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 ¢Xce￿ing £IO.IN) per mcmberof thc company.
The Charity's Objects
Thc Trust wtts estttblished to advance th¢ education of thc public through thc prcservatiOW OP*F8tion and ¢xhibition of locomotives of
histori¢ or SCIen￿riC 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 requirem￿ts 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 ￿rth￿ring its objectives and have put sy.%tems
in place io miiigatc thcsc risks. The lo¢omniive is prole¢ted and in￿141¢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 pl￿1¢U]dr
the financial arr8ngementb incorpora¢e41 in a Bailmen( Agreem¢nt betw¢¢n the comp￿les.
A rcgisier of relevant interests of TNstees Ind SNGLC Directors is maIn￿lned 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&GT) 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 fOrn￿tIon of the Trust and thc last
revi¢tv carri¢d out In 2022. Thc accumulated overhaul fun￿ currently £526.000, Is repre$￿ted by c&%h and investments in the
groLlP balance sheet with Ehc b￿anCe of ¢&sh and inv¢strn¢nts being a general reserv¢ to eov¢r day to day and other operating
requirements. The PUTPOSC of thc d<8ignated overhaul fund is to overhaul our locomntive coa¢li And to return them to mainline
operdtion. The liming of the majority of ex￿ndEl￿¢ will bc during thc ovcrhaul pro¢ess at the end of the 10-yeor Cycle. li is our
objective to h8ve a residual b&tancc in the ovcrhaul fund to start the next 10-year cycl¢ This was achicvcd in 2022f13, but the Tru8tee5
re¢ognis¢ that the nature of our actlvlty Is such it is impossible lo guarantee that il will always be achieved.
MAin Attlvities Ind 8chiev¢ffients of the year 2024
The 21124 rAil(our progra¥nme commcnced in .14arch wilh SUC￿$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 m￿n[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$ley was at the head of onc of verv fcm. trains from the south to r￿h Carlisle thai day.
In the autumn 60Q07 was the Only gutst locomoiiye att¢nding the 'Gi￿ts nf Steam. gala ai the Bluebell rnilway. The ¢venl was a 8￿at
suc¢etss w'ith record attendanccs. During the visit a 8NGI.1' M¢mbers' Day was held on the same day as the AGM, with 60007 operating
two mund trips for members.
The year was roundcd off with Chris¢m&s t(yurs tt) York, t50(K)7 ormthig PelerEorougEt- YoTk and return.
Thc fmancial results for the year arc set out in the following Group Statement of Financial Aclivities. Th¢ final results show the group
net incomc for th¢ )e2r was £62.533. C￿h at the end of thc ye&r ￿aS £382:885, an increase of £18,707 during the ye4r. In addition.
investmcrtt fvnds w¢rc held with a value at the cnd of the year of £180.424, an in¢re&se of £145.376. This result Is on track with the
SNGLT b￿sine￿ plan looking ioward$ 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 CoMp￿Y 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 celebr￿lon. The laun¢h a great $uccus with a lot of positive media covcrage gnd,gir
Nigel GrÈ.slèy th¢ undoubt¢d star of ihe show. After for¢short¢ncd winter maintenance the I0￿motIve visited d)e NYMR, whtte il
op¢raled sixteen sell-out specials. A m¢mkrs' train was planned in April bui unforninal¢ly thi5 wa5 canielled du¢ Lo a prolonged period
of warni, dry weather resulting in a sieam ban on the NYMR due kn firc rtsk.
The locomotive.wbs4uefiily moved back to Crcwc whcre time ¢0 compl¢te schcdulcd maintenance.
The 2025 railtour swon h&8 got off to a slow start with ￿rne e&ncelled however th¢ summer and wwmn will bc vcry busy for
Sir Nixel and our support t¢Bm.
I". Iiiancially. it 1.% exp¢¢i¢il Ihmt 2025 will bc a ditTicult ycar with a number of unp1aryn￿ cxpensesl pnncip8lly ¢onurnin8 the wa¢h.
Initially 'nuly' L)n Ihc whecls resulted tn new tyres being requir¢d. This w&$ 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 eXpec￿d 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 re￿rt 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 B￿eMan 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 W￿rn51¢Y reti￿ h8ving been 8ppoill￿d 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 S￿￿e5 thft¢r themselves for rtrelectton. Thc Trustees i*nuld lik¢ to thank Graham, who is stsnding do1￿) as a
Trusicc. tor the imm¢n8c contribution hc made to our organ￿￿ts"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 LIm￿ED
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 sta*m￿t 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 W￿￿ther Pthicular matters have come to my att¢ntion
Bails of Indep¢#den¢ ¢xAmlTrer's Jtstem*nt
My examinalion w4s carr£¢d out in aC￿rdanCe 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 disclo￿Te8 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(amin￿loffj 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¢ I￿1 ￿nsiSte￿I 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
s￿emenT
K R Varley
Chartered Accountant
Bradford
51h Augum 2025

THE SIR NIGEL GR￿LEy LOCOMOTIVE TRUST LIMITED
A¢counting Poli¢i¢s
Thc Trusi and its subsidiary company hav¢ adopt￿ the following a¢￿U￿1ng 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)DvC￿tio]L
The financi￿ statements have been prcpared in &c￿rdance with th¢ Stalen￿t of RcconThiended Pra¢ti¢e.' Accountin£ and R¢porting by
Charities preparing their accounts in dec￿rdance with the Finan¢i81 RqAJrting Standard applicable in the UK and Republic of Ire18nd
102 (Charitic5 SORP (FRS 102)), &8 and with the FIn￿Cl￿ Rcportin8 Stsndlrd applicabl¢ in the United Kingdom and the
Republic of Ireland 102 (FRS 102) and with thc Companles Aa 2006. Thc Tn￿1 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¢ Tru*ees in furtlKMce of any of the puryjoses of the Thist.
Desi8nated fvnds fomi partof th¢ unrestr1d￿ funds and r¢prcsMt fjJnd% e4miarked by theT￿￿te¢S forparticulor PU4hryses. TheTn￿lee5
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 I￿1vIll¢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$4 when
any condilions associated wirh ihc donaicd itcms have been met and ￿0￿)￿1¢ benefii c￿ be mwured Tcliably.
Exp¢Trdlture
Exp¢nditure is recognised on the ac¢ruals bosis when there is a leDI or c4nslr￿e obli8atlon to make payn￿1 to a third party gnd the
omount of th¢ obllgatSon be measured reliably. EXP￿7￿￿¢ on rnislng fvnds Compris￿ Wsts of wmmercial tr&lin8 and th¢ Chime
public&tion. Expenditure on charitable activltie8 Lx)mprixs IocoJDotive and repair ¢0$￿ 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￿
T*nElble r￿ed *Trd depretlitlo
Tangible r￿ed are $￿ted ￿ ¢ost less depr¢¢lailO￿ Th¢ I0￿￿￿tivA boiler and cO￿h ar¢ treated &s syat¢ assets and each are
subjeth to periodic major Overh￿13 thai r¢s¢ore Ihe OF*r￿Ing ￿teNtial of the
The cost of such major overhauls is capitalise4J as repre￿￿Tr8 the cost of thc a￿rt ￿￿e¢rned.
Dcprcciation 1$ 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 I￿￿tte1.
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 Alloe*ted 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
Tot*1 txpeThdl¢ur¢
Net income before depreciation
161,640
218,963
Ikpreciation
Net income b¢fTrre t*xation
62,533
120,023
Taxation (note 3)
movement In fv￿d5 (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)
c￿neral ￿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 ba￿lf 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 d1￿ClOT5 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 beha￿bY."
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
St*t￿tsry 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 ex￿p$ from t&¥ on irtcome and 8alns applied to its charitable objeets.
Tanglbl¢ nxed amets
Motor
vehicle
Group and ¢omp*ny
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¢ mO￿r 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 c1￿1¢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 Gr￿ley, including ovcrhaui& Tr8nsa(*ions for the year mmpriscd group VAT
movements of £30,758 (2023 - £20,270) less funding ynd other tr￿ferS 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 cOmp￿Y had not undertaken any tranSa￿lOn￿

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 fU￿1claI p¢rforn]ance of The Sir Nig¢1 G￿leY 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)
Curr*nt 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.
P*rent comp•ny rt*tem¢llt of Iltr#rtthl Attivltles
As p¢rn)ittcd by Section 408 ofthe compani￿ Act 2006 the StateM￿t 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 In￿Me 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 investMe￿ts
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