| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| NORTH EASTERN LOCOMOTIVE PRESERVATION |
| GROUP |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| NORTH EASTERN LOCOMOTIVE PRESERVATION |
| GROUP |
| NORTH EASTERN LOCOMOTIVE PRESERVATION |
| GROUP |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Report of the Trustees | 1 |
| Independent Examiner's Report | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 | to | 5 |
| Notes to the Financial Statements | 6 | to | 13 |
| NORTH EASTERN LOCOMOTIVE PRESERVATION |
| GROUP (REGISTERED NUMBER: 02570979) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of 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). |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing documents, a Memorandum of Association and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Company Secretary |
| Independent Examiner |
| David Holloway FCA DChA |
| RMT Ribchesters |
| Accountants and Business Advisors |
| Finchale House |
| Belmont Business Park |
| Durham |
| DH1 1TW |
| Approved by order of the board of trustees on |
| INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
| NORTH EASTERN LOCOMOTIVE PRESERVATION |
| GROUP |
| Independent examiner's report to the trustees of North Eastern Locomotive Preservation Group ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024. |
| Responsibilities and basis of report |
| As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
| Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
| Independent examiner's statement |
| I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
| 1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
| 2. | the accounts do not accord with those records; or |
| 3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or |
| 4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
| 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. |
| David Holloway FCA DChA |
| RMT Ribchesters |
| Accountants and Business Advisors |
| Finchale House |
| Belmont Business Park |
| Durham |
| DH1 1TW |
| 10 March 2025 |
| NORTH EASTERN LOCOMOTIVE PRESERVATION |
| GROUP |
| STATEMENT OF FINANCIAL ACTIVITIES |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| funds | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 2 |
| Other trading activities | 3 |
| Investment income | 4 |
| Total |
| EXPENDITURE ON |
| Raising funds | 5 |
| Charitable activities |
| Total |
| Net gains on investments |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) | ( |
) |
| Transfers between funds | 12 | (8,200 | ) | 8,200 | - | - |
| Net movement in funds | ( |
) | ( |
) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 509,921 |
| NORTH EASTERN LOCOMOTIVE PRESERVATION |
| GROUP (REGISTERED NUMBER: 02570979) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| funds | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Debtors | 9 |
| Investments | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 12 |
| Unrestricted funds | 465,550 |
| Restricted funds | 44,371 |
| TOTAL FUNDS | 509,921 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| NORTH EASTERN LOCOMOTIVE PRESERVATION |
| GROUP (REGISTERED NUMBER: 02570979) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2024 |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| NORTH EASTERN LOCOMOTIVE PRESERVATION |
| GROUP |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Hire fees are recognised in the period which the hire is provided. |
| Legacies |
| For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made to the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed where material. |
| Should the charity be notified of a legacy subsequent to the accounting reference date but before the date of approval of the accounts and evidence exists which suggests that the executors of the estate agreed the |
| distribution prior to the end of the reporting period and receipt of the legacy is deemed to be probable then that receipt will be recognised as income in that accounting period. |
| Grants |
| Grants of a revenue nature are credited to income in the period to which they relate. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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 resources. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Leasehold property | - |
| Improvements to property | - |
| Plant & equipment | - |
| Heritage assets | - |
| Vehicles | - |
| Heritage assets have indefinite useful economic lives and are therefore not depreciated. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| NORTH EASTERN LOCOMOTIVE PRESERVATION |
| GROUP |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | ACCOUNTING POLICIES - continued |
| Fund accounting |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| 2. | DONATIONS AND LEGACIES |
| 2024 | 2023 |
| £ | £ |
| Grants | 33,317 | 29,611 |
| Legacies | 32,965 | 10,748 |
| Patron donations | 31,653 | 30,076 |
| Sundry donations | 37,877 | 48,860 |
| Member events | 4,180 | 3,535 |
| 139,992 | 122,830 |
| 3. | OTHER TRADING ACTIVITIES |
| 2024 | 2023 |
| £ | £ |
| Locomotive hire fees |
| Sale of goods |
| Miscellaneous income | 25 | 4,392 |
| 4. | INVESTMENT INCOME |
| 2024 | 2023 |
| £ | £ |
| Bank interest receivable | 8,983 | 11,058 |
| 5. | RAISING FUNDS |
| Raising donations and legacies |
| 2024 | 2023 |
| £ | £ |
| Stock for resale |
| Member events | 4,167 | 3,860 |
| Support costs |
| 14,172 | 16,192 |
| NORTH EASTERN LOCOMOTIVE PRESERVATION |
| GROUP |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 6. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. |
| The charity made allowances totalling £2,717 during the year for expenses claimed by the trustees whilst doing volunteer work for the specific charitable areas (2023:£3,822). |
| 7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted | Restricted | Total |
| funds | funds | funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Other trading activities |
| Investment income |
| Total |
| EXPENDITURE ON |
| Raising funds |
| Charitable activities |
| Total |
| Net gains on investments |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
| Transfers between funds | (10,000 | ) | 10,000 | - |
| Net movement in funds | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 735,737 | 18,444 |
| TOTAL FUNDS CARRIED FORWARD | 465,550 | 44,371 | 509,921 |
| NORTH EASTERN LOCOMOTIVE PRESERVATION |
| GROUP |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 8. | TANGIBLE FIXED ASSETS |
| Improvements |
| Leasehold | to | Plant & |
| property | property | equipment |
| £ | £ | £ |
| COST |
| At 1 January 2024 and 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Heritage |
| assets | Vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 and 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors | 500 | 122 |
| Gift aid |
| VAT |
| Accrued income and prepayments |
| NORTH EASTERN LOCOMOTIVE PRESERVATION |
| GROUP |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 10. | CURRENT ASSET INVESTMENTS |
| 2024 | 2023 |
| £ | £ |
| Investment management fund | 87,654 | 191,577 |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Accrued expenses |
| 12. | MOVEMENT IN FUNDS |
| Net | Transfers |
| movement | between | At |
| At 1.1.24 | in funds | funds | 31.12.24 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 51,085 | 1,512 | (8,200 | ) | 44,397 |
| Locomotive Maintenance Fund | 48,830 | (164,966 | ) | 120,000 | 3,864 |
| Locomotive Overhaul Fund | 365,635 | 69,798 | (120,000 | ) | 315,433 |
| (93,656 | ) | ( |
) |
| Restricted funds |
| Q6 Cylinder Fund | 44,371 | (18,506 | ) | 8,200 | 34,065 |
| TOTAL FUNDS | (112,162 | ) | 397,759 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Gains and | Movement |
| resources | expended | losses | in funds |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 25,685 | (37,944 | ) | 13,771 | 1,512 |
| Locomotive Maintenance Fund | 76,526 | (241,492 | ) | - | (164,966 | ) |
| Locomotive Overhaul Fund | 69,798 | - | - | 69,798 |
| ( |
) | (93,656 | ) |
| Restricted funds |
| Q6 Cylinder Fund | 17,188 | (35,694 | ) | - | (18,506 | ) |
| TOTAL FUNDS | ( |
) | (112,162 | ) |
| NORTH EASTERN LOCOMOTIVE PRESERVATION |
| GROUP |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 12. | MOVEMENT IN FUNDS - continued |
| Comparatives for movement in funds |
| Net | Transfers |
| movement | between | At |
| At 1.1.23 | in funds | funds | 31.12.23 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 27,182 | 21,503 | 2,400 | 51,085 |
| Locomotive Maintenance Fund | 337,211 | 40,824 | (12,400 | ) | 365,635 |
| Locomotive Overhaul Fund | 371,344 | (322,514 | ) | - | 48,830 |
| 735,737 | (260,187 | ) | (10,000 | ) | 465,550 |
| Restricted funds |
| J72 Restoration Fund | 18,444 | (18,444 | ) | - | - |
| Q6 Cylinder Fund | - | 34,371 | 10,000 | 44,371 |
| 18,444 | 15,927 | 10,000 | 44,371 |
| TOTAL FUNDS | 754,181 | (244,260 | ) | - | 509,921 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Gains and | Movement |
| resources | expended | losses | in funds |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 31,455 | (37,548 | ) | 27,596 | 21,503 |
| Locomotive Maintenance Fund | 40,824 | - | - | 40,824 |
| Locomotive Overhaul Fund | 55,819 | (378,333 | ) | - | (322,514 | ) |
| 128,098 | (415,881 | ) | 27,596 | (260,187 | ) |
| Restricted funds |
| J72 Restoration Fund | 27,085 | (45,529 | ) | - | (18,444 | ) |
| Q6 Cylinder Fund | 34,371 | - | - | 34,371 |
| 61,456 | (45,529 | ) | - | 15,927 |
| TOTAL FUNDS | 189,554 | (461,410 | ) | 27,596 | (244,260 | ) |
| NORTH EASTERN LOCOMOTIVE PRESERVATION |
| GROUP |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 12. | MOVEMENT IN FUNDS - continued |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net | Transfers |
| movement | between | At |
| At 1.1.23 | in funds | funds | 31.12.24 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 27,182 | 23,015 | (5,800 | ) | 44,397 |
| Locomotive Maintenance Fund | 337,211 | (124,142 | ) | 107,600 | 320,669 |
| Locomotive Overhaul Fund | 371,344 | (252,716 | ) | (120,000 | ) | (1,372 | ) |
| 735,737 | (353,843 | ) | (18,200 | ) | 363,694 |
| Restricted funds |
| J72 Restoration Fund | 18,444 | (18,444 | ) | - | - |
| Q6 Cylinder Fund | - | 15,865 | 18,200 | 34,065 |
| 18,444 | (2,579 | ) | 18,200 | 34,065 |
| TOTAL FUNDS | 754,181 | (356,422 | ) | - | 397,759 |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming | Resources | Gains and | Movement |
| resources | expended | losses | in funds |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 57,140 | (75,492 | ) | 41,367 | 23,015 |
| Locomotive Maintenance Fund | 117,350 | (241,492 | ) | - | (124,142 | ) |
| Locomotive Overhaul Fund | 125,617 | (378,333 | ) | - | (252,716 | ) |
| 300,107 | (695,317 | ) | 41,367 | (353,843 | ) |
| Restricted funds |
| J72 Restoration Fund | 27,085 | (45,529 | ) | - | (18,444 | ) |
| Q6 Cylinder Fund | 51,559 | (35,694 | ) | - | 15,865 |
| 78,644 | (81,223 | ) | - | (2,579 | ) |
| TOTAL FUNDS | 378,751 | (776,540 | ) | 41,367 | (356,422 | ) |
| The trustees have designated funds for the purpose of financing cyclical overhauls of the locomotives which the charity own. These costs will be substantial and the trustees therefore feel it prudent to ring fence reserves to enable those assets to be protected for future generations to enjoy |
| NORTH EASTERN LOCOMOTIVE PRESERVATION |
| GROUP |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 13. | RELATED PARTY DISCLOSURES |
| An amount of £1,085 (2023: £1,308) was paid to a Trustee in respect of work done for the Charity which was not in respect of their role as a Trustee. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The charitable company is controlled by it's trustees. |