**Registered Charity Number: SC040498 Registered Company Number: SC346012 (Scotland)** **Strathspey Railway Charitable Trust** (company limited by guarantee) ## **Report of the Trustees and** ## **Unaudited Financial Statements for** **The Year Ended 31 December 2025** 42 Shore Street Nairn IV12 4PX **Strathspey Railway Charitable Trust** (company limited by guarantee) **Contents of the Financial Statements For the Year Ended 31 December 2025** |**CONTENTS**
**Officers & Professional Advisors**
**Report of the Trustees**
**Independent Examiner's Report**
**Statement of Financial Activities**
**Balance Sheet**
**Notes to the Accounts**|**Pages**| |---|---| ||**1**
**2-3**
**4**
**5**
**6**
**7-9**| 2025 Accounts SRCT 03/08/2026 ## **Strathspey Railway Charitable Trust** (company limited by guarantee) ## **Officers & Professional Advisors** ## **For the year ended 31 December 2025** |**DIRECTORS**|L Coe (chair)| |---|---| ||A McCracken| ||B Dunlop - resigned 23/08/2025| ||T Keats| ||D Gilmour| ||D Scott| |**COMPANY SECRETARY**|D Gilmour| |**PRINCIPAL ADDRESS**|Aviemore Station| ||Dalfaber Road| ||Aviemore| ||PH23 1PY| |**REGISTERED OFFICE**|Aviemore Station| ||Dalfaber Road| ||Aviemore| ||PH23 1PY| |**INDEPENDENT EXAMINER**|Gareth Jones FCCA.| ||Chartered Certified Accountant| ||Orchard Compliance Ltd| ||42 Shore Street| ||Nairn| ||IV12 4PX| |**BANKERS**|Royal Bank of Scotland| ||Eastgate Shopping Centre| ||Inverness| ||IV2 3PP| |**REGISTERED CHARITY NUMBER:**|SC040498| |**COMPANY REGISTRATION NUMBER:**|SC346012 (Scotland)| 2025 Accounts SRCT page 1 **Strathspey Railway Charitable Trust** (company limited by guaratee) ## **TRUSTEES' REPORT For the Year Ended 31 December 2025** The Trustees present their report and accounts for the year ended 31 December 2025. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memeorandum and Artlicle of Association, the Companies Act 2006 and the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102)(effective 1 January 2019) ## **Structure, governance and management** The charity is a company is governed by its Memorandum and Articles of Association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The Trustees, who are also the directors of the charity for the purposes of the Companies Act 2006, and who served during the period were: L Coe (chair) A McCracken T Keats B Dunlop - Resigned 23/08/2025 D Gilmour D Scott Directors of the company who are the trustees of the charity may be co-opted during the period, but their appointment requires confirmation at the company's next following Annual General Meeting. In addition one third of the Trustees are subject to retirement by rotation at every Annual General Meeting. After each Annual General Meeting they then elect the chair and other office-bearers. Each trustee is advised of their responsibilities as outlined in company and charity legislation. The Charity's sole member is the Strathspey Railway Company Limited which is a "Not for Profit Company" which runs a railway service from Aviemore to Broomhill with financial and volunteer support provided by the Strathspey Railway Association a registered charity. The Strathspey Railway Association which has over 800 members is the principal shareholder of the Strathspey Railway Company Limited. The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. ## **Objectives and Activities** Strathspey Railway Charitable Trust endeavours to: 1. Provide or organise the provision of recreational facilities to improve the condition of life for members of the public; 2. Advance environment protection or improvement; 3. Advance the arts, heritage, culture and science; and 4. Advance education, all in the context of restoring the original railway line to Grantown-on-Spey from Broomhill. ## **Achievements and Performance** Having been denied the small amount of funding by the Scottish Government required by Transport Scotland to complete the A95 realignment Plans, we have been unable to submit the TAWS Order Application to Scottish Ministers. 2025 Accounts SRCT page 2 **Strathspey Railway Charitable Trust** (company limited by guaratee) ## **Report of the Trustees - continued For the Year Ended 31 December 2025** ## **Future Plans** The Trustees continue to investigate whether any other option to reinstate the Railway closer to Grantown-on-Spey than the current end of the line is feasible ## **Financial Review** Donations continue to come in for which the Trustees are grateful especially to those who contribute regularly. In addition, and where appropriate, the Trust benefits from Gift Aid recovery claims from HMRC Total incoming resources of £13,967 (2024 - £7,460). Total resources expended of £1,032 (2024 - £5,835) resulted in a surplus of £12,935 (2024 - £1,625 surplus). We believe we have in place sound day-to-day processes for handling cash and reporting income and expenditure. The charity depends on funding from public and private sources and we have reason to consider that sufficient will be forthcoming for the successful completion of the restoration work although the time scale for completion looks likely to be longer than originally contemplated. ## **Reserves Policy** The directors have a policy of building up sufficient resources to enable the company to operate with sufficient liquidly at all times. ## **Trustees’ responsibilities** The Trustees, who are also the Directors of Strathspey Railway Charitable Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities). Company law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these accounts, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; and - prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. proved by order of the board of trustees and signed on its behalf by: LindaCoe L. Coe 03 Aug 2026 Chair of Trustees Dated: 2025 Accounts SRCT page 3 **Strathspey Railway Charitable Trust** (company limited by guaratee) ## **Independent Examiners Report to the Trustees of Strathspey Railway Charitable Trust** Report to the trustees/members of Strathspey Railway Charitable Trust for the year ended 31 December 2025 set out on pages 5 to 9, which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. These financial statements have been prepared in accordance with the accounting policies set out therein. ## **Respective responsibilities of Trustees and Auditors** The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 (“the 2005 Act”) and the Charities Accounts (Scotland) Regulations 2006 (as amended) (“the 2006 Regulations”). The charity’s trustees consider that the audit requirement of Regulation 10(1)(d) of the 2006 Regulations does not apply. It is my responsibility to examine the accounts as required under section (44)(1)(c) of the 2005 Act and to state whether particular matters have come to my attention. ## **Basis of Independent Examiner’s Statement** My examination is carried out in accordance with Regulation 11 of the 2006 Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, I do not express an audit opinion on the view given by the accounts. ## **Independent Examiner’s Statement** In the course of my examination no matter has come to my attention: - 1 - which gives me reasonable cause to believe that, in any material respect, the requirements:- to keep accounting records in accordance with section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Regulations, and to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Regulations. have not been met, or 2 - to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Dated: 04/08/2026 Gareth Jones FCCA Chartered Certified Accountant Orchard Compliance Ltd 42 Shore Street Nairn IV12 4PX 2025 Accounts SRCT page 4 **Charity Number: SC040498 Company Number: SC346012 (Scotland)** ## **Strathspey Railway Charitable Trust** ## (company limited by guarantee) ## **Statement of Financial Activities** ## **For the year ended 31 December 2025** |||||**Total**|**Total**| |---|---|---|---|---|---| |||**Unrestricted**|**Restricted**|**Funds**|**Funds**| ||**Note**|**Funds**|**Funds**|**31/12/25**|**31/12/24**| |||£|£|£|£| |**Income & Endowments from**|||||| |Income from Fund Raising|**4**|213|-|213|515| |Donation, Legacies and grants|**2**|12,898|-|12,898|6,203| |Investment income|**3**|856|-|856|742| |**Total**||13,967|-|13,967|7,460| |**Expenditure on**|||||| |Charitable Activities -Railway Expansion Project|**5**|1,032|-|1,032|5,835| |**Net Income**||12,935|-|12,935|1,625| |Transfers (to)/from Restricted Funds||-|-|-|-| |**Net Movement in Funds**||12,935|-|12,935|1,625| |Total funds brought forward||133,194|-|133,194|131,569| |**Total funds carried forward**||146,129|-|146,129|133,194| The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. The notes on pages 7 to 9 form part of these accounts. 2025 Accounts SRCT page 5 **Charity Number: SC040498 Company Number: SC346012 (Scotland)** ## **Strathspey Railway Charitable Trust** (company limited by guarantee) ## **Balance Sheet** |**General**
**Funds**
**Restricted**
**Funds**
**Note**
**2025**
**2025**
**£**
**£**
**FIXED ASSETS**
Tangible fixed assets
**8**
86,443
-
**CURRENT ASSETS**
Debtors
**9**
-
-
Cash at Bank and in hand
60,616
-
60,616
-
**CREDITORS**
Creditors amounts due within 1 year.
**10**
930
-
**NET CURRENT ASSETS**
59,686
-
**TOTAL ASSETS LESS CURRENT LIABILITIES**
146,129
-
**NET ASSETS**
146,129
-
**REPRESENTED BY:**
**11**
Unrestricted funds
Restricted funds
**TOTAL FUNDS**
**For the year ended 31 December 2025**|**Total Funds**
**2025**
**£**
86,443
-
60,616
60,616
930
59,686
146,129
146,129
146,129
-
146,129|**Total Funds**
**2024**
**£**
86,443| |---|---|---| |||-
47,681| |||47,681
930| |||| |||46,751| |||133,194| |||133,194| |||133,194| |||-| |||133,194| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. For the year ended 31 December 2025 the company was entitled to exemption under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting a) ensuring that the charitable company keeps accounting records that comply with sections 386 and 387 of the Companies Act 2006 and b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. proved by the Board of Directors and signed on its behalf by LindaCoe 03 Aug 2026 L Coe Chair of Trustees The notes on pages 7 to 9 form part of these accounts 2025 Accounts SRCT page 6 ## **Strathspey Railway Charitable Trust** (company limited by guarantee) **Notes to the Accounts For the year ended to 31 March 2025** ## **1 ACCOUNTING POLICIES** ## **a) Accounting convention** The accounts have been prepared under the historical cost convention. **�** The accounts have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005 and the Companies Act 2006. **�** The charity has availed itself of s396 of the Companies Act 2006, as permitted in paragraph 4(1) of Schedule 1 of SI 2008 No 409, and adapted the Companies Act formats to reflect the special nature of the charity’s activities. ## **b) The principal accounting policies of the charity are shown below:** ## **i) Income** Donations, legacies, and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement. Donated services are recognised at estimated market value. Grant income is recognised when the funding entitlement passes to the charity. ## **ii) Expenditure** All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. All costs have been directly attributed to one of the functional categories of resources expended and include irrecoverable VAT. ## **iii) Fixed assets** Equipment acquisitions have been capitalised only on items over £1,000 and depreciation provided to write Tangible fixed assets represent the acquisition of a railway bridge and preparatory works for its integration into the proposed railway extension. Due to the project still being in its development stage, these costs have not been depreciated to date. ## **iv) Accumulated funds** Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts. ## **v) Taxation** The company is recognised as a charity for tax purposes and there is therefore no liability to corporation tax. 2025 Accounts SRCT page 7 ## **Strathspey Railway Charitable Trust** (company limited by guarantee) **Notes to the Accounts For the year ended to 31 March 2025** ## **3 INVESTMENT INCOME** |**3 INVESTMENT INCOME**
Interest Receivable
**4 INCOME FROM FUND RAISING**
Recycle for Charity
Easy Fundraising
**5 EXPENDITURE ON CHARITABLE ACTIVITIES**
**Railway Expansion Project**
Activities Undertaken directly
Support Costs
Governance Costs
Cost of Fund Raising|**General**
**Fund**
£
856
856
**General**
**Fund**
£
5
208
213
**General**
**Fund**
£
-
102
930
-
1,032|**Restricted**
**Funds**
£
-
-
**Restricted**
**Funds**
£
-
-
-
**Restricted**
**Funds**
£
-
-
-
-
-|**Total Funds**
**Y/E 31/12/25**
£
856
856
**Total Funds**
**Y/E 31/12/25**
£
5
208
213
**Total Funds**
**Y/E 31/12/25**
£
-
102
930
-
1,032|**Total Funds**
**Y/E 31/12/24**
£
742| |---|---|---|---|---| |||||742| |||||**Total Funds**
**Y/E 31/12/24**
£
34
481| |||||515| |||||**Total Funds**
**Y/E 31/12/24**
£
4,800
105
930
-| |||||5,835| Governance costs represents amounts due for independent examination and accounting services £930 (2024 – £930). ## **6 DIRECTORS/TRUSTEES REMUNERATION** None of the Trustees (or any persons connected with them) received any remuneration during the period. None of the Trustees incurred expenses on behalf of the charity during the period. ## **7 STAFF COSTS** There were no employees during the period. |**8 TANGIBLE FIXED ASSETS**
**COST**
Total at 1 January 2025 and 31 December 2025
**DEPRECIATION**
Total at 1 January 2025 and 31 December 2025
**NET BOOK VALUES**
Total at 1 January 2025 and 31 December 2025||**Plant &**
**Machinery**|**Plant &**| |---|---|---|---| |||**£**
86,443|| |||-|| |||86,443|| 2025 Accounts SRCT page 8 ## **Strathspey Railway Charitable Trust** (company limited by guarantee) **Notes to the Accounts For the year ended to 31 March 2025** ## **9 DEBTORS** ||||| |---|---|---|---| |**9 DEBTORS**
Trade Debtors
Other debtors
**10 CREDITORS - AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade Creditors
Accrued Expenses
**11 MOVEMENT IN FUNDS**
**Balance at**
**01/01/25**
**Incoming**
**Resources**
**Outgoing**
**Resources**
£
£
£
Unrestricted Funds
133,194
13,967
(1,032)
Restricted Funds
Specific Gifts
-
-
-
Total Restricted Funds
-
-
-
Total Funds
133,194
13,967
(1,032)|**Net**
**Movement in**
**funds**
£
12,935
-
-
12,935|**Y/E 31/12/25**
£
-
-
-
**Y/E 31/12/25**
£
-
930
930
**Transfers**
**between**
**funds**
£
-
-
-
-|**Y/E 31/12/24**
£
-
-| ||||-| ||||**Y/E 31/12/24**
£
-
930| ||||930| ||||**Balance at**
**31/12/25**
£
146,129| ||||-| ||||-| ||||146,129| ## **12 RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 December 2025 or the year ended 31 December 2024. 2025 Accounts SRCT page 9 ## **Issuer** **Issuer** Gareth Jones Compliance Ltd **Document generated** Mon, 3rd Aug 2026 9:42:44 BST **Document fingerprint** 061bea2f577ba1b425e34151671a0aa2 ## **Parties involved with this document** ## **Document processed** ## **Party + Fingerprint** Mon, 3rd Aug 2026 12:39:18 BST Mon, 3rd Aug 2026 12:39:18 BST Mon, 3rd Aug 2026 12:39:18 BST Mr Linda Coe - Signer (068d7fa2581455dd7875c80149c8773f) Mr Tim Keats - Copied In (8aed5a550ad3fabd8ad502956320adc8) Mr Duncan Gilmour - Copied In (847c8dfca6a2e97cc1b483326ea40d58) ## **Audit history log** ## **Date** ## **Action** Mon, 3rd Aug 2026 9:42:44 BST Mon, 3rd Aug 2026 9:42:44 BST Mon, 3rd Aug 2026 9:42:44 BST Mon, 3rd Aug 2026 9:42:45 BST Mon, 3rd Aug 2026 9:42:45 BST Mon, 3rd Aug 2026 9:42:49 BST Mon, 3rd Aug 2026 12:30:57 BST Mon, 3rd Aug 2026 12:39:18 BST Mon, 3rd Aug 2026 12:39:18 BST Mon, 3rd Aug 2026 12:39:18 BST Mon, 3rd Aug 2026 12:39:18 BST Mon, 3rd Aug 2026 12:39:18 BST Mon, 3rd Aug 2026 12:39:18 BST Mon, 3rd Aug 2026 12:39:18 BST Mon, 3rd Aug 2026 12:39:18 BST Envelope generated with fingerprint 7173170d8662dec3c55d3884b970e464 (35.176.231.177) Document generated with fingerprint 061bea2f577ba1b425e34151671a0aa2 (35.176.231.177) Mr Linda Coe has been assigned to this envelope. (35.176.231.177) Mr Tim Keats has been assigned to this envelope. (35.176.231.177) Mr Duncan Gilmour has been assigned to this envelope. (35.176.231.177) Document emailed to party email Mr Linda Coe viewed the envelope (185.73.151.102) Mr Linda Coe signed the envelope (185.73.151.102) Sent a copy of the envelope to Mr Tim Keats (185.73.151.102) Sent a copy of the envelope to Mr Duncan Gilmour (185.73.151.102) This envelope has been signed by all parties (185.73.151.102) Signed document confirmation emailed to party email (185.73.151.102) Signed document confirmation emailed to party email (185.73.151.102) Signed document confirmation emailed to party email (185.73.151.102) Signed document confirmation emails have been sent to all parties (185.73.151.102)