REGISTERED COMPANY NUMBER: SC788483 (Scotland)

REGISTERED CHARITY NUMBER: SC053252

Report of the Trustees and

Unaudited Financial Statements

For The Period 7 November 2023 to 31 December 2024

for

Brechin Railway Preservation Society

Limited

Page

Report of the Trustees

1

to

2

Independent Examiner's Report

3

Statement of Financial Activities

4

Balance Sheet

5

to

6

Notes to the Financial Statements

7

to

10

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period 7 November 2023 to 31 December 2024. The trustees have adopted the provisions of 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).

INCORPORATION

The charitable company was incorporated on 7 November 2023 .

ACHIEVEMENT AND PERFORMANCE

The principal activity of the charitable company in the year under review has been the on-going process to facilitate the purchase of the track and buildings from Angus Council. This will allow the continued preservation and operation of the portion of the railway between Brechin and Bridge of Dun.

The charity has also focused its activity on the procurement of items relating to the railway at Brechin, Bridge of Dun and the former Caledonian Railway in the local Angus area. This has enabled the advancement of historical and general education to school groups and visitors.

The company was setup using donations from the previous Brechin Railway Preservation Society - an unincorporated group of individuals involved with the initial securing of the railway for preservation in 1979. This resulted in a significant cash and asset donation. In addition to this there have been a number of smaller donations from parties for the continued preservation of the railway. £109.35 (aside from monies held in the charity's previous bank account) and expenditure of £146.57. The final balance of capital and reserves at year end amounts to £118,659.

FINANCIAL REVIEW

Reserves policy

The charitable company has yet to set a policy on reserve funds held due to the small amount of current and predicted expenditure year to year.

FUTURE PLANS

Looking ahead the trustees are optimistic that negotiations with Angus Council will be concluded in the next financial year in order to safeguard the future of the railway for future generations.

Further enhancements to the visitor experience are to be made with a secondary museum and display space at Bridge of Dun. This, along with ongoing engagement with local schools and groups will further enable the charitable aims of the company to be met.

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.

Recruitment and appointment of new trustees

The initial Directors/Trustees are the subscribers to the Articles of Association and were nominated at an Extraordinary General Meeting of the former Brechin Railway Preservation Society.

Going forward, Directors / Trustees will be elected at the AGM in accordance with the provisions contained in the Articles of Association.

In addition, the Board may, from time to time, co-opt Directors/Trustees again in accordance with the provisions contained in the Articles of Association.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC788483 (Scotland)

Registered Charity number

SC053252

Registered office

The Station

Park Road

Brechin

United Kingdom

DD9 7AF

Trustees

R F Grace Retired (appointed 7.11.23)

P J Farquhar Solicitor (appointed 7.11.23)

C M Pegg Structural Engineer (appointed 7.11.23) (resigned 13.8.25)

J D Gill Engineer (appointed 7.11.23) (resigned 17.6.25)

P Vincent Retired (appointed 7.11.23) (resigned 28.1.25)

Independent Examiner

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

Approved by order of the board of trustees on 2 October 2025 and signed on its behalf by:

R F Grace - Trustee

I report on the accounts for the period 7 November 2023 to 31 December 2024 set out on pages four to ten.

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 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of the independent examiner's report

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. 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 seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner's statement

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

(1)	which gives me reasonable cause to believe that, in any material respect, the requirements

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

-	to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations

have not been met; or

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

Michael Donnelly (ICAS)

The Institute of Chartered Accountants of Scotland

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

2 October 2025

Unrestricted

funds

Notes

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

121,030

EXPENDITURE ON

Charitable activities

Charitable Activities

2,371

NET INCOME

118,659

TOTAL FUNDS CARRIED FORWARD

118,659

Unrestricted

funds

Notes

£

FIXED ASSETS

Tangible assets

5

14,244

CURRENT ASSETS

Stocks

6

88,050

Cash at bank

17,894

105,944

CREDITORS

Amounts falling due within one year

7

(1,529

)

NET CURRENT ASSETS

104,415

TOTAL ASSETS LESS CURRENT LIABILITIES

118,659

NET ASSETS

118,659

FUNDS

8

Unrestricted funds

118,659

TOTAL FUNDS

118,659

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 2 October 2025 and were signed on its behalf by:

R F Grace - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

10% on reducing balance

Computer equipment

-

10% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

£

Depreciation - owned assets

694

3.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the period ended 31 December 2024.

Trustees' expenses

There were no trustees' expenses paid for the period ended 31 December 2024.

4.	STAFF COSTS

The average monthly number of employees during the period was as follows:

Trustees

5

No employees received emoluments in excess of £60,000.

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

Additions

10,000

500

4,363

75

14,938

DEPRECIATION

Charge for year

200

50

436

8

694

NET BOOK VALUE

At 31 December 2024

9,800

450

3,927

67

14,244

6.

STOCKS

£

Stocks

88,050

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Accrued expenses

1,529

8.	MOVEMENT IN FUNDS

Net

movement

At

in funds

31.12.24

£

£

Unrestricted funds

General fund

104,414

104,414

Fixed assets

14,245

14,245

118,659

118,659

TOTAL FUNDS

118,659

118,659

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

106,091

(1,677

)

104,414

Fixed assets

14,939

(694

)

14,245

121,030

(2,371

)

118,659

TOTAL FUNDS

121,030

(2,371

)

118,659

9.	RELATED PARTY DISCLOSURES

There were no related party transactions for the period ended 31 December 2024.