Charity registration number 1115058 Company regSslratlon numljer 03873466 (England and Wale51 THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trusto0s R StNilh D Shelrnerdine I Clayton M Targett Sg¢rgtary I Clayton Charity number 1115058 Company numb8r 03873466 Prln¢lpal addro$$ S8v8rn Valléy Railway Bridgnorth Shropshire WV16 SDT Rogl$lgrgd oHI¢g 5 Prospect Place Mill&nniurn Way Pridè Park Derby DE24 8HG Ind9nd#t •xamln•r Asbgales CorpDrale Services Litnile¢ 5 Prospect Place Millenniurn Way Prlda Park Darby DE24 8HG
THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED CONTENTS Page Trustees. Ipport Ind8p8ndent exatnlner's report Stslemenl of financial activlties Balance sheet Noles lo the flnan¢lal 81al8m8nl8 7-15
THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 SEPTEAIBER 2024 Th8 Irust88s pr8sent Ih8ir annual report and financial statements lor Iha y8ar end8d 30 September 2024. The fin8nei81 ststemeni$ have been prepared in 8c¢ord8n¢e with the 8¢¢0unb"ng poli¢ies set out In the note to Ihe fin8n¢lal slatetnenls and cotnply wilh the charity's governing document. the Cornpanies Acl 2006 and 'Accounb"ng and Reportsng by Charilies. Slatetnent of Recomfflended Practi applicable to chaiitie5 preparing their accounts in accordance th th& Financial Reporting Standard applicable the UK and R8public ol Ireland IFRS 1021" leff8cllve 1 January 20191. Objectives and activitie The charlly'$ oble¢tiVgs are th8 proservallon of Ils horltag8, Cla88 52 Dle881 Hydraullc locomollves D1013 We$l¢rn Ranger, D1048 Weslem Lady and D1062 Iveslern Courier on the Severn Valley Railwoy. whilst rnaintaining 01013 and D1062 to al least the standard achieved by the fomier British Railways, Weslem Region a1 fit lor rnain line running, dead in tow.. In additlon to thg CharY'S rgsorvallon work, th¢ Charlly promol$s Ihfr 9du¢allon of the hlslory of such locomotives lo tho publ1¢. The Charity's work fo¢ussès on the preservation, maintenancè and op8ralion of Class 52 Dièsel Hydrauli¢ locomotives lo promote Ihe educafr'on of the history ol such locomotives to the public. Th8 trustees conflrm th91 they hav8 complled wlth the requSrem8nts ol Sectlon l T ol the Chamlles Aci 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. The trustees have paid due regard to guidan issued by the Charity Cornmisson in deoiding what activities the charity should undertake. Achievement5 and perforrnance During 2024, The W&818rn Lo¢omoliv8 A8SOCi81ion Ltd {WLAI managed 10 8¢hi&ve anolh&r record year in ltsrms of incom8, resulting in record fund balances at £822,255. This was mainly achieved through continuing wilh a high level of income In all areos covenng donations, soles and operotr'ng incomp, vihich in total, were up by over £6.6k or plu$ 6.6Ih. Whilst expenditure has begn carefully managed, gxpendilure incrgasgd lo allow lor the purchasg of $pg¢ially manulaclurgd parts lor D1013'5 bogie overhaul. As a result, nel income was down by 11.1 % al £39.1 k. During 2024, the WLA was proud 10 celebrate ils 50th anniversary #l Swindon's STEAM museum. with soffle 120 members present. The WLA conbnues to be run by the Board and Management Committee and during tre year, a new p05ilion of Fundral$lng Off1¢9r was crgaled ond 1111gd, whlch wos sub$9quonlly endors¢d at th9 AGM. D1062 opgratgd Ihroughoul Ihg year with a 98¥0 availability record, whilst D1013 was finally lifted lor the first lirne in 50 ye3rs, lo allow the bogie overhaul lo proceed. Sorne initial preservation work was undertaken on D1048, which rnainly focussed on the electrical systems to make sure that the I¢Kornollve was safe Io LJSe, when conne¢led lo a shore supply. Followlng much publlclly durSng the year, Ihg WLA'S tnembership Inu8ased by a further 30Yo lo over 540 mernbe"s. The WLA was able lo rnainl8in ils carbon ngulr81 slalus 8nd now has over 400 Ileas pl8nlod since 2021, suppOrn9 the Tre88 for Life's For851 Revital'sation Propcl, located in the Highlands of Scotland. During thg year. Ihe Board ¢onlinugd to work in conjunction with the Man8gemgnl Commill99, holding 1hrg8 Board maelings and Ihree Mar)agem8nl Comtniltee meetings. The WLA is grateful lo tho conlinugd valuable support from ils Membtsrship, Working and Cornmill89 Membars. Flnanclal revlew Tho total incoming rèsourc8s for thè yaar r0 £87k- £6k mora than 2023. M8intènanee and ov8rh8uI spand increasèd thi$ year lo £23k cotnpared to the 2023 amount of £10k. Cash reserves remain substantial at £166k as al 30 Sept8rnb8r 2024. It is the poli¢y of the ch8rity to hold fin8ncial reservès of ai16asl £10,000 al all lime8. As al 30 Septèmber 2024 the charity held free reserves of £304,827 pl% a lair value reserve of £478,041.
THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEAIBER 2024 Th8 Irust88s have assessed th8 rnaior risks to which the charily is 8xposed, arKI ar8 5atis118d that Sy5lems are in plac8 to rnitig8te exposure to Ihe major risks. Slrucluro, gov¢manu and managgm9nt Natur• of govemlng document The charity Is a company limited by guarantee, incorporated on 9 November 1999 and registered as a charity on 4 July 2006. The company was &sl8blishgd under a Memorandum of Association which oslablished the objects 8ncl powors of Ihg charitable company and is gov8med by its Articles of Association. The trusletss, who are also the directors lor the purpose of company law, and who served during the ye8r and up to thè dale of signature of th& financial $talernenl$ were.. R Smith D Shelmerdine I Clayton P Finch l Targett Recruitment and appoirttmènt of tru8te•* The Directors ol Ihe cornpany are also trustees for the purposes of charity law and under Ihe cornpany's articles are known a5 Members ol the Council. The governing board wnsisis ol o Board of Truslpes who ore appoinlod al tt)¢ Annuol Genero1 Meeting and r?tire by rotation every Ihree yg£r5, Reliring mgmbers are gligible lor rg-elgclion. The Iru8lees' report w88 approved by Ihe Board ol Trustee5. R Smith Trustee P Finch Tru8t•• 1 April 2025
THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED I report lo the tru5tee5 on rny 8xaminalion of lh8 financial stalem8nt5 01 Th8 W8Stem LocotnotlV8 As50ciats'on Liffliled Ith8 charity) for the year ended 30 September 2024. Ro$pon$lbllltl&$ and b¥sl$ of roport As Ihe trustoes ol tho charity land also its directors for the purposes of company lawl you aro responsibla for the pr8paration ol the financial statements in accordanc8 with the r8quirom8nt5 01 the Companies Act 2006 Ilhe 2006 Act). Having satisfied myselllhal Ihe financial slalemenls of the charily a not required Ir> be 8udiled undèr Part 16 rf the 2006 Ad and are eligible lor independent exarninalion, I report in respect of my examination of the charity's linanoal statements carried out under section 145 01 Charities Act 2011 Ilhe 2011 A¢tl. In carrying out my examination I have followed all the applicabl& 01r.n$ gDi¢n by Ihg Charity Commission undor Sec0n 1451511bl of Ihg 2011 Act. Ind•p•nd•nt •xamln•r's stat•m•nt I have completed my 8xarnlnalion. I conllrm that no rnallgrs have corn8 lo my atlentlon In conn8cllon wllh th8 8xamlnallon giving me cause lo beliave that In any material r8SP8cI'. accounting records were not kept in respect ol the charity as required by section 386 01 the 2006 Act; or the financial statements do not ac¢ord with those records., or the fir)anclal stal8ments do not comply with thè acixjuntlng r8qulr8ments of section 396 of th8 2006 Act othèr than any requirernenl that the aceounts give 8 true and lair wew which is not a mailer considered as part 013n independent examination., or the financial stalernent5 have nol been prepared in accordance with the methods and principle5 01 Ihe Stalernent of Recommende¢ Practlce for a¢VntIng and reportln9 by charSbes appllcable 10 ¢harllSes preparlng Ihelr a¢¢ounls ¥¢wrdance wilh the Fin¥n¢ial Rgportino Standard applicable In Ihg UK and Rgpubli¢ ol Ireland IFRS 1021. I have no concerns and have come across no other matters in conneC.0n wilh the examination lo which attention Should be drawn in thi$ report in ord¢r to gneb19 a propor understanding of thg financial slalgments to bo rga¢hod. Gavln Robert Booth AJhgate# Corporate S•rvlc•s Llmlt•d 5 Prospacl Pla¢ Nlilleniiium Way Pride Park Derby DE24 8HG Daitsd,. l April 2025
THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED STATEMENT OF FINANCIAL ACTtVlTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestricted fur)d5 2Q24 Re5trictsd funds 2024 Totsl Unrestricted fuiit15 Restricted furids 2023 Total 2024 2023 2023 Income from: Donalions and lega¢ioS Charilab18 lIVI&S Other trading activ.eS Investrnents 29,491 10,885 31,139 2,184 29,491 24,236 31,139 2,184 32,767 8,830 23,016 68 32.787 24.845 23,016 68 13,351 16,015 Total Incomè 73,699 13,351 87.OSD 64.701 16,015 80.716 •ndltur• on: Raising funds 11,386 11,386 12,210 12,210 Charilablg tIV.8S 36,402 36.402 18,175 18.175 Other 114 114 126 126 Total expendlture 47,902 47,902 30,511 30,511 N•t Incomlng r•sourc•8 25,797 13,351 39,148 34,190 16,015 50.205 Othèr r•eognls•d galn8 and 1088•8 Revaluats'on ol tangibl8 fixed assèts 435,000 435,OOD Net movempnl In fund¥ 460,797 13,351 474,148 34,190 16,015 50.205 Fund balances al 1 Oclober 2023 322,071 26,036 348,107 287,881 10,021 297,W2 Fund balances at 30 September 2024 782,868 39,387 822.255 322.071 26,036 348,107 The slalÈmenl of finanei81 aetivlti81 includes all 98lns and losses reeognised In thè year. All income and expenditure derive from conb'nuing activilies. The staternenl of financial activities also complies wilh the requiremenls for an income and expenditure account under the Companlès Act 2006.
THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED BALANCE SHEET AS A T 30 SEPTEMBER 2024 2024 2023 Notes Flx•d ass•ls Tangible assets Heritage assets Investrnenls 13 14 15 9.113 500,000 11,000 7.020 65,(KKI 11,Q)O 520.113 83,020 Curr•nt a$$•ts Stocks Debtors Cash ai bank and in hand 16 17 132.545 22,159 165,608 96,149 17.452 153,776 320,312 267.377 Crndllor8: amounts falllng du• wlthln on• y•or 118,1701 12,2901 Net current assets 302,142 265.tX87 Total assets less current liabilitieB 822,255 348.107 In¢omg funds R8strf¢ted fund$ General unrestri¢ted funds Fair value ros8Ne 20 39,387 26,036 304,827 478,041 279,030 43.041 782,868 322,071 822,255 348.107
THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED BALANCE SHEET {CONTINUED) AS A T 30 SEPTEMBER 2024 Th8 cornpany is en(ed to the 8Xetnption frorn lh8 audit requiretn8nt contain8d in section 477 01 the Companies Act 2006, lor the year ended 30 September 2024. The tlira¢tors acknowljge their re$ponsibil1ti88 lor complying with th& requir&tnents of the Companies Act 2006 with respect to accounting records and the preparation of linanaal statements. Tha membèrs hava not r8quir8d thè cornpany to obtaln an audit of its flnanclal slat8mènts for tha yoar in quostlon Sn accordanc8 wilh s&clion 476. These financial stalernenls have LEen prepared in a¢cOrdan with the provisittn$ appli¢able ID companies subject lo tho small eornpaniès r8gim&. Thè Ilnancial slatemènts werè approved by the Trustèès on 1 April 2025 R Smith Tru$tg9 P Finch Tru$tso Company règl8tratl¢n numbèr 03873466
THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEAIBER 2024 Ac¢ountSng pollcle8 Ch8rity infowmation Th8 charity is a priva1@ company Ilmit8d by guarant88, Incorporat•d in England and Wales, and cons&quently do8s not have share capi131. Each of Ihe tru51èès Is liabl8 to conlrfbutè an arnount not 8XC88dlng £1 towards Ihe a558ts ol the charity in the event of liquidab"on. Wfql8rn Lor.nm(Jtivp A8w.iatinn Ltd 18 a priva1& e.nmpany limitad by lncarpnra1cl In England and WAlfs_ The registered owice is 5 Prospecl Place, Millennium Way, Pride Park, Derby, DE24 8HG, 1.1 Accountlng conventlon The financi81 slaiements ha'ie been prepad in 8ccord8n¢e with Ihe th8ri1y's governing do¢umenl, the Companies A¢1 2006. FRS 102 "The Financial Reporting Siandare applicable in the UK and Republie ol Ireland" I'FRS 102.1 and the Charities SORP 'Accounting and Rep(xling by Charities.. Slatemenl of Recommended Practice applicable lo charities proparlng Ihelr accounts in 8c¢ordan¢8 with the Finandal Reportlng Stsndar(l applicable In Ihg UK and Republlc of Ireland IFRS 102118ffectiv8 1 January 20191. Th& ¢h8rlly has taken advantage of tho provlslons In the SORP for ¢harllles not lo prepare a Slalemenl of Ca8h Flow8. Th8 financial slalements ar6 prepared in s16rfing, which is the functional currency ol the charity. Monetary amounts in Ihès$ ffinancial slatements we rounded to the nearesl £. Thftr Ilnanrial slalmonls hav8 prparfd undfr lh8 hi$lnrfral cnst c.nnn14n. Th• princ.Ir>al ar.rnunllng pnllcl8 adopl?d are set out below, 1.2 Golng conc•m Al the tirn8 of approving the finan¢i81 slalttmènls, thè trusl86s have 8 re8s0nabl8 8xptsctallon that the chailty h88 adequate resources lo continue in operational existence lor the foreseeable future. Thus the Irusl8es conbnue to adopt thè goin9 concern basis of 8ccounting in preparing the financkql stalemenls. 1.3 Chorllobl& fund$ Unreslriclèd funds ar8 avallabl8 for use at tha dlscrètlon of thè trusl88s In furth8ranc8 of thelr tharltable obl8ctlv&s. Restricted lund8 are subject to specrfic conditions by donors as to how they rnay be used. The purposes and uses ol Ihe reslrioled fUS are sel out in the notes to the financial statements. Endoivmènt funds are sublct to sp#cllic condltions by donors that th8 rapltal must b• malntaln#d by th& charfly. 1.4 Incorne Incorne is recognised when th8 charity is legally entitled lo it after any performance conditions have been m81, the amounts can bo measured reliably, and il is probable that income will bo receivod. Donations are recognised then the charity has been notified in wriling ol both the wnount and seltlemenl date. In the event tral a donation is subject lo conditions that require a level ol performance by rhe charity before the ¢harily is enliued lo Ihe funds. the income is deferred and not recognised until eilh&r those c11108 are lully rnel, or Ihe fullilment ol those conditions is wholly within the control ol the charity and il is prob3ble that these condilicns will be lullllled In the reportlng pedod.
THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEAIBER 2024 A¢¢ounting policies Icontinutdl Lego¢y grfts are CogniSed orn 8 ¢88e by case b8$is follov4ing the gr8nt of probate when the 8dmini$tr8ttsrle%eeutor for the estate has comtnunicaled In writing both the atnount and seltlemenl dale. In the event that the gift Is In the fom ol an asset olher tIHn rash or a financial asset traded on a reciyJnised stock exchange, recognition is 5ubjeet to the valua ol the gift belng relSably rneasurable wllh a d8gre8 01 reasonable accuracy &nd the 11118 to the asset havSng been transfsrred lo the charity. 1.S Expondliur• Expondllure is r&ognlsgd once there Is a legal or¢onslructlve obllgadon lo Ir8n$l6r gconomlc ben8111 lo a thlrd paty,11 is probable that a transfer ol economic benefi'ts will be required in 8etU8ment, and the arnount of th8 obligation can b8 measured reliably. Expenditure Is classili8d by 8clivity. The costs of eath aclivrty are rnade up of the total of direct costs and shared cosls. inc4uding suppot1 costs involved in underlaking each aclivity. Direct costs attributable to a single activity are allocated diredy lo that activity, Shaiad Costs which ¢onlribule lo more than one 8¢tivily ancl support ¢0$18 which 818 nol attributable to a single aclivily are appartioned between those acts'vities on a basis cx)nsisl8nt with tho use ol resources. Central staff c051$ are allocated on the basi5 of time spent, and depreciation charges are allocated on the portion ol the assel's usb. 1.6 Tanglblg nxod a580ts Tangible fixed aosets are initially m8asured al cost and subsequenly measured al cost or valuatlon, n8t ol depreciation and any impairment losses. Depr6cialion is r&cognised yo as lo writo off tha ¢08t or valuation of a8$81s18ss Ihgir residual values ovar ih8ir useful lives on the following base5'. Fixlur8s and fittings 10 /0 reducing balanc8 1.7 Horltsgo 0$$•ts The lowtnolives are considered lo bg herrtage assets by the tru51e95. An Imp8irmenl review is GonduGled e8Gh year. Should any imp3rrnen15 or movement in impairment arise trorn this review, thi5 will be charged to the 51alernenl ol financial activities lor th• p8riod in which il occurs. Th8 Trusleos considar th8 ass8ts lo appr8cial8 in valué and th•refor# that this accoiinting poliw r•$Lill$ In th# Financlal SlJl8m•nls glvlng th8m a true and lair vlaw All tools, components and equipment are written oll al the time ol purchase. 1.8 Flxed assot Inveslment5 Fixed as58t investments are initially measured at transaction price excluding transaction costs, and are subsequently measured al lair value at eh reportin9 dale. Changes in lair value are recognised in net incomellexpenditur21 lor the year. Transaction cost$ arè expénsttd as ineurrèd. 1.9 Impalrmgnt of flxod assots Al each reptsrting end dale, the charity reviews the carrying amounts of its langible assels lo determine whether there 18 any indication Ihal those assets h8ve suffered an irnpairmenl loss. 11 any such indication exists. tre recoverable amounl ol the asset is estimaled in order lo delemiine the extent of the impairment loss lif anyi. 1.10 St¢¢k$ Slocks cornprise5 of engineering cornponents, fund raising merchandise for re-sale and locomotive models. Stocks are V¥lued at the I0r of cost or net reaiisable value.
THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEAIBER 2024 A¢¢ounting policies Icontinutdl 1.11 Finaneithl in8trumentJ The charity has elecled to Bpply the provisions of Section 11 'Basic Financial Instruments, and Section 12'01her Financial Instrurn8nts Issues. of FRS 102 to all of its linan¢ial inslrumenls. Financial instruments are cOgnised in the charit> s balance Sheet when the charit. becomes party to the contractual provisions of thg instrumgnt Financial ossets and liabilities a offset, with tho nel omounts presented in the financial stalemenls, when there is a legally 8nforc8ab18 right to $81 off the iecognisgd arnounls and Ihgrg 1$ an int9nlion lo sell18 on a nel basis or lo r8ali$g the asset and seiiie the liablity sirnultaneously, 8aslc flnan¢lal assets Basic fi'nancial assets, whieh include debtors and cash and bank balanees. are initi£lly messured al transaction prie8 indiiding transaction costs and are subsequently carried at amortised cost using th& effective interest method unless Ihe arrangemenl constitutes a financing transadion, where the Iransaclion is measured 8t the present value of the future receipts discounted 81 a rn8rkel rate of inl8r&sl. Financk818ssels classrfied as ie¢eivablè wthin on8 y9ar ale not amortlsed. 8aslc nnan¢lal Il&blllrl&s Basic financial liabilitias. including cr8ditors and bank loans ai• initially racognisad al transaction prica unlass th8 aange[nent constitut85 a financing transaction, here th8 debl instrumenl is measured at the pres8nt value ol the future paymgnt5 di5countgd it a m¥rk8t rot? of interest. Financi81 liabiliti9$ ¢lassified 85 pgyable within ong ygor ¥r9 ng1 amortisod. Debt instrumen15 are subsequently carried al arnortised cost, using the effective interest rale method. Trade crèdltorg are obllgatlons to pay for goods or sèNices that hav8 bè8n acqtjired In the ordlnary coursè ol operations from suppliers. Amounts payable are cLassilied as current liabilities il payment is due wrthin one year or less. If not, they are presented as non-currenl liabilitl8s. Trade cr8dilors ar8 r8cognlsed inllially al tran8a¢iion price and sub4eqiJgntly rneasijrpd at amortispd wst using ltrie effective interest rnelhod. D•r•coqnlllon of flnanclal Ilabllltl•s Finan¢lo1 Ilobililics are derc¢agnised when the ehtrity's eontrodual obligations expirc or ore diseharged or eaneelled. 1.12 Taxatlon The charity is considered to pass the tests sel uut in Paragraph 1 schedule 6 01 the Financts Ad 2010 and Iherelor811 mèot6 tha d$finition of a ¢harilgbl¢ cornpany for UK eorporatlon tax purposos A¢¢ordingly, thè chority 16 potontiolly ex8mpt from taxation in r8sp8ct of incomo or capltal gains racelvtrd wlthin cat8gorios covared by Chaptor J Part 11 of Ihe Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Attt 1992, to thè •xl•nt ihat such Incorno or 98ins 8re applied exclusivel). lo charitablo purp05e5. Crltlcal a¢¢oundng g$tlmatg$ and ludggmgnts H&rit8ge assets Thè locomollves aré rtrvlewed On an annual basls for fair valu8 irnpalmenl based on Ihtrir expeetèd realisable value and e5timat8s ol the future econornic benefits allributable to trem. Managernenl make such estimations taking into account their knowledge of Ihe assets.
THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEAIBER 2024 DonatSon3 and le9acles Unrestricted Unr•9trictèd funds lunds 2024 2023 Straiegic donaiions and app6a18 Membership fees General donations Oth&r 10.391 6,545 15.133 718 10,355 19,136 29,491 32,78T Charltsblo act111•8 2024 2023 Sales wrthin chaiilab16 a¢livilie$ SVR driv8r experiencè days 21,836 2,400 22.945 24,236 24.845 Analysis by fund Unreslri¢led fund8 Restricted funds 10,885 13,351 8,830 16.015 24,236 24.845 Othew treding Activities Unroslrlcled Unrèstrlct&d funds lundg 2024 2023 Merehandise sale8 Raflle receipts 28,648 2,491 17,391 5,625 Other trading 8cbvities 31,139 23,016 10-
THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEAIBER 2024 Investments Vnrèstricted funds Total Unr•9trictèd lunds 2024 2024 2023 Intere81 re¢elvabl8 2,184 2,184 68 Ralslng funds Unr•8trlcl•d Unr•#trlct•d funds lund8 2024 2023 Fundrf*isin and ublicit Slaglng fundra15hg even15 11,386 12,210 11,386 12.210 Charbtable actlvltSeB 2024 2023 Lo¢omotlvè expenditure restoration and m8intenance Magazine and websile Other 8xpenses Tools and 8quipment Carbon offs8ltinq 22,739 4,605 1,825 2,137 304 10.(A5 2,S)8 469 1,357 31,610 14,723 Share of governance cosls Is8e note 91 4,792 3,452 36,402 18.17S 11
THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEAIBER 2024 Support costs Support CO8t& Governance coot5 2024 2023 Depreciation 1,012 1,012 780 Indgpbndent Examin&rf6 remuneralion Legal and professional Other resources expended 1.408 1,839 533 1,408 1,839 533 1.898 466 308 4.792 4,792 3,452 Analysèd b8tw88n Charitable activities 4.792 4,792 3.452 10 Trust?ei None ol Ihe trustees lor any p8rsons connecled with Iheml received any remun8ration or benefit8 frorn the charity during the year. 11 Employ••s Th8 av8rag• monthly number ol employ885 during tho year wa$.. 2024 Number 2023 Number Total 12 Taxation The charity is exempt from lax on income and gains falling within Section 505 of Ihe Taxes Act 1988 or section 252 01 the laxotion ol Chargeable Gains A¢t 1992 to the extent th¥t thes¢ are appliod lo its ¢harilable objects. 12-
THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEAIBER 2024 13 Tanglble flxed assets Flxtures and ffttlngs Cost At 1 October 2023 Additions 8.40fj 3,105 At 30 September 2024 Dopr•¢latlon and Impalrmènt At 1 Oclober 2023 Dopre¢ialion ¢harged in the ar 1,386 1.012 AI 30 S8plemb•r 2024 2,398 Carrying amount AI 30 Seplombei 2024 9.113 At 30 September 2023 7.020 14 Herltage a¥¥ets Al 1 October 2023 RevalLJalon fj5.COO 435,(N)O At 30 S•pt•mb•r 2024 500.QK)O The lair valuès ol th# company's Locomolv8s last r8valu#d by an Ind•p8ndnl valu8r In 2004. Durln J thls yaar. following the complete Overhaul of the Locornotives that have been carried out since their acquisition, the valuations hav8 been subsequ8ntly b88n ass8ssed by lh8 Trustees. Th8 Irusl88s have arrivèd at a valuation figure of £500.000 but this ha5 nol been verified by any independenl third parties. Had thi5 rJa5s ol asset béen rnèasurd on 8 historical cost basis, Iheir carying amount would have been £21,95912023- £21,959). 13-
THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEAIBER 2024 15 Flxed asset Investm8n¢$ Unlisted Inv•$lm•nts Co$t Qr valuatlon At 1 October 2023 & 30 September 2024 11,tx)o Carrylng amount At 30 September 2024 11,L At 30 September 2023 11,(KJO 16 Stocks 2024 2023 Stocks 132.545 96,149 17 D•btors 2024 2023 Amounts falllng du• wlthln ong y•ar'. Other debtors 22,159 17.452 18 Cr•dltors.' amounts falllng du• wlthln onè y•ar 2024 2023 Trade creditors Accruals and def8rréd incorne 16.675 1,495 595 1,695 18.170 2.290 19 Relirement ben•fit s¢herne8 Th8 charfly opgrales 8 conlrfbullon penslon 8¢heme for 811 ouallfylng employees. Th9 a889ts of Ih? scheme 8r8 held 8eparately Irotn those ol the charity In an Ind8pendenlly adrninistered lund. 14-
THE WESTERN LOCOMOTIVE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEAIBER 2024 20 R•strlcted funds The income funds of the charity include restricted funds comprising the following uneXpend bolance¥ of dgnotion and grants held on Iiust for sp8Ctfie purposes., Movèment in funds Movemtrnt in funds Ineomlrbo r&8OUfCO8 1 Octob•r 2023 Inctsmln r•Sour8 30 S8pt•mb8r 2024 10(t¢b6r 2022 D1013 bogig overhaul D1048 prèsèrvaknon 10,021 16,015 26,036 8,351 5,000 34.387 s,(K>o 10,021 16,015 26,036 13,351 39,387 21 R•latsd party tr•nsactlon$ Thère w•r• no dk4clos8blè ralatecl party Iransacll¢ns durlng th8 y8ar12023- non81. 15-
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