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 COnf￿M 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 loco1￿0t1¥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, h￿l￿an 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¢l￿ent alld op¢ration5 of Ili¢ S￿l¢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 0￿rated. '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 fa￿ELie5 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 v￿Sited 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), I￿31a￿.(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 £I￿e
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 willial￿s, 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 Willial￿S
(co-opted September 22 , 2024)
313
9110
10
10
415
515
7110
515
515
9110
9110
516
(resigned July 2￿h, 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 f￿ancial 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$i5tently'
Inake judgements and estimates that are reasonable a￿d pivdent-
state whether applicable accounting standards have been followed, subject lo any material
departuyes disclosed and explaiRed in the fmallcial statements.
prepare the financial statements on the going concwn basis unless it is inappropriate to
presume tliat thc company will caiitinuc in businc&8.
The Coun¢il of Management are respon$ible for keeping proper a¢¢ounting I'e¢oi'ds which
disclose with i'easotvdble accui'acy at any til￿e 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 SubJ￿t 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 aCCo￿ntIng 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 att￿tIon..
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 ShO￿ld 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
DO￿ations> gifts similar lli¢oniinE
soiirces
Legacies rece5ved
Investm￿￿t Income
Ti'adiiig Èn furth¢rance of charikble acii141ies
Opco Li¢fnce fee8
sUt￿ry 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 & ni11￿8 5tsKk maint. & cowimable8
Tratk8POlt Ex￿liSeS
Insuiynce, lienl & Sundry¢xp￿di￿rc
475.964
475,964
212.836
74.932
74,932
26.179
TvadiDg Attivities
Production of s￿IetY 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$#I of Filed Asset
PIDfit I IL(YA51 revaluAIioD Df1ovestm¢nt As8¢t
loo
ET INCOIMIN
OUTCOING
EFORCTRAYSFERS
RESOURC
116J1441
1116,0441
SO,181
Tr8rtsfw' b¢t1￿C￿ Fwjds
NET IN
OMINCI OUTGOING
IiESOURCr.
116,0441
1116,044)
50,181
FUND BALANCE
1st Jottu*vy 2024
brought foiiylli'd At
447,719
12J39
60,058
499,877
FUND BALANCES tarrieil lonY4rJ
31$t Decemher2D24
331,675
12,339
344,014
460,058
71ie iioies Dn pages 8 to 11 fomi part of t11¢5¢ fIna￿cial sta￿M￿lS

NT NAVY LQCOTrIOTtVE PRESERVATION SOCtrri' LIMIT
BALANCE SHEEI.
3J#t DKCEMBER 2024
2024
EDASSEYS
Locornolive s￿2$
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..
Unrc5lr￿ed 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 janu￿2024
TrAnsftt from (lol Sla*mEnl of
Findi￿la[ Aciiviiles
12.339
12,339
12,339
12.339
344.OJ4
ThÈcompany is eniiiledio￿e￿pl1OTh fromAudii ￿der S￿10￿ 4770ft1￿ CTrrnwlesAc12￿6 fwthEye
cndrdJ15l Decthnber2024.
Th¢ wm1￿S tr￿Ven0t required Ihc company ir*obtain an awlii ofits fi*anciol siairyn¢nts forlh¢yeJr¢nd
31slDEcemkn2024 trta¢coidan¢e iYltli3e¢iitin47601lhB CompAThiCS A¢i 20tkn.
Th? COW￿11 DrM￿a￿￿￿LC￿ta￿kM1Yjtd&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 fi￿nCial year attd its $￿vI￿s ordelicit foreath financi81 in %ccordal￿e iv¢%li ihe
uir¢inen15 0fS¢Glion5 394and 395 and NyhichaihcTh￿5cc0n)￿YWl1￿f￿c IcqulEen)eth150fili¢
Compani¢skn12006 rel?lin8 to financial siateTnents. so farasopplicable to t1￿ eompany.
Thefinancial sthtelnEntsha￿ pr¢parEd in4woréJnceivilh ihepiQ￿5l0ns ofParf 15 ofthe Com￿111￿3
Act 2006 Te￿1￿4t03Marl 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) a￿Oi.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 ￿0￿re¢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 lESou￿eS 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
d￿crib¢￿ 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¢qY￿tly 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 C￿1 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 indtpcnde*ttX8min¢rs to 8SSlSt with the
our fU￿t¢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
IMpain￿llt provision5
R¢valuatiolls
Di5w*15
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