THE SIR NICEL C.RLSLEY LOCOMOTIVE TRUST LIMITED REPORTS AND FINANCIAL sfATEMENTS 31 DECEMBER 2024 CompAny No. 00901015 Rrylitered Cblrlty No. 1079591 RAWSE, VARLEY & CO Bradford
'rHE SIR NIGEL GRESI,F.Y LOCOMOTIVE TRusf LIMITED Annual Report of the Trustee5 for the yeAr ended 31 December 2024 Trustees, Report The Trust Buard ha5 pleasurc in presenting their rewjrt and the group financial Statemen for Ihe year ended 31 De¢¢mber 2024. whtch are also prcpared to meet the r¢quittments for a direcrors, r¢port and accounts for Compattics Act purpo.es. ConstitutloTr Followittg a spec2al resolution of 'The A4 LocomotTVC Socictv Limited, to chattgc its name to The Sir Nig¢1 Cire8ley Locomotive Preservation 'frust l.imit¢d' in 1998 as a company limited by guarancec and not having a share capital (retaining company registration number 901015). the Trust Wos registered as a charity number 1079591. An Exlreordinttry General Meeting held on the 26th Octobcr 2014 passcd a resolution challged the name to 'The Str Nig¢1 Gresley Locotnotivc Tru Limircd,. Thc Trusl 18 governed by a Memorandum and Articl of Associution. In the cvenl of th¥ Company bcing wound up or dissolved the liability in resp¢¢l of Ike guarant¢e 1% limited a sum not ¢Xceing £IO.IN) per mcmberof thc company. The Charity's Objects Thc Trust wtts estttblished to advance th¢ education of thc public through thc prcservatiOW OPF8tion and ¢xhibition of locomotives of histori¢ or SCIenriC importancq spccifi¢ally the A4 Pacific Locomoiivc named 'Sir Nigel Grcsl¢y'. Thc Tnw¢¢s will carry foN'ard the Original obJ¢¢tivcs of Th¢ A4 Loc4)moiive Society from its (onnaiion in 1967 to maintain '.8ir Nigel Gresley. in mAin line working order, To thi.4 cnd overhauls have been carri¢d oul periodically to comply with the .vfery requiremts of the national railway system. The mn.sl rec¢nt oY¢rhaul ¢ommenced in Novemb¢r 2015 a[ w&* completed with vanous milestones b¢twttn April 2022 & April 2023. Th¢rc w¢rc no materid changes in th¢ polici¢5 ofthe Chariry during the y¢ar. Risks & Rtservti 'I'he I"fuil¢¢b wntinue Lo Identify and rcview rnajor risks (o which the Chariiy is exposed in rthring its objectives and have put sy.%tems in place io miiigatc thcsc risks. The lo¢omniive is prole¢ted and in141¢d in the <ywn¢r8hip of th¢ Tntst and improved di5tin¥lion belw¢¢n th¢ owner I'l'he'l rnst} and the Operator (rhe Sir NTigcl Greslcy Locomotive Comp8ny Limiteil (SNGLC)) exists, in pl1¢U]dr the financial arr8ngementb incorpora¢e41 in a Bailmen( Agreem¢nt betw¢¢n the comples. A rcgisier of relevant interests of TNstees Ind SNGLC Directors is maInlned In lifte with Charity CornmissicTrn guidancc. The principal risks ar¢ currcntly those &wciated with operaling. Comptred pr¢V1() operating pmods the 84reemenl the Trusi has cxeculed wilh the ROYAI S¢oi Locomotive and Ge¢[81 Trust (RSL>) gre reduces the risk% by 8iving us B 8uarant¢cd in¢ome. Th Trust policy on rcservcs is somewhat different from rn0 charities in that thc objeaive of the charity is on a l (kyear tunding ¢ycle based on th¢ opcrational period of the locomoiive. For that reason, the wliry ofthe Trust Is to accumulale a reserve in a designated ov¢rh8uI fulld.8uffici¢nt lo fund an oYerh#ul every 10 ycars. This 11¢Y h&% been in place sin¢e the fOrntIon of the Trust and thc last revi¢tv carri¢d out In 2022. Thc accumulated overhaul fun currently £526.000, Is repre$ted by c&%h and investments in the groLlP balance sheet with Ehc banCe of ¢&sh and inv¢strn¢nts being a general reserv¢ to eov¢r day to day and other operating requirements. The PUTPOSC of thc d<8ignated overhaul fund is to overhaul our locomntive coa¢li And to return them to mainline operdtion. The liming of the majority of exndEl¢ will bc during thc ovcrhaul pro¢ess at the end of the 10-yeor Cycle. li is our objective to h8ve a residual b&tancc in the ovcrhaul fund to start the next 10-year cycl¢ This was achicvcd in 2022f13, but the Tru8tee5 re¢ognis¢ that the nature of our actlvlty Is such it is impossible lo guarantee that il will always be achieved. MAin Attlvities Ind 8chiev¢ffients of the year 2024 The 21124 rAil(our progra¥nme commcnced in .14arch wilh SUC$sfi11 thurs King's Cross to YO (relurn) And Newcasrle to London. In between Ihese Sir NiRel Gresley was a popular visitor tn the F.ast L4ncs Rajlway 'Le8¢nds of Stcam. gall Thc locomotive wa5 then bd.%cd at Crcive for most of2024. operating a number ofrailtours lo Carlisle Th¢sc were mn[Y nver the S&C however the tour on 23fy1 May ran over Shap outhound celebraling 65 yew5 sinc¢ thc 112 mph run. Th¢ trip ivas prcceded by ov¢rnighi slonn& meaning Sip NEgel Gre$ley was at the head of onc of verv fcm. trains from the south to rh Carlisle thai day. In the autumn 60Q07 was the Only gutst locomoiiye att¢nding the 'Gits nf Steam. gala ai the Bluebell rnilway. The ¢venl was a 8at suc¢etss w'ith record attendanccs. During the visit a 8NGI.1' M¢mbers' Day was held on the same day as the AGM, with 60007 operating two mund trips for members. The year was roundcd off with Chris¢m&s t(yurs tt) York, t50(K)7 ormthig PelerEorougEt- YoTk and return. Thc fmancial results for the year arc set out in the following Group Statement of Financial Aclivities. Th¢ final results show the group net incomc for th¢ )e2r was £62.533. Ch at the end of thc ye&r aS £382:885, an increase of £18,707 during the ye4r. In addition. investmcrtt fvnds w¢rc held with a value at the cnd of the year of £180.424, an in¢re&se of £145.376. This result Is on track with the SNGLT bsine plan looking ioward$ the next overh&ul in circa 2032.
Income from sub8cription4 donalions and gift aid aTnountcd to £62,479 (2023 £108.410). Merchandis¢ and mernorabilia sales amounted to £ 38,979 {2023 - £31,641). Income from hire of the locornotsve w85 £154.84E (2023-£169.293). To keep metnbers up kn dare with activities regular updat&s are made on our website, itJ¢luding the exclvsiv¢ Memb¢rs' are4 and in our magazine 'Chim¢'. In addition, th¢ Trust runs a Facebook page to pmvide rcgular updal¢s and as a promolionai ac(ivity. During 2024 SIT hl£gél Gre51ey Ivas operated by Locomotive ScrvicesLimitcd under our 8greemenl with the Roy81 Scot Locomotive and Gcner#l 'l-rust concerning the mainlin¢ operation. The amng¢ment achieves the following objectivcs.. mainline base at Crcw¢' a secure engineering base whith provides under-cover accommodation for our locomotive year-round. the abilily to mainTain our strong engin¢wing team. atsd in particular continue the employmeni ofour Io¢otnolive engineer. mainiain our educztionxl #nd irni¥ting 8¢1ivitiC5' coniinued etlgagemeni wilh our membership. a c(Jniinued relationship Wilh the North Yorlshirc Moors for herilage running,. and a businrss plan rhat would sec a mix of. mainline and heril8g¢ operation to fund an ovcrhaul in ien yeor3' time, Opcrfttion nf the IA)comotive on h¢rttsgc rai1Th7ys w&8 mamagcd by the en8ineeriTtg and supwrt tcam organised in The Sir N'igcl CTrcsley Iffjwtnolive CoMpY Limitcd (SNCJLC). SN(iLC atso plays a vital rolc providing engin¢¢riog support and support cr¢w for LSL mainlinc operation& At the ¢nd of th¢ 2024. Trusl metnbership was stable at 8 healthy tal of 857 (865 in 2023), mPrising 224 ITfe members (227 in 2023) and 633 annual Members (638 in 2023). Future Developments 'lThe year start¢d with ft day trip to Alstom at r)erby for thc PTess launch of'The Cirea¢csl Ciathering. eY¢nl in August 2025, this event has become the fla8ship fnr th¢ Railwuys 200 celebrlon. The laun¢h a great $uccus with a lot of positive media covcrage gnd,gir Nigel GrÈ.slèy th¢ undoubt¢d star of ihe show. After for¢short¢ncd winter maintenance the I0motIve visited d)e NYMR, whtte il op¢raled sixteen sell-out specials. A m¢mkrs' train was planned in April bui unforninal¢ly thi5 wa5 canielled du¢ Lo a prolonged period of warni, dry weather resulting in a sieam ban on the NYMR due kn firc rtsk. The locomotive.wbs4uefiily moved back to Crcwc whcre time ¢0 compl¢te schcdulcd maintenance. The 2025 railtour swon h&8 got off to a slow start with rne e&ncelled however th¢ summer and wwmn will bc vcry busy for Sir Nixel and our support t¢Bm. I". Iiiancially. it 1.% exp¢¢i¢il Ihmt 2025 will bc a ditTicult ycar with a number of unp1aryn cxpensesl pnncip8lly ¢onurnin8 the wa¢h. Initially 'nuly' L)n Ihc whecls resulted tn new tyres being requir¢d. This w&$ organised, however fizrther ¢xp¢nses will be incurred tyLausL th¢ rollcr b¢arings wtte found (o n¢¢d r¢placemcTri. Income fnr the ye4r is eXpecd lo b¢ on-plan. Th¢ I'rust¢¢s are confident that the company remains a 80in8 concern. The Truste 'I'he Trustees al th¢ dde of signin8 thi8 rert ar¢.. Presid¢ni S F Grnham Chair C N Wilson Deputy Chair AHPitt Sccrc(¢ J P M Jackson Chief Mcchanical Engineer R Sw81¢5 Treasurer M K Whlmsley (8PPOiDtol 25 January 2025) M McHugh D melnto.gh A M Flood R J Sheami8n {appoiated 23rf July 2024) ucation oificer Trustee Voluntecring Rcpresentstlve In additiotL Don Gotl and Malc BeMan s¢rYed durin8 the year and reiired L% Tnjstecs at th¢ 2024 AGM. In accordance wilh the Articles of Association of the TrusL K¢ith Wrn51¢Y reti h8ving been 8ppoilld since the185t AGM, and John Graham, Alison Flood and Richard Swales [ire by rotation from thc Board. Bein£ cligible lo do brt, Keith Walm51¢y. Alison l.'lood and Richard Se5 thft¢r themselves for rtrelectton. Thc Trustees inuld lik¢ to thank Graham, who is stsnding do1) as a Trusicc. tor the imm¢n8c contribution hc made to our organts"0n ovcr the years. John retains the role of Honorary Prcsident of Alth(iugh Ihe Tnistces pr(Trvide thcir timc on a voluniaTr basi& there is a recognised ne¢d for professionalism and safety in the ownership, repair an¢J ninning orth¢ IDcomotive. Tlie-fwsteu have workrng roles &% Indi¢atcd abovc. Vacanci&f for'fru%t¢es are advcrtisej in 'Chim¢' from tirnc-to-time. Pot¢ntial new Truslee5 arc askcd to provide a CV, aftcr which thcy are interviewed bv the ChaiTman and at Iclst (Jnc other appmpriatr TTusaee. appn)priate bcing dctcrtrnined by anti¢ipa(cd rcsE>onsibilities.
THE SIR NIGEL GRESLEY LOCOMOTIVE TRUST LImED lftdependeot Examlntr's Report to the Trustees Of The Slr Nl¥el Gresley Locomotfve Trnsl iAmit¢41 I 00 the financial stat¢ments of The Sir Nig¢1 Greslry Locomoti Tnjst LimAted for the ye8r ended 31 tkcemb¢r 2024 set out on pa8es 5 to I I whi¢h (MpriSe the Group stamt of Fin#ncio1 Activitie& thc Group and Comp8ny Bafance Sh¢ets and the related notes. Respethe rewnjlbilltlts of #ftd examiner The trustees (who are also the diTectors of the company for the purpJs¢s of ¢ompany law) Arc responstble for the preparation of the finan¢ial statements. The chority's trusi¢es consider that an wdil is not required for this year under section 144 of the Clwiti¢s Act 2011 rnie Charities Art) and that Its indcpthaent exwnination i% Deeded. It is my re5wnsibility ts): examine the finattcial statern¢ots und¢r section 145 of the Chtritics A¢ to follow the procedures laid down in th¢ gowal dircctiw 8ivcn by C7writy Commission under srttion 145(5Xb) of th¢ Charities Act. and to state Wther Pthicular matters have come to my att¢ntion Bails of Indep¢#den¢ ¢xAmlTrer's Jtstemnt My examinalion w4s carr£¢d out in aCrdanCe with g¢ncral directions given by th¢ Charity Commission. An ¢xamin8tion in¢lude5 revi¢w of the a¢counting records kepl by th¢ charity and a comparison of the accounts pr¢5enied with those records. It 81s0 includ¢s nsideration of any unusual ilem5 or discloTe8 in the financial statontht8 and se¢king cxplanations from the tmst¢es con¢¢rning any su¢h matters. The procedures undertaken do noi provide thc ¢vtdenc¢ would be requir in an audit and conwuenily no opinion is 8iv¢n as io whether the fJn8nciai statonents prcsttk¢ a 'true Ind fair. view and th¢ report 15 limite4110 matters sd out in the statement below. Indep¢ndent ¢Mmlntr'i gtAtem••t In conntttion with my w(aminloffj rK) mAn¢r ¢ome to my attthtion lo indith th•t'. a¢untIng re¢ords htv¢ not ktyt in a¢cord•nce wlth x¢tion 386 of the Comp&ni¢s kn 2006,. th¢ financiat statemfflts do not w>rd with such re[th; the finan¢ial sthtem¢nts fail ty wmply with rclevant a¢countin8 rquirements under S¢¢¢ion 396 of the Comparties Act 2006, or ar¢ I1 nsiSteI wlth the Chdriti¢s SORP (FRS 102). in my opinion thc m8tt¢r should be drnwn to the attthtion of th¢ reader to gain a proper und¢rStsnd1 of the financlal semenT K R Varley Chartered Accountant Bradford 51h Augum 2025
THE SIR NIGEL GRLEy LOCOMOTIVE TRUST LIMITED A¢counting Poli¢i¢s Thc Trusi and its subsidiary company hav¢ adopt the following a¢U1ng policies which forni an Inte[ p8rt of the financial s¢a¢¢ments. B4s18 of ¥ccountin8 These financial statements have bttn prcparol under the historical 0)DvCtio]L The financi statements have been prcpared in &crdance with th¢ Stalent of RcconThiended Pra¢ti¢e.' Accountin£ and R¢porting by Charities preparing their accounts in decrdance with the Finan¢i81 RqAJrting Standard applicable in the UK and Republic of Ire18nd 102 (Charitic5 SORP (FRS 102)), &8 and with the FInCl Rcportin8 Stsndlrd applicabl¢ in the United Kingdom and the Republic of Ireland 102 (FRS 102) and with thc Companles Aa 2006. Thc Tn1 is 8 public benefit •)tity ftir th¢ puqjoses of FRS 102. Ba815 ofeonsolldatlon The group financial statcments combinc the fuwKio1 ststcmenrs of Th¢ SirNigel Gresley L¥scomotiv¢ Trust Limited and its subsidiary company mad¢ up to 31 Decernlw ¢8cb yeor. Fund Aecountloff Unre8tri¢ted funds tre available for use at the discretlon of th¢ Truees in furtlKMce of any of the puryjoses of the Thist. Desi8nated fvnds fomi partof th¢ unrestr1d funds and r¢prcsMt fjJnd% e4miarked by theTte¢S forparticulor PU4hryses. TheTnlee5 have the power to rtrdesign8te suth funds within unrestri$# funds. Restri¢t¢d fvnds are subject 10 rcstrictions impoxd by to the pur[ ty which the funds may be applied. lfteome reeogThltloTr All income is includ¢d in the ststement of financiAI I1vIll¢S Wh the group is entitled to the inwm¢, th¢ receipt of the Income is ¢onsidercd probable and the amovni clln k measured reliabty. Donttrd goods and services ore included at the vaiue to the Tru$4 when any condilions associated wirh ihc donaicd itcms have been met and 0)1¢ benefii c be mwured Tcliably. Exp¢Trdlture Exp¢nditure is recognised on the ac¢ruals bosis when there is a leDI or c4nslre obli8atlon to make payn1 to a third party gnd the omount of th¢ obllgatSon be measured reliably. EXP7¢ on rnislng fvnds Compris Wsts of wmmercial tr&lin8 and th¢ Chime public&tion. Expenditure on charitable activltie8 Lx)mprixs IocoJDotive and repair ¢0$ insuranc4 other ditt¢t CQSts and &8sociaied support costs. Support Costs thw¢ fijnctions that assist the of the company bul are wt diredly incurr•J in rn13ing fim&8 and undertaking hariiabl¢ a¢tivitie& Such costs are presenily allocAted wholly to ¢xpenditttre on charitsblc &ctivities on the grounds that &ny costs relatirt8 ts the rnisin8 of funds arc in8igDifi TnElble red Trd depretlitlo Tangible red are $ted ¢ost less depr¢¢lailO Th¢ I0tivA boiler and cOh ar¢ treated &s syat¢ assets and each are subjeth to periodic major Overh13 thai r¢s¢ore Ihe OFrIng teNtial of the The cost of such major overhauls is capitalise4J as repreTr8 the cost of thc art e¢rned. Dcprcciation 1$ calculated to write off th¢ above costs over the pryiod ty th¢ next expcctcd major overhaul. No depre¢iation is tharged whilst ovcrh&uls 8r¢ in progress. Inv¢strn¢nts Investments are stated ut fair v. In the CAk of managed tnvestment fund& fair valu¢ ts dd¢m)irted by refertnce to prices advised by tlic fund mana8¢r5. Sto¢k Stock ts stated at the lower of purch cost and net realisable Yalue.
THE SIR NIGEL GRESLEY LOCOMOTIVE TRUST LIMrrED Group StAtement of Flnittclal Artivitles {Incorporgting an Ineome and ¢xp¢nditNre teounl) Year ended 31 D¢e¢mber 2024 2024 2023 Don#tions and Itte1. Membership subscriptions Gift Aid lax Tcceivabl¢ Other donations and legacies 11.979 10.338 ,11.798 10.207 62.479 Other trgding ACtfvItItJ: General 54les 108,410 38.979 31.641 ITrvestmeot in¢ome: Bank deposit inlcrest Invcsthicnt income Gains on inv¢stm¢nts 16.318 3.562 4.694 271 27,693 6.223 Income from Chirltsblè actlvltl Ilire of locomotiv¢ and awineer 8¢rvic To#1 Intome and endovrnients 283,992 315,567 ExpeDdl¢ure on rAtslng funds Fund raising tradin8: Cost of general soles Expenditure ¢h•rit•ble ctlvl¢l•s General r¢p8irs and mainicnaft¢c Lo¢omotive njnning COSL8 Insurance Travelling and 5ub8islence Dcprcclation 61.179 8,220 11.039 5.777 41.346 9,330 10.549 3.384 Support Costs Alloeted to ehfftrltible Activltks Chin¢ magazine Postage and t¢lephone Prinling and ststioncry O¢neral expenses Bank ch2r8¢S Professional f¢¢s Jndependenl ¢x8miner's fcc 6.723 508 887 2.541 614 666 6,340 1,652 228 877 791 1,000 Tot1 txpeThdl¢ur¢ Net income before depreciation 161,640 218,963 Ikpreciation Net income b¢fTrre txation 62,533 120,023 Taxation (note 3) movement In fvd5 (note 9) The abovc staicmcnt rcl4tC5 entirely to unrestricted nd&
THE SIR NIGEL GRESLEY LOCOMOTIVE TRUST LIM Group B*l•nce Sheet 31 Dee¢mber 2024 2024 2023 N¢t assets employed Flxe(l usets Tangible fixed (note 4) 751350 851.457 Current 4$8ets Stock held for sale Trade debtors Other debtors Prcpaymcnts and accrua incom¢ Investments (note 6) Chsh at bank and building y)ciety 14.449 10.iii 8,473 10,207 17.068 35.048 10.338 16.275 180.424 Current Ilibllltlejj Creditors due withln one year: Trade creditors Other taxes and social securiry Accruals 4,564 20.722 2.197 24,028 e¢ ¢urrent islets TotAI #Js¢ts lus turrent IlAbÉll¢les Represented by Unrertrlcted funds: Desi8nal¢d funds {not¢ 7) cneral ndS (note 7) 526.CKIO 338,000 TtstAI funds (note 9) Thc accounts have been prepwed in tsceordantt with the spcclai provlsions of Part IS of th¢ Companies Act 2006 r¢l&¢ing lo small ¢ompanies. Approved by the trnstccs on 5th Augu 2025 and Si¢d on their balf by.. C. N. WILSON Chaimian J. F. JACKSON
THE SIR NIGEL GRESI.EY LOCOMOTIV£ TRUST LIMITED Bilan¢e Shttt 31 De¢¢mber 2024 2024 2023 Net Aijets employed Fixed assetj Tangible f]xed 1ssets (note 4) Investment in 5ubsidi8ry companies (note S) 750,518 848,793 Current Asi¢ts Stock held For sale Trade debtors Other t&Yes and social seawily Other debtors Prcpeyments and 8cfflicd income Investmcnts (nol¢ 6) C&8h at bank and building society 750.618 848,893 14.449 1250 1.131 10.338 3.613 180.424 10.207 35.048 Current li•billiles: eredltorg du• withln One yur Trad¢ creditors Other iaxcs and social S¢Tity Amount owed io subsidiary Accruals 3,423 1,440 164 71.275 122.318 Net current issets TotAI issets less current Iliblll¢l Rtpru¢nt¢d by Unr¢stricted fund$: Dcsignatcd funds (note 7) General funds (note 7) 526.000 338.000 Totsl fvnd• (not¢ 9) For the year ended 31 Ik¢ember 2024 the conwy w15 entitled to exemption from audit under Section 477 (2) of the a)rnpanies Act 2006. The mcmbers have noi required ihe company obtsin an audit in ac¢ord8n¢¢ wilh Section 476 of the Companies Act 2006. The d1ClOT5 acknowledge their responsibilities for- ensuring the cotnpany keeps accounting records which comply with Secuon 386 and 387 of th¢ Companies Act 2006. prepfirin8 accounts which give a true and fair view of the statc of affairs of the compony as &t th¢ end of financial ye8r, and of its profit or lo&% for ch financial year. in ac¢ordonce with the rcquirern¢nts of Sections 394 and 395. 8nd which Otherwi comply with the requirements of the Companies Act 2006 relatingto accounts, SY) far as applicable lo the (yjmpany. The accounts have been in accordance with the 5pecia] wovisions of Part 15 of the Companies Act 2006 relating to small companics. Approved b the trnslees on 5th August 2025 and signejj on their behabY." C. N. WILSON Chairntan J. F. M. JACKSON
THE SIR NIGEL GRF.SLEY LOCOMOTIVE TRUST LIMrrED Notts to th¢ Fin•n¢lal Statements 31 Dettmber 2024 Stttsry Infonnatlo The Sir Nigcl Gresley Locomotive Tn Limited is a private cornpany. limitrd by guarantee. registered in England and Wales. The company's rcgistcrcd nurnber is IM)901015 and ils registered office ts Lloyds Bank chllmbe I lustiergate, Bradford BDI l UQ. Thc Trust is a rtgistered charity. number 1079591. Staff costs and Trn5teeJ' remuAerillon And txpensts The avcrage number of¢rnploy¢¢s duriftg the ye4r was on¢ {2023 - one). Staff salaries amount¢d to £52.135 (2023 - £42.937) and ¢mployL¥'S wion contributions attK>unted £1.626 {2023 - £1.083). The Trustees received remuncralion for the y¢8r (2023 - none). The Trustees iTy¢urrcd lrnvel and oth¢r ¢xpu)scs in the course of pmviding servi$ lo the Trus¢ and its subsidiarics omountin8 to £6,497 (2023 - £5,156) including VAT, from which th)nations 8mounting ts £6.325 (21Y23 - £5.013) were made to th¢ Tnt5t TAxAtlon No ¢hsrge for taxation ari5¢5 on the net income for th¢ year (2023- )ne). In general t¢mis th¢ TNst is exp$ from t&¥ on irtcome and 8alns applied to its charitable objeets. Tanglbl¢ nxed amets Motor vehicle Group and ¢ompny Lo¢omothi• Bollèr CoAch Totil Cost.. l January 2024 fynd 31 December 2024 Depreciaiion.. l January 2024 Char8¢ 86.431 54.775 60,594 38.270 8.218 5,230 665 832 155,908 99.107 31 Dcccmber 2024 01 Nei book value- 31 December 2024 . 371)an 2023 Wtth the CXC¢F¢ion of th¢ mOr vehicle all tangibl¢ fixed &%s¢ts are held by th¢ Trusi and are considcred to be herits8e assets for thc purwses of the Charities SORP (FRS 102). as updated. Invmtment In subsidliry compinl The Trnst h&8 effective voting control of The Sir Nigel c11¢Y EA)comotive Company Limited, which is a Company limited by 8uarant¢e (company no. 03700456) and there is therefore ¢ost of invesun¢nt. Th¢ main activity of the subsidiary is the operatiori of Class A4 steam loeomotive SirNigel Grley, including ovcrhaui& Tr8nsa(*ions for the year mmpriscd group VAT movements of £30,758 (2023 - £20,270) less funding ynd other trferS of £81,801 (2023 - £153,609). Last year th¢r¢ were also overhaul transactions of £7.073. In 2022 th¢ Trust formed a new subsidiary, SNG Engineering LIMItr a o)mpany limitrd by shares (wmpany no. 13861809). At 31 Dec¢mber 2024 the cOmpY had not undertaken any tranSalOn
THE SIR NIGEL GRESLEY LOCOMOTEVE TRUST LIMITED Note5 to the Flnan¢lal St#t•ments 31 D¢eember 2024 Inveslmettt In sub8ldl#ry compaDiM (toAtd.) The summary fU1claI p¢rforn]ance of The Sir Nig¢1 GleY LI)Motive Company Lirnited is &s follows: 2024 2023 Ineome Exp¢nditur¢ 154.841 81,071 169.293 61.240 Nct incomel(loss) The asscts and liabilities of the subsidiary were.. Fixed a5S¢ts Curreni ass¢(s Current liabiliti¢s 1.832 2,664 163.094 90,493 (45.348) (47.349) Currnt Investments 2024 2023 Fair value: Managed investrnent funds If Inv¢sthients were not Ttslaled io ffiir valu< thcy would bc styed at cost of £167,519 (2023 - £33,519). Fund ¢¢ounts M•Jor Ov*rhaul FuDd G¢neral Totsl Croup Opening balances Net income for ihc year Transfer of fvnds 907,891 62.533 (188.000) 338.000 1,245,891 62,533 188.000 C.losin8 b81ances Analysis of net oss¢ts betwern funds: Tangible fixed assets Cutrent ass¢ts Current liabiliti 752,350 78.371 {48297) 752,330 604.371 148.297) 526.000 Net 8S5ets 132 10
THF. SIR NIGEL GRESLEY LOCOMOTIVF. TRUST LIMITED Notei to the Finaneial Statement$ 31 D¢¢tmb¢r 2024 Fund ¢¢ounts (toutd.) M•jor Overhaul Fund General Fund TotAI Compaby OpenÈng balvnce5 Net {deficityincome ftir the ye Trnnsfer of funds 862.083 (11,237) (188.000) 338.000 1.200.083 111.237) 188.000 Closing balances Analy515 ofnet assas between fijnds: Tangible fixtsl assets InY¢stment in subsidiary ¢omp8nies Current assets Currcnt li2biliti¢s 750.518 loo 38,626 (126,398) 750,518 526.000 564.626 {126.398) Nei asseis Both funds are unr¢stricted funds. The majorovertJ8ul futMI is A desi8nated fund. There are no restriCl funds. Prent comp•ny rt*tem¢llt of Iltr#rtthl Attivltles As p¢rn)ittcd by Section 408 ofthe compani Act 2006 the StateMt of fmancial adivities of the pattnl ¢ompany Iw nol been prcs¢nthd. In summary, the flnan¢ial rfOrnianc¢ of the p8Mt panY Included in the 8roup slatemenl of financial acdviiics is as fullows-. 21124 2023 Inwmc Expcrtdiwre 129.151 140.388 146,274 134.304 Ncl (dcficityincome Reeonclllatooth tyf movement In members, hnds Croup 2023 Cofflpany 2024 2024 2023 Opening mmb¢rs' funds ,245,891 1.125.868 1,200.083 1.188,113 Net InMe for the year 62.533 120,023 (11.237) 11.970 Closin8 members. funds io. Flnaneiil commltments The were no contracted wit81 expellditswe commitments at 31 Decetnber 2024 or 31 Decemb¢r 2023. 11
THE SIR NIGEL GRESLEY LOCOMOTIVE TRUST LIMITED Statement of Financlal Actlvtlles (incorporallng in income And espenditure account) Year eDded 31 December 2024 2024 2023 Ineome Membershlp Subscriptions Gift Aid tsx receivable Other donations and fund-rdi5ing activitiL Bank dq>osit inter&st Investment income Gain on investMets General sales 11.979 10.338 40.162 16.318 3,562 7,813 38,979 11,798 10,207 86,405 4,694 271 1,258 31.641 T¢)tal Income 129,151 146.274 E%pendlture on ralilDg funds Fund raisin8: Cosi of 8cn#al sales Dlrert chxrltablt txpendltsre Insuranc¢ Travelling Depre¢iation 1,570 5.777 98,275 1,579 3.384 98,275 Management and admllllitr#tlon Chime ma88zine Postage and telephone Printing and stationery General expens¢s Bank charges Indep¢nd¢nl wminer's fee Professional 6.723 508 887 2,541 559 650 6.340 1,638 218 877 726 640 I,(KJO Totsl expendllure 140,388 134,304 Net {deficitylncom¢ Tbls pige doe8 not form part of the ststutory flnallclal statements 12