Class Forty Preservation Society
Annual Report and Financial Statements
Year ended 29 February 2024
Charity number . 326323
Feltons
Chartered Accountants
Birmingham
B13JR

Class Forty Preservation Society
Report and financial statements
Year ended 29 February 2024
Contents
Page
Reference and administrative details
Report of the trustees
Independent Examiner's report on the financial statements
Statement of financial activities
incorporating income & expenditure account
Balance sheet
Notes forming part of the financial statements, incorporating
statement of accounting policies
Other notes to the financial statements

Class Forty Preservation Society
Reference and Administrative Details
Officers
Honorary President..
Richard Bowker C8E
Vice President..
Peter Watts
Trustees
C Elverstone
T Rogers
G Taylor
D Peacock
J Wilson
S Leighlon
P Cameron
(resigned 30 June 2023)
Management Committee
Chairman..
Treasurer-
Secretary..
Other Committee Members..
C Elverstone
S Leighlon
T Rogers
G Taylor
D Peacock
A Williams
J Wilson
P Cameron
(resigned 30 June 20231
Bankers
Yorkshire Bank plc
Fargate
Sheffield
S12HE
Barclays Bank pl¢
Bury
Lancashire
BL9 OJN
Independent Examiners
Feltons
Feltons
8 Sovereign Court
8 Graham Street
Birmingham
B1 3JR
Charity Commission Registered Number:
326323
Page 1

Class Forty Preservation Society
Report of the trustees
Year ended 29 February 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trustees submit their report and financial statements for the year ended 29 February 2024.
Organisational Structure
Honorary president.. Richard Bowker CBE
Vice-president.- Peter Watts
Management committee
Chairman: Clive Elverstone
Treasurer- Steve Leighton
Secretary.. Tim Rogers
Safety Officer & Designated Safeguarding Lead.. Graham Taylor
Head of Operations: John Wilson
Head of Commercial and Compliance.. Phil Cameron
Appointment of Trustees
Trustees are appointed by the members at the Annual 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

Class Forty Preservation Society
Report of the trustees (continued)
Year ended 29 February 2024
Achievements and performance
As reported by the Trustees in the last accounts, the Trustees have stabilised the CFPS
management, governance, finances and reputation. That stable position has been maintained during
the reporting period 2023124 and the accounts presented in this report reflect that.
The stated aim of the Committee is to have all three locomotives in operational use, during the year
o out of the three have been operational and steps to get the third operational have been made.
401061D306 remains on long term hire to the Severn Valley Railway, offering members numerous
opportunities to ride behind their locomotive and earning a steady revenue stream.
401351D335 is still under repair in Bury, however several significant steps have been made.
Donations and funds created by the operation of the other locomotives allowed the engineering
team to extract the crank from the donated 56 power unit. During the reporting period the team
continued to ready the locomotive for its own power unit to be lifted out.
401451D345 in addition to performing on three tours for Pathfinder in the reporting period, began the
year with an appearance at the Swanage Railway Diesel Gala, quickly followed in June by being
rostered to the prestigious Northern Belle. 40145 also ran on at the diesel gala and CFPS members,
day on the East Lancashire Railway.
The activity described above is reliant on key behaviours by the society and its members. Namely
a stable and well organised society and strong relationships with our operating partners. In the year
the strength of that relationship was demonstrated by the appearance of 401451D345 on the
Pathfinder Golden Anniversary rail tour and a leg of the prestigious Northern Belle dining train.
The accounts presented for the year 2023124 demonstrate that the Society remains on a sound
financial footing.
Looking ahead, the Committee plans to continue to act out the current approach of seeking to
preserve three operational locomotives funded via the finances generated by that activity as well as
member subscriptions and donations.
Page 3

Class Forty Preservation Society
Report of the trustees (continued)
Year ended 29 February 2024
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 £78,533 (2023.. £97,324) and total expenditure was £48,382 (2023..
£62,731 } giving a net surplus in the year of £30,151 {2023'. £34,593).
During the year, the heritage assets were revalued by the trustees. The subsequent loss on the
revaluation of £205.691 is shown in the Statement of Financial Activities.
RESERVES POLICY
At the year-end the Society had total reserves of £634,210 (2023: £809,750) of which £Nil12023:
£Nil) were restricted and £634,210 (2023: £809,750) were unrestricted. Included within unrestricted
funds is a revaluation reserve totalling £276,492 (2023 . £482,183) which arose on the restatement in
value of the heritage assets disclosed in note 11.
The Society aims to maintain and increase reserves commensurate with the Mission Statement and
Objectives of the Society.
Page 4

Class Forty Preservation Soclety
Report of the trustees (continued)
Year ended 29 February 2024
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
Generalty Accepted Accounting Practice).
The law applicable to charlties in England & Wales requires the trustees to prepare financial
statements for each financial year which gNe a true and fair view of the slate of affaits 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 consistenlly:
observe the methods and principles in the Charities SORP 2019 FRS 102,.
make judgements and estimales that are reasonable and pruden{
stste whether applicable accounting standards have been followed, subject to any material
departures disGlosed and explained in the financial statements:
prepare the financial statements on the going Concern basis unless il is inappropriate to
presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records that disclose with reasonable accuracy
al any time the financial position of the charity and enable them lo ensure that the financial
statements comply with the Charities Aet 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 deleclion 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 Kingdorn governing the preparation and
dissemination of financial ststements may differ from legislation in other jurisdictions.
Approved by the Board on 14 November 2024 and signed on ils behaff by..
C Elverstone
Trustee
Page 5

Independent Examiner's Report to the Trustees of
Class Forty Preservation Society
I report lo the charity trustees on my examinalion of the acwunts of the charity for Ihe year ended 29 February 2024
which are Set out on pages 7 to 16.
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 ('Ihe Act,).
I report in respect of my examination of the charivs accounts carried out under seclion 145 of Ihe Act and in carrying
out my examination I have followed all the applicable Directions given by the Charity Commission under section
145(5)Ibl of the Act.
Independent examiner's statement
I have completed my examination. I confimi that no material matters have come to my attention in connection wilh the
examination giving me cause to believe that in any material respect..
accounting records were not kept in respect of the charity as required by section 130 of the Act- or
the accounts do not accord with those records- or
the accounts do not comply with the applicable requirements concerning the form and conlent of accounts set
out in the Charities (Accounts and Reports) Regulations 2008 other Ihan 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.
Davld W Farnsworth FCA
For and on behalf of Feltons
Feltons Chartered Accountants
8 Sovereign Court
8 Graham Street
Birmingham B13JR
18 November 2024
Page 6

Class Forty Preservation Society
Statement of financial activities (including income and expenditure account)
for the year ended 29 February 2024
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
Notes
Income from:
Donations
Charitable activities
Investment income
34,949
43,124
460
34,949
43,124
460
56,571
40,747
Totsl incoming resources
78,533
78,533
97,324
Expendlture on:
Raising funds
Charitable activities
Other
6,028
40.511
1,843
6,028
40,511
1,843
19,400
31,061
12,270
Total resources expended
48,382
48,382
62.734
Net income before transfers
30,151
30.151
34,593
Gross transfers be￿een funds
16
Other recognised gainslllosses)
Losses from revaluation of heritage assels
16
1205,6911
(205.691)
Net movement in funds
{175.5401
(175,540)
34,593
Fund balances brought fonvard
At 28 February 2023
809,750
809,750
775,157
Fund balances carrled forward
At 29 February 2024
634,210
634,210
809,750
The statement of financial activities includes all gains and losses recognised in the year.
All of the charity's activities derive from continuing operations during the above financial periods.
Page 7

Class Forty Preservatlon Soclety
Charity number . 326323
Balancè sheet as at 29 February 2024
2024
2023
Nolos
Flxed assets
Tangible assets
Herilage as5els
Inveslmenls
10
952
475,000
626
880,691
164
681.481
12
475,952
Current assets
Stocks at cost
Debtor5 and Prepaymenls
Cash al bank
13
14
54.833
40,767
67.250
162,850
54.245
39,354
50.016
143.615
Credltors: amounts falllng
due wilhln one year
15
4,592
15.346
Net current assets
158.258
128.269
634.210
809.750
Funds of the ¢harfty:
Funds
- Unre51fiCted
Reslricted
- Revalualion reseNe
16
16
16
357.718
327.567
276.492
482.183
634.210
809.750
Total funds
634.210
809,750
The financlal stalemenls were approved by the Management Commlllee on 14 November 2024 and were sl9ned on
behall of the Management Commlitee by..
S Lelghlon
Trustee
Page 8

Class Forty Preservation Society
Notes to the financial statements for the year ended 29 February 2024
1. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charilies-
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 issued in October 2019. the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities Act 2011
and UK Generally Accepted Accounting Practice.
Class Forty Presentation Society meets the definition of a public benefit entity under FRS 102. Assets and
liabilities are initially measured al historical costs or transaction value unless otherwise stated in the relevant
accounting policy.
The financial statements are prepared on a going concem 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 represents actual monies received during the financial 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 Class Forty Preservation
SoGiety'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 Activilies when
incurred.
1.4 Taxation
As a charity, Class Forty Preservation Society is exempt from tax on income and gains falling within the
available tax exemptions to the extent that these are applied to ils available objects.
No tax charges have arisen in the charity.
1.5 Income 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

Class Forty Preservation wociety
Notes to the financial statements for the year ended 29 February 2024 (continued)
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 activi ies on a basis consistent wilh 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 Ihe 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
charily.
1.7 Tangible fixed assets and depreciation
Tangible fixed assets costing more than £250 are capilalised and included at cost or valuation including any
incidental expenses of acquisition.
Tangible fixed assets are staled at cost less depreciation. Deprecialion is provided at rates calculated lo
write off the cost less estimated residual value of each asset over its expected useful life as follows..
Plar,t and equipment
Vans
20% straight line
1 OOA straight line
1.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepaymen+s 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 ¥vhen purchased or if
donated, their valuation. Assets are subsequently slated at cost or valuation less 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 qualilies to such a high level as to contribute to
knowledge and culture. 14eritage assets are to be held for the foreseeable future.
No depreciation is charged on the heritage assets.
1.10 Cash at bank and in htsThnd
Cash at bank and in hand includes cash and short term highly liquid investments wilh a short maturity of
thrae months or less from the date of acqui51tion or opening of the deposit or similar account.
Page 10

Class Forty Preservation Society
Notes to the financial statements for the year ended 29 February 2024 (continued)
1. Accounting policles (continiied)
1.11 Credltors and provlslons
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 paty 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 Golng 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. Donatlons
Unrestrlcted Restricted
Funds
Funds
2024
2024
Total
Funds
2024
Total
Funds
2023
Donations
Subscriptions
27.640
7,309
27,640
47,437
9,140
34,949
34.949
56.577
In 2023. of the total income from donakn'ons, £56,577 was to unrestricted funds and £Nil was to restricted funds.
3. Charitable actlvltles
Unrestricted Restrlcted
Funds
Funds
2024
2024
Totsl
Funds
2024
Total
Funds
2023
Product sales
Loco hire
11,537
31,587
11.537
31,587
8.437
32.310
43,124
43,124
40.747
In 2023. of the total incorria from charitable activities, £40.747 was to unrestricted funds and £Nil was to restricted
funds.
Page 11

Class Forty Preservation Society
Notes to the financial statements for the year ended 29 February 2024 (continued)
4. Raising funds
Unrestricted Restricted
Funds
Funds
2024
2024
Total
Funds
2024
Total
Funds
2023
Cost of goods for resale
Train hire
Magazine printing
1,245
1,100
3,683
1,245
1,100
3,683
14,572
1,640
3,188
6,028
6.028
19.400
In 2023. of the total expenditure for rasing funds, £19,400 was to unrestricted funds and £Nil was to restricted funds.
5. Charitable activities
Unrestricted Restrictsd
Funds
Funds
2024
2024
Total
Funds
2024
Total
Funds
2023
Loco maintenance
Insurance
Postage. telephone and stationery
Volunteer training and welfare
Maintenance and repairs
Room hire
Bank charges and interest
Motor expenses
Subscriptions
Sundry
Travelling
Depreciation
Lossl(Profit) on disposals of assets
20,295
13,569
951
20.295
13.569
951
11,025
12.063
4,302
1,354
457
733
150
154
320
765
2.300
277
540
457
733
150
154
320
765
2,300
277
540
249
1,002
588
1,240
874
{1,636)
40,511
40.511
31,061
In 2023, of the total expenditure for charitable activities. £31,061 was to unrestricted funds and £Nil was to restricted
funds.
Page 12

Class Forty PreseNatlon Society
Notes to the financial statements for the year ended 29 February 2024 (continued>
6. Other
Unrestricted Restricted
Funds
Funds
2024
2024
Total
Funds
2024
Total
Funds
2023
Accountancy and bookkeeping
Other professional charges
Computer expenses
1,350
1,350
10,740
500
1,030
493
493
1.843
1,843
12.270
In 2023. of the total other expenditure. £12.270 was to unrestricted funds and £Nil was to restricted funds.
7. Surplus for the year
The surplus for the year is shown after charging..
Total
2024
Total
2023
Independent examination fee
Depreciation
1.350
277
1,3QO
874
8. Locomotlve maintenance
Total
2024
Total
2023
Opening stock of spares
Expenduture- General
53.995
20,295
74,290
54,583
19.707
49,733
11,025
60,758
53,995
6,763
Less.. Closing stock of spares
9. Trustees remuneratlon
During the year no trustees received any remuneration {2023 '. £Nil)
There were no travelling e.Ypense reimbursments during the year12023 - £157 reimbursed to trustees).
Page 13

Class Forty Preservation Society
Notes to the financial statements for the year ended 29 February 2024 (continued)
10. Tangible fixed assets
Plant &
Equlpment
Van
Total
Cost
At 1 March 2023
Additions
8,979
604
2.703
11,682
604
At 29 February 2024
9.583
2,703
12,286
Depreciation
At 1 March 2023
Charge for the year
8,354
277
2,703
11,057
277
At 29 February 2024
8.631
2,703
11,334
Net book values
At 29 February 2024
952
952
At 28 February 2023
625
625
11. Heritage assets
Assets held Assets held
at cost
at valuation
2024
2024
Tolal
2024
Carrying amount
At 1 March 2023
Impairment
Depreciation
5,691
15.691)
675,000
1200.0001
680.691
1205.6911
475.000
475,000
At 29 February 2024 the trustees believed it was appropriate to revalue the heritage a5sels, so their carrying amount
is more accurately reflected in the financial statements.
12. Investments
Investments represent the cost ol 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 ofthe cornpany. The company had no
transactions in the year. During the year, the investment of £164 was written off.
Page 14

Class Forty Preservation Society
Notes to the financial statements for the year ended 29 February 2024 (continued)
13. Stocks
Stock has been valued at the lower of cost and net realisable value and comprises..
2024
2023
Goods held for ￿Sale
Spares
250
54,583
250
53,995
54,833
54.245
14. Debtors
Total
2024
Total
2023
Trade debtors
Inter-company balance
Gift aid
Prepayments
1,584
8,438
376
32,540
24,877
14,306
40,767
39,354
15. Creditors - amounts falling due within one year
2024
2023
Creditors from operations
Accruals
VAT
1,282
1,902
1,408
2,049
11,929
1,368
4,592
15.346
16. Analysis of funds
Balance at
1 MarGh
2023
Gains,
Balance at
losses and 28 Febru&ry
transfers
2024
Incoming
resources
Resources
expended
Unrestricted funds
General funds
Revaluation reserve
327,567
482,183
78,533
148,3821
357,718
276.492
1205,691)
Total Unrestricted funde
809.750
78.533
48,382
205,691
634.210
Restricted funds
General funds
Total funds
809,750
78,533
48,382
205,691
634,210
Page 15

Class Forty Preservation Society
Notes to the financial statements for the year ended 29 February 2024 (continued>
17. Analysis of net assets between funds
Unrestricted Restricted
funds
funds
2024
2024
Total
funds
2024
Total
funds
2023
Tangible assets
Heritsge assets
Investments
Current assets
Current liabilities
952
475,000
952
475,000
626
680,691
164
143,615
{15,3461
162,850
(4,592)
182,850
(4.5921
Total net assets
634.210
634.210
809,750
18. Related party transactions
As described in note 12, CFPS Mainline Limited was the Society's wholly owned subsidiary company. During the
year. the investment of £164 was written off.
Balances due from CFPS Mainline Limited
2024
2023
Loan account
376
Donations totalling £960 were received from three trustees during the year12023 .' £680 from three trustees).
At the year end £Nil (2023: £10,629) was due to John Stephens, a fomier trustee {resigned 3 March 2022}.
Page 16