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← Lms-Patriot Company Limited

2025-03-31-accounts

THE UNKNOWN WARRIOR

NEW-BUILD LMS PATRIOT STEAM LOCOMOTIVE No. 5551

REPORT AND ACCOUNTS · 2024/25

LMS-PATRIOT COMPANY LIMITED (a company limited by guarantee)

REPORT AND ACCOUNTS

for the year ended 31st March 2025

MINUTES OF
ANNUAL GENERAL MEETING 2024
2
REPORT OF THE TRUSTEES
3–5
REPORT OF THE
INDEPENDENT AUDITORS
6–8
CALLING NOTICE
i-ii
FORM OF PROXY
iii-iv		 STATEMENT OF
FINANCIAL ACTIVITIES
9
BALANCE SHEET
10
NOTES TO THE
FINANCIAL STATEMENTS
11–14
No. 45551 AT WILLESDEN
15
No. 45551 AT DILLICAR
16

LMS-PATRIOT COMPANY LTD MINUTES OF ANNUAL GENERAL MEETING 2024

The 15th AGM was held in the marquee at Quorn and Woodhouse Station, Great Central Railway on Saturday 9th November 2024.

Attendance and apologies

The Board, consisting of Colin Hall, Chair – John Hastings-Thomson, Deputy Chair – Richard Sant, Company Secretary – Neil Collinson, Treasurer – Andrew Laws, Director, Marketing and Publicity – Janet Elson, Director/Trustee, Keith Riches, Project Director – David Tuffin, Director Risk Management, Roger Bateman, Sales Director; together with eight volunteers and 28 members, (45 people in total) with six apologies and 38 proxy forms.

Also in attendance, Richard Stonier from our accountants Deans, Stafford.

The Chair welcomed all to the meeting, which started at 2.00pm.

1. Report and Accounts for the year ended 31st March 2024

The Report and Accounts for the year ended 31st March 2024 had been sent to members.

The AGM noted the minutes of the November 2023 AGM included in this report.

Colin Hall the Company Chair introduced the Report of the Trustees and highlighted the achievements of the year for the project. These focused on the movement of the locomotive from West Shed (PRCLT) and the relocation of the charity’s office to the Civic Centre, Stafford

Richard Stonier the Independent Financial Examiner summarised his Independent Report to the Trustees and explained the Statement of Financial Activities and the Balance Sheet.

The Report and Accounts were accepted by the members.

Moved by I. Hunter and seconded by T. Briddow.

2. Reappointment of Independent Financial Examiner

The AGM was asked to re-appoint Richard Stonier FCA, of Deans, Stafford as Independent Financial Examiner to Hold office until the conclusion of the next Annual General Meeting.

Proposed by C. George and seconded by P. Westall.

3. Appointment of Directors, for a further three year term:

Neil Collinson

Nominated by P. Sikes, and seconded by K. West. Agreed by all members present.

Colin Hall

Nominated by T. Bratby, and seconded by N. Kinsey. Agreed by all members present. Keith Riches

Nominated by A. Owen, and seconded by D. Westerman. Agreed by all members present.

David Tuffin

Nominated by D. Westerman and seconded by A. Collinson. Agreed by all members present

Roger Bateman

Nominated by C. George and seconded by D. Measures. Agreed by all members present.

Chair, Colin Hall conducted a presentation to the Members and opened the floor for questions.

The meeting closed at 4.00pm

2

REPORT OF THE TRUSTEES (for the year ended 31st March 2025)

LMS-PATRIOT COMPANY LIMITED

The trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the year ending 31 March 2025 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) published in October 2019.

Name: LMS-Patriot Company Limited

Registered Company Number: 06502248

Registered Charity Number: 1123521

Registered Office: Civic Centre, Riverside, Stafford, Staffordshire ST16 3AQ.

Principal Office: Civic Centre, Riverside, Stafford, Staffordshire ST16 3AQ.

Independent Examiner: Richard Stonier FCA, Deans Chartered Accountants, Gibson House, Hurricane Court, Hurricane Close, Stafford ST16 1GZ.

Bankers: CAF Bank Ltd., 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ.

Trustees and Directors:

The directors of the charitable company (the charity) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.

Trustees serving during the year and their positions held were as follows:

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the financial statements in accordance with applicable law and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Law applicable to charitable companies requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

A. R. Laws R. M. Sant (Secretary) J. Hastings-Thomson

D. P. Tuffin

N. Collinson (Treasurer)

C. M. Hall (Chair)

K. H. Riches

J. Elson

R. Bateman

3

REPORT OF THE TRUSTEES (for the year ended 31st March 2025)

LMS-PATRIOT COMPANY LIMITED

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Documents

LMS-Patriot Company Limited is a company limited by guarantee governed by its Memorandum and Articles of Association as amended on 12th November 2011. Anyone over the age of 16 can become a member of the company. The members of the company each agree to contribute the sum of £1 in the event of the company winding up.

The Trustees shall be appointed to serve for three years and shall be eligible to stand for re-election at that time.

Trustee Induction and Training

New trustees undergo a training process to explain to them their statutory obligations under charity and company law, the Memorandum and Articles of Association, the organisational structure and decision making process. Trustees are encouraged to attend suitable external events, where these will enhance the substance and quality of their role. All trustees, both existing and newly appointed are required to confirm that they have read and understood, the Charity Commission booklet CC3A, “The Essential Trustee” and CC3 “The Essential Trustee, what you need to know”.

Organisation

The board of trustees, which shall number a minimum of three with no maximum numbers, administers the charity. The board meets between four and six times a year.

RISK MANAGEMENT

The trustees have a risk management strategy which comprises a formal review of the risks faced and the development and implementation of procedures designed to mitigate the effects of those risks should they materialise. A trading company, Patriot Enterprises Limited, has been incorporated, through which the LMS Patriot, once completed, 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 the 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 to advance the education of the public in relation to the Patriot class of railway engines and particularly the dedication of the class name in remembrance of the railway employee casualties of war. To do this we attend as many railway sales events as we can, give a large number of talks and presentations to interested railway societies, and encourage Members to bring along friends and family – who are not Members.

To further that objective the activities for the year continue to be:

In setting our objectives and planning our activities, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit. All of our activities are undertaken to further our charitable activities for the public benefit.

ACHIEVEMENTS FOR THE YEAR 2024-25

After all the emergency activity of 2023-24, the year covered by this Report and Accounts has been altogether different.

Let me focus on the positives first of all. Our income for the year has again exceeded all reasonable expectations. We posted a gross income of £361,000, 79% better than our conservative forecast, and up 10% on the previous year. This was in fact our best ever annual income in the 17-year life of the project. Regular donations were once again close to forecast (98%) – the improvement was driven by other donations, legacies, corporate sponsorship, the completion of the settlement reached with Boro Foundry for the original driving wheels, and a modest but welcome settlement from the Llangollen receivership.

Our Sales team made a difference this year too; delivering gross sales of £25,000, 74% up on the previous year and no less than 70% better than our budget forecast. The lion’s share of this improvement was driven by sales of donated items (models, books and railwayana), which boosts donations income and gift aid as well as events sales. We have seen a big increase in our throughput in these areas, all of which take time and hard work to process and bring to the market. I extend my thanks on behalf of the Trustees to all those donors and volunteers involved.

Our progress with the locomotive build tells a different story. We knew that the abrupt termination of our contract at West Shed in July 2023 would have major consequences for the project, and last year we celebrated with some relief our successful move to a new assembly base at Tyseley, and the start of a new supplier relationship. We had hoped then, based on

4

REPORT OF THE TRUSTEES (for the year ended 31st March 2025)

LMS-PATRIOT COMPANY LIMITED

our regular discussions with Tyseley Locomotive Works, that this Report and Accounts would be celebrating progress with the chassis reassembly work in 2024/25. However, it has become clear that, with the best will in the world, Tyseley are not immune to the railway heritage sector challenges to project planning and expectations management. We were pleased to see our chassis leave its temporary storage under tarpaulin in July 2024 to enter storage in the main workshop area, but it was not possible to position it in its designated assembly position until December 2024. The start of work was then pushed back by resource availability, owing to unforeseen extra work on another third-party contract and on Vintage Trains’s own rolling stock. However, work eventually started in May 2025, with the first tasks being permanently securing the middle cylinder and refitting the horn guides to the frames.

Throughout the whole year we maintained regular dialogue with our new partners, building relationships and establishing good technical understanding and cooperation on the detail of the engineering challenge ahead. In preparation for work starting, a detailed engineering inspection of the frames was carried out in February 2025: arrangements were made to check and reissue drawings to be used in the first stages of work at Tyseley.

We also took the opportunity to put, for the first time, our own insurance in place for our stored assets, and for our engineering volunteers, who have been busy in the year sorting cleaning and refurbishing our significant number of stored components.

Off-site work at Riley and Son on wheelset reassembly and the outside cylinders has not progressed quite as hoped. There has been extensive dialogue over the technical specification and drawings requirements, all of which has been a challenge for us to resource. Riley’s own manpower problems and the relocation of their entire workshop from Heywood to Bury in the winter months have been significant factors, too.

However, there was much more evident progress with HBSS and the boiler. We spent £108,500 with them in the year, moving forward a set of work packages with the boiler restored to the workshop. Riveting of the boiler crown and fitting of the crown stays was completed in April 2024, and work continued through the year on internal pipework, the longitudinal stays, the palm stays, the shoulder stays, the main steam pipe, completing the foundation ring, the firehole, safety dome bracketry, and regulator valve refurbishment and installation. With a healthy bank balance, we ordered and in May 2025 took delivery of a complete set of boiler tubes (including a spare set).

We would once again like to thank our volunteers for their commitment to the project over the past twelve months, and express our gratitude to our members and donors for their loyalty, understanding and financial support.

Colin Hall, Chair

FINANCIAL REVIEW

Investment powers and policy

Where surplus funds arise these will be invested in short term interest bearing deposit accounts.

Reserves Policy

The Trustees review the reserves policy annually having regard to uncertainties relating to future level of funding. Their aim to maintain reserves at the level of six months essential expenditure, repayment on loans due within one year and contracted capital expenditure not yet provided for.

The trustees are of the view that the charity is a going concern.

RESTRICTED FUNDS

Charities have an obligation to account to the donors of funds and the public in general that they are using monies entrusted to them for the purpose for which they are given. The charity has a number of restricted income funds for situations where a donor requires 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 Companies Act 2006 relating to small companies.

Approved by the Board of Trustees on [xxth August 2025] and signed on its behalf by

Neil Collinson, Trustee

5

(for the year ended 31st March 2025)

REPORT OF THE INDEPENDENT AUDITORS

OPINION

We have audited the financial statements of LMSPatriot Company Limited for the year ended 31st March 2025 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’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 statements 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 significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees but does not include the financial statements 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 express 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 misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

6

(for the year ended 31st March 2025)

REPORT OF THE INDEPENDENT AUDITORS

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports)

Regulations 2008 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Statement of Trustees’ Responsibilities, the trustees (who 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 trustees 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 trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 (UK) will always detect a material misstatement when it exists. 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 noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is 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 instances 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.

7

(for the year ended 31st March 2025)

REPORT OF THE INDEPENDENT AUDITORS

USE OF OUR REPORT

This report is made solely to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 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 auditors’ 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Stonier FCA Deans Chartered Accountants Gibson House Hurricane Court Hurricane Close Stafford ST16 1GZ Dated xxth July 2025

==> picture [377 x 58] intentionally omitted <==

Notice is given that the sixteenth Annual General Meeting of the Company will take place at 2.00pm until 4.00pm on Saturday, 20th September 2025 in the LMRCA Social Club at Tyseley Locomotive Works.

If you intend to arrive by car there is a large car park adjacent to the Social Club, one of our volunteers will be on the gate to show you where to park. The address is: Tyseley Locomotive Works, Warwick Road, Tyseley, Birmingham B11 2EX.

The what3words reference is: ///silent.trials.fast

Tyseley Locomotive Works is a 7 minute walk from Tyseley Railway station. Turn right onto Wharfdale Road when exiting the station, the road bends round to the right towards Warwick Road, the entrance to the Works and large car park is approximately 200 yards on the right.

Please remove pages i-iv for continuation of Report and Accounts.

i

Welcome and Introductions

Ordinary Resolutions:

  1. To receive the Chairman’s Report, the Accounts and the Independent Financial Examiner’s Report for the year ended 31st March 2025.

  2. To reappoint Richard Stonier FCA, of Deans, Stafford, as Independent Financial Examiner of the Company to hold office until the conclusion of the next Annual General Meeting.

  3. To reappoint as Director, for a further three year term: – Andrew Laws

  4. To receive a presentation on the current status of the project.

ii

FORM OF PROXY

I

(NAME AND MEMBERSHIP NUMBER)

of

being a member of the above named Company, hereby appoint the Chairman of the meeting

or as my proxy to vote for me

(NAME)

and on my behalf at the Annual General Meeting of the Company to be held on Saturday, 20th September 2025 and at every adjournment thereof.

Name

Signed this day of 2025 Signature

PLEASE REFER TO THE NOTES BELOW BEFORE COMPLETING THIS FORM WHICH MUST BE RETURNED TO THE COMPANY NOT LESS THAN 48 HOURS BEFORE THE DESIGNATED MEETING TIME.

NOTES TO FORM OF PROXY

  1. If you wish to appoint someone other than the Chairman of the meeting as your proxy please delete the words ‘the Chairman of the meeting’ and insert the name of the person you wish to appoint. A proxy need not be a member of the Company.

  2. To be effective this form must be deposited at the Company’s Postal Address: Riverside, Civic Centre, Stafford ST16 3AQ not less than 48 hours before the time for holding the meeting.

  3. Where the member is a corporation this form must be under its common seal or signed by an officer, attorney or other such person duly authorised by the corporation.

iii

Election of Director

Election of Director
I, nominate
(NAME AND MEMBERSHIP NUMBER)

(NAME OF NOMINEE AND HIS/HER MEMBERSHIP NUMBER). FOR ELECTION AS A DIRECTOR OF LMS-PATRIOT COMPANY LTD

This nomination is seconded by

(NAME AND MEMBERSHIP NUMBER)

I accept the nomination for the position above:

Signature Date Address

iv

(for the year ended 31st March 2025)

STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Funds Restricted Funds Total 2025 Total 2024
INCOME
Donations and legacies
Donations – One off – Individuals
Donations – One off – Corporate
Donations – Regular Payments
Just Giving donations
Gift Aid Claimed		 £ £ £ £
62,822 2,761 65,583 111,543
– – – –
88,025 844 88,869 89,020
370 – 370 550
41,785 – 41,785 47,420
193,002 3,605 196,607 248,533
Other trading activities
Sales and fund–raising income
Raffle sales
Subscriptions
Life Membership/One Year Subscriptions
Advertising/Sponsorship
Legacies
Sale of scrapmetal
19,250 – 19,250 9,012
5,378 – 5,378 5,153
18,724 – 18,724 18,815
750 – 750 750
60,000 – 60,000 24,000
42,990 – 42,990 14,596
8,566 – 8,566 1,037
155,658 – 155,658 73,363
Investment income
Bank interest
8,715 – 8,715 6,186
8,715 – 8,715 6,186
Total Income 357,375 3,605 360,980 328,082
EXPENDITURE
Costs of Raising Funds
Cost of sales
Galas and events
Raffle costs
Fund-raising expenses
Donation expenses, stationery and postage
Cost of membership
10,416 – 10,416 3,109
3,323 – 3,323 3,010
1,227 – 1,227 1,260
198 – 198 203
9,618 – 9,618 9,109
8,928 – 8,928 9,011
33,710 – 33,710 25,702
Charitable expenditure
Other
SGA administration
Trustee and volunteer expenses
Insurance
Finance/bank charges
Loan Interest
Company expenses
Depreciation
Professional fees
Accountancy
Bad Debt Write Off		 – – – –
4,716 – 4,716 4,436
10,373 – 10,373 9,113
2,636 – 2,636 1,869
1,318 – 1,318 1,085
8,740 – 8,740 8,207
5,051 – 5,051 6,652
419 – 419 264
40 – 40 –
6,600 – 6,600 1,830
– – – 26
39,893 – 39,893 33,482
Total Expenditure
Net income
TRANSFERS BETWEEN FUNDS
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward		 73,603 – 73,603 59,184
283,772 3,605 287,377 268,898
– – – –
283,772 3,605 287,377 268,898
3,205,517 20,406 3,225,923 2,957,025
Total funds carried forward 3,489,289 24,011 3,513,300 3,225,923

9

(as at 31st March 2025)

BALANCE SHEET

Note 2025 2025 2024 2024
£ £ £ £
Fixed assets
Patriot Build
Tender Rebuild
Mobile Crane
Lathe
Office,Fixture and Fittings		 4 3,182,476
212,825
8,969
12,187
931		 3,417,388 3,055,241
212,825
13,646
12,280
557		 3,294,549
Current assets
Stock
Debtors
Prepayments
VAT Recoverable
Cash at bank		 5 10,881
9,654
5,915
3,294
434,618		 13,772
31,756
2,454
5,806
269,825
464,362 323,613
Liabilities
Creditors: Amounts falling due
within one year		 6 (113,488) (82,009)
Net current assets 350,874 241,604
Total assets less current liabilities
Creditors: Amounts falling due
after more than one year		 7 3,768,262
(254,962)		 3,536,153
(310,230)
Net assets 3,513,300 3,225,923
The funds of the charity
Unrestricted income funds
Restricted income funds		 8
2		 3,489,289
24,011		 3,205,517
20,406
Total charity funds 3,513,300 3,225,923

The trustees acknowledge their responsibilities for

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The notes on pages 11 to 15 form part of these accounts.

Approved by the Board of Trustees on xxth August 2025 and signed on its behalf by

Neil Collinson, Trustee

10

(for the year ended 31st March 2025)

NOTES TO THE FINANCIAL STATEMENTS

1 ACCOUNTING POLICIES

Basis of preparation

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued in October 2019’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, the and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Company status

The charity is a company limited by guarantee and does not have share capital. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member.

Financial reporting standard 102 – reduced disclosure exemptions

The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’:

Incoming resources

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when:

Resources expended

Resources expended have been included in the financial statements when an obligation to transfer value to a third party has been entered into.

Resources expended have been allocated in the Statement of Financial Activities as follows:

Allocation of expenditure

Expenditure is allocated on the following basis:

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

11

(for the year ended 31st March 2025)

NOTES TO THE FINANCIAL STATEMENTS

1 ACCOUNTING POLICIES (continued)

The Patriot Class locomotive is in the course of a long period of construction. Until the locomotive construction is complete and it is operating, it is not considered that the asset is depreciating..

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors. Those funds have been raised by the company for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim of each restricted fund is set out in the notes to the financial statements.

Stock

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market..

2. MOVEMENT IN FUNDS

Balance at
31.03.2024		 Income Expenditure Transactions
from funds		 Capital
Expenditure		 Balance at
31.03.2025
£ £ £ £ £ £
Restricted funds:
Tender
Wheels Appeal
Horn Guides
Sponsored Parts
Boiler
Brake Appeal
Support Coach
3,051 – – – – 3,051
2,412 – – – – 2,412
1,250 – – – – 1,250
6,796 3,605 – – – 10,401
– – – – – –
1,000 – – – – 1,000
5,897 – – – – 5,897
20,406 3,605 – – – 24,011
Unrestricted funds:
General funds
3,205,517 357,375 (73,603) – – 3,489,289
Total funds 3,225,923 360,980 (73,603) – – 3,513,300

3. NET INCOME

Net income is stated after charging 2025 2024
£ £
Depreciation
Audit and accounts fee		 419 263
6,600 1,830

There were no employees who received total employee benefits of more than £60,000.

There were no trustees’ remuneration or other benefits for the year ended 31st March 2025 nor for the year ended 31st March 2024.

12

(for the year ended 31st March 2025)

NOTES TO THE FINANCIAL STATEMENTS

4. TANGIBLE FIXED ASSETS

Patriot
Build		 Tender
Rebuild		 Mobile
Crane		 Lathe and
Drill Cutter		 Office, Fixtures
& Fittings		 Total
£ £ £ £ £ £
Cost
At 1st April 2024
Additions
Disposals
3,055,241 212,825 13,646 12,466 14,822 3,309,000
127,235 – – – 700 127,935
– – (4,677) – – (4,677)
At 31st March 2025 3,182,476 212,825 8,969 12,466 15,522 3,432,258
Depreciation
At 1st April 2024
Charge for year
– – – 186 14,265 14,451
– – – 93 326 419
At 31st March 2025 – – – 279 14,591 14,870
NBV at 31st March 2025 3,182,476 212,825 8,969 12,187 931 3,417,388
NBV at 31st March 2024 3,055,241 212,825 13,646 12,280 557 3,294,549

5. DEBTORS

2025 2024
£ £
Gift Aid
Debtors		 9,503 31,660
151 96
9,654 31,756

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025 2024
£ £
Trade Creditors
Loans due within one year
Other Creditors		 14,351 30,012
81,737 50,167
17,400 1,830
113,488 82,009

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025 2024
£ £
Loans – 1 to 2 years
Loans – 2 to 5 years
Loans due after more than 5 years		 – 55,190
254,962 255,040
– –
254,962 310,230
Amounts falling due in more than 5 years:
Loans due after more than 5 years payable other than by instalment
– –

13

(for the year ended 31st March 2025)

NOTES TO THE FINANCIAL STATEMENTS

8. ANALYSIS OF NET ASSETS BETWEEN FUNDS

8. ANALYSIS OF NET ASSETS BETWEEN FUNDS
2025 Unrestricted Restricted Total 2025
£
Fixed Assets
Net Current Assets
Creditors falling due after more than one year		 3,138,415 278,973 3,417,388
350,874 – 350,874
– (254,962) (254,962)
3,489,289 24,011 3,513,300
2024 Unrestricted Restricted Total 2024
£
Fixed Assets
Net Current Assets
Creditors falling due after more than one year		 3,019,103 275,446 3,294,549
241,604 – 241,604
(55,190) (255,040) (310,230)
3,205,517 20,406 3,225,923

9. CAPITAL COMMITMENTS

2025 2024
£ £
Contracted but not provided in the financial statements 101,536 148,022

10. TRANSACTIONS WITH DIRECTORS (TRUSTEES)

During the year the trustees received reimbursement of expenditure (generally for travelling and accommodation) incurred by them in undertaking functions on behalf of the charity as follows:

2025 2024
£ £
A. R. Laws
R. M. Sant
J. Hastings-Thomson
D. P. Tuffin
N. Collinson
C. M. Hall
K. H. Riches
J. Elson
R. Bateman		 – –
– –
– –
1,317 1,206
547 182
406 2,397
1,886 941
685 712
1,173 –
6,014 5,438

The charity’s trustees make membership payments to the charity at the same rate as ordinary members. No trustee received any remuneration from the charity in respect of the position of trustee.

11. TAXATION

The company as a charity is not liable to tax on its charitable activities. It is not undertaking any non-charitable activities which could be subject to tax.

14

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No. 45551 at Willesden shed on 17th May 1961. Photo: Roy Hobbs © Transport Treasury
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THE UNKNOWN WARRIOR NEW-BUILD LMS PATRIOT STEAM LOCOMOTIVE No. 5551 e ~~o =|~~ ==~

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No. 45551 takes water at Dillicar troughs in 1961. Photo: © G. W. Sharpe
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LMS-PATRIOT COMPANY LTD · Riverside, Civic Centre · Stafford ST16 3AQ Telephone 01785 244156 · Email: office@lms-patriot.org.uk · Website: www.lms-patriot.org.uk Registered Charity: 1123521 · Company Registered in England & Wales: No. 6502248