sEfvVATIO The Locomotive Conservation and Learning Trust Trustees Report and Financial Statements for the year ended 31 March 2023 Charity No: 1129893
The Locomotive Conservation and Learning Trust Trustees Report and Financial Statements for the year ended 31 March 2023 Trustees Toby Watkins Julian Birlev Mike Thompson Pauljarman Chair of Trustees Registered Office 11 High Moors Halton Butkinghamshire HP22 SNY Independent Examiner Robert Newman Carter Collins & Myer Chichester House 2 Chichester Street Rochdale 0116 2AX
The Locomotive Conservation and Learning Trust Trustees Report and Financial Statements for the year ended 31 March 2023 Structure, Governance and Management The advent of the pandemic and the deployment of the Chairman la serving RAF officer) for several months to the Middle East has dr3Stically reduced the times that Trustees and Project Board have met. Nonetheless, the use of Zoom and other virtual means have allowed the Project Board comprising representatives of the LCLT and SRC to regularly meet and make decisions. Minutes are maintained of each Project Board meeting. Governing Document The Charity is a Trust and is governed by its Deed of Trust established on 3 March 2009. It is registered as a charity with the Charity Corllmis5ion. The Trustees have the power to admit any constituted voluntary group or individLJal to membership and also have the power to remove members. Trustees may permit any member to retire provided that after such retirement the number of members is not le5S than two. Objectives and Activities The Locomotive Conservation 3nd Learning Trust was formed in 2009 to ensure a sustainable future for precious railway artefacts, while at the same time facilitating learning about their history and supporting traditional skills. The first artefacts placed into LCLT'S care, by Beamish, The North of England Open Air Museum, are former North Eastern Railway 'J21' 0-6-0 locomotive No. 65033 built in 1889 and NER bogie tools van No. 2 dating from 1902. In 2019, the Trust also acquired NER coach No. 2051, which once restored will be a suitable vehicle to operate behind the '121,. In 2022, the LCLT fleet was further expanded by the transfer of Peckett 'Lytham' and Hunslet No.68009. Aside from the ongoing restoration of No.65033 off site, the entire LCLT fleet is based at our host Railway, Kirkby Stephen East in Cumbria, home of our project partners the Stainmore Railway Company. Volunteers The Project HG-13-21839 is being delivered in partnership with the Stainmore Railway Company ISRCI and it is their volunteers who have been steadfastly restoring the Trust's artefact. the NER Stores Van No.2 of 1902 vintage. The locomotive is being restored by the contractor LMS Ltd and thus does not employ any volunteer labour. Public benefit Ever since formal permission to start was granted by the Ithenl Heritage Lottery Fund in November 2018 for the LCLT to begin Project HG-13-21839 the TrLJSt has been steadily restoring its two main artefacts,. 121 locomotive No.65033 and North Eastern Railway Stores Van No.2 (erroneously listed in past publications etc as No.55231. The project also comprises the treation of a meeting room in Kirkby Stephen East station. Assets and Llabllitles The Trust was formed in 2009 ostensibly to conserve and eventually restore the above vehicles. An additional vehicle, 1886 6-wheel coach No.2051, was obtained in 2019 when the Trust was alerted to its existence, its good condition, and that it could be had in exchange for a shed to replace the
The Locomotive Conservation and Learning Trust Trustees Report and Financial Statements for the year ended 31 March 2023 function it had on the previous owner's premises. In 2022, Peckett locomotive 'Lytham' was transferred to the LCLT by the 9F Charitable Trust along with £50,000. In the same year, the previous owners of Hunslet No.68009 transferred its ownership to the LCLT. Achievements & Performance During thi5 year the Trust has continued to restore the two main artefacts at the centre of Project HG-13-21839,. the Stores Van reached a state of tompletion following its lengthy refurbishment that began in late 2018. With the vehicle complete it awaits a new canvas roof and fitting out as a bespoke museum display before an expected full completion the late Spring of 2023. The121 locomotive No.65033 began a lengthy overhaul in September 2019 and progress continues to be made on its restoration at the Locomotive Maintenance Services Ltd works in Loughborough. Having been stripped to its many thousands of component parts the process of rebuilding is ongoing. During the period of this report the main foti have been the refurbishment of the various parts comprising the locomotive and the rebuilding of its tender, albeit at a slower pace due to the capacity of the specialist contractor undertaking the work. The tender was originally expected to be complete in the autumn of 2022, in turn allow the team to concentrate on the larger task of completing the locomotive, bLJt by the end of this financial year that still had not been achieved. That the capacity of LMS Ltd to carry out the restoration work has been much reduced during this period due to other commitments is not only reflected in the protracted overhaul but also in the lower restoration spend during this financial year compared to last. The restoration of Coach 2051 was earmarked as a longer-term project to follow the return to steam of 65033. Owning the coach body only, the Trust estimated some £20,000 to recreate an authentic 6-wheel chassis for it. However, the Trustees were delighted to have the opportunity to purchase in February 2022 a 6-wheel chassis from renowned coach restorer Stephen Middleton. While requiring some adaptation lit Is of Great Eastern Railway origin) it, and other parts donations, have saved the TrLJSt at le3St £10,000. With the completion of the Stores Van imminent, it is expected that further work will begin on this vehicle in 2024. Financial Review Receipts from supporters were lower than planned prior to the pandemic. Whereas that was once largely due to cancellations of the shows and opportunities where fundraising would take place, the main obstacle facing the Trust is the prolonged period before assembly of the engine itself can begin. Once assembly of the engine starts, experienced fundraisers from other projects will work with the Trust to spearhead a final completion push,. a common practice in line with other project fundraising profiles. The Trust has maintained sufficient income to 'prime the pump" necessary to maintain spending on the project for which the Heritage Fund will reimburse 91% as part of Projett HG-13-21839. As described above, the Trust has access to highly experienced and successful fundraisers from other projects and will increase its fundraising activity once the focus of restoration has returned to the engine itself and there is more certainty of when a completion date would be. The expectation is that the Trust will adopt a higher profile at events and in the specialist media in order to raise in excess of £70,000 from 2023 through to 2026,. ensuring project completion and starting the process of preparing for a subsequent ten-year overhaul in the 2030s.
The Locomotive Conservation and Learning Trust Trustees Report and Financial Statements for the year ended 31 March 2023 The isolated nature of the Trust Chairman's new job including working abroad has meant that several invoices have been paid by the Chairman, in turn reimbursed by the Trust at the earliest opportunity. While for expediency this device may be used occasionally henceforth it will be used only in extremis. Similarly, various volunteers undertaking projert work (not least on the Stores Van) have for expediency purchased low value items themselves, in turn being reimbursed by the Trust. In each case, these purchases were appropriate and made with prior approval. Reserves Policy The main effort, indeed raison d'etre, of the Trust is the restoration of the J21 and Stores Van through the Heritage Fund supported Project HG-13-21839 and the structure of the accounts reflects this with the Current Account functioning as the mechanism by which income is received, project bills are paid and subsequent reimbursement of Heritage Fund grant and VAT repayment is processed. The Reserve Account functions to maintain money to repay the Transport Trust loan made in 2011 and to Set aside any donation5 made for activities beyond the J21 project, such as the eventual restoration of coach 2051. However, due to the annularity of the payment falling outside of the period covered here, the repayment has not featured in this year's accounts. Administrative Administration The Trust's headquarters is the home of the current Chairman, Toby Watkins- Stone Flagged Cottage, Newbiggin, Leyburn, North Yorkshire, DL8 3TD.
The Locomotive Conservation and Learning Trust Trustees Report and Financial Statements for the year ended 31 March 2023 Trustees Responsibilities The trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The trustees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Charity law requires the trustees to prepare financial statements for each financial year. Under that law the trLJStees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice IFinancial Reporting Standard 102 and applicable lawl. Under law the trustees must not approve the financial statements unless they are satlsfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to- select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unle55 It is inappropriate to presume that the company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities SORP. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Disclosure of information to independent examiners Each person who was a director at the time thi5 report was approved confirms that: so far as he is aware, there is no relevant information of which the charity's independent examiner is unaware,. and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant information and to establish that the charity's independent examiner is aware of that inform3tion.
The Locomotive Conservation and Learning Trust Trustees Report and Financial Statements for the year ended 31 March 2023 This report was approved by the board and signed on its behalf. Toby Watkins Chair of Trustees 8" May 2024
The Locomotive Conservation and Learning Trust Trustees Report and Financial Statements for the year ended 31 March 2023 Independent examiners. report to the members I report on the unaudited accounts of The Locomotive Conservation and Learning Trust for the year ended 31 March 2023 which comprise the Statement of Financial Artivities, the Balance Sheet and the related notes. Respertive responsibilities of tru5tees' and independent examiner The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year Ljnder section 144121 of the Charities Act 2011 Ithe 2011 Act) and that an independent examination is needed. l am qualified to undertake the examination, being a qualified member of the Association of International Accountants IAIAI. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to.. examine the accounts under section 145 of the 2011 Act,. to follow the procedures laid down in the general Directions given by the Charity Commission under section 14515llbl of the 2011 Act,. and to state whether particular matters have come to my attention. Basis of the independent examiner's report My examination was carried out in accordance with Beneral directions Biven by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedure5 undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent examiner'5 5tatement In connection with my examinatior), no matter has come to my attention: 111 which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with section 386 of the Companies Act 2006; and to prepare accounts which accord with the accounting records, comply with the accounting requirement of the Statement of Recommended Prartice.. Accounting and Reporting by Charities have not been met,. or 121 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
The Locomotive Conservation and Learning Trust Trustees Report and Financial Statements for the year ended 31 March 2023 Robert Newman MAAT AT FFA FAIA MCICM Cmgr Independent examiner Chichester House 2 Chichester Street Rochdale, Lancashire OL16 2AX 9, May 2024
The Locomotive Conservation and Learning Trust Trustees Report and Financial Statements for the year ended 31 March 2023 Statement of Financial Activities for the year ended 31 March 2023 2023 2022 Receipts Income from regular supporters Ad hoc donations 9F Charitable Trust donation Arts Council IPRISMI Grant Heritage Fund 91% contribution to Project costs VAT £2,083.20 £4,510.00 £50,000.00 £2,000.00 £182,231.00 £23,635.06 £2,513.21 £3,992.00 £0.00 £2,000.00 £182,231.00 £41,249.00 Total Income TOTAL Receipts linc VAT Reclaiml.. £6,593.20 £271.052.46 £6,505.21 £231.985.21 Payments 121 restoration project Annual insurance (Trusteesl Annual insurance lartefactsl Transport Trust annual loan payment £115,076.45 £304.46 £1,000.00 £108.18 £259,224.68 £264.30 £0.00 £0.00 TOTAL £116,489.09 £259.488.98 Payments in excess of Receipts £154.563.37 (£27,503.77) Reserve Account Interest £0.45 £0.45 The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
The Locomotive Conservation and Learning Trust Trustees Report and Financial Statements for the year ended 31 March 2023 Balance Sheet as 31 March 2023 2023 2022 Fixed Assets Locomotive J21 No.65033 Locomotive 'Lytham' Locomotive No.'68009 NER Stores Van No.2 NER Coach No.2051 £500,000.00 £500,000.00 £500,000.00 £ioo,000.00 £50,000.00 £500,000.00 £0.00 £0.00 £60,000.00 £50,000.00 Current Assets Bank Account 78581249 Bank Account 78S81257 £71,435.10 £4,395.41 £5,445.67 £4,376.16 Total Assets £1.725.830.51 £619.821.83 Liabilities Transport Trust Loan £5,000.00 £5,000.00 Net Assets £1,720,830.51 £614,821.83 The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 Ithe 2011 Act) and that an independent examination is needed. The atcounts have been prepared in accordance with the provisions in Statement of Recommended Practice.. Accounting and Reporting by Charities. These accounts have been approved by the board and signed on its behalf. Toby Watkin5 Chair of Trustees 8, May 2024 io
The Locomotive Conservation and Learning Trust Trustees Report and Financial Statements for the year ended 31 March 2023 Notes to the Accounts for the year ended 31 March 2023 Accounting Policies Basis of preparation The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 Ithe 2011 Act) and that an independent examination is needed. The accounts have been prepared in accordance with the provisions in Statement of Recommended Practice: Accounting and Reporting by Charities. Fund accounting Unrestrirted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restritted funds are donation5 which the donor has specified are to be solely Ljsed for particular areas of the Charity's work or for specific projects being undertaken by the Charity. Incoming resources Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the itemlsl of income have been met, it is probable that the income will be received and the amount can be measured reliablv. Income from government and other grants, whether'capital, grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. For legacies, entitlement is taken as the earlier of the date on which either.. the charity is aware that probate has been granted. the estate has been finalised and notification has been made by the executorls) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material. Income received in advance of the provision of specified services it Is deferred until the criteria for income recognition is met. Resources expended Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. li
The Locomotive Conservation and Learning Trust Trustees Report and Financial Statements for the year ended 31 March 2023 Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Depreciation Given the restoration of the Trust's assets, the trustees have not provided depreciation as the economic life is considered to be indefinite. 12
nable Issuer Carter Collins & Myer Document generated Tue, 18th Jun 2024 15..13..08 UTC Document fingerprint d536000e42e3ad8ff5acfedfe3ebc002 Parties involved with this document Document processed Party + Flngerprlnt Tue, 18th Jun 2024 15'.27.'43 UTC Mr Toby Kenneth Watkins Signer 15ef2af56f37286942b3b4341e2505994) Tue, 18th Jun 2024 15'.27.'43 UTC Robert Newman - Copied In1817d85aa5a32abd33667e017fadd9bd81 Tue, 18th Jun 2024 15..27..43 UTC Jensen Whitehead - Copied In17ade08ce6f4a988e3d34bfc682a7a5041 Audlt hlstory log Date Action Tue, 18th Jun 2024 15..13..08 UTC Envelope generated with fingerprint 8¢2542673554f9ff1ed8c83042adeff218.133.63.166 Tue, 18th Jun 2024 15..13..09 UTC Document generated with fingerprint d536000e42e3ad8ff5acfedfe3ebc002.18.133.64.145 Tue, 18th Jun 2024 15'.13.'09 UTC Envelope generated.18.133.64.145 Tue, 18th Jun 2024 15'.13.'09 UTC Mr Toby Kenneth Watkins has been assigned to this envelope.18.133.64.145 Tue, 18th JLJn 2024 15..13..09 UTC Robert Newman has been assigned to this envelope.18.133.64.145 Tue, 18th Jun 2024 15'.13.'09 UTC Jensen Whitehead has been assigned lo this envelope.18.133.64.145 Tue, 18th JLJn 2024 15..13..09 UTC Envelope has been set to automatically remind the active signer every 7 dayls).18.133.64.145 Tue, 18th Jun 2024 15..13..09 UTC Sent the envelope lo Mr Toby Kenneth Watkins for signing.18.133.64.145 Tue, 18th Jun 2024 15'.13.'16 UTC Document emailed lo party emai135.177.26.109 Tue, 18th Jun 2024 15..15..22 UTC Mr Toby Kenneth Watkins viewed the envelope185.13.50.179 Tue, 18th Jun 2024 15'.27.'43 UTC Mr Toby Kenneth Watkins signed the envelope185.13.50.212 Tue, 18th Jun 2024 15'.27.'43 UTC Sent the envelope lo Robert Newman for signing185.13.50.212 Tue, 18th Jun 2024 15'.27.'43 UTC Sent the envelope lo Jensen Whitehead for signing185.13.50.212 Tue, 18th Jun 2024 15'.27.'43 UTC This envelope has been signed by all parties185.13.50.212 Tue, 18th Jun 2024 15..27.'44 UTC Document emailed lo party emai13.10.171.216 Tue, 18th Jun 2024 15'.27.'44 UTC Document emailed lo party emai118.133.189.135
Tue, 18th Jun 2024 15'.27.'44 UTC Mr Toby Kenneth Watkins viewed the envelope185.13.50.212 Tue, 18th Jun 2024 15'.28.'05 UTC Mr Toby Kenneth Walkins viewed the envelope185.13.50.212