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← Kilmarnock Station Railway Heritage Trust

2025-04-05-accounts

KILMARNOCK STATION RAILWAY HERITAGE TRUST SCIO

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

Scottish Charity No. : SC045252

KILMARNOCK STATION RAILWAY HERITAGE TRUST SCIO

CHARITY INFORMATION

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Charity number $C045252

Independent Examiner Po JRD LLP

11 Portland Road Kilmarnock KA1 2BT

Business address Kilmarnock Railway Station Station Brae Kilmarnock KA1 2AF Bankers Bank of Scotland 30/34 King Street Kilmarnock KA1 1NP

KILMARNOCK STATION RAILWAY HERITAGE TRUST SCIiO

CONTENTS

Page
Trustees’ Report 1-1V
Financial Statements
Independent Examiner's report 1
Statement offinancial activities 2
Balance sheet 3
Notestothefinancialstatements 4-12

KILMARNOCK STATION RAILWAY HERITAGE TRUST SCIO

TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2025

The Trustees present their report and financial statements of the charity for the year ended 5 April 2025. The financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended) and 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).

Chairperson’s Statement

Final phase of development

The Trust is proud of the continued work in assisting members of the community facing adversity of all kinds.

This has been achieved through the delivery of both counselling work and the activity around the bakery and gaming centre.

This will continue to be the primary focus of the trust going forward and our intention is to secure sustainability through increased commercial activity due to restructuring of the contract framework with the local Health and social care partnership. With regards to the contractual arrangement with the local authority to deliver therapy, the trust is continuing to explore opportunities. The initial funding for the scale model shop has now been completed, resulting in closure of the shop, with efforts now concentrated on the therapy side of things.

In completing the last space available for refurbishment in the underpass of the station, all available space will be utilised to benefit the community.

Structure, Governance and Management

Recruitment and Appointment of Trustees

The people serving on the Board of the charity are its Trustees. At each AGM the members may elect any member as a Trustee. The Board may also at any time nominate a member to become a Trustee. All Trustees retire from office at the AGM but are deemed to be re-elected unless they resign or he/she is not re-elected via the election process at the AGM. The Board may also in certain circumstances appoint up to 2 nonmembers as Trustees. The minimum number of Trustees is 3 and a maximum of 10.

Induction and Training of Trustees

The charity has a Trustees’ induction pack, which is presented to each new Trustee. This identifies the role and responsibilities of the Trustee under the Scottish charities legislation. In addition, there is a more practical induction process in relation to the specific operations and activities of the charity.

Organisational Structure

The Board of Trustees is responsible for policy decisions and ensuring that the charity operates within its constitution. Regular Board meetings are held to effect policy decisions.

The charity operates a hierarchical management structure in line with Board policy requirements.

The key management personnel during the financial year and preceding financial year were:

Allan Brown Development Manager Laura Yetton Project Co-ordinator

Pay Policy for Senior Staff

The pay of senior staff is reviewed annually by the Board with reference to pay scales for similar organisations within the sector.

I

KILMARNOCK STATION RAILWAY HERITAGE TRUST SCIO TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2025

Related Parties and Transactions with Trustees/Key Management Personnel

Related party transactions in respect of Key Management Personnel are detailed at note 3 to the financial statements.

Risk Management

The trustees have assessed the major risks to which the charity is exposed, where appropriate systems and procedures have been established to mitigate any material risks the charity faces.

Objectives and Activities

The organisation’s purposes are the advancement of education into the history, design, and operation of structures, buildings, plant and equipment connected with Kilmarnock railway station and other Railway Stations on the network and to preserve those artefacts, structures, buildings, plant and equipment that are of historic, cultural, architectural, constructional or scientific interest, or exhibit craftsmanship worthy of preservation. The advancement of citizenship and community development by providing support for local charities, community groups and the wider voluntary sector.

Achievements and Performance

The Trust tendered for the contract in conjunction with the Health and Social Care partnership in April 2025. Unfortunately, we were unsuccessful in that tender, however on reflection the contract restrictions and criteria would have meant delivery was financially untenable. The Trust has continued to operate outwith the contract, to offer support to members of the community who are faced with adversity through mental health issues. The bakery continues to operate and we have Kilmarnock Baptist Church hiring a space for a short period.

Future Plans

The Trust is looking forward to continuing the development of the counselling aspect of our activity and maintain the bakery project and social enterprise activity based around therapy on a more commercial basis to ensure sustainability.

Financial Review

Principal Funding Sources

Principal funders during the year were East Ayrshire Council.

Reserves Policy and Going Concern

The impact of the current global economic uncertainty has obviously increased the risk of sustainability within the sector as well as business generally. The Trustees would ideally retain a reserve of up to 6 months running costs. A contingency fund of £50,000 was established during the previous year to set aside funds for this purpose. This balance was partially utilised during the year leaving a balance at 5 April 2025 of £30,000. In addition, the general unrestricted funds balance was £3,987 at the balance sheet date which represents the charity's working capital. The total unrestricted reserves (excluding the net book value of assets) are therefore £33,987 at the balance sheet date. The Trustees have also had to consider the impact of significant property lease commitments and the future uncertainty of project costs which are currently funded. The Trustees have made further commentary on the going concern basis at note 1b of the financial statements.

Il

KILMARNOCK STATION RAILWAY HERITAGE TRUST SCIO

TRUSTEES’ REPORT

FOR THE YEAR ENDED 5 APRIL 2025

Review of Financial Year

The excess of expenditure over income for the year was £85,837 (2024: £42,448). The overall result includes the impact of depreciation and the actual operating result is a deficit of £27,026 (2024: £37,019). These results are detailed at the income and expenditure account at note 15 of the financial statements. An analysis of the statement of financial activities is included at note 14 to the financial statements. This details the restricted and unrestricted funds and related income sources. The total funds carried forward at 5 April 2025 were £632,803 (2024: £718,640) as detailed above.

Legal and Administrative Information

Charity Information

The Scottish Charity reference, contact information and other administrative details are shown on the foregoing charity information schedule.

Constitution

The charity is a Scottish Charitable Incorporated Organisation (SCIO) registered on 25" November 2014.

Independent Examiner

JRD LLP were reappointed as independent examiner for the charity in respect of the 2024/25 financial year.

Ill

KILMARNOCK STATION RAILWAY HERITAGE TRUST SCIO

TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2025

Statement of Trustees’ Responsibilities

The trustees are required to prepare accounts for each financial period which showa true and fair view of the state of affairs of the charity and of the surplus or deficit for that period, which have been properly prepared from and are in agreement with the accounting records and which comply with relevant disclosure regulations. In preparing these accounts, the trustees are required to:

The trustees are required to act in accordance with the constitution and within the framework of relevant charity legislation. They are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the charity's financial position, and to enable them to ensure that the accounts comply with the applicable requirements of the following:

The trustees have the responsibility for taking reasonable steps to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

Approved by the Board of Trustees on 24 December, 2025 and signed on its behalf by:

IV

KILMARNOCK STATION RAILWAY HERITAGE TRUST

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF KILMARNOCK STATION RAILWAY HERITAGE TRUST

| report on the accounts of the charity for the year ended 5 April 2025, which are set out on pages 2 to 12.

Respective responsibilities of trustees and examiner

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 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the 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 Charities Accounts (Scotland) Regulations 2006. 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 | 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:

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.

JRD LLP Chartered Accountants 11 Portland Road Kilmarnock KA1 2BT

24 December, 2025

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KILMARNOCK STATION RAILWAY HERITAGE TRUST SCIO

BALANCE SHEET AS AT 5 APRIL 2025

2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 5 598,906 906 657,717
Current assets
Stock - 3,500
Debtors and prepayments 6 6,360 44,021
Cash at bank and in hand 7 37,325 63,315
43,685 110,836
Creditors: amounts falling due within
one year 8 (9,788) (16,291)
Net current assets 33,897 94,545
Deferred income 9 - (33,622)
Total assets less current liabilities 632,803 718,640
Funds ofthe charity
Restricted income funds 13/14 - -
Unrestricted designated funds 13/14 628,906 707,717
Unrestricted income funds 13/14 3,897 10,923
TotalCharityFunds 632,803 718,640

The financial statements were approved by the Board of Trustees on 24 December, 2025 and signed on its behalf by:

Trustee/Treasurer

Page 3

KILMARNOCK STATION RAILWAY HERITAGE TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the prior year. (a) Basis of preparation The financial statements are presented in sterling (£) and have been prepared in accordance with 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 freland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). Kilmarnock Station Railway Heritage Trust SCIO meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). (b) Preparation of accounts on a going concern basis The financial statements have been prepared on a going concern basis which assumes that the charity will continue to operate for a period of 12 months from the date of approval by the Board of Trustees. The charity is reliant on external grant funding and, while the Trustees have no reason to believe that such funding will not continue, the charity's ability to continue in business is dependent on being successful in attracting such funding. Other factors taken into consideration by the Trustees in arriving at their going concern assessment are disclosed at note 12 of the financial statements. (c) Fund accounting (notes 13 & 14) Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds are unrestricted funds which have been set aside at the discretion of the trustees for specific purposes. Restricted funds are subject to restrictions on their expenditure imposed by the donor or grantor. Transfers between funds are made at the discretion of the trustees taking into consideration any restrictions imposed on funds. (d) Income All income is included in the statement of financial activities when the charity is entitled to the income, the amount can be quantified with reasonable accuracy and it is probable that the income will be received. The following specific policies are applied to particular categories of income: Income from donations & legacies is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a special performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts. Investment income is included when received.

Income from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.

(e) 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 fo activities on a basis consistent with the use of resources.

Governance costs includes those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examiner's fees and costs linked to the strategic management of the charity which are voluntary other than trustees’ travelling expenses reimbursed. Although disclosed separately at note 14 governance costs now form part of charitable expenditure (page 2) under the current SORP.

Page 4

KILMARNOCK STATION RAILWAY HERITAGE TRUST SCIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED5 APRIL 2025

(f) Fixed assets

Depreciation is provided at the following annual rates calculated to write off the cost of each asset over its expected useful life which take into consideration expected residual values in accordance with FRS102. - Freehold Property 5% on a straight line basis - Leasehold Improvements Over lease term on a straight line basis (note 11) - Plant and Machinery 20% ona straight line basis

(j) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

(k) Debtors

Short term debtors are measured at transaction price, less any impairment.

(l) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement

(m) Deferred income

Grants received in advance of the associated work being carried out are deferred only when the donor has imposed preconditions on the expenditure of resources.

2 Staff costs and numbers 2025 2024
£ £
Wages and salaries 148,750 193,128
National insurance 15,506 15,966
Pension costs 3,714 3,885
167,970 212,979

The number of employees during the year was 5 (2024: 9) on a headcount basis.

No employee received emoluments in excess of £60,000.

The charity's key management personnel are detailed in the Trustees’ Report and their total employee benefits were £91,139 (2024: £90,117).

Page 5

KILMARNOCK STATION RAILWAY HERITAGE TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

3 Trustee Remuneration and Related Party Transactions

The following Trustees received remuneration and pension contributions as follows during the year:

HE <eives total emoluments of £43,525 primarily in his capacity as an operational manager, not as a Trustee. His main duties include managing staff, securing revenue streams and overseeing the operational aspects of the charity. ceceived total emoluments of £47,614 primarily in her capacity as an operational manager, not as a Trustee. Her main duties include monitoring the financial administration of the charity and managing and delivering the counselling activities. This involves enrolling participants, managing progress and completion of required reporting aspects relating to the project.

No Trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year.

4 Taxation

The SCIO is a registered Scottish charity and no corporation tax liability arises due to exempt income (including primary purpose trading). The SCIO is VAT registered and has an option to tax in respect of its principal operating property.

5 Tangible fixed assets

Freehold Leasehold Gym Plant
Property Improvements Equipment and Machinery Total
(Note 11)
£ £ £ £
Cost
At6 April 2024
Additions		 27,764
-		 756,940
;		 24,044
-		 99,035
-		 907,783
-
Disposals - - - - -
At 5 April 2025 27,764 756,940 24,044 99,035 907,783
Depreciation/Amortisation
At 6 April 2024 8,469 160,162 2,517 78,918 250,066
Charge for the year 1,388 40,915 4,808 11,700 58,811
Disposals - - - - -
At 5 April 2025 9.857 201,077 7,325 90,618 308,877
Net book value
At 5 April 2025 17,907 555,863 16,719 8,417 598,906
At 5 April 2024 19,295 §96,778 21,527 20,117 657,717
6 Debtors and prepayments 2025 2024
£ £
Trade debtors 4,190 44,021
Otherdebtors 2,170 -
6,360 44,021
7 Cash at Bank and in Hand 2025 2024
£ £
Bank current account 32,328 59,451
Cash balances 4,997 3,864
37,325 63,315

Page 6

KILMARNOCK STATION RAILWAY HERITAGE TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

8 Creditors : amounts falling due within one year 2025 2024
£ £
Trade creditors 1,345 2,790
VAT 2,546 9,189
Pension creditor 691 732
Taxation and social security 3,456 -
Accruals 1,750 3,580
9,788 16,291
9 Deferred income 2025 2024
£ £
East Ayrshire Council - 33,622
- 33,622

The deferred income comparative related to Q1 income for the 2024-25 financial year.

10 Pension commitments

The charity currently operates a qualifying scheme under the workplace pensions legislation in respect of eligible employees who choose not to opt out of the scheme.

11 Financial Commitments

The charity is involved in a tripartite lease with Network Rail Infrastructure Limited and Abellio Scotrail Ltd (now Scotrail Trains Limited (SRT) which commenced on 14 September 2017 and expires on 13 September 2037. The annual rental is £1 subject to a review every five years.

12 Other Matters

The current economic position has continued to result in uncertainty for both the charity sector and business in general. The Trustees Report outlines the charity's reserves policy and the Trustees acknowledge that, while the current financial position is stable, it is prudent to continue to build on our reserves. In addition to the contingency reserve of £30,000, the Trustees have carefully considered unfunded projected costs over the next 12 months in arriving at their positive going concern assessment. The charity is looking to develop counselling services on a more commercial basis, although remaining within its charitable objectives and activities.

Page 7

KILMARNOCK STATION RAILWAY HERITAGE TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED5 APRIL 2025

13 Funds

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----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Unrestricted|Unrestricted| |Restricted|General|Designated|Total| |Funds|Fund|Funds|Funds| |£|£|£|£| |Fixed|Assets|-|-|598,906|598,906| |Current|Assets|-|13,685|30,000|43,685| |Current|Liabilities|-|(9,788)|-|(9,788)| |Deferred|Income|-|-|-|-| |Net Assets|-|3,897|628,906|632,803|

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Restricted Funds

Breaking Bread

The project continues to be a success in providing a 6 week programme aimed at decreasing social isolation as well as increasing individual skills and resilience.

Counselling

The charity has managed to secure a small contract with the local Health and Social Care Partnership to deliver free counselling services to residents of East Ayrshire. This has facilitated a transition towards counselling being the main aspect of the Trust activities and is envisaged to continue to be so going forward. Funding includes a contract element which is included in unrestricted funds.

Unrestricted Funds

Unrestricted general funds - this represents the charity's working capital.

Designated funds - a separate designated contingency fund was established at 5 April 2023. Designated funds also includes the net book value of fixed assets, including leasehold improvements (note 5), which are not cash reserves.

Page 8

KILMARNOCK STATION RAILWAY HERITAGE TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

14a Analysis of Statement of Financial Activities

Total Total
Counselling Other Restricted Restricted
Activities Restricted Funds Funds
Fund Funds 2025 2024
Income £ £ £ £
Donations, legaciesandother
The Robertson Trust - - - 28,000
East Ayrshire Council 124,166 - 124,166 134,588
Scotrail - - - 5,000
Railway Heritage Trust - - - 14,219
EB Scotland Limited - - - 14,674
Community Ownership Fund - - - 1,445
AdoptA Station - 932 932 756
NHS Charities Fund - - - -
124,166 932 125,098 198,682
Charitable activities
Room hires - - - -
Training/workshops - - - -
Investments
Bank Interest - - - -
Total Income 124,166 932 125,098 198,682
Expenditure (note 15)
Raising funds - - - -
Charitable activities:
Charitable expenditure 125,679 844 126,523 164,396
Support costs - - - 7,486
Governance costs - - - -
125,679 844 126,523 171,882
Other - - - -
Total Expenditure 125,679 844 126,523 171,882
Net Income/(Expenditure) (1,513) 88 (1,425) 26,800
Transfers betweenfunds 1,513 (88) 1,425 (51,239)
Other recognised gains/(losses) - - - -
Net movement in funds - - - (24,439)
Reconciliation offunds
Total funds brought forward - - - 24,439
TotalFundsCarriedForward - - - -

Page 9

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KILMARNOCK STATION RAILWAY HERITAGE TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

15 Analysis of Expenditure

Raising Charitable Support Governance Other Total Costs Total Costs
funds activities costs costs costs 2025 2024
£ £ £ £ £ £ £
Restricted funds
Staff costs - 125,679 - - - 125,679 148,058
Other costs and overheads - 844 - - - 844 23,824
- 126,523 - - - 126,523 171,882
Unrestricted funds
Staff costs - 42,291 - - - 42,291 64,921
Other costs and overheads - 78,570 680 - - 79,250 110,078
Independent Examination/Audit & Statutoryaccounts - : - 1,750 - 1,750 1,750
- 120,861 680 1,750 - 123,291 176,749
Designated funds
Depreciation ofowned assets - 17,896 - - - 17,896 17,815
Amortisation of leasehold improvements - 40,915 - - - 40,915 39,622
- 58,811 - - - 58,811 57,437
TotalExpenditure : 306,195 680 1,750 - 308,625 406,068

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KILMARNOCK STATION RAILWAY HERITAGE TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

16 income and Expenditure Account

==> picture [414 x 486] intentionally omitted <==

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|||||||| |---|---|---|---|---|---|---| |2025|2024| |Notes|£|£|£|£| |income| |Donations|and|legacies|200|5,788| |Revenue|grants|125,098|149,474| |Other|income|-|433| |Coffee|shop/Deli|takings|343|-| |Model|shop|sales|-|86,923| |Room|hires|52,190|42,450| |Training/Workshops|39,987|21,544| |Employment Allowance|5,000|5,000| |14|222,788|311,612| |Expenditure| |Staff costs|2|167,970|212,979| |Rates|2,208|2,072| |Insurance|2,317|4,010| |Heat,|light|and|cleaning|23,377|26,144| |Coffee|shop/Deli|costs|-|9,431| |Website,|telephone,|stationery|and|advertising|23,501|13,094| |Training,|seminars|and|teaching|6,223|7,640| |Repairs|and|refurbishment|7,232|5,281| |Equipment|rental|-|1,866| |Consultancy|fees|-|5,285| |Legal|and|professional|fees|680|1,445| |Book-keeping|fees|6,105|6,369| |Payroll|charges|447|4,125| |Independent|Examination/Audit|&|Statutory|accounts|1,750|1,750| |Bank|charges|769|1,786| |Subscriptions|1,002|1,779| |Project|expenses|6,188|48,856| |General|expenses|45|719| |249,814|348,631| |Operating|result|for year|(27,026)|(37,019)| |Capital|grants| |Railway|Heritage|Trust|-|14,219| |East Ayrshire|Council|-|18,115| |EB|Scotland|Limited|-|14,674| |Scotrail|:|5,000| |14|-|52,008| |Depreciation|5|(17,896)|(17,815)| |Amortisation|of|leasehold|improvements|5|(40,915)|(39,622)| |(58,811)|(57,437)| |Overall|result|for year|(85,837)|(42,448)|

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Page 12