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← Br Class 8 Steam Locomotive Trust

2023-12-31-accounts

Trustees’ Annual Report for the period

From 1 January 2023 To 31 December 2023

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 2023, with considerable progress
made. The Trust hoped to complete this by the
end of the year, and although this was not
possible, the loco was in light steam for the
Trust’s members to see on 3 December 2023.
Fundraising was similar to the previous year
and the Trust has sufficient reserves and
forecast income to be able to complete the
locomotive’s overhaul.
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
increased through attendance at several
heritage railway events throughout the year.
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 2023 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
17/18 June and 3 December.
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 increased from
439 to 459, reverting to our upward trajectory
following the pandemic and ensuing economic
shocks.
Regular communications with associate
members continued through the year, with high

readership and complimentary 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 later part of 2023, the trustees began the process of considering operators with whom we could work in 2024 when the loco becomes operational. We have multiple offers and will select the one that provides the best benefit for the Trust and members of the public in respect of longer-term finances and visibility of the locomotive.

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 in 2024 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, and membership has increased as
reported above.
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 2023 the Trust’s
income from associate members and members
of the public was £112,446. The Trust also
undertakes limited sales of merchandise; during
the period of this report those sales totalled
£7,277, which represented just under 6.1% of
its income.
The bulk of expenditure in 2023 was on the
locomotive overhaul and insurance, which
comprised 88.2% 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 We hold reserves as our budgeting and reviews
tell us there will be periods when expenditure
exceeds our income, and we hold a reserve to
cover these periods. 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 2023 totalled
£104,978.
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 detailed 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
Commercial Principal – 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
Mr Andrew Bailey 12 April 2023

– 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 held in this capacity

The Trust has no funds held as custodian trustees on 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 (e.g.
Secretary, Chair,
etc)
Date
Steven Sidney Wakeland
Treasurer and Managing Trustees
24 September 2024
24 September 2024
BR Class 8 Steam Locomotive Trust BR Class 8 Steam Locomotive Trust BR Class 8 Steam Locomotive Trust BR Class 8 Steam Locomotive Trust BR Class 8 Steam Locomotive Trust 1154700 1154700 1154700 CC16a
For the period
from		 01/01/2023 To 31/12/2023
Section A Receipts and payments
A1 Receipts Unrestricted
funds
to the nearest £
108,595
3,851
-
7,277
152
-
-
-		 Restricted
funds
to the nearest £
-
-
-
-
-
-
-
-		 Endowment
funds
to the nearest £
-
-
-
-
-
-
-
-		 Total funds
to the nearest £
108,595
3,851
-
7,277
152
-
-
-
119,875
18
- 2,965
-		 Last year
to the nearest £
MembershipDonations 108,595 - - 108,595 107,999
Donations 3,851 - - 3,851 3,946
Legacies - - - - 13,711
Sale of Merchandise 7,277 - - 7,277 2,553
Miscellaneous Income 152 - - 152 230
Sale of Assets - - - - -
- - - - -
- - - - -
Sub total(Gross income for
AR)		 119,875 - - 119,875 128,439
18
- 2,965
-
- 2,947
116,928
55
130,518
3,125
9,254
275
971
3,100
602
-
-
-
-
147,900
-
-		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
A2 Asset and investment sales,
(see table).
Decrease in ShopInventory 18 18 18
Decrease in VAT Debtor - 2,965 - 2,965 5,272
Repayment of Loan - - - 20,000
Sub total - 2,947 - 2,947 - 14,710
Total receipts
A3 Payments
116,928 113,729
55
130,518
3,125
9,254
275
971
3,100
602
-
-
-
-
MembershipCards 55 55 83
Locomotive Overhaul & Insurance 130,518 130,518 143,821
Purchase of Merchandise 3,125 3,125 933
Promotions, Printing& Software 9,254 9,254 5,683
Membership& Affiliations 275 275 212
Finance Charges 971 971 726
Professional Fees 3,100 3,100 2,100
Miscellaneous Expenses 602 602
Purchase of BR Mk1 Support Coach - - -
- - -
- - -
- - -
**Sub total ** 147,900 147,900 153,558
-
-
-
147,900
- 30,972
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
147,900 - - 147,900 153,558
- 30,972 - - - 30,972 - 39,829
-

-

- - -
135,950 - - 135,950 175,779
104,978 - - 104,978 135,950

CCXX R1 accounts (SS)

24/09/2024

1

Section B Statement of assets and liabilities at the end of the period Section B Statement of assets and liabilities at the end of the period Section B Statement of assets and liabilities at the end of the period Section B Statement of assets and liabilities at the end of the period Section B Statement of assets and liabilities at the end of the period
Categories
B5 Liabilities
B3 Investment assets
B2 Other monetary assets
B4 Assets retained for the
charity’s own use
B1 Cash funds		 Details
Details
Total cash funds
(agree balances with receipts and payments
account(s))
Cash at Bank & in Hand
Details
Details
Railway Locomotive 71000 "Duke of
Gloucester" - Leasehold
BR Mk1 BFK Support Coach No W17105
Details		 Unrestricted
funds
to nearest £
104,978
-
-		 Restricted
funds
to nearest £
-
-
-
-
OK
Restricted
funds
to nearest £
-
-
-
-
-
-
Cost (optional)
-
-
-
-
-
Cost (optional)
-
30,000
-
-
-
-
-
-
-
Amount due
(optional)
-
-
-
-
-		 Endowment
funds
to nearest £
104,978 - -
- - -
- - -
104,978 - -
OK OK
Unrestricted
funds
to nearest £
-
-
-
-
-
-
Fund to which
asset belongs
Fund to which
asset belongs
Unrestricted
Unrestricted
Fund to which
liability relates		 Endowment
funds
to nearest £
-
-
-
-
-
-
Current value
(optional)
-
-
-
-
-
Current value
(optional)
-
-
-
-
-
-
-
-
-
When due
(optional)
-
-
-
-
-

Signed by one or two trustees on behalf of all the trustees

Signature

Print Name Steven S Wakeland

Date of approval 24/09/2024

CCXX R2 accounts (SS)

24/09/2024

2

CHARITY COMMISSION FOR ENGLAND AND WALES Independent examlner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of 8R Ckss e steam Loccffith•Tntst On accounts for the year ended Charity no (if any) 31 December 2023 1154700 Set out on pages Fonn CC168- Pages 1 & 2 Iremember lo Include ihe page numbers of addWon81 sh8etsl I report to the trustees on my examlnatlon of the accounts of the above charlty (Ihe Trust.) for the year ended 31 December 2023. Responsibllltles and As the charity trustees of the Trust. you are responsible for the preparatlon basis of report of the accounts in accordance with the requirements of the Charlties Act 2011 {°the Acr). 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 8xamlnation. I have followed the appllcable Dlrectlons glven by the Charity Commission under seclion 145{5)(b) of the Act. I have cKJmpleted my examination. I confimi that no materfal matters hav8 come to my attention (other than that dls¢los8d b81ow') in ￿nnectIon with the examination which glves m8 cause to believe that In. any material respecL' accountlng records were not kept in accordance wlth sectlon 130 of the Act or the accounts do not accord with the accounting records Independent •xamln•rfs statement I have no concems and have come across no other matt8rs in connection with the examination to which attention should be drawn in order to enable a proper understandlng of the accounts to be reached. ' Please delete the words in th8 lJrack8ts rfthey do not apty. Slgnod: Date: Namo: Melanie Allday Relevant professional quallflcatlon(8) or body (rfany): Association of Accounting Techni(ians Address: 2 Bridge Fami Offices Harberton Totnes. Devon. TQ9 7PP IER October 2018

Section B Disclosure Only complete rf the examiner needs to highlight matters of concem (see CC32, Independent eK3mination of charity acetyjn￿ directions and guldance for examiners). Glvo hero brlof detslls of any items that tho examiner wishes to disclose. IER October 2018