Registered number: 07598363 Charity number: 1144738 The B17 Steam Locomotive Trust {A company limited by guarantee) Trustees, report 2nd financial statements for the year ended 30 April 2024
The B17 Steam Locomotive Trust (A company limited by guarantee) Contents Page Reference and administrative details of the charity> its trustees And Advisers Tru5tee5' l-epoi-t Independent examiner's report Statement of financial aetiviti 10 Bal8nce sheet Notes to the finaneial stattments 12-18 The following pages do not form part of the statutory financial slatements: Detlled Income expenditure aeoount 19
The B17 Steam Locomotive Trust (A company limited by guarantee) Reference and administrative detaib of the companyj its trustees and advisers foi. the year ended 30 April 2024 Trustees BEHall H A Mullens N J J Illingworth (appointed 24 October 2023) A W Lusby (appointed 26 March 2024) P Wright J H Pearson A L Warren Company registei.ed nutnber 07598363 Ch&rity registered iiumber 1144738 Registered office 171 Clifton Road, Shefford, Bedfordsliire, S017 SAG Page I
The B17 Steam Locomotive Trust (A company Limited by guarantee) Trustees, report for the year ended 30 April 2024 The TTUStees pi'esent their annual report togetlier with the financial statements of the conipany Tli¢ B17 Steam Locoinotive Ti'ust for the year ended 30 Api'il 2024. The Tivsiees confirni diat the AntLual Report and financial slalements of tjie company comply with the current statutory requii'ements. the requii'emellts of the company's 8overning dociimenl and Ilie pi'ovisions of the Statement of Recoinrnended Practice (SORP), applicable lo chi¢l¢s PTeparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2015) as amended by Update Bulletin l (effective l January 2015). Since tl)e conipany qualifies as small under section 383. the sirdtegic Itwrt required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) RLgulalions 2013 is not requiTCd. Objective5 and Activitie5 Policies and objective5 Th¢ principle obje¢ts of the company are restric*d to the following: a) To build) preseive, opernte. maintain and exhibi¢ foi. public benefit for educational and institutional puiposes locomotives of liistoric or scientific iInportance built by, acquired by, or leased or oihei'wise made available to the cornpany and in parlicular a London and North Eastern Rrtilway, Class B17 Express Passenger Locomotive. b) To use the trust property lo proinote public klwICdge. appreciation and understanding of ilie liistorical, educational, scieiilific and cultural aspects of the tNsl property, with particular regard lo its historical significAn¢e, for the benefit of die public. In settirtg objectives aftd planning for activilies, the Trustees have given due consideration to general guidance published by Ilie ¢harity Coll)lSsion relating lo public benefit and in pai'ticular io its supplementary public benefit guidance on running a ¢haJ-ity (PB2). b. Str&tegi¢s for gehi¢vinE objectives In a desire to increase the strength of Ihe Trust B0d. iwo new Director5 vKre appointed during the period under i'eview, Nick Illingworth and Alan Lllsby. Their combined expei'ien¢e and enthusi&sm for the Project will be exti'emely beneficial in the yeai's to come. Electronic communi¢alions have continued to provide Ihe prirnary external inteiface for the puiyose of reporting our pi'ogress to the public via the illedia. seeking Potenlial sources of funds from organisations providing 81'anls, pi'ocurement of componcnls in aecoi'd8nce wtth tems and conditioiis froin manufacluring indiistiy and the education links paiticulai'ly associated with Sheffield University. Techniul Colleges and Schools. Promotional presentations about the project have also continued in conjunction with Interested community groups. Similarly, these links also convey news and information about project progress, events, membership mattels, appeals and geiieral correspondence including sending out copies of our house magazine, Tlie Spirit, to oui. rnernbers, supporters and frien(L8. Postal comtnunication is used foi. thes¢ same pui'poses where electronic means are not possible. The Trust Chairnian attended a niimber of meetin85 of Th¢ Main Line Steam Builders Group during the period iindei. review. This collabornlive working with other new build steam locomotive gKbups is considei'ed to be vital to the project's success Iri that it allow5 constructive discussions k) lake place and thus agree a stwctured content defining each locomotiv¢ in accordance with Railway Group Standards and subject lo guidance provided by representatives of the Railway Assessment Authority. Jn the future, th¢ Main Line Steani Builders Gioup aims lo share inforn]ation alxTrut the curi'ent capabilities of tlie Group's supplieis. To achieve thi5 aim, the Group estsblished proceduies lo shAI'e that information and ass&ss suppliers usiThg a red. amber. 'een rating system. The Gmup also discussed what methods could be used to reverse engineer paits when the oi'iginal di'awings are not available. tlie permissible tolerances foi. steam locoinotives. and tl)e grades of iiiodei'n niaterials that have been used as substittites when materials referenced on old¢i- drawinES air no longei. available. Our continued ability to operatc from the Sheffield base of CTL Seal Ltd allows u5 to access an accredited englneering Page 2
The B17 Steam Locomotive Trust (A company limited by guarantee) Trustees, report (continued) for the year ended 30 April 2024 cornpany wbo piovide top c12ss manufacturing savices under eA)nts'aet lo the Bl 7 piDject. Other 2CCltdited CoimpaE]ies based witl)in the Utc also provide higli quality parts to the piDject. Our policy of working wilh acci'ediled Supplie having conipetent and capable staff and using pi'oven lechnolo8y and processes provides consistent a5su1.ance to quality, pi'oduct compliance and reliability tn accordance with rail auihority standards and safety requirernent on the modern railway. The Community Plan describc5 the charity's activities derived frorn The Spirit of Sandringham project foi. achieving public benefit. This offers unique leaining opwrtunitias for young people in Secondary Scliools, Higher Education and Vocational Training with an eniph8sis on developing problem-solving abilities and practical skills with respect to engineering and nianufacluring teclinologies. Experience in Copin with real life situations may also be developed including the recognilioii that gt'eater bei)efit iiiay be obtained by working together as cooperative teams. Activities for achieving oijjectiv In addition to previous year'5 success in applying foi. outside grants, the Tiust were rtI]er successful in obtaining two more dui'ing the pei'iod. Iliese were from Ihe Chai'les and Elsie Sykes Trust and The Swire Charitable Trust. It is recognised that grant applications will be a very importanl part of the Trust's fund-raising strategy as because of the cui'rent economic situation, the amount of disposable income from our membeis ]d the general public is Inucli reduced. A public Open Day was held at the pirmises of CTL Seal Ltd on Saturday 13th April 2024. Tliis was a collaborative event with a second steam locotnotive '0uP who were creating another new locomotive in the Assembly Shop. As ihe previous year'5 event. attendance was high ld certainly exceeded expe¢ta¢ions lo make this a busy aiid mernor8ble day. What particularly atti'acted positive comrnents fro visilors was our newly painted bufferbeam. eoinpleie wilh buffers, and le SokeboX wrapper lemporai'ily in place. The help and suptK)rt provided by the managen)ent &nd staff of CTL Seal Ltd, some of whom attended on the day. was acknowledged with our thanks. Tlie Trust were also able to continue their attendance, Coniplete with Sales Stand. at numerous lierilage railw&y events and otliei. local events thioughout the year. These evens serve a double purpose in nor only i?ising awai'eness of the pioject to visitors who may be Iinaware of what we are tiying lo athieve bill also act 8s useful way of l'aising additional ndS thi'ough the sales of branded mercl)andise, the sale of donated model railway items, the pur¢has¢ of our Grand Draw ticl(¢ts as well as general donations. Continued empliasis lias been placed on the use of social niedia to 'spread die wY)rd" re2ardiiig the Spirit of Sandringliatn projcct. We have iiiaftaged to grow our number of Facebook followeis lo over 1,600 while posts have been iegulai'ly made on a numbei. of herilage rdilway internet foi'ums. It remains a challenoe in trying to convert as many of tliese followers as possible to become menibers of the TNst. Meinbership recruitment duriiig the period recorded a steady growth of I I new membei's with the end result being a final total of 221. Life membe13 now total 4. The 61673 Constructors Club. originally formed in 2018, where cuinulaiive funds spccifically support the manufactui.ing and constsiiction activiti&% in accordance with the project plan, 'eW fi'oin 59 to 61 certificates during the period undeT review. To IM)th our iiew and all existing niembers we offei. oui. grateful thanks for their kind contributions in support of the Spirit of Sandringham project during ihe year. Engineering Design and Manuf&cturin(r activities during the period have continued, with parliciilar emphasis on the design work for tlie bogie and smokelx)x. Furthei. components have been manufactsLIEd while the machining of exi51ing components has also been undeitaken. These activities al'e described in the section"Review of Activities." d. Main activities undertaken to further th¢ charity's purw)s&s for the public benefit The eombiiied Education and Learnin£ programme based uw>n the Spirit of Sandringliam project 15 desiglled fol. young people in Secondary Schools at Key Stage 4 Science and 'A' Level Design & Techllology, Thow appiDved for use in schools in England. In addition, two way working relationships with students and their Tutors at The University of Sheffield provides teitiaiy education in tlle Sheffi¢ld ai'ea. Experiences relating to each level is suinmaTLSed as follows-. l ) Secorldary Schools - Learnin8 Support Materials themed on the Spii'it of Sandi'ingham ptDjecl created jointly by L.1 Sampson (B17) and I'epresentatives from the STEM Found10 for GCSE Science and A Level Design and Technology, were inii'oduced atLd tested by a small group of Schools in Essex on a trial basis from Octobei. 2018. This was with prior Pagc I
The B17 Steam Locomotive Trust (A company limited by guarantee) Trustees, report (colltinued) for the year ended 30 AprAI 2024 agreenient fmm The Lo¢al FAlucation Aiithority ]d Hmt. AJeemenl was subsequently giwited that tlie learning siipport matei'ials (called Spoilighc on Specifics) may be publislied for use in Secondary Schools in England. T1Ce leading publishei's currently hold these Inatei'ials for release to interested schools. As pi'evtously reported. sustained inflationary pressiiits to school budgets cLientlY deleimin&s the priorities foi. spend. Therefore, publisher5 al'e teiiding to withhold going to the market place for now and theii forec&81 oppears to favour 2025. 2) University Training activities.. we have InaintRined our ptiCipation with the Sheffield University students in two different RCAS - once again, we have been able to support the students in the iMecliE Railway Cliallenge. The leain froi Sheffield is known as RCAS (Ruilway Challeng¢ At Shcffield) and il was an oppoitunity for us lo support them on Saturday 24th Junc. Tlie Railway Challenge took place between 23rd and 25th June 2023 at Sthpleford Pa (neai. iA)ugliboroiigh). 'rhi5 yeai- the Trust was one of Iheii. sponsols and the loco piDiidly cari'ied an appropi'iately I'educed (in size) nanicplate Spirit of Sandringhain. The Trust representatives who attended the even¢ saw a lot of skill and pmfessionalism in the way the students approached the tssks and solved the many issues thal arose, The teani finished in 4th place. winning the Technical Postci. Challenge and Ihe Innovation Challenge. as well as taking second place in several other5. b) Group Design Briefs - the 3rd Year Undergraduales undertake a Group Design exercise as tlie culmination of tlieir Design woi'k each year and the B17 SLT wei'e again invited to write one of tl)e design bTiefs havlng a direct association with tlie B17 con5tNction project. We believe this benefits both paities involved - the students tasked with a iral life pi'oblem and B17 SLT gains benefjl from new ideas and thoughts on the Project. We hope io continue into a 5th year and maintain mutual benefit obihined by virtue of tlic contributions between the parties involved. Apprenticeships due to the financial cliiliale of the period under I'eview, there was no positive movenient and furtlier discussions with SEEVIC, HRA and Shcffield College in order lo identify a workabl¢ pa¢kage, liave been pul on hold. . Volunteei As was experienced in the same period from May 2022 to April 2023, the attendance and JEvenues at both our indoor and outdoor events rernained flaL The continuing econoinic downturn and reduction in disposable income of both the general public and our niembers has certainly been noticeable in discussions with thern. Despite this, our volunteers have continued to provide their solid suppoit which enabled our planned commithients 19 be met. Thu5, it is pleasing reaffirm that tlie support and eontribuli011s provided by all volunteers, IneiT]bers, supporters and friend5 has conlinued even at this reduced level and helped maintain Ilie momentum of the B17 project. Our grateful thonks ajr exlended to all those 10 kirLdly 'ranged and supported local fiind ralsing events on behalf of Bl 7. Achievements and perfornjance Key finAnciAI peif0rn18nce indicators For the period under review, t]ie generosity of nienibers. supportets and friends eiisured that incorne achieved for tlie year reached a record total of £1 86,812 including gift aid. This repre5ertted an increase of 7.30/0 compared with the previous yeAI S total of £174.045. In particular, 8 milestone was reached when towards the end of the peiiod we were able to announce that oiir total fundraising since the pi'oject started had p&ssed £1 millioll. A tremendous achievement for such a relatively small or8anisalion. Specific appeals for particul. cfjmnents have also cA)ntinued to be a 8ood way of motivatijig mernbeis and we were able to announce that the appeal for funds for Phase 2 of the Smokebox Project had reached ils taiget total of £20,000 in recoi'd time. Tli¢ Trust Board believe this furtlier demonstrae5 the committed suppoit of our meinbers. Contributions fiDm raffle ticket sales after deducting the value of prizes and costs in suppoit of the fifth 'Gi'and Diyw, amounted to £2,581, an uplift of 52Vo over the previous year. Page 4
The B17 Steam Locomotive Trust (A company limited by guaralltee) Trustees, report (continued) for the year ended 30 April 2024 The cost base for Engineerino and Manufach]rinE sectors of indusuy itmains liigl), being laelY driven by premium energy and li'ansport costs. Excessive lead tinies have also wntinued, influenced by detnand outstripping supply for cei'tain gl'ades of matei'ial. Hence Iliis introduces a Scarcity fa¢toi' that continues to maintaiEL high prices aiid shoilened validity periods foi. quotations stated as just a few weeks, with veiy lengihy lead tirll&8 to deliveiy as the only altei'native. A lolal of £78,499 was spenl on the locomotive dui'ing the year, including design work. The Trustees monitor the bank balance very closely and also lake into considerdtion inconie trends and spend piDfiles to ensui'e Iliat sufficient funds are available before cominilments are made. The total SUEn of £363.300 was held in oiir bank aiid various othei. accounts 25 at 30th April 2024. A decision had been madc during the pei-iod under review to Iraiisfer a proportion of tile ainounl held in oiir bAnk account to a nuinber of diffeient inteitst-bearing Building Saciety account5. In ost cases Ihis Inoney can 6e withdi'awn immediately wlihout penalty to pay foi. bills subiiiitted by our suppliers but it has meant that a significarLt amount of interest will be earned each year as a welcome contribution to ouj. incorne. b. Review of activitles Amicable working relationsliips have continued to develop witli the different levels of manageinent and p¢rsonn¢l at CTL Seal Ltd, in Sheffield as the B17 project lias progressed. InCa$1ng manufacturing requireinents hav¢ been mei by retaining soine ttems on site at CTL Seal Ltd, wliilst othei's were sourced with preferred soui.ces elsewhei'e, pailicularly Daniela Woi'ks Lid based in Shildon, as a means of spreadin8 the load to match capacity, capability and piiority. Planning and hosting joint events on site with the other locomotive group based at CTL Seal for educational and publicity purposes also worked well. This involved visits by students. followed by a second Open Day lo engage with the genei'al public and allow an opw>rtunity to explain PlDject objectives to ihe media. ManufactUTed hai'dwarc and assembled m8infi?me structures on display demonslrated the stages of construction at each event. Tlie perniission and support freely provided by the management of CTL Seal Ltd, tliat lielped ensuir the success of(hese visits was acknowledged. Engineering Design and Manufacturing Activities... Engineei'ing- CAD design work for the Diagram IOOA Smokebox has y'ogressively ClEated the overall Ih¢xlel and subsequent mAnufacturing drawings defining the main componenis representing the "shell" froin whid) manufacture was lo begin. Original LNER drawings from The Works Drawing Offices at Darliiigton and Doncaster weir used foi. ference purp05&s. The initial drawing set represents 18 differenl patts iiicludiiig the overall assembly, These have been grouped together by vii'tue of similar parts, materials and the types of Manufacring skills required, forming the basis of quotations foi like items" from suitable suppliers. The Srnokel)ox model is also integ72ted into the overall CAD model of 1¢ B17 Loco, adding lo the overall outline. The inteinal development and routeing of pip¢work, aligniiient between the Smolcebox and the gaddle inclusivc of thc position of the Bla5tpipe Mnd its relationship with the Chimney, Liner and Cowl plus an oplimuni location for Spark Suppirssion screens outline fiiither design tasks, to make for a bu.sy 8mDkclK)x! Bogie -The proposed design improvement lo introduce a Fabiicated Steel Chassis as the replacement for the oi'iginal Steel Casting (where the pattern no longei. exists) I'equires further design woi'k and engineerinE iuslificatioii. This is in response to the additional requirements as advised by the Rail Authority following their initial as5es5ment of the B17 proposal relating to:_ qiianlify the effect of dynamic loads and stresses that may be applied to the Chassis structure in service. Comparing dimensions between the B17 and Al Chassis has identified dimensional differences which enhance the curitnt design and tliese have already been embodied. A niore detailed study of tlie sture is planned including Fine Elemental Aiialysis (FEA) including a Vampire study to simulate and rnea5ure ride quality and the effect of iinpacts under various opei'ating conditions. Thi5 method of approach has a150 been shared with the Rail Authority, who responded favoui'ably. Cylinders and Saddle - Manufacturing di"awings of the fabricated designs indicate full pen welding in a defined order to ensuj'e that piogressive assembly and vKldinE will permit fitedom of access, to avoid covering areas unnecessarily. Lubric8lion points have also been accounted for and are incorporated. Plalls to review the full set of matiufactui'ing di'awinES With potential Suppliers to checklverify pmduceability issues and comments arising will be arrangcd. Manufactui'ing- derived from the CAD rnodel of the Smokebox. Ilie initial set of llLanufacturing dtawin8s represented the tllain sttuctural parts consisting of the Outei. Wrdpper, Liner. combined Rtng and Seal and the Door. New suppliers lo the B17 project were identified as the source for these MP)nents using specialised manufacturlng processes to fonn and machtne the shapes requii'ed. Positive responses wer¢ provided by eacb supplier in i'esponse to our formal audit request, explaining details of their ManufacEuring and Quality Control I1CedureS employed and of formal accreditation to verlfy Page 5
The B17 Steam Locomotive Trust (A company limited by guarantee) Trustees report (continued) for the year ended 30 April 2024 their cotnpetency and achievement in accordance with indusÈry standards presentInO the trainiiig. skills and know how reqiiired. Subsequently parts wei'e ordei'ed and completed witli the Outcr Wrapper and Liner displayed at The Open Day in Api'il. Final assembly of the basic sjnokebox will follow as the remaining manufactui.ing drawitw and paits become available. The finish machining task to the Centre Hub and Crank Pin B05s on each of the six Coupled Wheels was allocated to two different machines (Vertical Axis and Horizonial Axis,) includiiig supporting skilled resources wiiliin Tbe Machille Shop at CTL Sea Ltd. This work oiily loaded towards the end of the period under review, to enable the company to complete iinporlant manufacturing commitments with tFieir customer in advance of staiting work on tlie Coupled Wlieels. Thereafter Ilie wheels were handled SiDEularly at each of the scparate work stations including Inspeclioi) 8$ available resources permitted which unfortunately piolonged the whole piocess ihiougli to an eventual cotnplL.lion. Caiinonbox ¢asting5 (top and bottorn llalves) for both the Inlemlediate and Trailing positions. on¢e external Inacliining was rnpleted by Daniela Woi'ks Lid. Shildon, were fully asseinbled with the respective halve5 clearly identificd in matched pairs by serial number. Bolh halves were fully bolted gethe1. with exts? clainping secui'ely fitted to i'eslrict movement. These were packaged witli their allocated Maiiganese Steel Plate Liners, to be w¢ld¢d into positioi) on pie-machined siles, lo the outside of each Cannonbox. This 5pecialised work was to be conducted by qualified stsff at Locomotive Maintenance Servi¢es Ltd. Lougliborougli. When returned to Daniela Works Ltd. Shildon, Clamps weTe removed and each asseinbled Cannonbox was subject to thorougli measurement iii readiness for infrimal m&¢hining. This involved establishing tlle enlreline of each Cannonbox and pi'ogressively boring the different diameters at each end of tlie casling to accommodate the set of steel spacers that will support the Timken Tapered Rollei. Bea¢'ing when ail l)ave been asseinbled in the coii'ect position on to each end of the Plain Axle. Tl)is latter &8seinbly task associated witli Spacers and Timken Tapered Roller Bearing will be conducted by skilled stsfy at South Devon Railway Engineering Ltd. (SDRE.) Note: The first Cannonbox (e.x Daniela Works Ltd.) was displayed willi its 0den iransit contsinei. beside the B17 Frames during the Open Day held at CTL Seal Lid. on Saturday 13th April 2024. Promotional events held at heritage railway centres aiid exhibitions hosted by our volunieers continue to provide opportunities ¢0 meet the visiting public face to face. Investment has been made by the Ti'ust in new informative displays to illiisti'ate the latest infoi'mation in respect of appeal foi. funds in support of speGific components. Biwlded items, including the commission of a iiew jigsaw puz2Je based on an image painted by one of our supporters. Malcolm Root, togeth. with railway meinorabili8 are available to pui'ch&se and publicity leaflets describe the B17 project. All air also shared online via our website and social media, It was realised Iliat Ilie Trust's website needed Irfresliing and a review was tlierefore undertaken of its content and a general "clean up" exercise carried out. It is now Inuch easier to navigate and less clul*red widi oul-of-date infoiination. Similarly, it was decided that the leallet av&ilable to mcmb¢rs explaining how to leave a legacy to the Tiwst also needed updating and a new le&flet prepdi'ed ready to be sent out to members with their copy of the nexl Spirit in-liouse magazine. Fundi?ising activitiesllneome generAtion The majority of the fijnds are generated via regular montbly donations from members. The proiiioiional events are a furtliei. subslanlial source of inconie and tl)e main method foi. expanding the support base. d. Investment policy Rnd performxDce The Trustees, having regard to the Itquidity requirements of the Charity, have kept available funds in a ¢ombination of a ciiri'enl account and instant access short notice savings accounts. Page 6
The B17 Steam Locomotive Trust (A company limited by guarantee) Trustees, report {coRJtinued) for the year ended 30 April 2024 Fin%neial i'eview Going concern After making appropriate enquiries, the trLeeS have a reasonable expectstion that the cotnpany has adequate resources to continue in operational exislenee for the foreseeable futUTe. For this reason they continue lo adopt the going concern basis in prepai'ing the financial statements. Further det&i15 regarding the adoption of the going concern basis can be fouiid iii the AecouThting Policies. b. Reseiwes poliey The tiustees liave adopt¢d a policy of conseIng the reserves of the Irust in a current account and various savings accounts whilst tliey accumulatc fund5 to enable futui"e manufachire of the various parts lo create the locomotive. The cash balance as at 30 April 2024 was £363,300 (2032.. £266.962). Pi'incipAI funding Contributions from all of oui. subscribers wid Sponso either in financial tenns or in kind during the year of opei'ation are acknowledged witli oui. grateful thanks. During Il)e sanie period the dedication and hard work demonslraled wl)olly by our volunteer5 similarly deserves thai)ks and recognition for tiieii. a¢hievements. Total conli'ibutions in the year amounled to £186.812 (2023. £1 74, 045) including gift aid of £13,409 {2023.. £10,867). Tlits l)as result¢d in total net assets as at 30 April 2024 of £1,007,569 (30 /lpi'il 2023.. £826,694). Structure> governgnce and tnAiiagement . Constitution The con]pany was incorpoi'ated on I l April 201 l. It is constituted as a Chitable coinpany liinited by guarantee undei. Articles of Association and Memoranduin of Association. The coinpany is a gIStered charity number 1144738. b. Method ol appointment or election 0fTrust$ Tlie managenient of the company is Ilie responsibility of the Trust (wlio are also Directors of Ilie coinpany) wlio are elecled and CO)pted under the temis of the Articles of Association. At each annual general meeting one-third ol th¢ dii-eccors oi., iftheir number is not thire or a multiplc olthree, thc nuinber nearesl to onc-lhird, must retire froin office. The directors may Appoint a person who is willing to act to be a direcloi.. A diirctoi. appointed by a I'esolulion of the otl)ei' directors must retire at tlie next atmual general nieeting and must not be laken into accounl in determining the dtrectoi's who al'e to retire by rotation. OrgallisAtiong1 strutture and decision making The manageinent organisation has remained small cominensurate willi the current fiinctional iDles and i'esponsibilities requii'ed to drive the opeI2tion which has aIso been ably supported by a project steel'ing group. d. Risk manxgement The Trustees have assessed the major risks to which tli¢ company is exposed. in particulai. those related lo the operations and finances of the company. and are satisfied that systerns and piocedures are in place to mitigate our exposure to tlie rnajor I'isks. Page 7
The B17 Steam Locomotive Trust (A company limited by guarantee) Trustees, report (continued) foi. the year ended 30 April 2024 Plans for future periods Future devclopments As stated previously. it is recognised that due to the current economic cliinate, donations to the project from members alld the general public are unlikely to it)crease significantly. Therefore, an increased cniphasis will be placed on applying for grants from various charitable foundations in Ihe UK. In addition, corporate sponsorship will Llso be puisued where considered appi'opriate. However, the management control of finances must always ensure tliat sufficient funds are available priol. to making commitmentg whilst a150 respecting and maintaining good relations witli our fftiembei's, supporters, friends and d)e g¢n¢ral public upon whom wc rely. len)bers' liibility The membeJ7 of Ilie compat)y guarantee io contribute an amount not exceeding £10 lo the assets of Ilie chai'ity in tlie event of wiiiding up. Ti'uslees, responsibilities 5t8tement The Trustees (who are also directors of The B17 Steam Locoinotive Trust for the purposes of company law) are responsible foi. pieparing the Trustees, report and Ihe fill1claI slatemenls iii accordance with 8pplicable law and Uoiled Kingdom AoGounting Standar<Ls (United Kiiigdorn Genei'ally Accepted Accounting Prn¢ii¢e). Company law quireS the Trustees to prepare financial statements for each financia] year. Under company law Ilie Trnslees must nol approve tlie financial slatemeiils unless Iliey are satisfied Il)at they give a tiwe and fail. view oftlie stale of affairs of the ¢hai'itable cornpany and of the in¢oining resources and application of resources, including the income and expendituit, of the charitable Company for that period. In prep]ng these financial statements, the Tru51ees are I'equircd to.. select suitable accounting policies and then apply them consisterttly- observe the methods and pl'inciples in the Cliarilies SORP- make judgments and accountin8 estimates tha¢ are reasonable and pruden(, pirpair the financial statements on the going nCern basis unless il is inappropriate to presuine that the chai'itable company will continue in operalion. The Trustees are responsible for keeping adequate accounting records that gre sufficient to show and explain the charitable Cotnpany's tran5aclion5 and disclose with reasonable auraCY al any time the financial position of the chailltable company and enable them to ensure that the financial statements comply with the Companies Act 2006. Tl)ey are also responsible foi. safeguarding the assets of the ¢liaritable company and hence for taking reasonable steps for tlie prevention and detection of frdud and other irregularities. This report was approved by the fiiistee4 12 October 2024 and signed on their behalf by- J H Peaison Trustee Trustee Page 8
The B17 Steam Locomotive Trust (A company limited by guarantee) Independent examiner's report for the year ended 30 April 2024 Independent examiner's repoi* to the Trustees ofThe B17 Sts¥m iA)eomotive Ti'ust (the 'con]pany') I report to the chai'ity trustecs on my exatnination of the accounts of the company for the year ended 10 Api'il 2024. Respéctive responsibilities of trustees and exarniner As the trustees of the company (and its directois for the PUlTM)ses of company law) you are wespoiisible for tl)e preparation of the a¢¢ounts in accordance with the requirements of the Companies Act 2006 {'tlie 2006 Act"). Having satisfied myself that the a¢¢ounts of ihe company are not required to be audited under Part 16 of the 2006 Act and are eligible foi. independent examination, I report in I'espect of tny examination of the company's acLy)unts can'ied out undei. section 145 of the Charities Act 2011 ('Ihe 201 l Act,). In cairying out niy examination I have followed the Dii'ections given by the Charity Conimission under section 145(5Xb) of dic 201 l Act. Independent exatlliner's statemen¢ I have Completed my examination. I can confii'm thal no tterS have come to iny attention in connection wkth tlie examination giving me cause to believ¢: accouiiling records weir not kept in Irspect of the company as required by section 386 of the 2006 Act. or the accounts do not accord with those records. or the accounts do not comply with th¢ accounting reqU1ments of section 396 of the 2006 Act otller than any requiirment that the a¢¢ounts give a Irue and fail view which is not a mall. Considered &8 part of an independent examination. or the accounts have not been prepared in Jccordance with the methods and principles of the Stalemeiit of Recommeiided Practice for accounting and reportii)g by charities [applicable to charities preparing their accounts in accordance witli the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and liave corne across no other Inaltei's in ClneCtion with Ilie examination to wliich attention sliould be drawn in tl)is report in ordei. to enable a proper understwiding of the accounts to be reached. Signed.. Dated: 28 Norner 2024 Scott Rouse FCA TC Group Page 9
The B17 Steam Locomotive Trust (A company limited by guarantee) Statement of financial activities incorporating income 2nd expenditure account for the year ended 30 April 2024 Unrestricted funds 2024 Total funds 2024 Tolal 2023 Income from: Donations and legacies Investments 183,153 3,659 183,153 3,659 174.Q45 Total income 186,812 186.812 174, 045 Expenditui'e on: Raising funds Other ¢h3ritable activities 813 S,J24 813 5,124 1,007 3,166 Total expenditui'e 5,937 5,937 4.173 Net ineome before other recognised gains and losses Net movement in funds J80075 180,875 180,875 180,875 J69.872 J69,872 Re¢oneilia¢ion of funds: Total funds brought forward 826,694 826,694 650,822 Total funds carried forwArd 1,007,569 1,007,569 826, 694 The notcs on pages 12 to 18 fom) parl of these financlal slatements. Page IQ
The B17 Steam Locomotive Trust (A company liniited by guarantee) Registered number: 07598363 Balance sheet as at 30 April 2024 2024 2023 Note Fixed Assets Intangible assets Tangible 8ssets io 641,20S 562, 732 64J,205 562, 732 Cuj'i'¢nt a&sets Debtors C18h at bank and in hand 9J93 363JOO 8,144 266,962 372,693 2 75, JlJ6 Creditors: amounts falling due wiihin onc year 12 (6,329) (JJ.J44) Net euyyent assets 366,364 263,962 Net yssets 1,007,569 826, 094 ChArity Funds Unrestricted fijnds 13 1.007.569 826, 094 TotAI funds 1,007.569 820, 094 The company's financial statements have been prepared in accordance with the piDvisi¢)ns applicable to coinpanies subject to the small companies irgime. The Trustees Consider that the company is entitled to exemplion fi'0111 the requirement to have an audit under tlie provisions of section 477 of the Coinpanies Act 2006 {"Ilie Act") and members have nol required tlie company lo obtaiii an audit for the year in question in accordance with section 470 of the Act. The Trustees acknowledge theii. Sponsibl11t1es for complying with Éhe requirements of tlie Companies Act 2006 with respect to accounting records and Ihe preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees OD 12 October 2024 and signed on their behalf, by.. B E Hall, Trustee H A Mullells, Treasurer The notes on pages 12 to 18 form pwt of th&ge financial statements. Page 11
The B17 Steam Locomotive Trust (A company limited by guarantee) Notes to the fiiianLial statements for the year ended 30 April 2024 Accounting policies I. I BASIS of preparAtion of fjllancial statements The financial statements have been prepared in accordance with A¢counling and Reporting by Charities: Statement of Reconirnendcd Practice applicable to charities pi'epariniv tlieir accounts in accordance with the Financial Reportuig Standard applicable in the UK and Republic of litland (Flis 102) (effective l Jaiiuaiy 2015) - {Cliaiities SORP (FRS 102)), Ilie Financial Rew>iting Standail applicable it) the UK and Republic of lirlalld (FRS 102) and the Companies Act 2006. The B17 Steam Locoinotive Tnjst meets the definition of a public beiiefit enlity ut)d¢r FRS 102. As5els and liabilities Are initially recognised al histoii¢al ¢osl or ttznsaclion value unless otherwise sta*d in the relevant accouiiting policy. 1.2 Company stxtU8 The company is a company limited by guarantee. In the event of the coiiipany beii)g wound up, the liabili¢y in respect of the giiarantee is limited lo £10 per Inemb. of th¢ wmpany. 1.3 Golng eoneeni The use of tlie Boing concern basis of accounting is appropriate because theit aTe no matei'ial unceitainlies Itlaled lo events or cnditIonS that n)ay cast doubl about the ability of Ilie coinpany to continue as a going coiicern. 1.4 Incorne All income is recognised once tlie company has entitlement to the incoine, it is probable that the income will be received and the ainount of income receivable can be mwured I'eliably. Income lax I'ecoverable in relalioii to doiialions irceived under Gift Aid or deeds of covenant 1$ re¢ognised at the tinic of the donation. 1.5 Expenditui'e Expenditui'e is trcognised once tI?e 15 a legal or conslruclive obligation to ti'ansfer economic benefit to a third party, it is probable that a ts'ansfer of economi¢ bcnefits will be itquired in settlement and Ilie aniount of thc obligation can be measured reli8bly. Expenditure is cla55ificd by a¢tivity. The costs of each aclivity al'e niade up of Ille total of dire¢t costs and shared costs, including supw)rl costs involved in undeitakinE each activity. Direct cost5 atttibulable to a single activity 8rc allocated directly lo tliat activity. Sliai'ed costs wliich coiitribut to mol'e than one activity and SUprt costs whicli are no¢ attributable lo a single activity al'e apporlioned betweeD those a¢tivilies on a basis consistent witli tILe use of I'esources. Centixl staff costs are allocated on the basis of time spent, and deprcGi8tion charges allocated on the portion of the asset's use. Fundraising costs are those IncU¢d in seekiiig voluntary contributio1 and do not include tlie costs of disseminating infoiination in support of the charitable activities. Governance costs are those incurred in connection with administration of the company and compliance witlL constitutional and sLqthtory requireinents. Costs of generating funds are costs incuned in attracting voluntary incom¢. and those incuri'ed in kn'adiilg activitios that raise funds. Chai'itable activ(ties alld Govei'nCc costs are cosls incUed on the company's educational operations, including support costs and wsts relating to the goveinance of the company apportioned to charitable activities. Page 12
The B17 Steam Locomotive Trust (A company limited by guarantee) Notes to the financial statements for the year ended 30 April 2024 Accounting policies {continued) 1.6 Intangible fixed assets amoi*isgtio Intangible assets costing £100 or more are capitalised aThl recognised when fvture economic benefits are probable and the c05t or value of the asset can be measured reliably. Intangible assets al'e initially recognised al cost and are subsequcntjy measured at C05t net of amortlsation and any pmvision for inipairmu)t Amoi'lisation is provided on intsngible fixed assels at rates calculated write oft the cost of eacli assct. less their estimated residual viliie, over their exPted useful lives on the following ba8es.' Tiidemarks 5 years straight line 1.7 Tangible fix¢d Assets and depreclation All assets costing more thai) £100 are capilalised. A review for impairmcnt of a fix¢0 osset is carried out if events or changes in Clicumstanc indicate that tlie carrying value of any fixed asset may not be i'ecoverable. Shortfalls belween the carrying valu¢ of fixed assets and their recoverable amounts are recognised as impairin¢nrs. Impairment losses are recognised in the statement of financial activities incorporating inconie and expendilure a¢nL Tangible fixed assets are can'ied at cost. net of depreciation and any pmvision for impaimieiil. Depirciation is provided at leS calculated lo vnite off the clst of fixed assets, l&ss their esiimated Jrsidual v81ue, over their expected use1 lives oli ihe following b&ses- Assets under constsvction Olee equipment 250/0 reducing balance No depreciation is charged on assets under ¢onslruction. 1,8 Debtovs Trade and othei. debtors are recognised at the settlement amounl after any ts2d¢ discount offered. Prepayments are valued at the amount prepaid net of any trade diswunts due. 1.9 CAsh At Bank and in hand Cash at bank and in hand includes cash and short terni highly liquid investments wilh a short iiiaturity of thi'ee months or les5 fi'om tlie date of acquisition or openiiig of the deposit or siniilar account. 1.10 Liabilities aiid provisions Liabilities aye recognised when there 1$ an obligation at the balance sheet date as a result of a past event, it LS probable that a transfer of economic benefit will be required in settlemenL and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amouiit tliat the cornpany anticipates il will pay to settle the debt or the amount il has received as advanced payments foi. Ihe goods or services il must provide. Provisions are measui'ed at the best estitnate of the aniounts required kn settle tlie obligation. Where tbe effect of Ilie tinie value of money is materiAI. Il)e provision is based on the present value of those amounts, discounted at the pre-tax discoulll late that reflects tl)e risks specific to the liability. The univinding of the discount is recognised within itLterest payable and similar charges. Page 13
The B17 Steam Locomotive Trust (A company limited by guarantee) Notes to the financial statements for the year ended 30 April 2024 Accounting policits (continued) i.ii riinllncial instrUents 'rhe company only has flnanci ets and fingncial liabilities of a kind that qualify as basic financial instruments. Basic financial instruinents are irtitially rccognised at ts'ansaclion value and subsequenlly measured at their seltlenient value with the cxception of bajth loans which are subsequently measui'ed at ainortised cosi using the effective interest method. 1.12 T*xation The comparLy is considei'ed to p&%s the lesls set out in Parngraph I S¢hedule 6 of ihe Fiftance Act 2010 and therefore it meets ihc definition of a charitable coinpany for UK eorpordtion lax pui'poses. Accordingly, 11)e ¢oinpany is polenlially exempt fi'om taxation in respect of income or capital gains received within categories covered by Chapter 3 Pari I l of the Corporation Tax Act 201 O or Se¢tion 256 of the Taxation of Chargeable Gains Act 1992, to thc extent that such ineotne or gains are applied exclusively lo charithble purposes. 1.13 Fund accounting General funds air unrestricted ndS which are available for use at the disci'elion of the Ti'ustees in furtheran¢e of tlle general objectives of the u)mpany and which have not beert designated for other purposes. Designated fund5 comprise Unrtricted funds ih&t have been set aside by the Ti'ustees for particular purposes. The aim and use of each designated fund is Set out in the ootes to the financial statemenis. Income from donations and legaeies Unrestrieted funds 2024 Total runds 2024 Tolal fiinds 2023 Donations Legaeies Gift aid J68,404 1,340 13,409 168,404 1.340 13,409 126,293 36, 885 JO,867 Totsl donations and lerJa¢ies 183,A53 183,153 174, 045 T(Jtal 2023 174,045 174, 045 Investment income Ullr£stricted funds 2024 Tolal flind9 2n23 Investmeiit inconie- bank interest 3,659 Page 14
The B17 Steam Locomotive Trnst (A company limited by guarantee) Notes to the financial statements for the year ended 30 April 2024 Governance costs Uni'cstricted funds 2024 fiinds. 2023 Independent examinalion fec Office and eompuler Room hire Insurance Website and mwk¢ting Processing fees for online donations Rafflc prizes Depre¢iation - office equipment 1,000 82 400 214 2,S79 143 500 206 965 351 183 757 196 500 214 5,124 3, 166 AnAlysis of expenditure by expenditure type Deprecialion Otlier costs 2024 Tot*1 2024 Tolal 2023 2014 Expenditure on raising voluntw income 813 813 1,1)07 Costs of raising lunds 813 813 1,007 Expenditure oil governance 206 4,918 5,124 3,166 206 5,731 5,937 4,173 Tolul 2023 214 3,959 4,J73 Net incomeJ(expenditure) This is stated after cbaLEing: 2024 2023 D¢pre¢iation of tangible fixed assets.. - owned by Éhe ch&ity 206 214 Duriiig the year, no Trustees received any reinuneration {2023 - £NIL). Dui'ing the year. no Ti'llstees received any benefits in kind (2023 - £NIL). Dui'ing the Ye-, no TrteeS irceived any i'elnibursejnent of ¢xpenses (2023 - £NIL). Page 15
The B17 Steam Locomotive Trust (A company limited by guarantee) Notes to the financial Statements for the year ended 30 April 2024 Independent exAminer's reuneratioN The Independent ExaminePs remuneraiion amounts lo an Independenl Examination fee of £1,000 (2023..£965). stff costs Tlie cornparly has no employees otlier than ihe Trustees. who did not ceIve any remunei7lion (2023 - £NIL). No employee received remuneration amountAn8 to more than £60,000 ift eitl)er year. IniAllEible fixed assets Tradefflarks Cost Al l May 2023 and 30 Api'il 2024 An)ortisgtion 170 At l May 2023 and 30 April 2024 170 CArrying Amount At 30 Apiil 2024 AI 30 April 2t)23 io. Tangible fjxed i38cts Assets undei. construetion Office equipment TotHI Cost At l May 2023 Additions 562,085 78,499 1,506 180 563,59] 78,679 At 30 April 2024 640,584 1,686 642,270 Depreciation Ai l May 2023 Charge foi. the year 859 206 859 206 AI 30 April 2024 1,065 1,065 Net book value AI JO April 2024 640,584 621 641205 -4130.4pp'il 2023 562.085 647 562, 732 Page 16
The B17 Steam Locomotive Trust (A compaiiy limited by guarantee) Notes to tlie fin&neial statements for the year ended 30 April 2024 Debtors 2024 2023 Other debtors Pi'epaymeilts and accrued income 6.325 3,068 7, 053 1,091 9,393 8, 144 12. Creditors: Amounts falling due within one year 2024 2023 Other loans Othei. creditors AccialS and deferred income 4,500 829 1,000 9, 000 I,J79 965 6,329 11,144 13. Statement of funds StAtement of fvnds- current yeii. B8lAnce At I May 2023 Ti'Ai15fers Balance At 30 inlout Apj'il 2024 Income ExpeDdltllre Designated funds Designated Funds 140.613 43.115 {66,456) 117,272 General funds Gcneral Funds 686,081 143,697 (5,937) 66,456 890,297 Total Unrestricted funds 826,694 186,812 (5,937) 1,007,569 Total of funds 826.694 186,812 (S,937) 1,007,569 Designated funds Irpresent donations received where the Donors have expressed a wish that the gifts are used for a specific puipose. Included in these donations arc amounts towards the manufacture of v&rious parts including I small boiler lube, I lae flue tube, 4 small flue tubes, hom stays. spacers, SPTings, boiler appeal, nuts and bolt5 appeal, smokebox, cliininey pattern and cab. Amounts received for the rolling cliasis. buffer refurbishment alld 12 spoke bogie wheel pattern were utilised in the year. Page 17
The B17 Steam Locomotlve Trust (A company limited by guarantee) Notes to the fiiianeial statements for the year ended 30 April 2024 13. Sttement of funds {continueit) StAtement of funds - prior year Ilalance al l A4ay 2022 Transfers 13alance ai JO inloul Api'il 2023 Incuthvie Ltpendilure Designated Funds Genei'al Funds 135,397 78.455 (73.239) 73,239 140.013 52J,U25 95,590 {4, 173) 680,081 Total of fLind5 656.822 174.045 (4, 173) 826,694 14. Anglysis of net as5els between funds Analysis of net 8&sets between funds- eurvent yeAr Unre5ti'icted funds 2024 Tangible fixed assets Ciii'i-ent assets Credilors due wiiliin one year 641,205 372,693 (6029) 1,007,569 Analysis of assets between funds - prior yeAr Uni'esli'icled funds 2023 Tangible fixed assets Cui'rent assets Creditors due witliin one ye- i62, 733 275.106 (11. 145) 826, 694 15. CApitAI commitments At 10 April 2024 the cofflpany had capital commitments of £131,812 fio April 2023. £63,447) which had been contracted foi. bul not provided in these financial stateellts. 16. RelAted party ts'ansaction Tbere were iio related party transactions An the year (2023.- none). Page 18