Y7 LOCOMOTIVE TRUST
(Registered Company Number 6494508)
(Registered Charity Number 1127396)
Annual Report and Financial Statements
for the year
1 March 2024 to 28 February 2025
Y7 LOCOMOTIVE TRUST LEGAL AND ADMINISTRATIVE INFORMATION
Trustees: P R Moore P R Stone R A Stone Secretary: P R Moore Registered Office: 20 Carisbrooke Drive Mapperley Park Nottingham NG3 5DS Company Registration number: 6494508 Charity Registration Number: 1127396
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Y7 LOCOMOTIVE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2025
The Trustees present their report and financial statements for the year ended 28 February 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust’s Memorandum and Articles of Association. The Trustees have adopted the provisions of the Statement of Recommended Practice “Accounting and Reporting by Charities” (FRS102) in preparing the annual report and financial statements of the Trust.
Structure, governance and management
The Trust is a company limited by guarantee, and does not have an issued share capital. It was incorporated on 5 February 2008 and is a registered charity, number 1127396. As a charity it is not liable to corporation tax or income tax.
The Trust is governed by the Memorandum and Articles of Association, the subscribers to which are Mr P R Moore and Mr P R Stone, the founding Trustees of the Trust.
Mr R A Stone was appointed a Trustee on 1 May 2017
Risk management
The Trustees have considered the major business and operational risks which face the Trust and confirm that procedures are in place to ensure that they are identified and reviewed and that systems are in place to mitigate them.
Objectives and activities
The principal objectives of the Trust are:
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To preserve, restore, display, use and maintain the Trust property, the London & North Eastern Railway Company class Y7 locomotive Number 985, British Railways Number 68088, built in 1923 to a design of 1888 of the former North Eastern Railway Company.
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To use the locomotive to promote public knowledge, appreciation and understanding of the historical, educational and cultural aspects of the locomotive.
The Y7 locomotive, 985, was donated to the Trust by deed of gift dated 13 February 2009.
Achievements and performance
For the Y7 trust 2024/5 was another frustrating year. As explained in the Trust’s previous report, this was largely due to the delays in completing the legally required 10-year boiler inspection, The Y7 came out of service in December 2020 and the boiler was delivered to the North Norfolk Railway in March 2021. It was intended that the overhaul would be completed by May 2022 to ensure that the Y7 was back in steam for its centenary in 2023. As a result of Covid and delays, largely caused by a shortage of trained personnel and boiler shop capacity, the Y7 was again in the year to February 2025 unable to earn any revenue and achieve its objectives.
It was also envisaged that the Y7 would be able to participate in the national celebrations of the 200[th] anniversary of the Stockton and Darlington railway in the summer of 2025, which would have been a high-profile event in which to celebrate its return to steam.
The good news is that the boiler passed its inspection on 16 June 2025 and every endeavour is being made to allow it to return to revenue - earning before Christmas 2025, which will only be possible if the rest of the necessary re-fit is done in a timely manner.
When planning activities, the Trustees have considered and had regard to the Charity Commission general guidance on public benefit.
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Y7 LOCOMOTIVE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2025
Plans for the future
The Trustees’ priority remains the completion of the Y7’s overhaul, and the resumption of steaming on the Mid Suffolk Light Railway where she has proved to be very popular.
Statement of Trustee’ responsibilities
The trustees (who are directors of the charitable company for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
Company law 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 its incoming resources and application of resources, including the income and expenditure, of the charitable company for the period.
In preparing these financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP (FRS102);
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any given time the financial position of the charitable company and 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.
In so far as we are aware:
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There is no relevant information of which the charitable company’s Independent Examiner is unaware, and
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We have taken all the steps which we ought to have taken in order to make ourselves aware of any relevant audit information and to establish that the charitable company’s Independent Examiner is aware of that information.
This report was approved by the Trustees on 13 September 2025
P R Moore Secretary
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Y7 LOCOMOTIVE TRUST
( Registered company number 6494508)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2025
| Unrestricted Permanent Endowment £ £ INCOME AND EXPENDITURE Income from: Donations Gift aided donation 20,050 - Income tax recoverable 5,000 - Bank interest58 - Charitable activities Operating charges - - __ Total 25,108 - Expenditure on: Charitable activities Maintenance & repair costs 34,995 - Support costs 101 - Total 35,096 - Net (expenditure) /income (9,988) - Fund balances brought forward at 1 March 2024 36,5511 Fund balances carried forward at 28 February 2025 26,563 1 |
Total £ 20,050 5,000 58 - _____ 25,108 34,995 101 35,096 (9,988) 36,552 26,564 |
Total 2024 £ 37,000 9,294 107 - _____ 46,401 44,874 80 44,954 1,447 35,105 36,552 |
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Y7 LOCOMOTIVE TRUST
(Registered company number 6494508)
BALANCE SHEET AT 28 FEBRUARY 2025
| Note FIXED ASSETS Tangible assets 1 CURRENT ASSETS Debtor Income tax recoverable Cash on deposit LIABILITIES–creditors falling due within one year NET CURRENT ASSETS NET ASSETS REPRESENTED BY: Permanent Endowment Unrestricted funds |
£ 1 - 26,624 26,624 60 26,564 _____ 26,564 1 26,563 26,564 |
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The Directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477, and that no member or members have requested an audit pursuant to section 476 of the Act.
The Directors acknowledge their responsibilities for;
- (i) ensuring that the company keeps proper accounting records which comply with section 386 and 387 of the Companies Act 2006 and
(ii) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its result for the financial year in accordance with the requirements of sections 394 and 395, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the company.
These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
These financial statements were approved by the Trustees and authorised for issue on 13 September 2025 and are signed on their behalf by:
P R MOORE
P R STONE
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Y7 LOCOMOTIVE TRUST
(Registered company number 6494508)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements are prepared under the historical cost convention.
The financial statements have been prepared in accordance with ‘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) issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the trust to continue as a going concern. The Trustees make the assessment each year in respect of a period of one year from the date of approval of the financial statements.
All income is accounted for on a receivable basis.
Expenditure is recognised when it is incurred and is accounted for gross.
The fixed assets of the Trust comprise the Y7 locomotive Number 985, which was donated to the Trust, to which a nominal value of £1 has been attributed. The cost of obtaining a valuation, the reliability of which would be questionable, is out of proportion to the likely benefit provided to the user of the accounts.
The financial statements are presented in sterling which is the functional currency of the Trust and rounded to the nearest pound.
2. EXPENDITURE
None of the Trustees received any remuneration for their services or reimbursement of expenses.
3. CAPITAL GUARANTEED
Every member undertakes to contribute to the assets of the Trust, in the event of the Trust being wound up, such sums as may be required not exceeding £1.
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Y7 LOCOMOTIVE TRUST
(Registered company number 6494508)
INDEPENDENT EXAMINERS’S REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025
I report to the charity trustees on my examination of the accounts of the company for the year ended 28 February 2025 which are set out on pages 4 to 6.
Responsibilities and basis of report.
As the charity trustees’ of the company (and also directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’)
Having satisfied myself that the accounts of the company are not required to be audited under part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011Act’), in carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner’s statement.
I have completed my examination; I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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Accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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The accounts do not accord with those records; or
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The accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report to enable a proper understanding of the accounts to be reached.
- H. P. Jones
Independent Examiner
11 August .2025
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