REGISTERED COMPANY NUM8Eft.. 02970248 (England and Wal0$1 REGISTERED CHARITY NUMBER: 1042090 rt of Ihe Tru$t•es and unaudIt Flnanclal Statemgnts forth Yo ed 31 Decembor 2 22 for ess Ro alCI
Pm¢•s¥ Ro Icla s Lo¢ornotlv• Cont•n forthoy of th• Flnancl 31D 22 Pag• Report of th• TnBts8$ 1 to 4 Ind•pondfrnt Examlnorf$ R•port 5 10 6 ststgm•nl of Flnancial A¢tlvltl•$ Statom•nt of Hnancial Posotlon 8 10 9 Notss to thg FlTrancSal Statthients 10 to 17 Detail•d Ststomenl of Financlal A¢llvltl•s 18 to 19
The Prine•ss Ro I Clas• Lo¢omoti Tr1 forth• Year End•d 31 December 2022 The trustees are also rfirectors of the charlty for the purposes of the Companies Act 2006. present their report wth the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the prowsion5 of Accounting and Rtporting by Charitie5.' Statement of Recommended Practi¢& applicable lo ¢haribe$ preparSng their accounts in g¢¢ordance th the Financial Reporbng Standard applicable in tho UK ¥nd Rewbllc of Ireland IFRS 102} (effective l Januw 2019). OBJECTJVES AND ACTIVITIES Obj•ctiveJ and alms The objectives of the trust are.-- The ruloratfvjn. preservation. operation and dis*y of its steam locomotwes., The restoration, preservats"on. display and vthere appropriate, the operation of its rolllng Stock. The operation of the 'West Shed Experience. Museum. which aims to exhibrt the fijll history of the trust's LMS Pacffi¢ Class, Brltish Railwals 2-64T and na gauge locomotives and its exceptional collection of historic rolling stock and artefa¢l$. Publlc benefit By working towards the obJ"e¢tives above and carrying oul the charitable aclNitte5 befow the Charity is providing Ihe public wth the benefit of having access lo historic locomotives and the history surrounding them. Pag8 1
The Princess Royal Class Locomotive
Trust
Report of the Trustees for the Year Ended 31 December 2022
ACHIEVEMENT AND PERFORMANCE Charitable activities
Locomotives
Duchess of Sutherland locomotive was hired out on a number of occasions in the year.
BR 4MT Standard tank locomotive 80098 the stripping down of the locomotive has begun and a in preparation of a complete overhaul.
BR 4MT Standard tank locomotive 80080 was hired out to the Ecclesbourne Valley Railway on a long term basis and provides a useful income.
Rolling Stock
Special Saloon 45000
Restoration work by volunteers is by and large complete there are some small items that need attention..
L M S No 1 Dynamometer Car 45050
This vehicle is now on permanent static display in the museum with various forms of supporting interpretation and is used during guided tours and school visits.
Inspection Saloon 6320
On loan to Vintage Trains during the year.
Support Coach 35476 was 99041
Resumed duties with Duchess of Sutherland on the mainline in 2022.
Support Coach 21232 was 99040 On static display at West Shed.
Museum & Education
Following Covid the Museum has reopened with a small income being from sales.
During the year we lost our curator and some volunteers due to the effects of Covid. This has slowed progress on museum related matters.
FINANCIAL REVIEW
Investment policy and objectives
The company has no direct investments, other than cash at bank. Interest is earned on surplus cash balances.
Page 2
The Princess Royal Class Locomotive Trust
Report of the Trustees for the Year Ended 31 December 2022
FINANCIAL REVIEW
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are free reserves of the charity of the charity, at a level which provides sufficient funds to cover management, administration and support costs; and to respond to emergency applications for grants, which arise from time to time.
Unrestricted free reserves at the end of 2022 were £76,915 (2021: £190,207) disclosing an decrease in the year. The Trustees are confident that this reserve together with the concentrated fundraising during 2022 continuing into 2023 will enable the Trust to continue its progress in restoring and maintaining its stock of locomotives and coaches.
Review of the Financial Year
Total unrestricted incoming resources for the Trust reached £264,965 (2021: £365,429) this included a trading donation from PRCLT Company of £231,831 (2021: £230,900). Yet again highlighting the importance the Trust's profit making activates which the subsidiary carries out. The Trust continues to rely heavily upon the support and generosity of its Patrons and other donors who during the year contributed £23,975 (2021: £130,843).
The Trust's general expenses continue to be closely monitored to ensure that sufficient funds will be available for general revenue expenses.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, the memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
The existing board of trustees undertakes the selection, recruitment and appointment of new trustees
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02970246 (England and Wales)
Registered Charity number
1042090
Registered office
The West Shed Midland Railway Centre Swanwick Junction Ripley Derbyshire DE5 4AD
Trustees
G Oulsnam (resigned 25/7/2023) P S Wood (resigned 25/8/2023) C R Longmate (resigned 22/11/2022) L Truswell (resigned 25/7/2023) M Hollingworth G Henshall D Tilling (resigned 25/7/2023) C Powell
Page 3
Ir* K R C•rvrf BA FCA 316 BLKkpool Ro•d Pr••lon n¥h• PR2 &4e 811ARE CAPtrAL a •hw¢ TnMI••
Inde nd•nt Examlnerfs R• rt to the Truste•s of Tho Prlne I Class Lo¢omoti Tru8t Independont oxamlngrfs r•port to thg t93 of Th• Prln¢esB Royal Cla¥¥ Locomotlv• Tt rth• Company? I report to the charity trustees on my examination of the 8c¢ounls of the Company ky the year ended 31 December 2022. ResponsIblliti and ba$ls of report As the ¢hanty's trustees ol the Company (and also ts dwectors for the purposes of company kw) you are responsible for the preparation of Ihg accounts In accordance with the requrements of the Co¥npanies Act 20C6 Ilhe 20C6 ACV). Having satisfied mysew ihal the accounts of the CL)mpany are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examin8th"on. l pOrt in yes1 of my examination of your charitys accounts as carried out undei Section 145 of the Charities Act 2011 Ilhe 2011 AGI). In carying out my •x8minatitsn I have followed the Directions given by the Charty Commission under Section 145(5) Ib) of the 2011 Act. Page S
ndent ExamSneVs RÈ rtto th• Trot Thè PrSn¢••# Ro I Cla88 Locomotive Indopondont evmlnorfs 8tstement Since your charty5 gross income exceeded £250,000 your examiner must be a member of a listed body. I can confim that l am qualtfied to undertake the examinalKJn because l am a member of the Institute of Chartered Accountants in Englond and Wales, vknich is one of the listed l)odies. I have completed my exJninab'on. I confimi that no matters have come to my attention in nneCtIon 1th the examination giwng me ¢au$e to believe-. a¢wunting record$ were not kept in respect of the Cornpany as required by Section 388 of the 2006 Act: or the accounts do not awird with those reeord8,' or the accounts do not compty vthh the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair wew lch is not a matter ¢on$idered a8 part of an ndepeThlenl examinatk*n'. or the accounts have not begn prepared in accordance wth the methods and principles of the Statement of Recommended Practice for accounting and reporting by chariti'es <applab lo charities preparing their accounts in cOrdanCe wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)). I have no concerns and have come across no other matters in ¢onne¢tion with the examination lo vthich attention should be dra in this report in order to enable a proper understanding of the accounts to be reathed. K R Carey BA FCA Mcoade Roberts Accountsnts Limited Charted Accountsnts 316 Blackpool Road FU¥00d Pre$ton Lancashire PR2 3AE Date.. Pag8 6
Th• Prl ¥Ro I Ch98 Loeom Tru¥t arEn 2022 31.12.22 Total funds 31.12.21 Total funds Unwstricted fvnd R¢stn"cted fund5 Notes INCOME AND ENDOWMENTS FROM Dtsnalions and legacies 33.134 33,134 130,844 Other trading activitias Investment in¢ome Other income 231.831 275 231.831 275 230,900 10 3,686 Total 265,240 265,240 365,440 EXPENDITURE ON Raising funds 4.336 4.336 4,170 Charitabl• a¢thiltl Expenditure 374.196 29,618 403,814 231,417 Total 378,532 29,618 408,150 235,587 NET INCOMEIIEXPENDITURE) {113.292) 129.6181 1142,910) 129.853 RECONCIUATION OF FUNDS Total lund¥ brought forward 190.207 161.237 351,444 221.591 TOTAL FUNDS CARRIED FORWARD 76,915 131,619 208,534 351,444 The notss fomi part ofthesè financial statements Pago 7
Th• Princeas R I Ch$$ Lo¢omotiv• Flnn¢il P- 1 December 20 31.12.22 31.12.21 Total fund8 Unre$trid&Y fijnd Restrict•d fund$ Total luThJ5 Note$ FIXED ASSETS Tangible assets Hertsge a5$ets 10 11 (8,927) 6,600 140,314 131,387 6,600 166, 180 6,600 12.32n 140.314 137.987 172.780 CURRENT ASSErs Debtors Cash at bank 13 67.489 91,276 67,489 91,276 78,817 195,374 158,765 158.765 274,191 CREDITORS Amounts fallirg due vithin one year 14 179.523) (8.695) 188,2181 195.527) NET CURRENT ASSETS 79,242 <8,695) 70.547 178,664 TOTAL ASSETS LESS CURRENT LIABILITIES 76,91 S 131.619 208,534 351.444 NET ASSETS 76.915 131.619 208.634 351,444 FUNDS Unrestricted lunds Reslrrcted fund$ 16 76.915 131,619 190,207 161.237 TOTAL FUNDS 208,534 351,444 The charitae Company is entilled lo exemption from audit under Section 477 of the Compan3 kt 2006 for the year ended 31 December 2022. The membets have not required the company to obtain an audit of its finanual staternents tor the year ended 31 D8mber 2022 in accordance wth Section 476 of the Companie5 Act 20C6. The trustees a¢knovAedge their responsibilities for (al ensuring that the charitable company keeps accounting records that compfy wlh Sectron$ 388 and 387 of the Companies Act 2006 and preparin9 financial statements %thl¢h give a true and fair view of the state of affairs of the charitable company as al the end Cf each financial year and of rt$ surplus or defick for gath financial year in accordan¢e the requirement$ of Section5 394 and 395 and which otherv+Tse comply •th the requirements of the C¢mpanies Act 2006 relating to finar181 statements. so lar as applicable to the charflable company. Ibl Tr• note$ fonn part of these flnanrAal 6tstem8nts Page 8
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IC1 Locoihtstiv• Tru8 Nots¥ to th• Fin nclal Slat•m8nts fwthe Yt•r Endod 31 D•cemb•r 2022 ACCOUNTIMG POUCIES Ba$ls ol preparing the financial statèments The financial stalemenlg of the charitatAe company, which 18 a public benefft entity under FRS 102. have been pPared in aecordance wlh the ChaTtbes SORP IFRS 102) Accounting and RepOrtij by Chwities.. Statement of Reeommended Prn¢t(ce applicable lo charilies preparing their a¢eounts in aordanCe with the Financi81 Reporting Standard ap1¢0b in the UK and Republic of Ireland IFRS 102} leffeclive 1 January 2019),. Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireknd. and the COMPleS Act 2006. The financial statements have been prepared under the historical eost convention. bmlh the exception of investmenls vtich are included at market value. kn¢ome All income is recognised in the Statement of Financial Actiw"lies once the charty has entitlement to the funds. it is probable that the income will be received and the amount can be measured reliably. During the year the company In recetpl of relief in respect of the Coronavirus Job Retention SCme. The income is recorded based on the claim periods made relating the financial year. Exponditur• Liabilitses are recognised as expenditure as soon as there is a leg81 or Construdive obligation commrtting the charity to that expenditure, il is probable that a transfer of economic beneffts wll be required In settlement and the amount of the obligation Can be measured reliably. Expenditure is accounted for on an accrLRl¥ basi$ and has been cla55ified under headings that aggregate all ctssl related to the ¢ategory. Whère ¢osls cannot be directty attributed lo particular headings they have been allo¢aled to actiwlies on a basis consistent fi1h the use of resour¢ts. Tanglble flx¢d assèts Depreciation is provided at the foltolng annual rates In order lo vthle off each asset over estimated useful Ilfe. Buildings Plant and machinery Computer equipment 5% on Gost 25% on ¢08t 33% on cost Heritagg ass•ts There is no deprecith'on charge on herltsge asselg because it has been eslimaled that the as$ets have a useful lrfe of such length that any depreciation charge would be negligible and can be ign on the basis of malerialty. is contrary to Generaly Accepted Accounting prrnciples. Taxation The charity 15 exempt from corporation tax on its charitable a¢tivitie$. Fund a¢eounting Unrestricled funds can be used in accordance wth Ihe charitable objectives al the dixrelion of the tru$lee$. Restricted funds can only be used for particular restricted purposes wthin the ¢bje¢l$ of the charity- Restrictions arise speafied by the (Jonor or when fvnds are raised for partlcular restrieled purposes. Furlher explanatKin of the nattre and purpose of each fund is included in the note 16. P•90 10
Th• Prrn¢•¥s R I Cla8% Locomollv• ult NotOS to the Flnancl I rEn ntinuod ber 2022 OTHER TRADING ACTIVITIES 31.12.22 31.12.21 Donated Profits from PRCLT Ltd 231,831 230,900 INVESTMENT INCOME 31.12.22 31.12.21 Bank Interest Received 275 10 RAISING FUNDS Ralslng donatlons and legacl•s 31.12.22 31.12.21 Telephone Publications Sundrfes 1.303 1.275 55 2.640 3,033 4.3 4,170 CHARITABLE ACTIVITIES COSTS Direct Costs (see notty 61 Support Costs TotaL8 ExpendIre 401,602 2,212 403,814 DIRECT COSTS OF CHARrrABLE ACTivmE8 31.12.22 31.12.21 Staff costs Locomotive Expenses Insurance Light and heal Examination Fee$ Repairs & renewals Bank Charges Depreciation 127,363 191,976 20,207 3,050 118,703 29,288 24,244 1,575 4.322 15.722 770 34,793 23,213 1,000 34,793 401,602 228,817 Pagè11
inc•#$ Ro I Claas Locomo Tntst Fin NET INCOAIEIIEXPENDITURE) Nel incomel(expenditure) is ststed after chargin(Credng).' 31.12.22 31.12.21 DepClat10n- owned assets 34,793 34,793 TRUSTEES. REMUNERATION AND BENEFITS Thero no trustee8' remuneration or other benefts for the year ended 31 December 2022 nor fcf the year ended 31 December 2021. Tto•s. 0xn88 There were rK* Iruslees. expenses paid for the year ended 31 Decembèr 2022 nor for the ye8r ended 31 December 2021. STAFF COSTS The average monthly number of employ8es during the year was as folows.. 31.12.22 31.12.21 Administratrve No employees received emolument$ in ex$ of£60.000. 10. TANGIBLE FIXED ASSETS Froohold propety Plant and mad)inery computgr equipment Building8 Totals COST Al 1 January 2022 and 31 December 2022 2,500 813,572 80.112 9,297 905,481 DEPRECIATJON At 1 January 2022 Charge for year 653,492 33,678 76,704 930 9,105 185 739,301 34.793 Al 31 Decemkr 2022 687,170 77,634 9,290 774.094 NET BOOK VALUE At 31 December 2022 2.500 126,402 2.478 131,387 At 31 December 2021 2,500 160.080 3,408 192 166.180 Included in cost or valuation of land and buildings is freehold land of £2,500 {2021- É2,5001 vthKh is not dep¢9ted. Page12
The Prine•$• Ro I CIp8¥ Locornoliv forth•Y ar End•d 310ecamber 202 11. HERITAGE ASss Total MARKET VALUE Al 1 January 2022 and 31 December 2022 6,600 NET BOOK VALUE At 31 December 2022 8,600 At 31 D8cemb•r 2021 6.600 In accordan¢8 Statement of RernMended Practice on A¢uting for Charrtie$ the companys historic assets have not been capitalised unless purchased since 1st January 2008. Details of the ¢ompanY$ hi$tori¢ a$$ets %thi¢h have not been capitsliged due to their acqui$thon prior lo thi$ dale arn a¥ follows.. 11 Locomotwe 46233 "Duchess of Suthertand" currenlly being used by the Trusfs subsidiary lo generate income. 21 L¢xomolNe 80098 on slats"¢ t1isplay. 31 Locomotive 80080 currently on contract hire to a heritage raihvay. 4) LLOMotive 46203 currently on slati¢ dISpY and awaiting restoration. 5121 ' gauge locomotive 6203 and one coach on display. 6) 21" locomth've 6201 and coaches on display. 7) LMS General Managerfs saloon 6320 in ful Morkir¥J order aThJ on hire to a Heritage raiaY and customers. 81 Royal Special Saloon 45000 on static display after restoration was compthd. 91 Dynamometer Car No.1 fulty restored and Cft static dlsplay. The Trustees are of the tspinic that the total value of these historic assets is £4.325.000. The other raitway vehicles not listed as Museum rtems have an estimated value of£210,000. The dwrity also ovms other historical artefacts and 8 mugeum cofrtcllon vrith estimated value of £202,000. Thè charity also olS several smaller items of railway equipment wth a going concern value given by the trugleeg of approximate £82,000. Thi8 ha8 been gwen to the trust to be repaired or n0Vated as necessary. Pagè 13
Th• Prince•• Ro I Cla•s Lo¢omotl¥e Tru#t Not0• to tho Fin•n¢ial Ststom?nts- ¢ontinu•d forthe Yr En d31 mb•r 22 FIXED ASSET INVESTMENTS There wtfe no investmènt assets outside the UK. Thè company$ investments al the balance Sheet dale in the share capital of companies inGlude the folknwng.. PRCLT Company Ltd Registered office.. Nature of busines$'. Lo¢omolive operats.on Class of share: Ordinary holding 100 The share3 in the comp4ny were gifted to the company on incclporalion 8nd consequently have no cost in Ihe GompanY$ accounts. 13. DEBTORS: AMOUNTS FALLING DUE MTH114 ONE YEAR 31.12.22 31.12.21 other debtors Prepayments 63.861 3.628 78.621 196 67,489 78,817 14. CREDITORS." AMOUNTS FALUNG DUE MTHIN ONE YEAR 31.12.22 31.12.21 Bank loans and overthafts (see note 151 Trade eredilors Social securty and other tsxes VAT Other creditors A¢uL*d expense8 8,695 40.153 2.325 8,695 23,229 2,133 14,389 40.505 6.576 30,469 6,576 88,218 95.527 Page 14
Th• Prin¢es8 Ro I Cla¥# Locomotive Trust • Finan¢lal St 1 D•¢ember 20 Ilnu•d 15. LOANS An analysis of the maturfly of loans is given below.. 31.12.22 31.12.21 Amounts falling due wAthin one year on dem8nd'. 8ank overdrafts 8,695 8.695 16. MOVEMENT IN FUNDS moverwnt in lunds At 31.12.22 Atf.1.22 Unrestrictsd funds General fvnd 190,207 1113.292) 76.91 S R•strf¢t•d fun West Shed Exlen#Son 161237 129,6181 131.619 TOTAL FUNDS 351,444 (142,9101 208.534 Net movemerrt in lunds, included in the above are as follows: Incoming r•sourcas Resour$ tXP8nded Mo¥ement in funits unr•str1•d lund5 General furKI 265.240 (378,532} 1113,2921 Re$triet•d fund$ West Shed Extension {29,618} {29,618} TOTAL FUNDS 265,240 (408,1501 1142,910) Pag 15
Th• Princ•s¥ Ro ICkn8 omotiv• e FSn3ncial Sts m•nts- ¢0 Year 1 Decembèr nu 16. MOVEMENT IN FUNDS- Contind Comparativfrs for movomfjnt In funds movement in frJnd5 At 31.12.21 At 1.1.21 Unrostriet•d funds Gèneral fvnd 30,736 159.471 190,207 R•strl¢t•d funds West Shed Extension 190,855 {29,6181 161,237 TOTAL FUNDS 221,591 129,853 351,444 ComparalNe net movement in fvnd$, included in the above are as fdlows". Incoming rt50uKe$ Rw)urce8 gxpend8d Movement in funds Unrnstrict•d fund# General fund 365,44 1205,989) 159.471 R•strictsd lunds West Shed ensiOn {29,618} (29,618} TOTAL FUNDS 5.440 {235,587) 129.853 A current year 12 months and prfor year 12 months combined position 1$ as folkm.. moven*nt in funds At 31.12.22 At1.121 Unr•slrf¢tsd funds General fijnd 30.736 46,179 76.915 Regtrictsd funds West Shed Extension 190,855 159.236) 131,619 TOTAL FUNDS 221,591 113,0571 208.534 Pag• 18
Th• Prln sRo I Cla•s Locom Flnanclal S torngn eontlnu •mb•r 2022 MOVEMENT IN FUNDS- contlnwl A Gurrenl year 12 rnonlhs and prior year 12 months rnbined nel movement in funds. included in the above a as folbws: Incornlng rèsou9$ Resovrc*s eynd8d Movement in fvnds Unrestrict•d fundy General fund 630,680 1584,5011 4S,179 Restrrcted furKts West Shed Extension {S9,236) 159.236) TOTAL FUNDS 630,680 {643.73n {13,0sn W•st Shed Ext•nsion Thls fund relates to the building of the charitys museum. This funded mainty from a grant rttelved from the Heritage Lottery Fund and the companV$ own general fund. This project ha8 been completed. Any further costs relate to deprecIatn charges. G•ory• L¢)¢omotive R•storatlon and DIÈ Slwntsr Funds These tffiv fijnds relate to tl0¢¢MOtIveS acquired by the chaniy vAth a Mew to restonng them lo full working order lo be displayed in the charws museum. It 1$ anl'eipaled Ihal there is sufficient fijnds 8V8ilable lo complete this work. Any strrtraI1 wll be met out from further appeals or from Ihe general fund, If so required. 17. RELATED PARTY tXSCLOSURES There yre no ralalad paty tranetKInS for the year eTrJed 31 December 2022. P17
The Prln¢eM Ro l Lo¢om 31.12.22 31.12.21 INCOME AND EMDOWMENTS Donatlons and1gga¢lo# Glfts & Donations 33,134 130,8H Other trading a¢lSvltl Donated Profrts from PRCLT Ltd 231.831 230.9CKI Investment incom• Bank Interest Recewed 275 10 Other incomo Government grants 3,686 Total kKoming rosoU•S 265.240 365.440 EXPENOITURE Raising donationy and lega¢i•s Telephone Publicab"ons Sundries 1,303 1,275 55 2,840 3.033 4,336 4,170 Charftabl• •Ètivltl• Wages Locomotive Expen$e$ Insurance ght and heat Examination Fees Repairs & rene41$ Bank Charges Buildings Plant and machinery Computer equipment 127,363 191,976 20,207 3,050 118.703 29.288 24,244 1,575 4.322 15.122 770 33,678 930 185 23,213 1,000 33,678 930 185 401.602 228,817 Support costs Manggm*nt Postage and Stationwy 1,012 This page does not fom part statutory finan¢i#l $tstsm8nts Page18
The Prknce•• Ro Cla88 Lo¢omoti Trust 31.12.22 31.12.21 Management Govemanc• Costs Accountancy 1.2frJ 2.800 Total resour¢es exp8nded 408,15Q 235,587 Ngt Ioxp•ndltur•ncOM• (142.9101 129,853 Thi$ pag* doas notform portofth& $lalutory financial $tat8rn8nts Pago 19