The Kingdom of Fife Railway Preservation Society Charity Accounts

COMPANY REGISTRATION NUMBER: SC138632

CHARITY REGISTRATION NUMBER: SC020254

The Kingdom of Fife Railway Preservation Society

Company Limited by Guarantee

Unaudited Financial Statements

31 March 2025

The Kingdom of Fife Railway Preservation Society

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2025

	Page

Trustees' annual report (incorporating the directors' report)	1

Independent examiner's report to the trustees	5

Statement of financial activities (including income and expenditure account)	7

Statement of financial position	8

Notes to the financial statements	10

The Kingdom of Fife Railway Preservation Society

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors' Report)

Year ended 31 March 2025

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 2025 .

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 S Taylor	(Appointed 15 February 2025)

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 13 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 2025 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 started the conversion of a Palvan to make accessible for all.

Financial review

The charity has generated a surplus of £114,965 (2024: £42,627) for the year end 31 March 2025. The total reserves stand at £330,629 (2024: £215,664) of which £324,756 (2024: £209,791) represent unrestricted funds and £5,873 (2024: £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 3 December 2025 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 2025

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 2025.

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

3 December 2025

The Kingdom of Fife Railway Preservation Society

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 March 2025

	2025			2024
	Unrestricted funds	Restricted funds	Total funds	Total funds
Note	£	£	£	£

Income and endowments

Donations and legacies	5	119,081	–	119,081	40,733
Charitable activities	6	62,520	–	62,520	33,889
Investment income	7	356	–	356	–
Other income	8	–	–	–	18,964
		-----------	-----	-----------	---------
Total income		181,957	–	181,957	93,586
		-----------	-----	-----------	---------

Expenditure

Expenditure on charitable activities	9,10	66,992	–	66,992	50,959
		-----------	-----	-----------	---------
Total expenditure		66,992	–	66,992	50,959
		-----------	-----	-----------	---------

	-----------	-----	-----------	---------
Net income and net movement in funds	114,965	–	114,965	42,627
	-----------	-----	-----------	---------

Reconciliation of funds

Total funds brought forward	209,791	5,873	215,664	173,037
	-----------	--------	-----------	-----------
Total funds carried forward	324,756	5,873	330,629	215,664
	-----------	--------	-----------	-----------

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 2025

	2025	2024
Note	£	£

Fixed assets

Tangible fixed assets	14	279,023	176,827

Current assets

Debtors	15	2,367	5,132
Cash at bank and in hand		49,844	34,367
		---------	---------
		52,211	39,499

Creditors: amounts falling due within one year	16	605	662
		---------	---------
Net current assets		51,606	38,837
		-----------	-----------
Total assets less current liabilities		330,629	215,664
		-----------	-----------
Net assets		330,629	215,664
		-----------	-----------

Funds of the charity

Restricted funds		5,873	5,873
Unrestricted funds		324,756	209,791
		-----------	-----------
Total charity funds	17	330,629	215,664
		-----------	-----------

For the year ending 31 March 2025 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 2025

These financial statements were approved by the board of trustees and authorised for issue on 3 December 2025 , 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 2025

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 2025	Unrestricted Funds	Total Funds 2024
£	£	£	£

Donations

	Donations	8,330	8,330	12,357	12,357

Grants

	Grants	108,974	108,974	28,272	28,272

Subscriptions

Subscriptions	1,777	1,777	104	104
	-----------	-----------	---------	---------
	119,081	119,081	40,733	40,733
	-----------	-----------	---------	---------

6. Charitable activities

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Rental income	25,300	25,300	20,650	20,650
Other income	37,220	37,220	13,239	13,239
	---------	---------	---------	---------
	62,520	62,520	33,889	33,889
	---------	---------	---------	---------

7. Investment income

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Bank interest receivable	356	356	–	–
	-----	-----	-----	-----

8. Other income

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Gain on disposal of tangible fixed assets held for charity's own use	–	–	18,964	18,964
	-----	-----	---------	---------

9. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Charitable activities	66,194	66,194	50,336	50,336
Support costs	798	798	623	623
	---------	---------	---------	---------
	66,992	66,992	50,959	50,959
	---------	---------	---------	---------

10. Expenditure on charitable activities by activity type

	Activities undertaken directly	Support costs	Total funds 2025	Total fund 2024
	£	£	£	£
Charitable activities	66,194	–	66,194	50,336
Governance costs	–	798	798	623
	---------	-----	---------	---------
	66,194	798	66,992	50,959
	---------	-----	---------	---------

11. Net income

Net income is stated after charging/(crediting):

	2025	2024
	£	£
Depreciation of tangible fixed assets	15,964	10,564
Gains on disposal of tangible fixed assets	–	(18,964)
	---------	---------

12. Independent examination fees

	2025	2024
	£	£

Fees payable to the independent examiner for:

Independent examination of the financial statements	605	575
	-----	-----

13. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

14. Tangible fixed assets

	Freehold property	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 Apr 2024	142,686	60,692	1,858	63,516	268,752
Additions	101,450	16,710	–	–	118,160
	-----------	---------	--------	---------	-----------
At 31 Mar 2025	244,136	77,402	1,858	63,516	386,912
	-----------	---------	--------	---------	-----------
Depreciation
At 1 Apr 2024	55,742	35,371	812	–	91,925
Charge for the year	5,932	9,771	261	–	15,964
	-----------	---------	--------	---------	-----------
At 31 Mar 2025	61,674	45,142	1,073	–	107,889
	-----------	---------	--------	---------	-----------
Carrying amount
At 31 Mar 2025	182,462	32,260	785	63,516	279,023
	-----------	---------	--------	---------	-----------
At 31 Mar 2024	86,944	25,321	1,046	63,516	176,827
	-----------	---------	--------	---------	-----------

15. Debtors

	2025	2024
	£	£
Other debtors	2,367	5,132
	--------	--------

16. Creditors: amounts falling due within one year

	2025	2024
	£	£
Accruals and deferred income	605	662
	-----	-----

17. Analysis of charitable funds

Unrestricted funds

	At 1 Apr 2024	Income	Expenditure	At 31 Mar 2025
	£	£	£	£
General funds	209,791	181,957	(66,992)	324,756
	-----------	-----------	---------	-----------

	At 1 Apr 2023	Income	Expenditure	At 31 Mar 2024
	£	£	£	£
General funds	167,164	93,586	(50,959)	209,791
	-----------	---------	---------	-----------

Restricted funds

	At 1 Apr 2024	Income	Expenditure	At 31 Mar 2025
	£	£	£	£
New Cafe	3,306	–	–	3,306
Toilet block	2,567	–	–	2,567
	--------	-----	-----	--------
	5,873	–	–	5,873
	--------	-----	-----	--------

	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
	--------	-----	-----	--------

18. Analysis of net assets between funds

	Unrestricted Funds	Restricted Funds	Total Funds 2025
	£	£	£
Tangible fixed assets	277,583	1,440	279,023
Current assets	47,778	4,433	52,211
Creditors less than 1 year	(605)	–	(605)
	-----------	--------	-----------
Net assets	324,756	5,873	330,629
	-----------	--------	-----------

	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
	-----------	--------	-----------