Class Forty Preservation Society Annual Report and Financial Statements Year ended 28 February 2025 Charity number . 326323 Feltons Chartered Accountants Birmingham B13JR
Class Forty Preservation Society Report and financial statements Year ended 28 February 2025 Contents Page Referen 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 10
Class Forty Preservation Society Reference and Administrative Details Officers Honorary President.. Richard Bowker CBE Vice President.. Peter Watts Trustees C Elverstone T Rogers G Taylor J Wilson S Leighton P Cameron Management Committee Chairman.. Treasurer: Secretary.. Other Committee Members.. C Elverstone S Leighton T Rogers G Taylor A Williams J Wilson P Cameron Registered Office 9 Foxholme Court Crewe CW15HF Bankers Yorkshire Bank plc Fargate Sheffield S12HE Barclays Bank plc Bury Lancashire BL9 OJN Independent Examiners Feltons 8 Sovereign Court 8 Graham Street Birmingham B1 3JR Charlty Number 326323 Page 1
Class Forty Preservation Society Report of the trustees Year ended 28 February 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT The Trustees submit their report and financial statements for the year ended 28 February 2025. 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. Achievements and performance As reported in the last financial statements, the Trustees have stabilised the CFPS management, governance, finances and reputation. That stable position has been maintained during the reporting period 2024125 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, one out of the three has been operational and steps to get 401451D345 operational took priority over the third being made operational, although small steps were made towards returning 401351D335. For the financial period this report covers, 401061D306 remained 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. During the reporting period, the team continued to ready the locomotive for its own power unit to be lifted out. 401451D345. performed on one tour for Pathfinder in the reporting period, a trip to Skegness which saw the locomotive experience reliability issues. 40145 also ran at the diesel gala and CFPS members, day on the East Lancashire Railway. The reliability issues continued and the decision was taken to withdraw the locomotive from operational duties. Work to return the locomotive continued from September 2024 for the remainder of the reporting period, starting with a move of the locomotive to West Coast Railways. Carnforth maintenance facility. Page 2
Class Forty Preservation Society Report of the trustees (continued) Year ended 28 February 2025 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 support given towards returning 401451D345 to traffic. The accounts presented for the year2024125 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. 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 £63.358 (2024 . £78,533) and total expenditure was £41,859 (2024 £48,382), giving rise to a net surplus in the year of £21,499 {2024 . £30,151). In the prior year, the heritage assets were revalued by the trustees. The subsequent loss on the revaluation of £205,691 was shown in the Statement of Financial Activities. RESERVES POLICY At the year end, the Society had total reserves of £655,709 (2024 £634,210) ofwhich £nil (2024 .' £nil) were restricted and £655,709 (2024 . £634,210) were unrestricted. Included within unrestricted funds is a revaluation reserve totalling £276,492 (2024 '. £276,492) which arose on the reststement 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 3
Class Forty Preserrfation Society Report of the trustees (continued) Year ended 28 February 2025 STATEMENT OF TRUSTEES, RESPONSIBILITY The Iruslees are SPOnSible for prepaiing the Trustees, Annual Report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England & Wales requires the Iruslees lo prepare financial slalements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and applicabon of resource5 of the charity for that period. In preparing these rinancial Statements. the trustees are required to.. select suitable accounting policies and then apply them nSistenI1y', observe the methods and principles in the Charities SORP 2019 FRS 102., make judgements and estimates that are reasonable and prudent.. slate whether applicable accounting standards have been followed. subject to any material departures disclosed 2nd explained in the financial statement5'. prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in operation. The Iruslees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them lo ensure that the financial slalements comply with the Charities A¢1 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 ieasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of Ihe charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial slalemenls May differ from legislation in other jurisdictions. Approved by the Board o and signed on ils behalf by.. C Elverstone Trustee Page 4
Independent Examiner's Report to the Trustees of Class Forty Preservation Society I report to the charity trustees on my examination of the accounts of the charity for the year ended 28 February 2025 which are set out on pages 6 to 14. 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 charity's accounts carried out under section 145 of the Act and in carrying out my examinalion 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.. 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 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 olher 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. David W Farnsworth FCA For and on behalf of Feltons Feltons Chartered Accountants 8 Sovereign Court 8 Graham Street Birmingham B13JR Page 5
Class Forty Preservation Society Statement of financial activities (including income and expenditure account) for the year ended 28 February 2025 Unrestricted funds Restrictgd funds Total 2025 Total 2024 Notes Income from: Donalions Charitable activities Investment income 31,334 30,840 1.184 31,334 30,840 1,184 34.949 43,124 460 Total incoming resources 63,358 63,358 78.533 Expenditure on: Raising funds Charitable activities Other expenditure 6,571 33,156 2,132 6,571 33,156 2,132 6,028 40,511 1,843 Total resources expended 41,859 41,859 48,382 Net Income before transfers 21,499 21.499 30,151 Gross transfers beeen funds 15 Other recognised gainsl{losses) Losses from revaluation of herilage assets 15 (205,691) Net movement In funds 21.499 21,499 (175,540) Fund balances brought forward At 29 February 2024 634,210 634,210 809,750 Fund balances carried forward At 28 February 2025 655,709 655,709 634.210 The statement of financial activities includes all gains and losses recognised in the year. All of the charitys activities derive from continuing operalions during the above financial periods. Page 6
Class For(y Preservatlon Society Charity number . 326323 Balance sheet as at 28 February 2025 2025 2024 Notes Flxed assp.ts Tan9ible assets Heritage assets 675 475,000 475.675 952 475.000 475.952 Current assets Slocks al cosl Debtors Cash al bank 48.200 19.233 114,549 181.982 54.833 40,767 67,250 162,850 12 Credltors." amounts falllng duo wlthln one year Net current assets 1,948 4.592 180,034 158.258 655.709 634.210 Fund5 of the Charlty FunrJ$ Unreslrided Restrlcled Revaluation re$eThe 15 15 1S 379,217 357,718 276,492 276.492 655.709 634.210 Total lundg 655.709 634,210 The ffinanclal sialemenls were approved by Ihe Managemenl Commiiiee on on behalf ol the Management Commlllee by-. and were signed S Leighton Trustee Page 7
Class Forty Preservation Society Notes to the financial statements for the year ended 28 February 2025 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 issued in October 2019, thé Financial Reporting Standard applicablè in the UK and Republic of Ireland (FRS102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. Class Foty Preservation Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially measured at historical costs or transaclion 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 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 Iherefore been prepared on a going concern basis. 1.3 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. 1.4 Subscriptions This represents actual monies received during the financial yèar. 1.5 Resources expanded 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 part¢cular 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. 1.6 Taxation As a charity, Class Forty Preservation Society is exempt from tax on inGome 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. Page 8
Class Forty Preservation Society Notes to the financial statements for the year ended 28 February 2025 (continued) 1. Accounting policles (continued) 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 rales calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows: Plant and equipment Vans 20 % straight line 10¥0 Straight line 1.8 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 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. No depreciation is charged on the heritage assets. 1.9 Stocks Stocks are valued at the lower of cost or net realisable value. 1.10 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. 1.11 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. 1.12 Creditors and provisions Creditors and provisions are recognised where Ihe 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. 1.13 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 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 charyed to the Statement of Financial Activities when incurred. Page 9
Class Forty Preservation Society Notes to the financial statements for the year ended 28 February 2025 (continued) 2. Donations Unrestricted Restricted Funds Funds 2025 2025 Total Funds 2025 Total Funds 2024 Donations Subscriptions Gift aid income 18,422 7,968 4,944 18.422 7,968 4,944 22,466 7,309 5.174 31,334 31,334 34,949 In 2024. donation income comprised £34,949 to unrestricted funds and £nil to restricted fvnds. 3. Charitsble actlvltles Unrestricted Restricted Funds Funds 2025 2025 Totsl Funds 2025 Total Funds 2024 Product sales Locomotive hire Other charitable acb'vities 12.269 12.655 5,916 12,269 12.655 5.916 11,537 31,587 30,840 30,840 43.124 In 2024. income from charitable activities comprised £43.124 to unrestricted funds and £nil to restricted funds. 4. Ralslng funds Unrestricted Restricted Funds Funds 2025 2025 Totsl Funds 2025 Total Funds 2024 Cost of goods frjr resale Magazine prinb'ng Train hire 3,449 3,122 3.449 3.122 1,245 3,683 1.100 6.571 6,571 6,028 In 2024, expenditure on raising funds comprised £6,028 to unrestricted fvnds and £nil to restricted funds. Page 10
Class Forty Preservation Society Notes to the financial statements for the year ended 28 February 2025 (continued) 5. Charltable actlvlties Unrestricted Restricted Funds Funds 2025 2025 Total Funds 2025 Total Funds 2024 Locomolive maintenan Insurance Travelling Postage, telephone and stationery Subscriptions Depreciation Bank charges and interest Sundry Maintenance and paIrS Room hi Motor expenses Lossl{profit) on disposals of assets 15.678 14,306 1,032 807 320 277 266 470 15,678 14,306 1,032 807 320 277 266 470 20.295 13,569 2,300 951 320 277 150 765 457 733 154 540 33.158 33.156 40.511 In 2024, expenditure on charitable activities comprised £40,511 to unrestricted funds and £nil to restricted funds. 6. Other expenditure Unrestricted Restricted Funds Funds 2025 2025 Total Funds 2025 Total Funds 2024 Accountancy and bookkeeping Computer expenses 1.440 692 1,440 692 1.350 493 2,132 2.132 1,843 In 2024, other expenditure comprised £1,843 to unrestn'cted funds and £nil to restricted funds. 7. Surplus for the year The surplus for the year is shown after charging-. Total 2025 Total 2024 Independent examination fee Depreciation (note 101 1.440 277 1,350 277 Page11
Class Forty Preservation Society Notes to the financial statements for the year ended 28 February 2025 (continued) 8. Locomotlve malntenance Totsl 2025 Total 2024 Opening stock of spares Expenditure {general) 54,583 15.678 70.261 48,000 22.261 53,995 20,295 74.290 54.583 19,707 Less.- closing stock of spares (note 121 9. Trustees remuneration During the year. no trustees received any remuneration (2024 .' £nill There were no travelling expense reimbursements during the year12024 .' £nil). 10. Tangible fixed assets Plant & Equipment Van Total Cost At 1 March 2024 Additions 9.583 2,703 12.286 At 28 February 2025 9,583 2,703 12,286 Depreclation At 1 March 2024 Charge for the year 8.631 277 2.703 11,334 277 At 28 February 2025 8,908 2,703 11,611 Net book values At 28 February 2025 At 29 February 2024 675 952 675 952 11. Herltsge assets Assets held Assets held at cost at valuation 2025 2025 Total 2025 At the start of the year Impairment Depreciation 475,000 475,000 Atlhe end ofthe year 475,000 475.000 Page 12
Class Forty Preservation Society Notes to the financial statements for the year ended 28 February 20251continuedl 12. Stocks Stock has been valued at the lower of cost and net realisable value and comprises.. 2025 2024 Goods held for resale Spares 200 48,000 250 54.583 48.200 54,833 13. Debtors 2025 2024 Trade debtors Gift aid receivable Prepayments 2.688 4.812 11,733 1.584 24,877 14,306 19.233 40,767 14. Credltors: amounts falling due within one year 2025 2024 Creditors from operations Accruals 359 1,416 173 1.282 1.902 1.408 VAT 1.948 4.592 15. Analysls of funds Balance at 1 March 2024 Gains, Balance at losses and 28 February transfers 2025 Incoming resources Resources expended unStrICted funds General funds Revaluation reserve 357.718 276,492 63.358 (41,859) 379.217 276,492 Total unrestricted funds 634.210 63.358 41,859 655.709 Restrl¢ted funds General funds Total funds 634,210 63.358 41.859 655.709 Page 13
Class Forty Preservation Society Notes to the financial statements for the year ended 28 February 2025 (continued) 16. Analysis of net assets between funds Unrestricted Restricted funds funds 2025 2025 Totsl funds 2025 Total funds 2024 Tangible assets Heritage assets Current assets Current liabilities 675 475,000 181,982 11.9481 675 475.000 181,982 (1,948) 952 475,000 162.850 (4,592) Total net assets 655,709 655.709 634,210 17. Related party transactions Donations totalling £1,090 were received from three trustees during the year (2024 .' £960 from three trustees). Page 14