Chadty reglstrdtlon number SC045863 {scoand) THE CAMERON RAILWAY TRUST SCIO ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 OuNTP¥ www.thoiiisoncooper.coni
THE CAMERON RAILWAY TRUST SCIO coKrENTS Page Tnjstees, report IndeFendenl exaThMnerfs rep*Jt Statement of financMI acbvths Ban sheet Notes to tho finan(a81 ststements 6-11 Thomson Cooper
THE CAMERON RAILWAY TRUST SCIO TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The trustees presenl their annLI teport and fin8nsial statements forlhe yew eThled 31 August 2024. The Itnandal slatements have been prepared in aaxrdarKe with the Lting wlicies set out in [le 1 10 the finanaat 8tatements and compty the Trt'S govemir¥J docunenL the Charities and Trustee Investment IS0)tland) Act 2CC6. the Charrbes AAt8 IS¢¢tland) R¢guL3lhs 21XE {a$ •m¢ftdedl and A¢counting and Roporting ty chariti Statement of Recommended Pra¢kn applicabbe io charitiès w8ring accounts in ar£ordae wth the Financial RepctIng Standard ap1¢ble in the UK and Repuillc of Ireland IFRS 121. leffecllve 1 January 2019). Objectives and actlvttl•s To provld& sultable exhtsitkjn space at Balbuthie fof Ictomolhes arNJ other Trlway heiitage assets ts display and eduGatioll lo the general publio Achtevernents and performance During the year, seven separate gtoups visiteil ttp indurfing one grrxp of wofasslonal ra1yMen and one group from the Gre8tey ScKrety. No tharge VBS rnade for these visits. Flnanclaj rleW It is the policy of the TnJst that unrestrirted fund3 which have not beBn dgsb3naled for 8 use should be maintained at a levd equivalent to beknn three and $tx month's exFenditurè. Thè trusteès constder that resetves at this Ie1 will ensure that, in the event of a 9gnInt drop in fvnding, they wll be able to continue the Trusys current activities whrje consideration 15 gven to ways in whith addrfional fvnds be ralsad. Thls bvel of reserves h8s been malntane(l throughout the yw. Plans for fure pertods TteeS are reVEng how best to ¢rnale a vtsitor altwlion with the bcomolfves at the centre. Structurn. governance arNJ managwnent The Gharty Is 8 S(x)tts"sh Cmarrtabk InCorratad Opjanisalfion la SCIO). ll was registered In its current leg fom on 3 guSt 2015. 11 has a E4n tier strudure and. a5 suth. ts Twustees the members ofthe Charity. The trustees who seNed during Ihe year and up to the date d stgnabJre of the finarwl statements were.. Charity number SC045863 Address 3 Caslle Court Dunfermline KY118PB Thomson Cooper
THE CAMERON RAILWAY TRUST SCIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The Management co, whith Th)rmalty meets when ryurvd. aro TNstsss. Trustees are eltel at the Annu General m8atir#J. Thefe must ba a mintmum ofsevèn and 8 mwmum of eknen Trustees statement of Trugtees. re5ponslbilitie8 The Ilustees are respole preparing the TW5S. Rewrt and the financHI Statements in auxjrdance wllh OpiCab Iw and United Krydom AcwJtiTh3 Stsndard¥ (Unit•J lQrwJdom Generalty Accepted Accounb'ng praCte). The taw appliCae to tharftles in S(yJlland reqLures the trustees to prepare financial slatements for each finandal year which give a tnje and fair view of.the st ofaffairs olthe Tt and of inwnwng resources and application of resources ofthe Trust forthat year. In preparfng Ihese 17n statemrt th8 trustees required to.. . select suitable accounting then aFpty them Con31. - observe the methods and prirK3pkn in th8 Ch¥th8s SORP.. . make judgem&ts aThJ estimates that we reasonth and prudert - stat• wh81h8r appllcabl8 COunting standards fotkyNed. suLigca to any mate1 dopartur6s disdos8d and exkgain8d in the financial slat8mants: and - pr¢pare tho finanry81 stst8ments on th8 cts)cem it Is Inapprwiate to presLNne that the tharity ill wntinue operation. The tnjstees are Tesportsit4e knr keeF¥ng yJffiaent accountiThJ T0[$ that thsdose wlth asonab acjwracy 8t any Ume the financaal posiknon of the Trust aThJ enabk them to ensure that the fin•¢K?l afrtnenls wth tho Charities and Trust Investment (sc81) Acl 2(#)5. the Chanties Attounts IS(x)Uandl Regulations 2fAJ6 18$ arrEnded) aTrJ the prowsions of the tr¥Jst deed. They are also sponbI& for safaguarding the assets of Trust and hence for taknng reasonable steps forlhè preven1 dth"M of fral9r10th0r irr8gularib"es. Thomson CoopeT
THE CAMERON RAILWAY TRUST SCIO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CAMERON RAILWAY TRUST SCIO l pOrt on the finan(aal slatements of the Trust forthe year ended 31 gust 2024. whith are set out on pages 4 to 11. R¢spedve Yesponslbllltles of trustees and examlner The TrusY8 Irusees are responsTble ts the preparatron of the financHI Staternts in rdarKe with the lem8 of Ihe Charities and TTust Investments {Scx)tland) Art 2005 and the Charibgs knounts IS¢tstl•nd) Regulation$ 20C6. The charitys trustees cOnder that the aLJit requiremenl of RegUtiC 10111{al to Ic) of the 2006 Accounts Regulations does not app. It is my responsIlity io examine the finanrA statement5 as required under 44(1){cl of ttAc and to stste wlwher partMlar rrAtters ht4e come to my attention. Bas15 of Independent examlnees Statement 8xamlnaOon Is carried wt h accordan wlth RegLrtattDn 11 of the Accounts Reguktlons. An examinathon irludeS a review of the acc(MJnting records kept by Ihe tharity and a comparison of the financAal
talements pSented with ttrw reoyds. It also indudes ¢ortsKleWion of any unusual itans or disdosures in th8
financ statements, and seeks expbnations from the Stee5 ImIng 8ny mattèrs. Tha procedurès undertaken do not Provide all the eviden Ihat vKuhJ be required in an audit and ts)nsequentty I do rrjl eXp$S an audit optnion tjn the view given by the finarthl stsiements. Independent examlnerf3 slalement In connectkn wlth my examlnation. matt8r has com8 to my attentijn.. {al which gives rne r0nat4e Ca to belTeve that in any material resp&t requ*&ents. Ill to keep acCoung records aco)rdancè wlth s8cticffi 44(11 la) of th& XX)5 AL# and Regulafjw 4 of the 2008AcL¥JUnts Regulations,. aJKI Ill) to prepare ffinaniial statemetrts wtth the a¢uing rw¥)rds aThJ wtth Regulation 8 of the 2QM]6Accounts Regulalion5; have been met or (bl lo whl¢h. in my opinion. attentton S be drawn in ordw to erts a proper under8tandirYJ ol the rman(id ¥talern¢Trts lo bè aChe Thomson Coope¥ Am>J)iants 3 Castle Court Camegie Campu5 Dunf8millne KY118PB Datsd.. 25 March 2025 Thornson Cooper
THE CAMERON RAILWAY TRUST SCIO STATEMENT OF FINANCIAL AcTlEs INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEARENDED 31 AUGUST2024 CurrentfirHnclal yoar Unrestrtctod Unrestricted fund5 fvnd¥ 2024 2023 Income from: Donations and l•3ad&s Investments 20.210 226,315 Totrl income 20,210 226,322 Ex nditure on: Charitable actmlies 10,130 Net Sncome forts yearf Net movement In fund¥ 10.080 224,822 Fund ba1CeS at 1 September 2023 224.4(15 {4171 Fund balanees at 31 Au9USt 2024 234.485 224,405 The ststement of fin8nd81 athilles indudes all gains tosses rowdnwj in the year. The statement of fmanaal actsvibes indudes all gains losses recognised in the year. All incorne and expenditure derive from continuirvJ a(*¥rbes. Thomson Cooper
THE CAMERON RAILWAY TRUST SCIO BALANCE SHEET ASAT31AUGUST2024 2023 Flxed assets H8rflage ass&ts Herftage assets 8,597 219.212 10 219.212 227,809 219,212 Current as¥¢ts Debtors Cash st bgnk 8nd in h81 11 7.103 7.103 7.103 Croditor: amounts falling du• wlthln one year 12 (1.910) Not Ct assets 6.676 5.193 Total asgets jess cwrwrt libiltlie8 234,485 224.405 Incom• fvnds Unrestrirthl funds 234,485 224,405 224.405 The financk4 staternents were approved by the TrLtst8es on 25 Marth 2025 Th0non Cooper
THE CAMERON RAILWAY TRUST SCIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2024 Acwunting policie8 Charity inforniation Thè charity a SCIO regist wilh OSCR. 1.1 Accountlrvj conventlon The finan statements have been pyepargj in accordan wllh the Trusfs goveming doujmènt. tha Chanties and Trustee Investment Iscouandl Ad 2Crf)5. the Chwities Accwnts {Scotland) R8gulations 2CI)6 {as amended), FRS 102 The Financial Repjrbng Standard applicable in the UK and Republic of Iland. CFRS 1027 and the Charities SORP 'Accounting and Reporling by CharitEs.' Ststement of Recommerffled Practice applicabla to thantiès praring thwr aitsunts in aCtA)rdan vrilh Ihe FInanry Reporting Standard ar4)licabl8 in th& UK 8nd Republ of Irnd (FRS 102}. {effedive 1 J8nuary 2019). The Trust is a Publ Be[rit Entity as deffined by FRS 11y2. The financial statements are wepar&J in sterfing. which is the fijndjonal cJJrrency of the Trust Mon&tary amounts in these ffnanctal statements are iouThJed lo the n6arest £. 1.2 Golng concern At the time of approving Ihe )7nanc3al staternerts. the trustees have a reasonab expectatron that the Trust has adequate reswrces to continue in op8raUcal existence for a period not less than 12 morths. Thus the trustees cxjntinue to adoFrt the going basis of aCuntIrrfJ in preparing the fjnancaal statements. 1.3 Charitsble funds Unrestricted fulS are av81L4ble for use at the ths¢>etw of the tnJsle8s in futhoranco of their ¢harOlabJe objedwes. Restrlcted funds are suble¢i lo speofic C(Md$ by donors or granth as to how they may used. The purposes and of the reslrided fijnds are sel out in the notes to the financial statements. 1.4 Income Income k8 recognised when the Trust is legally entitl&J to it after any Ferfomance c4)nrfibons havè been met, the amounts cxn be measured reliaw. aThJ it is prcthbie that IrMe VAII ed. Cash donations are recconised on pl Othw donations are recognised 016 thè Trust has been notified of the dOaOn. unless performan condittons wulre deferral of fv arNnt Inme tsx TtCOVttT8ble in relal•Jn to donations received under GiftAkl or deeds of ¢ovenanl 1$ ru¢c¥Jnisod at the ti oflhe donation. e dcnaled ttem$ are recerved alory a rdiabse Measu of their ¥ae. tw aft recognised n the Statement of FinarKki1 Acttvibes at that Ue. ere a YU3t)n is not provKled, (k)nal items are recorded at nil value due to the prohibitive cost of c>btslrtiJ a ¥auath. 1.5 Expgnditwe Expenditurè Is r8(xwnL8ed ¢)nce there is a leg 0struC1] okAigation to transfer economlc ben&fil lo a third party, il is probable that a transfer of ecOr1C tenefits will be required in sgtt1om¥nl, and the arnounl of the oTrY8t) can measured reThabty. Expenditure is dasSff by alty. The [Lts of e8th 8ctNty are made up of the total of dired and Shared o)sts. induding SUPFKJrt costs invow in undertakirvJ eath actmty. Dired costs attributablè to a single activty are allocated directty to that actsvity. Shared cosls which contribute to more than one adivity and support costs vthich are not attributsble to a singk activty are appyboned beieen those acbvities on a basis consistent with the use of resouices. Certr *aff costs are allocated on the basis of timè spènt, and depreckation charges are 4lcKale(l on the FQrtion ofthe asseys w. Thomson Cooper
THE CAMERON RAILWAY TRUST SCIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountrng policie¥ IContlnu•dl 1.6 Tangibkn fiMd as58ts Locomotives. Carriages. Wagons and SMJI Artefacts are considerEd to be herrtage a55ets and as suGh ars stated at cost and not depreciated. other non-heritage a&sets aTe stated at at cost and subsÈquenl measured at cost or valualion. net of deprecyation arKt any impaiThnent105ses. Deprectation is recognised so as lo write off the cost vahAion of assets sS their residual values over Ihelr useful Ihes on the folkming bases.. Plant and equipment 20% Slraight ne The galn or loss allng on the ¢th8pcbal of an a58el is ¢kteTmin&Y as the dffterwKe b&fvdeen the sale prod$ and the carryIj value of ihe asset. and is Tecognised in the staternent of financial acwtie 1.7 Herltsge assets Locomotives, CarrBges. Wagtsns and Sm811 Artef8¢ts are nSidered to be herttsge assets ar)d as sud) a not deprec48ted. AJI other A$[1t•d¢ assets a stated 81 Lst oThJ $ubsequenty measured at Cost or valuatKJn, net of deprecaatTon and any impairment 105ses. DeplatIOn is recognised so as to write off the cost or valuation of assets tes8 their residual vatue8 over their usefrjl lives. All purchased knd assets are initialty recorded at cosL Donated assets are recorded at original cost due to the wohibitNe cost of obtsirung a valualion. Non heritage assets are onty capitalised where they cost in exc8ss of £5.0). 1.8 ImpalrniÈnt of fix•d 988•ts At each reporbng date. the TTUSt rewews the Caffr¥J amounts of its tarrfJible assets to determine whether there is any indicatson ttlat those assets have suffered an impairment loss. W any such in(lication exists. the recoverable amount of the asset Is estimated in order to deterrNne the extent of the impaimient loss (If any). 1.9 Cash and cash equlva]ents Ca3h and ¢2sh equNalents indudÈ cash in hand. derM?ts held at tsll vrith banks, othèr short-tèm liquid Investfflents wrth 0rVJin rnaturilie5 of three months or le38, bank over(Irdfts. B8nk o¥erdralts 8re shown within borrowings in ojrrent liabditss. 1.10 Flnanclal Instruments The Twst has eleded to apply Ihe provi8k)ns of Secon 11 '8asic Financial Instruments. aThJ Section 12 'Other Final Instruments Issu8s' of FRS 11r2 to al of its financial instnJmeni& Financial instruments are rgrSed in the TruS balar sheet the Trust becomes paty to th8 contractu provisions of the instturnenL Financlal asset8 and liabilities are offset. with ts net amounts presented in the financial statements, when there is a legally enforceable right to set off the rniSed amounts and IheTe is an intention to 5etUe on a net basis cf to redise the asset and 8ettie the Ikgbifity mUltaneousty. BC fiftaneial assots Baslc Ilnancial assets. which indude debiors and cash and bank balanc8s. ar8 inltially rneasured at transaction Price induding tran[lOn costs and a subsequenty carrd at arnortised cost using the effective interest method unless Ihe arrarthJement o)nstitutes 3 financing transactton. ¥there the transaction Is measured at the present vue of the fuiure receipts discounted at a Ma&t rat8 of interesL FTnanaal assats ¢Lqssified as receivable wrfhin one Y are not amorttse(l. Thomson Cooper
THE CAMERON RAILWAY TRUST SCIO NOTES TO THE FINANCIAL STATEMEDrrs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Icontlnuedl Bask Ilnan¢l81 ltsbllllles Basic financial liabilities. indudfftg credrtcvs and bank loans are inilialty reccgnised at tranS"0n priee unle$s arrangernt constitutes a fjnanong transactK)n. W1¢ tho d6bl instrument is measured at the prasfrnl value of the future payments discounted at a market rate of interest. Financial Ikabilthes classified as payable wtthin one year are not arThJrbsed. Debt Instruments are Subsequent at amortIs cosL using the effec*ve interest rate methC. Tradè rJ8dttors are OtAali05 lo pay for goods or servre$ that have beefi aUired in the ordinary course of oper8tions from suppliers. Amounts payable a dassrfied as wrrent It8bilitiÈ$ rf payment is due wtthin one yèar or Iw. If not, thèy are presented 8s non-¢urrent liabilitie& Trade crèditors are [8nIg inrtsally at tran88Ction price arKI 6ubsequenlty measured at amortise(I cost Using the effethe wrterest method. Derecognftlon of flnanclalllabllliles Financkgl liaL¥lities are derg3)Jni5&J when the TrusV8 ntrthat obligalK)n8 expwe N are dlstharged or czncelkd. Donatlons and legael Totsl 2024 Total 2023 D011$ ond gifts 20210 228.315 Inv•stm•nts Totsl 2024 Totsl 2023 Interest reeeN8ble Thomson Cooper
THE CAMERON RAILWAY TRUST SCIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Charitable actlvltlg 2024 2023 DeprecAation and Thp8im)ent Legal and profassion81 fees Insurance Repairs Event expense$ 2.149 1.500 1,514 1.3n 10,130 1,500 10,130 1,500 Net movwnont In funds 2024 2023 The net movement in fiJnds is stated allerthargirigllrxethltngl: D¢predalion of own&J tsThJit4e assets 2,149 TTU8tee8 None of the tnjstees lor any pwBons eA)nn8dèd them) Teceived any remuneralion or beneffils from the Trust during the year. Employees The average wKMthly numbw Ofempk)yS thring the year was". 2024 Nurnr 2023 MuMr Totsl There were no emF4oy88s whoBe annu81 r¢murwatKJn VAS nre than £6D,(XM). Taxatlan The charity is exempl frtNn taxation on its ac4its b8eause its income is apF4ied for clwitabie wrposes. Thom50n Cooper
THE CAMERON RAILWAY TRUST SCIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Tanglble fixed assets Plant an oquipwffjnt Additions 10,746 Al 31 August 2024 10,746 Depreciation and impairment Depredation chaoed In tho year 2,149 Al 31 August 2024 2.149 Carrylng amount Al 31 Aust 2024 8.597 10 Htritag• ass•ts Locomotlv 219,212 At 1 September 2023 and at 31 August 2024 Due lo the unique naknrB of the assets, 15 no and readity id&ntifiaL4e 'markef' price. In accoan vriih paragraph 265 of the Statem1 of Rett4nmtrnded Pwbct". A(xxxJnting and Reporting by Charities, the Trustees. ng experts in the field of )te8, have the (%trying value of the locornotives. Locomotfves. Carriages and gOnS and Small Artefads are o)nsid8red to b8 herttage assets as they are pmsèrv&d as part of th8 heiilagè of nafh)n. Thèrefore. they have been indLMled wthin tangible fc<ed assets as heritage assets. tt is not prMctica] to thè assèts v81u. &8 thèy arè uniquè héiitsgè assèts and as such arè dffiujtt to V8kJe. 11 Oebtors 2024 2023 Amounts falling due wrthin ong year. Other ¢Jebtors 7,103 7.103 12 CTrditors: amounts falling due vlithin one year 2024 2023 Olher cr&Jitors Accruals and deferTed coMe 1,440 1.110 2.880 1.910 10- Thomson Cooper
THE CAMERON RAILWAY TRUST SCIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 13 Unrestricted funds The unrestride(I funds of the (arity cKrfnwise the unexed balan Ofdrns 8nd 9r8nts which are not subjecl to Spear cOndiS by and grantors as to h)w they may be used. ilUd8 designated furvjs which have been set de out of urvestrthd funds by the trustees for specAfi¢ puwises. At1 lrtoming Resource8 At 31 August expended 2024 20rJ Genernl 224.4C6 20,210 110.130) 234.485 Previous yMr. At1 Incomlng Resource¥ At 31 August rFwure•s •xpended 2023 2022 General funds (41n 226,322 11.500) 224.405 14 Anatysls of rt assets between fiJnd8 Unr08tet8d funds 2024 At 31 August 20X' Tangitk assats H¢ri¢ap assets CurT8nt assetsl1liaIthsj 8.597 219,212 6,676 234.485 Unrestricted funds 2023 At 31 August 2023: Heritage assets Current asselfJUiatrlitses) 219,212 5,193 224.405 15 Related party transactions There were dO$*e related party transadions (ring the year (2023. rw¢). 11 Thomson Cooper