Registered Charity: 1123521 Company Number: 06502248 LMS-Patriot Company Limited (A company limited by guarantee) Financial Statements For the Year Ended 31st March 2024
LMS-Patriot Company Litnited Financi81 Ststemenls ror Ihe year ended 31 March 2024 Contents Page Report of the Truste¢s Report of the Independent Auditor Statement of Financial Activities io Balance Sheet Notes to the Financial Statements
LMS-Patriot Company Limited Keport of the Trustee5 for the year ended 31 iVAarch 2024 The Iruslees are pleased present their annual directors, report together w'ith the financial staiemenls of the charity for the year ending 31 Ml< rch 2024 which are also prepared to tneel the requirements for a directors, rcport and accounis. For Compani¢s Acl purposes. The financial slalements comply wilh the Charities Act 201 I, the Companies Act 2006. the Memorandum and Articles of Associalion. and Accounting and Reporting by Chariiies.. Sialement of Ilecommended Praclice applicable lo chariiies preparing their acwunts in accordance wiLh the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS102) published in October 20I9. Name: LMS-Patrioi Company Limiled Registered Company Number: 06502248 Registered Charity Number: 1123521 Registered 01¢¢. Civic Ccntrc Rivcrsidc Siafford Siaffordshirc ST16 3AQ Principal Office: Civic Cenlrc Rivcrside Siafford Slaffordshire ST163AQ Independent Auditor". Richard Stonier Dean5 Chartered Accountants Gib50n House Huri'icane Couri Hurricane Close Stafford ST16 IGZ Bankers: CAF Blink Ltd 25 Kings Hill Av¢nuL Kings Hill WL.sl Malling Kenl ME19 4JQ
LMS-PAtrkot Company Limited R¢port of ihe Trustees for the year ended 31 MArch 2024 'rru5tees and Director$: Thc dircctor5 of the charitable company (th¢ ch#rily) are its trustees for the purpose of ch&rily18w and throughout this report arc collcciively refetred Lo as the trustees. TrustCCS 5crving during the year were as follows.. ARLaws Rmsant J Ha.slings-Thomson D PTuftin N Collinson CMHall K 11 Richcs J Llson R Balcnian SccreLary Tr¢asurer Chair STATEMEIY'I, OF TRUSTEES. RESPONSIBILITIES Thc Iruslees are responsible for prcp#ring the financial statements in accordancL with applicablc la¥v and the Financial Rcporiing Standard applicable in thc UK and Republi¢ of Ireland (FRS102). Law applicabl¢ tu charitable companies requir&s the trustCC5 lo prepare tinancial statements for each linancidl yLar which give true and fair vicw ol. Ihe slale of atyairs ol the charitablc company and of Ihe incoming resources and appliLaiion of resources: including the income and expenditure, of the charitable company for that period. In prcparing those financial statemenls the truslcc5 are required ¢0.. sclc¢l suilable accounting policies and thcn apply ihetn consistently. bserve the methods and principles in thc Charilies SORP. make judgemenis and estimates thal arL reasonable and prudent- statc whcihcr applicable UK accounting slandards dnd stalements of recoinmended practice havL bLen followed, subjcct lo any. malerial departures disclosed and cxplainLd in ihe financial statements. and prepare the tinaiieial staiemcnts ()n the 80ing concern basis unless it is inappropriate Lo presume that the charitable company will continue in businc55. The Irustees &re responsible for kccpin¥ proper accounting records which discli)se wilh reasonablc accuracy at any time thc tinancial position of the churitablc coinpany and io enable them to ensurc th<it the linancial statements comply Miiih thL Companies Act 2006. Thcy are also responsible for safeguarding Ihc assels of the charit&ble company and hence lor taking reasonable slcps lor the prevention and detection of fraud arkd other irregularilies.
LMS-Patriot Comp8ny Limited Report of the Trustees for the year ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Documents LMS-Patriot Cotnpany Limited is a Company limited by guarantee governed by its Meinorandum and Article5 of Association as amended on 12th November 2011. Anyone over the age of 16 can become a metnber of the company. The members of the company each agree to contribute the sum of £ l in the event of the company winding The Trustees shall be appointed to serve for three years and shall b¢ eligibl¢ to stand lor re-election at that lime. Trustee Induction and Training New trusiees undergo a training process to explain to them their statutory obligatlON5 under cliarity and company law, the Metnorandum and Arti¢les of Association, tlie organisalional structure and decision tnaking proce55. Trustees ar¢ encouraged lo attend suitsble external events. where these will enhance the substance and quality of their role. All trustces. boih existing and newly appointcd are required to confirm thai they have read and understood, the Charity Commission booklet CC3A,"The Essential Trustee" and CC3 "The Essential Trustee. what vou need to know" Organisation The board of trustees. whiLh shall number a minimum of three with no maxiinum numbers, administers the charity. The board mccts bctwecn four and six timcs a ycar. RISK MANAGEMEiYT The trustees have a risk manaoement strategy which comprises a forniol review of the risks faced and the development and implemenlalion of procedures designed to mitigate the effects of those risks should they materialise. A trading company, Patriot Enterprises Litnilcd, has been incorporated, through which the LMS PatrioL once cotnpleted, will be hired out to generate funds for repayment of the boiler loans due in 2028 and for the ongoing programme of maintenance. A formal review of th¢ risks facing the Charity is undertaken annually. Generally the board has adopted the principles of the Code of Governance to allow it to meet for openness and transparency. OBJECTIVES AND ACTIVITIES The purpose of the charity is lo advance the education of the public in relation to the Palriol class of railway engines and particularly the dedication of ihc class namc in remcmbrancc of ihc railway employec casualtics of war. To do thi5 we attend as many railway sale5 events a5 we can, give a large nuinber of talk5 aiid presentations to interested railway societies. and encourdge Members to bring along friends and family - who are not Meinbers. To further that objective ihe activities for the year continue to bc.'_ To build, maintain, exhibit and operate locomotives of historic or scientific iinportance and in particular (but not limited to) a Fowler Patriot Class tnixed tra1¢ steam locomotive. To encourage and facilitate knowledge of the history of the Patriot Class of railway locoinotives, including the dedication of Ihe class name in remembrance of the railway employee casualties of war with particular reference to the London. Midland and Scoltish Railway and its constituent companies and British Railways and its constiluenl companies. setting our objectives and planning our activities, the Trustees have given careful consideration lo the Charity ComTnission's g¢n¢ral guidanc¢ on public b¢ncfit. All ofour aclivities are undertaken lo further our charitable activities for the public benefit.
LMS-Patriot Company Limited Report of the Trustees for the y¢xr ended 31 MArth 2024 ACHIEYEMENTS FOR THE YEAR 2023-24 The year ending 31 March 2024 was arjother momentOU5 year in the history of our Project. On the plus side, our income for the year exceeded all reasonable expectations. We posted a gross income of £328,000, 330/ better than our budgct forecast and our previous year's performance. This bucked the trend in recenl years of 8radual incomc decline. delivering our best result since March 2020. Regular donations had held up reasonably well but the improvement was driven by legacies. boiler loan donations and significant one-off donalions, none of which could not readily be forecast. This was all the more remarkable considering the adverse developnient5 on the project in the sccond quarter of the year. By July 2023. the substantial programme of chassis component distnantling and testing and repairs to the chassis frame5 themselves identified under Project Reset - had been completed. Necessary component repairs had been carried out and reassembly of the chassis components was underway. 1.he replacemeni driving whecls had bcen delivered by William Cook Cast Products in early July 2023 dclaycd by production problem5 but quality-assur¢d. At the saine lime the cab and the smokebox had been refillcd io the frames. It was at this point that Princess Royal Class Locoinotive Trust announced with very litllc warning that their Trust was withdrawing from all 3rd party contract work al their Wesl Shed workshop. PRCLT advised us that their changed business circumstances dictated that they relum to their core role of tnanaging their own locoinotives and artefacts. This wa5 a shock to the system. There was no guarantee in July 2023 that we could find a new assembly basc for our locomotive, and the future looked bleak. The Board immediately responded by oroanising a review of possible options fDr the project and progressing cnquircs wilh a short list of Potential main assembly contractors. The agr¢ement l'eached witli 'l'yseley Locoinolive Works was announced al our November 202) AGM. This could not be implemented immediately - it was known from the outset that work on Ilie chassis would be suspended for several Inonths until space was available ITI the main workshop at Tyseley and resources freed up on completion of other third party contract work. Perhaps inevitably. thc orioiT]al estimate of Spring 2024 for resuTnption slipped somewhat. After unexpected delay to ocher third party contract work, space was available to move the cha5SiS into the workshop on July 17ih. We aTe now housed with a contractor with a great reputation for quality and plenLy of experience with third party contracts, alongside work on their own locomotive5. Morale has been boosted amongst the Project's long-standing volunteers, notably by the way Ty5eley cooperated with the Iransfcr of Ihe chassis and several Irailcr loads of cotnpoT]ents - in contaiT]ers OT loaded individually - in the winter of 2023 124, well before actual work could pick up again on the chassis reassembly. Our own existing volunteers had play¢d a central role in aiid ensuring the safe sorting and removal of all our assets from West Shed - a largc nuinber of locomotive components as well as the contents of our substantial Tn¢rchandise store and protecting our locomotive chassis under tarpaulin following its arrival al Tyseley in December 2023. We have beeii greatly encouraged by the increase in our number of Mcmber volunteer5 ready to help out al Tyseley. New lielp was available with offloading and storing coinponents arriving in quantity froin West Shed in March 2024. Sincc the end ol the year, volunteer work has coTJcentrated on sorting, cleaning and protecting a range of locomotive components. The forn]er CME of PRCLT has committed to stay on board with us as a volunteer. too - significantly adding lo our practical steam locoinotive know-liow. and providing continuity. Work on the boÈler at HBSS picked up in 2024. Two fully funded work packages are in proure55 and the boilcr was moved inside the Inain workshop in Spring 2024. Work on thc crown and thc crown stays is coniplele, and fitting the longitudinal stays is in progress at the time of writing.
LMS-PAlriot Company Limited Report of the Tru5ttts lor the ytar ended 31 March 2024 Achievements of the Year l April 2023 to 31 March 2024- continue So, the principal achievement of 2023124 was keeping the project on the rails. But we had another new hom¢ to find as well. in Junc 2023, wc received just 3 months notice thal we had to find a new adminis(ralion offi¢c. with our existing lease in Slafford l¢rminaling in mid-september. All tenancies in our Eastgate Street I lub premises were aifccted. It is to the credit ol our Otrice Managcr and other willing Stsfford area volunteers that the process of finding, moving into and settling down in our new premiscs was achieved in time, and with minitnum disruption to our adminislralion work. Good local contacts with Siafford Borough Council produced a better office in their Riverside Council premises and acccss to a good meeting room on favourablc Icrms. We would onc¢ a¥ain like to thank our volunteers for their wmmitment to the project over thc past twclve months, and cxpress our gratitude to our members and donors for their loyalty. tsnderstanding and financial support in challenging FINANCIAL REVIEW Investment powers And poliey Wherc surplus funds arise these will be invested in short terni interest bearin.4 deposit accounts. Re$¢rv¢s Policy The Trustees rcvicw the reserves pol icy annually having regard to uncertainties relaling to future Icvcl of funding. Their aim lo maintain reserves at the level of 6 months essential expenditu, repaymcnl on loans due within one year and ontracled capithl expenditure not yel provided for. The level of reserves required as al 31 March 20?4 was in the region of £219,000. thi5 compares to free reserves, represented by the net current assets (less loans due within onc year), of £296.000 Th¢ amounl in cxccss of the required level of reserves will be included as ¢apital expenditurc on thc locomotive. The trustees are of the view that the charity is a going concern. RESTRicfED FUNDS Charities have an obligation to account lo the donors of funds and the publ ic in general that they are using tnonies entrusted to thein for the purpose for which they are given. The charity has a number of restricted income funds for situatioris wherc a donor require5 that a donation be spent on a particular purpose or where funds have been raised for a specific purpose. All other funds are unrestricted income Funds. Details of restricted funds are shown in note 2. FINANCIAL STATEMENTS This report has been prepared in accordance with the special provisions of Part 15 of the CompRnies Ael 2006 relating to small companies. Approved by the Board of Trustees on 9 July 2024 And signed on its behalf by R M Satli .1 rustee
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LMS-PATRIOT COMPANY LIMITED Opinion We have audited the financial statement5 of LMS-Patriot Company Limited for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet. and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of the incoming resources and application of resources, including its income and expenditure, for the period then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Cornpanie5 Act 2006 and the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statement5 in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast Sl8nificant doubt on the charitable company'5 ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustee5 Wlth respect to going concern are described in the relevant sections of this report. Other information The trustee5 are responsible for the other information. The other information comprises the inforfflation included in the Report of the Trustees but does not include the financial statefT)ent5 and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not expres5 any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mis5t3ted. If we identify such material inconsistencies or apparent material mi55tatements, we are required to determine whether this give5 rise to a material misstatement in the financial statements themselves. If, based on the work we have peiformed. we conclude that there is a material misstatement of thi5 Other information, we are required to report that fact. We have nothing to report in this regard. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LMS-PATRIOT COMPANY LIMITED Opinions on other matter5 presulbed by the Companies Art 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the trustees, report. which includes the direttors, report prepared for the purposes of company law, for the financial year for which the financial Statements are prepared is consistent with the financial statement5; and the directOfS' report included within the trustees, report have been prepared in accordance with applicable legal requirement5. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charitie5 IAccounts and Reports) Regulations 2008 requires us to report to you if, in our opinion- the inforrnation 8iven in the Report of the Trustees is inconsistent in any material respect with the financial statements- or the charitable company has not kept adequate accounting records- or the financial statements are not in agreement with the accounting records and returns; or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the directors. report and from the requirement to prepare a 5tf ategic report. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilitie5, the trustees Iwho are also the directors of the charitable company for the purposes of company law} are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee5 determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustee5 are responsible for assessing the charitable company'5 ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unle55 the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LMS-PATRIOT COMPANY LIMITED Our re5ponslbllities for the audit of the financial statement5 Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material rni5Statement. whether due to fraud or error, and to i55ue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exist5. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We desi8n procedure5 in line with our re5pon5ibilities, outlined above, to detect material mi55tatement5 in respect of irregularitie5, including fraud. The extent to which our procedures are capable of deterting irregularities, including fraud is detailed below.. Inspertion of board minutes both during and after the reporting period to identify any discussions of non-compliance,. Communication with management before, durin8 and after the audit fieldwork to confirm instances of non- compliance- Auditing the risk of management override of contro15, including through testing journal entries and other adjustments for appropriatene55, and evaluation of the business rationale of significant transactions outside the normal course of busines5,' Reviewing financial Statement disclosures and testing to supporting documentation to assess compliance with applicable law5 and regulations. Because of the inherent lirnitations of an audit, there 15 a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instance5 of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery. collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LMS-PATRIOT COMPANY LIMITED Use ol our report This report is made solely to the charitable company's trustees, as a body, in accordance with Paft 4 of the Charitie5 {Accounts and Reports) Regulation5 2008. Our audit work has been undertaken SO that we might state to the charitable company's trustees those matters we are required to state to them in an 3uditor5' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustee5 35 a body, for our audit work, for this report, or for the opinions we have formed. Richard Stonier (Senior Statutory Auditor) For and on behalf of Dean5 Chartered accountants Statutory auditor Gibson House Hurricanecourt Hurricane Close Stafford 5T16 IGZ Date.. .18 December 2024............-............. Page 9
LMS-Patriot Company Limited Statement of F'inancial Activities (Including Income And Exp¢nditure Account) for the year ended 31 Mllrch 2024 Unrestricted Funds R¢stricted Total 2024 Total 2023 Income Donations and legacies Donations - One off - Individuals Corporatc Donations- regular payments Just Giving donations Gift Aid Claimed 104.747 6,796 111,543 53.877 88,900 550 47,420 120 89.020 550 47,420 248.533 92,238 600 20,454 241,617 6.9l6 167,169 Other trading 8Ctivities Sales and fund raising income Raffle sales Subscriptions Life Membership one year subs Advertisinglsponsorship Legacies Sale of scrap metal 9.012 5.153 18.815 750 24.000 14,596 1,037 9.012 5.153 18,815 750 24.000 14.596 1,037 12.319 5,386 20,845 1.000 35,000 73,363 73,363 74.550 Investment ineom¢ Bank interest 6,186 6.186 2.290 6,186 6,186 2,290 Totsl Ineome 321,160 6,916 328,082 244,009 nditUTe Costs of Raising Funds Cost of sales Gala5 & cvcnts Raffle costs Fundraising expenses Donation expenses, stationery & postage C05t of membership 3.109 3,010 ,260 203 9,109 9,011 3,109 3,010 1.260 203 9,109 9.011 5,319 1,315 203 7,753 11.060 25.702 25,702 31,186 Charitable expenditure Other SGA adininistralion Trustee and volunteer expenses Insurance Financelbank charges Loan Interest Company expenscs Depreciation A¢coLEnlancy Bad Debt Write Off 4.436 9.113 1,869 1.085 1,347 6.652 264 1,830 26 4,436 9.113 1.869 1,085 8,207 6,652 264 1,830 26 6,349 8,046 619 1,194 8.174 5.163 436 ,735 1,475 6.860 26.622 6.860 33.482 Total Expenditure 52 J24 6,860 59,184 64J77 io
LMS-Patriot Company Limited Statement of Financial Activities lor the year ended 31 March 2024 Unrestricted Funds Restricted Fund5 Total 2024 Total 2023 Net income 268,842 56 268,898 179,632 TRANSFERS BETWEEN FUNDS (6,740) 6,740 Net movement in funds 262,102 6,796 268,898 179,632 RECONCILIATION OF FUNDS To¢al funds broughi forward 2,943,415 13,610 2.957,025 2,777,J93 Total funds carricd forward 3,205,517 20,406 3,225,923 2,957,025
LM&Patriot Company Limited Company number 06502248 Bal¥nce Shee¢ as at 31 MArch 2024 2024 2023 Note Fixed asset5 Patriot Iluild Tender Rebuild Mobile Cranc Lathc Office. Fixlure & fitinggs 3,055.241 212,825 11,646 12,280 557 2,776,046 211,330 16,523 12.373 727 3.294,549 3,016,999 Current as$etS SLock Dcbior5 Prepaymenrs VA'I. Kccoverable Cash ai bank 13,772 31,756 2,454 5,806 269,825 5,)68 4,035 10,395 310,801 323,613 344.016 Liabilities Creditors.. Amounts falling due within one year (82.009) 129.735) Net current #ssets 241.604 3 14.281 Total assets less current liabillties 3.536,153 3,331,280 Creditors: Amounts falling due xfter more than one year (310,230) (374.255) Net assets 3.225,923 2,957,025 The funds of th¢ cliarity UnrestriLlcd incomc funds Restricted income funds 3,205,517 20,406 2,943,41 i 13,610 Total charity funds 3,225,923 2.957,025 The trusiees acknowledg¢ their re5kx)nsibililies for (a)ensurin8 that the charitable company keeps accounting records Lhat comply with Sections 386 and 387 of C(Impanies ACL 2006 and (b)pi'eparing financial stalemenls which givc a truc dnd faiT vicw of the state of affairs of thc charilable company as at ihc end of each financial year and of 115 5urplu5 or deficii for each finanLial yedr in accordancc M'ith the requirements of Sc¢tion5 )94 and )95 and which oihenvise comply with the requiremenis ofthe Lompanies Aci 2006 rclating lo tinancial statement5. 50 far as applicable lo the Lharil¢iblc Mpany. Ihe These accounts have been prepared in accordance with the provisions applicablc to companies subject to the small companic5 rcgimL. 'Ihe noies on pages 13 to 19 torm pari of these accounts. Approvcd by the Board of Trustee8 on 9 July 2024 and signed on 115 behalf by li S8nt Trusiee 12
LMS-Patriot Company Limited Notes to the FinanciHI Statements for the year ended 31 March 2024 I ACCOUNTII%G POLICIES Basis of preparatiort The principal accounting polici¢s adopted, judgetnents and key source5 of estimation unccrtainty in thc prepdrdtion of the rinancial slatcments ure as tollows.. The financial slatemenis ol-lhe cliaritsble company, which is a public ben¢lil ¢ntiiy under FRS 102. hiive been prcpar¢d in accordancc with tliL Charities SORP {I.-KS 102) 'Accounting and Report5ng by Charitie5.' Statcincnt of Recommcnd¢d Prncti¢e applicablc io charities preparing Ilieir accoun15 in acrorddnce iyith the financial Reporting Srandard applicablL in the UK dnd Republic of Irelartd IFRS 102) (i55ued in oLber 2019,. financial Ilcportin8 Standard 102 'Tlic Financial Reporiing Standard applicablc in thc UK Bnd Republic of Ireland,. the and ih¢ Companies ACL 2006. The financi stal¢inents have bccn prcparcd uttd¢r th¢ hisiorical c05t convcntion. Thc fii)ancial slalcm¢nts ar¢ presented in sterling which 15 the fvnctional currcncy of th¢ rompany and rounded to thc nearcsl £. 'rhe financial statctn¢nts hav¢ b¢¢n prepared on a going concern basis as the tru51ees believe that no material uncertainties exisi. 'I'he trustccs havc consid¢r¥d th¢ level of funds held and the ¢xpc¢l¢d IL'vel of income and expendiiure for 12 monilis from authorising th¢se financial statcwncnts. The budgctcd incomL and expendilure is sufficient with the level or rescrve5 for th¢ charily to be able to continue as a going ¢on¢em. CompAny status The clidrily is a ¢ompw))' limited by guarantcc and do¢s not have share capital. In thc event of th¢ ¢ompany being wound up, Ihe liability in re.qpect of the guarantcc 15 limitcd io £1 p¥r member. Financial reporting standard 102- reduced disclosure exemptlons 'rhc cliaritablc ¢ompdny has laken advanlage of the following disclosurc CXCTnpEions in preparing these financial statelnents. as permiite(f by FRS 102 'The finorttial Reponing Standard &pplicablc in lh¢ UK and Republic of Ireland,: the requirements of S¢ciion 7 Statemcnt of Cash FIo%vs. Incomsng resources Voluntary income including donations. gift& lega¢ies and granis ihat provide corc funding or are of a general nature arc recognised where therc is entitlcfflcnl. ccrtainiy ol-r¢¢eipt and tlie amount can bc mcasur¢d wid) sutriLienl reliability. Such incoine is only dcfcrrcd whcn.. Thc donor specified that ihc grarit or donation must only bc used in fulure a¢¢ounting periods or. The donor h&s imposed conditions. which musi be m¢1 before the Charity has uncundiiional entiilenienl. Income from eommcrcial trading activities is recognised as carncd (as relaled good5 &nd 5crvicc5 arc provided). Investment income is rccognised on a rcccivable basis. Resources expended Resourc¢s expended havc bccn included in ihe financial statements when an obligation to Iransfer value Lo a ihird party hic s bccn enLercd into. Resourccs exp¢nded have been allocated in th¢ Statemeni OF Financial ActivitiC5 a5 follows'.- Costs of I'ai5in8 funds all expenditurc rclating lo fundraising and publicity. Otlier resourcc5 cipcndcd - all expenditure not in the abovc calegoriLs.
LMS-PHtriot CompRny Limited Note5 to tlie Financial Statements for the year ended JI March 2024 I ACCOUNTIP*'G POLICIES Allocxtion of expenditure Expcnditurc is allocated on the following basis.. a) F.xpendilurc wholly incurred on activllies falling wiihin ¢a¢h calc80ry is charged direct. b) Expenditure involving morc than one category is apportioned in accordance wilh reasonable eslimalcs. I'angible fixed Assets Tangibl¢ fixed assels ILfc 5latcd at C051 Icss depreciation. Depreciation is provided al Lhe lollowing annual rdlcs in ordcr to wrilc off each asset over its estimated useful life. Locomolivc parLs & construction no depreciation provided 'render Rebui Id no depreciaLion provided Mobile Crane no dcprcciation provided LaihL" no depreciation provided Fixtures & fitlings 251J/o on reducing balanco basis Office Equipmeni 4 year straight line basis The Patrioi Clas5 locomotive is in the course of a long period of construction. Until ihe locomotivc construction is compleLL and il is opcr31ing, il is nol considered that the asset is depreciating. FuA)d accouD¢ing General fund5 are unreslricl¢d funds which arc availablc for use at Lhe discretion of the trustees in furlheruncc of the general objectives of ihe company and which havc nol bc¢n designated for other purpos¢S. Rcstrictcd funds arc funds which are to be used in accordance with specilic reslricli()n5 imposcd by donors. Those fund5 havc bc¢n rniscd by rhc company for particular purposes. 'I'he cosl of raising and adwnini51cring such tunds are charg¢d againsi ihe specific fund. Thc aim of cach restricted fund is set out in th¢ notes lo the linancial statem¢nt5. Sto¢k Stock is included at the lower oFcosi or net reali5able valuc. Donatcd ilcms of stock are recognised al fair value which 15 the amounL the chai'ity would have been willing lo pay for the ilctn5 on thc open market. 14
LMS-P8triot Company Limited Notes to the Finthneiml Ststements for the year ended 31 March 21124 Balance Intome Expenditure Transactl0115 Capital fTOrn funds Ex enditure BRlan¢e 3110312024 3110312023 2 MOVEMENT IN Tr'UNDS Reslricted funds: Tendcr 3,051 3,051 Wheels Appeal 2,412 2,412 l-lorn (iuidcs 1,250 1.250 Stx>nsor¢d Part5 6,796 6.796 Iloiler 120 (6.8601 6.740 Brakc Appcal i.oou 1.000 Support Coach 5.897 5.897 13.610 6,916 (6,860} 6,740 20,406 Unre5trieted funds: GernI funds 2.943,415 321.166 (52,3241 (6,740) 3.205.517 Total fund$ 2,957.025 328,082 159.184) 3,225,923 3 NET INCOME Nel income is 51ated aft¢r charging 2(124 2023 Deprcciation Indepeiidenl examinalion 263 1,830 436 1,655 Thcre ivere no employees who rec¢iv¢d lothl employe¢ ben¢lils ol-morc than £60,000 'rhere were no truste¢s' rcmuncration or other beneli15 lor ihe year ended 31 mcli 2024 nor for th¢ ycar Cndcd 31 March 2023. 4 TANGIBLE FIXED ASSETS olee Lathe & Fixtures Drill cutter & Fi¢lin2S Patriot Build Tender Rebuild Mobile Crane Total Cost At I st April 2023 Additions Disposals Ai 315t March 2024 2,776,046 279.195 211.330 1.495 16.523 12,466 14,822 3.031.187 280.690 (2.877) 3,309.000 2.877) 13.646 3,055.241 212.825 14,822 Depreciation At 1st April 2023 Charge lor year At 31 st March 2024 93 93 186 14,095 170 14,265 14,188 263 14,451 NBV at 31st Myrth 2024 3.055.141 212,825 13,646 12,280 3,294,549 NB V 31 st March 2023 2.776.046 211,330 16,523 12.373 727 3.016.999 5 DEBTORS 2024 2023 Gift Aid D¢blon8 31,660 96 31,756 5,501 67 5.568 15
LMS-Ptriot Company Limited Yotes to th¢ FinAncixI Statements for the ye#r eTrded 31 MArcli 2024 6 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Tradc Creditors IA)ans diie within onc year Other Creditors 30,012 50.167 1.830 8.080 20.000 1,655 82,009 29,735 7 CREDJTORS: AMOUNTS FAI,Lif'C DUE AFfER MORK THAN ONE YLAR 2024 2023 Loan5 - 1-2 ycar5 Ian5 2-5 years Loans due afier more ihan 5 y¢MT5 55.190 255,040 104,011 270,244 310.2JO 374,255 Amounts talling due in more ihan five yedf5= t)8 duc aft¢r more than 5 years payable othcr ihan by in5talment 270,244 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Unrestricted Rtstricted Totsl 2024 Fixed Assets Ncl Currcnt Asscts Creditors 11111ing duc aftcr more than one year 3.011).103 241.604 275,446 3,294,549 241,604 (55,190) (255,0401 (310,230) 3.205.i17 20,406 3:?25,923 202J Unrestricted Restricted Tot91 2023 Fixcd Assets Nel Cvrrent A55CtS Creditors falling due afirr wTrorc than onc ycar 2.733.145 314,281 283,854 3.016.999 314.281 (104,011) (270.244} (374.255) 2,943,415 13,610 2,957,025 16
LMS-Patriot CompaTry Limited Not¢s ¢0 the Financial Statements Report of the Trustees 9 CAPITAL COMMITMENTS 2024 2023 Contracted bul not provided in th¢ financial statements 148,022 295,515 10 TRANSACTIONS WITH DIRECTORS (TRUSTEES) During the year the trustees received rcimbursement of expenditure (generally for travellino and accommodation) incurred by them in undertaking functions on behalF of the charity as follows= 2024 2023 ARLaws Rmsant J Haslings-Thomson D P Tuffin N CollÈnson C M Ilall K H Iiiches J Ilson K Bateman 671 37 1,206 182 2,397 941 712 608 1,794 344 5,438 3,454 Tlie charity's Iruslees make membership payments to the charity al the saine rate as ordinary members. No tru5t¢e received any rcmuneralion from th¢ charity in respect of the position of trustee. I I TAXATION The company as a charity is not liable to tax on its charitable aclivities. li is not undertaking any non charitable activities which Lould be subject to lax. 17
LMS-Patriot Company Limited Stxtement of FinAneial Activities for the yeAr ended 31 Mareh 2024 12 COJMPARATIVE INFORMATION Unrcslricted l.'unds Kestricted Funds Total 2023 Income Donations and leg4eies Donalions One off - Individuals - Corporate Donations regular payments Ju51 Giving donations Gill Aid C.laitned 48,309 5.568 i3,877 92,118 600 20,454 120 92,238 600 20.454 161,4¥1 5,6811 167,169 Other trading activities Sales and l-und raisin8 incornc Raftle sa1¢5 Subscriptions Litc Membei'ship one year subs Advertlsiriglsponsoi'ship Legacie5 12,319 5.3 86 20.845 1,000 12.319 20,845 1.000 35,000 35.000 74,550 74.550 Investment incom¢ B8nk intere51 2,290 2.290 2.290 2,290 Total Income 238,321 5,688 244.009 Ex endilvre C'osts of Raising Funds Cost ot sales Galas & events Raffle costs rundraising expenses Donation ¢xpenses. stationery & poslagc Cost ol membcrship i.)36 5,319 1.315 203 7,753 I I,060 5,536 5,319 ,J15 203 7,753 11,060 31,186 31,186 Ch*r4table expediture Other SGA adminislralion Tru51ee and volunlc¥r expenses Insurance F inancLlbank charges Loan Inierest Cotnpany expenses Depreciation Accounian¢y Bad debi 6,349 8,046 619 1,194 1,314 5,163 436 8,046 619 1,194 8,174 5,163 436 ,735 1,475 6,860 1.47) 6,860 33.191 Total Expenditure 57.517 6,860 64J77
LMS-Patriot Company Limited Statement of Financial Activilies for the year ended 31 March 2024 COMPARATIVF. INFORMATION (CONTINUED) Unrestricted Funds Restricted Funds Total 2022 Net income 180,804 {1,172) 179,632 TRANSFERS BETWEEIY FUIYDS 61,690 (61,690) Net movement in funds 242,494 (62,862) 179,632 RECONCILIATION OF FUNDS Total funds brouohi forward 2,700,921 76,472 2.777,393 To¢91 funds carried forward 2,943,415 13,610 2,957,025