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2022-12-31-accounts

Trustees’ Annual Report for the period

From 1 January 2022 To 31 December 2022

Charity name: BR Class 8 Steam Locomotive Trust

Charity registration number: 1154700

Objectives and Activities

SORP reference
Summary of the purposes of
the charity as set out in its
governing document		 Para 1.17 To advance public education and particularly
scientific learning and skills development by the
acquisition, restoration, preservation, exhibition,
and operation of such British Railways steam
locomotives, rolling stock, equipment and
artefacts, relics, documents and records of
historic and scientific interest as the trustees
may from time to time decide.
Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or
services identified in the
accounts.		 Para 1.17 and
1.19		 To fulfil its objectives, the Trust seeks to
maintain and operate 71000 Duke of
Gloucester in a manner that emulates as
closely as possible the environment of its
original working life, whilst considering the
demands and opportunities presented by
operation in the 21st century. This requires an
ongoing programme of periodic overhauls,
development and maintenance of the
locomotive and its support coach to ensure that
they continue to meet the latest main line
operating standards. The operation of the
locomotive hauling trains on both the main line
and heritage lines is fundamental to meeting
the objectives so that it can be experienced by
the widest possible audience. An encounter
with No.71000 has the potential to ignite a
lifelong interest in engineering, technology, and
transport and the potential to foster interest in
these subjects among young people.
The overhaul of the locomotive has continued
through 2022, with earlier disruptions now
behind us the Trust hopes to complete this in
2023. Full activities of the Trust have resumed
following the pandemic. Fundraising has
plateaued because of increases in the cost of
living, but the Trust continues to have a healthy
balance sheet.
The Trust maintains an active website to
demonstrate the advances made on the loco.
Information is also regularly made available to
interested members of the public through
magazines and periodicals, specifically
targeting heritage railways. Face-to-face
contact with members and the public has also
resumed after the pandemic.
Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit		 Para 1.18 The trustees have had regard to the Charity
Commission guidance on public benefit. The
trustees regularly review any new advice and
guidance from the Charity Commission.

Additional information (optional) You may choose to include further statements where relevant about:

SORP reference
Policy on grant making Para 1.38
Policy on social investment
including program related
investment		 Para 1.38
Contribution made by
volunteers		 Para 1.38 Throughout 2022 the overhaul of the locomotive
(71000 Duke of Gloucester) progressed in
accordance with the objectives and educational
activities of the trust. Most of the work is
undertaken by the professional engineers of
Tyseley Locomotive Works, although the Trust
has two Working Parties per week when
associate members work on the loco. The work
of our volunteers has contributed a significant
amount to the overhaul of the loco.
Other

Achievements and Performance

SORP reference
Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.		 Para 1.20 The work of the trust has continued throughout
the year. The Trustees and Management
Committee met monthly (via video
conferencing). Regular communications were
maintained with all associate members (either
electronically or by post) and all members were
invited to face-to-face events at Tyseley held on
3 April and 19 November.
The finances of the trust continued to operate
on a sound basis through previously
established bank accounts (an operating
account and a membership account), plus
Stripe and PayPal accounts for on-line
payments.
During the year, the number of associate
members supporting the trust decreased
slightly from 441 to 439.
Regular communications with associate
members continued through the year, with high
readership and complementary feedback from
members.

Members of the public have been informed of the Trust’s work via articles in relevant magazines, the Trust’s website, and social media platforms. During the early part of 2022, Trevor Tuckley as Chairman of the Trust, instigated a programme of succession planning. This was done to ensure a seamless change in the needs of the Trust as it moves from being primary concerned with completing the overhaul to one of managing the hire out of the Duke. Steve Wakeland assumed the role of Managing Trustee to develop a management structure suitable for handling these changing needs. Trevor Tuckley continues as Chairman of the Trust which ensures the required continuity during this period of change leading up to the Duke’s return to mainline running.

Additional information (optional) You may choose to include further statements where relevant about:

Achievements against
objectives set		 Para 1.41 Despite all the issues that the Trust has
encountered, progress against the charity’s
core objectives remains strong. When the
locomotive returns to service later in 2023 this
will give a major boost to the Trust’s
achievements.
Performance of fundraising
activities against objectives
set		 Para 1.41 Due to the diversity and enthusiasm of the
Trust’s associate members, the Trust has good
risk mitigation against potential downturns in
funding. Despite recent ‘cost of living’ issues,
the core income of the Trust has remained
steady.
Investment performance
against objectives		 Para 1.41
Other

Financial Review

Financial Review
Review of the charity’s
financial position at the end
of the period		 Para 1.21 The trust’s primary continuing source of income
is associate membership donations (primarily
by monthly payment). In 2022 the Trust’s
income from associate members and members
of the public was £112,210. The Trust received
income from a legacy of £13,711. The Trust
also undertakes limited sales of merchandise;
during the period of this report those sales
totalled £2,482, which represented just over
1.9% of its income.
The bulk of expenditure in 2022 was on the
locomotive overhaul and insurance, which
comprised 93% of expenditure.
The Trustees are acutely aware of the financial
risks and review the cash flow at least monthly.
Statement explaining the
policy for holding reserves
stating why they are held		 Para 1.22 The Trust maintains strict control of finances
regularly reviewing budgets and spending over
the course of the next year and beyond. The
figures are incorporated into a cashflow
statement that is reviewed daily. The balances
held, together with projected income are
sufficient to fulfil the objectives of the Trust.
Amount of reserves held Para 1.22 Bank balances held at the end of 2022 totalled
£135,918.
Reasons for holding zero
reserves		 Para 1.22
Details of fund materially in
deficit		 Para 1.24
Explanation of any
uncertainties about the
charity continuing as a going
concern		 Para 1.23 The Trust maintains a details Risk Register and
regularly reviews and manages the risks faced.
Additional information (optional)
You may choose to include further statements		 Additional information (optional)
You may choose to include further statements		 where relevant about:
The charity’s principal
sources of funds (including
any fundraising)		 Para 1.47 As stated above, the Trust’s principal source of
income is donations from associate members.
Investment policy and
objectives including any
social investment policy
adopted		 Para 1.46
A description of the principal
risks facing the charity		 Para 1.46
Other

Structure, Governance and Management

Description of charity’s
trusts:
Type of governing document
(trust deed, royal charter)		 Para 1.25 Constitution
How is the charity
constituted?
(e.g unincorporated
association, CIO)		 Para 1.25 Foundation
Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees		 Para 1.25 Appointed by the other trustees.

Additional information (optional) You may choose to include further statements where relevant about:
Policies and procedures
adopted for the induction
and training of trustees		 Para 1.51
The charity’s organisational
structure and any wider
network with which the
charity works		 Para 1.51 The trustees have delegated day-to-day
management to a Management Committee,
which meets monthly. The members of the
committee have responsibilities aligned to their
role titles, as follows:
Chairman – Steve Wakeland
Secretary – Philip Sanderson
Senior Principal, Engineering Liaison – Philip
Sanderson
Engineering Principal – Dave Oliver
Projects Principal – Andrew Bailey
Relationship with any
related parties		 Para 1.51 In January 2018 action was taken to extend the
Trust’s lease of the locomotive from 50 to 100
years. The Trust will now be the custodian of
the locomotive until 3rd December 2117. The
Trust recognises ultimate ownership of the loco
is with 71000 Locomotive Ltd, which is
acknowledged in insurance documentation.
Other

Reference and Administrative details

Charity name BR Class 8 Steam Locomotive Trust
Other name the charity uses
Registered charity number 1154700
Charity’s principal address Aurora House
Deltic Avenue
Rooksley
Milton Keynes
MK13 8LW

Names of the charity trustees who manage the charity

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20		 Trustee name Office (if any) Dates acted if not for whole
**year **		 Name of person (or body) entitled
to appoint trustee (ifany)
Mr Philip Sanderson Secretary
Mr Trevor Tuckley Chairman
Mr Steven Wakeland Treasurer
Mr David Oliver

– Corporate trustees names of the directors at the date the report was approved

Director name

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year

Funds held as custodian trustees on behalf of others

Description of the assets The Trust has no funds held as custodian trustees on held in this capacity behalf of others.

Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects

Details of arrangements for safe custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of Name Address
adviser

Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

None

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s)
Full name(s)
Position (eg Secretary,
Chair, etc)
Date
Steven Sidney Wakeland

Treasurer and Managing Trustees
4 February 2023
4 February 2023

BR Class 8 Steam Locomotive Trust 1154700 Receipts and payments accounts For the period 01/01/2022 31/12/2022 To from

CC16a

Section A Receipts and payments

A1 Receipts Unrestricted
funds
to the nearest £
107,999
3,946
13,711
2,553
230
-
-
-
128,439
18
5,272
- 20,000		 Unrestricted
funds
to the nearest £
107,999
3,946
13,711
2,553
230
-
-
-
128,439
18
5,272
- 20,000		 Restricted
funds
to the nearest £
-
-
-
-
-
-
-
-
-
-
-
-		 Restricted
funds
to the nearest £
-
-
-
-
-
-
-
-
-
-
-
-		 Endowment
funds
to the nearest £
-
-
-
-
-
-
-
-
-
-
-
-		 Endowment
funds
to the nearest £
-
-
-
-
-
-
-
-
-
-
-
-		 Total funds
to the nearest £
107,999
3,946
13,711
2,553
230
-
-
-		 Total funds
to the nearest £
107,999
3,946
13,711
2,553
230
-
-
-		 Last year
to the nearest £
MembershipDonations 107,999 107,999 121,254
Donations 3,946 3,946 5,162
Legacies 13,711 13,711 -
Sale of Merchandise 2,553 2,553 2,206
Miscellaneous Income 230 230 339
Sale of Assets - - 17,917
- - -
- - -
Sub total(Gross income for
AR)		 128,439 128,439 146,878
18
5,272
- 20,000
- 14,710
A2 Asset and investment sales,
(see table).
Decrease in ShopInventory 18 - - 18 47
Decrease in VAT Debtor 5,272 - - 5,272 1,255
Repayment of Loan - 20,000 - - - 20,000
Sub total - 14,710 - - - 14,710 1,302
Total receipts
A3 Payments		 113,729
83
143,821
933
5,683
212
726
2,100
-
-		 -
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
113,729 148,180
83
143,821
933
5,683
212
726
2,100
-
-
153,558
-
-
-
153,558
- 39,829

MembershipCards		 83 - - 83 117
Locomotive Overhaul & Insurance 143,821 - - 143,821 102,236
Purchase of Merchandise 933 - - 933 1,117
Promotions, Printing& Software 5,683 - - 5,683 7,670
Membership& Affiliations 212 - - 212 263
Finance Charges 726 - - 726 593
Professional Fees 2,100 - - 2,100 2,765
Miscellaneous Expenses - - - - 983
Purchase of BR Mk1 Support Coach - - - - 30,000
**Sub total ** 153,558 - - 153,558 145,744
-
-		 -
-		 -
-
A4 Asset and investment
purchases, (see table)
- - - -
- - - -
**Sub total ** - - - - -
Total payments
Net of receipts/(payments)
A5 Transfers between funds
A6 Cash funds last year end
Cash funds this year end
153,558 - - 153,558 145,744
- 39,829
-
175,779
135,950		 -
-
-
-		 -
-
-
-
- 39,829 - - - 39,829 2,436
- - - - -
175,779 - - 175,779 173,343
135,950 - - 135,950 175,779

CCXX R1 accounts (SS)

20/09/2023

1

Section B Statement of assets and liabilities at the end of the period

Categories
Signed by one or two trustees on
behalf of all the trustees
B1 Cash funds
B2 Other monetary assets
B4 Assets retained for the
charity’s own use
B5 Liabilities
B3 Investment assets		 Signature
Details
Details
Railway Locomotive 71000 "Duke of
Gloucester" - Leasehold
BR Mk1 BFK Support Coach No W17105
Cash at Bank & in Hand
Details
Details
Total cash funds
(agree balances with receipts and payments
account(s))
Shop Inventory
VAT Debtor
Details		 Unrestricted
funds
to nearest £
135,950
-
-		 Unrestricted
funds
to nearest £
135,950
-
-		 Unrestricted
funds
to nearest £
135,950
-
-
135,950 -
- -
- -
135,950 -
OK
Steven S Wakeland

CCXX R2 accounts (SS)

20/09/2023

2

CHARITY COMMISSION FOR ENGIAND AND WALES Independent examiner's report on the accounts Section A Independent EXamine￿S Report Report to the trustees BR Class 8 Steam Locomotive Trust On accounts for the year ended 31 December 2022 Charity no lif any) 1154700 Set out on pages Fom) CC16a- PèJ85 1 & 2 (Temember 10 I￿Ude the page numbers ol addiiional she*s I report to the Iruslees on my examination of the a¢￿UnIS of the above charity 1.the Trust") for the year ended 31 December 2022. Responslbllltles and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in aG¢Ordan￿ with the requirements of the Charities Act 2011 l-the Act.). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination. I have followed all the applicable Direclions given by the Charity Commisgon under seclion 14515}Ibl of the Acl. Independent examiner's statement I have cornpleled my examination. I confirm that no material mattets have come lo my attention in connecliors with the examination which gives me cause lo believe Ihal in. any malerial respect: the accounting records were nol kepl in accordance with section 130 of the Charities Act. or the accounts did not accord with the accounting records., or the accounts did not comply wilh the applicable requirements conceming the fomi and conlenl of accounts sel out in the Charities {Accounls and ReFN)rtsl Regulations 2008 other than any requirement that the accounts give a 'lrue and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo wh￿h attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Date: 2210912023 Narne: Melanie Allday Relevant professional qualificationls) or body A550ciation of Accounting Technicians IER Oct 2018

(If any): Address: 2 Bridge Fami Offices, Hart)erton. Totnes, Devon. TQ9 7PP Section B Oisclosure Onty cOMp￿te rf the examner needs lo h￿hlIght materrdl matter5 of concern (see CC32. Independent examination of charity accounts.. directions and guidance for examlners). Glve h•r• brfef detall• of any Items that the oxamln•r wl•h•• to dlsclo80. IER Oct 2018