COMPANY REGISTRATION NUMBER 01157099 SOUTH DEVON RAILWAY TRUST FINANCIAL STATEMENTS 31 DECEMBER 2024 Charity Number 800299 PEPLOWS LIMITED Chartered Accountants & Statutory Auditor Moorgate House King Street Newton Abbol Devon TQ12 2LG SOUTH DEVON RAILWAY TRUST FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 CONTENTS PAGE Members of the Board and professional adviser8 Trustees, Annual Report and Strategic Review Independent auditols report to the Trustees statement of financlal activities 12 Income and expenditure account 13 Balance sheet 14 Cash flow statement 15 Notes to the financial statements 16 SOUTH DEVON RAILWAY TRUST TRUSTEES, ANNUAL REPORT AND STRATEGIC REVIEW YEAR ENDED 31 DECEMBER 2024 Directors J K Morton ARCash R J Elliott G Hooper J Keohane MVO BEM A L Taylor MCIPS P C Treglown MCIPR MIOD C A Williams Chairman and Operating Mechanical Engineering Fund Raising Director Volunteer Liaison Director Marketing Director Company Secretary VPCoon Company Number 1157099 Charity Registration Number 800299 Registered Office The Station Buckfastleigh Devon TQ11 ODZ Auditors Peplows Audit Limited Moorgate House King Street Newton Abbot Devon TQ12 2LG Business Address The Station Buckfastleigh Devon TQ11 ODZ Bankers Lloyds Bank plc Fore Street Okehampton Devon EX20 1 HJ Solicitors Ashfords LLP Ashford House Grenadier Road Exeter Business Park Exeter Devon EX13LH Tozers LLP Broadwalk House Southernhay West Exeter EX11UA SOUTH DEVON RAILWAY TRUST TRUSTEES. ANNUAL REPORT AND STRATEGIC REVIEW YEAR ENDED 31 DECEMBER 2024 South Devon Railway Trust (SDRT) is a registered charity that owns the freehold estate and assets that comprise the South Devon Railway. The property and assets are leased to South Devon Railway Limited (SDRL) which is a Charitsble Community Benefit Society responsible for the safe operation and delivery of the core undertaking, a heritage railvny. Both organisations share the same aim5 and objects as described below. SDRL undertakes the operation of the railway under a Transport and Works Order under the jurisdiccion of the Office of Road and Rail (ORR), a non-ministerial government department. SDRT shares its vision with SDRL which is.. "To advance public education in the history and development of railway transportation by maintaining and operating a typical West Country branch line following the practice of the Great Western Railway and British Railways Cvvestern Region). This will enable visitors to experience and learn about branch line rail travel as it was prior to 1966." Principal Object, Aims and Activities As stated in the SDRT articles. the objects of the charity shall be for the public benefit to advance education in the history and development of railway transportation systems, by providing or assisting in the provision of opportunities that teach and deliver experience of how railways provided transport for people and goods throughout the 19 and 20th centuries, and to foster and support railvny preservation and consemtion, in particular (but not exclusively) by; (a) the acquisition, preservation and operation of a heritage railway. (b) the acquisition, preservation. conservation and maintenance and repair of; heritage locomotives and rolling stock heritage rnilway buildings, bridges. ts2ck signalling systems and other historic railway structures and associated infrastructure. railway archives. historical records and artefacts. (c) the establishment and maintenance of a rnilway museum or museums", and (d) the provision of education and skills training in relation to the restoration, repair and operation of heritage railways, heritage railway vehicles, structures and associated infrastructure. Delivery of this objett is achieved with the assistance of the operator. SDKL and its two trading subsidiaries: South Devon Railway Retail and Catering (SDR R&C) is SDRL'S retail and catering trading arm and is a wholly owned subsidiary company which gift aids its taxable profits to Its parent body. South Devon Railway Engineering Ltd (SDRE), is SDRL'S mechanical engineering external contract trnding arm and is a wholly owned subsidiary company of SDKL which gift aids its taxable profits to its parent body. These two subsidiary companies satisfy the Charity Commission's guidance on charities undertaking trading attivities. SOUTH DEVON RAILWAY TRUST TRUSTEES, ANNUAL REPORT AND STRATEGIC REVIEW YEAR ENDED 31 DECEMBER 2024 The directors confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the society's aims and objectives in planning future activities. Trustees and their interests The Trustees who served during the year and their interests in the charity are as stated below: Ordina ARCash RJ Elliottr* G P J Hooper J Keohane J K Morton A L Taylor P C Treglown C A Williams Shares 023 182 182 375 375 148 148 20 20 *RJ Elliott holds 50 Founders Shares in both years and the 182 ordinary shares are held jointly with Mrs J M Elliott. The above were all Directors on 31 December 2024. The South Devon Ra1￿Y Association (SDRA) has a long-established right to nominate tsvo of their number as Trustees, however the method of recruitmenL selection for co-option and subsequent election by member5 at a general meeting is the same as all Trustees. Although it has never happened, nomination by the SDRA is not a guarantee to eventual co- option and election. In 2024 the SDRA nominated trustees were A R Cash and J Keohane. It should be noted that in the ternis of the Charities Act 2016 the SDRA is defined as "a connected non-charity" As SDRT is a registered charity With the Charity Commission, trustees are not permitted to enjoy any remuneration from their office. SDRT does not normally reimburse any directors with travelling expenses bu¢ if circumstsnces require an exceptional amount of travel, then a trustee may be reimbursed with a return rail fare or appropriate fuel money. Chairman's Review In 2024 SDRT continued to support the operation of the South Devon Railway by its cenanL SDRL Since the end of the financial year covered by this annual report the SDRT and SDRL have set up a joint subcommittee to review the structure of all SDR group organisations and recommend any improvements to ensure compliance with charity and company law. This review will also look at how the whole organisation can benefit from charity tax concessions such as Gift Aid. In addition. the Trustees have set up a fundraising sub-committee to seek additional grdnt funding which in early 2025 secured some initial modest success with more possibilities in the pipeline. Looking back there were many highlights to 2024, here are just a few. SOUTH DEVON RAILWAY TRUST TRUSTEES, ANNUAL REPORT AND STRATEGIC REVIEW YEAR ENDED 31 DECEMBER 2024 The year started with the broadcast on BBC l of"Beyond Paradise" The first episode being about a murder mystery train that was filmed on the SDR which brought us some very welcome income and a publicity boost with perfect timing before the season got underway. During the winter track work had been undertaken at Buckfastleigh which turned out to be more complex than anticipated with the discovery of an old culvert that needed backfilling. Whist we were closed to visitors the opportunity wa5 taken to improve the car park access by resurfacing and providing new road markings and planters which also provided an attractive seating area around the refreshment kiosk opposite the Otter Sanctuary. This contributed to increased takings in the kiosk and our thanks must go to the staff who worked there throughout the peak season and all weekends. On the subject of our public image, there was a change in our approach to marketing which, after a tendering exercise, resulted in the appointment of a local agency to handle everything on our behalf, you will have no doubt noticed the change in this year's brochures and social media. Several opportunities were taken to dispose of unused assets such as PW machines and rather derelict carriages that we do not have the capaciry to restore given the amount of work that would have been required. Locomotives and Rolling stock Maintenance activities on the home fleet continued and work progressed on loco 1420 and there is confidence that this loco will be back to steam in 2025. The next candidate for attention is pannier tank 6412 which has now entered the workshop with work starting on its overhaul and return to steam. Rising visitor numbers mean that C&W work is concentrating on increasing normal passenger rolling stock overhaul and those specialist Vehicles that will help generate more income on dining trains and themed events. Production will be helped by the improved C&W workshop facilities mentioned earlier. SOUTH DEVON RAILWAY TRUST TRUSTEES. ANNUAL REPORT AND STRATEGIC REVIEW YEAR ENDED 31 DECEMBER 2024 Looking forward We are aware that communication with all our stakeholders could be improved so it is planned that the periodic email newsletters currently going to staff and volunteers will become a regular monthly circulation and be extended to all shareholders. On behalf of all the Trustees I would like to record our thanks to all volunteers and staff for their assistance in making the South Devon Railway the success that it is, your efforts are very much appreciated. Without all your help in operating trains, maintaining stations, tracK signalling, rolling Stock and equipment let alone the numerous hidden 5UPPOrt roles the railway simply would not survive. The Directors, Report was approved by the Board of Directors on 26 June 2025 and signed on their behalf by.. Vemon Coon Company Secretary Registered Offl￿- The Station Dartbridge Road Buckfastleigh Devon TQ11 ODZ SOUTH DEVON RAILWAY TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 Opinion We have audiled the financial 8tstements of South Devon Railway Trust (the 'charitable company'} for the year ended 31 December 2024 which comprise SOFA. Income and Expenditure Accounl, Balance Sheet, Cash Flow Statement and notes lo the financial statements, including significant accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable In the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 De¢ember 2024, and of its incoming resources and application of resources, including its income and expenditure, for the yearthen ended- have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion W8 conducted our audit in accord8nce with International Standards on Auditing (UK) (ISAS (UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requiremenls 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 wo 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 ¢on¢luded that the Trustees, use of the going con¢em basis of accounting in th8 preparation ol the financial statements is appropriat8. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or colleclively. may cast significant doubl on the charitable company's ability to continue as a going concem for a period of at least ￿e1ve months from when the financial slalements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Other information The other information comprises the information included in the Trustees. annual report and strategic review, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contsined within the annual report and strategic review. Our opinion on the financial statements does not cover the other information and, except to the extent otherwiso explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so. Consider whether the other Information is materially inconsistent with the financial slalements. or our knowledge obtained in th8 course of the audit or otherwise appears to be malerialty misstated. If we identify such material inconsistencies or apparent material missiatement5, 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 SOUTH DEVON RAILWAY TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 performed. we conclude that there is a material misstatemenl of this other information, we aro required lo report that fact. We have nothing to report in this regard. Matters on whl¢h we are requlred to report by ex¢eption We have nothing lo report in respect of the following matters in relation to which the Charilies (Accoun15 and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the financial statements Is inconsistent in any material respect with the Trustees, report- or the charitsble company has not kept adequate accounting records. or the financial statements are not in 8greement with the accounting records and returns- or we have not received all the information and explanations we r8quir8 for our audit. Responsibilities of Trustees As explained more fully in the Trustees, responsibilities ststement set out on page 10, the Trustees (who are also the direclors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial 5tstements 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 emr. In preparing Ihe financial slatements. the Trustees are responsible for assessing the charitable company's abllity 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. Auditorfs rosponsibllltios for tho audit of thg financial statements We have been appointed as auditor under sectson 144 of the Charities Act 2011 and report in accordance with regulations mad8 under section 154 of that Aot. Our objectives are to obtaln r&asonable assurance about whether the financial statements as a whol6 are free from matertal misstatement, 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 (UK) will always delect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in tho aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulalions. Wo design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below= Our approach to ident1￿lng and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectwely had the appropriate competence, capabilities and skills io identify or recognise non-compliance with applicable laws and regulations. we idenlrfied th6 laws and regulations applicable to the charitable company through discussions with direotors and other management, and from our commarcial knowledge and experience of the SOUTH DEVON RAILWAY TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 relevant sectors., we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operalions of the charitable company. inctuding Charity law, gift aid regulalions, Transport and Works Order and Health & Safety Regulations. we assessed the extent of compliance with the laws and regulations identified above throu9h making enquiries ofmanagement and inspeding legal correspondence,. and identified laws and regulations were communicated within the audit team regularly and the team remained alert lo Snslances of non-compliance throughout the audit. We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and 811eged fraud., considering the internal controls in place lo mitigate risks of fraud and non-compliance with laws and regulations., and reviewing the operation, via testing andlor discussing with management. of internal controls in place to mitigate risks of fraud and non-oompliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. perfomied analytical procedures to Identify any unusual or unexpected relalionshSps', tested journal entries (including movements in accruals and prepayments) to identify unusual transactions., investigated the rationale behind significant or unusual transactions,. and reviewing the records past the accounting date for any indication of transactions that should be reflected in these accounts. In response to the risk of irregularities and nonpcomplianco with laws and regulations, we designed procedures which included, but were not limiled to.. agreeing financi81 statement disclosures to underlying supporting documentation. enquiring of management as to actual and potential litigation and claims., reviewing correspondence with HMRC and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non- compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on Ihe Financial Reporting Council's website at: https'.Ilwww.frc.org.uklOur-WorklAudiVAudit-and-assurancelStandards-and-guidancelStandards-and- guidance-for-auditorslAuditors-responsibililies-for-audiVDescription-of-auditors-re5ponsibilities-for- audit.aspx. This description fomis part of our auditor's report. 10 SOUTH DEVON RAILWAY TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 Use of our report This report is made solely to the charitable company's Trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 auditor's 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 Trustees as a body, for our audit work, for this report, or for the opinions we have formed. fv- MICHAEL YOUNG BSC FCA (Senior Statutory Auditor) For and on behalf of PEPLOWS AUDIT LIMITED Chartered Accountants & statutory Auditor Moorgate House King Street Newton Abbot Devon TQ12 2LG 30 July 2025 11 SOUTH DEVON RAILWAY TRUST STATEMENT OF FINANCIAL AcfiviTIES YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted Endowment Funds Funds Funds Total Funds Total Funds Note Income and endowments from: Donations and legacies Charitable activities Investments 11,000 80,000 3,330 14,330 80,000 23,204 80,000 Total income and endowments 91.000 3,330 94,330 103,204 Expenditure on: Charitable activities Other expenditure 224879 2,625 13,865 238,744 2,625 238,655 2,625 Total expenditure 227,504 13.865 241,369 241,280 Net income (136,504 (10.535) (147,039) (138,076) Other recognised (losses): Other (losses) Net movement In funds (136,504) (10,535) { 147,039) (138.076) Reconclliation of funds: Total funds brought fO￿ard 2,562,656 529,636 119.149 3,211,441 3,349,517 Total funds carried forward 24 2,426,152 519,101 119,149 3,064.402 3,211.441 All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year. The notas on pages 16 to 31 form part of these financial statements Page 12 SOUTH DEVON RAILWAY TRUST INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 DECEMBER 2024 Note INCOME 94,330 103.204 TOTAL INCOME 94,330 103,204 TOTAL EXPENDITURE { 194,716) (202,759) OPERATING (DEFICIT) (100,386) (99,555) OTHER INCOME Interest receivable and similar income (100,386) (99,555) INTEREST PAYABLE Interest payable.. Loans Interest payable: Loan stock Interest payable: Bank loans HP interest (1,235) (6,279) (38,472) { 667) { 1,068) { 6,735) (28,602) (2,116) (46,653) { 38,521) RETAINED (DEFICIT) FOR THE FINANCIAL YEAR (147,039) { 138,076) The notes on pages 16 to 31 form part of these financial statements Page 13 SOUTH DEVON RAILWAY TRUST ALANCE SHEET 31 DECEMBER 2024 Note FiXED ASSETS Intangible assets Tangible assets Investments 14 15 16 16,554 3,299,609 270,516 3,127,197 370,516 3,497,713 3,586,679 CURRENT ASSETS Debtors Cash at bank 17 43,075 114,536 149.236 375,190 157,611 524.426 CREDITORS: Amounts falllng duo within one yoar 18 { 330,5051 { 502,7981 NET CURRENT ILIABILITIESIIASSETS { 172.8941 21,628 TOTAL ASSETS LESS CURRENT LIABILITIES 3,324.819 3,608.307 CREDITORS- Amounts falling due after more than one year 19 { 260,417) { 396,8661 NET ASSETS 3,064,402 3,211,441 CHARITY FUNDS Endowmont funds Share capital Capital redemption reserve Restricted funds Unrestricted funds Revaluation reserve 21 118,674 475 519,101 2,267,493 1 $8,659 118.674 475 529,636 2,403.997 158,659 22 23 TOTAL CHARITY FUNDS 3,064,402 3,211,441 These financial statements were approved by the Members their behalf by= tho Board on Ihe21&.w2o3C, and are slgnad on C A Wllllams Director Company Reglstration Number.. 01157099 Thg notes on pages 1610 31 form parl of these finanaal ststements Page 14 SOUTH DEVON RAILWAY TRUST CASH FLOW STATEMENT YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash flow from operating activities 25 132,695 (33,939) Net cash flow from operating activities 132,695 (33,939) Cash flow from investing activities Payments to acquire tangible fixed assets Receipts from sales of tangible fixed assets Interest received Payments for new investments 25,000 (100,000) Net cash flow from investing activities { 75,000) Cash flow from financing activities Receipts from issue of new long term loans Repayment of long term loans Repayment of finance lease liabilities Interest paid 204,913 (126,256) (8,777) (38,521) (265,029) { 6,667) (46,653) Net cash flow from financing activities { 318,349) 31.359 Net increase l (decrease) in cash and cash equivalents { 260,654) (2,580) Cash and cash equlvalents at 1 January 2024 375,190 377,770 Cash and cash equivalents at 31 December 2024 114,536 375,190 Cash and cash equivalents consists of: Cash at bank and in hand 114,536 375,190 Cash and cash equivalents at 31 December 2024 114,536 375,190 The notes on pages 16 to 31 form part of these financial statements Page 15 SOUTH DEVON RAILWAY TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES General information and basis of preparation Soulh Devon Railway Trust is a company with share capital, but with liability limited by guarantee, subject to the provisions of Companies Act 2006 and is governed. in the United Kingdom, by its memorandum and Articles of Association. In the event of the charity being wound up, the liability in respect ofthe guarantee is limited to £1 per member ofthe charity. The address ofthe regISte￿d office is given in the charity information on page 3 of these financial statements. The nature of the charity's operations and principal activities are to advance public education in the history and development of railway transportation systems in particular by the preservation, operation, and exhibiting of railway vehicles, systems and equipment and to foster and support heritage railway preseNation. In pursuit of this objed. the principal activity of the Trust is operating a heritage railway line and museum that provides passengers with the opportunity to experience and learn about rail travel as it was prior to 1966. In doing so the Trust, wherever possiblg, follows the custom and practice of the Great Westem Railway or that of British Railways (Western Region). The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Chartties.. 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 issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102}, the Charities Act 2011. the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless othe￿ise stated. Funds structure Unrestricted funds are available to use to further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which have been set aside by the Trustees to fund particular future activities of the charity. Revaluation reserve is part of unrestricted funds created from unrealised gains in fixed assets. Restricted funds are donated for particular areas of tha charity work or specific projects undertaken. Transfers between funds are made in the following circumstances. Where expenditure in accordance with a restricted fund exceeds the balance of tha rastricted fund, the deficit is financed from general unrestricted funds. Where th8 Trustees hav8 designated funds for a specific purpose funds are transferred to I from general unrestrtcted funds. The element of the depreciation charge on revalued fixed assets that exceeds the historic cost charge is released from the revaluation reserve to the general unrestricted fund. 16- SOUTH DEVON RAILWAY TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (continued) Funds structure (continued) Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specrfic restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Endowrnentfunds representthose assels which must be held permanently bythe charity, principally issued share capital. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments fom part of the fund. Investment managemont charges and legal advice relating to the fund are charged against the fund. Incoming resources All incoming resource5 are included in the Statement of Financial Activities {SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably. and it is probable that the income will be received. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing or payment will have been received. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully mat or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Donated facilities and donated professional services are recognised in income at their fair value when their economic bgnefit is probable, it can be measured reliably and the charity has control overthe item. Fairvalue is determined on the basis of the value of the gift to the Charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. No amount is included in the financial statamants for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees. Annual Report. Fixed asset gÈfts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a Contingent asset and disclosed. Income from grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be recaived and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred. 17 SOUTH DEVON RAILWAY TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POLICIES (Gontinued) Incoming resources (Continued) Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Where applicable income is recognised net of VAT. In respect of trading contracts for specific customers, income represents the value of work done in the year. including estimates of amounts not invoiced based upon the stage of completion of the contract. Investment income is earned through holding assets for investment purposes such as shares and propety. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is establishad. Endowment funds are in respect of share capital are pemianent and non-distributable. Donations I legacies of shares in South Devon Railway Trust.. These are recognised in th8 Statement of Financial Activities at their current value at time of donation. Due to the charitable nature of the company these shares are not entitled to an income and as such the market value is considered to be at the issue price of £1 each. The Trust is not permitted to hold its own shares so any shares received are immediately cancelled. Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings.. Costs of raising funds include the costs of running and operating rail services and related support costs; Expenditure on charitable activities include the costs of commercial trading and support costs relating to the café, shop and engineering sales- and Other expenditure represents those Items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Govemance costs represent the costs of financing and the cost of complying with constitutional and statutory requirements. 18- SOUTH DEVON RAILWAY TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POLICIES (contlnued) Pension costs Pension costs previously paid by SDRT have been transferred to SDRL. Investments Investments in subsidiary undertakings are included at historical cost Due to the insignificant nature of other investments these have been included at cost. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value. over the useful economic life. The intangible asset is considered to have an operating life of 20 years from acquisition of the statutory powar to own and operate the Railway, which became effective on 30 December 2009 Fixed assets All fixed assots are initially recorded at cost, although assets held in 2000 are included at thair valuation fixed under the transitional provisions of FRS15 and FRS102. Depreciation Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Freehold Property Land nil Buildings 30 or 50 years straight line Between 10 and 50 years straight line 250/0 reducing balance 10 years straight line 10 yaars straight line Track and infrastructure Workshop and other equipment Locomotives Rolling stock StoGks Stocks are valued at the lower of cost and net realisable value. after making due allowance for obsolete and slow moving items. Tax The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 8 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Golng concern The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of resenies for the charity to be able to continue as a going concern. 19 SOUTH DEVON RAILWAY TRUST DETAILED STATEMENT OF FINANCIAL AcfiviTIES YEAR ENDED 31 DECEMBER 2024 VOLUNTARY INCOME Unrostricted Restricted Total Funds Funds Funds 2024 Total Funds 2023 Gifts Legacies Grants 3,330 3,330 11,000 4,178 19.026 11,000 11,000 3.330 14,330 23,204 INCOME FROM CHARITABLE ACTivrriES Unrestricted Total Funds Funds 2024 Total Funds 2023 Management charges I ront receivabl8 Other income 80,000 80.000 80,000 80,000 INVESTMENT INCOME Unrestricted Total Funds Funds 2024 Total Funds 2023 Bank interest receivable ANALYSIS OF EXPENDrruRE ON CHARITABLE ACTIVITIES Unrestricted Restricted Total Funds Funds Funds 2024 Total Funds 2023 Rai￿aY Support costs - Railway 180,200 44,679 13.865 194.065 44,679 208.106 30,549 224.879 13.865 238.744 238,655 ANALYSIS OF OTHER EXPENDITURE Unrestrlctod Rè$trl¢tod Total Funds Funds Funds 2024 Total Fund5 2023 Govemance costs 2,625 2,625 2,625 2.625 2.625 2,625 -20- SOUTH DEVON RAILWAY TRUST DETAILED STATEMENT OF FINANCIAL A￿1VITIEs YEAR ENDED 31 DECEMBER 2024 ALLOCATION OF SUPPORT COSTS Ralslng Funds Rallway Total 2024 Total 2023 Finance Amortisation Office costs l Overheads other 5.125 16,554 23,000 5,125 16,554 23,000 4,789 2,760 23,000 Total 44.679 44.679 30,549 The Charities activities are split Inlo different entities and therefore costs are recorded separately and so do not require apportionment. The Charity does not expend money in an attempt lo raise funds so it is not appropriate to allocate costs to raising funds. GOVERNANCE COSTS Note 2024 2023 Auditor's remuneration 10 2.625 2,625 2,625 2,625 NEf INCOMEI(EXPENDITUREI FOR THE YEAR ENDED 31 DECEMBER 2024 Net in¢ome is $tsted after Charging I (crediting): 2024 2023 Depreciation of tangible fixed assets (Gain) I loss on sale of tangible fixed assets Amortisation of other intangible assets {includ&d within note 14) 172.412 125,000) 16,554 169,585 2,760 10 AUDrroR'S REMUNERATION 2024 2023 The audito¢s remuneration amounts to an auditfee 2,625 2,625 11 STAFF COSTS AND EMOLUMENTS 2024 2023 Wages and salaries Social security costs Defined contribution pension costs -21 SOUTH DEVON RAILWAY TRUST D￿AlLED STATEMENT OF FINANCIAL A￿1vITIEs YEAR ENDED 31 DECEMBER 2024 Parti¢ular5 of gmployees: The average number of employees and full time equivalent IFTE), of the charity, duiing the year No employees received tolal employee benefits (excluding employers pension costs) of more than £60,000 during the year The charity receives the benefit of volunteer services, these are not quantified in the accounts as this cannol be reliably quantified. Al of the Board of Trusl&es are volunteers. 12 TRUSTEES, REMUNERATION Other than travel expenses reimbursed in exceptional circumslances, none of the Trustees recoived any remuneration, which is in accordance with the Charitys governing document. 2024 2023 Expenses reimbursed to Trustees in the year 13 INTEREST PAYABLE AND SIMILAR CHARGES 2024 2023 Bank loans and overdrafts Loan stock other loans HP interest 38,472 6.279 1,235 667 28,602 6,735 1,068 2,116 46,653 38.521 Transport & Works Act Order 14 INTANGIBLE FIXED ASSETS COST At 1 January2024 and 31 December 2024 55,183 AMORTISATION At 1 January2024 Charge for the year 38,629 16.554 At 31 December 2024 55,183 NET BOOK VALUE At 31 December 2024 At 31 December 2023 16,554 -22- SOUTH DEVON RAILWAY TRUST O￿AlLED STATEMENT OF FINANCIAL AcfiviTIES YEAR ENDED 31 DECEMBER 2024 Transport & Works Act Order.. This 18 the capitalised costs of acquiring the statutory power to own and operate Ihe Railway, which became effective on 30 December 2009. 15 TANGIBLE FIXED ASSETS Brought forward 1Jan24 Carrled forward 31 Dec 24 Addltlons Disposals COST Freehold Land and buildings Tra¢k and infrastructure Workshop & Other Equipment Locomotives Rolling stock 1,738.638 1,624,353 884,450 948,042 533.185 1,738,638 1,624,353 817,445 948,042 533,185 167,005} 5,728,668 67,005 5,661,663 Brought forward 1Jan24 Carriod forward 31 D¢¢ 24 Charges Dlsposals DEPRECIATION Freehold Land and buildings Track and infrastructu Workshop & Other Equipment Locomotives Rolling stock 197.725 717,477 741,111 533.734 239,012 19,340 56,984 20,001 61,763 14,324 217.065 774,461 694,107 595,497 253,336 167,005} 2,429,059 172,412 67,005 2,534,466 Brought forward 1Jan24 Carried forward 31 Dec 24 NET BOOK VALUE Freehold Land and buildings Track and infrastructure Workshop & Other Equipmenl Locomotives Rolling stock 1,540.913 906,876 143,339 414,308 294,173 1,521,573 849,892 123,338 352,545 279,849 3.299,609 3,127,197 -23- SOUTH DEVON RAILWAY TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 In respect of assets ststed at valuations, tho comparable historical cost and depreciation values are as follows.. 2024 2023 NBV of revalued tanglble flxed a$sot$: Net book value at end of year 418,329 418,329 Historical cost: At 1 January 2024 and 31 December 2024 578.411 578,411 Depre¢latlon: At 1 January 2024 Charge for the year 340,172 340,172 At 31 DeGember2024 340,172 340,172 Net hlstorlcal cost value: At 31 December2024 238,239 238,239 At 31 December2023 238,239 238,239 The net historic cost value per class of asset is: 2024 2023 Track and infrastructure Workshop & Olher Equipment Locomotives Rolling stock 22.591 2.685 192.016 20,947 22.591 2.685 192,016 20.947 238,239 238,239 16 INVESTMENTS 2024 2023 Cost: At 1 January 2024 and 31 December 2024 370.516 270,516 Analysis of Investmonts at 31 December 2024 between funds Unrestricted Reslrlcted Total Funds Funds Funds 2024 Total Funds 2023 Othor Investments UK Related undertakings Other UK unlisted Securities 352,184 18,332 352,184 18,332 252,184 18,332 370,516 370,516 270,516 -24- SOUTH DEVON RAILWAY TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 The Charity holds shares in the following companies incorporated in England and Wales. which are included in these consolidated accounts: South Devon Railway Limited IFCA number 037119511- this company operates the shop and kiosk at the Buckfasll8igh railway station. The Charity holds 100 /0 of Ihe Ordinary A shares and 17.880 of the Ordinary shares. In acGordance with the constitution of South Devon Railway Limited, the Charity is intitled to one vote, so South Devon Railway Trust does not exercise any control over South Devon Railway Limited and Iherefore this company is not consolidated into group accounts. 5526 Limited (company number 027755221- this company owns locomotive 5526, whith is leased lo the Charlty rent free. The Charity holds 76.1 Q/0 of the ordinary shares and voting rights. 5526 Limited is currenlly dormant and so is not consolidated into group accounts. 17 DEBTORS 2024 2023 Trade debtors Amounts owed by associated undertakings other debtors Prepayments and ac¢rued income 108,135 12,908 30,167 12,908 28,193 43,075 149,236 Amounts owed by group undertakings are interest free and repayablo on demand. 18 CREDrroRS: Amounts falling due wlthln one year 2024 2023 Bank loans and overdrafts Amounts owed to asso¢iated undertakings Taxation deducted Other loans Other creditors Accruals Loan stock HP agreements 143.458 16.416 6.449 130,000 4,790 9.392 20,000 270,038 53,224 6.687 136,000 4,790 9,392 16,000 6,667 330.505 502.798 The following liabilities disclosed under creditors falling due within one year are secured by the 2024 2023 Bank loans and overdrafts HP agreements 143,458 270,038 6,667 143,458 276,705 -25- SOUTH DEVON RAILWAY TRUST O￿AlLED STATEMENT OF FINANCIAL AcfiviTIES YEAR ENDED 31 DECEMBER 2024 The bank finance is secured by a first legal charge over the propety known as Stations, buildings and land al Buckfaslleigh to Totnes Railway Line and an unlimited debenture incorporating a fixed and floating charge. The hire purchase agreements are secured on the assets financed. Amounts owed bylto group or assoclated undertakings are interest free and repayable on demand. 19 CREDITORS: Amounts falllng due after more than one year 2024 2023 Loan stock Bank loans and overdrafls other loans 121,000 89,370 50,047 188.000 91,326 117,540 260,417 396,866 The following liabilities disclosed under creditors falling due after mor& than one year are secured by the Charity.. 2024 2023 Bank loans and overdrafts 121,000 91,326 121,000 91,326 Detsils of securities are disclosed above in the note for amounts due in less than on8 yoar. The following aggregate liabilities are repayable by instalments, and ara due for repayment after more than five years from th8 balance sheet date.. 2024 2023 Bank loans and overdrafts 44,036 46,816 The bank loans are repayable by instalments. There are tsvo separate loans. Interest Is payable 1.75 10 above Bank of England base rate. SOUTH DEVON RAILWAY TRUST DETAILED STATEMENT OF FINANCIAL AcfiviTIES YEAR ENDED 31 DECEMBER 2024 20 CREDITORS - CAPITAL INSTRUMENTS Creditors in¢lude finance capital which is due for repayment as follows: 2024 2023 Amounts repayable: In one year or less or on demand In more than one year but not more than two years In more than two years but not more than five years In more than five years 293,458 127,002 89,379 44,036 428,705 236,748 113,302 46,816 553,875 825,571 The above liabilities comprise bank loans and loan stock. 21 ENDOWMENT FUNDS Balance at 1 Jan 2024 Incomlng resources Oulgolng resources Balance at 31 Dec 2024 Transfers Endowment Funds & Capital 119,149 119,149 -27- SOUTH DEVON RAILWAY TRUST DETAILED STATEMENT OF FINANCIAL AcfiviTIES YEAR ENDED 31 DECEMBER 2024 22 RESTRICTED INCOME FUNDS Balan¢0 at 1 Jan 2024 In¢oming resources Outgolng rosourcos Balance at 31 Dec 2024 Dumbleton Hall RTSA fund Hawksworth 2180 fund GW development fund Foundation fund Restoration of loco 6412 34,821 400 1,610 3,500 4,600 835 35,656 400 2,450 5,155 4,600 1,655 44,931 3.330 48.261 Depre¢latlng funds: Nursery Pool Bridge - Heritage lottery fund Heritage Rolling Stock Conservation Centre fund 1420 fund Hawksworth 2180 fund GW development fund Gronk fund Tolnes signalling fund Toilet block fund Training building fund Station field fund Site development fund S & T Storg in TotnBs fund Play area 113,430 (3,690) 109,740 62,137 26,852 51,045 26,475 23,900 9.179 1,398 1,600 79,233 81,106 2,350 6,000 (1,4581 60,679 26,852 51.045 25.935 23.900 7,010 1,048 800 79,233 77.718 1.880 5.000 (540) { 2,169) { 350) { 800) (3,388) 1470) (1,000) 529,636 3,330 { 13,865) 519,101 Tho rostrlcted funds ¢onsist of the following: Dumbleton Hall RTSA fund: For the restoration or ongoing maintenance of locomotive 4920. Hawksworth 2180 fund: For the restoration or ongoing mainlenance of coaGh Hawksworth 2180. GW development fund: Expenditure on any project relating lo the Great Western Railway. Foundation fund: For the support of maintenance and improvements on infrastructure and rolling stock. Re$tri¢tion of Loco 6412: For the restoration or ongoing maintenance of locomotive 6412. -28- SOUTH DEVON RAILWAY TRUST DEfAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 DEPRECIATING FUNDS: These funds have already been expended on fixed assets,. the funds will decrease as these assets depreciate. Nursery Pool Brldgg". Heritage lottery fund. This relates to the grant given by HLF as part of the rebuilding of Nursery Pool bridge. This asset is being depreciated over a fifty year perlod and the restricted fund is being utilised over the same period. Herltagg Rolling Stock Conservatlon Centre: For the construction of the Heritage Rolling Stock Conservatlon Centre. 1420 fund.. For the restoration or ongoing mainlenanco of locomotiv8 1420. Hawksworth 2180 fund: For the restoration or ongoing maintenance of ¢oaGh Hawksworth 2180. GW development fund: Expenditure on any project relating to the Great Western Railway. Gronk fund: To cover the restoratlon and depreclatSon costs of the new 09 shunter. Totnes slgnalling fund: To be used on the signalling at and around the station at Totnes. Toilet block fund: To be used on the replacement toilet block at Buckfastlelgh station. Training building fund: For the construction of a building to be used for training. statlon fleld fund: For the purchase of the stalion field. site development fund: For the development of the sit at and around Buckfasueigh station. S & T Store In Totnes fund: For the building and maintenance of the S & T Store in Totnes. Play area: For the refurbishment of the play area in the grounds of Buckfa5tleigh station. -29- SOUTH DEVON RAILWAY TRUST D￿AlLED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 Endowment funds and capltal.. This is the issued share capital of the company as follows: 2024 2023 lotted, called up and fully paid 118,187 Ordinary shares of £1 each Capital redemption reseTve 487 Promoler shares of £1 each 118,187 475 487 118.187 475 487 119.149 119.149 23 UNRESTRICTED INCOME FUNDS Balance at 1 Jan 2024 Incomlng resources Outgolng resources Balance at 31 Dec 2024 Tran5feTS Designated Fund- Revaluation fund General funds 158,659 2.403,997 158,659 2.267,493 91,000 1227,504} 2,562,656 91,000 227,504 2,426,152 Revaluatlon reserve: Thls represonts the Increase in value of fixed assets over origlnal cost. The reserve is being released to the general unrestricted fund to match Ihe element of depreciation charge in excess of the historic ¢ost charge. 24 ANALYSIS OF NET ASSETS BETWEEN FUNDS Net current assetsl Fixed assets Investments Illabillties) Long term Ilabllltles Total Restricted Income Funds: Endowment Funds & Capital Restricted Funds 119,149 48,261 119.149 519,101 470,840 470,840 167,410 638,250 Unrestricted Income Funds: Designated Funds 158,659 General Funds 2.497,698 158,659 2,267.493 370,516 1340,304) 1260,417> 2,656,357 370,516 340,304 260,417) 2,426,152 Total Funds 3,127,197 370,516 (172,894 (260.417 3,064,402 -30- SOUTH DEVON RAILWAY TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 RECONCILIATION OF NET INCOME I EXPENDITURE TO NET CASHFOW FROM OPERATING 25 ACTIVITIES 2024 2023 Net income for year Interest receivable Interest payable Depreciation and impairment of tangible fixed assets Amortisation and impairment of intangible fixed assets (Profit) I loss on disposal of tangible fixed assets