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2023-12-31-accounts

THE SIR NIGEL GRESLEY LOCOMOTIVE TRUST LIMITED

REPORTS AND FINANCIAL STATEMENTS

31 DECEMBER 2023

Company No. 00901015 Registered Charity No. 1079591

RAWSE, VARLEY & CO Chartered Accountants Bradford

THE SIR NIGEL GRESLEY LOCOMOTIVE TRUST LIMITED

Annual Report of the Trustees for the year ended 31 December 2023

Trustees’ Report

The Trust Board has pleasure in presenting their report and the group financial statements for the year ended 31 December 2023, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

Constitution

Following a special resolution of ‘The A4 Locomotive Society Limited’ to change its name to 'The Sir Nigel Gresley Locomotive Preservation Trust Limited’ in 1998 as a company limited by guarantee and not having a share capital (retaining company registration number 901015), the Trust was registered as a charity number 1079591. An Extraordinary General Meeting held on the 26[th] October 2014 passed a resolution that changed the name to ‘The Sir Nigel Gresley Locomotive Trust Limited’. The Trust is governed by a Memorandum and Articles of Association. In the event of the company being wound up or dissolved the liability in respect of the guarantee is limited to a sum not exceeding £10.00 per member of the company.

The Charity’s Objects

The Trust was established to advance the education of the public through the preservation, operation and exhibition of locomotives of historic or scientific importance, specifically the A4 Pacific Locomotive named ‘Sir Nigel Gresley’. The Trustees will carry forward the original objectives of The A4 Locomotive Society from its formation in 1967 to maintain ‘Sir Nigel Gresley’ in main line working order. To this end overhauls have been carried out periodically to comply with the safety requirements of the national railway system. The most recent overhaul commenced in November 2015 and was completed with various milestones between April 2022 & April 2023.

There were no material changes in the policies of the Charity during the year.

Risks & Reserves

The Trustees continue to identify and review major risks to which the Charity is exposed in furthering its objectives and have put systems in place to mitigate these risks. The locomotive is protected and insulated in the ownership of the Trust and an improved distinction between the owner (The Trust) and the Operator (The Sir Nigel Gresley Locomotive Company Limited (SNGLC)) exists, in particular the financial arrangements incorporated in a Bailment Agreement between the Companies.

A register of relevant interests of Trustees and SNGLC Directors; this is in line with Charity Commission guidance.

With an overhaul now complete the risk profile has changed to those associated with operating. Compared to previous operating periods the agreement the Trust has executed with the Royal Scot Locomotive and General Trust Limited (RSL&GT) greatly reduces the risks by giving us a guaranteed income.

The Trust policy on reserves is somewhat different from most charities in that the objective of the charity is on a 10-year funding cycle based on the operational period of the locomotive. For that reason, the policy of the Trust is to accumulate a reserve in a designated overhaul fund sufficient to fund an overhaul every 10 years. This policy has been in place since the formation of the Trust and a review was carried out in 2022. Cash and investments in the group balance sheet therefore represent the accumulated overhaul fund of £338,000 with the balance being a general reserve to cover day to day and other operating requirements. The purpose of the designated overhaul fund is to overhaul our locomotive and coach and to return them to mainline operation. The timing of the majority of expenditure is during the overhaul process at the end of the 10-year cycle. It is our objective to have a residual balance in the overhaul fund to start the next operating period. This was achieved in 2022/23, but the Trustees recognise that the nature of our activity is such that it is impossible to guarantee that it will always be achieved.

Main activities and achievements of the year 2023

Having run in black livery as No. 4498 in 2022 the start of 2023 saw Sir Nigel Gresley repainted into BR express blue livery as voted for by Trust members during the overhaul. Following the painting routine maintenance was carried out before a successful visit to the Nene Valley Railway over Easter 2023. During the visit a SNGLT Members’ Day was held with 60007 providing footplate rides to members. The locomotive then returned to Crewe. Over the summer a program of tours was operated in the South West for Saphos Trains with the locomotive based at Bishops Lydeard. During these tours repairs were necessary to the little end of the middle engine and also replacement of left engine piston valve rings.

In the Autumn the locomotive visited the NYMR for their Autumn gala and also working a joint SNGLT members’ train with the LNER Coach Association.

The locomotive then worked a railtour for ‘Steam Dreams’ to Edinburgh but unfortunately the piston valve rings in the right engine failed and the locomotive was unavailable for the remainder of the tour. Repairs were instigated to allow the locomotive to return to Crewe where winter maintenance commenced slightly early. As a preventative measure all the valve rings were replaced as part of a full valve and piston examination.

The locomotive was ready for its next planned railtours in March 2024.

1

The financial results for the year are set out in the following Group Statement of Financial Activities. The final results show the group net income for the year was £120,023. Cash at the end of the year was £364,178, an increase of £172,381 during the year. In addition investment funds were held with a value at the end of the year of £35,048. This result is on-track with the SNGLT business plan looking towards the next overhaul in circa 2032.

Income from subscriptions, donations and gift aid amounted to £108,410 (2022 - £106,778). Merchandise and memorabilia sales amounted to £31,641 (2022 - £41,398). Income from hire of the locomotive was £169,293 (2022 – £69,277).

To keep members up to date with activities regular updates are made on our website, including the exclusive Members’ area, and in our magazine 'Chime'. In addition, the Trust runs a Facebook page to provide regular updates and as a promotional activity.

During 2023 Sir Nigel Gresley was operated by Locomotive Services Limited (LSL) under our agreement with the Royal Scot Locomotive and General Trust concerning the mainline operation. The arrangement achieves the following objectives:

Operation of the locomotive on heritage railways was managed by the engineering and support team organised in The Sir Nigel Gresley Locomotive Company Limited (SNGLC). SNGLC also plays a vital role providing engineering support and support crew for LSL mainline operations,

At the end of the 2023, Trust membership has grown slightly to a healthy total of 865 (855 in 2022), comprising 227 life members (236 in 2022) and 638 annual members (619 in 2022).

Future Developments

The 2024 railtour programme commenced in March with successful tours from King’s Cross to York (return) and Newcastle to London. In between these Sir Nigel Gresley was a popular visitor to the East Lancs Railway ‘Legends of Steam’ gala. The locomotive will be based at Crewe for most of 2024 although a month is planned at Bishops Lydeard for three mainline tours. In the autumn 60007 is booked to attend the Autumn gala of the Bluebell Railway.

In order to take advantage of potential contract engineering opportunities, a new company has been established named SNG Engineering Ltd. This company a company limited by shares and is 100 % owned by SNGLT Ltd. It has not yet traded.

The Trustees are confident that the company remains a going concern.

The Trustees

The Trustees during the year and at the date of signing this report are:

President
J F Graham
Chairman
C N Wilson
Secretary
J F M Jackson
Chief Mechanical Engineer R Swales
Treasurer
M McHugh
Education Officer D McIntosh
Trustee responsible for sales D B Gott
Trustee A M Flood
Editor of Chime M Bateman
Volunteering Representative R J Shearman

On 7[th] October 2023 Vice President and life Trustee, C D D Newton passed away. Charles had been a Director / Trustee since 1967. The funeral and tributes were covered in ‘Chime’.

In accordance with the Articles of Association of the Trust, Malcolm Bateman, Bob Shearman and Nigel Wilson retire from the Board and, being eligible to do so, Bob Shearman and Nigel Wilson offer themselves for re-election. Malc Bateman wishes to retire at the AGM, Additionally Don Gott has informed the Trustees he wishes to retire at the AGM and Mike McHugh has informed the Trustees that he wishes to retire before the end of 2024.

Although the Trustees provide their time on a voluntary basis, there is a recognised need for professionalism and safety in the ownership, repair and running of the Locomotive. The Trustees have working roles as indicated above.

In has been agreed the responsibility for Sales will pass to David Marsh. Mr Marsh will not become a Trustee at this time but will report to the Board on Sales matters after the retirement of Mr Gott. The remaining vacancies have been advertised in ‘Chime’. Potential new Trustees are asked to provide a CV, after which they are interviewed by the Chairman and at least one other appropriate Trustee, appropriate being determined by anticipated responsibilities. The prospective appointee must then be approved by the board of Trustees and must provide two references of good character that will be reviewed by the Hon. Secretary and the Chairman. They are also directed

2

to the Charity Commission website in order to read the duties and responsibilities of trustees, after which they must sign an eligibility to become a trustee form. Once these steps have been completed the appointment is confirmed by the Hon. Secretary.

The Trustees would like to thank all those retiring for their many years of dedicated service.

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the Trustees’ Report and the financial statements for each accounting period in accordance with applicable law and regulations. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing those financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Charities SORP (FRS 102) requires Trustees to include in their report:

Independent Examinations

A company that meets two of the following three criteria may elect for exemption from audit under company law:

To be eligible for Independent Examination a charity's gross income must not exceed £1,000,000 or where gross income exceeds £250,000, the aggregate value of its assets must not exceed £3.26m.

As the Trust fulfils the above criteria the Trustees resolved in 2012 and until further notice to move to publishing Independently Examined accounts in place of Audited accounts.

So far as each Trustee is aware, there is no relevant information of which the company’s Independent Examiner is unaware. Each Trustee has taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant information and to establish that the Independent Examiner is aware of that information.

Other relevant organisations

Independent Examiner: Roger Varley of Rawse, Varley & Co, Lloyds Bank Chambers, Hustlergate, Bradford BD1 1UQ Bankers: HSBC Bank plc, The Parade, Leamington Spa for main business accounts;

The Unity Trust Bank plc, Nine Brindley Place, Birmingham, B1 2HB for members’ subscriptions and regular donations

Trading Companies: The Sir Nigel Gresley Locomotive Company Limited, Lloyds Bank Chambers, Hustlergate, Bradford, BD1 1UQ;

SNG Engineering Limited, Lloyds Bank Chambers, Hustlergate, Bradford, BD1 1UQ

Independent Examiner

Roger Varley of Rawse, Varley & Co is willing to continue in office, and a resolution proposing his reappointment and authorising the Trustees to fix his remuneration will be put to the annual general meeting.

Signed on behalf of the Trustees by

C. N. WILSON Chairman

J. F. M. JACKSON Secretary

15 June 2024

3

THE SIR NIGEL GRESLEY LOCOMOTIVE TRUST LIMITED

Independent Examiner’s Report to the Trustees of

The Sir Nigel Gresley Locomotive Trust Limited

I report on the financial statements of The Sir Nigel Gresley Locomotive Trust Limited for the year ended 31 December 2023 set out on pages 5 to 11 which comprise the Group Statement of Financial Activities, the Group and Company Balance Sheets and the related notes.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the financial statements. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (The Charities Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner’s statement

My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention to indicate that:

K R Varley Chartered Accountant Bradford

15 June 2024

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THE SIR NIGEL GRESLEY LOCOMOTIVE TRUST LIMITED

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Accounting Policies

The Trust and its subsidiary company have adopted the following accounting policies which form an integral part of the financial statements.

Basis of accounting

These financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland 102 (Charities SORP (FRS 102)), as updated, and with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland 102 (FRS 102) and with the Companies Act 2006. The Trust is a public benefit entity for the purposes of FRS 102.

Basis of consolidation

The group financial statements combine the financial statements of The Sir Nigel Gresley Locomotive Trust Limited and its subsidiary company made up to 31 December each year.

Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of any of the purposes of the Trust.

Designated funds form part of the unrestricted funds and represent funds earmarked by the Trustees for particular purposes. The Trustees have the power to re-designate such funds within unrestricted funds.

Restricted funds are subject to restrictions imposed by donors as to the purposes to which the funds may be applied.

Income recognition

All income is included in the statement of financial activities when the group is entitled to the income, the receipt of the income is considered probable and the amount can be measured reliably. Donated goods and services are included at the value to the Trust, when any conditions associated with the donated items have been met and economic benefit can be measured reliably.

Expenditure

Expenditure is recognised on the accruals basis when there is a legal or constructive obligation to make payment to a third party and the amount of the obligation can be measured reliably. Expenditure on raising funds comprises costs of commercial trading and the Chime publication. Expenditure on charitable activities comprises locomotive running and repair costs, insurance, other direct costs and associated support costs.

Support costs are those functions that assist the work of the company but are not directly incurred in raising funds and undertaking charitable activities. Such costs are presently allocated wholly to expenditure on charitable activities on the grounds that any costs relating to the raising of funds are insignificant.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. The locomotive, boiler and coach are treated as separate assets and each are subject to periodic major overhauls that restore the operating potential of the asset.

The cost of such major overhauls is capitalised as representing the cost of the asset concerned.

Depreciation is calculated to write off the above costs over the period to the next expected major overhaul. No depreciation is charged whilst overhauls are in progress.

Investments

Investments are stated at fair value. In the case of managed investment funds, fair value is determined by reference to prices advised by the fund managers.

Stock

Stock is stated at the lower of purchase cost and net realisable value.

5

THE SIR NIGEL GRESLEY LOCOMOTIVE TRUST LIMITED

Group Statement of Financial Activities (incorporating an income and expenditure account) Year ended 31 December 2023

Donations and legacies:
Membership subscriptions
Gift Aid tax receivable
Other donations and legacies
Other trading activities:
General sales
Investment income:
Bank deposit interest
Investment income
Gains on investments
Income from charitable activities
Hire of locomotive and engineer services
Total income and endowments
Expenditure on raising funds
Fund raising trading: Cost of general sales
Expenditure on charitable activities
General repairs, maintenance and engineer costs
Locomotive running costs
Insurance
Travelling and subsistence
Depreciation

Support costs allocated to charitable activities
Chime magazine
Postage and telephone
Printing and stationery
General expenses
Bank charges
Professional fees
Independent examiner’s fee
Total expenditure
Net income before depreciation
Depreciation

Net income before taxation
Taxation (note 3)
Net movement in funds (note 9)		 £
11,798
10,207
86,405
4,694
271
1,258
19,627
41,546
9,330
10,549
3,384
98,940
163,749
6,340
1,652
228
877
791
1,000
1,280
12,168
218,963
98,940
 2023
£
108,410
31,641
6,223
169,293
315,567

195,549
120,023
-
120,023		 £
8,653
10,305
87,820
547
-
-
21,575
10,649
28,118
9,384
4,480
56,968
109,599
5,984
1,147
1,691
1,473
893
970
1,280
13,438
130,356
56,968		 2022
£
106,778
41,398
547
69,277
218,000

144,612
73,388
-
73,388

The above statement relates entirely to unrestricted funds.

6

THE SIR NIGEL GRESLEY LOCOMOTIVE TRUST LIMITED

Group Balance Sheet 31 December 2023

Net assets employed
Fixed assets
Tangible fixed assets (note 4)
Current assets
Stock held for sale
Trade debtors
Other debtors
Prepayments
Investments (note 6)
Cash at bank and building society
Current liabilities
Creditors due within one year:
Trade creditors
Other taxes and social security
Accruals
Net current assets
Total assets less current liabilities
Represented by
Unrestricted funds:
Designated funds (note 7)
General funds (note 7)
Total funds(note 9)		 £
10,111
8,473
10,207
17,068
35,048
364,178
445,085
2,197
24,028
24,426
50,651

1

The accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by the trustees on 15 June 2024 and signed on their behalf by:

C. N. WILSON Chairman

J. F. M. JACKSON Secretary

7

THE SIR NIGEL GRESLEY LOCOMOTIVE TRUST LIMITED

Balance Sheet 31 December 2023

Net assets employed
Fixed assets
Tangible fixed assets (note 4)
Investment in subsidiary companies (note 5)
Current assets
Stock held for sale
Amount owed by subsidiary
Trade debtors
Other debtors
Prepayments
Investments (note 6)
Cash at bank and building society
Current liabilities: creditors due within one year
Trade creditors
Other taxes and social security
Amount owed to subsidiary
Accruals
Net current assets
Total assets less current liabilities
Represented by
Unrestricted funds:
Designated funds (note 7)
General funds (note 7)
Total funds(note 9)		 £
10,111
-
2,250
10,207
11,131
35,048
357,020
425,767
1,440
164
71,275
1,698
74,577

For the year ended 31 December 2023 the company was entitled to exemption from audit under Section 477 (2) of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(i) ensuring the company keeps accounting records which comply with Section 386 and 387 of the Companies Act 2006; and

The accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by the trustees on 15 June 2024 and signed on their behalf by:

C. N. WILSON Chairman

J. F. M. JACKSON Secretary

8

THE SIR NIGEL GRESLEY LOCOMOTIVE TRUST LIMITED

Notes to the Financial Statements 31 December 2023

1. Statutory information

The Sir Nigel Gresley Locomotive Trust Limited is a private company, limited by guarantee, registered in England and Wales. The company’s registered number is 00901015 and its registered office is Lloyds Bank Chambers, Hustlergate, Bradford BD1 1UQ. The Trust is a registered charity, number 1079591.

2. Staff costs and Trustees’ remuneration and expenses

The average number of employees during the year was one (2022 – one).

Staff salaries amounted to £42,937 (2022 - £39,586) and employer’s pension contributions amounted to £1,083 (2022 - £1,000). Staff costs have been charged fixed assets, where appropriate, until final completion of the overhaul.

The Trustees received no remuneration for the year (2022 - none).

The Trustees incurred travel and other expenses in the course of providing services to the Trust and its subsidiaries amounting to £5,156 (2022 - £6,348) including VAT, from which donations amounting to £5,013 (2022 - £5,924) were made to the Trust.

3. Taxation

No charge for taxation arises on the net income for the year (2022 – none).

In general terms the Trust is exempt from tax on income and gains applied to its charitable objects.

4. Tangible fixed assets

Group and company
Locomotive
£
Cost:
1 January 2023
524,584
Additions
4,903
31 December 2023
529,487
Depreciation:
1 January 2023
31,656
Charge
54,775
31 December 2023
86,431
Net book value - 31 December 2023
443,056

- 31 December 2022
492,928		 Boiler
£
369,940

-
369,940

22,324
38,270
60,594
309,346
347,616		 Coach

£
102,438
2,171
104,940
2,988
5,230
8,218
96,391

99,450
 Motor
vehicle
£
-
3,329
3,329
-
665
665
2,664
-		 Total
£
996.962
10,403
1,007,365
56,968
98,940
155,908
851,457
939.994

With the exception of the motor vehicle all tangible fixed assets are held by the Trust and are considered to be heritage assets for the purposes of the Charities SORP (FRS 102), as updated.

5. Investment in subsidiary companies

The Trust has effective voting control of The Sir Nigel Gresley Locomotive Company Limited, which is a company limited by guarantee (company no. 03700456) and there is therefore no cost of investment. The main activity of the subsidiary is the operation of Class A4 steam locomotive Sir Nigel Gresley, including the overhaul. Transactions for the year comprised overhaul costs of £7,073 (2022 - £89,964) and group VAT movements of £20,270 (2022 - £17,650) less funding and other transfers of £153,609 (2022 - £66,444).

Last year the Trust formed a new subsidiary, SNG Engineering Limited, a company limited by shares (company no. 13861809). At 31 December 2023 the company had not undertaken any transactions.

9

THE SIR NIGEL GRESLEY LOCOMOTIVE TRUST LIMITED

Notes to the Financial Statements 31 December 2023

5. Investment in subsidiary companies (contd.)

The summary financial performance of The Sir Nigel Gresley Locomotive Company Limited is as follows:

Income

Expenditure

Net income/(loss)

The assets and liabilities of the subsidiary were:
Fixed assets
Current assets
Current liabilities

Net liabilities
Current asset investments
Fair value:
Managed investment funds		 2023
2022
£
£
169,293
69,277
61,240
48,031
__
_
108,053
21,246
2,664
-
90,493
42,267
(47,349 ) (104,512 )
 ____
45,808
(62,245 )
2023
2022
£
£
35,048
-		 2023
2022
£
£
169,293
69,277
61,240
48,031
__
_
108,053
21,246
2,664
-
90,493
42,267
(47,349 ) (104,512 )
 ____
45,808
(62,245 )
2023
2022
£
£
35,048
-		 2023
2022
£
£
169,293
69,277
61,240
48,031
__
_
108,053
21,246
2,664
-
90,493
42,267
(47,349 ) (104,512 )
 ____
45,808
(62,245 )
2023
2022
£
£
35,048
-

2022
£
-

6. Current asset investments

If investments had not been restated to fair value, they would be stated at cost of £33,519.

7. Fund accounts

Group
Opening balances
Net income for the year
Transfer of funds
Closing balances
Analysis of net assets between funds:
Tangible fixed assets
Current assets
Current liabilities
Net assets		 Major
General
Overhaul
Fund
Fund
£
£
961,119
164,749
120,023
-
(173,251 )
173,251
_
_
907,891
338,000
851,457
-
107,085
338,000
(50,651 )
-
_
_
907,891
338,000		 Total
£
1,125,868
120,023
-
__
1,245,891
851,457
445,085
(50,651 )
_
1,245,891

10

THE SIR NIGEL GRESLEY LOCOMOTIVE TRUST LIMITED

Notes to the Financial Statements 31 December 2023

7.
Fund accounts (contd.)
Company
Opening balances
Net income for the year
Transfer of funds
Closing balances
Analysis of net assets between funds:
Tangible fixed assets
Investment in subsidiary companies
Current assets
Current liabilities
Net assets		 Major
General
Overhaul
Fund
Fund
£
£
1,023,364
164,749
11,970
-
(173,251 )
173,251
_
_
862,083
338,000
848,793
-
100
-
87,767
338,000
(74,577)
-
_
_
862,083
338,000		 Total
£
1,188,113
11,970
-
_
1,200,083
848,793
100
425,767
(74,577 )
_
1,200,083

Both funds are unrestricted funds. The major overhaul fund is a designated fund. There are no restricted funds.

8. Parent company statement of financial activities

As permitted by Section 408 of the Companies Act 2006 the statement of financial activities of the parent company has not been presented. In summary, the financial performance of the parent company included in the group statement of financial activities is as follows:

Income
Expenditure

Net Income
 2023
2022
£
£
146,274
148,723
134,304
96,581
_
______
11,970
52,142

9. Reconciliation of movement in members’ funds

Opening members’ funds
Net income for the year
Closing members’ funds
 Group

2023
2022
£
£
1,125,868 1,052,480
120,023
73,388
_ _
1,245,891 1,125,868		 Company
2023
2022
£
£
1,188,113
1,135,971
11,970
52,142
_
_
1,200,083
1,188,113

10. Financial commitments

There were no contracted capital expenditure commitments at 31 December 2023 (2022 – £1,535).

.

11

THE SIR NIGEL GRESLEY LOCOMOTIVE TRUST LIMITED

Statement of Financial Activities (incorporating an income and expenditure account) Year ended 31 December 2023

Income
Membership subscriptions
Gift Aid tax receivable
Other donations and fund-raising activities
Bank deposit interest
Investment income
Gain on investments
General sales
Total income
Expenditure on raising funds
Fund raising: Cost of general sales
Direct charitable expenditure
Insurance
Travelling
Depreciation
Management and administration
Chime magazine
Postage and telephone
Printing and stationery
General expenses
Bank charges
Independent examiner’s fee
Professional
Total expenditure
Net income
This page does not form part of the statutory financial statements		 £


19,627
1,579
3,384
98,275
__
103,238
6,340
1,638
218
877
726
640
1,000
____
11,439
 2023
£
11,798
10,207
86,405
4,694
271
1,529
31,641
_
146,274

134,304
_
11,970		 £

21,575
1,484
4,480
56,968
__
62,932
5,984
1,090
1,684
1,152
824
640
700
___
12,074		 2022
£
8,653
10,305
87,820
547
-
-
41,398
__
148,723
96,581
____
52,142

12