2025-05-31-accounts

GREAT NORTH OF SCOTLAND RAILWAY ASSOCIATION

[Founded in 1964]

Annual Report & Financial Statements

For the year ended

31 May 2025

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OSCR
Registered SCIO
§C050156
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ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

CONTENTS

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TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MAY 2025

The trustees present their report and financial statements together with the independent examiner’s report for the year ended 31 May 2025

REFERENCE AND ADMINISTRATIVE DETAILS

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Charity name Great North of Scotland Railway Association (also known as GNSRA) Charity number $C050156 Contact address 32 Leslie Crescent Westhill AB32 6UZ

Website address www.gnsra.org.uk

Trustees on the date Chair the report was approved Secretary Treasurer

Appointed 13/09/2024

Other trustees who served during the year < None > Bankers Bank of Scotland plc 27 Market Square Stonehaven AB39 2BB — a

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MAY 2025 pee oN ee ae ee STRUCTURE GOVERNANCE AND MANAGEMENT

Governing Document

The Great North of Scotland Railway Association (the Association") is a Scottish Charitable Incorporated Organisation (SCIO) that was registered on 13 May 2020 and governed by its constitution from that date. It was previously a non-charity unincorporated association formed in 1964.

Appointment of Trustees

The board of trustees shall have a minimum of four and a maximumofsixteen trustees comprising:

• e up to fourteen members of the Association elected by the members at the AGM; and

• e up to two non-members elected by the board, on the basis that they have specialist experience and/or skills, which could be of assistance to the board.

At each AGM, one third of the trustees shall retire from office, but shall then be eligible for re-election.

Subject to the maximum number not being exceeded, the board may co-opt additional trustees at any time.

Membership

Any person, over the age of 18, who expresses an interest in the Great North of Scotland Railway ("GNSR'), may apply to join the Association, subject to payment of the annual subscription, currently £20, which is set at the AGM. The board may, at its discretion, accept applications from persons under the age of 18. On 31 May 2025, there were 332 members (2024: 322), including 4 honorary members.

OBJECTS & ACTIVITIES

The Association's purposes are to promote the advancement of the Arts, Heritage, Culture and Science and to promote education by:

• e the study, acquisition and preservation of information, documents, illustrations and artefacts relating to the Great North of Scotland Railway (GNSR) and successor organisations and other transport matters in northeast Scotland;

• e facilitating and co-ordinating research by members into the history of the railway;

• e fostering the collation and dissemination of information and material so obtained:

• e assisting other private, public and professional organisations which have aims and interests similar to those of the Association;

• e organising meetings, lectures, exhibitions, tours, and visits for the members and the general public in furtherance of the above;

• e publishing books and articles relating to the GNSR, successor organisations and other transport matters in northeast Scotland:

• e issuing donations or grants not exceeding £500 to organisations with similar or parallel purposes to the organisation, at the discretion of the trustees, to a total annual value not exceeding £1,000; and

• e the preservation of books, photographs and images, artefacts and ephemera pertaining to railways and transport in northeast Scotland.

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TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MAY 2025 ACHIEVEMENTS & PERFORMANCE - The first event of the period was the 60" Anniversary Lunch held at the Royal Northern and University Club in Aberdeen on 22 June 2024. The event was attended by some 40 members together with representatives of several other Scottish line societies and the Grampian Transport Museum. A toast to the Association was founding member of the Association in 1964.

The Association was represented at the annual! Perth Model Railway Exhibition at the Dewar Centre on 29/30 June 2024, an ideal opportunity to promote the Association, sell our publications, meet with existing members and recruit new ones.

The Association was also represented at an Open Day held at Grampian Transport Museum on 04 August 2024.

A meeting of the Trustees took place at Alford Valley Railway Station on 13 September 2024. The annual report and accounts were approved by the Trustees and signed by Barry Hoper. Among many other matters discussed were arrangements to facilitate members’ access to the Study Room at the museum and plans for future publications. These included a publication, currently in preparation jointly with the Caledonian Railway Association, “The Railways of Aberdeen”, with QEEMeading for the Association.

We were delighted to attend Aberdeen Model Railway Club's exhibition on 26/27 October, another ideal opportunity to promote the Association, sell our publications, meet with existing members and recruit new ones.

The fifth Annual General Meeting of the SCIO took place on 09 November 2024 in the Station Hotel, Aberdeen. The meeting was preceded at 11:00 by a wreath laying ceremony at the GNSR War Memorial at Aberdeen Joint Station. We were pleased to present the annual report and accounts to the meeting. Barry Hoper presided as Chairman and after lunch, Po gave an illustrated talk on Sir Malcolm Barclay-Harvey.

The Association took a stand at the Model Rail Scotland Exhibition at the Scottish Event Campus in Glasgow over the weekend of 22/24 February 2025. Trade at the event was brisk and it was good to meet so many members face-to-face once again.

On 16 March 2025, the Association was present at an event to celebrate 175 years since the railway arrived in Aberdeen. This took place at newly renovated Ferryhill Shed and there was an opportunity to publicise the Association as well as sell its publications.

The second meeting of the Trustees took place on 21 March 2025 at the Alford Valley Railway Station. Reports were received from each ofthe office bearers. The Spring Meeting was held on 22 March 2025 at the Station Hotel, Aberdeen and included illustrated talks by lan Nelson on the Aberdeenshire Canal and | GNSR lines in recent times. Sales of our publications showed a healthy increase in terms of value with the total exceeding £8,500, an increase of some 40% over the previous year, due, in some part at least, to the publication ofi book on The Moray Firth Coast Railway which was co-authored _ At the AGM, it was agreed that thea. be awarded to the authors. Early in 2025, (EN stepped down from his role as Sales Officer and this was taken up by whilst (MJ assumed the role of Membership Secretary. This coincided with a decision by the Committee to adopt the Membermojo software package which can handle a range of membership functions including new applications and renewals. In addition, it can offer an online shop for the sale of publications to members, using eithera credit card or PayPal.

The Association’s main channel of communication with its membership, The Great North Review, continued to be distributed throughout the period and the Editor noted that a healthy supply of articles continued to appear. In addition to The Review, the Association maintains regular contact with members by way of an internet chatline.

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TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MAY 2025

Our Study Room coordinator SM has been collating and cataloguing the Association's Heritage material for the Study Room at Grampian Transport Museum, Alford. He has finalised an access agreement for the Study Room with the museum. Further work will be required before such access can be opened out to non-members.

FINANCIAL REVIEW

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Overview

Our principal sources of income are membership fees, donations, associated gift aid, and sales of books, whereas expenditure is primarily printing and distribution of the Great North Review and printing of books for resale. The following table provides a summary of receipts and payments for the year:

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||||||| |---|---|---|---|---|---| |2025|2024| |£|£| |Receipts|20,640|17,443| |Payments|(17,962)|(13,583)| |Surplus/|(Deficit)|for the|year|2,678|3,860|

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Reserves Policy

The trustees consider holding readily realisable reserves of around six months expenditure is appropriate to meet the financial commitments of the Association, the largest expense being the printing and distribution cost of the Great North Review.

Free reserves at the year-end, excluding the value of books held for resale and bank fixed term deposits held to generate income, were:

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Total|funds|as|at|31/05/2025|46,507|42,450| |Less:|Stock|of|books|for|resale|(14,143)|(13,214)| |Less:|Funds|held|on|term|deposit|(15,686)|(15,686)| |Free|reserves|16,678|13,550|

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Whilst free reserves are higher than target, the trustees plan to accumulate further reserves to enable the Association to extend its range of publications.

FUTURE PLANS

It is planned to produce, in collaboration with the Caledonian Railway Association, a book on “The Railways of Aberdeen”. Although no date for publication has yet been agreed, the target is to have copies for sale at the Model Rail Scotland Exhibition in 2026. It had been intended that the usual Summer Outing would be delayed until early October so that members could participate in the Keith and Dufftown Railway’s steam day event to mark the 25th anniversary of the heritage line. However, despite their best efforts, the organisers were unable to charter an appropriate locomotive in time to guarantee that the event could proceed, so it has been postponed until 2026. The Association has decided that, due to other activities taking place this autumn, it will not be practicable to arrange a formal outing this year but will give priority to organising an event in 2026.

The Association will be represented at the Perth Model Railway Show in June, Grampian Transport Museum's Collection Centre Open Day in July, the Scottish Line Societies Exhibition at Bo'ness in September, the Aberdeen Model Railway Club Exhibition in October and Model Rail Scotland at the Scottish Events Campus, Glasgow in March 2026.

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TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MAY 2025

APPROVAL | oe oe oo —_ a _ This report, which has been prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005, was- by the trustees on 05 September 2025 and signed on their behalf by:

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MAY 2025

Independent Examiner's Report to the Trustees of Great North of Scotland Railway Association | report on the accounts of the charity for the year ended 31 May 2025, which are set out on pages 9 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 ("the 2005 Act”) and the Charities Accounts (Scotland) Regulations 2006 (as amended) ("the 2006 Regulations"). The 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 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 | do not express an audit opinion on the view given by the accounts.

Independent Examiner's Statement

In connection with my examination, no matter came to my attention:

1. which gives me reasonable cause to believe that in any material respect, the requirements: e to keep accounting records in accordance with section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Regulations, and

2. e to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Regulations

have not been met, or

1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

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STATEMENT OF RECEIPTS & PAYMENTS

FOR THE YEAR ENDED 31 MAY 2025

		Note	2025	2024
Receipts			£	£
Donations		5	9,931	9,543
Trading receipts		6	9,268	5,974
Outing and meetings			375	982
Other income			288	455
Investment income	(Bank interest)		778	489
			20,640	17,443
Payments
Grants		7	1,000	-
Trading payments		8	5,822	1,113
Other charitable activities		9	10,419	11,501
Governance costs:
Annual accounts	/AGM		471	719
Charity donation	in lieu of an independent examiner's fee		250	250
			17,962	13,583
Surplus/(Deficit)foryear			2,678	3,860

All funds are unrestricted.

The Notes on pages 11 to 12 form an integral part of these accounts.

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STATEMENT OF BALANCES

AS AT 31 MAY 2025

	Note	2025	2024
Funds reconciliation		£	£
Balance as at 01 June 2024		29,194	25,334
Surplus/(Deficit) for year		2,678	3,860
Balance as at 31 May 2025		31,872	29,194
Bank and cash balances
Bank current account		1,094	13,508
Bank deposit account		15,092
Bank term deposit		15,686	15,686
		31,872	29,194
Current assets
Stock - Books for resale	10	14,143	13,214
Debtors		492	42
		14,635	13,256
Fixed assets
Heritage assets	ski	.	-
Liabilities		-	-

All funds are unrestricted.

The Notes on pages 11 to 12 form an integral part of these accounts These accounts, which have been prepared in accordance with the Charities and Trustee Investment Scotland) Act 2005,were: | the trustees on05; 2025 and on theirbehalf by:

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

1. Basis of Preparation

These accounts have been prepared on the receipts & payments basis in accordance with:

• (a) |The Charities and Trustee Investment (Scotland) Act 2005

• (b) The Charities Accounts (Scotland) Regulations 2006 (as amended)

• There have been no changes to the basis of preparation or to the accounts for the previous year

2 Fund Accounting

• (a) Unrestricted funds are those that can be expended at the discretion of the trustees in the furtherance of the objects of the charity.

• (b) Restricted funds are those that may only be used for specific purposes. Restrictions arise when specified by the donor, or when funds are raised for specific purposes.

• Currently all the charity's funds are unrestricted.

a Taxation

• (a) The charity is not liable to corporation tax or capital gains tax on its charitable activities.

• (b) The charity is not registered for VAT, thus all costs are shown inclusive of VAT charged.

4. Transactions with trustees and related parties

• (a) |Noremuneration was paid to trustees during the year or in the prior year.

• (b) Travelling expenses totalling £874 were reimbursed to five trustees during the year (2024: £899 to five trustees).

• (c) There were no transactions with any related parties during the year or in the prior year.

• Donations

	2025	2024
	£	£
Membership subscriptions	6,422	6,477
Other donations	2,049	1,510
Gift Aid	1,460	4,556
	9,931	9,543

1. Trading receipts

	2025	2024
	£	£
Book sales	8,514	5,745
Christmas card sales	659	229
Royalties	95	-
	9,268	5,974

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

te	Grants
		2025	2024
		x	£
	Ferryhill Railway Heritage Trust	1,000	~
8.	Trading payments
		2025	2024
		£	e
	Printing of books for resale	4,159	712
	Other printing costs	624	-
	Christmas cards	274	108
	Book sales postage	765	293
		5,822	1,113
9.	Other charitable activities
		2025	2024
		£	z
	Great North Review - printing and postage	5,103	8,176
	Advertising and exhibitions	.	371
	Anniversary lunch	1,812	-
	Computer equipment	630
	Insurance	118	119
	Rent	480	480
	Room hire	703	937
	Stationery	-	5
	Travel	874	899
	Website	-	453
	Sundry expenses	699	61
		10,419	11,501

1. Stocks

Books for resale are valued at the lower of cost and net realisable value.

11. Heritage assets

The Association owns a considerable quantity of heritage items, both physical and digital, which are housed at the Grampian Transport Museum in Alford. It is not practical to attribute a value to these assets, many of which have been gifted to the Association over several years.

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