Charity registration number 1204461
The Darjeeling Tank Locomotive Trust
(a Charitable Incorporated Organisation)
Annual report and financial statements For the period from 28 August 2023 to 30 June 2024
The Darjeeling Tank Locomotive Trust
Charitable Incorporated Organisation number 1204461
| Contents | |
|---|---|
| Reference and administrative details | 1 |
| Trustees’ Report | 2 and 3 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 10 |
The Darjeeling Tank Locomotive Trust
Charitable Incorporated Organisation number 1204461
Reference and administrative Details
Charity name The Darjeeling Tank Locomotive Trust Registration Number 1204461 Principal address Longlands Anchor Lane Harvington Worcestershire WR11 8PA Vice-president Mr A J Savage Trustees Mr J Davey Chairman Mr A J Savage (resigned 9 September 2024) Fundraising Mr A J G Rushton Fundraising Mr P K Jordan Treasurer Mrs S J Thompson (appointed 3 November 2023) Secretary Mr W Smith (appointed 9 September 2024) Engineering Committee member Mr P Marsh Press relations Bankers NatWest Bank plc 113 High Street Scunthorpe DN15 6LT Governing document Constitution dated 23[rd] August 2023 Trustee selection Method Appointed by existing Trustees Independent examiner Mr P R Evans BSc, CPFA, CMILT. 84 Wedderburn Road, Malvern WR14 2DQ
Page 1
The Darjeeling Tank Locomotive Trust
Charitable Incorporated Organisation number 1204461
Trustees’ Report
The trustees present their annual report together with the financial statements and independent examiner’s report of the charitable incorporated organisation for the period ended 30[th] June 2024. 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)
Introduction
This is the first annual report of the Trustees of the Charitable Incorporated Organisation, The Darjeeling Tank Locomotive Trust, charity number 1204461
The assets of The Darjeeling Tank Locomotive Limited were transferred on 23 August 2023
Objects and main activities
The objects of the CIO are defined in the Constitution as “to advance the education of the public in the Darjeeling Himalayan Railway locomotive number 19B and its history and design as well as the topic of narrow-gauge railways more generally, in particular by:
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a) The development and maintenance of display at Statfold Narrow Gauge Museum;
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b) Operating and/or displaying the locomotive at various narrow-gauge railways and other locations across the United Kingdom; and
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c) Providing opportunities for people of all ages and diverse backgrounds to learn about the skills relevant to heritage railway preservation, restoration, maintenance and operation.
To fulfil these aims, the Trust attends various railway-themed events with a display stand and engages with the public to talk about the Tank Locomotive 19B, encourage participation in its maintenance and operation and solicit donations
Organisational structure
The Trustees, who act in a voluntary capacity, are assisted in the maintenance and operation of the 19B by a number of skilled individuals, who can be assisted, under close supervision, by keen individuals learning the various skills required.
Review of Financial Position
The auction of locomotive 19B was announced by the previous owner’s widow in April 2023, with the auction taking place on 10[th] June 2024. This did not allow sufficient time to arrange for the creation and approval of a charity, so an interim solution was devised, utilising a limited company as a vehicle to accept donations and purchase the locomotive. After the charity formation was completed, all the company’s assets were transferred to the charity.
The locomotive’s ten-yearly formal examination commenced in December 2023, and despite early advice received to the contrary, it became apparent once the boiler had been removed from the frames, that boiler repairs would only be sufficient to keep the locomotive working for one to two years, and that the sensible solution would be to acquire a new boiler, which although estimated to cost £150,000, should last for thirty years. By 30[th] June, taking into account promises of future income, about £60,000 is still needed to complete the overhaul with a new boiler.
Page 2
The Darjeeling Tank Locomotive Trust
Charitable Incorporated Organisation number 1204461
Trustees’ Report
Review of Activities
Following acquisition of the locomotive, the Trustees concentrated on the routine maintenance and operating the locomotive until its overhaul commenced, using our own volunteers and assistance from Statfold. We have commissioned the Festiniog Railway Company, who have a long experience of designing and building narrow-gauge steam boilers to design and obtain regulatory approval for a new boiler for the 19B. We anticipate letting a contract for building the new boiler in the coming twelve months. In the meantime, fundraising continues. Our progress is regularly reported on our website.
Investment and reserves policy
The trustees continue to ensure reserves are maintained in line with our policy.
Risk management
The trustees have reviewed the major risks to which the Trust may be exposed for each financial period and systems, including insurance where appropriate, are in place to mitigate such risks. The Trustees consider that the major failure of a locomotive boiler to be the biggest risk, and accordingly, it is the subject of both regular professional inspection and insurance.
Serious incidents
There were no serious incidents during the financial period.
Trustees’ Responsibilities for the Financial Statements
The Charity’s Trustees are responsible for preparing financial statements for each financial period which give a true and fair view of the Charity’s incoming resources, its application of those resources during the period and its financial position at the end of the period. In preparing these statements, the Trustees are required to:
a) Select suitable accounting policies and see that they are applied consistently; and
b) Make judgements and estimates that are reasonable and prudent.
The Trustees are satisfied that the financial statements comply with these requirements
Jeremy Davey Chairman of the Trustees
Peter Jordan Treasurer and Trustee
Page 3
The Darjeeling Tank Locomotive Trust
Charitable Incorporated Organisation number 1204461
Independent Examiner’s Report to the Trustees of The Darjeeling Locomotive Tank Trust
I report to the Charity Trustees on my examination of the accounts of the Charity for the period ended 30[th] June 2024
Responsibilities and basis of report
As the Charity’s Trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commissioners under section 145(5)(b) of the Act.
Independent Examiner’s statement
I have completed my examination. I confirm that there are no matters in connection with that examination which would give me cause to believe that:
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a) Accounting records were not kept in respect of The Darjeeling Tank Locomotive Trust as required by section 130 of the Act;
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b) The accounts do not accord with those records;
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c) The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent review; and
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d) 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.
Philip Evans BSc, CPFA, MCILT 84 Wedderburn Road Malvern WR14 2DQ
Dated: 25 January 2025
Page 4
The Darjeeling Tank Locomotive Trust
Charitable Incorporated Organisation number 1204461
Statement of Financial Activities for the period from 23 August 2023 to 30 June 2024
| Note Income from Charitable activities 2 Total income Expenditure on Charitable activities 3 Asset acquisition 4 Net expenditure Amount capitalised Net movement in funds Reconciliation of funds Total funds carried forward |
Unrestricted funds Total 2024 £ £ 307,296 307,296 |
|---|---|
| 307,296 307,296 |
|
| 10,679 10,679 323,583 323,583 |
|
| 334,262 334,262 |
|
| (26,966) (26,966) 323,583 323,583 |
|
| 296,617 296,617 |
|
| 296,617 296,617 |
Page 5
The Darjeeling Tank Locomotive Trust
Charitable Incorporated Organisation number 1204461
Balance sheet at 30 June 2024
| Note Fixed assets 4 Current assets Cash at bank Debtor 5 Creditors (due within 12 months) 6 NET CURRENT ASSETS Creditors (due between 1 and 5 years) 6 NET ASSETS Unrestricted income funds Unrestricted funds TOTAL FUNDS |
£ 74,162 10,624 |
2024 £ 323,331 59,285 |
|---|---|---|
| 84,785 25,500 |
||
| 382,617 86,000 |
||
| 296,617 | ||
| 296,617 | ||
| 296,617 |
Mr J Davey Trustee
Mr P Jordan Trustee
Page 6
The Darjeeling Tank Locomotive Trust
Charitable Incorporated Organisation number 1204461
Notes to the Financial Statements for the period from 23 August 2023 to 30 June 2024
1 Accounting Policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied to the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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) (issued in October 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
The Darjeeling Tank Locomotive Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Exemption form preparing a cash flow statement
The Charity has taken advantage of the disclosure exemption in the Charities SORP which allows for smaller charities not to prepare a cash flow statement.
Income and endowments
All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the amounts will be received and the amount can be measured reliably.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings, they have been allocated on a basis consistent with the use of resources, with central staff costs (if incurred) allocated on the basis of time spent and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated on the Trustees’ estimate of fair value.
Page 7
The Darjeeling Tank Locomotive Trust
Charitable Incorporated Organisation number 1204461
Notes to the Financial Statements for the period from 23 August 2023 to 30 June 2024 (continued)
1. Accounting policies (continued)
Charitable activities
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them
Taxation
The Charity is exempt from tax on its charitable activities
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, bank accounts in the Charity’s name and any other short-term highly liquid investments that are readily converted to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds are available for use at the Trustees’ discretion in furtherance of the objectives of the charity
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
| ted useful lives: | |
|---|---|
| Plant and machinery | 10% straight line |
| Ten-year overhaul costs | 10% straight line |
The Trustees are of the opinion that it would not be appropriate to provide depreciation on the rolling stock.
2. Income from charitable activities
| Acquisition, maintenance and operation of Darjeeling Tank Locomotive 19B |
Unrestricted funds Total General funds £ £ 307,296 307,296 |
|---|---|
| 307,296 307,296 |
Page 8
The Darjeeling Tank Locomotive Trust
Charitable Incorporated Organisation number 1204461
Notes to the Financial Statements for the period from 23 August 2023 to 30 June 2024 (continued)
3. Expenditure on charitable activities
| Maintenance and operation of Darjeeling Tank Locomotive 19B Acquisition of fixed assets 4. Fixed assets Rolling Ten-year stock overhaul £ £ Cost or valuation Additions at cost 306,632 14,431 At 30 June 2024 306,632 14,431 Depreciation Provided in the year - - At 30 June 2024 - - Net book amount at 30 June 2024 306,632 14,431 5 Debtors |
Maintenance and operation of Darjeeling Tank Locomotive 19B Acquisition of fixed assets 4. Fixed assets Rolling Ten-year stock overhaul £ £ Cost or valuation Additions at cost 306,632 14,431 At 30 June 2024 306,632 14,431 Depreciation Provided in the year - - At 30 June 2024 - - Net book amount at 30 June 2024 306,632 14,431 5 Debtors |
Unrestricted funds General 2024 £ £ 10,679 10,679 323,583 323,583 |
|---|---|---|
| 334,262 334,262 |
||
| Other plant Total £ £ 2,520 323,583 2,520 323,583 252 252 252 252 2,268 323,331 |
||
| 306,632 14,431 |
||
| - - |
||
| - - |
||
| 306,632 14,431 |
||
| Gift aid claim made | Unrestricted fund Total £ £ 10,624 10,624 |
|---|---|
| 10,624 10,624 |
Page 9
The Darjeeling Tank Locomotive Trust
Charitable Incorporated Organisation number 1204461
Notes to the Financial Statements for the period from 23 August 2023 to 30 June 2024 (continued)
6. Creditors
Creditors consist solely of individuals who loaned money for the purchase of the locomotive 19B, and these loans are repayable as follows:
| Within twelve months Between 1 and 5 years |
2024 £ 25,500 86,000 111,500 |
|---|---|
Funding to repay these loans will come from future standing order donations, where the standing orders are already in place. In accordance with our normal accounting policies, standing order income is only recognised when received.
7. Trustees remuneration and expenses
No Trustees, nor any person connected with them, have received any remuneration from the Charity during the period under review. During the period, expenses of £5,531 were refunded to four Trustees, of which £2,087 was repaid to the Charity as a donation.
8. Funds
| Unrestricted funds | |||
| £ | |||
| General | - | Incoming resources | 307,296 |
| Resources expended | 10,679 | ||
| Balance at 30 June 2024 | 296,617 |
9. Analysis of new assets between funds
| ysis of new assets between funds | ||
|---|---|---|
| Unrestricted |
Total funds | |
| Funds - General | 30 June 2024 | |
| £ | £ | |
| Fixed assets | 323,331 |
323,331 |
| Current assets | 84,786 |
84,786 |
| Current liabilities | (25,500) |
(25,500) |
| 382,617 |
382,617 | |
| Liabilities (between 1 and 5 years) | (86,000) |
(86,000) |
| TOTAL NET ASSETS | 296,617 |
296,617 |