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 be￿een 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
un￿StrICted 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