## |Report ofthe trustees for the year|Report ofthe trustees for the year|(including|the strategic report)|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|