Charity registration number SC016127 (Scotland)
Company registration number SC121786 (Scotland)
AYRSHIRE RAILWAY PRESERVATION GROUP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
AYRSHIRE RAILWAY PRESERVATION GROUP
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr L Skilton
Mr A Smith
(Appointed 13 September 2023)
Ms S Taylor
(Appointed 11 March 2024)
Mr W Taylor
(Appointed 29 April 2024)
Mr A Thom
Mrs C Thom
Mr B W Thomson
(Appointed 26 August 2024)
Mr J H Wade
(Appointed 9 August 2023)
Mr A Wallace
(Appointed 13 September 2023)
Secretary
Mr A Thomson
Charity number (Scotland)
SC016127
Company number
SC121786
Business address
Dunaskin Heritage Centre
Waterside
Patna
Ayrshire
KA6 7JH
Registered office
8 Burnside Place
Troon
Ayrshire
United Kingdom
KA10 6LZ
Independent examiner
Stephen Wilkie CA
Azets
3 Wellington Square
Ayr
Ayrshire
United Kingdom
KA7 1EN
AYRSHIRE RAILWAY PRESERVATION GROUP
CONTENTS
Page
Trustees' report
1 - 5
Independent examiner's report
6
Statement of financial activities
7
Balance sheet
8
Notes to the financial statements
9 - 16
AYRSHIRE RAILWAY PRESERVATION GROUP
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 January 2024.

For the purposes of charity law, the directors of the company are the trustees of the Group. The financial statements comply with the Memorandum and Articles of Association by which the company is governed. The company is recognised as a charity by the Inland Revenue and the Scottish charity number is SC016127.

Objectives and activities

The principal activities of the company in the year under review were those of the preservation and restoration of industrial railway heritage and making the experience of the heritage available to the public for education, school parties by arrangement, and entertainment on public open days.

 

Risk Management

The major strategic, business and operational risks that the company faces, have been examined by the trustees and they are satisfied that the reporting systems are in place to ensure the company meets all its obligations.

 

In particular, with regard to our Safety Management Systems, a full revision of our Rule Book and Volunteer Certification continues. All our management systems are currently being centralised in Dropbox, where they are shared with all who require access. Use of HOPS (Heritage Operations Processing System) website has been suspended in the meantime but will be reintroduced at a suitable time in the future.

 

Insurance cover is regularly reviewed and renewed as required. The Group carries Pressure Vessel insurance, Public and Volunteers Liability insurance and Directors Liability insurance. The public liability insurance is for a total indemnity of £10 million.

 

The Board meets monthly. Meetings include regular reviews of safety and risk management, as well as financial management and strategic planning.

 

Restoration Work

The overhaul of NCB Ayrshire Area Number 10 (AB 2244/1948) took longer than expected as a number of unexpected snags were encountered. The locomotive was eventually ready to enter service just in time for the first open day of 2023, which was Monday 10 April (Easter Monday.) The locomotive then successfully passed its annual re-examination and was ready for the first public open day of 2024, which was on May 26th.

 

Fireless locomotive AB 1952/1928 was also successfully re-examined and became available for service on 24 September 2024.

 

NCB Fife Area No23 0-4-0ST (AB No2260). There has been no further work on this locomotive. It remains in stripped down condition.

 

M731299 LMS 20 Ton Brake Van. Work on this vehicle is now complete, apart from minor cosmetic details. It was put on public display for the first time at the open day on 29 September 2024.

 

BP Diesel (Andrew Barclay No399) is still undergoing restoration work. The locomotive has been rewheeled and the braking assembly has been reinstalled. Principal sponsors of the Doon Valley Railway, Gibson’s Engineering of Springburn, Glasgow, have agreed to restore this locomotive in return for the loan of our Sentinel locomotive, which has now moved to Springburn. As part of the loan agreement, all outstanding repair work on the Sentinel will also be carried out by Gibson Engineering.

 

Prior to the opening of the 2024 open day season, the passenger saloon had its braking system completely overhauled and its electrics improved. Much of this work was done at cost by Gibson Engineering as part of their sponsorship of Doon Valley Railway.

 

Much work has been done on the Wagon Repair Shed, with the ultimate aim of opening it to the public as our principal museum display space and narrow gauge operating base. The building has been emptied, all fixtures removed (the most historically significant of these to be reinstalled when appropriate) the dirt floor brought down to a suitable level and a new concrete floor laid in early September 2024.

AYRSHIRE RAILWAY PRESERVATION GROUP
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Achievements and performance

 

Buildings and site

As 2022 progressed it became apparent that the task of raising sufficient funds to purchase the Dunaskin heritage buildings, which were leased and are now up for sale, was much more difficult than had been anticipated. As the year end approached nothing concrete had been achieved, and so in January 2023 a decision was taken to launch a public appeal as a last ditch attempt to raise funds. The landlord agreed to allow us until the end of July to meet his requirements, and the appeal target was set at £250,000. By June it was obvious that this target would be missed widely, some £33,000 having been raised in personal donations only. All grant applications made in this connection were turned down. The fund was boosted slightly by the allocation of all moneys raised through footplate experience days. At an Extraordinary General Meeting of the membership held on 29 July 2023 a motion was passed unanimously to use the fund as it stood to purchase an area of empty land adjacent to our station building, along with the area on the other side of Dunaskin Burn where siding space is currently situated. The price agreed for this with the landlord is £35,000; this purchase was completed four weeks after the Special General Meeting.

 

Meantime, sadly, arrangements had to be put in place to vacate the buildings which up until then had formed our museum, café, workers’ staffroom, shop, toilets, joinery workshop and store. It had been thought that all public opening would have to cease while this deconstruction work went ahead. However, the Board subsequently decided to continue running until the end of August 2023. A highly successful season of Santa trains in November and December brought in much needed income, and also saw the start of friendly cooperation with Dunaskin Bowling Club, which allowed us the use of their clubhouse for Santa train catering. Winter meetings were also transferred from the Ayr Railway Club to the Bowling Club.

 

During 2024 it became apparent that the proposed sale by our landlord of the historic Dunaskin buildings was not proceeding as quickly as had been expected. As a result we were able to continue to use the shop and café for the 2024 open day season. The museum however has been closed to the public and stripped, its contents currently awaiting transfer to the new museum in the waggon repair shed.

 

At the time of writing, the brick store and joinery shop have been sold to outside purchasers and have now been emptied of ARPG property.

 

Another year on, the final form of the licence to run to Minnivey has not yet been received for signing. Since running trains from Dunaskin to Minnivey remains a medium-term target for the development of the Doon Valley Railway, negotiations to conclude this matter with Hargreaves continue to be pursued urgently.

 

Open Days

For 2023 a full running season of 16 days was planned, including two Sundays each in May and June, then every Sunday in July, August and September. However, as mentioned above the season was curtailed at the end of August to allow work on vacating the buildings to continue uninterrupted. However, a season of Santa trains was planned and ran for two weekends (as against the single weekend in 2022.) These trains were all effectively sold out and brought in gross income of around £8,000.

 

In 2024 we reopened at the end of May and another successful season seemed to be in prospect. However, in early July it was deemed necessary to suspend public train operations, due to lack of staff holding the requisite competence certification in safety-critical tasks (drivers, firemen and guards.) This situation was hurriedly retrieved, thanks to the willing co-operation of a friendly external assessor; the season was able to resume in mid-August.

 

2024 is of course the fiftieth year of the Ayrshire Railway Preservation Group’s existence. This milestone anniversary was commemorated on 29 September with a very successful gala event which brought thousands of visitors on to the site and put much needed additional income in the bank!

 

Plans are being drawn up for another season of Santa trains, expanded this year to three weekends (six days).

AYRSHIRE RAILWAY PRESERVATION GROUP
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -

External Support

The Group wish to acknowledge the financial support from East Ayrshire Council who have granted us 100% exemption on our business rates for both our owned and rented properties on the Dunaskin site.

 

Special thanks must go to our principal sponsors, Gibson’s Engineering of Springburn, Glasgow. In an agreement begun in 2023, much sponsorship in kind has already been received, notably the overhaul of the passenger saloon’s braking system. As mentioned elsewhere, our Sentinel locomotive is being maintained and repaired at Springburn, and plans are in place for Barclay diesel no. 399 to be returned to traffic in time for the 2024 Santa trains.

 

Coalfield Communities Landscape Partnership (CCLP)

In terms of this initiative, funding amounting to some £105,000 remains set aside as part funding for our proposed new storage shed.

 

Under the guidance of our director in charge of fund raising, much effort has been expended in attempting to raise the match funding needed for this project to go ahead. This is proving something of a thankless task for all concerned, as the majority of grant applications to date have been turned down. However, the Renewable Energy Fund has pledged £44,000; 9CC has awarded £11,500, and the Dalmellington Trust has awarded £6,000. The CCLP funding, which represents about 40% of the project, will remain available at least until August 2025.

 

Dividends

No dividends will be distributed for the year ended 31 January 2024.

 

Under the Articles of Association, no distribution can be made by way of a dividend to the members of the Company, and during the year no such distributions were made.

 

The company retains sufficient reserves to cover its current liabilities. Board policy currently is not to allow cash reserves to drop below £10,000. Cash not required for current operational purposes is held on deposit with the Royal Bank of Scotland plc.

 

Financial review

The results for the year and financial position of the company are as shown in the annexed financial statements.

 

In 2023/24 total income achieved amounted to £89,748 resulting in a surplus of £47,522. At the end of the year, total assets stood at £147,662 including net cash of £52,535.

 

Guarantee

In accordance with the Memorandum of the Association, each member undertakes, in the event of a winding up, to contribute up to a maximum of one Pound each to the assets of the Association (if called upon to do so).

 

 

 

AYRSHIRE RAILWAY PRESERVATION GROUP
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
Plans for future periods

 

Future Developments

 

Our priorities have been amended as follows, in light of the decision taken at the EGM held on 29 July 2023 and subsequent developments.

 

1. Purchase of land adjacent to the station and across Dunaskin Burn – achieved in August 2023.

 

2. Redevelop the waggon repair shed as a new narrow-gauge depot and museum, to be available for opening to the public.

 

3. Build a new shed for the storage of our restored vehicles, on our land beside the loco shed.

 

4. Plan for redevelopment of the station area to include an enlarged station building and parking space.

 

5. Confirmation of a new licence to operate on the railway line from Dunaskin to Minnivey platform.

 

6. Undertake outstanding track maintenance work and restore the track from Laight crossing to Minnivey for future passenger operation.

 

7. Plan to continue public open days and educational events but taking changing circumstances into account.

 

We continue to depend on our loyal volunteers for all of the above to go ahead. It has been extremely gratifying to see the enthusiasm with which our plans for a completely different future have been taken on board by the volunteers, whose numbers continue to grow, and whose unity of purpose is stronger now than for some considerable time. In particular, it has been gratifying to be able to appoint several new directors who have taken on important remits, including engineering, financial management, fund raising, safety and special projects. A vice-chairman has been appointed. The mood of the membership is currently very upbeat as we look to a positive and productive future.

AYRSHIRE RAILWAY PRESERVATION GROUP
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
Structure, governance and management

 

Trustees

The trustees shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

 

C Thom

LT Skilton

AR Thom

 

Other changes in trustees holding office are as follows:

 

H Wade – appointed 10 August 2023

A Smith – appointed 13 September 2023

A Wallace – appointed 13 September 2023

S-J Taylor – appointed 11 March 2024

W Taylor – appointed 6 May 2024

B Thomson – appointed 26 August 2024

 

The Company is limited by guarantee and there is no issued share capital at 31 January 2024.

 

The trustees are elected to office by the members at the Group's Annual General Meeting. In accordance with the Articles of Association, Archie Thom is due to retire at the Annual General Meeting and is eligible for re-election. The appointment of Sarah-Jane Taylor, William Taylor and Brian Thomson will require to be ratified at the Annual General Meeting.

 

Day to day management of the group is in the hands of the trustees, with some aspects of the work being delegated to other volunteer members, who are answerable to the Board. All work undertaken by the group is done by volunteer members and there are no paid employees.

 

New trustees are usually appointed from among the regular volunteers and therefore are familiar with the company's activities. Where necessary, induction to the Board is incorporated in the first meeting following the appointment. The board has the authority to co-opt members to fill vacancies and such appointments are ratified at the next AGM.

The trustees' report was approved by the Board of Trustees.

Mr A Thomson
Trustee
28 October 2024
AYRSHIRE RAILWAY PRESERVATION GROUP
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF AYRSHIRE RAILWAY PRESERVATION GROUP
- 6 -

We report on the financial statements of the charity for the year ended 31 January 2024, which are set out on pages 7 to 16.

Respective responsibilities of trustees and examiner

The charity’s trustees, who are also the directors of Ayrshire Railway Preservation Group for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is our responsibility to examine the financial statements 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

Our examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, 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 we do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to our attention:

(a)

which gives us reasonable cause to believe that in any material respect the requirements:

(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

to which, in our opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Azets
3 Wellington Square
Ayrshire
KA7 1EN
United Kingdom
Dated: 30 October 2024
AYRSHIRE RAILWAY PRESERVATION GROUP
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
2
46,921
33,709
Charitable activities
3
21,641
21,400
Other trading activities
4
21,186
15,168
Total income
89,748
70,277
Expenditure on:
Raising funds
5
4,226
2,360
Charitable activities
6
38,000
54,654
Other
10
-
192
Total expenditure
42,226
57,206
Net income for the year/
Net movement in funds
47,522
13,071
Fund balances at 1 February 2023
100,140
87,069
Fund balances at 31 January 2024
147,662
100,140

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
AYRSHIRE RAILWAY PRESERVATION GROUP
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
136,010
110,523
Current assets
Stocks
13
1,275
1,212
Debtors
14
6,936
6,622
Cash at bank and in hand
52,535
31,946
60,746
39,780
Creditors: amounts falling due within one year
15
(49,094)
(50,163)
Net current assets/(liabilities)
11,652
(10,383)
Total assets less current liabilities
147,662
100,140
Income funds
Unrestricted funds
147,662
100,140
147,662
100,140

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2024.

The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 28 October 2024
Mr A Thom
Mr J H Wade
Trustee
Trustee
Company registration number SC121786
AYRSHIRE RAILWAY PRESERVATION GROUP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
1
Accounting policies
Charity information

Ayrshire Railway Preservation Group is a private company limited by guarantee incorporated in Scotland. The registered office is 8 Burnside Place, Troon, Ayrshire, KA10 6LZ, United Kingdom.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.3
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.4
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

AYRSHIRE RAILWAY PRESERVATION GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 10 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
4% on cost
Plant and equipment
25% reducing balance
Fixtures and fittings
10% reducing balance
Security compound
10% reducing balance
Infrastructure costs
10% reducing balance
Exhibits
10% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.6
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2
Donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
32,693
7,301
Legacies receivable
6,539
2,269

Government grants

7,689
24,139
46,921
33,709
AYRSHIRE RAILWAY PRESERVATION GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
3
Charitable activities

Charitable Income

Charitable Income

2024
2023
£
£

Steam days

21,641
21,400
4
Other trading activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Subscriptions

1,664
1,845

50:50 club subscriptions

614
506

Sales stand income

12,398
4,901

Sundry sales

456
300

Sale of scrap

6,054
7,616
Other trading activities
21,186
15,168
5
Raising funds
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Fundraising and publicity

50:50 club prizes

220
204

Sales stand purchases

1,471
1,772

Sales stand exhibition costs

50
50

Credit card

-
334
Advertising
2,485
-
Fundraising and publicity
4,226
2,360
4,226
2,360
AYRSHIRE RAILWAY PRESERVATION GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 12 -
6
Charitable activities

Unrestrcited funds

 

Unrestrcited funds

 

2024
2023
£
£
Depreciation and impairment
10,925
10,346

Steam days

5,584
6,093

Insurance

4,974
4,186

Light and heat

2,613
1,085

Hire of equipment

-
840

Site materials

1,735
3,537

Repairs and renewals

5,206
19,735

Haulage

-
895

Postage, stationery and advertising

885
1,189

Sundry expenses

444
897

Membership costs

-
1,000
32,366
49,803
Share of governance costs (see note 7)
5,634
4,851
38,000
54,654
7
Support costs
Support costs
Governance costs
2024
2023
£
£
£
£
Accountancy
-
1,500
1,500
-
Legal and professional
-
4,134
4,134
4,851
-
5,634
5,634
4,851
Analysed between
Charitable activities
-
5,634
5,634
4,851

 

8
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
AYRSHIRE RAILWAY PRESERVATION GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
9
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
10
Other
Total
Unrestricted
funds
2024
2023
£
£
Net loss on disposal of tangible fixed assets
-
192
-
192
11
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

AYRSHIRE RAILWAY PRESERVATION GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 14 -
12
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Security compound
Infrastructure costs
Exhibits
Total
£
£
£
£
£
£
£
Cost
At 1 February 2023
70,319
15,605
38,804
4,506
157,588
29,303
316,125
Additions
36,412
-
-
-
-
-
36,412
At 31 January 2024
106,731
15,605
38,804
4,506
157,588
29,303
352,537
Depreciation and impairment
At 1 February 2023
22,502
13,037
15,310
2,231
128,924
23,598
205,602
Depreciation charged in the year
4,269
642
2,349
228
2,866
571
10,925
At 31 January 2024
26,771
13,679
17,659
2,459
131,790
24,169
216,527
Carrying amount
At 31 January 2024
79,960
1,926
21,145
2,047
25,798
5,134
136,010
At 31 January 2023
47,817
2,568
23,494
2,275
28,664
5,705
110,523
AYRSHIRE RAILWAY PRESERVATION GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 15 -
13
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,275
1,212
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
3,907
Prepayments and accrued income
6,936
2,715
6,936
6,622
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Other taxation and social security
2,309
-
Government grants
16
44,441
49,130
Trade creditors
315
269
Other creditors
529
764
Accruals and deferred income
1,500
-
49,094
50,163
16
Government grants

Deferred income is included in the financial statements as follows:

2024
2023
£
£
Deferred income is included within:
Current liabilities
44,441
49,130
Movements in the year:
Deferred income at 1 February 2023
49,130
53,819
Released from previous periods
(4,689)
(4,689)
Deferred income at 31 January 2024
44,441
49,130
17
Secured Debts

The trustees of the Cummnock & Doon Valley Minerals Trust hold a standard security over the subjects at Dalmellington Road, Waterside.

AYRSHIRE RAILWAY PRESERVATION GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 16 -
18
Analysis of net assets between funds
Unrestricted funds
Unrestricted funds
2024
2023
£
£
Fund balances at 31 January 2024 are represented by:
Tangible assets
136,010
110,523
Current assets/(liabilities)
11,652
(10,383)
147,662
100,140
19
Contingent liabilities

The company carries boiler and mechanical insurance for the working exhibits and equipment. No insurance is carried for fire, theft or destruction of fixed assets or stock. Any losses so incurred would be required to be written off to the income and expenditure account in the year which they arose.

20
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

21
Members' guarantee

Every member of the Company has undertaken to contribute up to a maximum of £1 to the Company's assets if it should be would up whilst they are members, or within one year after they cease to be a member, for the payment of the Company's debts and liabilities contracted for before they ceased to be a member, and of the costs, charges and expenses of winding up, and of the adjustment to rights of the contributories amongst themselves.

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