2023-03-31-accounts - The A1 Steam Locomotive Trust

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Report ofthe trustees for the year	Report ofthe trustees for the year	(including	1-5
Independent	Auditor's Report		6-8
Consolidated	statement offinancial	activities
Consolidated	and charity balance sheets		10
Consolidated	and charity Statement	ofCashflows
Notes to the	financial statements		12-25

Referen	ce and	administrati	ve details
		1022834
Com an	number:	2636924
Re istered	Office:	Darlington	Locomotive Works, 9 Bonomi Way, Darlington, DL3 OPY
Auditors:		Haines Watts North East Audit LLP, Sterling		House, 22 St Cuthbert's	Way, Darlington,	Co
		Durham,	DL1 1GB
Bankers:		Yorkshire	Bank pic, 46 High Street, Stockton	on Tees, Cleveland, TS181SE
Solicitors:		DLA Piper UK LLP, Princes Exchange, Pdnces Square, Leeds LS14BY

						Note	Restricted	Unrestricted	Total 2023	Total 2022
							funds	funds
							E		F
Income:
Income from charitable		activities:
Covenants							428,949		428,949	457,757
Donations and legacies							1,164,720		1,164,720	431,211
Income from other	trading		activities:
Commercial trading	operations						58,400		58,400	1,035,132
Investment income							(301)		(301)	88
Total income							1,651,768		1,651,768	1,924,188
Expenditure:
Expenditure on charitable			activities:
Charitable activities							389,451		389,451	583,112
Costs ofraising funds:
Commercial trading	operations					'I0	292,672		292,672	1,251,548
Total expenditure							682,123		682,123	1,834,660
Net income/expenditure				before			969,645		989,645	89,528
transfers
Transfers
Net movement in funds							969,645		989845	89,528
Reconciliation offunds
Funds brought forward			at	1	April		6,179,380		6,179,380	6,089,852
2022
Funds carried forward		at 31		March		20	7,149,025		7,149,025	6,179,380
2023

Consoli	dated		and Charity Balan	ce Sh	eets as at	31 March	2023
				Note	Group	Group	Charity	Charity
					2023	2022	2023	2022
							F	F
Fixed assets
Tangible assets				14	7,032,772	5,637,463	4,272,890	3,121,983
Investments				15	-	—	305	305
					7,032,?72	5,637,463	4,273,195	3,122,288
Current. assets
Stock					87,366	87,181	699	702
Debtors				16	268,540	236,717	4,098,351	3,814,085
Cash at bank and in			hand		748,874	1,346,387	220,538	725,498
					1,104,780	1,670,285	4,319,588	4,540,285
Creditors:	amounts		falling due within one year	1?	(646,460)	(635,776)	(286,407)	(249,874)
Net current	assets				7,491,092	6,671,972	8,306,376	7,412,699
Creditors: amounts		due falling after one year		18	(342,067)	(492,592)	(342,067)	(492,592)
Net assets					7,149,025	6,179,380	7,964,309	6,920,107
The funds	ofthe charity
Restricted funds				20	7,140,437	6,170,792	7,955,721	6,911,519
Revaluation	reserve			20	8,588	8,588	8,588	8,588
					7,149,025	6,179,380	7,964,309	6,920,107

					Group	Group	Charity	Charity
				Note	2023 E	2022	2023f	2022 F
Net cash flow from operating activities:
Net cash provided by/(used	in) operating		activities	22	1,054,377	(337,780)	925,886	(407,206)
Cash flow from investing	activities
Interest received					301	88	877
Purchase offixed assets					~1,520,743	~606,D48	~1,276,183	~116,2D5
Net cash provided by/(used	in) investing	activities			~1,520,442	~6D5,960	~1,275,306	~116,205
Cash Flow from financing	activities
Income from new bank loans					25,000	700,000		700,000
Repayment ofnew loans					~156,448	~101.852	~155,540	~101,852
					~131,448	598,148	~155,540	598,148
Change in cash and cash	equivalents	in the reporting
period					(597,513)	(345,592)	(504,960)	74,737
Cash and cash equivalents	at the beginning		ofthe year		1,346,387	1,691,979	725,498	650,761
Cash and cash equivalents	at the end ofthe year				748,874	1,346,3&7	220,538	725,498
Cash and cash equivalents	consist of:
Cash at bank and in hand					748,874	1,346,387	220,53&	725,49&

	Notes to the finan	cial	statem	statem	ent	s (continued)
3	Financial performance	ofthe	charity
							2023	2022
							E	E
	Incoming resources						1,600,444	889,346
	Less: Costs ofgenerating	funds					(2,871)	(1,587)
	Net incoming resources available		for	charitable		application	1,597,573	887,759
	Charitable expenditure						~423 978	~583 112
	Net incoming resources before exceptional				items		1,173,595	304,647
	Provision against loan to Tornado		Steam Traction Limited				(129,393)	(68,396)
	Net incoming resources after exceptional				items		1,044,202	236,251
	Total funds brought forward						6,920,107	6,683,856
	Total funds carried forward						7,964,309	6,920,107
	Represented by:
	Restricted funds						7,975,650	6,911,519
	Revaluation reserve						8588	8588
							7964309	892D 1D7
4	Income from charitable	activities
							2023	2022
								F
	Covenants						428,949	457,757
							428,949	457,757
	Income from covenants is attributable			to restricted		funds.
5	Income from donations
							2023f	2022
	Donations						306,359	160,745
	Gift Aid						97,399	118,420
	Other Income						760 962	152 D46
							1,164,720	431,211

		2023	2022
		E	E
Sales oftour	tickets	48,775	828,502
Hire of locomotive			108,675
Merchandise	sales	4,087	56,840
Other		~5538	41 115
		58,400	1,035,132

			The P2	Tornado	Tornado	The V4	The A1SLT	Total	Total
			Steam	Steam	Merchandising	Steam	Support	2023	2022
			Locomotive	Traction	Limited	Locomotive	Services
			Company	Limited		Company	Limited
			Limitedf			Limited
Turnover			16,802	73,151	4,087		67,590	161,630	1,035,132
Cost of	sales		and
administration		costs
			(106,676)	(196,663)	(3,762)	(96)	(58,387)	(365,584)	(1,250,345)
Interest receivable								4	88
Net Profit			(89,874)	(123,512)	329	(96)	9,203	(203,950)	(215,125)
The assets	and	liabilities ofthe subsidiaries		were:
Fixed assets			2,759,398	482				2,759,880	2,515,480
Current assets			389,324	334,877	28,673	1,465	36,603	790,942	820,819
Current liabilities			(3,946,483)	(2,064,490)	(12,037)	(5,950)	(34,633)	(6,035,593)	(5,645,121)
			(797,761)	(1,729,131)	16,636	(4,485)	1,970	(2,484,771)	(2,308,822)
Aggregate	share capital
and reserves			(797,761)	(1,729,131)	16,636	(4,485)	1,970	(2,484,771)	(2,308,822)

					2023f	2022f
	The surplus for the yearis	stated after	charging:
	Auditors remuneration				3,500	3,500
	Accountancy and other services Depreciation				6,123 ~51	737 1Q~
9	Analysis ofexpenditure	on charitable		activities
					2023f	2022f
	Charitable activities				332,765	545,758
	Support costs				56 686	37354
					389,451	583,112
10	Analysis ofexpenditure	on trading	activities
					2023f	2022f
	Trading activities				282 672	1 251 548
					292,672	1,251,548
11	Support costs
					2023f	2022 f
	Printing, postage, stationery	and administration			5,513	13,290
	Legal and professional				6,123	737
	Consultancy fees				4,620	6,744
	Telephone				6,543	6,501
	Interest payable and similar	charges			26,382	4,481
	Sundry expenses				4,005	2,101
	Governance costs				3,500	3,500
					56,686	37,354

	Notes to the financial statemen	Notes to the financial statemen	ts (continued)
12	Governance costs
				2023		2022
	Auditor's	remuneration		3,500		3,500
				3,500		3,500
13	Analysis	ofstaff costs
			Group	Group	Charity	Charity
			2023	2022	2023	2022
				E
	Wages		158,205	161,031
	National	Insurance	7,589	10,723
	Pension		2,306	3,704
			168,100	175,458
			Group	Group	Charity	Charity
			2023	2022	2023	2022
	Number	ofstaff

Direct expenses incurred	Direct expenses incurred	by trustee	s are reimbursed, if cl	aimed. The reimbu	rsement of Trustees expense	rsement of Trustees expense	s, which
mainly relate to travelling		expenses	in respect ofperforming	the above special	projects, was as follows:
				Group	Group	Charity	Charity
				2023	2022	2023	2022
Graeme	Bunker-James
Huw Parker				217	1,581	217	374
Benjamin	McDonald			1,895	2,860	1,895
Richard	Courteney-Harris
Paul Bruce				2088		2 088
Total				4200	4441	4200	374

Tangible fixed a	ssets
Group
	A1	P2	Mark 1	Assets	Fixtures,
	Locomotive	Locomotive	Coaches	under	fittings,	Total
				construction	tools and
					equipment
Cost or
valuation
At 1 April 2022	3,016,716	2,514,838	519,561	597,305	99,708	6,748,128
Additions	1,256,260	244,560				1,500,820
At 31 March	4,272,976	2,759,398	519,561	597,305	99,708	8,248,948
2023
Depreciation At 1 April 2022	872,965		143,085		94,615	1,110,665
Charge for year	75,836		25,978		3,697	105,511
At 31 March	948,801		169,063		98,312	1,216,176
2023
Net book
value
At 31 March	3,324,175	2,759,398	350,498	597,305	1,396	7,033,772
2023
At 31 March	2,143,751	2,514,838	376,476	597,305	5,093	5,637,463
2022

Tangible fixed assets	(continued)
Company
	A1	Mark1	Fixtures, fittings,	Assets under
	Locomotive	Coaches	tools and	construction	Total
			equipment
Cost or valuation
At 1 April 2022	3,016,716	519,561	93,508	597,305	4,227,090
Additions	1,256,258				1,256,258
At 31 March 2023	4,272,974	519,561	93,508	597,305	5,483,348
Depreciation
At 1 April 2022	872,965	143,085	89,057		1,105,107
Charge for year	75,836	25,978	3,537		105,351
At 31 March 2023	94&,801	169,063	92,594		1,210,458
Net book value
At 31 March 2023	3,324,173	350,498	914	597,305	4,272,890
At 31 March 2022	2,143,751	376,476	4,451	597,305	3,121,983

Name	Name					Status	Company Ordinary Share	Company Ordinary Share	Company Ordinary Share	K1	K1	Control
							number
									capital
The P2 Steam Locomotive		Company	Limited			Trading	08549849		2			100%
Tornado Steam Traction	Ltd					Trading	04336467		100			gg
Tornado Merchandising	Limited					Trading	07357964		100			100%
The V4 Steam Locomotive		Company	Limited			Trading	05417383		100			99%
The A1SLT Support Services Limited						Trading	13244889		1			100'/0
21"Century Steam Limited						Dormant	11330729		1			100%
21"Century Rolling Stock		Limited				Dormant	11331808		1			1000/
Debtors
							Group	Group	Charity			Charity
							2023	2022	2023			2022
							E	E				F
Trade debtors							31,526	56,442				6,046
Amount due from Tornado	Steam Traction			Limited
Amount due from Tornado	Merchandising			Limited					21,103			18,664
Amount due from The P2	Steam Locomotive				Company				3,944,270			3,641,050
Amount due from The V4	Steam Locomotive				Company				18,481			34,579
Other debtors							149,013	98,167	57,032			62,170
Prepayments							88,001	82,108	57,465			51,576
							268,540	236,717	4,098,351			3,814,085
Creditors: amounts falling due within				one year
							Group	Group	Charity			Charity
							2023	2022	2023			2022
												F
Bank loan							173,713	155,556	150,526			155,556
Trade creditors							224,022	132,391	125,744			75,222
Amount due to P2 Steam	Locomotive		Company									9,883
Amount due to P2 Steam	Locomotive		—Construction			Loan
Amount due to V4 Construction Company											591	2,837
Other creditors and accruals							15,466	8,768		9,546		6,376
Deferred income							222,117	324,719
Taxation and social security		costs					8,607	6,283
Wages							2,534	8,059
							646,460	635,776	286,407			249,874

		Group	Group	Charity	Charity
		2023	2022	2023	2022
		E		E	f.
Bank	loan	342,067	492,592	342,067	492,592

				Deferred
				income
Deferred	income	brought	forward	324,719
Amounts	released	in the	year	(324,719)
Amounts	charged	in the	year	222,117
				(222,117)

20 Restricted funds
	Revaluation	A1 No	P2 No 2007	V4
	Reserve	60163	Prince of	Locomotive	Total
		Tornado	Wales
	E
Group At 31 March 2022	8,588	3,043,191	3,126,601	1,000	6,179,380
Income for the year Expenditure for the year		1,340,740 (575,447)	311,028 (106,676)		1,651,768 ~682,123
At 31 March 2023	8,588	3,808,484	3,330,953	1,000	7,149,025
Charity At 31 March 2022	8,588	3,025,696	3,885,823		6,920,107
Income for the year		1,289,416	311,028		1,600,444
Expenditure for the year Intra group loan provision		(426,849) (129,393)			(426,849) (129,393)
At 31 March 2023	8,588	3,758,870	4,196,851		7,964,309

				Group	Group	Charity	Charity
				2023f	2022f	2023f	2022f
Net income for the	year			989,570	89,528	1,064,127	236,251
Interest received				301	(88)	(877)
Depreciation oftangible		fixed assets		105,551	106,110	105,351	105,898
Decrease/(increase)	in	debtors		(32,003)	(142,569)	(284,257)	(696,868)
(Decrease)/increase Decrease/(increase)	in in	creditors stock		(9,035) ~7	(389,374) 1,387	41,542	(52,487)
Net cash flow from	operating		activities	1,054,377	337,780	925,886	407,206