THE CLASS 40 PRESERVATION SOCIETY
REPORTS AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
## **THE CLASS 40 PRESERVATION SOCIETY**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees’ Report|1 – 5|
|Independent Examiner’s Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes to the Financial Statements|9 – 16|
## **THE CLASS 40 PRESERVATION SOCIETY**
## **TRUSTEES’ REPORT**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2022**_
## **Officers**
President: VACANT
Following the passing of The Honourable William McAlpine in March 2018
Vice President: Peter Watts
**Trustees** C Elverstone (appointed 23 April 2022) T Rogers (appointed 23 April 2022) G Taylor (appointed 23 April 2022) D Peacock (appointed 23 April 2022) J Wilson (appointed 23 April 2022) S Leighton (appointed 23 April 2022) P Cameron (appointed 23 April 2022) J Stephens (resigned 1 March 2022) L Kenny (resigned 30 November 2021)
## **Management Committee**
Chairman: C Elverstone Treasurer: S Leighton Secretary: T Rogers Other Committee Members: G Taylor D Peacock A Williams J Wilson P Cameron M Poulter J Stephens (resigned 1 March 2022) **Bankers** Yorkshire Bank plc Barclays Bank plc Fargate Bury Sheffield Lancashire S1 2HE BL9 0JN
## **Independent Examiners**
BHP LLP One Waterside Place Basin Square, Brimington Rd Chesterfield S41 7FH
## **Charity Commission Registered Number:**
326323
Page 1
BHP LLP
## **THE CLASS 40 PRESERVATION SOCIETY**
## **TRUSTEES’ REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2022**_
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Trustees’ submit their report and financial statements for the year ended 28 February 2022.
## **Organisational Structure**
President: VACANT following the passing of The Honourable William McAlpine
Vice-president: Peter Watts
## Management committee
Chairman / Treasurer:
## J Stephens (resigned 1 March 2022)
With responsibility for overall running of the Society, and with responsibility for payment of creditors, accountancy and banking.
Secretary:
## A Hardman
With responsibility for general Society administration duties and filing returns with The Charities Commission. Arranging committee meetings, organising meeting rooms, producing minutes of meetings and fielding/acknowledging general enquiries sent to CFPS.
## **Appointment of Trustees**
Trustees are appointed by the Members sitting in General Meeting.
## **OBJECTIVES AND ACTIVITIES**
## **Mission Statement**
To preserve and restore to full working order Class 40 Diesel Locomotives and promote their heritage to the general public in whatever manner is available and practical.
Page 2
BHP LLP
## **THE CLASS 40 PRESERVATION SOCIETY**
## **TRUSTEES’ REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2022**_
## **Objectives and aims**
The CFPS financial year 2021/22 was a year of highs and lows. The highs being the opportunity to ride behind 40145 on the mainline and the lows being the dwindling number of members who were prepared to take up trustee positions.
From the start of the year two of the three locomotives were on hire to external parties, 40145 was on hire to Locomotive Services Limited (LSL) and 40106 to the Severn Valley Railway. The third locomotive 40135 remained under repair at Bury. The income from the hire agreements for these two locomotives, along with members donations and other society activity funded the final payments for the overhaul of 40145 and a repaint a part of the deal with LSL. A significant personal contribution of time and effort by volunteer engineering members also contributed to the cost of the repaint.
40145 appeared in its newly repainted green for the first time at the East Lancashire Railway on the 17th September 2021. On the 30th October 2021 it ran on a rail tour to Plymouth and on the 13th November 2021, on both tours it double headed with LSL hired D213. The financial gains from these activities contributed towards the maintenance and repaint costs.
The LSL contract was set to run until March 2022, however, was ended in January 2022 through mutual agreement between the Committee and LSL.
The Committee at the end of the financial year had reduced to John Stephens and Lee Kenny. Lee resigned in November 2021 and John in March 2022. A new Committee was in place from the start of the next financial year.
Page 3
BHP LLP
## **THE CLASS 40 PRESERVATION SOCIETY**
## **TRUSTEES’ REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2022**_
## **PUBLIC BENEFIT**
We have referred to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
## **FINANCIAL REVIEW**
Total income for the year was £136,535 (2021: £73,856) and total expenditure was £135,045 (2021: £59,571) giving a net surplus in the year of £1,490 (2021: £14,285).
## **RESERVES POLICY**
At the year end the Society had total reserves of £775,157 (2021: £773,667) of which £Nil (2021: £623) were restricted and £775,157 (2021: £773,044) were unrestricted. Included within unrestricted funds is a revaluation reserve totalling £482,183 which arose on the restatement in value of the heritage asset disclosed in note 11.
The Society aims to maintain and increase reserves commensurate with the Mission Statement and Objectives of the Society.
BHP LLP
Page 4
## **THE CLASS 40 PRESERVATION SOCIETY**
## **TRUSTEES’ REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2022**_
## **STATEMENT OF TRUSTEES’ RESPONSIBILITY**
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019 FRS 102;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts Reports) Regulations 2008 and the provision of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
> Approved by the Board on and signed on its behalf by: Feb 23, 2023
Clive Elverstone (Feb 23, 2023 12:33 GMT) ………………………………… C Elverstone **Trustee**
BHP LLP
Page 5
## **THE CLASS 40 PRESERVATION SOCIETY**
## **INDEPENDENT EXAMINER’S REPORT**
## **TO THE TRUSTEES OF THE CLASS 40 PRESERVATION SOCIETY**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 28[th] February 2022 which are set out on pages 8 to 18.
## **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 Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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 examination.
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.
Adrian Staniforth (Feb 23, 2023 12:35 GMT)
## **ADRIAN STANIFORTH**
BHP LLP One Waterside Place Basin Square, Brimington Rd Chesterfield S41 7FH
Feb 23, 2023
Page 6
BHP LLP
## **THE CLASS 40 PRESERVATION SOCIETY**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2022**_
|**Unrestricted**
**Funds**
**2022**
**Notes**
**£**
**Income from:**
Donations
**2**
**46,998**
Charitable activities
**3**
**89,537**
**Total incoming resources**
**136,535**
**Expenditure on:**
Raising funds
**4**
**9,829**
Charitable activities
**5**
**115,818**
Other
**6**
**9,398**
**Total resources expended**
**135,045**
Net incoming resources
made before transfers
**1,490**
Transfers between funds
**623**
Net movement in funds
**2,113**
Fund balances brought forward
at 28 February 2021
**773,044**
**Fund balances carried forward**
**at 28 February 2022**
**775,157**|**Restricted**
**Funds**
**2022**
**£**
**-**
**-**
**-**
-
**-**
**-**
**-**
**-**
**(623)**
**(623)**
**623**
**-**|**Total**
**Funds**
**2022**
**£**
**46,998**
**89,537**
**136,535**
**9,829**
**115,818**
**9,398**
**135,045**
**1,490**
**-**
**1,490**
**773,667**
**775,157**|Total
Funds
2021
£
44,254
29,602
73,856
10,417
42,117
7,037
59,571
14,285
-
14,285
759,382
773,667|
|---|---|---|---|
BHP LLP
Page 7
## **THE CLASS 40 PRESERVATION SOCIETY**
## **BALANCE SHEET**
## _**AS AT 28 FEBRUARY 2022**_
|**Notes**
**Fixed assets**
Tangible assets
**10**
Heritage assets
**11**
Investments
**12**
**Current assets**
Stocks at cost
**13**
Debtors and Prepayments
**14**
Bank balances:
Deposit accounts
Current accounts
Petty Cash
**Creditors: Amounts falling due within one year**
**15**
**Net current assets**
**Represented by:**
Funds
- Unrestricted
**16**
- Restricted
**16/18**
- Revaluation reserve
**16**|**£**
**61,382**
**94,730**
**537**
**1,620**
**-**
**158,269**
**68,394**
|**2022**
**£**
**718**
**684,400**
**164**
**685,282**
**89,875**
**775,157**
**292,974**
**-**
**482,183**
**775,157**|2021
£
1,441
684,600
164|
|---|---|---|---|
||||686,205|
||||62,676
50,199
15,075
3,640
-|
||||131,590
44,128|
||||87,462|
||||773,667|
||||290,861
623
482,183|
||||773,667|
The financial statements were approved by the Management Committee on and are signed Feb 23, 2023 on behalf of the Management Committee by:
S Leighton S Leighton (Feb 23, 2023 10:15 GMT)
…………………………………
S Leighton **Trustee**
Page 8
BHP LLP
## **THE CLASS 40 PRESERVATION SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2022**_
## **1 Accounting policies**
## **1.1 Basis of preparation**
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) (effective 1 January 2019) the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.
The Class 40 Presentation Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially measured at historical costs or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
## **1.2 Subscriptions**
This source of income represents the actual cash amounts received by the Treasurer during the year.
## **1.3 Fund accounting**
General unrestricted funds comprise accumulated surpluses and deficits on the general funds. They are available for use at the discretion of the Management Committee in furtherance of The Class 40 Preservation Society’s general charitable objectives.
Restricted funds are created when donations are made for a particular area or purpose, the use of which is restricted to that area or purpose. Expenditure is charged to the Statement of Financial Activities when incurred. The restricted funds relate to income and expenditure regarding the following:-
- i. Shed Fund – covered accommodation for locomotives
## **1.4 Taxation**
As a charity, The Class 40 Preservation Society is exempt from tax on income and gains falling within the available tax exemptions to the extent that these are applied to its available objects. No tax charges have arisen in the charity.
## **1.5 Incoming resources**
Voluntary income including donations, gifts and legacies and grants that provide core funding or are of general nature are recognised where there is an entitlement, it is probable that the income will be received, and the amount can be measured with sufficient reliability.
Page 9
BHP LLP
## **THE CLASS 40 PRESERVATION SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2022**_
## **1 Accounting policies - continued**
## **1.6 Resources expended**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.
Fundraising costs are those incurred in seeking voluntary contributions. Support costs are those costs directly in support of expenditure on the objects of the charity that cannot be allocated to specific activities. These include staff costs, general premises and office expenses, depreciation and costs of governing the charity.
## **1.7 Tangible fixed assets and depreciation**
Tangible fixed assets costing more than £250 are capitalised and included at cost or valuation including any incidental expenses of acquisition.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:
Plant and equipment 20% straight line Vans 10% straight line
## **1.8 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount repaid net of any trade discounts due.
## **1.9 Heritage assets**
Heritage assets are recognised on the balance sheet and initially measured at cost when purchased or if donated, their valuation. Assets are subsequently stated at cost or valuation less accumulated depreciation and accumulated impairment losses.
Acquisitions only arise when donated to the charity or if it is believed that they will further the charity’s objectives. Once acquired they will be preserved by the charity in order to keep their historical, artistic, scientific, technological, geographical or environmental qualities to such a high level as to contribute to knowledge and culture. Heritage assets are to be held for the foreseeable future.
Depreciation is provided on the following basis:
Heritage asset – held at cost
50 years straight line
## **1.10 Cash at bank and in hand**
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 10
BHP LLP
## **THE CLASS 40 PRESERVATION SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2022**_
## **1 Accounting policies - continued**
## **1.11 Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **1.12 Going concern**
The trustees have considered the level of funds held and expected level of income and expenditure for 12 months from authorising these financial statements. These figures show the charity has sufficient cash and reserves to continue operations for the foreseeable future. The financial statement have therefore been prepared on a going concern basis.
|**2**
**Donations**
**Unrestricted**
**Funds**
**2022**
**£**
Donations
**37,346**
Subscriptions
**9,652**
**46,998**|**Restricted**
**Funds**
**2022**
**£**
**-**
**-**
**-**|**Total**
**Funds**
**2022**
**£**
**37,346**
**9,652**
**46,998**|Total
Funds
2021
£
34,132
10,122|
|---|---|---|---|
||||44,254|
In 2021, of the total income from donations, £44,254 was to unrestricted funds and £Nil was to restricted funds.
|**3**
**Charitable activities**
**Unrestricted**
**Funds**
**2022**
**£**
Product sales
**41,110**
Loco hire
**47,093**
Raffle income
**1,334**
Other
-
**89,537**|**Restricted**
**Funds**
**2022**
**£**
**-**
**-**
**-**
**-**
**-**|**Total**
**Funds**
**2022**
**£**
**41,110**
**47,093**
**1,334**
**89,537**|Total
Funds
2021
£
11,015
18,488
**-**
99|
|---|---|---|---|
||||29,602|
In 2021, of the total income from charitable activities, £29,602 was to unrestricted funds and £Nil was to restricted funds.
Page 11
BHP LLP
## **THE CLASS 40 PRESERVATION SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2022**_
|**4**
**Raising funds**
**Unrestricted**
**Funds**
**2022**
**£**
Cost of goods for resale
**5,558**
Raffle costs
**298**
Magazine printing
**3,973**
**9,829**|**Restricted**
**Funds**
**2022**
**£**
**-**
**-**
**-**
**-**|**Total**
**Funds**
**2022**
**£**
**5,558**
**298**
**3,973**
**9,829**|Total
Funds
2021
£
6,938
20
3,459
10,417|
|---|---|---|---|
In 2021, of the total expenditure for raising funds, £10,417 was to unrestricted funds and £Nil was to restricted funds.
|**5**
**Charitable activities**
**Unrestricted**
**Funds**
**2022**
**£**
Loco maintenance
**91,355**
Insurance
**3,924**
Postage, Telephone and Stationery
**2,414**
Advertising
-
Bank charges and interest
**(3)**
Motor expenses
**16,123**
Travelling
**1,082**
Depreciation
**923**
**115,818**|**Restricted**
**Funds**
**2022**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Total**
**Funds**
**2022**
**£**
**91,355**
**3,924**
**2,414**
**-**
**(3)**
**16,123**
**1,082**
**923**
**115,818**|Total
Funds
2021
£
17,487
4,591
3,760
426
-
14,336
392
1,125
42,117|
|---|---|---|---|
In 2021, of the total expenditure for charitable activities, £42,117 was to unrestricted funds and £600 was to restricted funds.
|**6**
**Other**
**Unrestricted**
**Funds**
**2022**
**£**
Accountancy and bookkeeping
**8,699**
Computer expenses
**699**
**9,398**|**Restricted**
**Funds**
**2022**
**£**
**-**
**-**
**-**|**Total**
**Funds**
**2022**
**£**
**8,699**
**699**
**9,398**|Total
Funds
2021
£
6,617
420|
|---|---|---|---|
||||7,037|
In 2021, of the total other expenditure, £7,037 was to unrestricted funds and £Nil was to restricted funds.
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BHP LLP
## **THE CLASS 40 PRESERVATION SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2021**_
## **7 Surplus for the year**
The surplus for the year is shown after charging:
|The surplus for the year is shown after charging:
Independent examination
Depreciation
**8**
**Locomotive maintenance**
Opening stock of spares
Expenditure - General
Less: Closing stock of spares|**Total**
**2022**
**£**
**2,020**
**923**
**Total**
**2022**
**£**
**49,733**
**91,355**
**141,088**
**(49,733)**
**91,355**
|Total
2021
£
1,800
1,125
Total
2021
£
7,000
60,220
67,220
(49,733)
17,487|
|---|---|---|
## **9 Trustees remuneration**
No trustees received any remuneration during the year.
No trustees had expenses reimbursed in 2022 (2021: Nil).
|**10**
**Tangible fixed assets**
**Plant &**
**Equipment**
**£**
**Cost**
At 1 March 2021
8,197
Additions
-
Disposal
-
**At 28 February 2022**
**8,197**
**Depreciation**
At 1 March 2021
6,756
Charge for the year
723
**As at 28 February 2022**
**7,479**
**Net Book Value**
**As at 28 February 2022**
**718**
As at 28 February 2021
1,441|**Van**
**£**
2,703
-
-
**2,703**
2,703
-
**2,703**
**-**
-|**Total**
**£**
10,900
-
-
**10,900**
9,459
723
**10,182**
**718**
1,441|
|---|---|---|
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BHP LLP
## **THE CLASS 40 PRESERVATION SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2022**_
|**11.**
**Heritage assets**
**Assets held at**
**Assets held at**
**Cost**
**valuation**
**2022**
**2022**
**£**
**£**
**Carrying amount**
At 1 March 2021
9,600
675,000
Additions
-
-
Depreciation
200
-
9,400
675,000|**Total**
**2022**
**£**
**684,600**
-
**200**|
|---|---|
||**684,400**|
## **12 Investments**
Investments represent the cost of acquisition of the whole of the issued share capital of CFPS Mainline Limited, a company registered in England and Wales, and also the formation costs of the company. The company had no transactions in the year and the net liabilities at 28 February 2022 were £164 (2021: £164).
## **13 Stock**
Stock has been valued at the lower of cost and net realisable value and comprises:
|Goods held for resale
Spares
**14**
**Debtors**
Inter-company balance
Gift aid
Trade debtors
VAT
Accrued Income||**2022**
**£**
**11,649**
**49,733**
**61,382**
**2022**
**£**
**376**
**24,540**
**66,769**
**3,045**
-
**94,730**|2021
£
12,943
49,733
62,676
2021
£
376
16,707
5,817
10,799
16,500
50,199|
|---|---|---|---|
|||||
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BHP LLP
## **THE CLASS 40 PRESERVATION SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2022**_
|**15**
**Creditors: Amounts falling due within one year**
Accruals
Other Creditors|**2022**
**£**
**17,449**
**50,945**
**68,394**|2021
£
33,800
10,328
44,128
|
|---|---|---|
## **16 Analysis of net assets between funds**
|**Unrestricted**
**Funds**
**2022**
**£**
Fixed assets
**718**
Heritage assets
**684,400**
Current assets
**158,433**
Current liabilities
**(68,394)**
**775,157**
**________**|**Restricted**
**Funds**
**2022**
**£**
**-**
**-**
**-**
**-**
**-**
**________**|**Total**
**Funds**
**2022**
**£**
**718**
**684,400**
**158,433**
**(68,394)**
**775,157**
**________**|
|Total
Funds
2021
£
1,605
684,600
131,590
(44,128)|
|---|---|---|---|---|
|||||773,667
**_______**|
## **17 Related party transactions**
As described in note 12, CFPS mainline Limited is the Society’s wholly owned subsidiary company.
Balances due from CFPS mainline Limited:
|Balances due from CFPS mainline Limited:|||
|---|---|---|
||**2022**|2021|
||**£**|£|
|Loan account|**375**|375|
Donations totalling £734 (2021 – £25) were received from four trustees during the year.
At the year end, a balance of £13,629 (2021: £3,224) was due to John Stephens, a trustee (resigned 1 March 2022), for charitable costs paid for personally by John which need reclaiming.
Page 15
BHP LLP
## **THE CLASS 40 PRESERVATION SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2022**_
## **18 Analysis of restricted funds**
|Shed Appeal|**As at**
**01.03.21**
**£**
623
623|**Income**
**£**
**-**
**-**|**Expenditure**
**£**
**-**
**-**|**Transfers**
**£**
(623)
(623)|**As at**
**28.02.22**
**£**
**-**|
|---|---|---|---|---|---|
||||||**-**|
## **Restricted Funds**
## **Shed Appeal**
Funding for the accommodation covering the locomotives.
## **Transfers**
There is no longer any prospect to have a loco shed built. These monies have been transferred to general funds as they will not be clawed back.
Page 16
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