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← Br Class 8 Steam Locomotive Trust

2024-12-31-accounts

Trustees’ Annual Report for the period

From 1 January 2024 To 31 December 2024

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 to emulate 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. The operation of the locomotive hauling
trains on both the main line and heritage lines
will meet 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 by anyone in
engineering, technology, and transport.
The overhaul of the locomotive has continued
through 2024, with considerable progress
made. The Trust had hoped to complete this by
the end of the year, which has been delayed
slightly until early 2025. Fundraising was like
the previous year and the Trust has sufficient
reserves and forecast income to be able to
complete the locomotive’s overhaul.
On 12 February 2024 the Trust agreed for the
loco to be hired to The Royal Scot Locomotive
and General Trust Limited; to be operated by
Locomotive Services TOC Limited on trips
across Great Britain. This agreement also
provides for the loco to visit up to three heritage
rail sites per annum. This agreement provides
the best benefit for the Trust and members of
the public in respect of longer-term finances
and visibility of the locomotive.
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 2024 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).
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
459 to 475, continuing 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. Additionally, the Trust
attended five events through the year at

heritage railway events to engage with interested members of the public.

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 2025 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 2024 the Trust’s
income from associate members and members
of the public was £117,965. The Trust also
undertakes limited sales of merchandise; during
the period of this report those sales totalled
£5,292, which represented just under 4.3% of
its income.
The bulk of expenditure in 2024 was on the
locomotive overhaul and insurance, which
comprised 93.9% of expenditure.
As soon as the loco begins operational running,
the Trust will receive initial income of £32,500
from the operational agreement with the Royal
Scot Locomotive and General Trust Limited.
The Trustees are acutely aware of the financial
risks and review the cash flow at least weekly.
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 2024 totalled
£27,715.
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 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

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19		 Trustee name Office (if any) Dates acted if not for
whole year		 Name of person (or body)
entitled to appoint trustee (if
any)
Mr Philip Sanderson Secretary
Mr Trevor Tuckley Chairman
Mr Steven Wakeland Treasurer
Mr David Oliver
Mr Andrew Bailey

– 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)

Names and addresses of advisers (Optional information) Names and addresses of advisers (Optional information) Names and addresses of advisers (Optional information)
Type of
adviser
Name
Address
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

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CHARITY COMMISSION FOR ENGLAND AND WALES Recei For the period ts and ments accounts CC16a To Section A Receipts and payments ￿n￿$tri￿e￿ nds Restn¢t¢d funds Endowment funds Total funds Last year to the nearest lo the nearest£ to the nearest£ trj Ihe nearest£ to the nearest£ A1 Recei Membership Donat￿￿5 Donabons sa￿ of Mtrthandise MIS￿l￿neoUS Income 111,439 3A97 5.292 3.014 111,439 3,497 5.292 3.014 108,595 3,851 7,277 152 tota ross income or ARJ 12J,242 123,242 119,875 A2 Asset and investment sa see table . es, Decrpase in Shop Inventory De¢￿ase in VAT Debtor Rtpaymeni of Loan 18 2,965 307 307 307 2,947 123.549 123,549 116.928 A3Pa ments Membership Cards Locomotive Overhaul & Insurdn Purchase of Merchandise Promot￿ns. Printing & Software Membership & Affliaib)ns Finance Charges Professional Fees MIS￿l￿neoUS Expenses 55 130,518 3.125 9,254 2TS 971 3,100 602 188,228 1.724 5.487 759 1.305 2,900 363 188,228 1.724 SA87 759 1.305 2,900 363 Sub total 200,766 200,766 147,900 A4 Asset and investment Sub total 200.766 200,766 147,900 Net of receipts/(payments) A5 Transfers between funds A6 Cash funds last year end Cash funds this year end 77.217 77.217 30.972 104.978 27.761 104978 27,761 135.950 104.978 CCXX R1 accounts ISSI 2611012025

Section B Statement of assets and liabilities at the end of the period Unrestricted funds Restricted funds Endowment funds Catego¥ies Deiails to nearp5t£ to nearest É to nearest£ B1 Cash funds Cash ai Bank & m Hand 27,761 Total ¢ash funds 27.761 uqwrtls)) Unrestricted funds Restricted funds Endovmient funds Details to nearp5t£ to nearest É to nearest£ B2 Other monetary assets Fund to thlch asset belon Costloptionall Curreni value Details Fund to thl¢h asset bebn UnreSt[￿d Curreni valuo Details Rai￿aY Locomotive 710(X)"Duke or Gknucesleff - Leasehobj C05tloptionall B4 Assets retained for the charity's own use BR Mk1 BFK Supportcoach No W17105 UnresttKted 30,000 Fund to *thich rplates Jnount due tional When due Details B5 Liabilities Signed by one or two trnstees on behawof all the trustees Dale of roval Signature Print Name Steven S Wakeland 2611012025 CCXX R2 accounts ISSI 2611012025

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K ; |
CHARITY COMMISSION; Independent examiner's
FOR ENGLAND AND WALES report onthe accounts
Section A Independent Examiner's Report
Report to the trustees/ .
members of | BR Class 8 Steam Locomotive Trust
On accounts for the year Charity no |
ended | 31 December 2024 (if any) | 1154700
Set out on pages | One and Two |
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| 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, | have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.

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Name: | Melanie Allday
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Relevant professional | Association of Accounting Technicians qualification(s) or body

(if any):

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Address: | 2 Bridge Farm Offices
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Totnes, Devon. TQ9 7PP

IER

1

October 2018

Only complete ifthe examinerneeds to highlight matters ofconcern (seeCC32,
Independent examination ofcharity accounts: directions and guidance for
examiners).
Give here briefdetails of
any itemsthatthe
examinerwishes to
disclose.

IER

2

October 2018