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 2025
AYRSHIRE RAILWAY PRESERVATION GROUP
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr L Skilton
Mr A Smith
Mrs SJ Taylor
(Appointed 11 March 2024)
Mr W Taylor
(Appointed 29 April 2024)
Mr A Thom
Mrs C Thom
Mr B Thomson
(Appointed 26 August 2024)
Mr J Wade
Mrs J Puncher
(Appointed 17 May 2025)
Secretary
Mr B Thomson
Charity number (Scotland)
SC016127
Company number
SC121786
Business address
Dunaskin Heritage Centre
Waterside
Patna
Ayrshire
KA6 7JH
Registered office
Rivermeade
Culdoach Road
Tongland
Kirkcudbright
Dumfries and Galloway
DG6 4LU
Independent examiner
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 2025
- 1 -

The trustees present their annual report and financial statements for the year ended 31 January 2025.

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 centralized in Dropbox, where they are shared with all who require access. Use of HOPS (Heritage Operations Processing System) is being introduced currently and will replace Dropbox in due course.

 

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 £10million.

 

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

 

Restoration Work

Steam locomotive NCB Ayrshire Area Number 10 (AB 2244/1948) successfully passed its annual re-examination and was ready for the first public open day of 2024, which was on May 26th. In 2025 it passed its cold exam on time but examination in steam had to be postponed due to an unexpected fault and was rearranged for 13 June 2025. All passenger services are diesel hauled in the meantime.

 

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. It was put on public display for the first time at the open day of 29 September 2024.

 

Restoration work on BP Diesel Andrew Barclay No399 is well advanced; the locomotive is able to start up and run, which means it can now be used as a standby locomotive for open days. Cosmetic restoration work is now going ahead.

 

Our Sentinel diesel locomotive is now on long term loan to our principal supporter Gibson Engineering of Springburn. As part of that support the North British diesel locomotive has also been moved to Springburn where restoration is being undertaken by Gibson’s. Both locomotives remain the property of ARPG.

 

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’s Engineering as part of their support for Doon Valley Railway.

 

Work on restoring the Waggon Repair Shed is still ongoing, perhaps rather slower than we would like. The new concrete floor has been laid, with space allowed for the installation of sunk-in rails in one bay to allow standard gauge vehicles to be stabled. Damaged roof timbers which posed a threat to the integrity of the building have been repaired and the roof made watertight. Work on the interior walls to remove damp staining and repaint is continuing. All doors will require to be replaced before the shed can become our museum room; grant funding for this is in place.

 

AYRSHIRE RAILWAY PRESERVATION GROUP
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
Achievements and performance

 

Buildings and site

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. Thanks to the generosity of two individual directors of ARPG, the shop (including toilets,) the café and the volunteers’ bothy have been acquired for the continuing use of the Group. Detailed leasing arrangements have still to be put in place. 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. The brick store and joinery shop have been sold to outside purchasers.

 

Yet another year on, the final form of the licence to run to Minnivey has still not 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 and Brockwell continue to be pursued urgently.

 

Much time and effort has been expended on fundraising, planning and site clearance to allow a new storage shed for restored railway vehicles to be built. Almost all necessary funding is in place (in the form of grants awarded) and the planning application to both East Ayrshire Council and Historic Environment Scotland is well in hand. The site for this shed, on land we own adjacent to the existing locoshed, has been almost completely cleared. It is likely that building work will be completed before the end of the year. When it becomes available for use, this shed will provide covered accommodation for restored locomotives, carriages and waggons, including the return to Dunaskin of our two BR Mk 1 coaches which are currently on loan at Stainmore.

 

Open Days

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 was 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!

 

Santa trains ran again in late November and early December. For the third year in a row the number of days was increased, this time to six over three weekends. Virtually all seats were sold well in advance, the public appreciated good value for money (prices were held from 2022 levels) and income of around £12,000 was recorded.

 

The 2025 season opened at Easter with a successful visit from the Easter Bunny and a good number of passengers. Weekly opening began 25th May and a good season is in prospect.

 

AYRSHIRE RAILWAY PRESERVATION GROUP
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 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 supporters, 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 in use at Springburn, and the North British Locomotive is under restoration there.

 

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. The CCLP funding, which represents about 40% of the project, will remain available at least until January 2026.

Other Funding Partners

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. Our gratitude is due to the following funding partners who have awarded grants:

 

Renewable Energy Fund : two grants of £44,000 and £40,000 respectively

Dalmellington Parish Development Trust : £40,000

9CC : £11,500

 

In addition to the above, at the time of writing we await the outcome of two other grant applications, amounting to £50,000 in total.

 

Dividends

No dividends will be distributed for the year ended 31 January 2025.

 

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 2024/25 total income achieved amounted to £46,280 resulting in a surplus of £31,818. At the end of the year, total assets stood at £179,480 including net cash of £40,725.

 

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 2025
- 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. Confirmation of a new licence to operate on the railway line from Dunaskin to Minnivey platform.

 

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

 

6. Following completion of 3, 4 and 5 return two mainline coaches to Dunaskin and start passenger train operations between Dunaskin and Minnivey.

 

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 2025
- 5 -
Structure, governance and management

 

Trustees

The trustees shown below have held office during the whole of the period from 1 February 2024 to the date of this report.

 

C Thom

LT Skilton

AR Thom

A Smith

J Wade

 

Other changes in trustees holding office are as follows:

 

A Wallace – resigned 17 May 2025

S-J Taylor – appointed 11 March 2024

W Taylor – appointed 29 April 2024

B Thomson – appointed 26 August 2024

J Puncher – appointed 17 May 2025

 

The Company is limited by guarantee and there is no issued share capital at 31 January 2025.

 

The trustees are elected to office by the members at the Group's Annual General Meeting. In accordance with the Articles of Association, the appointment of Jane Puncher has to be ratified at the forthcoming Annual General Meeting. There are currently no other unfilled directorships.

 

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 B Thomson
Trustee
8 July 2025
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 2025, 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: 8 July 2025
AYRSHIRE RAILWAY PRESERVATION GROUP
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2025
- 7 -
Unrestricted
Unrestricted
funds
funds
2025
2024
Notes
£
£
Income from:
Donations and legacies
2
19,709
46,921
Charitable activities
3
15,822
21,641
Other trading activities
4
10,749
21,186
Total income
46,280
89,748
Expenditure on:
Raising funds
5
3,426
4,226
Charitable activities
6
11,036
38,000
Total expenditure
14,462
42,226
Net income for the year/
Net movement in funds
31,818
47,522
Fund balances at 1 February 2024
147,662
100,140
Fund balances at 31 January 2025
179,480
147,662

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 2025
31 January 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
179,377
136,010
Current assets
Stocks
12
1,600
1,275
Debtors
13
14,093
6,936
Cash at bank and in hand
40,725
52,535
56,418
60,746
Creditors: amounts falling due within one year
14
(56,315)
(49,094)
Net current assets
103
11,652
Total assets less current liabilities
179,480
147,662
Income funds
Unrestricted funds
179,480
147,662
179,480
147,662

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 2025.

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 8 July 2025
Mr B Thomson
Mr J Wade
Trustee
Trustee
Company registration number SC121786
AYRSHIRE RAILWAY PRESERVATION GROUP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 9 -
1
Accounting policies
Charity information

Ayrshire Railway Preservation Group is a private company limited by guarantee incorporated in Scotland. The registered office is Rivermeade, Culdoach Road, Tongland, Kirkcudbright, Dumfries and Galloway, DG6 4LU.

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 2025
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
No depreciation
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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

 

Revaluation gains and losses are recognised in other recognised gains and losses and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in net income/(expenditure) or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in net income/(expenditure) for the year.

 

During the year, the trustees reviewed the depreciation policies being applied and concluded that the depreciation calculated in respect of Freehold land and buildings did not reflect the true value of the assets. Consequently, the method of depreciation for the Freehold land and buildings was changed from 4% on cost to no depreciation. The effect of the change in estimate is an increase in the value of the assets of £26,771 and a reduction in the accumulated depreciation of £26,771.

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.

AYRSHIRE RAILWAY PRESERVATION GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 11 -
2
Donations and legacies
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Donations and gifts
12,517
32,693
Legacies receivable
2,503
6,539

Government grants

4,689
7,689
19,709
46,921
3
Charitable activities

Charitable Income

Charitable Income

2025
2024
£
£

Steam days

15,822
21,641
4
Other trading activities
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£

Subscriptions

1,665
1,664

50:50 club subscriptions

76
614

Sales stand income

7,336
12,398

Sundry sales

1,008
456

Sale of scrap

664
6,054
Other trading activities
10,749
21,186
AYRSHIRE RAILWAY PRESERVATION GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 12 -
5
Raising funds
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Fundraising and publicity

50:50 club prizes

-
220

Sales stand purchases

1,642
1,471

Sales stand exhibition costs

50
50
Advertising
1,734
2,485
Fundraising and publicity
3,426
4,226
3,426
4,226
6
Charitable activities

Unrestricted funds

 

Unrestricted funds

 

2025
2024
£
£
Depreciation on reclassification
(26,771)
Depreciation
6,454
10,925

Steam days

5,142
5,584

Insurance

4,553
4,974

Light and heat

3,022
2,613

Site materials

3,528
1,735

Repairs and renewals

10,705
5,206

Postage, stationery and advertising

1,258
885

Sundry expenses

1,163
444

Bank charges

582
-
9,636
32,366
Share of governance costs (see note 7)
1,400
5,634
11,036
38,000
AYRSHIRE RAILWAY PRESERVATION GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 13 -
7
Support costs
Support costs
Governance costs
2025
2024
£
£
£
£
Accountancy
-
1,200
1,200
1,500
Bookkeeping
-
200
200
-
Legal and professional
-
-
-
4,134
-
1,400
1,400
5,634
Analysed between
Charitable activities
-
1,400
1,400
5,634

 

8
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
10
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 2025
- 14 -
11
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Security compound
Infrastructure costs
Exhibits
Total
£
£
£
£
£
£
£
Cost
At 1 February 2024
106,731
15,605
38,804
4,506
157,588
29,303
352,537
Additions
18,000
1,850
3,200
-
-
-
23,050
At 31 January 2025
124,731
17,455
42,004
4,506
157,588
29,303
375,587
Depreciation and impairment
At 1 February 2024
26,771
13,679
17,659
2,459
131,790
24,169
216,527
Depreciation charged in the year
-
722
2,434
205
2,580
513
6,454
Reclassification
(26,771)
-
-
-
-
-
(26,771)
At 31 January 2025
-
14,401
20,093
2,664
134,370
24,682
196,210
Carrying amount
At 31 January 2025
124,731
3,054
21,911
1,842
23,218
4,621
179,377
At 31 January 2024
79,960
1,926
21,145
2,047
25,798
5,134
136,010
AYRSHIRE RAILWAY PRESERVATION GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 15 -
12
Stocks
2025
2024
£
£
Finished goods and goods for resale
1,600
1,275
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Prepayments and accrued income
14,093
6,936
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Other taxation and social security
1,978
2,309
Government grants
15
51,252
44,441
Trade creditors
625
315
Other creditors
1,060
529
Accruals and deferred income
1,400
1,500
56,315
49,094
15
Government grants

Deferred income is included in the financial statements as follows:

2025
2024
£
£
Deferred income is included within:
Current liabilities
51,252
44,441
Movements in the year:
Deferred income at 1 February 2024
44,441
53,819
Released from previous periods
(4,689)
(9,378)
Resources deferred in the year
11,500
Deferred income at 31 January 2025
51,252
44,441
16
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 2025
- 16 -
17
Analysis of net assets between funds
Unrestricted funds
Unrestricted funds
2025
2024
£
£
Fund balances at 31 January 2025 are represented by:
Tangible assets
179,377
136,010
Current assets/(liabilities)
103
11,652
179,480
147,662
18
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.

19
Events after the reporting date

Subsequent to the year end, some trustees of the charity purchased properties in their personal capacity with the intention of leasing them to the charity. The lease arrangements have not yet been put in place and the properties are intended to be used by the charity to further its charitable objectives.

20
Related party transactions

There were no disclosable related party transactions during the year (2024 - 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 wound 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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