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2025-01-31-accounts

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REGISTERED COMPANY NUMBER: 02197956 (England and Wales) REGISTERED CHARITY NUMBER: 298459

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE PERIOD 1 OCTOBER 2023 TO 31 JANUARY 2025

FOR

BODMIN RAILWAY HERITAGE TRUST

Sumer Auditco Limited Finchale House Belmont Business Park Durham DH1 1TW

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BODMIN RAILWAY HERITAGE TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 1 OCTOBER 2023 TO 31 JANUARY 2025

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 6
Report of the Independent Auditors 7 to 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Financial Statements 12 to 18

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BODMIN RAILWAY HERITAGE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE PERIOD 1 OCTOBER 2023 TO 31 JANUARY 2025

TRUSTEES D I Nelson
S R Lightfoot
N R Wood (appointed 31/10/2024)
D S Searle
P G Fitzgerald
COMPANY SECRETARY N R Wood
REGISTERED OFFICE Bodmin General Station
Harleigh Road
Bodmin
Cornwall
PL31 1AQ
REGISTERED COMPANY 02197956 (England and Wales)
NUMBER
REGISTERED CHARITY 298459
NUMBER
SENIOR STATUTORY AUDITOR David Holloway BA FCA DChA
AUDITORS Sumer Auditco Limited
Finchale House
Belmont Business Park
Durham
DH1 1TW

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BODMIN RAILWAY HERITAGE TRUST (REGISTERED NUMBER: 02197956)

REPORT OF THE TRUSTEES FOR THE PERIOD 1 OCTOBER 2023 TO 31 JANUARY 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period 1 October 2023 to 31 January 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the Charity are to educate the public in the history and development of railways and in particular, but not exclusively, The Bodmin and Wenford, Bodmin and Wadebridge Railways by:

Public benefit

The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Social investments

The Bodmin Railway enjoys a strong community spirit amongst its many volunteers, some of whom regard themselves as being part of a family. For some it also provides a sense of purpose.

The Trust supports the Bodmin Railway's youth programme in the Workshop, where engineering skills are shared and learnt by younger generations, for the future.

The Trust provides an opportunity for young people to gain workplace experience across a range of roles, as well as gaining social skills. It also provides opportunities to those across the autistic spectrum and a place where they benefit from being in a positive environment.

Volunteers

The Trust supports the Bodmin Railway and the contribution made by their volunteers, which is immense and the most important aspect of the Railway's ability to function. Volunteers carry out a wide range of roles both on site and off, including safety critical roles, commercial, safety, engineering, catering and fund raising, It is estimated to be in excess of 40,000 hours a year, without this input the Charity would not be able to function.

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BODMIN RAILWAY HERITAGE TRUST (REGISTERED NUMBER: 02197956)

REPORT OF THE TRUSTEES FOR THE PERIOD 1 OCTOBER 2023 TO 31 JANUARY 2025

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The Trust's core assets of locomotives and coaches have been used to successfully operate services for over 180 days during the period of this report, predominantly but not exclusively as steam hauled services.

The Trust allows visitors to step back in time, to days that they remember, or for those too young, the chance to experience how travel was in the middle of the last century. The Railway has held successful Gala events, both steam and diesel hauled in which the Trust is able to showcase its historic collection, all of which is relevant to Cornwall.

A significant project that the Trust has engaged with during the period of this report is the restructuring of the Railway's ownership and administration.

The Trust has evolved into one that can now trade across all parts of the Railway's activities. It has also seen the way prepared for the Trust to take over the role and operations of the plc together with the activities and membership of the Preservation Society. The objective to this is that there is one body that operates the railway, rather than 3, giving greater strength and understanding to the operation and needs of the railway as a whole.

Furthermore it allows the Trust to gain the benefit of Gift Aid on a large part of the Railway's trading activities that previously had been ineligible.

In continuance of it's core objectives the Trust oversaw the return to service of its popular Class 121 Diesel railcar which was well received and increased the range of the Trust's Heritage traction offering.

The Trust agreed to provide a home for a rake of 8 CDA Clay Hoppers, to be kept on the Railway and for use on Driver Experience and other diesel operating events.

This is a further example of the Trust's adherence to its core objective to preserve aspects of Cornish railways and the Clay traffic it transported.

Fundraising activities

At the start of 2024 the Trust realised the need for significant action in order to support the Railway in its operation.

The Trust launched a "Keep the Wheels Turning" fund raising appeal, with the object of achieving in excess of £25,000. With the benefit of Gift Aid yet to come, the total raised was in excess of £45,000, the significance of this to the ongoing ability for the Railway to maintain operations cannot be underestimated.

FINANCIAL REVIEW

Financial position

Although the Trust is showing a deficit for the current and prior year, the Trust has no significant liabilities, the Trust has a strong asset base and value in terms of locomotives, rolling stock and track.

The Trusts has no employed staff, and does not trade extensively. It's costs are largely towards repairs and restoration costs, therefore does not have any potential liabilities.

The Trust holds funds in two accounts, one of limited size is for daily use, the other is where the majority of funds are held. This one is a modest interest bearing account where funds surplus to immediate requirements are managed.

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BODMIN RAILWAY HERITAGE TRUST (REGISTERED NUMBER: 02197956)

REPORT OF THE TRUSTEES FOR THE PERIOD 1 OCTOBER 2023 TO 31 JANUARY 2025

FINANCIAL REVIEW

Principal funding sources

Previously the Trust has had a passive income from steaming fees, paid by BR Trading (Cornwall) Limited to the Trust for the use of its locomotives and coaches, together with legacies and donations.

In its new, revised guise adopted at the start of the new financial year, as owner of the assets and operator of the railway the Trust is in receipt of the revenues that were previously BR TRading (Cornwall) Limited and Preservation Society's.

The main reason for this change was to increase the significant opportunity for the Trust to benefit from Gift Aid across areas not previously possible.

Booking Office takings represent the significant single source of income, which is significantly enhanced with income from BR Trading (Cornwall) Ltd's operating surpluses.

The Trust also benefits from donations, both for specific causes and general campaigning.

Reserves policy

As at 31 January 2025 the Trust reserves were £1,275,342 (2023: £1,429,661) of which £1,145,978 (2023: £1,294,168) was unrestricted and £127,364 (2023: £135,493) was restricted.

Although the reserves currently stand at £1,275,342 a proportion of this relates to fixed assets. The net book value of the fixed assets as at 31 January 2025 is £961,206 and £223,808 held in investments, which would not be easily convertible into cash to pay the operating costs for the charity in the short term.

Going concern

The Trust, in its revised form, and as with all other heritage railways, is experiencing the combined effects of increasing costs across all aspects of their operation, and a reduction in visitor numbers and total spend. It is no longer possible to rely on Booking Office takings to cover the costs of operation. There is a need for innovation and more expansive product offerings to increase attendance and improve revenue stream.

FUTURE PLANS

During this accounting period the trustees undertook a review of the business activities of the Trust and of the operation of BR Trading (Cornwall) Limited and on 1 February 2025 the operational activities of BR Trading (Cornwall) Limited were transferred to Bodmin Railway Heritage Trust. This restructure meant that certain fixed assets were transferred to the Trust, this will allow the Trust to generate additional income.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

Trustees (minimum three, maximum twelve) are elected by the Members, at the AGM. The Trust Board can appoint or second a person in the intervening period until the following AGM where the Members will vote on the appointment(s).

In its new format the Trust has to be much more commercially aware and alert. It recognises that the Board needs to be strengthened with, ideally, individuals who can bring specific skills to those areas where there is the greatest need.

The Trustees have created a Skills Matrix to assess both existing and potential trustees and to compare this with the existing Trust matrix.

The Trust have recognised the need to receive specialist support in attracting and recruiting additional Trustees and this is in hand.

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BODMIN RAILWAY HERITAGE TRUST (REGISTERED NUMBER: 02197956)

REPORT OF THE TRUSTEES FOR THE PERIOD 1 OCTOBER 2023 TO 31 JANUARY 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

The Trust Board currently has 5 incumbent directors, together with a (non-voting) CEO.

The CEO is the leader of the Management Team, to whom the Trust has delegated responsibility for day-to-day running, both commercially and safety critical railway operation. This team includes Accounts, Marketing and Events, Catering, Engineering. Infrastructure and Operations managers. Since the start of the new trading year these managers now employed by the Trust.

Trustees

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

D I Nelson S R Lightfoot D S Searle P G Fitzgerald N R Wood (appointed 31/10/2024) H A Howe (resigned 31/10/10/2024) W K Searle (resigned 21/02/2024)

Related parties

As from the start of this current trading year the Trust is the effective owner of BR Trading (Cornwall) Ltd, holding over 74% of the shares and 100% of the voting shares. BR Trading (Cornwall) Ltd operates a number of catering outlets on the national railway system withing Cornwall.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Bodmin Railway Heritage Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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BODMIN RAILWAY HERITAGE TRUST (REGISTERED NUMBER: 02197956)

REPORT OF THE TRUSTEES FOR THE PERIOD 1 OCTOBER 2023 TO 31 JANUARY 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

In so far as the trustees are aware:

AUDITORS

The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

29th October 2025 Approved by order of the board of trustees on ............................................. and signed on its behalf by:

~~...................................~~ ..................................... N R Wood - Secretary

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BODMIN RAILWAY HERITAGE TRUST

Opinion

We have audited the financial statements of Bodmin Railway Heritage Trust (the 'charitable company') for the period ended 31 January 2025 which comprise the Statement of Financial Activities, the Balance Sheet and 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 (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 responsibilities 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies 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 is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BODMIN RAILWAY HERITAGE TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this.

We undertake the following procedures to identify and respond to these risks of non-compliance:

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BODMIN RAILWAY HERITAGE TRUST

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Through these procedures, we did not become aware of actual or suspected non-compliance.

We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Other Matters

The comparative balances are unaudited as for that period the charitable company was entitled to claim exemption from audit.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Holloway BA FCA DChA (Senior Statutory Auditor) for and on behalf of Sumer Auditco Limited Finchale House Belmont Business Park Durham DH1 1TW

31 October 2025 Date: .............................................

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BODMIN RAILWAY HERITAGE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 1 OCTOBER 2023 TO 31 JANUARY 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
4
Other income
Total
EXPENDITURE ON
Charitable activities
Charitable activities
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
78,116
404
26,854
105,374
253,564
(148,190)
1,294,168
1,145,978		 Restricted
funds
£
-
-
-
-
6,129
(6,129)
135,493
129,364		 Period
1.10.23
to
Year Ended
31.1.25
30.9.23
Total
Total
funds
funds
as restated
£
£
78,116
82,744
404
697
26,854
45,207
105,374
128,648
259,693
288,785
(154,319)
(160,137)
1,429,661
1,589,798
1,275,342
1,429,661

The notes form part of these financial statements

Docusign Envelope ID: 437F721F-BACE-424C-82F0-783A1D64FAE5

BODMIN RAILWAY HERITAGE TRUST (REGISTERED NUMBER: 02197956)

BALANCE SHEET 31 JANUARY 2025

Notes
FIXED ASSETS
Tangible assets
9
Investments
10
CURRENT ASSETS
Stocks
11
Debtors
12
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
15
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
831,842
223,808
1,055,650
3,876
55,048
55,507
114,431
(24,103)
90,328
1,145,978
1,145,978		 Restricted
funds
£
129,364
-
129,364
-
-
-
-
-
-
129,364
129,364		 2025
Total
funds
£
961,206
223,808
1,185,014
3,876
55,048
55,507
114,431
(24,103)
90,328
1,275,342
1,275,342
1,145,978
129,364
1,275,342		 2023
Total
funds
as restated
£
1,150,810
222,013
1,372,823
3,876
84,337
12,359
100,572
(43,734)
56,838
1,429,661
1,429,661
1,294,168
135,493
1,429,661

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 29th October 2025

~~...................................~~ .......... Trustee

The notes form part of these financial statements

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BODMIN RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1 OCTOBER 2023 TO 31 JANUARY 2025

1. STATUTORY INFORMATION

The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The members and registered office are noted on page 1, reference and administrative details.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The financial statements have been prepared under the going concern basis of accounting.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and the settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - straight line over 35 years
Plant and machinery - 15% on reducing balance
Engines and rolling stock - straight line over 25 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Engines and rolling stock were valued using market value at the date of the balance sheet.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Docusign Envelope ID: 437F721F-BACE-424C-82F0-783A1D64FAE5

BODMIN RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 OCTOBER 2023 TO 31 JANUARY 2025

2. ACCOUNTING POLICIES - continued

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.

Revisions to accounting estimates are recognised in the period in which estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

4. INVESTMENT INCOME

Interest received
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Depreciation - owned assets
(Deficit)/surplus on disposal of fixed assets		 Period
1.10.23
to
Year Ended
31.1.25
30.9.23
as restated
£
£
404
697
Period
1.10.23
to
Year Ended
31.1.25
30.9.23
as restated
£
£
4,000
-
78,262
65,079
140,842
(19,500)

5. NET INCOME/(EXPENDITURE)

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BODMIN RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 OCTOBER 2023 TO 31 JANUARY 2025

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the period ended 31 January 2025 nor for the year ended 30 September 2023.

Trustees' expenses

There were no trustees' expenses paid for the period ended 31 January 2025 nor for the year ended 30 September 2023.

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Other income
Total
EXPENDITURE ON
Charitable activities
Charitable activities
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
82,744
697
45,207
128,648
284,189
(155,541)
1,449,709
1,294,168		 Restricted
funds
£
-
-
-
-
4,596
(4,596)
140,089
135,493		 Total
funds
as restated
£
82,744
697
45,207
128,648
288,785
(160,137)
1,589,798
1,429,661

8. PRIOR YEAR ADJUSTMENT

The following prior year adjustments have been made, restating comparative figures:

Legacy income

The trust was informed of legacy prior to the year ended 30 September 2023, an adjustment of £50,000 has been included and increase income and other debtors.

Deferred income

Grant funding was received during year ended 30 September 2020 financial year towards the build costs of a new platform, this was included within deferred income rather than a restricted fund, therefore the opening reserves as at 1 October 2022 has been amended to accurately reflect the spend, the comparative deferred income has been reduced by £149,281.

Fund reallocation

The designated fund balance at 30 September 2023 was a debit balance of £151,103, this was transferred to general fund to clear the balance.

Docusign Envelope ID: 437F721F-BACE-424C-82F0-783A1D64FAE5

BODMIN RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 OCTOBER 2023 TO 31 JANUARY 2025

9. TANGIBLE FIXED ASSETS

Improvements
Freehold
to
property
property
£
£
COST OR VALUATION
At 1 October 2023
6,854
349,610
Additions
-
195,000
Disposals
-
-
At 31 January 2025
6,854
544,610
DEPRECIATION
At 1 October 2023
-
99,983
Charge for year
-
16,452
Eliminated on disposal
-
-
At 31 January 2025
-
116,435
NET BOOK VALUE
At 31 January 2025
6,854
428,175
At 30 September 2023
6,854
249,627
Cost or valuation at 31 January 2025 is represented by:
Improvements
Freehold
to
property
property
£
£
Valuation in 2025
6,854
544,610
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 October 2023
Additions
At 31 January 2025
NET BOOK VALUE
At 31 January 2025
At 30 September 2023		 Plant and
machinery
£
1,567
-
-
1,567
1,394
35
-
1,429
138
173
Plant and
machinery
£
1,567		 Engines
and
rolling
stock
£
1,697,164
-
(538,894)
1,158,270
803,008
61,775
(232,552)
632,231
526,039
894,156
Engines
and
rolling
stock
£
1,158,270		 Totals
£
2,055,195
195,000
(538,894)
1,711,301
904,385
78,262
(232,552)
750,095
961,206
1,150,810
Totals
£
1,711,301
Unlisted
investments
£
222,013
1,795
223,808
223,808
222,013

10. FIXED ASSET INVESTMENTS

There were no investment assets outside the UK.

Docusign Envelope ID: 437F721F-BACE-424C-82F0-783A1D64FAE5

BODMIN RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 OCTOBER 2023 TO 31 JANUARY 2025

11.
STOCKS
Stocks
12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
VAT
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 14)
Trade creditors
Amounts owed to group undertakings
Accrued expenses
14.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
15.
MOVEMENT IN FUNDS
At
1.10.23
£
Unrestricted funds
General fund
1,294,168
Restricted funds
Platform 2
135,493
TOTAL FUNDS
1,429,661		 2025
£
3,876
2025
£
-
51,526
3,522
55,048
2025
£
-
919
16,934
6,250
24,103
2025
£
-
Net
movement
in funds
£
(148,190)
(6,129)
(154,319)		 2023
as restated
£
3,876
2023
as restated
£
27,575
50,000
6,762
84,337
2023
as restated
£
24,000
-
16,934
2,800
43,734
2023
as restated
£
24,000
At
31.1.25
£
1,145,978
129,364
1,275,342

Docusign Envelope ID: 437F721F-BACE-424C-82F0-783A1D64FAE5

BODMIN RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 OCTOBER 2023 TO 31 JANUARY 2025

15. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
105,374
Restricted funds
Platform 2
-
TOTAL FUNDS
105,374
Comparatives for movement in funds
Net
At
movement
1.10.22
in funds
£
£
Unrestricted funds
General fund
1,372,357
72,914
Designated fund
77,352
(228,455)
1,449,709
(155,541)
Restricted funds
Platform 2
140,089
(4,596)
TOTAL FUNDS
1,589,798
(160,137)
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
127,951
Designated fund
697
128,648
Restricted funds
Platform 2
-
TOTAL FUNDS
128,648		 Resources
expended
£
(253,564)
(6,129)
(259,693)
Transfers
between
funds
£
(151,103)
151,103
-
-
-
Resources
expended
£
(55,037)
(229,152)
(284,189)
(4,596)
(288,785)		 Movement
in funds
£
(148,190)
(6,129)
(154,319)
At
30.9.23
£
1,294,168
-
1,294,168
135,493
1,429,661
Movement
in funds
£
72,914
(228,455)
(155,541)
(4,596)
(160,137)

Docusign Envelope ID: 437F721F-BACE-424C-82F0-783A1D64FAE5

BODMIN RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 OCTOBER 2023 TO 31 JANUARY 2025

16. RELATED PARTY DISCLOSURES

BR Trading (Cornwall) Ltd

(Three of the Charity's trustees, P G Fitzgerald OBE, N R Wood and S R Lightfoot are Directors of BR Trading (Cornwall) Limited. The Charity controls 100% of the voting shares within that company.

During the period and prior year the Charity rented and sold locomotives to the BR Trading (Cornwall) Limited which totalled £NIL (2023: £30,665), track was purchased during the period costing £195,000 (2023: £NIL), the track is included within the fixed asset register. The lease payments made by the Charity to Cornwall Council were also recharged at £13,128 (2023: £9,750). At the balance sheet date the amount due from BR Trading (Cornwall) Limited was £NIL (2023 £27,575).

17. POST BALANCE SHEET EVENTS

On 1 February 2025, restructuring took place to transfer the operation of the Bodmin and Wenford railway from BR Trading (Cornwall) Ltd into the this charitable company.

On 1 February 2025, the Bodmin Railway Preservation Society merged with the charitable company with the assets and cash balances held by the Society and being transferred into the charitable company.

Docusign EnvelopÈ ID". 437F721F-BACE424C-82F(k783A1D64FAE5 31.01.25 Bodmin Heritage Railway Trust Final Audit Report 2025-10-28 Created.. 202&10-26 By.. David Ndson l(lawd.ndson@perrygrove.co.ukl Sl8lus'. Signed Tr8nsaclion ID.. CBJCHBCA4BAAF30u58Fexmm9qEaThbTNvH￿mXTsuyEP "31.01.25 Bodmin Heritage Railway Trust" History Document created by David Nelson ldavid.nelson@perrygrove.co.ukl 2025-10-26- 12..24.'03 PM GMT . Document emailed to Nicholas Wood 1nick.wood@bodminrailway.co.ukl for signature 2025-1￿26- 12..24..07 PM GMT Email viewed by Nicholas Wood 1nick.wood@bodminrailway.co.ukl 2025-10-28- 9."39."34 AM GMT DocLJment e-signed by Nitholas Wood Inid(.wood@bodminrailway.co.ukl Signature Dale.. 2025-10-28- 9..40..18 AM GMT. Time Sourtr.. setver Agreement completed. 2025-10-28- 9..40..18 AM GMT IJ Adobe Acrobat Slgn