The A1 Steam Locomotive Trust (A company limited by guarantee) Trustees, report and consolidated financial statements Year ended 31 March 2024 Registered charity number 1022834 Registered company number 2636924
The A1 Steam Locomotive Trust (A company limited by guarantee) Year ended 31 March 2024 Contents Report of the trustees for the year (including the strategic report) Independent Audilovs Report Consolidated statement of financial adivities 10 Consolidated and charity balan sheets Consolidated and charity Statement of Casmlows 12 Notes lo the financial statements 13-26
The A1 Steam Locomotive Trust (A company limited by guarantee) Year ended 31 March 2024 Report of the trustees (including the Strategic Report) for the year The trustees, who are also directors of the charity for the purposes of the Companies Act, presenl their annLtal report and the audited financial statements of the chartiable company for the year ended 31 March 2024. The trustees have adopted the provisions of the Statements of Recommended Practi (SORP) 'Accounting and Reporting by Charities. in preparing the annual report and financial statements of the charity. Reference and administrative details Charit number". 1022834 Com an number: 2636924 istered Offi Darlington Locomotive Works, 9 Bonomi Way. Darlinglon, DL3 OPY Auditors: CLA Evelyn Partners Limited, 17 Queens Lane. Newcastle Upon Tyne. NE1 1 RN. Banker Yorkshire Bank pl¢, 46 High Street. Stockton on Tees. Cleveland, TS18 1 SE Solicitors: DLA Piper UK LLP, Princes Exchange, Princes Square, Leeds LS14BY Direc ors d trustees.. The directors of the charitable company {the charity) are its trustees for the Purpose of charity law and throughout this report ar8 referred lo collectively as the tnjslees. The trustees who served durino the year and since the year end were as follows.. Col. S Davies P Bruce {R8signed 11 October 2023) G Bunker-James (Resigned 9 November 2023) R J Courteney-Harris G P Langer B M McDonald H J Parker (Resigned 31 December 2023) J C Walker E A R Gibson (appointed 25 October 2023) W A Kyle (appoinled 11 June 2024) Fair review of the business Objectives and activities The Company's objects are.. - to study, research. preserve, restore, design, construct, develop. enhance, maintain and operate steam locomotives and all other aspects of the raiaY heritage of the London & North Eastern Railway for the public benefit for educational and instructional purposes. including without limitation, the Company's existing Peppercorn Class A1 locomotive, Tomado,, a Gresley Class P2 locomotive and the Kylchap double blast pipe and chimney., and to preserve and improve the general, hislorical, engineering and scientific knowledge and expertise regarding Ihe above railway heritage. for the public benefit for educational and instrudional purposes. Registered number 2636924
The A1 Steam Locomotive TTUSt (A company limited by guarantee) Year ended 31 Marth 2024 Report of the trustees for the year- continued The policies adopted to further the objectives of the cK)mpany were and continue to be: covenants and donations sponsorship from British industry and commerce assislance from local authorities and grant assistance bodies. the seeking of funding from commercial lenders iv) 11 is believed that the charity's assets will be available and adequate lo meet charitable company's obj'ectives. Public benefit The charity's aims and achievements are set out within this report. The activities sel out in this report have been undertaken lo further the Trust's charitable purposes for Ihe public benefil. The trustees have complied with the duty under Section 4 of the Charilies Act 2011 lo have due regard to public benefit guidance published by the Charities Commission and the trustees have paid due regard to this guidance in deciding what activities the Trust should undertake. Achlevements and performance The Trust concluded this accounting period with Tornado's overhaul still in full swing. having experienced delays for various reasons. At time of writing (late 2024) the work is virtijally complete (but annoyingly we still have to deal with a number of small 'snagging' issues) and on the verge of conducting the main line lest runs required lo certify the locomotive for revenue earning operalion on the national network. European Train Control System IETCS) has been successfully fitted Ilhe first steam locomotive lo receive it) and we now anticipate a period of lesling of this ground- breaking signaling system, and possible remunerative demonslralion opportunities for wider Commercial audiences. This achievement, and the challenge of fitting ETCS in parallel with a major overhaul, should not be underestimated in terms of ils importance to the Trust. For the lime being, however. Tornado will be the sole mainline certified steam locomotive to be so equipped and thus may enjoy a degree of monopoly as the nelwork is progressively converted to ETCS operation. However, as was indicated in the previous accounts, the overhaul (and to an extent the impact of filting ETCS) has disproportionately drawn on the resources of the Trust as unexpected engineering challenges had to be addressed. Consequently. the Trust's Council of Truslees has had lo focus heavily on the light management of resources to ensure that the myriad projects running in parallel with the overhaul received a fair and balanced allocation of funding as affordability allowed. This has also been a Challenge, but the Trustees are now more confident in the futuré financial stability of the organization, although all are clear of the need to build up adequate reserves a¢ross the full breadth of activity. Of note. however, is the extent lo which the Trust has benefited from in-kind and gratis support. and the considerable volume of work undertaken by the Army in laying our new track infrastructure is a keen example of the Trust achieving signfficanl added value through the nurturing of positive partnerships. We have also benefited hugely from the continuing (and growing) generosity of our many supporters. who have remained supportive in large measure, including a steady stream of legacy income. The next year will see considerable efforts lo maximize income from operating Tomado. and to assess the optimum mix of commercial models in light of changing market and main line heritage operating conditions. We will also be redoubling our focus on the building of the P2 Prince of Wales, and in tandem restructuring and resourcing our engineering funclion. Moreover, we anticipate playing a major part in the Darlington-based celebrations to commemorate the bicentenary of the Stockton & Darlington Railway. taking full advantage of what we hope will be a largely complete track layout. A significant amount of work will therefore be required of TTuslees to address these and other issues and to pul the Trust on a more stable footing in the wake of the global and industry challenges of the last 3 years or so - a heavy workload which belies the fact thal the Trustees are all volunteers, molivated by altruism. However. supported by an energetic and highty appreciated dY of volunteers we anticipate a positive and productive 2025. Registered number 2636924
The A1 Steam Locomotive Trust (A company limited by guarantee) Year ended 31 March 2024 Report of the trustees for the year- continued Financial Review A numbei of unplanned. unforeseen and relativety costly evenls have caused the Trust significant financial difficulties during the year.. Boilers. Covid 19 has continued to have an indirect impact on our finances. This was particularly due to the supplier's inability to deliver the new boilers because of various lockdowns and restrictions in 2020 and 2021, plus consequent skilled labour shortages, particularly in Germany where the boilers are constructed. As a result, the existing boiler had to be refurbished 5 years earlier than planned. This has had a considerable impact on Trust cashflows. Over the longer-lerm mallers will return to nomal as there will be no need to refurbish the boiler in 5 years as the new one should have been delivered by then. This has caused the major overhaul of Tornado to run extremely late and impact operations, a key source of income. Englneering Issues. Some important engineering issues were discovered during the overhaul and these have also taken a considerable amount of time and expense to resolve. It was also decided lo fit the new European Traffic Control System {ETCS) to Tornado as part of the overhaul. The cost of this is covered by Network Rail but, as Tornado is the prololypè installalion for a steam locomotive, there have inevilably been delays due to the need lo design and manufacture cDmponents. Operations. The effect of delays on the overhaul and ETCS installation has led to Tornado not being able to operate al all during the 2023-24 financial year. Additionally, il has not been possible lo undertake any of the 2024- 25 planned operations, so Tornado Steam Traction has been incurring cK)sts, whilst not earning any revenue, since January 2023. All pre-booked lickel sales had to be refunded during 2024. This was completed without difficulty as the advance ticket sales money is kept in a separate account and only released for use when a Irip has been successfully completed. However. as the cash was not available to release for use, this led to severe cashflow issues during 2024, which have been carefully and proactively managed. Other matters which have affected our situation, worthy of note here, include.. Fundraislng. 11 has, of course been completely impossible lo build up reserves and there have also b88n some on-going reductions in regular charilable donations as the cost-of-living increase biles. However, the loss of numbers of regular donors has been offset by others increasing their monlhly donations. We have also been fortunate in having a number of generous one-off donations during the year. We received a substantial legacy towards the end of 2023, which greatly assisted dealing with the lack of Tornado ino)me and helped comballing the cashflow problems. The work on both overhaul and ETCS is expected lo be completed before the end of 2024, al which time action to build back up the reserves will commence. P2 Prlnce of Wales. Three major componenls of Ihe P2, Prince of Wales were ordered around the time of the commencement of the Covid reslridions. The cylinder block. was delivered in late 2023 and the tender frames were delivered in June 2024. Delivery of the boiler has been further delayed and is now expecled early in 2025. In all cases the payments were staged over the period of manufacture so that only the final instalmenls for the tender frames and boiler are now outstanding. The effect of this upfront expenditure and the need lo allocat8 engineering employees to woik on the overhaul of Tornado has meant that il has not been possible to do much work on the aclual construction of the P2 locomotive ilself. As a resum. the ability lo hold public gatherings lo raise additional funds. lo support the construction of the P2 Prince of Wales has been limited. The Coronavirus Business Interruption Loan Scheme. The Coronavirus Business Interruption Loan Scheme ICBILS) referred to in last year's report was drawn down in May 2021. As planned, it was used to allow various long-lead major components {referred to above) for the P2 lo be ordered. Loan repayments commenced in November 2021, 6 months after the loan was made available. Interest payments commenced 12 monlhs after the loan was received. Unfortunately, the regular increases in the Bank Rate between December 2021 and August 2023 have had another considerable impact on our ability lo build up reserves. However, the monthly payments of both interest and capital amounts have all been made on time and Ihe loan has 18 months of the repayment schedule remaining at the lime of writing. Enforced Move of Premises. Another considerable influence on our cash, not in the period covered by this report, is that the Trust has had lo move premises. This has allowed for the original offIS and workshop to be converted into a railway heritage site by Darlinglon Borough Council. in readiness for the celebrations, in 2025, of the 200th anniversary of the first passenger railway operations in the wr1d, between Darlington and Stockton. Registered number 2636924
The A1 Steam Locomotive Trust (A company limited by guarantee) Year ended 31 March 2024 Report of the trustees for the year- continued The limescale for this was outside our control and incurred considerable costs. which again impacled on our reserves and cashflow. As part of the agreemenl wAh Our Council landlords, in order lo attract rent at below market rates on the new facilities, the Trust is committed lo a track laying programme outside the new premises. During late 2024 and Ihroughout 2025 considerable activity will be necessary to lay rail track to link the new premises to the main adjacent railway line. This will permit not only OLtr own locomotives lo access the premises for maintenance without involving problematical road transport movements. bul will also allow visiting trains access for servicing before relurning to their originating point. Both activities will financially benefit the Trust in the longer term. It is expected that this will be a regular Occurren during and after the 2025 anniversary celebrations. Plans for future periods Following delivery of new cylinder block for Prince of Wales and the new boiler work will be able to commence on the major assembly of the P2. There has been an impact on fund raising due to Covid 19 and this. Mbined with Ihe subslanlial délay in the delivery of the boiler as mentioned above, will delay completion of the new locomotive, which is not now expected until 2026. Structure, governance and management Governin documents The A1 Steam Locomotive Trust is a non-profit making company, regislration number 2636924 and is limited by guarantee. The charitable company's governing documents are its Memorandum and Articles of Association originally dated 121h August 1991 and Bye-laws adopted on 3rd November 2001. The o)mpany is registered as a charity with the Charity Commission. Any person may become a member of the company upon approval of an application lo this effe by the council of management of the company. There are currently nine members of the company each of whom has agreed to contribute £1 in the evenl of the charity being vnund up. ointment of Iruslees As sel out in the Articles ofAssocialion, the council ofmanag8ment may from time to time and at any lime appoint any member of the company as a member of the couneAI, either lo fill a ¢asual vacancy or by way of addition lo the council, provided that the preribed maximum be not thereby exceeded. Any member so appointed shall retain his office only until the next annual general meeting. but he shall then be eligible for re-eleclion. Al every annual general meeting one- third of the members of the council for the lime being or, if Iheir number is not three or a multiple of three, th8n tha number nearest one-third, shall retiTe from office. Any member so retiring may offer himself for re-election. Trus ee induction and Irainin New trustees will have already familiarised themselves with proeding5 al council meetings as it Is the policy of th8 company to invite potential Iruslees to attend council meelings prior to their appoinlmenl. Whilst trustees are free to attend seminars and training courses the company has no mandatory policy that they do so. Copies of the memorandum and articles of assoallOn and bye-laws are available to all trustees. Related arties The charitable company has five associaled companies one of which. Tomado Steam Traction Limited, opÈrale5 the completed locomotive, Tornado Merchandising Limited deals with °Tornado' merchandise, The P2 Steam Locomotive Company Limited, its purpose being to build the new P2 class steam locomotive and Tender Construction Company Limited, which successfully wmpleted the conslruclion of the tender for the locomotive, but Sin repayment of the lease to William Cook Cast Products Limited, has been renamed The V4 Steam, Locomotive Company Limited, its purpose being to build the new V4 locomotive. The A1 SLT Support servIs Company Limited has the purpose of ensuring that costs of running the Trust that are not specific to any of the specific charily companies are recognised and re-allocated to the various entities in an equitable manner. anisation The affairs of the charitable company are managed by the council of management which consists of a minimum of three members and a maximum of rrfteen members wha act as directors of the company for the purposes of company law and trustees for the purposes of charity law. There are currently seven members of the council. The council meets every two months and a telephone meeting is held when neSsary. Each member of the o)uncil is responsible for a Registered number 2636924
The A1 Steam Locomotive Trust (A company limited by guarantee) Year ended 31 March 2024 particular area of the company's affairs and he reports to the council accordingly. A chairman is elected from the members of the council of management who assumes the overall responsibility for the day to day operations of the charitable company. No single trustee has the authority to bind the charitable company and it is policy that all material decisions require the approval of a majorrty of the council of management. All payments of charitable funds in excess of £500 require the approval of two trustees. Risk mana ement The board has assessed and continues to assess the m4.or risks to which the charity is exposed, in particular those relating to the operation of a new steam I0motIve on the modern railway and fInanS of the charity. and is satisfied that systems are in place to mitigate exposure lo Ihe major risks facing the charity. The operating licence for the locomotive is fundamental to the objectives of the charity and thus the risks involved are the subject of constant review by the Iruslees and advice from individuals familiar wilh the necessary procedures is regularly obtained. Fundraisin Neither the Trust nor its subsidiaries employ or utilise any outside person or organisalion lo carry out fundraising on its behalf. The publi¢ are invited to donate lo the charity by distribution of leaflets and advertisements in relevant railway journals or by accessing the Trusts website, but no individual or group is approached direct unless the Trust is invited lo do so. No complaints have ever been received about its fundraising activrties. Trustees, responsibilities in relation to the financial statements The trustees (who are also directors of The A1 Steam Locomotive Trusl for the purposes of company law) are responsible for preparing the Trustees, Annual Report including the Strategic Report) and the financial slatemenls in accordance with applicable law and United Kingdom ACcntIng Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for eath financial year. which give a true and fair view of the slate of affairs of the charttable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statement5, the Iruslees are required to.. select suitable accounting policies and then apply them consistentty., observe the methods and principles in the Charities SORP 2015 (FRS 102)., make judgements and estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject to any material departures disGlosed and explained in the finanGial statements., prepare the financial statements on the going Conrn basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable aracY at any time the financial position of the charitable company arKI enable them to ensure that the financial stalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularrties. In so far as the trustees are aware: there is no relevant audit infomialion of which the charitable company's auditor is unaware; and the trustees have taken all steps thal they ought to have taken lo make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Registered number 2636924
The A1 Steam Locomolive Trust (A company limited by guarantee) Year ended 31 March 2024 Auditors In accordance with the company's articles, a resolution for the reappointment of CL Evelyn Partners Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting. By order of the board J C Walker Trustee Dat8 26th January 2025 Registered number 2636924
The A1 Steam Locomotive Trust (A company limited by guarantee) Year ended 31 March 2024 Independent auditors report to the members and trustees of The A1 Steam Locomotive Trust Opinion We have audited the financial statements of The A1 Steam Locomotive Trust (the 'parent charitable company'l and its subsidiaries (the'group'l for the year ended 31 March 2024 which comprise the Group Statement of Financial Activities, the Group Summary Income and Expenditure Account. the Group and the Parent Charitable Company Balance Sheet, The Group and the Parent Charitable Company Cash Flow Stalemenls. and notes to the financial statements, including a summary of significant accounting poli¢ies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, including Financial Reporting Standard 102 The Financial R8POrting Standard applicablo in Ihe UK and R8publiG of Ireland (United Kingdom Generally Accepted Accounting PraGlice}. In our opinion the financial statements.. give a true and fair view of the state of the group's and parent charilable company's affairs as al 31 March 2024, and of the group's incoming reSoUS and application of resourc8s. including its Inrne and expenditure. for the year then ended., have been properly prepared in accordance with United Kingdom Generally ACpIed Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basls for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audil of the financial statements in the UK. including thè FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is SuffIent and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded Ihat the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the group's or parent charitable company's ability lo ¢onlinue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees wrth resped to going conrn are described in the relevant sections of this report. other Information The trustees are responsible for the other infomialion. The other infomiation comprises the information included in the trustees, annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other infom7ation and, except to the extent otherwise explicilly stated in our report, we do not express any fomi of assurance conclusion thereon. Registered number 2636924
The A1 Steam Locomotive Trust (A company limited by guarantee) Year ended 31 March 2024 Independent auditors report to the members and trustees of The A1 Steam Locomotive Trust (Continued) In connection with our aLtdit of the financial stalemenls, our responsibility is lo read Ihe other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalemenls or our knowledge obtained in the audrt or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls. we are required to deterrnine whether there is a material misstatement in the financial slatements or a material misslalemenl of the other informalion. If, based on the work we have performed, we conclude thal there is a material misstatement of this other information, we are required lo report thal fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In OLtr oplnlon, based on the work undertaken in the course of the audit: the infomalion given in the trustees, report (incorporating the strategic report and the directors. port) for the financial year for which the financial statements are prepared is consistent with the financial statements., and the strategic report and the directors, reporl have been prepared in aixordance with applicable legal requirements. Matters on whlch we are requlred to report by 8xceptlon In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the strategic report and the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion: adequate and sufficient aOUntIng records have not been kept by the parent charitable company. or returns adequate for our audit have nol been received from branches not visited by us; or the parent charitable company's financial statements are nol in agreement with Ihe accounting records and returns., or certain dis¢losure5 of directors, remuneration specrfied by law are not made: or we have not received all the infomialion and explanations we require for our audtt. Responsibilities of trustees As explained more fully in the Ifustees. responsibilities statement set out on page 5, the trustees (who arè also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine is necessary lo enable the preparation of financ1 slatements that are free from material misslalement, whelher due to fraud or error. In preparing the financial slatements, the trustees are responsible for assessing the group's and parent charitable company's ability lo continue as a going COnrn, disclosing. as applicable, matters related lo going concern and using the going concem basis of accounting unless Ihe trustees either intend lo liquidale the group or the parent charitable ompany or to cease operations, or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed auditor under the Companies Act 2006 and rep¢Jrt in a(rdanCe with this Act. Registered number 2636924
The A1 Steam Locomotive TNSI (A company limited by guarantee) Year ended 31 March 2024 Independent auditors report to the members and trustees of The A1 Steam Locomotive Trust (Continued) Our objectives are lo obtain reasonable assurance about whether the financial statemenls as a whole are free from material misslatemonl, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran, bul is not a guarantee that an audit conducled in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstalemenls can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-complianrE with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misslalemenls in respect of irregularities, including fraud. The extent to which our procedures are G3pable of detecting irregularities, including fraud is detailed below.. Discussion with key management over any incidenS of fraud in the year., Review of systems and controls lo ensure that these are sufficient lo detect fraud and non-compliance with laws and regulations relevant to the entity. Assessment of the risk of management override of controls via a review ofjoumal entries made during the year, and particularly the year end, and obtaining further information where necessary., Reviewing accounting estimates for reasonableness and consideration of assumptions in those estimates. Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, in¢luding those leading to a material misslalement in the financial slalements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial stalemenls, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresenlalion. A further description of our responsibilities for Ihe audit of the financial statements is located on the Financial Reporting Council's website al.. WV.frc.Org.uklaudI1oTsreSponSlb1llties. This description forms part of our auditor's report. This report is made solety to the charitable company's members. as a body. In accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company's Iruslees, as a body. in accordance with Part 4 of th& Charities (Accounts and Reports) Regulations 2008. Our audit WOTk has been undertaken so Ihal we mighl state lo the charitable company's members and its trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and Ihe charitable company's members as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Stephen Easton FCA (Senior Statutory Auditor) for and on behalf of CLA Evelyn Partners Limited Chartered Accountsnts and ststutory Auditor 1711120zC 17 Queens Lane Newcastle Upon Tyne NE1 1RN Registered number 2636924
The A1 Steam Locomotive Trust (A company limited by guarantee) Year ended 31 March 2024 Consolidated statement of financial activities (including summary income and expenditure account) for the year ended 31 March 2024 Note Restricted Unrestricted funds funds Total 2024 Total 2023 Income: Income from chantable aGlivilies.' Covenants 745,162 745,162 428,949 Donations and legacies 454,785 454,785 1,164,720 Income fmm oth8r Irading aclivities.. Commercial trading operations 81,656 81,656 58,400 Investment income 1,(9 1,069 (3011 Total income 1,282.672 1,282,672 1,651,768 Expendlture: Exp8nditure on chanlable 8Gtivities.' Charitable activities 709.536 709,536 389,451 Costs of raising funds.. Commercial trading operations 10 432,657 432,657 292,672 Total expenditure 1,142,193 1,142,193 682,123 Net incomelexpenditure beforè transfers 140,479 140,479 989,645 Transfers Net movement in funds 140 479 140 479 989 645 Reconclllatlon of funds Funds brought forward at 1 Aprll 2023 7,149,025 7,149,025 6,179,380 Funds carried forward at31 March 2024 20 7.289,504 7,289,504 7,149,025 The statement of financial actNities includes all gains and losses recognised in the year. All funds are restricted income funds save that if funds were given with a request that they be applied to the purchase of a specific part of the locomotive or the support coach, such request has been honoured. The incoming reSoUrS and resulting net movement in funds arise fr(Mn continuing operations. Regislered number 2636924 10
The A1 Steam Locomotive Trust (A company limited by guarantee) Year ended 31 March 2024 Consolidated and Charity Balance Sheets as at 31 March 2024 Noto Group 2024 Group 2023 Charity 2024 Charity 2023 Fixed assets Tangible assets Investments 14 15 7,416,376 7.032,772 4,620,905 305 4,272,890 305 7,416,376 7.032,772 4,621,210 4.273,195 Current assets Stock Debtors Cash at bank and in hand 82.219 312,560 299,206 87,366 268,540 748,874 700 4,114,327 140,277 699 4,098,351 220,538 16 693,985 1,104,780 4,255,306 4,319,588 Credltors: amounts falling due within one year 17 1598,420) (646,460) 1266,837) (286,407) Net current assets 458 320 3 988 469 4 033 181 Total assets less current Ilabllltles 7,511,941 7,491,092 8,609,680 8.306,376 Creditors.. amounts due falling after one year 18 (222,437) (342,067) (222,437) {342,0671 Net assets 7,289,504 7.149,025 ,387,242 7,964,309 The funds of the charlty Restricted funds Revaluation reserve 20 7,280,916 20 8,588 7,140.437 8.588 8,378,655 8,588 7,955,721 8,588 7,289,504 7,149,025 8,387,242 7,964,309 The Iruslees have prepared the group accounts in accordance with section 398 of the Companies A¢1 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordan wilh the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation lo members of the company. The notes at pages 1210 25 form part of these a¢¢ounls. These financial statements were approved by the toard of trustees on behalf by- golf and were signed on ils J C Walker Trustee Regislered number 2636924
The A1 Steam LoLX)fflOtive Trusl (A company limited by guarantee) Year ended 31 March 2024 Statement of Cash Flows and Consolidated Statement of Cash Flows as at 31 March 2024 Group 2024 Group 2023 Charity 2024 Charity 2023 Note Net cash flow from operating activities: Net cash provided by/ (us8d in) operating activilies 22 427,649 1,054,377 736,652 925,886 Cash flow from Investlng actlvltles Interest reIVed 1,069 745 357 301 1486) 683 835 877 Purchase of fixed assets 1 520 743 1276 183 Not cash pmvided by/(used in) investing activitS 1520 442 684 321 1275 306 Cash Flow from flnanclng actlvities Income from new bank loans 15.000 148 029 25,000 156448 15,000 147 592 Repayment of new loans (155,5401 133 029 131448 132 592 155540 Change In cash and cash equivalents In the reporting perlod 1449,6681 (597,513) 180,261) {504,960) Cash and cash equivalents al the beginning of the year 748,874 1,346,387 220,538 725,498 Cash and cash equivalents at the end of the year 299 206 748 874 140 277 220 538 Cash and cash equlvalents conslst of: Cash al bank and in hand 299 206 748,874 140,277 220,538 12 Registered number 2636924
The A1 Steam Locomotive Trust (A company limited by guarantee) Year ended 31 March 2024 Notes to the financial statements (forming part of the financial statements) Accounting policies 1.1 Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in aco)rdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, Charities SORP (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of IrelarKI (FRS 102), the Charities Act 2011, the Companies Act 20(b arKI UK Generally Accepted Practice. The A1 Steam Locomotive Trust meels the definition of a public benefit under FRS 102. The financial statements are prepared under the historical cost convention or transaction value unless otherwise slated in the relevant accounting policy nole(s). The financial stalemenls are prepared in Sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparalion of these financial statements are set out below. Th&s8 policles have been consistently applied to all years presented unless otherwise slated. 1.2 Golng Concern The financial statements have been prepared on a going conrn basis. The trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the currenl adverse conditions, and the current resources available, the trustees have concluded that they can continu8 to adopi Ihe going concern basis in preparing the annual reporl and accounts. 1.3 Group Financlal Statements The financial slalemenls consolidate the resutts of the charity and its wholly owned subsidiary companies, Tomado Steam Traction Limited, Tornado Merchandising Limited, and The P2 Steam Locomotive Company Limited, The V4 Steam Locomotive Company Limited and The A1 SLT Supwrt Sep4ices Company Limited on a line by line basis. A separate Statement of Financial Activities for the Charity itself is noi presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 20. 1.4 Income recognition All incoming resources are irTrcluded in the Statement of Financial Activilies (SOFA) when the charity is legally entitled lo the income after any performance conditions have been mel. the amount can be measured reliably and il is probable that the income will be received. Income from Irading activities includes inc(Kne earned from the hire of the A1 Lc¢omotive and sale of merchandise. Income received in exchange for supplying services in order to raise funds and is recognised when entitlement has occurred. Income received for the supply of goods is recognised when the risk and rewards of ownership have been transferred. Investment income includes interest which is recognised when receivable. 13 Registered numtEr 2636924
The A1 Steam Locomotive Trust (A company limited by guarantee) Year ended 31 March 2024 Notes to the financial statements (continued) 1.5 Donated services and facilities Donated services and facilities are regnised as income when the charity has control over the item, any conditions associated with the donated item have met. and the receipt of economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102). the general volunteer lime is not recognised. Donated services and donated facilities are recognised on the basis of the value of the gift to the chariiy which is the amount the charity would have been willing to pay lo obtain seNices or faulities of equivalent benefil on the open mathel.. a corresponding amount is then recognised in the expenditure for the period. 1.6 Fund accounting Restricted funds are available to spend in activities that further any of the purposes of th8 charity. Designaled funds are restricted funds for the ¢harily whi¢h the trustees have decided at their disLYetion to set aside to use for a specific purpose. Reslricled funds are donations which the donor has specified are to b8 solely used for particular areas of the Trust's work or for specrfic projects. 1.7 Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cosls related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of Ihe obligation can be measured reliably. It is calegorised undeT the following headings.. Expenditure on charitable adivities includes direct and support costs incurred in the manag8menl of the ¢harity's activities Other trading expenditure represents costs incurred in raising funds from the sale of goods and serVIS Ihose items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. 1.8 Support costs allocatlon Support costs are those that assist the work of the charity bul do not directly represent charitable activities and include office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charily. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. The analysis of Ihese costs is included in note 11. 14 Registered number 2636924
The A1 Steam Locomotive Trust (A company limited by guarantee) Year ended 31 March 2024 Notes to the financial statements (continued) 1.9 Fixed assets and depreciation Tangible fixed assets are stated at cost C deemed cost and subsequentty measured at cost or valuation less accumulated depreciation and accumulated impairment losses. The A1 locomotive and its support coach is deprecialed over a period of Iwenty years in equal annual instalments lo its residual value of £1.5 million. The P2 Steam locomotive is an asset in the course of construction and therefore no depreciation has been charged. Otherwise depreciation is provided on cost in equal annual instalments over the eslimaled useful lives of the assets. The rates of depreciation are as follows: Fixtures, fittings and equipment Computer equipment 25% per annum 3 years straight line 1.10 Investments Investments are stated at market value according to the guidelines of th8 Statement of Recommend8d Practice.. Accounting by Charities. 1.11 Stock of merchandise and locomotive spares Stock of the above items are valued at the lower of cost or net realisable value. 1.12 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 1.13 Cash at bank and In hand Cash at bank and cash in hand includes cash and short lemi highly liquid investments with a short maturily of three months or less from the dale of acquisition or opening of the deposit or similar account. 1.14 Credltors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past evenl that will probably result in the transfer of funds to a third party and the amount due lo settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their settlement after allowing for any trade discounls due. 1.15 Taxation The A1 Steam Locomotive Trust is a registered charity and is potentially exempt from tax on those categories of income covered by Section 505 of the Income and Corporation Taxes Act 1988, to the extent that this income is applied for charitable purposes. 15 Registered number 2636924
The A1 Steam L0MOtive Trust (A company limited by guarantee) Year ended 31 March 2024 Notes to the financial statements (continued) 1.16 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.17 Judgements and key sources of estimation uncertainty In preparing these financial statements, the direct(Ys have made the following judgements: Determine whether there are indicators of impairment of The A1 Steam Locomotive Trust's tangible assets. Factors taken into consideration in reaching suth a decision include the economic viability, exp8Cted future financial perfomiance of the asset and depreciated replacement cost. Other key sources of estimation unceriainly: Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The adual lives oflhe assets and residual values are assessed annually and may vary depending on a number of factors. In reassessing asset lives. fa¢tors such as maintenance programmes are taken into account. Residual value assessmenls consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Legal status A1 Steam Locomotive Trust is a company limited by guarantee, registered in England and Wales (Company Number 2636924). There are currently eight trustees who are members of the company each of whom has guaranteed lo contribute an amount not exceeding £1 in the evenl of the company being wound up during the lime they are members or within one year thereafter. 16 Registered number 2636924
The A1 Steam Locomotive Trust (A cornpany limited by guarantee) Year ended 31 March 2024 Notes to the financial statements (continued) Financlal perfomiance of the charity 2024 2023 Incoming resources Less.. Costs of generating funds 1,204,397 {11,247) 1,600,444 12,871) Nel incoming resources available for charitable application Charitable expenditure 1,193,150 731 839 1.597,573 423 978 Net incoming resources before exceptional items Provision against loan to Tornado Steam Traction Limited Nel incoming resources after exceptional items 445,561 38,376 1,173,595 129,393 422,935 1,044,202 Total funds brought foNard 7.964,309 6,920,107 Total funds carried fofward 8,387,243 7,964,309 Represented by: Restricted funds Revaluation reserve 8,378,655 7,955,721 8,588 7,964,309 8 387 243 Income from charltable actlvltles 2024 2023 Covenants 745,162 428,949 745,162 428,949 Income from VenantS is attributable to restricted funds. Income from donation8 2024 2023 Donations Gift Aid Other Income 337.031 111,292 306,359 97,399 760,962 454,785 1,164,720 Income from donations is attributable to restricted funds. The trust benefits from the support of volunteers within Ihe Tunning of the income generating activities and the administration of the charity. In accordance wilh FRS 102 and the Charitses SORP (FRS 1021, the economic contribution of general volunteers is not recognised in the financial statements. 17 Registered number 2636924
The A1 Steam Locomotive Trust (A company limited by guarantee) Year ended 31 March 2024 Notes to the financial statements (continued) Income from trading activities 2024 2023 Sales of tour tickets Merchandise sales Other 59,002 10,796 48,775 4,087 5,538 58,400 81,656 The consolidated statement of financial activities includes the results of the charity's wholly owned subsidiaries Tornado steam Traction Limited and Tornado Merchandising Limited, which ¢Jperate the locomolive and sell merchandise resp8Ctively, and the P2 Steam Locomotive Company. The summary finan¢ial performance of the subsidiaries is shown below: The P2 Steam Locomotive Company Llmlted Tornado Tornado The V4 The A1SLT Steam Merchandlsing Steam Support Traction Limited Locomotive Services Llmlted Company Limitsd Lirnitsd Total 2024 Totsl 2023 Turnover Cost of sales and adminislralion costs 38,507 60,052 10.813 112,722 222,096 161,630 (101,996) (260.405) (14.594) {104) {130.845) (507,9441 (365,584) Interest receivable Nel Profil (63,489) (200,353) (3,781) (104) (18.123) 1285,850) (203,950) The assets and liabilities of the subsidiaries were.. Fixed assets 2,821,054 2,821,415 2,759,880 Current assets 318,236 174.190 27.249 1,516 19,462 540,653 790,942 Current liabilities (4.000,540) {2,104,033) (14.394) (6,105) {35,615) (6,160,687) 16,035,593) (861.250) (1,929,482) 12,855 (4,589) (16,153) 12,798,619) {2,484,7711 Aggregate share capital and reserves (861,250) (1.929,482) 12.855 (4.589) (16.153) 12,798,619) (2.484,771) 18 Registered number 2636924
The A1 Steam L0MOtive Trust (A company limited by guarantee) Year ended 31 March 2024 Notes to the financial statements (continued) Income from investments All of the charitable company's investment Income arises frc(n the interest on money held in interest bearing deposit accounts. Analysls of income and surplus for the year All income and the surplus for the year are derived from the tharilable company's principal activity. 2024 2023 The surplus for the year Is stated after charging.. Auditors remuneration Accountancy and other services Depreciation 3,930 3,500 6,123 105,551 165,550 Analysls of expendlture on charitable activities 2024 2023 Charitable activities Support costs 673.660 332,765 56,686 389,451 709,536 10 Analysis of expenditure on tradlng actlvities 2024 2023 Trading activities 432 657 432,657 292 672 292,672 11 Support costs 2024 2023 Printing, postage, slalionery and administratron Legal and professional Consultancy fees Telephone Inlerest payable and similar tharges Sundry expenses Governance costs 5,932 2.21S 1.785 2,379 14,609 5,456 3.500 5,513 6,123 4,620 6,543 26.382 4,005 3,500. 35,876 56,686 19 Registered number 2636924
The A1 Steam Locomotive Trust (A company limited by guarantee) Year ended 31 March 2024 Notes to the financial statements (continued) 12 Governance costs 2024 2023 Auditor's remuneration 3,930 3,500 3,930 3,500 13 Analysi8 of staff costs Group 2024 Group 2023 Charity 2024 Charity 2023 Wages National Insurance Pension 138,570 6,816 2,482 158,205 7,589 2,306 147,868 168,100 Group 2024 Group 2023 Charlty 2024 Charity 2023 Number of staff Included in staff costs is remuneration to a close family member of a trustee who holds an administrative position at the charily. Remuneration made in the year was £25,962. 20 Regislered number 2636924
The A1 Steam L0MOtive Trust (A company limited by guarantee) Year ended 31 March 2024 Notes to the financial statements (continued) Analysis of staff costs (cont.) Direct expenses incurred by trustees are reimbursed. if claimed. The reimbursement of Trustees expenses, which mainly relate to travelling expenses in respect of performing the above special projecls, was as follows.. Group Group Charity 2024 2023 2024 13 Charity 2023 Graeme Bunker-James Huw Parker Benjamin McDonald Richard Courteney-Haffis Col. Steve Davies 214 217 214 217 2,268 278 1,895 2,268 278 1.895 155 155 Elizabeth Gibson 556 556 Paul Bruce 2,088 2,088 Total 4,786 I n addition to the expenses shown above, Paul Bruce, was remunerated as a contractor due to his skills as a raiaY consullanl. During the year costs of £71,400 (2023.. £91,080) were charged lo the charity and reimbursed in full by third party. B8n McDonald was also remunerated as a contractor due to his skills as a railway consullanl. During the year costs of £35,937 (2023.. £31.720) wer8 charged to the tharity and reimbursed in full by a third party. Al the y8ar end £7,928 was due to Ben McDonald. Due to the increasing workload, the charity now has three direct employees working in Darlington Locomotive Works, being the Office Manager, an Administrator and an Assistant Mechanical Engineer. A Works Manager is being recruited. All other work is pertormed on a voluntary basis with the exception of sub-contracted management and labour which is capilalised. The number of employees who received total employee benefits {excluding employer pension costs) of more than £60,000 is as follows.. none (2023 - none). The tharily trustees were not pard or received any other benefits from employment in the year £nil (2023- £nil). The key management personnel of Ihe charity comprise the Iruslees. The total employee benefits of the key management personnel of the charity are as disclosed atrx)ve. Remuneration paid to related parties is disclosed in note 21. 21 Registered number 2636924
The A1 Steam Locomotive Trust (A c(vnpany limited by guarantee) Year ended 31 March 2024 Notes to the financial statements (continued) 14 Tangible fixed assets Group Al Locomotive P2 Locomotive Mark 1 Coaches Assets under construction Fixtures, fittings, tools and equipment Total Cost or valuation At 1 April 2023 4,272.976 2.759,398 519.561 597,305 99,708 8,248,948 Additions 683,835 61.522 745,357 Disposals (683,835) (25.944) (709,779) Al 31 March 2024 4,272,976 2,794,977 519,561 597,305 99,708 8,284,526 Depreciation Al 1 April 2023 948,801 169.3 98,312 1,216,176 Charge for year 138.649 25,978 913 165.540 Disposals (513,566) (513,566) Al 31 March 2024 573,884 195,041 99,225 868,150 Net book value At 31 March 2024 3.699.092 2.794,977 324,520 597,305 483 7,416,376 Al 31 March 2023 3,324,175 2.759,398 350,498 597,305 1,396 7,032,772 The P2 Steam locomotive is an asset in the Course of constructton and therefore no depreciation has been charged. 22 Registered number 2636924
The A1 Steam Locomotive Trust (A company limited by guarantee) Year ended 31 March 2024 Notes to the financial statements (continued) Tangible fixed assets (continued) Company A1 Locomotive Mark 1 Coaches Fixtures, fittings. tools and equipment Assets under constructlon Total Cost or valuatlon Al 1 April 2023 4,272,974 519,561 93.507 597,307 5,483,349 Additions 683,835 683,835 Disposals (683,835) {683,835) At 31 March 2024 4,272,974 519,561 93,507 597,307 5,483,349 Depreciation Al 1 April 2023 948.801 169,063 92,594 1,210,458 Charge for year 138,649 25,978 913 165,540 Disposals (513.554) (513,554) At 31 March 2024 573,896 195,041 93,507 862,444 Net book value At 31 March 2024 3,699,078 324,520 597,307 4,620,905 Al 31 March 2023 3,324,173 350.498 914 597,305 4,272,890 The locomotive was revalued in the year ended 31 March 1994. subsequent construction work is included al cost. Fixtures and fittings, tools and equipment are stated at cost with the exception of lools machinery and equipment, reiVed by way of gift all of which are now written off. The Truslees have carried out an impaimient review to detemiine the net realisable value and the value in use of both the locomotive and coach. The value in use is considered to be greater than the net book value based upon the replacement cost of the asset. Disposal of assets related to items replaced during the I0mOtIve overhaul. The cosls are estimated using the value of the items being replaced as per FRS102 section 17.27. 23 Registered number 2636924
The A1 Steam L0motIve Trusl (A company limited by guarantee) Year ended 31 March 2024 Notes to the financial statements (continued) 15 Investments Details of the subsidiaries of The A1 Steam Locomotive Trust are shown below: Name ststus Company number Ordinary £1 Share Control capitsl The P2 Steam Locomotive Company Limrted Tornado Steam Traction Ltd Tornado Merchandising Limited The V4 Steam Locomotive Company Limited The A1 SLT Support Servi5 Limited 2181 Century Steam Limited 2181 Century Rolling Stock Limited Trading Trading Trading Trading Trading Dormant 08549849 100% 04336467 100 990 07357964 100 1000 05417383 100 99V• 13244889 1000 11330729 11331808 1000 Dormant 100% 16 Debtors Group 2024 Group 2023 Charlty 2024 Charity 2023 Trade deblors Amount due from Tornado Steam Traction Limited Amount due from Tornado Merchandising Limited Amount due from The P2 Steam Locomotive Company Amount due from The V4 Steam Locomotive Company Other debtors Prepayments 21,282 31,526 1,603 21,993 21,103 3,930,449 3,944,270 8.213 18,481 94,602 57,032 57,467 57,465 196,493 94,786 149,013 88,001 312,561 268.540 4,114,327 4,098,351 17 Credltors: amounts falllng due within one year Group 2024 Group 2023 Charity 2024 Charity 2023 Bank loan Trade creditors Amount due to P2 Steam Locomotive Company Amount due to P2 Steam Locomotive- Construdion Loan Amount due lo V4 Construction Company Other creditors and accruals Deferred income Taxation and social security costs Wages 160,314 254,978 173,713 224,022 137,564 118,079 150,526 125,744 591 10,603 591 9,546 51,026 119,279 12,823 15,466 222.117 8.607 2,534 598,420 646,460 266,837 286,407 24 Registered number 2636924
The A1 Steam Locomotive Trust (A company limited by guarantee) Year ended 31 March 2024 Notes to the financial statements (continued) 18 Creditors: amounts falling due after one year Group 2024 Group 2023 Charity 2024 Charity 2023 Bank loan 222,437 342,067 222,437 342,067 The aggregate amount for creditors due after one year for which securrty has been given amounted to £222,437 (2023.. £342,067). Security is in the form of a fixed and floating Charge of the assets of Ihe charitable company. Deferred Income Deferred ncome Deferred income brought foD*vard Amounts releasèd in the year Amounts charged in the year 222,117 (154,2531 51,415 119,279 Deferred income relates to sales made for locomotive tours vthich fall after 31 March 2024. 20 Restricted funds Revaluation Reserve A1 No P2 No 2007 V4 60163 Prince of Locomotlve Tornado Wale5 Total Group At 31 March 2023 Income for the year Expenditure for the year 8.588 3.808.484 961,868 {1,040,1971 3,330,953 320.804 101,996 1,000 7,149,025 1,282.672 {1142 193) Al 31 March 2024 3,730,155 3.549,761 1,000 7,289,504 Charity At 31 March 2023 Income for the year Expenditure for the year Intra group loan provision 8.588 3,758,870 883,593 (743,086) (38,376) 4,196.851 320.804 7,964,309 1,204,397 (743,086) {38,376) Al 31 March 2024 8,588 3,861,001 4,517.655 8,387,244 In the opinion of the trustees, sufficient resources are held in an appropriate fomi for each reserve to be applied in accordance with any restrictions imposed. 25 Registered number 2636924
The A1 Steam Locomotive Trust (A company limited by guarantee) Year ended 31 March 2024 Notes to the financial statements (continued) 21 Related party transactions The son-in-law of David Elliott. who was a trustee up until 18 November 2020. provides engineering seNices lo the charily as a contractor through a personal service company, Alan Parkin Engineering Limited. During the year an amount of £22,065 (2023.. £40,547) was paid to Alan Parkin Engineering Limited. At the year end, an amount of £nil (2023: nil) was owed to Alan Parkin Engineering Limited. Amounts were also paid lo a former trustee, David Elliott, for engineering setvices provided to the charity in relation to a specific project. Cost and expenses of £12,289 {2023: £58.9881 were charged lo the charity and reimbursed in full by a third party. Donations from trustees in the year were £10.705. Trustees remuneration is disclosed in note 13. 22 Reconclliation of consolldated net Incomellexpenditure) to net cash flow from operatlng activities Group 2024 Group 2023 Charlty 2024 Charity 2023 Net Income for the year Interest received 140,479 11.069) 989.570 301 407,185 486 1,064,127 (8771 Depreciation of tangible fixed assets Sale of assets Oe¢reasel(increase) in debtors {Decrease)lincrease in creditors Decreasel<increase) in stock Net cash flow from operating activitles 165,540 196,213 (44,0251 (34,636) 105,551 165,540 170,280 105,351 {32,003) (9,035) (2311 16,6081 (284,257) 41,542 427,649 1.054.377 736,652 925,886 26 Registered number 2636924