MBRCHANT NAVY LOCOMOTIVE PRESERVATION SOCIETY LIMITED Aeom limlted b uarantee havin no sh&i'e ta EP RT AND FINANCIAL STATEMENTS Year Ended 31st December 2024 BLAIN PRITCHARD LIMITED Chartered Certified Accoullfants
MERCHAiYT IYAVY LOCOMOTIVE PRESERVATION SOCIETY LIMITED Acom limited b arantee havin 110 Share ca CONTENTS PAGES Report of the Council of Management Statement of the Council of Management's Responsibilities Report of the Independent Examiner Statement of Financial Activities Balance She¢t Notes to th¢ Accounts 8- 11 STATUS OF SOCIETY The Society is registeird undej. the Coinpanies Act (No. 1114826) as a coinpany limited by guarantee and as a C.hai'ity (No. 2661101). REGISTERED OFFICE AND PRINCIPAL ADDRESS 9 Bui'rage Road Redhill Surrey Etwlart RHI ITL BANKERS Lloyds TSB PIC Whilslable Kent INDEPENDENT EXAMINERS Mi. L.C. S¢al FCCA FAIA Blain Pritchard Limited Chartered Certified Accowitants 74 College Road Maidstone Kent MEIS 6SL
MERCEIANT NAVY LOCOMOTIVE PREI SERVATION SOCIEI TY Aco limiled b no shArc ea iIAI REPORT OF TIIE COUNCII, OF MANAGfi,MF.NT For the e#r ended Deecnibei. 31" 2024 iuarhntee h#viIi The Society's DÉr¢clornrywst¢e5 (th¢ Council of Management - the Council) present their annual report and independently examined accounts for considei'ation by the membership ai the Society's 52" Annua] Genei'al Meeting scheduled for Saturday, July 12th 2025. The Council COnfM the report and financial statements comply with the requirements of the Cliarities Act 2011, the Conipanies Act 2006 and the Statement of Recommended Practice {SORP) 2005 (second editioii). Organisation The M.N.L.P.S. is constituted as a company limited by guai?nte4 and is govemed by & methorandum and articles of a550ciation. The Coinpany is incotpoyated in Eiigland undei. the Companies Act 2006 (No 01114826). The Society is also I'egistei'ed with the Charity Coniinission under the Cl)arities Act 2011 (No 266801). M.N.L.P.S. Limited is the sole shaieliolder in a subsidiary company MNLPS (OpEI'oli17gJ Liiiiiled, whÉch is responsible, under a fee-p&yable licence issued to it by the Society, for the opei'ation and day-to-day maÉIitenanee (excluding major overhauls) of the loco10t1¥c. OwneAship of the locomotive iemaiiis with the Society at all times. Coumeil of Man&gement Statement Ilie Council met on ten caSionS wlien it addressed botl) routine buslll&88 and 8pecifJc inatters of impoitance. In doll)g so it continued to addi'ess the opportunities and risks the Sncioty might face, with the intentinn of establishing and developing w>lici¢s, strategies, practices and syste1115 aimed at maximi7.iiig oppoitunities whil8t Ininimizitkg significant risks, be tliey coii)Inercial, financial, hlan ir8ources or health & safety. The Council continued to ieview the mean5 by which thc Society achicvc% its aim8 aiid objcctlVC8 paying duc regai'd to and compliance with the Charity Commission's guidance on mectÈng the requircincnts on public bcncfit. The Council worked Closely with and was siipported by the board of directors of the opei7ting subsidiary together with a Mai'keting & Operations Sub-coinmittee (MOSC) botli of which also Inet I'egulai'ly. Health atid safety r¢mained at the for¢fiDnt li) all a5peGts of the Tnanag¢lent alld op¢ration5 of Ili¢ Sl¢ty and its subsidiary ai'm. 'l-he Council is fully coininitled to ensuring that policies. supporting manua15 and pror¢dure5 ontinue to evolve, develop and chang¢ in line with th¢ standai'ds, l¢gislation alld er ¢xl¢i'nal chattges aiid are adhered to by all those menibeiB undeitaking the various tasks Irquired lo enable the locomotive and support coach to be 0rated. 'fo this end the management system is considered as 'live' with regulai. on-going i'eview and amendment as necessa]y. I'here were no reportable accidents to working party membeis dui'ing tlie year. In keeping with the Directors'ifrustees, Irsponsibilitieg for keeping adequate ttserves, they contit)ue their policy of maintaining sufficient tunds as free i'eserves of the Company at a level to sustain indefinite operation. With that in mind, the Society recorded Ét financial deficit of over £116,000 and at the year's end was valued at a little over £344,(K)O. Ineome and Expet)diture amounted to approximately £455,000 and £571,000, respectively. li shoiild be noted that in keeping with tlie requireinents of Society's Meii)orandum and Articles of A&sociaiion, nts poition the incoiMe is pftid either dii'ectly or ii)dii'ectly to its Inembers. The Society's Tattgible Fixed Assets are detailed on the Baiaiice sheet. Acquisitions and dispogals of Tangible fixed assets are shown at the accoimpanying notes to the &ccounts. The Company's main asset, Locomotive No. 35028. is shown at its purchose price in 1967 of £2,200. It will be appreciated, that its cui'rent realisable value. whilst extremely difficult to establish precisely, is considerably in excess of this figure. Excluding mally days of unrecorded effort on managei'fftal and comii)ercial tasks, 75 members assisted the Society volunlarily in Yarious capacities and their coinbined effoils amounted to 1421 days of recoi'ded work. a considerable increase on pvevious years, which wag highly commendable and held in Iiigh regard by the Coimcil. Th¢ Socsety w85 Saddened to record ihE passitjg of several long st3ndiR8 niembers including Desmond Crot)k. Elizabeth Harvey, Andrew Pullenrish Starks and mDre recEritly Norman Hockley. The CouncÉl extend5 Its ondolen¢¢s to their r¢speclive faELie5 friends. At Decembei. 31 rnemba'ship stood at 472.
P1'incl] Aetlvities The object and pi'incipal activity of the M.N.L.P.S. is the pi'eservation and maintenat)ce in operational condition of ex.British Railways Southern Region Mei'chant Nmy Class steam locomotive No 35028 'clO Liiie,. At the heart of this activity is a woi'king symLx)l of the United Kingdom's industrial hei'itage and, as sucl), should be seen in the context of a working museum. The foundation of the Society's ststus as a charity lies in its activities associated with education and it is proud theTefore to encourage and pi'OEnote public interest in I'ailw&ys genei'ally as well as the preservation of steam locomotives. Clan Line is ope17ted foi. tlie benefit of both cun'ent and future generations and the Society is paiticularly keen to encourage young Ople in tiiis regard. Following the loeomotive's ittuim to 'tt'affic' in April, after an absenee of 18-months, the operating substdiary ran 19 mainline rdiltours mostly E]1 SOUth-ett%tein & south-western EnglaTrd. In doÉng so it ran a little over 4,000 miles in the space of 8 months. 770/0 of the runs were with the Beliiiond Bi'illsh PiillFpian froin its Stewarts Lane base in London to degtinations in Kent and to Bristol- the foiM)er having superseded those oll the 'Sui'ity Hills, rollte 2nd proved very p)pulai.. These rnns eari'ied in excess of 3,000 pttssengeys - many of iyhoin vSited the engine's footylate either before or after the i'uii, which onee again presented the opportunity foi. them to talk to the locomotive crew and were seen by countless othets on stations and the lineside. The remaining n]ns involved 3, party charters taking the engine to Devon, Doiset, Somei'set and Worcestershire. The locoinotiye also attended ali open-day at WÉllesden foi. the benefit of employees and family ineinbers of companies inYolY¢d wilh the cot]stn]ctEon of the 'HS2' railway in th6 London aiea. With ¢o-op¢Yation of Beljnond it was possible to ayrange a]1 accoinpanied YÉsit by a father wtth his sev¢rely autisti¢ son to the Society's base at Stewarts Lane. Whilst these visits enabled us to educate individuals in the vai'ious ¢ontrols and compl¢xilies involved it is recognised that the enV)nment of tlie locomotive wh¢n in 5t¢aiii is hazai'dous. To this end, undey our legal iesponsibilities to atheis affected by oui. activitie4 access is stt'ictly conti'olled, and visitors itifoiined of the various hazards eiicounteyed. The Society expanded its aciivily i)n the social media ouilels hlela (foF'in¥i'ty Fucebook), I31a.(7111 and X (foi'mw'ty Tmlltlcr) with a monthly fullowEng Ih<il Steiidily. By year'b end Iheit were appi'oxirnalely 8,000 'fullvwers' ovu. the vai'iuu5 soLial plaifurms. The SuLi¥ly's own LollEprEhtnbEve website, providing rnuch educalional dnd hislorical tnaterial, WH5 updatEd regularly particulai'ly wilh news ilems. To h¢lp keep Clan £Ie in th¢ public ey¢ SUCLessful Telation&hips w¢i'e nurtured wilh both ihe speLialist railway PIESS aiid railw4y ori¢niaied diseussion forums. 2024 also saw the Society launch a Linkedin page. Chairman'5 Overview In contrast to 2023, which had be£n a stsrssful year with the need for continuing but essential locomotive repai13, 2024 saw a change of fortume witii engine retun]iiig to tratTIc Once moiE. It was particularly pleasing that the repaiTS were coinpleted (albeit not wiihout much hard work. by both contractors and society volunteers) in tiine ¢0 celebrate 50 yeai's, of Clon LiKe ruJ)ning on the Inain line as a PlEserved locomotive. The year saw a number milestones being passed. Saturday, Api'il 27 2024 mai'ked the 50 anniversary. to-the-day. of the first such Inain-line rnn. For C'la* Line to run once more, half a celltury on. over Éhe same route taken exactly fifty years eai'liei. was a remarkable achievement of which the Society can be ti'uly proud. Additionally, the locomotive attained 100,000 Iniles of mainline opeiition under MNLPS ownership, whilst on a i'un to Weymouth and hei. Sooth Inain line tt'ip undei. M.N.L.P.S. ownership. Coinposition of the Council saw a Dumber of chaiigcs during the year, piimarily as a tTsult of two of its meMbc standing down - Richard Grett(bn fi'om the chainnanship and David P.asson as Pi'oduction Manager. Richard's imincdiate successor as chairman, GeoiEe willials, subsequently stnod aside for p¢¥soiial ieasons. T]ie Council joins Iiie in extending gixteful tlianks to each of them foi. their dedicated sei'yice in the case of David Easson for nearly half a century.
Members of tli¢ Couneil of Management Attendance at meetin H. G. Reyt)olds (Chainnan) D. Shepherd (Secretaiy) S. A. C. Martin (Treasurer) J. Cuininins D. Easson R. F. Gi'etton C. M. Ellick S Holman T McPhei%on I. Millward D Mowat G WillialS (co-opted September 22 , 2024) 313 9110 10 10 415 515 7110 515 515 9110 9110 516 (resigned July 2h, 2024) (resigned July 20, , 2024} (co-opted August ioih 2024) (co-opted AUg$t ioih 2024) (resigned September 1" 2024) In accordance with tlie Articles of Association the meinbers asterisked retiye at tl)e 2025 Annual General Meeting and being eligible offei. themselves for ir-election. Mesgrs Holman, MePherson & Reynolds stand foi. election after being co-opted following the 51* AGM. Auditors Following m¢JnbeJship agredknent at the 51. AGM, the Council ol. Manageinent apwinted Blain Pritchard Lijnited as Indq)endent Exaininers to the Company. Both parties agi'eed that the aptK)intment and the fee would b¢ revÉew¢d after a rther year. D. Shepherd Sec¢drY April 30, 2025
MERCHANT NAVY LOCOMOTIVE PRESERVATION SOCIETY LIMITED Aeom Ilmited b Uar#tee no share ea Statement of the Collneil of Mana ement's Res sibllities Company and charity law iEquires the Council ofManagemenL who also act as trustees for the ¢haritsbl¢ activsli¢5 of th¢ company, to prepare fin8ncial staternent5 foi. each fancial year which give a tt'ue and fair view of the state of affaii's of the company and of the surplus or deficit of the company for that period. In prcpayillg those fmancÉal ststements, the CouThcil of MÉn2gement are rcquii'ed to. select suitable accounting poli¢ies #nd then apply theim ¢on$i5tently' Inake judgements and estimates that are reasonable ad pivdent- state whether applicable accounting standards have been followed, subject lo any material departuyes disclosed and explaiRed in the fmallcial statements. prepare the financial statements on the going concwn basis unless it is inappropriate to presume tliat thc company will caiitinuc in businc&8. The Coun¢il of Management are respon$ible for keeping proper a¢¢ounting I'e¢oi'ds which disclose with i'easotvdble accui'acy at any tile the financial position of tlie company and to enable them to eE]sure the financial statements comply with the Companies Act 2006. I'hey are also responsible lor Sdfeguarding the d55tl& of lh¢ cotnp<llly nd hEuce for taking itasonable steps for the prevention and detection of fi'aud and o¢h¢i' irregulari¢ies.
Independent Examiner's Report to the trustees of the Merehant Navy Locomotive Preservation Society Limited I report on th¢ a¢tounts of Ihe Mttchanl Navy Locomotive Preservation Society Limitrd for the Ye ¢nd¢d 31$t December 2024, which are sel out on pages 6 to I l. Respective respon5ibiliÉies of trustees exA]nin¢i' Dire¢tor&rriustees are responsible Iht prepai'ation of the account5. The ch81ity'5 Tru5tets Gonsid¢r that all audil is tkol requirtd for Ihis year under stclsoJJ 145 ofthe Charities Act 2011 énd that an independent e.xaminaiioii 1$ needed. Havinx been gatisfied that Ilit charity is not SubJt to an audit und¢r company law 8Thd is ¢ligibl¢ for independent exatnittdliun il IS my re5ponsibilily to.. xamin¢ th¢ arcounts {under Sectio L45 of the 2011 Act); to follow the proceduirs laid down in th¢ Genezal DireaÉons giv by the Charity Commissioners (under sections 14515Kb) of the 2011 Act). #nd to st&t¢ iYh¢th¢r perticular matters have come to Iny attention. Ba$S& of independent examÉner s report My ex&minaiion was carried out in accordar with the G¢ncral Dir¢Btion5 giv¢n by the Chs¥ity Commigsiott. That examination includes a review of the aCContIng r¢coi'ds k¢pt by Ihe ¢h#i'ity olld a comparison of the aceounts wilh Iliose records. Tt also includcs consid¢rTng an}, unusual il¢ms ordisclosures in the accouttls alld seeking explanation5 riDm you as trust¢Gs conr¢Elling Jiiy such mitt¢rs. The procedures undertaken do not pi'ovide all the evideDc¢ that Ivould bc Irquirtd in an Judit. aThd cotwuetttly I do not express an Opinio a5 to ivhether the a¢¢ounts presetti a'trlle an(t foir vi¢W ond the repori is limited to mattels scl out lh¢ Stat¢t below. IDdependellt examiDer s sthteinent En connection with my examination, no mal*r ha5 Come to rny atttIon.. Ivhi¢h 8lves me tt8sonable cause to believe that in any material respect the requE¢[lIS to keep &ccounting recoid5 in &CCOTdanLe wilh s386 vfihv CDmpatties Act 2006., and to prepare account5 iyhirh accord iwth th¢ 8wounting records and wmply with the aGCOUnting r¢quir¢rn¢nt5 of th¢ Companies Act 2006 and ivith the metliods and principles of the Stai¢ment tsf Recotnm¢nd Practice.. Accountlllg and Reporting by Charities ITevis¢d 2005) have not been rnet,. or (21 10 ivhi¢h, in Elly opittion, attet)iion ShOld be drawn in order to ellable a prop¢r understanding of th¢ accounts to be reached. L C SeAI FCCA FAIA 14Stb PFltch%rd Limhted Lliai'tered C.'értifitd Ac¢outht#nts 74 College RoHd MAldstone Kent MBIS6SL 30th April 2025
MfRCHANT NAIIY LOCOMOTIVE PRL,SERIIATION SQCIE ATEP+'ILNT OF FI.NANLIAL AcfiviTirs FOR THE PERIOD ENI)ED 31sl DLCEhlBER 2024 ITII D GeNeral Purpose Funds Otli¢r Unrestricted Ei oW¢Tht Funds FuDd5 2024 Total 2023 Tot81 IruDds INCOMING RE,SOURCES DOations> gifts similar lli¢oniinE soiirces Legacies rece5ved Investmt Income Ti'adiiig Èn furth¢rance of charikble acii141ies Opco Li¢fnce fee8 sUtry uJ¢om¢ 49,788 4,308 2,291 112,010 185,696 100,786 49.788 4,308 2.291 71,391 187,427 2,749 36,954 1x5,696 fO0,786 TOTAL IN RCES 454,878 454078 2911,521 CHARITABLf RESOURCES LIPCI N Siiyport C051s Locomotive & ni118 5tsKk maint. & cowimable8 Tratk8POlt ExliSeS Insuiynce, lienl & Sundry¢xpdirc 475.964 475,964 212.836 74.932 74,932 26.179 TvadiDg Attivities Production of sIetY Ma8azille .200 Club" pri& & Registration 1,350 700 .350 700 ,508 Oth¢J' Expenditur¢ Goveiiittnce £osls' Third party ¢har8¢ 8,188 9,788 8.188 9.788 9.029 TAL RESOURCES EXPENDED 5711,922 5711,922 248,441 Pr(kfitl IL055) di5po$#I of Filed Asset PIDfit I IL(YA51 revaluAIioD Df1ovestm¢nt As8¢t loo ET INCOIMIN OUTCOING EFORCTRAYSFERS RESOURC 116J1441 1116,0441 SO,181 Tr8rtsfw' b¢t1C Fwjds NET IN OMINCI OUTGOING IiESOURCr. 116,0441 1116,044) 50,181 FUND BALANCE 1st Jottu*vy 2024 brought foiiylli'd At 447,719 12J39 60,058 499,877 FUND BALANCES tarrieil lonY4rJ 31$t Decemher2D24 331,675 12,339 344,014 460,058 71ie iioies Dn pages 8 to 11 fomi part of t11¢5¢ fInacial staMlS
NT NAVY LQCOTrIOTtVE PRESERVATION SOCtrri' LIMIT BALANCE SHEEI. 3J#t DKCEMBER 2024 2024 EDASSEYS Locornolive s2$ comorive 5wr¢s Tools4ndequipineiii Coach IBFKI- 17096 Co•¢h IBFK)- 34701 2.200 500 2,2(Kl 500 4.000 12.339 12.339 RRENT ASSK Slackofcoal Slwkofsale lie Deblo Inve51inenl-shareiq sub5idiyry InvesnMeni-CAF Fund Cash at bank And in hand 7.700 7,716 136.82 6,6YO 2,596 81.OC)5 1,383 271052 424.672 449.339 DITO Ilhi •rtE)ar thlllTrgdu¢ 3Jl.675 447.719 34 Represeniel by.. Unrc5lred thd5'. GenEral P Balance&sAt Isi January2024 Transfer from of Fsmncial A¢tivities 447,119 397.538 50.181 331.675 447.719 Iheru futsds Balan¢¢ al Isl janu2024 TrAnsftt from (lol SlamEnl of Findila[ Aciiviiles 12.339 12,339 12,339 12.339 344.OJ4 ThÈcompany is eniiiledioepl1OTh fromAudii der S10 4770ft1 CTrrnwlesAc126 fwthEye cndrdJ15l Decthnber2024. Th¢ wm1S trVen0t required Ihc company irobtain an awlii ofits fianciol siairyn¢nts forlh¢yeJr¢nd 31slDEcemkn2024 trta¢coidan¢e iYltli3e¢iitin47601lhB CompAThiCS A¢i 20tkn. Th? COW11 DrMaLCtakM1Yjtd&efhCjrrtspDrtsibI11ti¢S f¢r' ensuringlhetllstyNng rhe comp8ny keeps aceouNins record5 Ivhich comply iyith Sec%ion5 386 and 387 ofthtrc0mpan1 Aei 20[6 and bl Iinancipl slaictntnts ivliich givc a tru¢ and fair vleivoltht S181cofatfairs oflhe conyxny8sal thee1 ofeach finCial year attd its $vIs ordelicit foreath financi81 in %ccordale iv¢%li ihe uir¢inen15 0fS¢Glion5 394and 395 and NyhichaihcTh5cc0n)YWl1fc IcqulEen)eth150fili¢ Compani¢skn12006 rel?lin8 to financial siateTnents. so farasopplicable to t1 eompany. Thefinancial sthtelnEntsha pr¢parEd in4woréJnceivilh ihepiQ5l0ns ofParf 15 ofthe Com1113 Act 2006 Te14t03Marl c(ènpanw& Approved by ilK co¢i1 ofM&noBenwt on3th11 April 202S H keyRoMs ck8ifmAn &A.C Marti Tipasurer The rntes p&gES 8 kn 1 I fotm olthese Rll8ncial stAten)en
MERCHAIYT NA VY LOCOMOTIVE PREI SERVATION SOCIETY LIMITED Iyotes to the Aecounts For the Year ended 31st December 2024 Note l BASIS of pr¢patatlo Basis of accountillg These accounts have been prepared on the basis of historic cost and ii) aOi.danC¢ with.. Accounting and Reporting by Charities- Stat¢ment of Recommended 14acti¢e (SORP IFRS 102)). and with ihe CharEties Act 2011. ClkaThge Ill bAsls of a¢eountlng There has be¢n no change to the accounting wli¢ies (valuation rules and rnethods of aecountingl since last yeai.. Cbanges to previous Accoun15 No changes have been made to a¢¢ounts for previous yeais. Note 2 Accounting poli¢le$ INCOMING RLSOURCES Recognition of ineomin8 resources Th&%e arc includcd in the Statement of Financial Activities (SOFA) when.. the ¢haYity b¢com¢s entitled to the resource5', - the trustee5 dre Virtually certain ihey wÉll receive the re50urees; #nd - the moE]etary valu¢ Can be m¢asured with sufficient reliability. In¢omiiig 0re¢S ivltb rnlated Wher¢ incoming resources have related expenditure (as with fundraising or ¢ontTa¢t expelldltur¢ come) tl)e incoining resources a#d relat expendÈtlUE are reported 8IY>S5 in th SOFA. Grwnts and don4tions Gratsts ttnd donations are only included in th¢ SOFA when the charity ha5 unconditional entitlement to the resouTCeS Ta% r¢elgim$ on doDfitlOllS ADd IncoFning resouY¢o* fi'om tax re¢l&ims ar¢ included in the SOFA at the same time as gTrfts Ihe gift to which they relate. ContractuAI income Arid perfoi'mane¢ related grallts This is only included in the SOFA once the related goods or services haye been delivertd. Gifts In kllld Gifts in kind are accounted foT at a reasonablB ¢stimate of their v2lue to the charity or the amount actually realised. Gifts in knnd for Sale or distribution are included in th¢ ac¢ounts as gifis oiily when sold ov distributed by the cli&rity. Gifts in kind for us¢ by the charity &re included in the SOFA as illGDming i¢sour¢es when r¢c¢ivable.
MERCHANT NAVY LOCOMOTIVE PRESERVATION SOCIETY LIMITED Notes to the Accounts For the Year ended 31st December 2024 Donated services f#¢ilitle5 Tliese are only included in incomit)g resuurces (Ivith 8n eqiiivalent ainount in resources ekpended) where the bcnefjt to the eharily is irasonably quantifiable, measuyable Jiid maieiial. The value pl)c¢d on these lESoueS is th¢ estimated value to the chaitty of the 5¢tyic¢ or fa¢tlity r¢¢¢ived. VoJunte¢r Ii¢Ep Ti)r valu¢ of any volunt¢¢t help re£¢ived is not included in the accounts but 18 dcrib¢ in the Irust¢es' Jnnuol irpori. lnve5tmeiit income Thi5 15 in¢ludcd in the accounts wlien receiv8ble. Invtstmtnt gaith$ and 10ss¢s 'rhis ineliides &Jy gaiii or loss on th¢ sale of investsnents and gain or loss resuliiTrE from revaluing investinenis to market value at the end of th¢ y. EXPENDITURE AND LIABILITIES LiAbility recognition Liabiliiies are Jtcognised as so(m as there 15 a lega] orcon5tru¢tiv¢ oblÈgalion cointnitting the charity to pay out Irsource5. GovernAMte tost8 Includ¢ costs of tlie prq>&i'ation and ¢xamimition of staluiory accounts. the cosis of truste¢ tIng3 and th¢ c03t of &ny legal advice on governance or cottstituliothgl tnatter5. Grant5 Ivith yerforman¢¢ conditiou$ Where the chaiity gives a lt ivith conditions for kts paytoeni beitkg a spebifi¢ level of seiwice o¥ outpul lo be piDvided, such gi'ants are only T¢cognised in the SiiFA on¢e th¢ re¢ipient of the gratLt has provided the specifjc setvsce or output. Gtants payable wl¢bout performgDee coDditions These are only reeogfiised in the accoiinls ivheH a comtnitsnctlt ha5 b¢¢n mad¢ and there are tKb COt)ditions to Ix relating to the grant ivhich r¢main ill the contp)l of the charity. Support costs Support costs include central functions and have been &lloc>ted to atiiviryf tost categorie5 on a Imsis con5i5tent with the 115e of resauELL4 eg dllucaling proptity costs by floor area8. or per Capita, staff ¢051S by the lime spent and oiheT tosts by theii. usage. ASSETS Tangible fiJ¢d a$5¢ts for u$¢ by Apait fft)m road vehtcles and compyter equipmeDt, all lan8ibl¢ fixed assels dre tb¢ tbavhty c&iiicd in the &ccounts al the aggregate c05t ofacquisition and any addilional cosls of putting them into a usable condilioll. Sub5¢qYtly expenditur on the main¢enance or the rcncwal of parts is written olyto the Statement of Fiiiaii¢tal Aclivilies as il is ItiCUTred. Sparc parts carricd at Ihc arbilTaiy valu¢ ot'£500. No d¢preciation is IheR provided on Ihcsc fixcd a5SCts. In Ilie opinion of th¢ Council of Managem¢nl, the Tesidual valuc Df thcsc asscls is siifficiently high and the useful ¢conomTc liFe sufficiently 10518 that any dq)rccialiott harg¢ would be imiJ)alerÈal. InvesfN&ents The inve5tma]t is valued al its rale at the balance sheet dat4 ca]culat¢d using ils Btd PiiL%. Stocks Stocks of sales g¢)ods Ènd C1 are si2ied 2t the lower of cost and nel realisable value.
MERCHANT NAVY LOCOMOTIVE PRESERVATION SOCIETY LIMITED Notes to the Aeeounts For the Yeir ended 31st December 2024 Flote 3 APB Ethltal StAndArd- Provisiolls AvAil4ble tor small entitie$ ID common i¥iih oilw organisaliolls of our Size and nature WE USC Dut indtpcndettX8min¢rs to 8SSlSt with the our fUt¢la] staiemcnt8. Note 4 Details of certnin items of expenditure 2024 2023 Trustee expense5 No remun¢t7tion wa5 paid to ths CouTrvil of M8nageEt]¢nt dur5ng the yea¥. The following expenses were reimbui'sed to the Numberof ITUStees ivkn We paid exp6ns¢s Total amouTrts paid Fees for Énttdependent exomination of the ACeOUJJt5 Independent &xanunerfs Fee J,430 Jyote 5 Tawgiblt fixed A55¢ts Cost or valuation TotR15 Balanc¢ brought fonvaTd 12,339 A(kliiio RevaluatioNs Disposals BalaTJce carried forward 12,339 A¢¢umulatÈd deprÈclatlon Imp4lrmellt provlslons Balallc¢ brought forward Depreciation charge for the year IMpainllt provision5 R¢valuatiolls Di5w15 BilAn¢t ¢ary1 ftsrw8rd N¢1 book value Brought forword 12,339 Cirrled forward 12a39 io
MERCHANT F4AVY LOCOMOTIVE PRESERVATION SOCIETY LIMITED Iyotes to the Accouots For the Yeai. ended 31st December 2024 Note 6 Debtors •nd PJ*PAymehts 21124 2023 An#lysfi$ of debtors {All falliiiK due within one yEar} Ti?de debtors Oiherdebtors Pwayments alld accrued in¢oElle 57.308 23,697 136020 136 20 81.005 Note 7 Credltors and AetVllAIs 2024 2023 Allalysis of crediloi's IAII AmD¥llts fallin¥ dwe within yE¥r) an5 and ovevdtafts Accrua15 1,620 91,377 1,370 250 (Mhtr Creditor5 92J97 1,620 Note 8 Related Pfirty TrA05a¢tÉoii$ Non¢. Note 9 ShAre Cstpital Th¢ compai)y 15 limitrd by guaTant¢¢ ond th¢r¢for¢ has no $hwe Capital. At 31st IkcemkT 2024 the iiiimber of membe1¥ was 472 {2023- 521). li