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 Tr￿1 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 t￿￿￿93 of Th• Prln¢esB Royal Cla¥¥ Locomotlv• T￿￿t 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 yes￿1 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