North Eastern Locomotive Preservation Group (NELPG) Charity Registration number 1002017 Company Registration number 02570979
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDING 2023
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 year ended 31 December 2023. 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 2015).
REFERENCE AND ADMINISTRATIVE DETAILS
Registered name of Charity North Eastern Locomotive Preservation Group Other name of Charity NELPG Charity Registration number 1002017 Company Registration number 02570979 Principal Office and Registered Office 67 The Mount, York, YO24 1AX VAT Registration number 602 1185 91 Bankers Business Banking, Barclays, Leicester, LE87 2BB Co-operative Bank, 29 High Street, Durham, DH1 3PL Independent Examiner David Holloway FCA DChA of Accounts Ribchesters, Chartered Accountants, Finchale House, Belmont Business Park, Durham, DH1 1TW
Trustees
| Name | Office (if any) | Dates (if not full year) | |
|---|---|---|---|
| From | To | ||
| R.D. Bingham | |||
| J.D. Carr | |||
| C.J. Foxton | |||
| J.R.P. Hunt | Chairman | ||
| P.G. Hutchinson | |||
| R. Marshall | Secretary to the Trustees | ||
| I. L. Storey | |||
| R. Wheeler | Treasurer* | ||
| P. Jameson | Minutes Secretary** |
*The Treasurer is not a Trustee.
**The Minutes Secretary is not a Trustee.
Approved by order of the board of Trustees on 20[th] March 2024 and signed on its behalf by:
J.R.P. Hunt – Trustee
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is governed by a Memorandum of Association and Articles of Association, both of which are dated 2[nd] January 1991.
The Charity is a Charitable Company Limited by Guarantee.
Trustee Selection Methods
Directors, who are also Charity Trustees, are elected for three years by Members at the Annual General Meeting.
Any potential new Trustee must be recommended by the Board, or, if not, notice of not less than forty-two days nor more than seventy-two days must be given to the Company of the intention to propose a person for appointment. Not less than fourteen nor more than thirty-five clear days before the date appointed for holding a General Meeting, notice must be given to Members of those whose approval for appointment as Trustees will be sought at that meeting. If the vacancy resulting from a Trustee retiring by rotation is not filled, then the retiring Trustee will, if willing, be deemed to have been re-appointed. If there are more nominations than there are vacancies, an election is held. Trustees are also directors for the purposes of company law.
There is an agreed procedure for the appointment of Trustees/Directors on the Charity’s website, which potential nominees are required to follow. All Trustees should participate in the on-line NCVO training programme for Trustees, as part of the formal training and induction programme.
Organisation
The Trustees manage the business of the Charity: there must be at least six Trustees and not more than nine. At the end of 2023 there were eight Trustees. The quorum is five.
Some Trustees are allocated responsibility for a particular part of the Charity’s activities. As well as the specifically elected roles, responsibilities of Trustees include Health and Safety and Publicity.
Corporate Trustees: - There are no Corporate Trustees.
Custodian Trustees: - There are no Custodian Trustees.
Trustees holding title to property belonging to the Charity: - There are no Trustees who hold the title of property belonging to the Charity.
People with Significant Control: - The Company knows or has reasonable cause to believe, that there is no registerable person or registerable relevant legal entity in relation to the Company.
OBJECTIVES AND ACTIVITIES
Summary of the Purposes of the Charity:
The Company was established for the restoration and preservation of steam locomotives and other railwayrelated material with links to the North East of England.
The Charitable Objectives are:
“Promoting and encouraging the restoration and preservation of railway locomotives, carriages, wagons and other artefacts of historical interest and buildings, connected therewith in particular, but without prejudice to the generality of the foregoing, those connected with the North East of England, and the preservation of books, drawings, records, documents, sound and visual recordings, cinematograph films and photographs relating to such artefacts and vehicles, their history and their development.”
Activities
The Company achieves these objects, primarily, through the ownership, maintenance, operation, and display of four steam locomotives (Class K1 62005, Q6 63395, J27 65894 and J72 69023) which, prior to withdrawal, were operated by British Railways and had worked in the North East of England.
The Main, Relevant Activities of the Charity are as follows:
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i. Maintaining and overhauling the four locomotives to the relevant statutory standards in locations where, whenever possible, members of the public can observe what is going on and talk to those carrying out the work. This work requires the provision of materials, tools, and equipment.
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ii. Arranging, whenever possible, for the locomotives to operate either on heritage railways, or the national network.
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iii. Carrying out as much repair, maintenance, and overhaul work on the locomotives as possible by volunteers who are members of the Charity. Some specialist work is outsourced.
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iv. Fundraising through the activities of the Board’s Financial Strategy Committee, which also manages the Patron membership scheme.
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v. Using a building (Deviation Shed), which is open to the public to view, situated at Grosmont on the North Yorkshire Moors Railway (NYMR), for the overhaul, maintenance, and storage of locomotives.
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vi. Using a building, licenced from Darlington Borough Council, located at Hopetown, Darlington, for the overhaul and maintenance of locomotives.
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vii. Continuing to create and maintain an archive which is developed through frequent appeals to the Group’s membership for additional material. The archive is stored at the National Railway Museum at York, and at the NYMR archive at Pickering. In due course the archived material will be made available to members of the public.
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viii. Having an open membership, so that everyone can apply for membership.
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ix. Having a website, much of which is accessible by the public.
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x. Providing training to those members who wish to help with the maintenance and overhaul of locomotives. Some volunteer members are sponsored for Personal Track Safety (PTS) certification to support running our locomotives on the national network.
ACHIEVEMENTS AND PERFORMANCE
Summary of the Main Achievements of the Charity in 2023
The year 2023 saw World events continue to have a major impact on energy and material prices.
Working parties were held at Carnforth, Deviation Shed, and Hopetown Works. Deviation Shed was open to the public. Activities in Hopetown Carriage Works were suspended in May and our assets were moved to the refurbished 1861 Shed in September. The Board met using Skype video conferencing software. The AGM (including a postal ballot) was held in Darlington.
Maintenance and Overhaul
Winter maintenance was carried out on the Q6 and J27 in Deviation Shed at Grosmont. The overhaul of the K1 progressed well at West Coast Railway Company’s base at Carnforth. The J72’s overhaul continued. The boiler is progressing well and the new cylinder block was cast has been machined and assembled.
Operation
The Q6 and J27 both operated at the NYMR during the year. The total mileage run by the Q6 was 2184 miles. This would have been greater, but for the failure of the right-hand cylinder in May. The cylinder was removed and arrangements for a new casting were put in hand. The J27 logged 3486 miles in the year.
Volunteer Input
The hours worked by volunteers during 2023 were equivalent to the hours which would have been worked by four full time persons.
Our volunteer efforts normally include Junior Volunteers (under 18s). Our JVs are all now over 18. Recruitment of further JVs has lapsed, because of the vacancy for a JV Coordinator.
Building Maintenance
At Grosmont, Deviation Shed saw PAT testing of electrical equipment. Tests of lifting gear, ladders and fixed wiring were carried out by the NYMR. Roof repairs were carried out following storm damage.
Various non-North Eastern Locomotive Preservation Group (NELPG) locomotives have been stored in Deviation Shed during the year.
A total of £3680.00 has been donated to the Charity through the Grosmont collection box by members of the public.
At Darlington, working parties were suspended in May, as work progressed on the Darlington Rail Heritage Quarter. A licence for occupation of the South East end of the 1861 Shed was signed and our heaviest assets, including the J72, were moved into the shed in September. A major exercise, involving temporary storage containers, saw Hopetown workshop contents moved out and then moved back into the 1861 Shed by our volunteers.
Membership
Membership of the Group at the end of 2023 stood at 626 (including joint members).
Social Meetings
No meetings were held in 2023, because of our inability to find another meeting organiser. We hope to find another volunteer to take on this role.
Communications
The Charity website holds information about our activities, supplemented by emails to working volunteers. The website and email facility became temporarily unavailable during the year. They were being rebuilt by late December. An official Facebook group has been established and has attracted much interest.
The Charity published and distributed six issues of NELPG News, the members bi-monthly magazine.
A further meeting to discuss the future of the Charity was held in January.
Reporting
There have been no matters to report to the Charity Commission in 2023.
Archive
We continue to add material to our archive.
FINANCIAL REVIEW
Year-End Financial Position:
At the end of the period under review, the Charity had total funds of £509,921 (2022 = £754,181), a decrease of £244,260. Full details will be found in the Accounts.
Statement Regarding Policy for Holding Reserves:
The reserves policy is to provide for unforeseen expenditure, which can sometimes arise when key components of the locomotives require renewal earlier than expected. The policy is to maintain a reserve of £100,000. The Trustees have designated funds to a total value of £48,830 as a "Locomotive Maintenance Fund" to cover the on-going operation and maintenance of our locomotives, and a further £365,635 to a "Locomotive Overhaul Fund" designed to accumulate funds to support major overhauls of our locomotives.
Investment Policy:
The investment policy aims to obtain the best available rate of return on a range of accounts with banks and building societies, each investment being at the maximum covered by the Financial Services Compensation Scheme and over a fixed term of the order of 12 months. Some funds are held in two accounts which allow withdrawal in 1 day and 90 days, respectively. A more significant sum is invested in the COIF Charities Global Equity Income Fund for a better rate of return.
Details of Funds Materially in Deficit
No funds are materially in deficit.
Uncertainties about the Charity Continuing as a Going Concern
At this point in time there are no doubts about the Charity continuing as a going concern.
Principal Sources of Fundraising
During 2023 the Charity’s Principal Sources of Fundraising were as follows:
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i Fees paid by those hiring locomotives;
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ii Donations and grants, particularly in favour of the J72 Appeal and the Q6 cylinder appeal;
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iii Subscriptions, including the Patron Membership Scheme;
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iv Legacy giving; v Sales.
Risk Management
The Trustees have identified the following major risks to which the Charity is exposed. These risks and the systems and procedures to mitigate and respond to them are:
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i Safe maintenance, overhaul, and operation of the locomotives. The Charity has in place a risk assessment and a procedure for its review. An operating manual is in place for operations at Fort William, supported by appropriate reporting lines and structure, to ensure it is applied in day-to-day operation. There are preventive maintenance procedures and all new volunteers are briefed on safety. To further protect the Charity, it has appropriate insurance.
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ii Difficult economic conditions. The Charity has in place financial procedures to identify at an early stage the onset of potential problems and to develop plans to respond appropriately.
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iii Loss of volunteer resources, including sufficient Trustees, and the effect of changes in their age profile and physical ability. The Charity is continuing to recruit volunteer resources and skills for the longer term, contracting work out where necessary, but Trustee numbers remain a concern.
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iv High costs associated with maintaining and operating steam locomotives and increasing costs because of the increasing age of our volunteers, resulting in more work having to be carried out on a paid contract basis. Work continues to develop a strategy to ensure that resources are in place as and when they are needed, including the maintenance of a reserve fund.
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v Difficulties in sourcing affordable coal fuel by heritage railways, reduced operations as a result, and other increased costs could lead to cut backs in steam locomotive use and consequential reductions in our hire income. The Group is engaged with other heritage stakeholders in addressing these issues through its membership of the Heritage Railway Association.
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vi Changes of personnel at the NYMR, and reference by their independent auditors to a material uncertainty about their ability to continue as a going concern, risk affecting the relationship our Group has with the Railway. It is hoped the Collaboration and Hire Agreement can be finalised soon and help to safeguard that relationship, but the wider situation will be monitored closely.
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vii Continued uncertainty over the future running of Jacobite services (including the type of coaching stock and the braking mechanism) has potential to affect Group income. The situation will be monitored closely. The risk is potentially offset because of the level of demand for Group locomotives from a range of heritage railways.
FUNDS HELD AS CUSTODIAN TRUSTEE ON BEHALF OF OTHERS
No funds are held as custodian trustee on behalf of others.
PUBLIC BENEFIT STATEMENT
There are Two Elements to Public Benefit
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i The “Public” element – which requires that the purpose of a charity must benefit the public in general or a sufficient section of the public and must not give rise to more than incidental personal development.
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ii The “Benefit” element – which requires that the purpose of a charity must be beneficial in a way that can be identified and is capable of being proved by evidence where necessary and not based on an individual’s personal views.
The Trustees of NELPG take the view that the preservation and operation of steam locomotives helps to develop interest in and understanding of the history and development of railways, a mode of transport that
had its roots in the North East of England and which played such an important part in the development of the modern world. This is considered “beneficial” even though it is difficult to quantify or measure.
Awareness of Public Benefit Guidance
The Trustees confirm their compliance with their duty to have due regard to the Charity Commission’s Public Benefit Guidance when exercising any powers or duties to which the guidance relates.
PLANS FOR FUTURE PERIODS
We plan for the J27 to see service on the NYMR in 2024. There have been expressions of interest from other heritage railways in hiring both the J27 and the K1. The K1 overhaul will continue and we hope to see completion in mid-2024. The J72 overhaul will continue in 2024, with the boiler repair completed and the fitting of the new cylinder block. We hope to have a new cylinder cast, machined, and fitted to the Q6, with a possible reintroduction to traffic during the year.
Looking further ahead we hope to have all four locomotives in steam to celebrate the bicentenary of the Stockton and Darlington Railway in 2025.
The Trustees hope to provide more focus during 2024 on the following:
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i Delivery of a long-term strategy for the overhaul, maintenance, and operation of our locomotives. ii Delivery of a long-term financial plan to support the strategy for the overhaul, maintenance, and operation of our locomotives.
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iii Revision of the Charity’s governance documents, including a review of safety and the Locomotive Maintenance Policy.
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iv Review of the way in which the organisation is managed, with a view to the Trustees spending less time on day-to-day matters and more on strategic issues.
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v Development of a long-term strategy aimed at ensuring that successors are available when key persons leave their posts.
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vi Continued development of IT related systems. vii Continued efforts to improve communications within the Board, within the Group and between the Group and like-minded organisations.
INFORMATION ON FUNDRAISING PRACTICES
Although the Charity is not auditable under the guidance issued by the Charity Commission, we are aware of the Fundraising Regulator and we continue to consider the implications for our operations.
Small Company Provisions:
This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
Signed, on behalf of the Company’s Directors / Charity’s Trustees:
J.R.P. Hunt (Chairman of the Board of Trustees)
Date: 20[th] March 2024
C.J. Foxton (Company Secretary and Secretary to the Board of Trustees)
Date: 20[th] March 2024
REGISTERED COMPANY NUMBER: 02570979 (England and Wales) REGISTERED CHARITY NUMBER: 1002017
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
Ribchesters Chartered Accountants Finchale House Belmont Business Park Durham DH1 1TW
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Page | |
|---|---|
| Report of the Trustees | 1 |
| Independent Examiner's Report | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 to 5 |
| Notes to the Financial Statements | 6 to 13 |
| Detailed Statement of Financial Activities | 14 to 15 |
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
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 year ended 31 December 2023. 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).
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing documents, a Memorandum of Association and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
02570979 (England and Wales)
Registered Charity number 1002017
Registered office
67 The Mount York Yorkshire YO24 1AX
Trustees
P G Hutchinson R A Pearson R Marshall C Foxton R D Bingham I L Storey J R P Hunt J D Carr
Company Secretary
C Foxton
Independent Examiner
David Holloway Ribchesters Chartered Accountants Finchale House Belmont Business Park Durham DH1 1TW
Approved by order of the board of trustees on 20[th] March 2023 and signed on its behalf by:
J R P Hunt - Trustee
Page 1
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
Independent examiner's report to the trustees of North Eastern Locomotive Preservation Group ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts 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
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the accounts 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.
David Holloway
Ribchesters Chartered Accountants Finchale House Belmont Business Park Durham DH1 1TW
Date: 20[th] March 2023
Page 2
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 61,374 Other trading activities 3 55,666 Investment income 4 11,058 Total 128,098 EXPENDITURE ON Raising funds 5 16,192 Charitable activities Promotion, restoration and preservation 399,689 Total 415,881 Net gains/(losses) on investments 27,596 NET INCOME/(EXPENDITURE) (260,187) Transfers between funds 13 (10,000) Net movement in funds (270,187) RECONCILIATION OF FUNDS Total funds brought forward 735,737 TOTAL FUNDS CARRIED FORWARD 465,550 |
Restricted funds £ 61,456 - - 61,456 - 45,529 45,529 - 15,927 10,000 25,927 18,444 44,371 |
2023 Total funds £ 122,830 55,666 11,058 189,554 16,192 445,218 461,410 27,596 (244,260) - (244,260) 754,181 509,921 |
2022 Total funds £ 137,741 74,377 5,097 217,215 11,591 225,118 236,709 (21,956) (41,450) - (41,450) 795,631 754,181 |
|---|---|---|---|
The notes form part of these financial statements
Page 3
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
BALANCE SHEET 31 DECEMBER 2023
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 9 14,100 CURRENT ASSETS Debtors 10 38,860 Investments 11 191,577 Cash at bank 337,167 567,604 CREDITORS Amounts falling due within one year 12 (116,154) NET CURRENT ASSETS 451,450 TOTAL ASSETS LESS CURRENT LIABILITIES 465,550 NET ASSETS 465,550 FUNDS 13 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ - - - 44,371 44,371 - 44,371 44,371 44,371 |
2023 Total funds £ 14,100 38,860 191,577 381,538 611,975 (116,154) 495,821 509,921 509,921 465,550 44,371 509,921 |
2022 Total funds £ 14,100 47,845 163,981 534,139 745,965 (5,884) 740,081 754,181 754,181 735,737 18,444 754,181 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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.
The notes form part of these financial statements
continued...
Page 4
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
BALANCE SHEET - continued 31 DECEMBER 2023
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 20[th] March 2023 and were signed on its behalf by:
J R P Hunt - Trustee
C J Foxton - Trustee
The notes form part of these financial statements
Page 5
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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. Hire fees are recognised in the period which the hire is provided.
Legacies
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made to the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed where material.
Should the charity be notified of a legacy subsequent to the accounting reference date but before the date of approval of the accounts and evidence exists which suggests that the executors of the estate agreed the distribution prior to the end of the reporting period and receipt of the legacy is deemed to be probable then that receipt will be recognised as income in that accounting period.
Grants
Grants of a revenue nature are credited to income in the period to which they relate.
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.
life. |
|
|---|---|
| Leasehold property | - straight line over 10 years |
| Improvements to property | - straight line over 10 years |
| Plant & equipment | - straight line over 10 years |
| Heritage assets | - not provided |
| Vehicles | - straight line over 3 years |
Heritage assets have indefinite useful economic lives and are therefore not depreciated.
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.
continued...
Page 6
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES - continued
Fund accounting
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. DONATIONS AND LEGACIES
| Grants Legacies Patron donations Sundry donations Member events 3. OTHER TRADING ACTIVITIES Locomotive hire fees Sale of goods Sale of scrap/ container hire 4. INVESTMENT INCOME Bank interest receivable 5. RAISING FUNDS Raising donations and legacies Stock for resale Member events Support costs |
2023 £ 29,611 10,748 30,076 48,860 3,535 122,830 |
2022 £ 17,728 48,609 25,719 42,179 3,506 137,741 2023 £ 49,298 1,976 4,392 55,666 2023 £ 11,058 2023 £ 2,043 3,860 10,289 16,192 |
2022 £ 73,566 811 - 74,377 2022 £ 5,097 2022 £ 328 3,575 7,688 11,591 |
|---|---|---|---|
continued...
Page 7
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
6. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | - | 6,086 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
The charity made allowances totalling £3,822 during the year for expenses claimed by the trustees whilst doing volunteer work for the specific charitable areas (2022:£3,344).
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 111,050 Other trading activities 74,377 Investment income 5,097 Total 190,524 EXPENDITURE ON Raising funds 11,591 Charitable activities Promotion, restoration and preservation 194,715 Total 206,306 Net gains/(losses) on investments (21,956) NET INCOME/(EXPENDITURE) (37,738) RECONCILIATION OF FUNDS Total funds brought forward 773,475 TOTAL FUNDS CARRIED FORWARD 735,737 |
Restricted funds £ 26,691 - - 26,691 - 30,403 30,403 - (3,712) 22,156 18,444 |
Total funds £ 137,741 74,377 5,097 217,215 11,591 225,118 236,709 (21,956) (41,450) 795,631 754,181 |
|---|---|---|
continued...
Page 8
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
9. TANGIBLE FIXED ASSETS
| Leasehold property £ COST At 1 January 2023 and 31 December 2023 33,963 DEPRECIATION At 1 January 2023 and 31 December 2023 33,963 NET BOOK VALUE At 31 December 2023 - At 31 December 2022 - Heritage assets £ COST At 1 January 2023 and 31 December 2023 14,100 DEPRECIATION At 1 January 2023 and 31 December 2023 - NET BOOK VALUE At 31 December 2023 14,100 At 31 December 2022 14,100 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Gift aid VAT Accrued income and prepayments 11. CURRENT ASSET INVESTMENTS Investment management fund |
Improvements to Plant & property equipment £ £ 28,986 21,468 28,986 21,468 - - - - Vehicles Totals £ £ 6,995 105,512 6,995 91,412 - 14,100 - 14,100 2023 2022 £ £ 122 - 22,500 24,100 11,286 11,900 4,952 11,845 38,860 47,845 2023 2022 £ £ 191,577 163,981 |
|---|---|
continued...
Page 9
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Accrued expenses |
2023 £ 19,804 96,350 116,154 |
2022 £ - 5,884 5,884 |
|---|---|---|
13. MOVEMENT IN FUNDS
| Unrestricted funds General fund Locomotive Overhaul Fund Locomotive Maintenance Fund Restricted funds J72 Restoration Fund Q6 Cylinder Fund TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund Locomotive Overhaul Fund Locomotive Maintenance Fund Restricted funds J72 Restoration Fund Q6 Cylinder Fund TOTAL FUNDS |
At 1.1.23 £ 27,182 337,211 371,344 735,737 18,444 - 18,444 754,181 as follows: Incoming resources £ 31,455 40,824 55,819 128,098 27,085 34,371 61,456 189,554 |
Net movement in funds £ 21,503 40,824 (322,514) (260,187) (18,444) 34,371 15,927 (244,260) Resources expended £ (37,548) - (378,333) (415,881) (45,529) - (45,529) (461,410) |
Transfers between At funds 31.12.23 £ £ 2,400 51,085 (12,400) 365,635 - 48,830 (10,000) 465,550 - - 10,000 44,371 10,000 44,371 - 509,921 Gains and Movement losses in funds £ £ 27,596 21,503 - 40,824 - (322,514) 27,596 (260,187) - (18,444) - 34,371 - 15,927 27,596 (244,260) |
|---|---|---|---|
continued...
Page 10
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Locomotive Overhaul Fund Locomotive Maintenance Fund Restricted funds J72 Restoration Fund TOTAL FUNDS |
At 1.1.22 £ 46,653 266,483 460,339 773,475 22,156 795,631 |
Net movement in funds £ (33,870) 85,928 (89,796) (37,738) (3,712) (41,450) |
Transfers between funds £ 14,400 (15,200) 800 - - - |
At 31.12.22 £ 27,183 337,211 371,343 735,737 18,444 754,181 |
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Locomotive Overhaul Fund Locomotive Maintenance Fund Restricted funds J72 Restoration Fund TOTAL FUNDS |
Incoming resources £ 26,774 85,928 77,822 190,524 26,691 217,215 |
Resources expended £ (38,688) - (167,618) (206,306) (30,403) (236,709) |
Gains and Movement losses in funds £ £ (21,956) (33,870) - 85,928 - (89,796) (21,956) (37,738) - (3,712) (21,956) (41,450) |
|---|---|---|---|
continued...
Page 11
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
13. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Locomotive Overhaul Fund Locomotive Maintenance Fund Restricted funds J72 Restoration Fund Q6 Cylinder Fund TOTAL FUNDS |
At 1.1.22 £ 46,653 266,483 460,339 773,475 22,156 - 22,156 795,631 |
Net movement in funds £ (12,367) 126,752 (412,310) (297,925) (22,156) 34,371 12,215 (285,710) |
Transfers between funds £ 16,800 (27,600) 800 (10,000) - 10,000 10,000 - |
At 31.12.23 £ 51,086 365,635 48,829 465,550 - 44,371 44,371 509,921 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Locomotive Overhaul Fund Locomotive Maintenance Fund Restricted funds J72 Restoration Fund Q6 Cylinder Fund TOTAL FUNDS |
Incoming resources £ 58,229 126,752 133,641 318,622 53,776 34,371 88,147 406,769 |
Resources expended £ (76,236) - (545,951) (622,187) (75,932) - (75,932) (698,119) |
Gains and Movement losses in funds £ £ 5,640 (12,367) - 126,752 - (412,310) 5,640 (297,925) - (22,156) - 34,371 - 12,215 5,640 (285,710) |
|---|---|---|---|
The trustees have designated funds for the purpose of financing cyclical overhauls of the locomotives which the charity own. These costs will be substantial and the trustees therefore feel it prudent to ring fence reserves to enable those assets to be protected for future generations to enjoy
continued...
Page 12
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
14. RELATED PARTY DISCLOSURES
An amount of £1,308 (2022: £1,349) was paid to a Trustee in respect of work done for the Charity which was not in respect of their role as a Trustee.
15. ULTIMATE CONTROLLING PARTY
The charitable company is controlled by it's trustees.
Page 13
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| INCOME AND ENDOWMENTS Donations and legacies Subscriptions and donations Grants Legacies Members events Other trading activities Locomotive hire fees Sale of goods Sale of scrap/ container hire Investment income Bank interest receivable Total incoming resources EXPENDITURE Raising donations and legacies Stock for resale Member events Charitable activities Insurance Locomotive restoration costs Workshop consumables Travel & subsistence Mainline costs Workshop maintenance Subscriptions and donations Health and safety costs Training and medicals Relocation costs Depreciation of leasehold property Depreciation of plant and equipment Depreciation of Vehicles Support costs Management Administration costs |
2023 £ 78,936 29,611 10,748 3,535 122,830 49,298 1,976 4,392 55,666 11,058 189,554 2,043 3,860 5,903 19,356 394,366 1,653 9,428 3,372 4,219 - 600 1,210 9,614 - - - 443,818 10,289 |
2022 £ 67,898 17,728 48,609 3,506 137,741 73,566 811 - 74,377 5,097 217,215 328 3,575 3,903 18,217 179,610 2,735 9,048 3,181 3,447 425 - - - 3,399 745 1,942 222,749 8,857 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 14
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Management Governance costs Independent examiners fee Total resources expended Net expenditure before gains and losses Realised recognised gains and losses Gains on current asset investments Net expenditure |
2023 £ 1,400 461,410 (271,856) 27,596 (244,260) |
2022 £ 1,200 236,709 (19,494) (21,956) (41,450) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 15
REGISTERED COMPANY NUMBER: 02570979 (England and Wales) REGISTERED CHARITY NUMBER: 1002017
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
Ribchesters Chartered Accountants Finchale House Belmont Business Park Durham DH1 1TW
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Page | |
|---|---|
| Report of the Trustees | 1 |
| Independent Examiner's Report | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 to 5 |
| Notes to the Financial Statements | 6 to 13 |
| Detailed Statement of Financial Activities | 14 to 15 |
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
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 year ended 31 December 2023. 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).
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing documents, a Memorandum of Association and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
02570979 (England and Wales)
Registered Charity number 1002017
Registered office
67 The Mount York Yorkshire YO24 1AX
Trustees
P G Hutchinson R A Pearson R Marshall C Foxton R D Bingham I L Storey J R P Hunt J D Carr
Company Secretary
C Foxton
Independent Examiner
David Holloway Ribchesters Chartered Accountants Finchale House Belmont Business Park Durham DH1 1TW
Approved by order of the board of trustees on 20[th] March 2023 and signed on its behalf by:
J R P Hunt - Trustee
Page 1
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
Independent examiner's report to the trustees of North Eastern Locomotive Preservation Group ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts 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
-
the accounts 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.
David Holloway
Ribchesters Chartered Accountants Finchale House Belmont Business Park Durham DH1 1TW
Date: 20[th] March 2023
Page 2
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 61,374 Other trading activities 3 55,666 Investment income 4 11,058 Total 128,098 EXPENDITURE ON Raising funds 5 16,192 Charitable activities Promotion, restoration and preservation 399,689 Total 415,881 Net gains/(losses) on investments 27,596 NET INCOME/(EXPENDITURE) (260,187) Transfers between funds 13 (10,000) Net movement in funds (270,187) RECONCILIATION OF FUNDS Total funds brought forward 735,737 TOTAL FUNDS CARRIED FORWARD 465,550 |
Restricted funds £ 61,456 - - 61,456 - 45,529 45,529 - 15,927 10,000 25,927 18,444 44,371 |
2023 Total funds £ 122,830 55,666 11,058 189,554 16,192 445,218 461,410 27,596 (244,260) - (244,260) 754,181 509,921 |
2022 Total funds £ 137,741 74,377 5,097 217,215 11,591 225,118 236,709 (21,956) (41,450) - (41,450) 795,631 754,181 |
|---|---|---|---|
The notes form part of these financial statements
Page 3
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
BALANCE SHEET 31 DECEMBER 2023
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 9 14,100 CURRENT ASSETS Debtors 10 38,860 Investments 11 191,577 Cash at bank 337,167 567,604 CREDITORS Amounts falling due within one year 12 (116,154) NET CURRENT ASSETS 451,450 TOTAL ASSETS LESS CURRENT LIABILITIES 465,550 NET ASSETS 465,550 FUNDS 13 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ - - - 44,371 44,371 - 44,371 44,371 44,371 |
2023 Total funds £ 14,100 38,860 191,577 381,538 611,975 (116,154) 495,821 509,921 509,921 465,550 44,371 509,921 |
2022 Total funds £ 14,100 47,845 163,981 534,139 745,965 (5,884) 740,081 754,181 754,181 735,737 18,444 754,181 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.
The notes form part of these financial statements
continued...
Page 4
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
BALANCE SHEET - continued 31 DECEMBER 2023
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 20[th] March 2023 and were signed on its behalf by:
J R P Hunt - Trustee
C J Foxton - Trustee
The notes form part of these financial statements
Page 5
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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. Hire fees are recognised in the period which the hire is provided.
Legacies
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made to the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed where material.
Should the charity be notified of a legacy subsequent to the accounting reference date but before the date of approval of the accounts and evidence exists which suggests that the executors of the estate agreed the distribution prior to the end of the reporting period and receipt of the legacy is deemed to be probable then that receipt will be recognised as income in that accounting period.
Grants
Grants of a revenue nature are credited to income in the period to which they relate.
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.
life. |
|
|---|---|
| Leasehold property | - straight line over 10 years |
| Improvements to property | - straight line over 10 years |
| Plant & equipment | - straight line over 10 years |
| Heritage assets | - not provided |
| Vehicles | - straight line over 3 years |
Heritage assets have indefinite useful economic lives and are therefore not depreciated.
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.
continued...
Page 6
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES - continued
Fund accounting
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. DONATIONS AND LEGACIES
| Grants Legacies Patron donations Sundry donations Member events 3. OTHER TRADING ACTIVITIES Locomotive hire fees Sale of goods Sale of scrap/ container hire 4. INVESTMENT INCOME Bank interest receivable 5. RAISING FUNDS Raising donations and legacies Stock for resale Member events Support costs |
2023 £ 29,611 10,748 30,076 48,860 3,535 122,830 |
2022 £ 17,728 48,609 25,719 42,179 3,506 137,741 2023 £ 49,298 1,976 4,392 55,666 2023 £ 11,058 2023 £ 2,043 3,860 10,289 16,192 |
2022 £ 73,566 811 - 74,377 2022 £ 5,097 2022 £ 328 3,575 7,688 11,591 |
|---|---|---|---|
continued...
Page 7
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
6. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | - | 6,086 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
The charity made allowances totalling £3,822 during the year for expenses claimed by the trustees whilst doing volunteer work for the specific charitable areas (2022:£3,344).
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 111,050 Other trading activities 74,377 Investment income 5,097 Total 190,524 EXPENDITURE ON Raising funds 11,591 Charitable activities Promotion, restoration and preservation 194,715 Total 206,306 Net gains/(losses) on investments (21,956) NET INCOME/(EXPENDITURE) (37,738) RECONCILIATION OF FUNDS Total funds brought forward 773,475 TOTAL FUNDS CARRIED FORWARD 735,737 |
Restricted funds £ 26,691 - - 26,691 - 30,403 30,403 - (3,712) 22,156 18,444 |
Total funds £ 137,741 74,377 5,097 217,215 11,591 225,118 236,709 (21,956) (41,450) 795,631 754,181 |
|---|---|---|
continued...
Page 8
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
9. TANGIBLE FIXED ASSETS
| Leasehold property £ COST At 1 January 2023 and 31 December 2023 33,963 DEPRECIATION At 1 January 2023 and 31 December 2023 33,963 NET BOOK VALUE At 31 December 2023 - At 31 December 2022 - Heritage assets £ COST At 1 January 2023 and 31 December 2023 14,100 DEPRECIATION At 1 January 2023 and 31 December 2023 - NET BOOK VALUE At 31 December 2023 14,100 At 31 December 2022 14,100 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Gift aid VAT Accrued income and prepayments 11. CURRENT ASSET INVESTMENTS Investment management fund |
Improvements to Plant & property equipment £ £ 28,986 21,468 28,986 21,468 - - - - Vehicles Totals £ £ 6,995 105,512 6,995 91,412 - 14,100 - 14,100 2023 2022 £ £ 122 - 22,500 24,100 11,286 11,900 4,952 11,845 38,860 47,845 2023 2022 £ £ 191,577 163,981 |
|---|---|
continued...
Page 9
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Accrued expenses |
2023 £ 19,804 96,350 116,154 |
2022 £ - 5,884 5,884 |
|---|---|---|
13. MOVEMENT IN FUNDS
| Unrestricted funds General fund Locomotive Overhaul Fund Locomotive Maintenance Fund Restricted funds J72 Restoration Fund Q6 Cylinder Fund TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund Locomotive Overhaul Fund Locomotive Maintenance Fund Restricted funds J72 Restoration Fund Q6 Cylinder Fund TOTAL FUNDS |
At 1.1.23 £ 27,182 337,211 371,344 735,737 18,444 - 18,444 754,181 as follows: Incoming resources £ 31,455 40,824 55,819 128,098 27,085 34,371 61,456 189,554 |
Net movement in funds £ 21,503 40,824 (322,514) (260,187) (18,444) 34,371 15,927 (244,260) Resources expended £ (37,548) - (378,333) (415,881) (45,529) - (45,529) (461,410) |
Transfers between At funds 31.12.23 £ £ 2,400 51,085 (12,400) 365,635 - 48,830 (10,000) 465,550 - - 10,000 44,371 10,000 44,371 - 509,921 Gains and Movement losses in funds £ £ 27,596 21,503 - 40,824 - (322,514) 27,596 (260,187) - (18,444) - 34,371 - 15,927 27,596 (244,260) |
|---|---|---|---|
continued...
Page 10
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Locomotive Overhaul Fund Locomotive Maintenance Fund Restricted funds J72 Restoration Fund TOTAL FUNDS |
At 1.1.22 £ 46,653 266,483 460,339 773,475 22,156 795,631 |
Net movement in funds £ (33,870) 85,928 (89,796) (37,738) (3,712) (41,450) |
Transfers between funds £ 14,400 (15,200) 800 - - - |
At 31.12.22 £ 27,183 337,211 371,343 735,737 18,444 754,181 |
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Locomotive Overhaul Fund Locomotive Maintenance Fund Restricted funds J72 Restoration Fund TOTAL FUNDS |
Incoming resources £ 26,774 85,928 77,822 190,524 26,691 217,215 |
Resources expended £ (38,688) - (167,618) (206,306) (30,403) (236,709) |
Gains and Movement losses in funds £ £ (21,956) (33,870) - 85,928 - (89,796) (21,956) (37,738) - (3,712) (21,956) (41,450) |
|---|---|---|---|
continued...
Page 11
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
13. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Locomotive Overhaul Fund Locomotive Maintenance Fund Restricted funds J72 Restoration Fund Q6 Cylinder Fund TOTAL FUNDS |
At 1.1.22 £ 46,653 266,483 460,339 773,475 22,156 - 22,156 795,631 |
Net movement in funds £ (12,367) 126,752 (412,310) (297,925) (22,156) 34,371 12,215 (285,710) |
Transfers between funds £ 16,800 (27,600) 800 (10,000) - 10,000 10,000 - |
At 31.12.23 £ 51,086 365,635 48,829 465,550 - 44,371 44,371 509,921 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Locomotive Overhaul Fund Locomotive Maintenance Fund Restricted funds J72 Restoration Fund Q6 Cylinder Fund TOTAL FUNDS |
Incoming resources £ 58,229 126,752 133,641 318,622 53,776 34,371 88,147 406,769 |
Resources expended £ (76,236) - (545,951) (622,187) (75,932) - (75,932) (698,119) |
Gains and Movement losses in funds £ £ 5,640 (12,367) - 126,752 - (412,310) 5,640 (297,925) - (22,156) - 34,371 - 12,215 5,640 (285,710) |
|---|---|---|---|
The trustees have designated funds for the purpose of financing cyclical overhauls of the locomotives which the charity own. These costs will be substantial and the trustees therefore feel it prudent to ring fence reserves to enable those assets to be protected for future generations to enjoy
continued...
Page 12
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
14. RELATED PARTY DISCLOSURES
An amount of £1,308 (2022: £1,349) was paid to a Trustee in respect of work done for the Charity which was not in respect of their role as a Trustee.
15. ULTIMATE CONTROLLING PARTY
The charitable company is controlled by it's trustees.
Page 13
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| INCOME AND ENDOWMENTS Donations and legacies Subscriptions and donations Grants Legacies Members events Other trading activities Locomotive hire fees Sale of goods Sale of scrap/ container hire Investment income Bank interest receivable Total incoming resources EXPENDITURE Raising donations and legacies Stock for resale Member events Charitable activities Insurance Locomotive restoration costs Workshop consumables Travel & subsistence Mainline costs Workshop maintenance Subscriptions and donations Health and safety costs Training and medicals Relocation costs Depreciation of leasehold property Depreciation of plant and equipment Depreciation of Vehicles Support costs Management Administration costs |
2023 £ 78,936 29,611 10,748 3,535 122,830 49,298 1,976 4,392 55,666 11,058 189,554 2,043 3,860 5,903 19,356 394,366 1,653 9,428 3,372 4,219 - 600 1,210 9,614 - - - 443,818 10,289 |
2022 £ 67,898 17,728 48,609 3,506 137,741 73,566 811 - 74,377 5,097 217,215 328 3,575 3,903 18,217 179,610 2,735 9,048 3,181 3,447 425 - - - 3,399 745 1,942 222,749 8,857 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 14
NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Management Governance costs Independent examiners fee Total resources expended Net expenditure before gains and losses Realised recognised gains and losses Gains on current asset investments Net expenditure |
2023 £ 1,400 461,410 (271,856) 27,596 (244,260) |
2022 £ 1,200 236,709 (19,494) (21,956) (41,450) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 15