CIIARITY REGISTRATION No: 1139588 COMPANY REGISTRATION No: 06952089 ROYAL SCOT LOCOM(sfivE AND GENERAL TRUST FINAMaAL STATEMENTS YEAR ENDED 31 MARCH 2024
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST CONTENTS YEAR ENDED 31 MARCH 2024 CONTENTS PAGE Reference and admnistratwe detalls Trust••8' annual rèport Independent auditors report 6-10 Statement of finala1 aclivities- Group 11 Statement of 5nandal acllvtties - Trust onty 12 Bala8 $heet- Group and Trust 13 Consolidatsd gtstement of Cash fl 14 Notes to the Flnandal Ststements 15-22
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST REFERENCE AND ADMINISTRATNE DETAILS YEAR ENDED 31 MARCH 2024 The Trustees, who are also direclors for the purposes of company law. present their report and the consoh'dated Financlal Statements of the Tfusl and Its subsidiary und8rtaking8 for the year ended 31 March 2024. R•gl*tarnd charlty name Royal Scot Locomotive and General Trust Charlty r•gl$tratlon number 1139588 Company registration numb•r 06952089 Registsr•d office Sbxth FbcK, Capital Tower 91 Waterfoo Road London SE18RT Tho Trustses The Trustees who served the Trust during ihe year were as follows: Mr J J Hosking Mr D J C Ounstone Mr P N Greenwood Mr R Dnry Mr P Adds Mr R wbeY Auditor¥ Amohj Hitl & Co LLP Chartered Accountants & Statutory Audltor Sixth Floor Capital Tower, 91 Waterloo Road. London, SE18RT
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST TRUSTEES, REPORT YEAR ENDED 31 MARCH 2024 The Trustee$ submit their report and Fnancial Statements for the year endèd 31 March 2024. The financial Statements have been prepared in accordance 4Mth Accountsng and Reporting by Charities: Statement of Recommended Pra¢li¢e apPIAble to Gharities preparing their accounts in accordance with the Flnancial Repothng Standards applicable in the UK and Republ of Ireland {FRS 102) (effective 1 January 2D19) Charities SORP (FRS102)). the Financ1 Reportlng Standards applicable in Ihe Uniled Klngdom and Republic of Ireland (FRS 102) and the COmpae$ Act 2008. The princyal adivity of the Trusl during the year was the restoratlon and oparatTron of assets belongng to It. THE TRUSTEES The Trustees who Served the Trust during1he year were as tollows.. Mr J J Hosklng Mr R WAbbey Mr P Add$ Mr R DrLtry Mr D J C Dunstone Mr P N Greenwood AUDITOR Arnold Hll & Co LLP are deerned to be re-appointed under sectton 487{2) of the Companles Acl 2006. STRUCTURE, GOVERNANCE AND MANAGEMENT B•ekground Royal Scot Locomotlve and General Trnst Is a charity esLiblhshed and governed by Memorandum and Artides of Associatlon dated 3 July 2009 as amended by Special Resolution dated T November 2009. It was regIsred with the Chartiy Commigsion on 30 Decemb8r 2010. Risk Man4g•ment The Trustees have Considered the major rtsks lo wch the charity is exposed and have reviewed those risks and e5tsblished systems and procedures to manage those risks. OBJECTIVES AND PERFORMANCE ObJKIIv•s To advance the education of the public by the acquisition. restoration. preserva0. exhlbitk>n operation of LMS St8am Locomotlve 6100 ("The Royal S¢of) and other steam locomotives, rollng stock, equipment and artefa¢ts, relk$, document$ and record$ of histor1¢ Interest as the Trustees may frorn tlme to tlme declde, Publk B•n•flt widest group of the public is reached by ruming stM tours on mainline charters. In the year10 March 2024 Royal Scol operated 13 times on the mainline lor Saphos Train$ and onGe for Steam Dreams. whereas 8ritannla operated lour tknes for Sleam Dreams and once for Saphos Tralns. In November 2022 a ten-year agreement commenced for the lease and operation of 60007 "&r Nigel Gfeslef. The locomotive was hired. for mainllne use. to Saphos elght tlmes in the year and t%¥ice to St•am Dreams. In additlon th? rake ol Mark 1 carrmges. wrchased by the Twst in December 2021, were used by Saphos on each Df Ils 34 trips in the yoar, and by Steam Dreams for each of Ils 27 days of operatlon. In this way, mernbers of the public were able to not only view th8 engines in operation but also lo travel
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST TRUSTEES, REPORT YEAR ENDED 31 MARCH 2024 OBJECTIVES AND PERFORMANCE (contlnued) in the coaGhes. thereby exPerienng rail travel as it would have been in the days prior lo 1968 when Briiish Railways withdrew their last steam locomotives from seNi¢e. It is the Trustees. intention lo make each l¢xomotive available to preserved lines whenever possible to bring them to as wide an audience as possible. When permissible footplate experience is given at gala events, which are designed to give members of the public tuition and actual 'hands on. experience of driving and firing a full size, main line steam locomotive. Britannia visited the Swanage Railway for its 2023 Spring Gala and Royal Scol visited the North York Moors Railway for its Gala in February 2024. In both cases Driver Experience Days and photo opportunities were offered to members of the public. Work on the restoration of 81ue Petr continued apace with the locomollve startlng Its testkng on the Sevem Valley railway in March 2024. It is antscipated Ihat further testh-ng, including on the mainline, will happen early in the next financial year, and there are plans for an unveiling lo take place at Klng's Cross slation The Trustees give occasional talks and lectures on a range of rarfway related Subjects. as well as assistsng in the teaching of the public during f¢)otplate expeFrenGe Gounses on how to drive and fire a stèam Ioc¢ynotive. The Locomotive Servicos Group Facebook and Instagram accounts have been giving regular updates on the TfU$t's asgets, Including In some ¢a$es those still under restoration. Follower nun*iers are steadily increasing, and posts are always VRII recelved. Investm•nts From time to time the Trust has r•e•ived donations of porffolios of shares which make up the inveslment5 hekl ty the Tnjst. The investmenls are held within the unre$lri¢ted fvnd, in line with the Y•ishes of the donor. The investment$ may be used to provide Income to further the Trust's objectives or. rf the Trustees conslder rt appropriate, may be sold. FINANCIAL REVIEW Actlvlty durln9 th• y•ar Since establishment. the Trust has acquired several iconic stsam I¢MotiveS presenting the finest examples of British steam locomotive design. The trading subsidiaries. whose results are contained thin the Group Financial Statements. operate the lOc(0t1ves described below. LMS 'Royal Scot, Class No.6100 'Royal Scot.. GWR 'King' Class No.6024 'King Edward I.. BR Class 7P No.70000'Britannia'. LNER Peppercorn A2 Class No.60532 'Blue Peter.. LNWER Class A4 no 60007 'Sir Nigel Gresley. (on a long lease). Two examples of the SR 4-6-2 Merchant Navy Class. It also owns three iconic dlesel locomotives. which it is restoring. and will run for commerclal actlvities in due course. These are. Class 45 - 45118 'The Royal Artilleryman,. Class 50 - 50050 'Fearless', acquired in L4arch 2024. Class SO Deltic- 55022 'Royal Scots Grey.. The principal engineering work during the year was on SOS32 '8lue Peter., and on the tsvo diesel locomobves, 55022 'Royal Scots Grey,, 60532 and 45118 'The Royal Artlllery Man.. Work on the coaching stock was mainly on one Mk 1 coach. 3140, and one Support ¢oaGh, 35451, both ofwkqth wim be brought Into seNice In the next financpl year.
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST TRUSTEES, REPORT YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW (¢ontlnuedJ In February 2024 Deltic locomotive 55022 'Royal Scots Grey. was temporarily taken offline in order to receive European Train Control System (ECTS> equiprnenl. This system is to be progressively ffnplemented by the infrastruciure owner (Network Rail) across Ihe rallway neiwork. 55022 is expected to be released back into Service in early 2025. The costs of this installation and downtime have bean bome by Network Rail in full as they are an erforced change under the railway netsyork code. London and North Weslem Railway Heritage Company Limrted is the restoration and malntenance business purchased in February 2014. Durmg the year it vrnked princlpalty on the assets of the Trust and othei related undertakings, and had another Successful year tumover of £3.8 rnilln. Of this £1.8 million were sales to entities which are related undertakings (see note 14). Trust operates wlth six Tmstees on its Board wfth a wide range of skills and experi•nce to strengthén its govemance and $trategic decision making. The Tntst has W0ed V#ith other slmilar charities to strengthen dialogue between them so Ihat training arrtl knothrfedge can be more ea$ily shared. Flnan The Income for ihe Trust for h year ended 31 March 2024 was £7,420,222 (2023: £2.502.*8). Charltable activities for the year are set out in note 3 to the accounts. Net wofit for the year #i the $SIdiary companies totalled £267,531 (2023.. £257.955), and the net assets of the Trust increased to £36,078,830 from £29,489,850 dumg tho year largely due to donatlons received during the year. R•8•rv•8 Pollcy The Trustees aim to maintain free reserves at a level which equales to approximatety 12 months. worth of capitsl and tharitable expenditure. The Trustees consider that thls level will ensure that there are sufficient funds av•lable to cover support and govemance costs. At the year end the unrestricted fund stood at £35,451,744 (2023". £28.862.764) of which £33,913.964 reyesents long tefm asset5 and the balance is expected to be sufficient for the caprtal expenditure and operating costs for the coming iwelve rnonths. RESPONSIBIUTIES OF THE TRUSTEES Law applicable to charities in England arKI Wales requ¥es the Trustees to prepare Fnandal Stalements for each linancial year. Under that law the Trustees have ected to prepare the Financial Stalements accordance wilh United Kingdom Generally Accepted Accounting Practice. United Kingdom Accounting Slandards and ¥plicable Jaw. The Financial Statements are required by law lo give a tn and fair view of the state of affairs of the charity and of the surplus or deficil of the tharity for thai year. In preparing these Financial Statements. the Trustees are requtred lo.. select simlable accounting policies and then apply them consistontly: make judgements and estimates that e reasonable and prudent: prepare the Financia] Slalements on the going concern basis unlom ft 1$ iiappropriate to presume Ihat the charity wil ¢tinUe in operation. The Trustees are responsible for keeping woper aecountlng records wNch di$dose with rea¥onabl8 accuracy at any time the finandal posiuon of the charity and wtrach enable Ihem to ensure Ihal the Financial Statements comply ryth the Charities Act 2011. The Trustees are also respon$it4e for safeguarding the assets of the charity and for l&king reasonable stsps for the proventim and detects.on of fraud ?d othor iff•gulan'tie$.
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST TRUSTEES, REPORT YEAR ENDED 31 MARCH 2024 In far a8 Ihe TnMtee$ are aware: there is no rnlevant a11 infcffmat*Jn of which the charity's audlloTS are unaware,. and the Trustees have taken al steps that they Ight to have taken to make them8elve$ aware ol any televanl audit inf0Mli0n and to establish that the auditors are aware of that infomwtion. Signed by order of the Trustees Mr J J Hosklng Trustee
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST YEAR ENDED 31 MARCH 2024 Oplnlon V¥e have audited the financial statements of Royal Scot L(XnotIve and General Trust fof the year ended 31 March 2024 which comprise consolidated statement of financial activities. ba1ce sheets. consolidated statement of cash Ilows and notes to the financial statements. including a summary of SnIfICant xcounting policies. The financial porting franework that has been applied in Iheir preparation is applicable law and United King(lom Accounting Standards, including Financial Reporting Standard 102. the Finandal Reporting Standard applicable in the UK and Republlc of Ireland (United lfjn9dom Generally Accepted Accounting Practice). In our opinion. the accounts: give a true and fair view of the state of the group and parent charity's affairs as at 31 March 2024 and of the group's incoming resources and applicalion of SOurceS for the period then ended; have been properfy prepared wi accordance with United Kingdom Generaly Accepted Accounting Practice,. and have been piepared in accOrdrA wryth the requiremerts of the ChaTilies kt 2011. 8a$ls for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilrties under those standards are further descrlbed in the Auditors, re$ponsibilit*$ for Ihe audit of the financial statement5 S•Ction of wr report. ilve are Independenl oltr oup and the parent charty In accordance with the ethi¢al requirements that we rele¥t to ow audit of the financial statements in the UK. ncluding the FRC'S Ethical Standard. and we have fulfilled our other ethical responsiblh'lies in &cordance vlth these requrements. We belleve that Ihe audit evKlence we have obtained is sufficient and appropriate to provide a basis for our oplilon. ConGlusion$ relating to goln9 ¢on¢•m The TNStees have prepared the accounts on the going concem ba$ls as they do not intend to liquidate the Twst or cease operations, and have cOnched that Ihe Trust's fina11 position means that this is realistic. We have nothing to report in respect of the folowing matters in relation lo whKh the ISA9 (UK) require us to report to you where". the Trustees, use of the going concem basis of &counting in the preparation of Ihe financial statements is not appropriate. or the TStee$ have not disclosed in the financial statements any identified material uncertainties that may cast significant doubl about the group's or the parent Gharity's ablity to conllnue to adopt the goin9 concern basis of OUntr.j for a poJiod of at leasl Iwelve months from the date when Ihe financial ststements are aulhorised for issue.
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST (contlnued) YEAR ENDED 31 MARCH 2024 Other infomiatson The Tntstees are responsible for the other informatiorb. The other infomiation cornprises the nf0mtIOn included in the annual report. other than the fjnancial statements and our auditors. repart thereon. Our opinion on the financial statements does not cover ihe other information and, except to Ihe exienl 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 responslbilty is to read the other information and. in doing so. consider whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the audit or othepwise appears to be materially misstated. If we identify such material inconsistencies or apparent material rnisstatements, we are required to detemiine whether there is a malerial missL1tement in the financial statements or a material mis$tslement of the other infonnation. If, based on Ihe WO we have performed, we conclude that there Is a material misstatement of this olher information,. we are requtred to report that fact that facL We have nothing to report in this regard. Mattern on w• aro Mquired to report by •x¢•ption We have nothing to report in respecl of the following matters in relation lo which the Charilies (Accounts and Reports) Regulations 2008 require us to report to you If. in our opinion: the information given in the Trustees. Annual Report is inconsistent in any material respect with the financial statements.. or the group and the parent charity has not kept sufficient accounting records," or the parent's financial statements are not in agreement with the accounting cOrdS and fetums: or we have not received all the infomatiorb and explanations we require for our audit. R8sponslbllltles of trusloas As explained more fulty in the Truslees. Responsibifjties Statement set out on page 4. the Trustees 8re responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such tiiternal control as Ihe Trustees detemine is necessary to enable the preparation of financial Statements that we free from material misstatement, whether due to fraud or error. In preparing the financial statements. the T(uslees are responsible for assessing the group's and the parent tharity's ability to continLte as a going concern. dl8ch)sin9, as applicable. matters related to wing concern and using the golng concem basis of accounting unless the Truslees either intend to Iwudate Ihe group or the parent charty or to cease operations. or have no reallstic altemative but to do so.
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST (continued) YEAR ENDED 31 MARCH 2024 Audltovs rosponslbllltlas for the audlt of the flnanclal statem•nts We have been appoinled as auditors under the Charities Act 2011 and report in accordance 4vith regulations made under that Act. Our objeclives are to obtain reasonable assurance about vthether the financlal statemenls as a whole are free from material misstatement. vthether due to trd or error, and to issue an auditors. report that includes our opinion. Reasonable as$urance is a high level of assurance. but is not a guarantee that an aLMd* conducted in accordance wilh ISAS (UK) will abNays detect a materia5 ml$$tatement vthen it exlsts. Misstatements can arise from fraud or error and are Gonshdered material if. iThJividuaHy or in the aggregate, they could 8$OnablY be expected to influence the economic declsions of users taken on the basi5 of these fanCIal statements.
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST (Continued) YEAR ENDED 31 MARCH 2024 A further description of our responsibilities for the audit of Ihe financial statements is located on the Financial Reporting Council s website at.. http.'IfvAvw.frc.org.uklauditorsrespon51biltties. This description fomis part of our auditor's report. DotsCtI( of frnud and breaches of laws and rngulatlons To identify risks of material misstatement due to fraud, we considered events or conditions that could indicate an incentive or pressure to commit fraud OT provide an opportunity to do so. Our approach included: using analytical pro¢edur8s lo id•nts'fy unusual relation5h¢ps', reading minutes of company meetings: discussing company policies and procedures on fraud detection and prevention with directors, and enquiring about any knoedge of actual, alkged or suspected fraud, We communicated Identified fraud risks throu9houl our team and rema ned alert lo ary indications of fraud throughout the audit. To identfy risks of material misstatement due to non-compliance with laws and regulations. our approach was as follows.. We identffied areas of laws and regulation$ that wjtd reagonably be expected to have a material effect on the financial statementg from our general commercial and sector experlence, and through discussion with the directors and other management (as requ1 by auditing standaids). and discussed with the directors and other management the pollcies and procedures regarding compliance with laws and regulations: We Gon5idered the legal and regulatory frameworks directly applicable to the financi81 statements reporting tramework (FRS 102, Charities legislation and the Companies Act 2006) and the relevant tax compliance gUlatIonS. We conswdered the nature of the industry, th? control environment and busuiess perfomiance. including the key drivers for management's remuneration. We comrnunlcaled identified laws and regulations throughout ourteam and remained alert to any indkcations of non<ompllance throughout the audit. Based on this understandlng we deslgned our audSt prOCede5 to identify non-compliance with such laws and regulations. INhere the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. We also perfonned pro¢edures to address the risk of management override of controls and the risk of fraudulent revenue recognFlion, li partiujlar the risks that revenue is reGorded in the wrong period and that management may be in a p)$ition to makè inappropriato accounting entries. Our procedures included.. testing manual journa15', reviewlng the flnancial ststement di9¢1osures and testing to supporting documentation: performing analytical procedures: and enquiries of management, and were designed to provide reasonable assurance that the financial $tatemenls were free from fraud or error.
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST (contlnu•d) YEAR ENDED 31 MARCH 2024 (h9ng to the knherent limitabons ¢f an wdit. Ihare Is an unav¢xdable r4sk that we may nol have detected s(xThe material misslalements li the financial slatemenls. evan Ihough have wopérly planned and perfomied our audlt in accordance wilh audlting standards. Far example. Ihe further removed non- compliance with laws and regulallon5 is from the events and transaclions rellected in the financial statements. the less likety the inherentfy limlted procedures required by audillng standardg would idertify It. The risk is also greater regardlng no[delectIOn of fraud rather than ermr. as Iraud may trivolve Intentional concealmenc forgery, cotlusion. omlssion or m1srewesenLI0n. Our audrt procedures are designed to detect material misstatement. We are n(>t respSIble for prevenling n0nAHnp11ance and cannot be expected to delecl non-compliance ith al la and regulaliong. U•• of our r•port This report is made sdety to the ¢harlty'S tru3tees. as a body. In accordancè wEth Part 4 of the Chanti98 (Accoun15 and Reports) R8gulalions 2008. audit woth ha6 been undertaken go Ihat we rnight slate to the trustees Ihose matters we we required to state to them an authlor's rnwt and for no ¢)Ihw purpose. To Ihe fullest extent ponnllted by law. * do not accept ty 3s%wne Rsponsthilty to anyone other than the qknty Ihe tru8te88 as a body. for our audn Ik. forthis reporL or forth• oplnlong have fommd. (ge JIMtln Moor• Bsc ACA {S•nlor Statutory Audltor) For and on behalf of Amold trr1 & Co LLP Chartqrnd Accourtsnts Sixth Floor. Capllal Tower 91 Vvalertoo Road London SE18RT .10-
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ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST BALANCE SHEET 31 MARCH 2024 Grnup 31 M•1 24 Tw*t 31 llar 24 Group 31 Mar 23 Trust 31 Mar 23 Not•s Tangth assets Inve5trn8nts 11.079.816 22,434,079 33,913.9 12M76,224 23.984.082 36,660,306 10.819.833 16,162,630 26.782,463 11,889.449 17,082.633 28,952.082 CURRENT ASSETS Siock DÈbtOTS Cash in twid 482.767 634,029 328.564 1A45J60 400.033 930,006 1.041,489 2,371.528 3.4>5 90,251 396.753 572.635 875,519 1.448,1S4 CREDifoRS: Amounts falling du• wlthln on• year 1938.791) (978.2291 {1.216,734) (910,386) NET CLRREMT ASSET51(LIABILITIESI 806M9 (581,476) 1,154,794 537,768 NET ASSETS 34.420.533 36.078.830 27 937 257 29.489.850 FUNDS R•strict•d fund Unreslricted luTrJ 12 11 244127 34.176,406 627,016 3IA81,744 244,127 27,693,130 627.088 28.862,784 TOTAL FUNDS 34 420 533 36 078 BJO 27.937.257 29 489,850 tL Those Financial Statements Were 8pprov8d and $wJr& by the Trustees on .......... Mr J J Hosking Trustee 13-
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating actl¥iti•s 1.179,770 662.166 Cash flows from Investing activities Invesbnenl inco Proceeds of disposal ol Investments PurGh85e of investment# Purthase of property an1 and equipment 790.793 489,519 2,161.281 12,741,346) {3, 136.726} 11,950,553) (485.926) Chang• In cash and cash •quivalgnts in thg yg•r 1770.7831 176240 Cash and cash equivalents blf 1.237.488 1,061.246 Cash and cash gquivalonts cn 466,702 1,237.486 Analysls of cash and ¢•sh gqulval•nts 2024 2023 Cash in hand Cash ld by invastmenl rnanr Totsl c•gh and cash equlvalents 328,564 138,139 468.703 1.041.489 195.997 1.237.486 Reconci•tiOn of not {exp•ndlturlllncome per SOFA to n•t cash flow• from operntlng i¢tivitie 2024 2023 Ngt oxp•nditur• p•rthg SOFA 6.483,276 15.119 167) Adjustmont IDr: OeprgcialiDn Amortisakn'on Investment Income Lossesl{gainsl on inveslmenls Impairmenl of fixed assets Non-cash donations In¢aSe in stock In¢rease in debtors Increase in creditors 704,4D2 711.640 {790,7931 (2.714,0301 1.S76,892 {3,gS7.4181 {82,7341 238.119 {277.943} (489.5191 3.299,319 2.072,479 1179.620> 183,559) 450,593 1,179.770 682.166 14-
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basls ol accounting The Financial Statements have been prepared under the historical cosl convention. •Arfth the exception of listed investments which are included at their market value, The accounts have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). the Statement of Recommended PracUce: AcCOting and Reporting by Charities preparing their accounts in accordanGe Yth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 issued on 16 July 2014, the Charities Act 2011 and UK Generally Accepted Accounting Practice. Royal Scol Locomotive and General Trust ¢on$titules a public benefit entity as defined by FRS 102. Basis of preparation The Financial Statements consolidate the results of the Charity and all group undertakin9s. These are adjusted, where appropriate. to confomi to group a¢¢ounting policiès. Purchases are arxounled for under the acquisition accounting method. The result$ of Companies acquired are included In the profit and loss accounl from the date that they are acquired. Golng conc•m At the lime of approving the financlal ststements. the Tfustees have a reasonable expectation Ihat the charty wll have sufficient funds lo meet its liabilitie5 as they fall due for at least 12 months from the date of approval of the financial $tslements and therefore have prepared the financial stalements on the goSng concern basis. Incomlng Mourco$ Incoming resources are accounted for when the Charlty has entitlement to the funds, receipt is probable and the amount is measurable. Where income is received in advance of a specified ser¥ice it is deferred until the Charity 15 entilled to that income. Gross income represents the income derived from the carrying on of the Trust's activities. comprising of donations. Investmenl Income and incorne from commercial trading operations. Resources expendod JI expenditure is accounted for on an accruals basis and 18 re¢ognlsed in the period in which it is Incurred. Resources expended comprise expenditure on charitable activitie5 and on the adminislration of the Charity and the investments it holds. and has been included under expense categori85 that aggregate all costs for allocation to activities. Commercial trading operalions costs are costs dI¢Y attributable to the trading activittes of the subsidiaries of the Group, Fund accountlng Unrestricted funds are available to use to further any of the purposes ol the Charity. Restricted fund$ are ID be used for the spectfic purposes as laid down by the donor. Expendrture which meets these criteria is charged to the respeclive fuThJs. Inveslments - Unquoted Unquoied investments are staled at cost less provision for dlmlnulion in value. Is-
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2024 ACCOUNTING POLIGIES leontinu•d) Inv•$lmonts - Quot•d Investments are stated at rnarket value as at the balance sheet date. Gains and losses on this basis are recorded in the statement ol finCial aclivitie5. Galis and losses on (Isposal are calculated Inclusive of Telated transaction fees and are recorded in the statement of financial actNits"es. GoodvAII Goodwill is reviewed annualy for tmpaimRnt and is written off over a ten year perlod. Tangible fix•d assets Tangible Ilxed assets are Initlaly recixded at cost. and subsewently held at cost net of depreciabon and any impalmient losses. Lo¢omollves and coaches are hefvJ as hefilage asseb. Followlng an extensive impaimient revlew at the year end. wnpairnls have been recognised in the Statement of Financlal Activit5 on various heritage assets based on their estimated recoverable amounts. Depreaation is charged on these assets on separately identlfiable Componenls. and on the asset as a whole based on the time since the last overhaul. Depreciation is recognised so as to fft off the cost of assets less thelr residual values over their useful live$ on the followkn9 bases: Heritage assets- straight Ine over 10 years Leasehold improvements- straight Ilne over remaining lease period Plant and machinery- 15% per yex slraight Ilne Flnancial as$•ls Flnanclal assets are reccJnised in Ihe Charity's balance sheet when the Charky becomes party lo the ¢tractual provi%ons of the instrument. 8asic financhal assets. which indude trade and other receivables and cash and bank balances. are initially measured at transaclion pri including transaction costs. Financial assets are dereCOlsed onty when the contractual rigms to the cash flows from Ihe asset expire, or when the Charty trSfer5 Ihe financial asset and substantially all the risks and r4Rrds of ownership to aTh)ther entity. Flnanclal Ilabllttlos Basic f#)ancial I'abiliti8s are initially measured at transaction wice. Financial liabilties ara derecogni5ed when. and only when. the Charity's obligations are discharged. cance118d, or they expire. Taxatlon No provision is made for corporation taxation in relation to tho Trusl's affairs as It Is a P)IC benefrt entity which is exempt from direct UK laxation on bts charitsble actmties. Corporation laxation is provided in relation to the subsidiary conwanie5' profit on ordinary activities. and 15 shown as expen(lure on Taising funds wlthln the subskliary. .16-
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2024 NET MOVEMENT IN FUNDS Net movement In funds is stated after charging.. Group 2024 Trust 2024 Group 2023 Trust 2023 Auditols remuneration as audltor - for other seDiices Depreciation 16.200 18,480 623.848 658.52B 11,000 6,823 532.500 550,323 12,950 10.996 711,640 735.586 6,950 1,525 612,789 621,284 CHARITABLE ACTIVITIES Group 2024 Trust 2024 Group 2023 Trust 2023 Direct charitable exPdIture Commercial trading operations 2.994,336 4,374,081 7.368,417 3.528,563 3.405.568 4.457,364 7.862,932 3,802.260 3.528.563 3,802,260 PARTICULARS OF EMPLOYEes Through London and North Westem RaiKvay Heritage Company, the Group now has an avera9e of 44 {2023: 50) employees, Costs a also pa to affiliated entities in relatlon to staff costs. The aggr•gate staff cost charge of Ihe Group and Ihe Trust is 85 set out below: Group 2024 Trust 2024 Group 2023 Trust 2023 Wages and salarles Social security cos13 Penslon contributions 1,348,019 134,233 58.809 1,541.061 1,413,897 142,956 62.701 1,619.554 These costs are included within thè Statement of Financlal Activities under the heading 'Re$ources expended.. Charltable actlvltles,. No employees eamed over £60,000 (excluding employer penslon conbUtiOnS) during Ihe ¢uTrent or prior year. -17-
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2024 COMMERCIAL TRADING OPERATIONS OF SUBSIDIARY UNDERTAKINGS The Trust has trading subsidbaries as detailed in nole 7 to the Financial Statements. A surnmary of the m051 recent results of the trading subsidiaries Is shown below for the year ended 31 March 2024. PROFIT AND LOSS ACCOUNT Locomotiv& 6100 Ltd Locomotlve 6024 Ltd Locomotlva London and 70000 Ltd North Westsm Rallway Heritage Company Limitsd 2024 2024 2024 2024 TURNOVER 306,250 599,100 3.813.190 Cost of sales (233.877) (140,426) (2,691,242) GROSS PROFIT 72.373 458,674 1.121.948 Admnistrative expenses (1 $8,403) {4,505) <36,001) (1.186.555) OPERATING PROFITILOSS (86,030> <4.505> 422,673 (64,607) PROFITILOSS BEFORE TAXATION (86,030) (4,505) 422.673 <64,607) Tax on profit on ordinary actsvities PROFITILOSS AFTER TAXATION 86,030 422,673 84.607 BALANCE SHEET Total Ag90ts 29.335 140 374,585 1.457.943 Total Llabilities (56,377) (2.630) 126,332> (482.305) Reserves 27,042 2,490 348,253 975 638
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (contlnued) YEAR ENDED 31 MARCH 2024 TANGIBLE FIXED ASSETS - GROUP Plant and Ma¢hin0ry •lc St•am Locomotives. Coaches et¢ Total COST At 1 April 2023 Addilions 1,955.584 70,012 10.903,760 2.671.334 (1,576,892) 11,998.202 12,859,344 2.741,346 (176,892> 14,023,798 Impairments At 31 March 2024 2,025.596 DEPRECIATION At 1 April 2023 1,307.276 932.235 2,239.511 Charge for year 171.902 532,500 704,402 At 31 March 2024 1.479,178 1,464.735 2,943,913 NET BOOK VALUE At 31 hlarch 2024 At 31 March 2023 546,418 648,3Q8 10,533.467 9.971.525 11.079,885 10,619.833 TANGIBLE FIXED ASSETS- TRUST Plant and Ma¢hln•ry etc Stsam Locomotlves, Coach05 0tc Total COST At 1 April 2023 Addith'ons 834.331 55,092 12,470,678 3,212.131 13.30S,009 3.267,223 (1,867,3M 14,704,838 Impamients At 31 March 2024 (1.867.394) 13.825.415 889,423 DEPRECIA TION At 1 Awril 2023 483,325 932,235 1,415.S60 Che for year 80.554 532,500 613.054 At 31 March 2024 563.879 1464,735 2,028,614 NET BOOKVALUE At 31 March 2024 At 31 March 2023 325.544 357.006 12,350,680 11,538.443 12,676,224 11,889,449
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST NOTES TO THE FINANCIAL STATEmEr8 (Contlnued) YEAR ENDED 31 MARCH 2024 Capital expenditur& on locomotives and C¢Mches in the prevlous four report4ng period5 15 delailed below. 2020 1,046,107 911.658 2021 1,852,203 540.000 2022 2,668,488 2,525,1)00 2023 2.998.864 550,000 Resloration of heritage assets Awuisilion of heritage assets INVESTMENTS Group 2024 Tru$t 2024 Group 2023 Trust 2023 Quoted inv•¥lments - At market value At 1 Aprl Additis)ns al cost Disposals Net galnsl(losses) on revaluatltxs ProffiV(loss) on disposal At 31 IAarch 16,162.630 3,957.419 16,162,630 21,623.233 3.957.419 21.623.233 (2.177,864) (2.177,864) (2,714,030) {2.714.030} (2,999,029) (2,999.029} 283,710 283 710 22,834.079 16,162.630 16.162.630 22.834,079 Group 2024 Trust 2024 Group 2023 Trust 2023 Unquot•d Inves¢m•nts At 1 April Addilions Impaiment At 31 March 900.003 315.794 65.794 1,150.003 600,003 317.626 9)0.003 The unquoted irniestments are in subsidiary undertakings, slated at ry)$t less accumulated impairment h)sses. The foknvlng were nvestments ol the Trust at 31 March 2024. Int•r•$t in ordlnary shar• capital County ol In¢orporntion Principal acllvlty SSIdIary und•rtaking8 Locomotwe 70000 Limited (Company no. 07346193) Locomotlve 6100 Limrted (Company no. 06958560) Locornotive 6024 Limlted (Company no. 07483630> London & Ncflh Weslern Ralfrway Héritage Company Limrted (C)mpany no. 05579807) loo% England & OpeTh1ting the Tfust's coaching Wales stock England & Operating the TfU¥t'$ Wales locornotives England & Operaling a kicomotive Wales England & Steam locomolive maintenance, Wales restoration and ancilary engineering Se1CeS 100% 100% 100% OE8TORS Group 2024 Tru•t 2024 Group 2023 Trust 2023 Trade debtors Amourts owed by group undert&ings Other dèbtors 269.741 270,600 50,000 256,495 306.495 7.783 564,852 572 635 364.288 634.029 659,406 930.006 -20-
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (contlnued) YEAR ENDED 31 MARCH 2024 CREDITORS: Amounts falling duo wlthin on• y•ar Group 2024 Trust 2024 Group 2023 Trust 2023 Trade ¢reditors Taxalion and social security Other creditors Accruals and deferred income 678,172 47,953 47,819 164,847 938,791 486,069 920.472 42,841 123,983 129,438 1,216.734 7SO.$61 357,040 155.120 978,229 39.112 120.T13 910.386 10. COMTINGENT LIABILITY There were no legal claims outstanding aga#ist Ihe Group at the balance sheet date. 11. UNRESTRICTED FUND Group 2024 Trust 2024 Group 2023 TFUSt 2023 At 1 April Net movement in funds for 1he year At 31 March 27.693.130 6.483,276 28,862,764 6,588,980 32,812,297 (5,119,167) 33.492.871 (4.630,107) 34,176.406 35.451,744 27,693,130 28.862,764 12. RESTRICTED FUND Group 2024 TnBt 2024 Group 2023 Trust 2023 At 1 April Net movement In funds fN the year Al 31 March 244.127 627.086 244,127 627.086 244.127 627,086 244,127 627.086 The restricted fund consists of donations received to fund the purGhase of London and North Westem Railway Heritage Company Llmhed. 13. FIMANCIAL COMMITMENTS At the reporting end date there were outstandirwJ commitments for futu minimum lease payments under nonvcancellable operating leases, as ft)Ilows-. Group 2024 Trust 2024 Group 2023 Trust 2023 thin one year Between and five years 226,500 306,000 S32.$00 200.000 200,000 400.000 200,000 400,000 600,000 200,000 400,000 600,000 -21-
ROYAL SCOT LOCOMOTIVE AND GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2024 14. RELATED PARTY TRANSACTIONS No Trustees received reimbursement during the year for travel and sub51Stence expenses (2023: none). No Trustee or any persons connected with them received any remuneration during the year. During the year Locomotive serVe$ Limited. a related undertaking, recharged expenses to the Trust of £350,000 {2023: £380.000). As at 31 March 2024, the Trust owed Locomotive Service Limited £7.657 (2023: £87.897). During the year. London and North Western Raihmay Heritage Company Limited earned Income lotalling £1.814,536 (2023.. £2,780,951) from the following companie5, all of whith are related undertakings: Locomotive 34046 Limli ed Lo¢omotNe 4270 Limited Lowmolive 5029 Limlted Locomtive 60019 Limited Locorrotive 61306 Llmlted Locomotive 92212 Limited Locomollve 45231 Limited Locomotive Diesels Limited Locomotive Interaty Limited Locornotive Storage Limited Locomotive Services Limrted Locomotive Serve$ {TOC} Limited L S Shunters Limited The transactlDns yre conducted on an arm's lengih basis and a total of £217.691 (2023.. £221,152) was outstsnding In respect of these amounts at the balance sheet date. During the year to 31 March 2024. Locomotive Storage Limited eamed income of £187,365 (2023: £113,266) from seNices provided to London and North Westem Railway Heritage Company Limited. As at 31 March 2024, the amount outstanding was £119.686 (2023.. £99,045). Durn9 the year to 31 March 2024. Locomotive Services (TOC) Limited earned income of £97.341 (2023: £61,208) from London and North West8rn Railway Herltage Company Linyted. All related party comparyes identified above are incorporated in England and INales.and are lated as they are under the control of one of the Trustees. .22-