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COMPANY REGISTRATION NUMBER: SC138632
CHARITY REGISTRATION NUMBER: SC020254
The Kingdom of Fife Railway Preservation Society
Company Limited by Guarantee
Unaudited Financial Statements
31 March 2024
The Kingdom of Fife Railway Preservation Society
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2024
Page
Trustees' annual report (incorporating the directors' report)
1
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
6
Statement of financial position
7
Notes to the financial statements
9
The Kingdom of Fife Railway Preservation Society
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Directors' Report)
Year ended 31 March 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024 .
Reference and administrative details
Registered charity name
The Kingdom of Fife Railway Preservation Society
Charity registration number
SC020254
Company registration number
SC138632
Principal office and registered
3 Liberton Road
office
Kirkcaldy
Fife
KY2 6LZ
The trustees
M Grubb (Treasurer)
W D Carr
A Cook
A J Urwin
M D Urwin
P M Westwater
J Hamilton
J D Rankin
S Cochrane-Mills
A McGregor (Appointed 25 November 2024)
G J Meacher (Appointed 25 November 2024)
K R Slater (Appointed 25 November 2024)
J Danton (Died 05 September 2023)
Independent examiner
Colin McCulloch F.C.C.A
18 North Street
Glenrothes
Fife
KY7 5NA
Structure, governance and management
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Organisational structure
The charity is controlled by the Memorandum and Articles of Association. The charity is constituted as a limited company, limited by guarantee, as defined by the Companies Act 2006. Each member of the management committee undertakes to contribute such an amount as may be required (not exceeding £1) to the charity's debts and liabilities contracted before he/she ceases to be a member an of the cost, charges and expenses of winding up and for the adjustment of the rights of the contributors among themselves.
The board consisted of 10 board members with various skills and attributes. Committee meetings are held regularly to manage its affairs.
We continue to provide opportunities for our volunteers, both male and female, young and old with suitable skills, to join the board. Two of our trustees have a daughter who is a qualified solicitor and she is now our company solicitor.
Risk Review
Procedures and systems are in place to ensure the charity is not exposed to any major risks. The charity is aware of the risks to external funding.
Objectives and activities
The objectives of the charity are the preservation of railway and, especially those which relate to the county of Fife, and the establishment of a Fife Railway Museum. For these purposes it occupies a site at Kirkland Yard in Leven, where it restores and repairs locomotives, rolling stock and artifacts. The charity has no paid employees and its operation depends on the services of volunteers.
The Office of Rail and Road (ORR) exempts, under section 7(3) of the Railways Act 1993, the charity from the requirements to be authorised by licence to operate the railway assets described in its application.
Achievements and performance
During the year to March 2024 we continued to expand our volunteer base.
We continued to maintain our railway rolling stock and site cabins and to extend our track layout.
We sold off a small parcel of land to Network Rail to allow a better mainline alignment. All the funds raised from this disposal allowed us to refurbish the Steam Locomotive "The Forth". This work was the mandatory ten year assessment and work carried out was essential to get the next ten year certification.
Financial review
The charity has generated a surplus of £42,627 (2023: £27,403) for the year end 31 March 2024. The total reserves stand at £215,664 (2023: £173,037) of which £209,791 (2023: £167,164) represent unrestricted funds and £5,873 (2023: £5,873) represent restricted funds.
Plans for future periods
We will continue with the expansion of the track layout which will enhance the visitor experience along with the redeployment of additional portacabins for local and visitor use.
Trustees' responsibilities statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the applicable Charities SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material
departures disclosed and explained in the financial statements;
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the
charity will continue to operate.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report (incorporating the directors' report) was approved on 27 December 2024 and signed on behalf of the board of trustees by:
M D Urwin
Trustee
The Kingdom of Fife Railway Preservation Society
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of The Kingdom of Fife Railway Preservation Society
Year ended 31 March 2024
I report to the trustees on my examination of the financial statements of The Kingdom of Fife Railway Preservation Society ('the charity') for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 (‘the 2005 Act’), the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination.
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts carried out under section 44(1)(c) of the 2005 Act. In carrying out my examination I have followed the requirements of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Independent examiner's statement
Since the charity is required by company law to prepare its accounts on an accruals basis and is registered as a charity in Scotland your examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). I can confirm that I am qualified to undertake the examination because I am a registered member of the Association of Chartered Certified Accountants which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act, section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; or
2. the financial statements do not accord with those records or with the accounting requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Colin McCulloch F.C.C.A Independent Examiner
18 North Street Glenrothes Fife KY7 5NA
27 December 2024
The Kingdom of Fife Railway Preservation Society
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 March 2024
2024
2023
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
40,733
40,733
22,718
Charitable activities
6
33,889
33,889
46,439
Other income
7
18,964
18,964
---------
-----
---------
---------
Total income
93,586
93,586
69,157
---------
-----
---------
---------
Expenditure
Expenditure on charitable activities
8,9
50,959
50,959
41,754
---------
-----
---------
---------
Total expenditure
50,959
50,959
41,754
---------
-----
---------
---------
---------
-----
---------
---------
Net income and net movement in funds
42,627
42,627
27,403
---------
-----
---------
---------
Reconciliation of funds
Total funds brought forward
167,164
5,873
173,037
145,634
-----------
--------
-----------
-----------
Total funds carried forward
209,791
5,873
215,664
173,037
-----------
--------
-----------
-----------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The Kingdom of Fife Railway Preservation Society
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible fixed assets
13
176,827
157,844
Current assets
Debtors
14
5,132
7,276
Cash at bank and in hand
34,367
8,467
---------
---------
39,499
15,743
Creditors: amounts falling due within one year
15
662
550
---------
---------
Net current assets
38,837
15,193
-----------
-----------
Total assets less current liabilities
215,664
173,037
-----------
-----------
Net assets
215,664
173,037
-----------
-----------
Funds of the charity
Restricted funds
5,873
5,873
Unrestricted funds
209,791
167,164
-----------
-----------
Total charity funds
16
215,664
173,037
-----------
-----------
For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The Kingdom of Fife Railway Preservation Society
Company Limited by Guarantee
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of trustees and authorised for issue on 27 December 2024 , and are signed on behalf of the board by:
M D Urwin
Trustee
The Kingdom of Fife Railway Preservation Society
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Scotland and a registered charity in Scotland. The address of the registered office is 3 Liberton Road, Kirkcaldy, Fife, KY2 6LZ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income tax
The charity is exempt from corporation tax on its charitable activities. VAT policy The charity is registered for value added tax and accordingly income and expenditure excludes VAT where appropriate.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% reducing balance
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Limited by guarantee
The charity is a company limited by guarantee without share capital. The members of the company are the Directors as detailed on page 1 of the financial statements. Each member of the charity has undertaken to contribute an amount not exceeding £1 towards any deficit arising in the event of the charity being placed in liquidation.
5. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Donations
Donations
12,357
12,357
9,920
9,920
Grants
Grants
28,272
28,272
12,250
12,250
Subscriptions
Subscriptions
104
104
548
548
---------
---------
---------
---------
40,733
40,733
22,718
22,718
---------
---------
---------
---------
6. Charitable activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Rental income
20,650
20,650
24,289
24,289
Other income
13,239
13,239
22,150
22,150
---------
---------
---------
---------
33,889
33,889
46,439
46,439
---------
---------
---------
---------
7. Other income
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Gain on disposal of tangible fixed assets held for charity's own use
18,964
18,964
---------
---------
-----
-----
8. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Charitable activities
50,336
50,336
41,133
41,133
Support costs
623
623
621
621
---------
---------
---------
---------
50,959
50,959
41,754
41,754
---------
---------
---------
---------
9. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Charitable activities
50,336
50,336
41,133
Governance costs
623
623
621
---------
-----
---------
---------
50,336
623
50,959
41,754
---------
-----
---------
---------
10. Net income
Net income is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
10,564
3,995
Gains on disposal of tangible fixed assets
(18,964)
---------
--------
11. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
575
550
-----
-----
12. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
13. Tangible fixed assets
Freehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 Apr 2023
153,722
31,732
1,858
51,893
239,205
Additions
28,960
11,623
40,583
Disposals
( 11,036)
( 11,036)
-----------
---------
--------
---------
-----------
At 31 Mar 2024
142,686
60,692
1,858
63,516
268,752
-----------
---------
--------
---------
-----------
Depreciation
At 1 Apr 2023
53,968
26,929
464
81,361
Charge for the year
1,774
8,442
348
10,564
-----------
---------
--------
---------
-----------
At 31 Mar 2024
55,742
35,371
812
91,925
-----------
---------
--------
---------
-----------
Carrying amount
At 31 Mar 2024
86,944
25,321
1,046
63,516
176,827
-----------
---------
--------
---------
-----------
At 31 Mar 2023
99,754
4,803
1,394
51,893
157,844
-----------
---------
--------
---------
-----------
14. Debtors
2024
2023
£
£
Other debtors
5,132
7,276
--------
--------
15. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
662
550
-----
-----
16. Analysis of charitable funds
Unrestricted funds
At 1 Apr 2023
Income
Expenditure
At 31 Mar 2024
£
£
£
£
General funds
167,164
93,586
(50,959)
209,791
-----------
---------
---------
-----------
At 1 Apr 2022
Income
Expenditure
At 31 Mar 2023
£
£
£
£
General funds
139,761
69,157
(41,754)
167,164
-----------
---------
---------
-----------
Restricted funds
At 1 Apr 2023
Income
Expenditure
At 31 Mar 2024
£
£
£
£
New Cafe
3,306
3,306
Toilet block
2,567
2,567
--------
-----
-----
--------
5,873
5,873
--------
-----
-----
--------
At 1 Apr 2022
Income
Expenditure
At 31 Mar 2023
£
£
£
£
New Cafe
3,306
3,306
Toilet block
2,567
2,567
--------
-----
-----
--------
5,873
5,873
--------
-----
-----
--------
17. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Tangible fixed assets
174,907
1,920
176,827
Current assets
35,546
3,953
39,499
Creditors less than 1 year
(662)
(662)
-----------
--------
-----------
Net assets
209,791
5,873
215,664
-----------
--------
-----------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Tangible fixed assets
154,431
3,413
157,844
Current assets
13,283
2,460
15,743
Creditors less than 1 year
(550)
(550)
-----------
--------
-----------
Net assets
167,164
5,873
173,037
-----------
--------
-----------