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 prepa￿d 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 d￿lding 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 p￿lIman 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 overha￿1 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 tranSfer￿d 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 ￿Present￿n8 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 f￿elY 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 regISte￿d 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 Tr￿st 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
0￿r 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 p￿Vent, 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 eXclud￿ng 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
LIn￿StrIrted 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
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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 ￿C￿Mber 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.