REGISTERED COMPANY NUMBER: 04703357 (England and Wales) REGISTERED CHARITY NUMBER: 1145787
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
FOR
URIE LOCOMOTIVE SOCIETY LIMITED
Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR
URIE LOCOMOTIVE SOCIETY LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 14 |
| Detailed Statement of Financial Activities | 15 |
URIE LOCOMOTIVE SOCIETY LIMITED (REGISTERED NUMBER: 04703357)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
The trustees who are also directors, namely D Barfield and B Stratton, of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the charity are to preserve, operate and exhibit for the public benefit for educational and instructional purposes, locomotives of historic or scientific importance designed by Robert Urie of the London and South Western Railway (LSWR). The locomotives owned by the charity are Urie S15 number 499, which entered service with the LSWR on 1 May 1920, and 506 which entered service on 23 October 1920. Further, the charity owns a number of items of rolling stock which will be used to recreate a freight train typical of the type hauled by its locomotives.
The trustees have referred to the guidance in the Charity Commission's general guidance on public benefit when reviewing their aims and objectives and in planning future activities. In particular, the trustees regularly consider how planned activities will contribute to the aims and objectives that have been set.
Volunteers
The charity is reliant on volunteer labour for the work carried out on the restoration of the frames of 499, fund raising, staffing of its sales stand, steam galas and other events, preparation and production of Stovepipe, website production and maintenance and full financial function. Its engineering team are working with MHR paid staff in the Ropley boiler shop on the overhaul of the boiler for 499. It is estimated that, despite the Covid-19 restrictions in place during the reporting period, over 4,000 volunteer hours were provided during the year; a volunteer effort valued at over £120,000.
COVID-19
In early 2020 it became clear that the Corona virus, Covid 19, originating in China had spread around the world and was possibly going to affect life in the UK. In March 2020 the situation became serious and the Government introduced a full lockdown with effect from the 23rd March. The lockdown lead to a cessation of all activities for almost three months. The final weekend before lockdown the team worked with the MHR Ropley staff and volunteers to move all locomotives under cover and into fully secured accommodation. The subsequent lockdowns were less disruptive but still reduced the number of days of access to the locos.
The Covid 19 restrictions meant that a normal AGM could not be held in 2020. A decision was made to try postal voting. Over a quarter of the membership participated in the postal voting, but what was most pleasing was that many members who were unable to attend previous AGMs in person were able this time to cast their vote. It was not possible to hold a members' open day in June 2020 in view of the restrictions. Also in view of the restrictions, the sales stand was unable to operate; a new method of operation is being arranged.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees can report that during the year ended 31 March 2021 The work on the frames of 499 continued albeit interrupted by the Covid 19 lockdowns. The complete rebuilding of the front end of 499 was completed during the reporting period. In July 2020, 499 returned to the tracks for the first time in almost ten years - only for an hour or so, but a critical step in the restoration as it enabled the removal of the trailing wheelset. All the horn block liners and axle boxes can now be accessed for repair. The frames were returned to their normal location for work to continue.
The boiler 799 was moved into the MHR boiler shop early in 2020 for major work by the skilled personnel from MHR and by the Urie engineering team. The boiler was found to be generally sound although much steel plate needs replacing as will a large number of the copper stays. The MHR team have removed the badly corroded steel plate from the firebox area and new plate has been obtained.
The use by MHR of 506 has been less that hoped for during the year; however, the use of 506 on the Steam Illuminations (RTM) trains was a huge success and brought the Watercress Line and 506 much admiration.
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URIE LOCOMOTIVE SOCIETY LIMITED (REGISTERED NUMBER: 04703357)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
FINANCIAL REVIEW
Financial performance
The results for the year and the charity's financial position at the end of the financial year are shown in the attached financial statements. Income from all normal sources showed a decrease over the previous year from £65,859 to £48,592. After all operating costs, including expenditure on components for 499, the charity activities yielded a surplus of £36,940 which is added to accumulated reserves.
The number of members of the society stood at 336 at the time of the AGM in November 2020.
Reserves policy
The charity will aim to keep general reserves at a level which will support its objectives for the next 2 to 3 years. Whilst this target holds true at 31 March 2021, expenditure on locomotive 499 is increasing significantly as the Engineering team move into a next phase of its restoration with the manufacture of large components of the motion, the completion of the boiler overhaul, and a new tender tank all being needed ready for a planned return to steam at the end of 2022.
Income from the running of 506 by MHR has been used to build a supply of spare parts and consumables, to build a reserve in case of a need for unexpected repairs to 506, and to fund work by MHR staff working on the overhaul of the boiler for 499.
The trustees have previously stated their aim of raising the charity's profile and increase fundraising activities; this must continue to achieve the charity's goals.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is a charity limited by guarantee and was incorporated on 19 March 2003 and registered as a charity on 7 February 2012. The governing document of the charity is the memorandum and articles of association incorporated on 19 March 2003 and amended by special resolution on 23 January 2012.
Organisational structure
The trustees and directors form the management board, who meet regularly throughout the year.
Induction and training of new trustees
Advice for trustees published by the charity commission is given to new trustees and new guidance is notified and made available at board meetings. Board members have free access to all activities to ensure that they can be fully aware of the activities and methods of the charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
04703357 (England and Wales)
Registered Charity number
1145787
Registered office
Tylston Cottage Tunbridge Lane Liphook Hampshire GU30 7QA
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URIE LOCOMOTIVE SOCIETY LIMITED (REGISTERED NUMBER: 04703357)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
Trustees M Pedley Director D Barfield Trustee, Director and Company Secretary B Stratton Trustee and Director R Burt Trustee S Gault Trustee J Fry Trustee F Rogers Trustee R Urie Trustee
Independent Examiner Alan Williams (FCA) Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ D Barfield - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF URIE LOCOMOTIVE SOCIETY LIMITED
Independent examiner's report to the trustees of Urie Locomotive Society Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Alan Williams (FCA) Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR
Date: .............................................
Page 4
URIE LOCOMOTIVE SOCIETY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 31,820 Other trading activities 2 - Investment income 3 - Total 31,820 EXPENDITURE ON Charitable activities Charitable activities 11,652 NET INCOME 20,168 Transfers between funds 11 34,156 Net movement in funds 54,324 RECONCILIATION OF FUNDS Total funds brought forward 213,394 TOTAL FUNDS CARRIED FORWARD 267,718 |
Restricted fund £ 16,704 - 68 16,772 - 16,772 (34,156) (17,384) 91,039 73,655 |
2021 Total funds £ 48,524 - 68 48,592 11,652 36,940 - 36,940 304,433 341,373 |
2020 Total funds £ 63,105 2,585 169 |
|---|---|---|---|
| 65,859 15,190 |
|||
| 50,669 - |
|||
| 50,669 253,764 |
|||
| 304,433 |
The notes form part of these financial statements
Page 5
URIE LOCOMOTIVE SOCIETY LIMITED (REGISTERED NUMBER: 04703357)
BALANCE SHEET 31 MARCH 2021
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 157,960 CURRENT ASSETS Stocks 8 8,110 Debtors 9 2,786 Cash at bank 99,747 110,643 CREDITORS Amounts falling due within one year 10 (885) NET CURRENT ASSETS 109,758 TOTAL ASSETS LESS CURRENT LIABILITIES 267,718 NET ASSETS 267,718 FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - - - 73,655 73,655 - 73,655 73,655 73,655 |
2021 Total funds £ 157,960 8,110 2,786 173,402 184,298 (885) 183,413 341,373 341,373 267,718 73,655 341,373 |
2020 Total funds £ 127,274 8,110 588 169,877 178,575 (1,416) 177,159 304,433 304,433 213,394 91,039 304,433 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
The notes form part of these financial statements
continued...
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URIE LOCOMOTIVE SOCIETY LIMITED (REGISTERED NUMBER: 04703357)
BALANCE SHEET - continued 31 MARCH 2021
............................................. D Barfield - Trustee
............................................. B Stratton - Trustee
The notes form part of these financial statements
Page 7
URIE LOCOMOTIVE SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Trading income is stated after trade discounts, other sales taxes and net of VAT.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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URIE LOCOMOTIVE SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES - continued
Going concern
These financial statements have been prepared on the going concern basis. The charity is reliant on voluntary donations as a source of income. The trustees have considered the uncertainties in relation to the charity's future funding and are confident of the charity's ability to continue as a going concern.
Financial assets
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
2. OTHER TRADING ACTIVITIES
| 2. | OTHER TRADING ACTIVITIES | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Stand sales | - | 2,585 | |
| 3. | INVESTMENT INCOME | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Interest on cash deposits | 68 | 169 | |
| 4. | NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Depreciation - owned assets | 3,482 | 1,107 |
continued...
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URIE LOCOMOTIVE SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 45,663 Other trading activities 2,585 Investment income - Total 48,248 EXPENDITURE ON Charitable activities Charitable activities 15,190 NET INCOME 33,058 Transfers between funds 359 Net movement in funds 33,417 RECONCILIATION OF FUNDS Total funds brought forward 179,977 TOTAL FUNDS CARRIED FORWARD 213,394 |
Restricted fund £ 17,442 - 169 17,611 - 17,611 (359) 17,252 73,787 91,039 |
Total funds £ 63,105 2,585 169 |
|---|---|---|
| 65,859 15,190 |
||
| 50,669 - |
||
| 50,669 253,764 |
||
| 304,433 |
continued...
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URIE LOCOMOTIVE SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
7. TANGIBLE FIXED ASSETS
| 7. TANGIBLE FIXED ASSETS |
||
|---|---|---|
| COST At 1 April 2020 Additions At 31 March 2021 DEPRECIATION At 1 April 2020 Charge for year At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 8. STOCKS Finished goods 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors VAT |
2021 £ 8,110 2021 £ 1,112 635 1,039 2,786 |
Plant and machinery £ 133,792 34,168 167,960 6,518 3,482 10,000 157,960 127,274 2020 £ 8,110 2020 £ - 588 - 588 |
continued...
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URIE LOCOMOTIVE SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Tax VAT Other creditors Accruals and deferred income 11. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Restricted Fund TOTAL FUNDS Net movement in funds, included in the above are as Unrestricted funds General fund Restricted funds Restricted Fund TOTAL FUNDS |
At 1.4.20 £ 213,394 91,039 304,433 follows: |
Net movement in funds £ 20,168 16,772 36,940 Incoming resources £ 31,820 16,772 48,592 |
2021 2020 £ £ 35 62 - (5) - 609 250 - 600 750 885 1,416 Transfers between At funds 31.3.21 £ £ 34,156 267,718 (34,156) 73,655 - 341,373 Resources Movement expended in funds £ £ (11,652) 20,168 - 16,772 (11,652) 36,940 |
|---|---|---|---|
continued...
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URIE LOCOMOTIVE SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1.4.19 in funds £ £ Unrestricted funds General fund 179,977 33,058 Restricted funds Restricted Fund 73,787 17,611 TOTAL FUNDS 253,764 50,669 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 48,248 Restricted funds Restricted Fund 17,611 TOTAL FUNDS 65,859 A current year 12 months and prior year 12 months combined position is as follows: Net movement At 1.4.19 in funds £ £ Unrestricted funds General fund 179,977 53,226 Restricted funds Restricted Fund 73,787 34,383 TOTAL FUNDS 253,764 87,609 |
Transfers between At funds 31.3.20 £ £ 359 213,394 (359) 91,039 - 304,433 Resources Movement expended in funds £ £ (15,190) 33,058 - 17,611 (15,190) 50,669 Transfers between At funds 31.3.21 £ £ 34,515 267,718 (34,515) 73,655 - 341,373 |
|---|---|
continued...
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URIE LOCOMOTIVE SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 80,068 | (26,842) | 53,226 |
| Restricted funds | |||
| Restricted Fund | 34,383 | - | 34,383 |
| TOTAL FUNDS | 114,451 | (26,842) | 87,609 |
Restricted Funds
Restricted funds are for the purpose of repairs and restoration of Locomotives to restore them to full use.
Transfers between funds
The transfer between funds relates to expenditure on restoration of the locomotives. The locomotives are a capital asset, which themselves are not restricted. Therefore there has been a transfer between the restricted fund and general fund to reflect this.
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
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URIE LOCOMOTIVE SOCIETY LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Appeals and donations | 21,668 | 20,771 |
| Subscriptions | 2,760 | 1,730 |
| Hire fees for locomotives | 24,096 | 40,604 |
| 48,524 | 63,105 | |
| Other trading activities | ||
| Stand sales | - | 2,585 |
| Investment income | ||
| Interest on cash deposits | 68 | 169 |
| Total incoming resources | 48,592 | 65,859 |
| EXPENDITURE | ||
| Charitable activities | ||
| Establishment costs | 849 | 821 |
| Repairs and maintenance | 4,471 | 9,726 |
| Advertising and promotions | 2,150 | 3,035 |
| Depreciation of locomotives and equipment | 3,482 | 1,108 |
| 10,952 | 14,690 | |
| Support costs | ||
| Governance costs | ||
| Independent examiner's fees | 700 | 500 |
| Total resources expended | 11,652 | 15,190 |
| Net income | 36,940 | 50,669 |
This page does not form part of the statutory financial statements
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