Chadty reglstrdtlon number SC045863 {sco￿and) 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 B￿an￿ 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 annL*I teport and fin8nsial statements forlhe yew eThled 31 August 2024. The Itnandal slatements have been prepared in aaxrdarKe with the ￿L￿ting wlicies set out in [￿le 1 10 the finanaat 8tatements and compty the Tr￿￿t'S govemir¥J docunenL the Charities and Trustee Investment IS0)tland) Act 2CC6. the Charrbes A￿￿At8 IS¢¢tland) R¢guL3lh*s 21XE {a$ •m¢ftdedl and A¢counting and Roporting ty chariti￿ Statement of Recommended Pra¢kn applicabbe io charitiès w8ring accounts in ar£orda￿e wth the Financial Repc￿tIng Standard ap￿1¢￿ble in the UK and Repuillc of Ireland IFRS 1￿21. 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 ra1￿yMen and one group from the Gre8tey ScKrety. No tharge VBS rnade for these visits. Flnanclaj r￿leW 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 I￿e1 will ensure that, in the event of a 9gnI￿nt 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 fu￿re pertods T￿￿teeS are reVE￿ng 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 InCor￿ratad 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 el￿tel 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 respo￿l￿e preparing the TW5￿S. Rewrt and the financHI Statements in auxjrdance wllh Op￿iCab￿ Iw and United Krydom AcwJtiTh3 Stsndard¥ (Unit•J lQrwJdom Generalty Accepted Accounb'ng praCt￿e). The taw appliCa￿e 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 T￿￿t 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 Con￿31￿. - 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 mate￿1 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 T￿0[￿$ 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 (sc￿8￿1) Acl 2(#)5. the Chanties Attounts IS(x)Uandl Regulations 2fAJ6 18$ arrEnded) aTrJ the prowsions of the tr¥Jst deed. They are also ￿spon￿bI& for safaguarding the assets of Trust and hence for taknng reasonable steps forlhè preven1￿ ￿ d*th"M of fra￿l9r￿10th0r 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 Irus*ees are responsTble ts the preparatron of the financHI Stater￿nts 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 cOn￿der that the aL*Jit requiremenl of RegU￿tiC￿ 10111{al to Ic) of the 2006 Accounts Regulations does not app￿. It is my responsI￿lity io examine the finanrA statement5 as required under 44(1){cl of tt*Ac* and to stste wlwher partM￿lar 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 ir￿ludeS a review of the acc(MJnting records kept by Ihe tharity and a comparison of the financAal #talements p￿Sented with ttrw reoyds. It also indudes ¢ortsKleWion of any unusual itans or disdosures in th8 financ￿ statements, and seeks expbnations from the ￿Stee5 I￿￿￿mIng 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 r￿0nat4e Ca￿ to belTeve that in any material resp&t requ*&￿ents. Ill to keep acCou￿ng 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¢￿u￿ing 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 er￿ts￿ 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 AcT￿￿lEs 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 ba1￿CeS 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 h8￿1 11 7.103 7.103 7.103 Croditor*: amounts falling du• wlthln one year 12 (1.910) Not C￿￿t assets 6.676 5.193 Total asgets jess cwrwrt li*biltlie8 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 Th0n￿on 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 I￿land. CFRS 1027 and the Charities SORP 'Accounting and Reporling by CharitEs.' Ststement of Recommerffled Practice applicabla to thantiès pr￿aring thwr aitsunts in aCtA)rdan￿ vrilh Ihe FInanry￿ Reporting Standard ar4)licabl8 in th& UK 8nd Republ￿ of Ir*nd (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 op8raUc￿al existence for a period not less than 12 morths. Thus the trustees cxjntinue to adoFrt the going basis of aC￿untIrrfJ in preparing the fjnancaal statements. 1.3 Charitsble funds Unrestricted fu￿lS 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 Ir￿Me VAII ￿ ￿￿ed. Cash donations are recconised on ￿pl Othw donations are recognised 01￿6 thè Trust has been notified of the dO￿a￿On. unless performan￿ condittons wulre deferral of fv arN￿nt In￿me 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 ¥a￿e. tw aft recognised n the Statement of FinarKki1 Acttvibes at that ￿Ue. ￿ere a Y￿U3t￿)n is not provKled, (k)nal￿ items are recorded at nil value due to the prohibitive cost of c>btslrti￿J a ¥auath￿. 1.5 Expgnditwe Expenditurè Is r8(xwnL8ed ¢)nce there is a leg￿ ￿ 0￿struC1]￿ okAigation to transfer economlc ben&fil lo a third party, il is probable that a transfer of ecOr￿1C tenefits will be required in sgtt1om¥nl, and the arnounl of the o￿TrY8t￿￿) can ￿ measured reThabty. Expenditure is dasSff￿ by a￿l￿ty. The [L￿ts 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 bei*een those acbvities on a basis consistent with the use of resouices. Cer￿tr￿ *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 all￿ng on the ¢th8pcbal of an a58el is ¢kteTmin&Y as the dffterwKe b&fvdeen the sale pro￿d$ and the carryI￿j value of ihe asset. and is Tecognised in the staternent of financial ac*wtie 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 L*st oThJ $ubsequenty measured at Cost or valuatKJn, net of deprecaatTon and any impairment 105ses. Dep￿latIOn 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 Caff￿r¥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 Sec*on 11 '8asic Financial Instruments. aThJ Section 12 'Other Fi￿n￿al Instruments Issu8s' of FRS 11r2 to al of its financial instnJmeni& Financial instruments are r￿gr￿Sed in the Tru￿S 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 r￿niSed amounts and IheTe is an intention to 5etUe on a net basis cf to redise the asset and 8ettie the Ikgbifity ￿mUltaneousty. B￿C 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 carr*d at arnortised cost using the effective interest method unless Ihe arrarthJement o)nstitutes 3 financing transactton. ¥there the transaction Is measured at the present v￿ue 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 arrangern￿t constitutes a fjnanong transactK)n. W￿1¢ 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 OtA￿ali0￿￿5 lo pay for goods or servre$ that have beefi a￿Uired 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 [8￿nIg￿ 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 ￿ntr￿that obligalK)n8 expwe N are dlstharged or czncelkd. Donatlons and legael Totsl 2024 Total 2023 D￿011￿$ 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)y￿S thring the year was". 2024 Nurn￿r 2023 MuM￿r Totsl There were no emF4oy88s whoBe annu81 r¢murwatKJn VAS n￿re than £6D,(XM). Taxatlan The charity is exempl frtNn taxation on its ac*4it*s 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 A￿ust 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 acco￿an￿ vriih paragraph 265 of the Statem￿1 of Rett4nmtrnded Pwbct". A(xxxJnting and Reporting by Charities, the Trustees. ￿ng experts in the field of ￿)￿￿t￿e8, 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