie5, varying in size from £200 to an estimated £S00.000 totalling £958,851 and everyone Should be very grateful for them a51. By comparison In 2023 we were notified of 20 leBa¢ies totalling £402.408 in 2023. and In 2022 we receFved 6 legacies totalling £275,407. This inevitable wide variation from year to year limits the Trust's ability to make long term funding commitments to the Railway which. in turn, makes it diffitult for it to rnake long-term plans for future capital projects. However, we have to accept that this is the situation,. tndeed. we are extremely privileged to have the support that we do. which is far greater than most other herita8e Tailways. We therefore necessarily operate on the basis of only agreeing to funding applications based Lspon known levels available resources. Under the accounting rule5 for charities. legacies must be recognised in our annual aecounts when we have been formally notified of them and their e5tim3ted amount and certainty of payment has been established, even If the payment has not been received. As mentioned above, in 2024 the Trust became entitled to legacies totalling at) estimated £958,851. Of the total legacies due for both 2024 and previ05Js years an estimated £833,016 had yet to be received on 31 December 202412023 - £180.7761 of whlch. at the tlme of completing this report, £233,289 has since been rèceived. Anthony Trent had been v151ting the Railway since it opened in 1960, when he used to cycle to Sheffield Park from his home in Coulson, Surrey and he continued his association with the Railway throughout his Ille. After he retired as an engineer and teacher he acted as 3 guide for group5 for railway travel companies both in the UK and Europe, frequently to the 81uebell. Tony left the Trust the bvlk of hi5 estate.
THE BWEBELL RAILWAY TRUST TRusfEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 OECEM8ER2024 The Governors are a150 extremely grateful for legacies from Kenneth Alderton, Paul Baker, Douglas Bennett. John Boot, Michael Oanny, Stephen Gould. Fredderick Ivey, Julian Knight. David Lewes, James Mccarthy. John Phtlips, Dougla5 Storey, Janet Taylo¥, Alan Tricket. and V T Wil¢ox. Legacies to the Trust play a hv8e part in the financing of the Railway and particularly the vital work of maintaining its locomotives, rolling stock and infrastructure whlch would not otherwise be possible. We urge aderS who support the Railway and want to enable it to prosper for future 8enerations to consider doing likewise. The charitable objective 15 ultimately the education, benefit and enjoyment of the Bluebell Rallway and Sts unique collèttiort of histgric assets by the general public. Empendlture Planning for larger projects can often take a long time and therefore, once funds have been allocated for projects from Unrestricted funds, they are transferred to separate Designated funds. This helps the Governors moriitor individual projects which the Trust is funding and measure the level of uncommitted funds available for other projects. If financing commitments prove not to be required. either sn whole or part, any unused funds Jre tranSferd back to the Unrestricted Fund to bè used for other future projects. During the year a net amount of £404.78212023 £357,743) was transferred to various Designated fursds for specific current and future projects that the Governors agreed to fund both during the year and in the future. This Includes a net total of £175,015 12023 - £96,714) for the further replacement of track, £130,000 towards the costs of overhauling Q Class No 541, £45,630 for further costs of Horsted Keynes Carriage Shed. and £40,00012023 £25,0001 to meet the c05t of training apprentices, one of the specifit charitable objectives of the Trust. As mentioned previously, durin8 the year the Trust made grants to Bluebell Railway PLC totallin8 El,100,313 12023 £1,210,833). Details can be found in notes 15 and 16 of the accounts but the most significant grants were:_ A total of £388,878 for the overhaul of varlous locomotives including Bulleid Pacif$¢ 34059 Sir Ar¢hibald Sinclair. Schools Clas$ 928 Stowe, Q Class No 541, H Class No 263, P Cla55 No 27 and Standard Clas5 2 Tank Nts 84030. £144,594 for the replacement of track £115,476 for conservation and repair work of Platform l at Horsted Xeynes Station £69,451 for the construction of the replica of Brighton Atlantic No 32424. "Bèachy Head. £29.713 for the salaries of apprentices in the locomotive works. Musevm, Archive and SteamWork51 Unde¥ the terms of a tripartite agreement between the Trust, the Bluebell Railway Preservation S(Kiety and Bluebell Rallway Plc. the Trust is responsible for the funding and operation of the Railway's awaid-winning Arts Council England Accredited Museum at Sheffield Park. the museum's contents and its extensive reserve collection, the bulk of which are owned by the Tiust. It is also responsible for 3nd own5 m05t of the ever- growing archive of historical p3pe¥s, books, plans, photO8raphs, and other important material relating to the Southern Railway and sts former constituent companie5. The Trust also has responsibility for the management of the Stèamworks 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 io a management corvmittee. Pending the construction of a purpose-built facility to house both the Museum's reserve collection and the Archive, which is now proposed to be located at Horsted Keynes, the Arthivè is housed in an industrial unit at Holmwood. near Dorking where it can be inspected by interested partie5.
THE 8WEBELL RAILWAY TRUST TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 There is a dedicated team of c. 60 volunteers which works for the Museum and Archive. Steamworks! Is looked after by a team drawn from Museum. locomot?ve and Sheffield Park Station volunteers. The total cost of operating the Museum, Archive and 5teèmWorksl was £28,340 12023 £26,081) of which £4,62012023 £6,037) was met from restrirted funds specifically for the enhancement and conservation of the collections. The balance of the c05t of £23,72012023 £19,774) was met from the Trust's unrestricted fund of which by far the largest element was the cost of the rent and other occupational expenses of the temp013ry Industrlal unit at Holmwood. In addition, Bluebell Railway PLC meets all the cost of providinÈ the Museum premises at Sheffield Park and the insurance of the Museum'5 assets and the Archive. Net Assets The balance sheet in the accounts shows that at 31 December 2024 the Trust's total net assets amounted to £3,493,37112023 £3,173.3591 This includes its Significant collection of Heritage Railway Items. as well as its three locomotives SECR 01 Class No 65, H class No 263, and C Class $92. The total historic book cost was £437,40312023 £433,010 but the overall current value ss likely to be conslderably more than this. The assets also include 56,07112023 - 56,0711 shares in 80151 Locomot¢ve Company Limited which represents just over 40% of the total shares issued by that company. Other than the heritsge assets referred to above, the principal assets of the Trust on 31 December 2024 consisted of... £2,148,46912023 £2.670.1801 In bank and building society accounts, the bulk of which was held in nterest-bearing accounts to minimise investment risks. Bank counterparty risk is regularly monitored by review of credit ratings. Interest rate5 remained high during the year but have since been reducin8. Although the Trust will continue to earn significant amounts of interest on its deposits, with the amounts held in interest bearing accounts also lower, the total interest earned in future is likely to be well below recent level5. £904,592 12023 - £229,7201 of debtors lamounts owing to the Trustl of which £833.016 12023 £180,776) was for legacies of which the Trust has been notrfied as being payable to it. but which had not been paid at the end of the year. As mentioned elsewhere. at the time of completing thi5 report £233,289 has since been received. EIS,41312023 - £31,875) was the èmount of interest earned but not yet paid on deposits with banks and buildin8 SOCl&ty accounts and £33,57912023 £11.3141 was Ihe amount of Gift Aid due from HMRC. On 31 December 2024 the Trust had liabilities of £53,16412023_ £215,6221 rnostly Presentn8 grants payable by the Trust to Bluebell Railway PLC in respert of costs incurred in 2024 on projects being funded by the Trust but which had not been paid bv 31 December 2024. Of the total net assets of £3.493.372 on 31 December 2024.. - £1,706,73312023 - £1,847,827) was held for 67 separate restricted funds for specific prolects. Of this £152,47412023 - £161.8071 represented the book tost of the re5tri¢ted a55ets of the Museum arsd Archive. £314,89912023- £453,353) wa5 held for 13 designated funds for projects for which the Governors had a8reed to provide funding. £1,471,73912023 - £872.1791 was held for the Trust's Unrestrirted fund. However, £341,00012023 £338.OC>OI lepresented the book c05t of the Trust's unrestricted heritage asset5 2nd investments fflentioned above and was not available for fundin8 projects. leaving a net £1,130,739 12023 f534,1791 notionally available for grants for projects. But this is before allowing foi a reserve for expenditure.
THE BLUEBELL RAILWAY TRUST TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 The Governors have kept under review their policy on the level at which unlestriited 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 predict. With a view to ensuring that funds will be available for projects that often have to be planned a year or more in advance, the Trust continue5 to retain £200,000 for this purpose. In addition, it is retaining £20.OCX), being the equivalent of the cost of operating the Bluebell Railway Museum and adminlstering the Trust for slx months. The Governors therefore consider that the Trust's total reserve5 should be Set at £220,OCKJ, a level that will ensure that. in the event of a significant drop in funding land particularly legacies). they will be able to continue the Tiust's curiènt activities while consideration is given to ways in which additional lund5 may be raised. Plans for the future Whilst it was the intention to launch the second phase of the jewel In The Crown appeal for the renovation of Horsted Keynes station in 2025, this was deferred due to the Railway 200 celebrations in which the Bluebell paid a major part. This included the Trust where funds weie raised to support the Educational Phase of the project. No decisions have been made on the object of any major appeal by the Trust as the Railway is now carrying out an in-depth and detailed review of the capital projects that need to be cèrried out during the next 5 years. The the highest priority will be given to those that are vitsl for operational reasons and lor will provide a commercial return. Major project5 for which the Trust ha5 agreed funding dtjring 2025 include urgent replacement of almost half a mile of track around Black Hut, just south of Sharpthorne Tunnel, realignment and improvements to track in the locomotive yard at Sheffield Park, and further funding for additional woik that wa5 required for the overhaul of Q Class 541. In the meantime. the Governors are in discussions and negotiations with Bluebell Railway PIC a5 to how the Trust can support it within its charitable objectives with at least some of the funds that the company requires to continue trading. ProvisTonal agreement ha5 been reached on a "Sale and Leaseback" arrangement whereby the Trust will purchase two locomotives from the PLC namely, LBSCR Terrier No 72 Fenchvrch and the LSWR Adams Fladial No 482. The Trust ha5 formed a new wholly owned trading company, BRT Heritage Asset5 Ltd, which will own the locomotives with the intention of hiring them back to the PLC on commercial terms. It is likely that. provided terms can be agreed, a similar arrangement will also be reached in respect of the newly constructed Brighton Atlantic"Beachy Head". The result would be that all three of these Iconlc locomotlves will be secured for the futu of the BILtebell Railway. However, the short term effect will be that unrestricted funds used by the Trust to purchase thèse locomotive5 will greatly limit the fvnds available to meet the cost essentlal capital projects. To supplement any charitable support that the Trust can provide, the Railway is exploring various tsther sources of funding. However. the current structure of the Railway cause5 difficulty because Bluebell Railway PIC 1.the PLC") is not a charity and neither 15 the 81uebell Railway Preservation Society, which owns c 80% of the issued shares +n the PLC. Many funding organisations will only make grants to an entlty that is both a charity and owns the a55et for which funds are sought, one exceptlon being the National Heritage Lottery Fund. Following the lead of many other Heritage Railway5. the Bluebell is artively taking advice with a view to the PLC being restructured so as to become a charity. This would also provide the opportunity for claiming Gift Aid on some train fares, charitable relief on Business Rates, and various other financial reliefs. discounts, and benefits which are only available to charities. Collectively these would make a significant contribtjtion towards the reductlon of the trading losses that the PLC 15 currently incurring. However, such a strurtural reorganisation is both technically complex and len8thy to carry out, a5 well a5 Potentially being costly. At least initially, It is not intended that the Trust will be part of any reorganisation but that it will continue with its current independent structure and role.
THE BLUEBELL RAILWAY TRUST TRUSTEE'S REPORT ICONTINUEDI FOR ThE YEAR ENDED 31 DECEMBER 2024 Whilst no new major fundrai5in8 initiatives by the Trust a being considered in the short term. donations from individua15 and supporting groups continue to be received èt 3 significant level. The Trust has a150 been notified of several substantial legacie5 although, due to the complexity of some of the estates, at the time of writing it is difficult to mhke an accurate forecast of their value. However. the total could be in excess of £1.5 million of which a significant amount is for two ¥estricted PLtrpo%es. namely carriage restoration and the Ardingly extension. It is principally due to the generoslty of our former supporters who leave le8acie5 to the Trust in their wills that it is able to provide such vital support to the Railway. Structurei governante ar¥d mana8ement The Trust is constituted under a trust deed dated 20 May 1985, ar*d it5 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 during the year was BRT Trustee Ltd, a company limited by guarantee. BRT Trustee Ltd is managed by its directors, known as Governo. Those who served during the year were.. MrLJ Bee Mr V F N Blackburn FCA MrTCCole Mr M W John50n Mr P Churchman Mr R A Salmon Mr T A Swalnson MrCTyson Mr R I Watts MBE (Resigned 30 May 20241 (Resigned 4 March 20241 (Resigned 6 March 20251 (Appointed 15 lune 20241
THE BWEBELL RAILWAYTrUST TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED31 DECEM8ER2024 The Governors are supported by Mr T L Allen, the company secietary. a tèam of Trust 3dmlnistration volunteers, and Museum and Archlve volunteers and stew3rd5. The maximum number of Governors &s ten of whom the Chairman for the tlme being of 8RPS is one and another is nominated by BRPS. Appointments are made by the Board of Governors after tonsultation with the 8RPS and appointments must be confirmed by election by the members at the subsequent Annual General Meeting. The members of the company are the Governors for the time being. New Governors are provided with a copy of the Txust Deed las amendedl. and copies of the minutes of recent Governors, meetings, annual accounts and Charity Commission guidance for Trustee5. They are a150 given detailed background information about the Trust and the procedures in place for dealing with application5 for grants and thè sub5eouent monitoring of projects that the Trust has funded. The Governors have also published detailed regulation5 which set out the basis on which they will operate and the Trust wlll be administered. The Governors conduct the business of the Trustee Company at board meeting5, usually held bi-monthly, but have delegated the day to day running of the Trust to the Chairman, who 15 also the Administrative Governor, and to the Fundraising Governor. Matter5 on which decisions by the Governors are required between board meetin85 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 objectNes and which can be funded by the Trust. The Governors. Risk Management Policy is kept under review. The Trust Secretary maintains a register of the majof risks to whith the Trust is exposed and regularly reports to the Governors on them. In particular, regular Governois, meetings are held at which careful reviews ol the Trust's funding and available resources are carried out to ensure sufficient monies are held for restricted and designated funds and the Trust's ongoing costs and general commitments. The Govèrnor5 consider that they are the key mana8ement personnel of the charity in charge of directing and ontrollin8 It; rvnnift8 and operating the charity on a day to day basis Is the responsibility of the Administrative Governor. All Governors give up their time felY and no Temuneration was paid in the yèar. Details of their expenses and related party transactlons are disclosed in notes 8 and 18 to the 3¢count5. Governors are required to disclose all relevant interests and register them with the Trust Secretary and, in accordance with ihe Trust'5 policy, withdraw from decisions whe¥e a conflict of interest arises. The Trust does not have any employees but IS SUPPOrted by volunteers, none of whom receives any remuneration.
THE 8WEBELL RAILWAY TRusr TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR EJVDED 31 DECEMBER2024 Fundralsing Statement The Trust is regISted with the Fundraising Regulator and has committed to the Code of Fundraising PractSce (see www.fundraisingregulator.or8.uk l. This dovetails with the Trust's obligations under the Charities Act 2016. The Trust welcorne5 individual donation5 (including Gift Aid), and gifts in wills. Such funding may be provided a5 gene¥al donation oi for a specific project or purpose. Hence the Trust manages a range of 'Restricted Funds, ensuring that such monies are used only for their intended purpose. All fundraisin8 activity undertaken by the Trust. and by various Bluebell Railway-related 8roups to support specific projects, is under the supervision of the Governor5. As mentioned previously, no majoi funding appeal was launched in 2024. However, 8roups 5UPPOrtin8 various specific projects were active In raising fund5 for the Trust. In total. the Trust recelved donations from supporters ttstalling £396,824 for a wide range ol mainly restricted fund5. Many donations are made on a iegular b3515 by stsndin8 order. In addition, people with known interest5 in other particular prolects were approached individually with a view to obtaining their support. Durin8 2023 the Trust has not used or employed any third-party organisation to undertake fundralsing The Governors are mindful of the requlrements of the Fundraising Preference Service. No individua15 have used this national service to opt-out of Bluebell-related promotions. No complaint5 have been received by the Trust regarding Its fundraising activitie5. and Governor5 be14eve they have complied with, and not breached, the terms of the Code of Fundraising Practice. The Trust observes the requirements of the Data Protection Act 2018. including the rights of individuals regalding the use of their personal informbtion. The Trust ha5 8 Complaints Pglicy which would be made available should the need arise . All Governor5 are alert to the importance of Safeguarding. The nature of the Trust's fundraising activities, and their purpose, are not of types that would affect or put pressure upon individuals, including those deemed vulnerable. The Trst does ngt engage in telephone or online dirert marketing and neither does it opefate a lottery. The Trust adheres to the Bluebell Railway PIC'5 rules on Equal Opportunlties. applicable to all volunteers. Volunteers The Trust carrie5 Out its role entirely with the help of volunteers- there are no paid Staff. Apart from the team which deals with the administration and finances of the Trust's ever increasingly complex affairs, there are approxlmately 60 volunteers who help run the Museum. look after the Archive and assist with SteamWork51. Onte again, the Gtsvernor5 would like to extend their thanks to them all for their dedication and hard work. Dlsclosure of Informatlon to audltor Each of the Trustee has confirmed that there is no information of which they are aware which is Televant to the audit, but of which the auditor is L¢naware. They have further conflrmed that they have taken appropriate steps to identify Such relevant Information and to establish that the auditor is aware of such information. Thl Trustee report w35 approved by the Board of Governors on.. MrknF N Blatkburn FCA Govern on Dated.. boy J ofgRT TrustÈe Limited 10-
THE BLUEBELL RAILWAY TRUST STATEMENT OF TRUSTEE RESPONSIBILITIES FOR THE YEAR ENDE0310ECEMBER 2024 The Trustee is responsible for preparing the Trustee Report 3nd the account5 in accordance with applicable law nd United Kingdom Accounting Standards Iunlted Kingdom Generally Accepted Accounting Practice). The law applicable to charities in £n8land and Wale5 requires the Trustee to prepare accotsnts for each financial year which give a true and fair view of the stste of affalrs of the Trust and of the incoming resources and appllcation of resources of the Trust for that year. In piepafing these accounts, the Trustee is required to: select suitable accounting pollcies and then apply them consistentlv; obseThe 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. subject to any material departures disclosed and explained in the accounts- and prepare the accounts on the going concern basts unless it is inappyopriate to presume that the trust will continue in operation. The Trustee Ss SpOnSIble for keeping proper a£counting records that disc105e with reasonable accurary at anv time the finantial position of the Trust and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity IAccounts and Reportsl Regulations 2008 and the provisions of the trust deed. It ts also responsible for safeguarding the assets of the trust and hence fo¥ taking reasonable steps for the prevetttion and detection of fraud and other irregularities.
THE BWEBELL RAILWAYTRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF THE BWEBELL RAILWAY TRUST Opinion We have audited the financlal 5tatement5 of The Bluebell Railway Trust Ithe 'Tru5t'l for the year Ended 31 December 2024 which comprise the 5t3tement of financial actlvities, the balance sheet, the statement of cash flows and the notes to the financial statements. Including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finonciol Reporting Stund£rrd rJpplictsble in the UK ond Republffc oflrelond Iunited Kingdom Generally Accepted A¢¢ounting Practice). In our opinion. the financial statements: give a true and fair view of the state of thé tharity's affairs as at 31 Oecember 2024 and of its incoming resources and application of resources, for the year then ended,. have been propeily prepared in accordante with United Kingdom Generally Accepted Accountit)g Practice; and have been prepared In accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Stèndards on Auditing IUKI IISAS IUXII and applicable law. Our responsibilities under those standards are further described io the Auditor's responsibilities for the oudit of thefinoncial stotements section of our report. We are independent of the Tiust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons r¢latlng to golng ¢oncern We have nothin8 to report in respect of the following matters in relation to whlch the ISAS IUKI require us to report to you wherè.. the Trustee vse of the going concern basis of accounting in the preparation of the flnanclal statements Is not appropriate.. or the Trustee has not disclosed in the accounts any identified material uncertaintie5 that may cast significant doubt about the Trust'% ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the accounts are authorised for issue. Other Information 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 information contained within the annual report. Our opinion on the financial statements does not cover the other inftsrfflation and we do not expTe5s any form of assurance conclusion thereon. Our responsibility is to Tead the other information and, in doing so, consider whether the other information is materially incon515tent with the financial statements or OL¢r knowledge obtained in the course of the audit, or otherwise appears to be materially mSsstated. 11 we identify such material incon515tencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there 15 a material misststement of this other information, we are required to report that fact. We have nothing to report in this regard. 12-
THE BLUEBELL RASLWAY TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEE OF THE BWEBELL RAILWAY TRUST Matters on whlch we are requlred to report by exceptlon We have nothing to report in respett Of the followin8 matters in relation to which the Charlties (Accounts and Reportsl Regulations 2008 require us to report to you if. in our opinion.. the information 8iven in the financial ststements is incon5iStent in any material respect wlth the Trustee report.. or suffictent accounting records ha not been kept,. or the flnan¢ial statements are not in agreement with the accountin8 records.. or we have not received all the information and explanatlons we require for our audit. Responsibilities of Trustee AS explained more fully in the Statement of Trustee Responsibilities. the Trustee is responsible for the preparation ol the accounts and for being sattsfsed that they give a true and fair view. and for such internal control as the Trustee determines is necessary to enable the preparatlon of accounts that are free from material misstatement. whether due to ffaud or error. In preparing the accounts, the Trustee is responsible for assessing the Trust's ability to continue a5 a 8oin8 concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountin8 unle5S the Trustse either intend5 to liquidate the charity or to cease operations. or has no realistic alternative but to do so. Auditor's responsibillties lor the audlt of the financlal statements We have been appointed as auditors under section 144 of the Charitles Act 2011 and report in accordance wlth the Act and relevant regulations made or havlng effect thereunder. Our oblectives are to obtain reasonable assurance about whether the financi31 statement5 as a whole are free from material mtsstatement, whether due to fraud or error. and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material mi5Statement when it exists. Misstatements cèn arise from fraud or elror and a ¢tsnsidered material if, individually or in the aggregate. they could reasonably be expected to influente the economic decisions of users taken on the basls of these firkancial statement5. Irregularitles, Including fraud, are instances of non-compliance with law5 and regulations. The extent to which our procedures are capable of detecting Irregularitie5, including fraud, is detailed below. Extent to whlth the audit was considered capable of detectlng Irregularities, including tFaud The objectives of our audit, in respect to fraud. aie.- to identify and assess the rlsks of material misstatement of the financial statements due to frnud.. to obtasn sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses,. and to respond appropriately to fraud or suspected fraud identified duflng the audlt. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management. 13-
THE BLUEBELL RAILWAY TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEE OF THE BLUEBELL RAILWAY TRUST 0r approach was as follows.. We identified areas of laws and regulat¢ons that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the direttors and other management las required by auditing standardsl, and discussed wilh the director5 and other management the politie5 and procedures regarding compliance with laws and regulations,. We identified the following areas as those most likely to have such an effect.. Gèneral Oata Protettton Regulatton IGDPRI,. fraud and brlbery and corruptlon. Auditing standard5 limit the required audit procedures to identify non-compllance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence. if any. The identified actual or suspected non-compliance was not sufficiently signiflcant to our 3udlt to result in our responsè being identified as a key audit matter. We considered the legal and regulatory framework5 directly applicable to the financial statements reporting framework IFRS 102, Charities SORPIFRS1021 and the Charities Act 20111 and the relevant tax complianee regulations in the UK,. We rgnsidered the nature of the industry, the control environment and business performance, including the key drivers for management'5 remuneratiors,. We comrnunicated identified laws and regulations throughout oui team and remained alert to any indications of non-compliance throughout the aLtdit,' We considered the procedures an(J contro15 that the charity has established to address risks identified. or that otherwise pVent, deter and detect fraud.. and how senioi management monitors those programrnes and controls. Based on thi5 understandin8 we designed our audlt procedures to identify non-compliance wlth such law5 and regulatlon5. 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 procedure5- and enquirin8 of management, and were designed to provide reasonable 3$5urance that the financial statements were free from fraud or error. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. even though we have properly planned and performed our audit Sn accordance with auditing standards. For example. the further removed non-compliance with law5 and regulations lirregularltiesl is from the events and transartion5 reflected in the financial statements. the less likelv the inherently limited procedures requ*red by auditing standards would identify it. The risk is alsu greater regarding irregularities occurrin8 due to fraud rather than efror. as fraud involves 5ntentional concealment, forgery, cgllu5ion, omission or misrepresentation. We are not Te5pon5ible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of ovr responsibilities is available on the Flnanclal Reporting Council's website at.. https.'Il www.frc.org.uk/auditorsresponsibilities. This descriptlon forms pèrt of our auditor'5 report. 14-
THE BLUEBELL RAILWAY TRUSY INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEE OF THE 8LUEBELL RAILWAY TRUST Use of report This report 15 made solely to the charity's trustee, in èecordance with part 4 of the Charities (Accounts and Report51 Regulations 2008. Our audit work ha5 been undertaken $0 that we might state to the charitV'5 trustee those matters we are required to state to thern in an auditors, report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's trustee, for o*J¥ audit work, for thi5 report, or for the opinions we have lormed. TC Group Statutory Auditor Office.. Lewes Date.. TC Group is eligible for appointment as auditor of the Trust by virtue of its eligibility lor appointment as 3uditor of company under of section 1212 of the Companies Act 2006 15-
THE BLUEBELL RAILWAY TRu>r STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE Accoumr KIR THE YEAR EIVOED 310ECEM8ER 2024 Current financSal year Unrestrlrted Unrestrlcted funds funds general designated 2024 2024 Restrlcted funds Tota Total 2024 2024 2023 Notes Income and endowments from: Donations and legacies Investments Other in£ome 1,006,214 53,444 322 349.191 34,951 21,520 1,355.405 88,395 21,842 699.366 72.892 30,949 Totsl Incom• 1,059,980 405.662 1,465.642 803.207 Expenditure on: Raising fund5 Charltable activstie5 5,694 35.003 5,694 1,139,936 7.318 1,247,114 543,236 561,697 Total expendlturè 40.697 543,236 561,697 1,145,630 1,254,432 Net incomellexpendlture) 1.019,283 1543,236 1156,0351 320.012 1451.2251 Transfèrs between funds 1419,7241 404,782 14,942 Net movement In funds 599,559 1138,4541 1141.0931 320.012 1451.2251 Reconclllatlon ol funds: Fund balances at l January 2024 872,180 453,353 1,847,826 3.173,359 3.624.$84 Fund balances at 31 December 2024 1,471,739 314.899 1,706,733 3,493,371 3,173,359 The statement of financial activities includes all gains and 1055es recognised in the year. All Income and expenditure derive from continuing activities. 16-
THE BLUEBELL RAILWAY TRusr STATEMENT OF FINANCIAL ACTIVITIES {CONTINUEDI INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR EhlDED31 0ECEM8ER2024 Prlor fflnancial year UrtrÈstrkt Unrestricted funds funds general desSgnated 2023 2023 Restricted funds Total 2023 2023 Notes Income and endowments fmm: Donation5 and legacies Investment5 Other income 428,947 72,892 321 270,419 699,366 72,892 30,949 30,628 Total Income 502,160 301,047 803.207 Expenditure on: Ralsing funds Charitable artivities 7.318 38.221 7,318 1,247.114 236,822 972.071 Totsl expenditure 45,539 236,822 972.071 1,254,432 Net incomellexpendlture} 456,621 1236,8221 1671,0241 1451,2251 Transfers betweefi funds 1357.7861 357.743 43 Net movement In funds 98,835 120,921 1670,9811 1451,2251 Reconclllatlon of funds: Fund balances at I january 2023 773,345 332,432 2,518,807 3,624,584 Fund balantés at 31 December 2023 872.180 453.353 1.847,826 3,173.359 t7-
THE BWEBELL RAILWAY TRUST BALINCE SHE ASAf31 DECEMBER 2024 2024 20Z3 Notes Flxed assets Tangible assets Investment5 li 12 437,403 56,071 433.010 56,071 493,474 489,081 Current assets Debtors 13 904,592 2,148,469 229,720 2,670,180 Cash at bank and in hand 3,053,061 2.899.9fXI Creditors: amounts fallSng duè withln one vear 14 153,1641 1215,6221 Net turrent assets 2,999.897 2,684.278 Yotal agsets less current Ilabi1Stle5 3,493,371 3,173,359 The fvnds ol the Trust Restritted income funds Unrestricted funds- general Unrestricted funds- designated 15 1.706,733 1,47J,739 314,899 1,847.826 872,180 453,353 16 3,493,371 3.173.359 The financial statements were approved by the Trustee on ......-.... ti2J Mr V f N Blackburn FCA Governor on behalf ol BRTTrustee Llmlted Mrm Govl ohnson or on behalf of BRT Trustee Lirnited 18.
THE BLUEBELL RAILWAY TRUST ¥rATEMENT OF CASH FLOWS FOR THE YEAR ENDED31 DECEMBER 2024 2024 2023 Notes Cash flows from operatlnv a¢ttvitles Cash absorbed by operations 19 1605,7131 1739.2061 Investlng activities Purchase of tangible fixed assets Investment income received 14.3931 88.395 158,8771 72,892 Nèt osh generated Irom Investlng artivities s4.2 14.015 Net cash used In finart¢lnÉ artivltles Net decrease In cash and cash Èquivalents 1521,7111 1725,1911 Cash and cash equivalents at beglnnsng of year 2.670.180 3.395.371 Cash and tash Éguivalents at end ot year 2,148,469 2,670,180 19-
THE BLUEBELL RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2024 Accountin8 pollcles Charity Inforrnation The Bluebell Railway Trust is a charity registered in the United Kingdom. The principal addre55 15 given the charity legal and admin*strative information of these finèncial 5t3tement5. The nature of the Trust's operations and principal activities are included on pase 2. 1.1 Accountin8 convention The financial statements have been prepared in accordance with the Trust'5 governing document. the Charities Act 2011 arld 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitle5 preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 leffertive l January 20191" The Trust is a Public Benefit Entity as defined by FRS 102. The financial 5tatemer¥t5 are prepared in sterling, which is the functional Cufrency of the Trust. Monetarv amounts in these financial statements ace rounded to the nearest £. The financial statements havè been prepared under the historical c05t convention. The principal aecounting policies adopted are Set out below. 1.2 Going ¢oncern At the time of approving the financial statements, the Trustee have a reasonable expectation that the Trust has adequaie resource5 to continue in operational existen for the foreseeable future. Thus the Trustee continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds General funds are L¢nrestricted funds which are available for use at the discretion of the Trust in furtherance of the general objectives of the charity and which have nctt been designated for any other purpose. Restricted ndS are funds which are to be used in accordance with specific restrictlons rmposed by the donors or which have been raised by the charity for particular 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 retognised when the Trust is legally entitled to it after any performance conditlons have beèn met. the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recogni5ed on receipt. Other donations are Tecognised once the Trust has been notifièd of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid is iecognlsed 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 liabilities. to pay the legacy,. and any conditions attached to the le8acy are either within the control of the charity oi have been met.
THE BLUEBELL RAILWAY TRU NOTE5 TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEM8ER2024 Accountin8 pollcles Icontlnuedl Donated services or facilitles are recogriised when the Trust has control over the item, any condition5 associated with the donated item have been met, the receipt of economic benefit from the use of the Trust of the item 15 probable and that economic benefit Can be measured reliably. In accordance with the Charitie5 SORP IFRS 1021, the Eeneral volunteer time is not recogni5ed. 1.5 Expenditure Expenditu is recognised once there is 3 legal or constructive obligation to make payment to a third party. it Is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals b8515. All exper*ses includin8 SUPPOrt costs and governance costs are allocated to the applscable expenditure heading5. 1.6 Tan8ible tixed assets No depreciation has been provided on the tangible flxed assets because these are railway items of historical interest. It is the Trust's policy to Fnaintain its collection at their current condition and the items are deemed to have indeterminate live5. The trustee therefore does not consider it appropriate to charge depreciation. 1.7 Flxed asset investments Fixed asset investments are initially measured at transaction price eXcludng transaction costs. and are subsequently measured at fair value at each reporting date. Changes in fair value are retognised in net income/lexpenditurel for the year. Transaction costs are expensed as incurred. 1.8 Impalrment of flxed assets At each reportin8 end date. the Trust reviews the carryins amounts of it5 tan8ible and intsn8ible assets to determine whether there Is any indScation that those assets have Suffered an impairment loss. If any such indication exists, the re£overable amount of the asset 15 estimated in order to determine the extent of the irnpairment Ioss lif any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call wilh banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdraft5 are shown within borrowings in current Ilabilitles. 1.10 Flnancial Instruments The Trust has elected to apply the provlsions of Sectlon 11 'B3sic Financial Instrument5, and Sertion 12 'OtheT Financial InstNments Issues, of FRS 102 tts all of it5 financial instruments. Financial instruments are recognised in the T¥ust's balance sheet when the Trust becomes party to the contractual provisions of the instrument. Financial assets ar7d liabilities are offset, with the net amount5 presented in the financial statements. when there is a legally enforceable ri8ht to set off the Tecognised amounts and there is an Intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 21
THE BLUEBELL RAILWAY TRusr NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEM8ER 2024 Accountlng policies (Continued) Busicflnancial ¢755ets Basic financial assets, which in¢ltJde debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently c8¥ried at amort15ed c05t usinÉ the effective interest method unless the arrangement tonstitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial ssets classified as receivable within one year are not amortised. 8o$l¢llnanciol Ilabilities Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes 3 financin8 trdn5action, where the debt instrument is measured at the present value of the futuie payment5 discounted at a market rate of Interest. Financial liabilitie5 classlfied as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amount5 payable are classified as current liabilities if payment is due within one year or les5. If not, they are presented as non~ctlfrent liabilities. Trade credltOf5 are recogni5ed initially at transaction price and subsequently measured at amortised ¢ost using the effective interest method. Derecognitlon offinoncltyllitsbllltles Financial Ilab*lities are derecognised when the Trust's contfactual obllgations expl or arè discharged or cancelled. Income from donatlons and legacies Unrestrirted Restrirted funds funds 2024 2024 Total Unrestrlcted Restrlrted funds funds 2023 2023 Totsl 2024 2023 Donation5 and gifts Legacies Donated assets 96,500 909,714 300.324 48,867 396,824 958.581 40,539 385,408 247,419 17.wo 6.000 287,958 402,408 1,006.214 349,191 1,355,405 428,947 270.419 699.366
THE BLUEBELL RAILWAY TRusr NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR YEAR ENDED31 DECEMBER 2024 Income from investments Unrestricted Restrirted lunds funds 2024 2024 Totsl Unrestrlcted Restrlrted lunds lunds 2023 2023 Total 2024 2023 Interest receivable 53.444 34,951 88,395 72,892 72,892 Other Income LInStrIrted Restrlrted funds funds Total Unrestrirted Restr5¢ted fund5 funds Total 2024 2024 2024 2023 2023 2023 Other income 322 21,520 21,842 321 30,628 30,949 Expendltufe on raising funds Unrestrlrtèd Unrestrlcted funds funds 2024 2023 Costs of generatÉn8 donations and legacies 5,694 7.318 -23-
THE BLUEBELL RAILWAY TRUST NOTES TO THE FINANCIAL ¥fATEMENTS ICONTINUEDI FOR THE YEAR ENDED31 DECEMBER 2024 Charltable actl¥ltle$ 2024 2023 Restoration and project cos15 Governance costs 1.128,653 1.236,917 11.283 10,197 1,139,936 1,247,114 Restoration and project costs Museum costs Designated lund expenditure Restricted fund expenditure 23,720 543,236 561,697 28,024 236,822 972.071 1,128,653 1,236.917 Net movèment in fund5 2024 2023 The net movement in funds is stated 3ftÈr ¢hargingllcreditingl'. Fee5 payable lor the audit of the charity's flnancial st3tements 7,260 Trustee None of the Governors lor any persons tonnected with them) recetsved any remuneration or benefits from the Trust durin8 the year12023 £nill. During the year, 5 Governors12023 - 51 made donatlons totalling £2.65812023 - E2,7461 to The Bluebell Railway Trust. Employees The avera8e monthly number of employees during the year wa5.. 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60,0Th1. -24-
TH£ BWEBELL RAILWAY TRUST NOTES TO THE FINANCIAL sfATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 10 Taxatlon The charity is exempt from taxation on it5 activities because all its income Ss applied for charitable purposes. 11 Tanglblè flxÈd assets Herltage Railway Items Cost At l January 2024 Addltions 433,010 4,393 At 31 December 2024 437.403 Carryln# amount At 31 December 2024 437,403 At 31 December 2023 433,010 Heritage assèts held are Railway items acquired at e05t if purchased or valuation if donated. They are held in support of the Bluebell Railway's objectives of maintenance and support of the museum for the preservation of Rallway equipment. A five year summary of heritsge asset transattions is a5 follow5.'_ 2024 2023 20Z2 2021 2020 Rallway items Additions at cost Disposals at carrying value 4,393 58.877 7.989 224,722 17,205 -25-
THE BLUEBELL RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR ThE YE4R ENDED 31 DECEMBER 2024 12 Flxed a55et investments Unllstèd inve5tmentS Cost orvaluatlon At l January 2024 & 31 December 2024 56.071 Carrying amou At 31 December 2024 56.071 At 310ecember 2023 56,071 The unlisted investment is a holding of $6.071 £1 ordinary shares in The 80151 Locomotive Company Lim¥ted, representing 40.3% 01 the total. 13 Debtors 2024 2023 Amounts falllng due wlthln ¢ne year; Trdde debtors Other debtors Prepayments and accrued income 833,016 37,997 33,579 180,776 37,630 11.314 904,592 229,720 14 Creditor5: amounts fallln8 due w5thln one year 2024 2023 Other creditor5 Accruals and deferred income 44,764 8,400 208,362 7,260 53,164 215,622 -26-
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THE BLUEBELL RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED310ECEMBER 2024 17 Anatysis of net assets between funds Unrestrlrted Unre5trlrted funds funds general designated 2024 2024 Restrlcted nds Total 2024 2024 At 31 CMber 2024., Tangible assets Investments Current aSsets/lliabilitiesl 284,929 56,071 1,130.739 152.474 437,403 56,071 2,999,897 314,899 1,554,259 1,471,739 314.899 1,706.733 3,493.371 Unrestricted Unrestricted nds lunds ¥eneral des18nated 2023 2023 Restrlcted lunds Total 2023 2023 At 31 December 2023: Tangible asset5 Investments Current as5ets/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 18 Related party transactlons There were no disclosable related party transactions durin8 the year12023 - none). 19 Cash generated from operdtlons 2024 2023 Surpluslldeficitl for the year 320,012 1451,2251 Adjustments for.. Investment income recognised in ststement of financial activities 188.3951 172,8921 Movements in Working capital- Ilncreasel in debtors IDecreasel in creditors 1674,8721 1162,4581 1117.7361 197,3531 Cash absorbed by opewatlons 1605,7131 1739.2061 37.
THE BLUEBELL RAILWAY TRusr NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER2024 20 Analys15 of chanBes in net funds The Trust had no material debt during the year.