## **North Eastern Locomotive Preservation Group** **2025** **TRUSTEES ANNUAL REPORT** ## **Trustees’ Annual Report for the period** From **1[st] January 2024** to **31[st] December 2024** Charity name: **North Eastern Locomotive Preservation Group** Charity registration number: **1002017** ## **Reference and Administrative details** Charity name North Eastern Locomotive Preservation Group Other name the charity uses NELPG Registered charity number 1002017 Company Registration Number 02570979 Charity’s principal address 67 The Mount, York, YO24 1AX VAT Registration number 602 1185 91 ## **Objectives and Activities** Summary of the The Company was founded for the restoration and preservation of steam purposes of the charity locomotives and other railway-related material with links to the North East of as set out in its England. governing document. SORP 1.17 Summary of the main Promoting and encouraging the restoration and preservation of railway activities in relation to locomotives, carriages, wagons and other artefacts of historical interest and those purposes for the buildings, connected therewith in particular, but without prejudice to the public benefit, in generality of the foregoing, those connected with the North East of England, particular, the activities, and the preservation of books, drawings, records, documents, sound and visual projects or services recordings, cinematograph films and photographs relating to such artefacts and identified in the vehicles, their history and their development. accounts. ## **Activities** SORP 1.17 and 1.19 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:** - i) Maintaining and overhauling the four locomotives to the relevant statutory standards in locations where, whenever possible, members of the public can see what is going on and talk to those carrying out the work. This work requires the provision of materials, tools, and equipment. - ii) Arranging, whenever possible, for the locomotives to operate either on heritage railways, or the national network. - iii) Conducting repair, maintenance, and overhaul work on the locomotives as is possible by volunteers, who are members of the Charity. However, an amount of specialist work has to be outsourced. - iv) Fundraising through the activities of the Board’s Financial Strategy Committee, which also manages the Patron membership scheme. - 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. NELPG 2025 AGM supplement Page 2 vi) Using a building, licenced from Darlington Borough Council, at Hopetown, Darlington, for the overhaul and maintenance of locomotives and open to the public. 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. viii) Having an open membership, so that everyone can apply for membership. ix) Having a publicly accessible website x) Providing training to those members who wish to help with the maintenance and overhaul of locomotives. Volunteer members as required are sponsored for Personal Track Safety (PTS) certification to support running our locomotives on the national network. Statement confirming The Trustees confirm their compliance with their duty to have due regard to whether the trustees the Charity Commission’s Public Benefit Guidance when exercising any powers have had regard to the or duties to which the guidance relates. guidance issued by the Charity Commission on public benefit. SORP 1.18 ## **Additional information** Contribution made by The hours worked by volunteers (approximately 30 directly on locomotives) volunteers. during 2024 is estimated to be the equivalent of the hours which would have been worked by four full time persons. Other indirect volunteers including SORP 1.38 trustees, numbers approximately 20. ## **Achievements and Performance** Summary of the main The year 2024 saw World events continue to have a major impact on energy achievements of the and material prices. charity in the period, identifying the difference The Trustees of NELPG take the view that the preservation and operation of the charity’s work has steam locomotives helps to develop interest in and understanding of the made to the history and development of railways, a mode of transport that had its roots in circumstances of its the North East of England and which played such an important part in the beneficiaries and any development of the modern world. Railways played a significant impact on wider benefits to society socio-cultural development by facilitating mobility and enhancing community as a whole. well-being and prospects through the increased connectivity. This is all considered “beneficial” even though it is difficult to quantify or measure. SORP 1.38 ## **Operational** Working parties, primarily on our J72 locomotive, were held in our new location of the 1861 shed having successfully completing moving from the old Carriage Works all within the new Railway Heritage Quarter. The J72 is expected to be operational for the S&D 200 anniversary. The public were invited to formal open days for the later part of the year, the scope of these will increase during 2025 with the celebration of the Stockton and Darlington 200 year anniversary within the RHQ and nationally. Deviation shed, within the North Yorkshire Moors Railway at Grosmont continues as the main base of operation for our Q6 and J27 locomotives. The NELPG 2025 AGM supplement Page 3 shed is open to the public. Both locomotives to be operational for the S&D 200 anniversary. A working party continues with the overhaul of the K1 at West Coast Railway Company’s base at Carnforth with the view that it will see operation again from the summer of 2025 on the “Jacobite” Fort William-Mallaig service. ## **Locomotive earnings** The J27 operated at the NYMR during the year and was the only source of hire income for 2024 (£39,130, approx. 25% up on 2023). Although the total income was lower at £39,130 than in 2023 (£49,298), this was offset by the legacies we received. ## **Membership** Membership of the Group at the end of 2024 stood at 626 (including joint members), the same as in 2023. 148 of these are also Patron members. The Group has no junior volunteer section at present. ## **Social Meetings** Meetings resumed in 2024 and are now being held in the Hopetown 1861 shed. ## **Communications** The Charity website holds information about our activities, supplemented by emails to working volunteers. An official Facebook group exists as the Group’s social media outlet. The Charity published and distributed six issues of NELPG News, the members bi-monthly magazine. The AGM (including a postal ballot) was held in Darlington. The Board and its locomotive and financial committees meet regularly mostly using video conferencing. ## **Reporting** There have been no matters to report to the Charity Commission in 2024. ## **Archive** We continue to add material to our archive. ## **Additional information** ## Future Plans It remains the plan to have all 4 locomotives in steam and available for hire during the celebrations of the Stockton & Darlington 200 year anniversary. The Trustees hope to provide more focus during 2025 on the following: - 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. - iii) Revision of the Charity’s governance documents, including a review of safety and the Locomotive Maintenance Policy. - 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. - v) Development of a long-term strategy aimed at ensuring that successors are available when key persons leave their posts. NELPG 2025 AGM supplement Page 4 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. ## **Financial Review** Review of the charity’s At the end of the period under review, the Charity had total funds of £397,759 financial position at the (2023 = £509,921), a decrease of £112,162. Full details will be found in the end of the period financial statements for the year ended 31 December 2024. SORP 1.21 Statement explaining The reserves policy is to provide for unforeseen expenditure, which can the policy for holding sometimes arise when key components of the locomotives require renewal reserves stating why earlier than expected. The policy is to maintain a reserve of £100,000. they are held. SORP 1.22 |SORP 1.22|| |---|---| |The amount of reserves|The total of funds held as at 31.12.24 was£397,759.| |held.|| |SORP 1.22|| |Reasons for holding zero|Not applicable, funds available exceed the minimum reserve of £100,000.| |reserves.|| |SORP 1.22|| |Details of fund|No funds are materially in deficit.| |materially in deficit.|| |SORP 1.24|| |Explanation of any|At this point in time there are no doubts about the Charity continuing as a| |uncertainties about the|going concern.| |charity continuing as a|The independent auditors have no concerns and have come across no other| |going concern.|matters in connection with the examination to which attention should be| |SORP 1.23|drawn in their report to enable a proper understanding of the accounts to be
reached.| |**Additional information**|| |The charity’s principal|i)
Locomotive hire fees and other trading activities| |sources of funds during the|ii) Grants, Legacies, Patron and Sundry Donations and legacies| |period (including any|iii) Investment income| |fundraising)|iv) Fundraising campaign for replacement Q6 cylinder| |SORP 1.47|| |Investment policy and|The investment policy aims to take a conservative approach on risk to obtain| |objectives including any|the best available rate of return for our reserves on a range of accounts with| |social investment policy|banks and building societies, each investment being at the maximum covered| |adopted.|by the Financial Services Compensation Scheme. A proportion of funds are| |SORP 1.46|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.| |A description of the principal|The Trustees have identified the following major risks to which the Charity is| |risks facing the charity|exposed. These risks and the systems and procedures to mitigate and respond| ||to them are:| |SORP 1.46|| ||i)
The Charity has in place a risk assessment and a procedure for its review of| ||safe maintenance, overhaul, and operation of the locomotives. An| ||operating manual is in place for operations at Fort William, supported by| ||appropriate reportinglines and structure,to ensure it is applied in day-to-| NELPG 2025 AGM supplement Page 5 - day operation. There are preventive maintenance procedures and all new volunteers are briefed on safety. To further protect the Charity, it has appropriate insurance. - ii) Tough 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. - 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. - iv) Inflated 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. - 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. ## Other - vi) Our relationship with the North Yorkshire Moors Railway has been safeguarded by the implementation of a collaboration agreement with them. Changes to the operation of the NYMR are improving their ability to continue as a going concern. - vii) Continued uncertainty over the future running of Jacobite services (including the type of coaching stock and the braking mechanism) has the potential to affect Group income. The situation is still being monitored. This risk is potentially mitigated with the level of demand for Group locomotives from a range of heritage railways. - Although the Charity is not subject to audit, the Trustees are aware of the Fundraising Regulator and continue to consider the implications. ## **Structure, Governance and Management** |Type of governing|The Charity is governed by a Memorandum of Association and Articles of| |---|---| |document|Association, both of which are dated 2ndJanuary 1991.| |SORP 1.25|| |How is the charity|The Charity is a Charitable Company, Limited by Guarantee.| |constituted?|| |SORP 1.25|| |Trustee selection|Directors, who are also Charity Trustees, are elected for three years by| |methods including|Members at the Annual General Meeting.| |details of any|| |constitutional provisions|Any potential new Trustee must be recommended by the Board, or, if not,| |e.g. election to post or|notice of not less than forty-two days nor more than seventy-two days must be| |name of any person or|given to the Company of the intention to propose a person for appointment.| |body entitled to appoint|Not less than fourteen nor more than thirty-five clear days before the date| |one or more trustees.|appointed for holding a General Meeting, notice must be given to Members of| |SORP 1.25|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 retiringTrustee will,if willing,be deemed to have been re-| NELPG 2025 AGM supplement Page 6 ||appointed.If there are more nominations than there are vacancies, an|appointed.If there are more nominations than there are vacancies, an|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 isan 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,aspart of the formal trainingand inductionprogramme.||| |**Additional information**|||| |Policies and procedures|The procedure for Appointment of NELPG Trustee/Director includes this||| |adopted for the|information.||| |induction and training of|||| |trustees.|||| |SORP 1.51|||| |The charity’s|The Trustees manage the business of the Charity: there must be at least six||| |organisational structure|Trustees and not more than nine. At the end of 2024 there were||eight| |and any wider network|Trustees.|The quorum is five.|| |with which the charity|||| |works.|Trustees are allocated responsibility for a particular part of the Charity’s||| |SORP 1.51|activities as required. As well as the specifically elected roles, responsibilities of
Trustees include Health and Safety and Publicity.||| |Relationship with any|Inter-Charity Collaboration agreement with the North Yorkshire Moors Railway||| |related parties|Trust (charity no. 501388)||| |SORP 1.51|||| |Ultimate Controlling|The charitable company is controlled by its trustees.||| |Party|||| ## **Names of the charity trustees/directors who manage the charity as at the end of the period.** |
**f the period.**|||| |---|---|---|---| |**Trustee name**|**Office (if any)**|**Dates acted if not for full**
**year**|**Name of person (or body)**
**entitled to appoint trustee (if**
**any)**| |R D Bingham|||| |J D Carr|||| |C J Foxton|Secretary||| |P G Hutchinson|||| |J R P Hunt|Chair||| |R Pearson|||| |I L Storey|||| |P Jameson||24/05/2024 – 31/12/2024|| ## **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. NELPG 2025 AGM supplement Page 7 **Additional information** ## **Names and addresses of advisers** |**Type of**|**Name**
**Address**|**Address**| |---|---|---| |**adviser**||| |**Bankers**|1. Business Banking, Barclays,|Leicester, LE87 2BB| ||2. Co-operative Bank, 29 High Street, Durham, DH1 3PL|Co-operative Bank, 29 High Street, Durham, DH1 3PL| |**Independent**|David Holloway FCA DChA|| |**Examiner of**|RMT Ribchesters, Accountants and Business Advisors,|| |**Accounts**|Finchale House, Belmont Business Park, Durham, DH1 1TW|| |**Health and**|Guthrie & Craig, Portland House, Belmont Business Park, Durham DH1 1TW|| |**Safety**||| ## **Name of chief executive or names of senior staff members** R Wheeler, Treasurer (ex-officio) ## **Other information** The Company is not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. The Trustees, who are also Directors of the charity for the purposes of the Companies Act 2006, have presented their annual report and financial statements of the charity for the year ended 31 December 2024 by adopting the Statement of Recommended Practice (SORP) 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) ## **Declarations** ## **The trustees declare that they have approved the trustees’ report above.** **Signed on behalf of the charity’s trustees** **Signature(s)** **Full name(s)** John R P Hunt Colin J Foxton **Position (e.g. Secretary,** Chair of the Board of Trustees Secretary to the Board of Trustees **Chair, etc.) Date** 23[rd] March 2025 23[rd] March 2025 ---ooo0ooo--- NELPG 2025 AGM supplement Page 8 REGISTERED COMPANY NUMBER: 02570979 (England and Wgles) REGISTERED CHARITY NUMBER: 1002017 REPORT OF THE TRUSTEES ANJ) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP RMT Ribcheslers Accounlanls and Business Advisors Finchale House Belrnonl Business Park Durham DHI ITW NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of the Trustees Independent Examlner's Report St&tement of Financlal Actlvllles Balanee Sheet Notes to th¢ Flninctal Statements 6 to 13 Detalled Stat¢ment of Financial Activities 14 to 15 NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees who are also directors of the charity for the pury)oses of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the Provisions of Accounting and Reporting by Cbarities: Statement of Recommended Practice applicable to cbarities preparing their accounts in accoTdance with th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (¢ff¢olive l January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by ils governing documents, a Memorandum of A550ciation and Articles of Association, and constitutes a limited companyi limited by guarantee, as defined by the Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Registered Comp&ny number 02570979 (England and Wales) Registered Cbarlty number 1002017 Reglstered offlce 67 The Mount York Yorkshire Y024 IAX Truitees P G Hutchinson R A Pearson R Marshall (resigned 251712024) C J Foxlon R D Bingham l L Slorey JRPHunt JDCarr P D Jameson (appointed 241512024) Company Secretary C J Foxlon Independenl Examlner David Holloway FCA DChA RMT Ribchesters Accountsnts and Business Advisors Finchale House Belrnont Business Park Durbam DHI ITW Approved by order of the board of trustee8 on 10 March 2025 and signed on ils behalf by.. J R P Hunt- Trustee Page I INDEPENDENT EXAMtNER'S REPORT TO THE TRUSTEES OF NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP Independent examiner's report to the trnstees of North Eastern Locomotlve Preservatlon Group ('tb¢ Company,) rqx)rt to the charity trustees on Jny examination of the accounts of the Company for the year ended 31 December 2024, Responslbllltles and basls o( report As the charity's trustees of the Company (and also its director8 for tbe purposes of conpany law) you are responsible for th¢ preparation of the accounts in ac¢ordan¢¢ with the r¢quir¢m¢nts of the cO￿panieS Act 2006 ('tbe 2006 Act,). Having satisfied myself that the accounts of the Company are not requir¢d 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 ethe 201 l Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 201 l Act. Indtpendent examlner's statement I have completed my examination. I confirn] that no matters have come to my attention in connection with th¢ exarninalion giving me cause to believe.. accouniing records were not kept ill respecl of th¢ Company as required by Section 386 of the 2006 Act. or the accounts do not accord with those records, or the accounls do not comply with the accounling requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view wbicb is not a matter considered as part of an indcpcndenl examination; or the accounts have not been prepared in accordance with the methods and principl¢s of the Statement of Recommcnded Practice for accounlins and reporting by charities (applicable lo charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). have no concerns and bave come across no olber 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 reacbed. David Holloway FCA DChA RMT Ribchesters Accountants and Business Advisors Finchale House Belmont Business Park Durham DHI ITW 10 March 2025 Page 2 NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted fiwds Notes INCOME AND ENDOWMENTS FROM Donation5 and legacies 122,804 17,188 139,992 122.830 Other trading activities Investment income 40,222 40,222 8,983 55,666 Total 172009 189 197 189,554 EXPEIYDITURE ON Raising funds 14,172 14,172 16,192 ChArltable a¢tlvlties Promotion. restoration and preservation 265 264 300 958 445 218 Total 279.436 315 130 461,410 Net gain5 on investments IYET INCOMEI(EXPF,NDITURE) TraD5fers belween fund5 (93,656) (I 8,506) (112,162) (244,260) 12 Net movement In funds (101,856) (10,306) (112,162) (244,260) RECONCILIATION OF FUNDS Total funds brought forward 465,550 44,371 509,921 754,181 TOTAL FUNDS CARRIED FORWARD 363 694 397 759 509921 The notes fonn part of ihese financial statstnents Page 3 NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP BALANCE SHEET 31 DECEMBF,R 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible assets 14,100 14,100 14,100 CURRENT ASSETS Debtors Investments Cash at bank and in hand 82,805 87,654 210.583 82.805 87,654 38,860 191,577 381,538 io 34,065 381,042 34,065 415,107 611,975 CREDITORS Amounts falling due within one year (31,448) (31,448) (116,154) ET CURRENT ASSETS 349 594 34,065 383 659 495 821 TOTAL ASSETS LESS CURRENT LIABILITIES 363,694 34,065 397,759 509,921 IYET ASSETS 363 694 397,759 509921 FUNDS Unr¢stri¢led funds Restricted funds 12 363,694 34,065 465,550 TOTAL FUNDS 397 759 509921 The charitable company 15 entitled to exemption from audit under Section 477 of the Cornpanies Act 2006 for the year ended 31 December 2024. The members have not required the company to obtain an audit of ils fu]ancial stat¢ments for the year ended 31 December 2024 in accordance with Section 476 of the Companies Acl 2006. The trustees a¢knowledB¢ their responsibilities for (a) eiisuring that the charitable company keeps accounting records that cornply with Sections 386 and 387 of the Companic8 Act 2006 and prcparing fin¢in¢ial statements which give a true and fair view of the slate 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 cotnply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. O)) The notes fomi part of these financial statements Page 4 continiied... NORTH EASTERN LOCOMOTtVE PRESERVATION GROUP BALANCE SHEET - continued 31 DECEMBER 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The fmancial statements were approved by the Board of Trnstees and authorised for issue on 10 March 2025 and were signed oll its behalf by: i /) J R P Hunt - Trustee C J Foxlon - Trustee The notes forni part of these r)nancial statements Page 5 NORTH EASTERN LOCOMOTIVE PRESKRVATION GROUP NOTES TO THE F￿ANcjAL STATEMKNTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparing the financlAI stAtement8 The f￿￿nCIal statements of the charitable Company, which is a public benefit ¢ntity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'AccounlinE and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordanc¢ with th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeotive l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in th¢ UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been pr¢pared under the historical cost convention. Income All income is recognised in tbe 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 Teliably. Hire fees are recogni5ed in the period which the hire is provided. Legacles For le8acie5, entitlement is taken as the earlier of the dale on which either: the chArity is aware that probate has been granted, the estate has been finalised and notification has been made to the ¢x¢cutOT(s) to the TNst that a distribution will be made, or when a distribution is received ftom the estate. Where legacies have been notified to the charity, or the charity is aware of the granting ofprobate. and the ¢rit¢ria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed where maleiial. Should the charity be notified of a legacy subsequent to the f4ccounling refer¢nc¢ date but before the date of approval ofthe accounts and evidence exists which suggests tbat tbe executOTS of the estate agreed th¢ 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. GrAnt$ Grants of a revenue naNre are credited to income in the period to which they relate. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obli8alion committing the charity lo 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, Eixpenditure is accounted for on an accruals basis and has been classified under headings that ag8reBate all ¢08t related lo 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, TADglble fixed assets Depreciation is provided at the following annual rates in order to write off eacb asset over its estimated useful life. Leasehold property Improvements to property Plant & equiprnent Heril&ge assets Vehicles straight line over l O year5 strai8ht line over l O year5 straight line over l O year5 not provided straight line over 3 years Heritage assets have indefinite use￿[ economic lives and are therefore not depreciated. T2XAtlon The charity is exempt from corporAtion lax on its charitable aetivities. Fund aeeountlng Unrestricted funds can be used in accordance with Ihe ¢harilable objectives at the discretion of the trustee5. Restricted funds can only be used for partioular r¢stricted puryoses within the objects of the charity. Restrictions arise when specified by the donor or when fund5 are raised for particular restricted purpose5. Page 6 continued... NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP NOTES TO THE FINANCIAL STATEMENTS - continued FOR TIIE YEAR ENDliD 31 DLCEMBKR 2024 ACCOUNTING POLICIES- eontillued Fuud accounting Further explanation of the nature and purpos¢ of each ￿nd 15 included in the notes to the financial statements. DONATIONS AND LEGACIES 2023 2024 Grants LegAcies Patron donations 33,3 l7 32,965 31,653 29,611 10,748 30,076 48,860 Sundry donations Member events 37,877 139 992 122 830 OTHER TRADING ACTIVITIES 2024 2023 Locomotive hire fees Sale of goods Mis¢ellaneou5 income 39,130 1,067 25 49,298 ,976 INVESTMENT INCOME 2024 2023 Bank inlere5t receivable RAISING FUNDS Ralslng donatlons and legacles 2024 2023 Stock for rcsale Member events Support costs 322 4,167 2,043 3,860 10,289 14.172 Page 7 ontinued. NORTH EASTERN LOCOMOTIVE PRESERVA TION GROUP NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES, REMUNERATION AND BENEFITS Ther¢ wer¢ no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year end¢d 31 D¢c¢mber 2023. Trustees, expense5 There were no trn5tees' expense5 paid for the year ended 31 Decernber2024 nor for the year ended 31 December 2023. The Charity made allowances totalling £2,717 during the year foT expenses claimed by tbe trustees whilst doing volullteer work for the specific charitable areas (2023..£3,822). COMPARATIVES FOR THE STATEMENT OF FJNANCtAL ACTIVITIES Unreslri¢led fijnds Re5trictcd funds Total funds INCOME AND ENDOWMENTS FROM Donations and le8aci 61,374 61,456 122,830 Other trading activities Investrnenl income 55,666 55,666 Total 128098 189 554 EXPENDITURE ON Raising funds 10,192 16,192 Cbarltable actlvltles Promotion, restoration and preservation 399,689 445218 Total 415,881 461410 Net gains on investments NET INCOMEI(EXPENDITURE) Transfers between funds {260,187) 10,000) 15,927 (244.260) Net movement In funds (270,187) 25,927 (244,260) RECONCILIATION OF FUNDS Total funds brought forward 735,737 18,444 754.181 TOTAL FUNDS CARRIED FORWARD 465,550 44,371 509 921 Page 8 continued... NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP NOTES TO THE FINANCIAL sTATE￿￿NTs - eontlnued FOR THE YEAR ENDED 31 DECEMBER 2024 TANGIBLE FIXED ASSETS Improvemellls lo PTopety Leasehold property Plant & equipm¢nt COST At l January 2024 and 31 December 2024 28,986 DEPRECIATION At l January 2024 and 31 December 2024 33,963 NET BOOK VALU At 31 December 2024 At 31 December 2023 Heritage assets Vehicles Totals COST At l January 2024 and 31 December 2024 105 512 DEPRECIA TION At l January 2024 and 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Oth¢r debtors Gift aid VAT Accrued income and prepayments 39,130 500 25,500 15,609 122 22,500 11,286 Page 9 coThtinu¢d... NORTH EASTERN LOCOMOTIVE PRESERVATIOIY GROUP NOTES TO THE FINANCIAL STATEIIqEIYTS - continued FOR THF YEAR ENDF.D 31 DECEMIIER 2024 10. CURRENT ASSET INVESTMENTS 2024 2023 Investment management ￿ftd 191577 11. CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Accrued expenses 30,001 19,804 96,350 116 154 12. MOVEMENT IN FUNDS N¢1 JDovement in funds Transfers between funds At 1.1.24 31.12.24 Unrestri¢t¢d fund$ Geiieral fund Locomotive Maintenance Fund Locomotive Overhaul Fund 51,085 48,830 365 635 1,512 (164,966) (8,2QO) 120,000 120 000) 44,397 3,864 315 433 465,550 (93.656) (8,200) 363,694 Rtgtricted funds Q6 Cylinder Fund 44,371 (18,506) 8,200 34,065 TOTAL FUNDS 509 921 112 162) 397 759 Net movement in ￿nds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund Locomotive Maintenance Fund Locomotive Overhaul Fund 25,685 76,526 (37,944) (241,492) 13,771 1,512 (164,966) 69.798 172,009 (279,436) 13,771 (93,656) Restricted funds Q6 Cylinder Fund 17,188 (35,694) (18,506) TOTAL FUNDS 189 197 315 130) 112 162) Page 10 continued... NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP NOTES TO THE FINANCIAL STATEMENTS - tontlnued FOR THE YEAR ENDED 31 DECEMBER 2024 12. MOVEMENT IN FUNDS - colltinued CoDJparatlves for movement in funds Nel rnovement in fiinds Transfers between funds At 31.12.23 At 1.1.23 Unrestrlcted funds General fund Locomotive Maintenance Fund Locomotive Overhaul Fund 27,182 337,211 371344 21,503 40,824 322 514 2,400 (12,400) 51,085 365,635 735,737 (260,187) (10,000) 465,550 Restrlcted funds J72 Restoration Fund Q6 Cylinder I'und 18,444 {18,444) 18.444 TOTAL FUiYDS 754 l81 244 260) 509 921 Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestrictcd funds General fund Locomotive Maintenance Fund Locomotive Overhaul Fund 31,455 40,824 (37,548) 27,596 21,503 40,824 322,514) 378 333) 128,098 (415.881) 27,596 {260,187) Restrlcted funds J72 Restoration Fund Q6 Cylinder Fund 27,085 (45,529) (18,444) TOTAL FUNDS 189 554 461410) 27,596 244 260) Pagell continued... NORTH EASTERN LOCOMOTIVE PRESERVATKON GROUP NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 DECEMBER2024 12. MOVEMENT IN FUNDS- colltlllued A current y¢ar 12 months and prior year 12 months combined position is as follows: Net movement in funds Transfers between funds At 31.12.24 At 1.1.23 Unrestrlcted funds General fund Locornotive Maintenance Fund Locomotive Ov¢rhaul Fund 27,182 337,211 371344 23,015 (124,142) 252,716) (5,800) 107,600 120.000 44,397 320,669 1,372) 735,737 (353,843) (18,200) 363,694 Restrlcted fuuds J72 Restoration Fund Q6 Cylinder Fund 18,444 (18,444) 15,865 18.200 34,065 18,200 34.065 TOTAL FUNDS 754 181 356,422 397,759 A current year 12 monihs and prior year 12 moT)ths combined net movement in funds, included in the above are 88 follows.. Incoming resources Resource$ expended Gains and losses Movement in funds Unrestrlcted funds Gen¢ral fund Locomotive Maintenance Fund Locomotive Overhaul Fund 57,140 117,350 125 617 (75,492) (241,492) 378 333) 41,367 23,015 (124,142) 252 716) 300,107 (695,317) 41,367 (353,843) Re5trlcted funds J72 Restoration Fund Q6 Cylinder Fund 27,085 (45,529) 35 694) (18,444) TOTAL FUNDS 378751 776 540) 356 422) The trustees have designated funds for the purpose of financing cycli￿1 overhauls of the locomotives which the hartty own. These costs will be substantial and the trustees therefoTe feel il prudent to ring fence reserves to enable those assets lo be protected for future generations to enjoy Page 12 continued... NORTH EASTERN LOCOMOTIVE PRESERVA TIOIY GROUP NOTES TO THE FINANCIAL STATEMENTS - ¢onllnued FOR THE YEAR ENDED 31 DECEMBER 2024 13. RELATED PARTY DISCLOSURES An amount of £1,085 (2023: £1.308) was paid to a Trustee in respect of work done for the Charity which was not in respect of their role as a Twste¢. 14. ULTIMATE CONTROLLING PARTY The charitable company is controlled by it's trustees. Page 13 NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP DETAILED STATEMKwf OF FINANCIAL ACTIVITIES FOR I'HE YEAR ENDED 31 DECEMBKR 2024 2024 2023 INCOME AND ENDOWMENTS Dollation5 and legacies Subscriptions and donations Grants Legacies Members events 69,530 33.317 32.965 78,936 29,611 10,748 139,992 122.830 Olher tradillg a¢llvities Locomotive hir¢ fees Sale of goods Miscellaneous income 39,130 1,067 25 49,298 1,976 40,222 55,666 Inve5¢ment Income Bank interest receivable 8.983 Total IncomlDg resoure¢s 189,197 189,554 EXPENDITURE Ralslng donatlons And lega¢les Stock for resale Member events 322 2,043 4,489 5,903 Charitable actlvities ID¥urancc Loc0￿0t1Ve restoration costs Workshop consumables Travel & subsislence Mainlin¢ costs Workshop tnainlenance Subs¢riptions and donations Health and safety costs Training and medicals Relocation costs 19,905 257,343 19,356 394,366 1,653 9,428 3,372 4,219 10.214 7,848 1,781 622 600 1,210 570 298.283 443,818 Support costs MaTragerneDt Administration costs 10,983 10,289 Covernanee eosts Independent examiners fee 1,375 1,400 This page does not forni part of the statutory financial statements Page 14 NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECF.MBER 2024 2024 2023 Total resourc¢s ¢xp¢nded 315.130 461410 Net expendlture before galns ind losses (125,933) (271,856) Realised recognis¢d gains and losses Gains on current asse¢ investments Net expendlture 112,162) 244 260) This page does not fonn part of the statutory financial statements Page15 REGISTERED COMPANY NUMBER: 02570979 (England and Wgles) REGISTERED CHARITY NUMBER: 1002017 REPORT OF THE TRUSTEES ANJ) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP RMT Ribcheslers Accounlanls and Business Advisors Finchale House Belrnonl Business Park Durham DHI ITW NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of the Trustees Independent Examlner's Report St&tement of Financlal Actlvllles Balanee Sheet Notes to th¢ Flninctal Statements 6 to 13 Detalled Stat¢ment of Financial Activities 14 to 15 NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees who are also directors of the charity for the pury)oses of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the Provisions of Accounting and Reporting by Cbarities: Statement of Recommended Practice applicable to cbarities preparing their accounts in accoTdance with th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (¢ff¢olive l January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by ils governing documents, a Memorandum of A550ciation and Articles of Association, and constitutes a limited companyi limited by guarantee, as defined by the Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Registered Comp&ny number 02570979 (England and Wales) Registered Cbarlty number 1002017 Reglstered offlce 67 The Mount York Yorkshire Y024 IAX Truitees P G Hutchinson R A Pearson R Marshall (resigned 251712024) C J Foxlon R D Bingham l L Slorey JRPHunt JDCarr P D Jameson (appointed 241512024) Company Secretary C J Foxlon Independenl Examlner David Holloway FCA DChA RMT Ribchesters Accountsnts and Business Advisors Finchale House Belrnont Business Park Durbam DHI ITW Approved by order of the board of trustee8 on 10 March 2025 and signed on ils behalf by.. J R P Hunt- Trustee Page I INDEPENDENT EXAMtNER'S REPORT TO THE TRUSTEES OF NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP Independent examiner's report to the trnstees of North Eastern Locomotlve Preservatlon Group ('tb¢ Company,) rqx)rt to the charity trustees on Jny examination of the accounts of the Company for the year ended 31 December 2024, Responslbllltles and basls o( report As the charity's trustees of the Company (and also its director8 for tbe purposes of conpany law) you are responsible for th¢ preparation of the accounts in ac¢ordan¢¢ with the r¢quir¢m¢nts of the cO￿panieS Act 2006 ('tbe 2006 Act,). Having satisfied myself that the accounts of the Company are not requir¢d 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 ethe 201 l Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 201 l Act. Indtpendent examlner's statement I have completed my examination. I confirn] that no matters have come to my attention in connection with th¢ exarninalion giving me cause to believe.. accouniing records were not kept ill respecl of th¢ Company as required by Section 386 of the 2006 Act. or the accounts do not accord with those records, or the accounls do not comply with the accounling requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view wbicb is not a matter considered as part of an indcpcndenl examination; or the accounts have not been prepared in accordance with the methods and principl¢s of the Statement of Recommcnded Practice for accounlins and reporting by charities (applicable lo charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). have no concerns and bave come across no olber 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 reacbed. David Holloway FCA DChA RMT Ribchesters Accountants and Business Advisors Finchale House Belmont Business Park Durham DHI ITW 10 March 2025 Page 2 NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted fiwds Notes INCOME AND ENDOWMENTS FROM Donation5 and legacies 122,804 17,188 139,992 122.830 Other trading activities Investment income 40,222 40,222 8,983 55,666 Total 172009 189 197 189,554 EXPEIYDITURE ON Raising funds 14,172 14,172 16,192 ChArltable a¢tlvlties Promotion. restoration and preservation 265 264 300 958 445 218 Total 279.436 315 130 461,410 Net gain5 on investments IYET INCOMEI(EXPF,NDITURE) TraD5fers belween fund5 (93,656) (I 8,506) (112,162) (244,260) 12 Net movement In funds (101,856) (10,306) (112,162) (244,260) RECONCILIATION OF FUNDS Total funds brought forward 465,550 44,371 509,921 754,181 TOTAL FUNDS CARRIED FORWARD 363 694 397 759 509921 The notes fonn part of ihese financial statstnents Page 3 NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP BALANCE SHEET 31 DECEMBF,R 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible assets 14,100 14,100 14,100 CURRENT ASSETS Debtors Investments Cash at bank and in hand 82,805 87,654 210.583 82.805 87,654 38,860 191,577 381,538 io 34,065 381,042 34,065 415,107 611,975 CREDITORS Amounts falling due within one year (31,448) (31,448) (116,154) ET CURRENT ASSETS 349 594 34,065 383 659 495 821 TOTAL ASSETS LESS CURRENT LIABILITIES 363,694 34,065 397,759 509,921 IYET ASSETS 363 694 397,759 509921 FUNDS Unr¢stri¢led funds Restricted funds 12 363,694 34,065 465,550 TOTAL FUNDS 397 759 509921 The charitable company 15 entitled to exemption from audit under Section 477 of the Cornpanies Act 2006 for the year ended 31 December 2024. The members have not required the company to obtain an audit of ils fu]ancial stat¢ments for the year ended 31 December 2024 in accordance with Section 476 of the Companies Acl 2006. The trustees a¢knowledB¢ their responsibilities for (a) eiisuring that the charitable company keeps accounting records that cornply with Sections 386 and 387 of the Companic8 Act 2006 and prcparing fin¢in¢ial statements which give a true and fair view of the slate 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 cotnply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. O)) The notes fomi part of these financial statements Page 4 continiied... NORTH EASTERN LOCOMOTtVE PRESERVATION GROUP BALANCE SHEET - continued 31 DECEMBER 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The fmancial statements were approved by the Board of Trnstees and authorised for issue on 10 March 2025 and were signed oll its behalf by: i /) J R P Hunt - Trustee C J Foxlon - Trustee The notes forni part of these r)nancial statements Page 5 NORTH EASTERN LOCOMOTIVE PRESKRVATION GROUP NOTES TO THE F￿ANcjAL STATEMKNTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparing the financlAI stAtement8 The f￿￿nCIal statements of the charitable Company, which is a public benefit ¢ntity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'AccounlinE and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordanc¢ with th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeotive l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in th¢ UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been pr¢pared under the historical cost convention. Income All income is recognised in tbe 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 Teliably. Hire fees are recogni5ed in the period which the hire is provided. Legacles For le8acie5, entitlement is taken as the earlier of the dale on which either: the chArity is aware that probate has been granted, the estate has been finalised and notification has been made to the ¢x¢cutOT(s) to the TNst that a distribution will be made, or when a distribution is received ftom the estate. Where legacies have been notified to the charity, or the charity is aware of the granting ofprobate. and the ¢rit¢ria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed where maleiial. Should the charity be notified of a legacy subsequent to the f4ccounling refer¢nc¢ date but before the date of approval ofthe accounts and evidence exists which suggests tbat tbe executOTS of the estate agreed th¢ 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. GrAnt$ Grants of a revenue naNre are credited to income in the period to which they relate. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obli8alion committing the charity lo 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, Eixpenditure is accounted for on an accruals basis and has been classified under headings that ag8reBate all ¢08t related lo 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, TADglble fixed assets Depreciation is provided at the following annual rates in order to write off eacb asset over its estimated useful life. Leasehold property Improvements to property Plant & equiprnent Heril&ge assets Vehicles straight line over l O year5 strai8ht line over l O year5 straight line over l O year5 not provided straight line over 3 years Heritage assets have indefinite use￿[ economic lives and are therefore not depreciated. T2XAtlon The charity is exempt from corporAtion lax on its charitable aetivities. Fund aeeountlng Unrestricted funds can be used in accordance with Ihe ¢harilable objectives at the discretion of the trustee5. Restricted funds can only be used for partioular r¢stricted puryoses within the objects of the charity. Restrictions arise when specified by the donor or when fund5 are raised for particular restricted purpose5. Page 6 continued... NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP NOTES TO THE FINANCIAL STATEMENTS - continued FOR TIIE YEAR ENDliD 31 DLCEMBKR 2024 ACCOUNTING POLICIES- eontillued Fuud accounting Further explanation of the nature and purpos¢ of each ￿nd 15 included in the notes to the financial statements. DONATIONS AND LEGACIES 2023 2024 Grants LegAcies Patron donations 33,3 l7 32,965 31,653 29,611 10,748 30,076 48,860 Sundry donations Member events 37,877 139 992 122 830 OTHER TRADING ACTIVITIES 2024 2023 Locomotive hire fees Sale of goods Mis¢ellaneou5 income 39,130 1,067 25 49,298 ,976 INVESTMENT INCOME 2024 2023 Bank inlere5t receivable RAISING FUNDS Ralslng donatlons and legacles 2024 2023 Stock for rcsale Member events Support costs 322 4,167 2,043 3,860 10,289 14.172 Page 7 ontinued. NORTH EASTERN LOCOMOTIVE PRESERVA TION GROUP NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES, REMUNERATION AND BENEFITS Ther¢ wer¢ no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year end¢d 31 D¢c¢mber 2023. Trustees, expense5 There were no trn5tees' expense5 paid for the year ended 31 Decernber2024 nor for the year ended 31 December 2023. The Charity made allowances totalling £2,717 during the year foT expenses claimed by tbe trustees whilst doing volullteer work for the specific charitable areas (2023..£3,822). COMPARATIVES FOR THE STATEMENT OF FJNANCtAL ACTIVITIES Unreslri¢led fijnds Re5trictcd funds Total funds INCOME AND ENDOWMENTS FROM Donations and le8aci 61,374 61,456 122,830 Other trading activities Investrnenl income 55,666 55,666 Total 128098 189 554 EXPENDITURE ON Raising funds 10,192 16,192 Cbarltable actlvltles Promotion, restoration and preservation 399,689 445218 Total 415,881 461410 Net gains on investments NET INCOMEI(EXPENDITURE) Transfers between funds {260,187) 10,000) 15,927 (244.260) Net movement In funds (270,187) 25,927 (244,260) RECONCILIATION OF FUNDS Total funds brought forward 735,737 18,444 754.181 TOTAL FUNDS CARRIED FORWARD 465,550 44,371 509 921 Page 8 continued... NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP NOTES TO THE FINANCIAL sTATE￿￿NTs - eontlnued FOR THE YEAR ENDED 31 DECEMBER 2024 TANGIBLE FIXED ASSETS Improvemellls lo PTopety Leasehold property Plant & equipm¢nt COST At l January 2024 and 31 December 2024 28,986 DEPRECIATION At l January 2024 and 31 December 2024 33,963 NET BOOK VALU At 31 December 2024 At 31 December 2023 Heritage assets Vehicles Totals COST At l January 2024 and 31 December 2024 105 512 DEPRECIA TION At l January 2024 and 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Oth¢r debtors Gift aid VAT Accrued income and prepayments 39,130 500 25,500 15,609 122 22,500 11,286 Page 9 coThtinu¢d... NORTH EASTERN LOCOMOTIVE PRESERVATIOIY GROUP NOTES TO THE FINANCIAL STATEIIqEIYTS - continued FOR THF YEAR ENDF.D 31 DECEMIIER 2024 10. CURRENT ASSET INVESTMENTS 2024 2023 Investment management ￿ftd 191577 11. CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Accrued expenses 30,001 19,804 96,350 116 154 12. MOVEMENT IN FUNDS N¢1 JDovement in funds Transfers between funds At 1.1.24 31.12.24 Unrestri¢t¢d fund$ Geiieral fund Locomotive Maintenance Fund Locomotive Overhaul Fund 51,085 48,830 365 635 1,512 (164,966) (8,2QO) 120,000 120 000) 44,397 3,864 315 433 465,550 (93.656) (8,200) 363,694 Rtgtricted funds Q6 Cylinder Fund 44,371 (18,506) 8,200 34,065 TOTAL FUNDS 509 921 112 162) 397 759 Net movement in ￿nds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund Locomotive Maintenance Fund Locomotive Overhaul Fund 25,685 76,526 (37,944) (241,492) 13,771 1,512 (164,966) 69.798 172,009 (279,436) 13,771 (93,656) Restricted funds Q6 Cylinder Fund 17,188 (35,694) (18,506) TOTAL FUNDS 189 197 315 130) 112 162) Page 10 continued... NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP NOTES TO THE FINANCIAL STATEMENTS - tontlnued FOR THE YEAR ENDED 31 DECEMBER 2024 12. MOVEMENT IN FUNDS - colltinued CoDJparatlves for movement in funds Nel rnovement in fiinds Transfers between funds At 31.12.23 At 1.1.23 Unrestrlcted funds General fund Locomotive Maintenance Fund Locomotive Overhaul Fund 27,182 337,211 371344 21,503 40,824 322 514 2,400 (12,400) 51,085 365,635 735,737 (260,187) (10,000) 465,550 Restrlcted funds J72 Restoration Fund Q6 Cylinder I'und 18,444 {18,444) 18.444 TOTAL FUiYDS 754 l81 244 260) 509 921 Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestrictcd funds General fund Locomotive Maintenance Fund Locomotive Overhaul Fund 31,455 40,824 (37,548) 27,596 21,503 40,824 322,514) 378 333) 128,098 (415.881) 27,596 {260,187) Restrlcted funds J72 Restoration Fund Q6 Cylinder Fund 27,085 (45,529) (18,444) TOTAL FUNDS 189 554 461410) 27,596 244 260) Pagell continued... NORTH EASTERN LOCOMOTIVE PRESERVATKON GROUP NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 DECEMBER2024 12. MOVEMENT IN FUNDS- colltlllued A current y¢ar 12 months and prior year 12 months combined position is as follows: Net movement in funds Transfers between funds At 31.12.24 At 1.1.23 Unrestrlcted funds General fund Locornotive Maintenance Fund Locomotive Ov¢rhaul Fund 27,182 337,211 371344 23,015 (124,142) 252,716) (5,800) 107,600 120.000 44,397 320,669 1,372) 735,737 (353,843) (18,200) 363,694 Restrlcted fuuds J72 Restoration Fund Q6 Cylinder Fund 18,444 (18,444) 15,865 18.200 34,065 18,200 34.065 TOTAL FUNDS 754 181 356,422 397,759 A current year 12 monihs and prior year 12 moT)ths combined net movement in funds, included in the above are 88 follows.. Incoming resources Resource$ expended Gains and losses Movement in funds Unrestrlcted funds Gen¢ral fund Locomotive Maintenance Fund Locomotive Overhaul Fund 57,140 117,350 125 617 (75,492) (241,492) 378 333) 41,367 23,015 (124,142) 252 716) 300,107 (695,317) 41,367 (353,843) Re5trlcted funds J72 Restoration Fund Q6 Cylinder Fund 27,085 (45,529) 35 694) (18,444) TOTAL FUNDS 378751 776 540) 356 422) The trustees have designated funds for the purpose of financing cycli￿1 overhauls of the locomotives which the hartty own. These costs will be substantial and the trustees therefoTe feel il prudent to ring fence reserves to enable those assets lo be protected for future generations to enjoy Page 12 continued... NORTH EASTERN LOCOMOTIVE PRESERVA TIOIY GROUP NOTES TO THE FINANCIAL STATEMENTS - ¢onllnued FOR THE YEAR ENDED 31 DECEMBER 2024 13. RELATED PARTY DISCLOSURES An amount of £1,085 (2023: £1.308) was paid to a Trustee in respect of work done for the Charity which was not in respect of their role as a Twste¢. 14. ULTIMATE CONTROLLING PARTY The charitable company is controlled by it's trustees. Page 13 NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP DETAILED STATEMKwf OF FINANCIAL ACTIVITIES FOR I'HE YEAR ENDED 31 DECEMBKR 2024 2024 2023 INCOME AND ENDOWMENTS Dollation5 and legacies Subscriptions and donations Grants Legacies Members events 69,530 33.317 32.965 78,936 29,611 10,748 139,992 122.830 Olher tradillg a¢llvities Locomotive hir¢ fees Sale of goods Miscellaneous income 39,130 1,067 25 49,298 1,976 40,222 55,666 Inve5¢ment Income Bank interest receivable 8.983 Total IncomlDg resoure¢s 189,197 189,554 EXPENDITURE Ralslng donatlons And lega¢les Stock for resale Member events 322 2,043 4,489 5,903 Charitable actlvities ID¥urancc Loc0￿0t1Ve restoration costs Workshop consumables Travel & subsislence Mainlin¢ costs Workshop tnainlenance Subs¢riptions and donations Health and safety costs Training and medicals Relocation costs 19,905 257,343 19,356 394,366 1,653 9,428 3,372 4,219 10.214 7,848 1,781 622 600 1,210 570 298.283 443,818 Support costs MaTragerneDt Administration costs 10,983 10,289 Covernanee eosts Independent examiners fee 1,375 1,400 This page does not forni part of the statutory financial statements Page 14 NORTH EASTERN LOCOMOTIVE PRESERVATION GROUP DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECF.MBER 2024 2024 2023 Total resourc¢s ¢xp¢nded 315.130 461410 Net expendlture before galns ind losses (125,933) (271,856) Realised recognis¢d gains and losses Gains on current asse¢ investments Net expendlture 112,162) 244 260) This page does not fonn part of the statutory financial statements Page15