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 0￿1¢¢.
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 tra￿1¢ 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 oL￿ber 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:
Ge￿rnI 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 m￿cli 2024 nor for th¢ ycar Cndcd 31 March 2023.
4 TANGIBLE FIXED ASSETS
o￿lee
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-P*triot 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
I￿an5
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