REGISTERED COMPANY NUMBER: 03214787 (England and Wales)

REGISTERED CHARITY NUMBER: 1057637

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

LLANGOLLEN STANDARD 4 TRUST

Page

Report of the Trustees

1

to

2

Statement of Financial Activities

3

Balance Sheet

4

to

5

Notes to the Financial Statements

6

to

10

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 31st 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).

OBJECTIVES AND ACTIVITIES

Objectives and activities

The principal activity of the company is to raise funds for the restoration and future preservation of ex BR Standard Class 4 MT 2-6-4T steam locomotive No. 80072. Restoration of the steam locomotive was completed during 2009 and No. 80072 has entered revenue earning service on the Llangollen Railway.

In order to achieve a wide as possible exhibition of the steam locomotive for the benefit of the public at large the Trustees will continue to accept invitations, whenever practical, to hire No. 80072 to other heritage railway societies around the country to be operated at special events.

The publication to members of the Llangollen Standard 4 Trust magazine has continued and keeps them fully informed on the operational duties of the locomotive.

Public benefit

In shaping the objectives for the year and planning activities, the Trustees have considered the Charity Commissions guidance and are confident that the organisation provides public benefit in the form of education about, and preservation of, the British heritage relating to railways.

Volunteers

We would like to thank all the volunteers who work hard at ensuring that the ex British Railways steam locomotive number 80072 continues to see active service ensuring that an important piece of British Heritage continues to flourish for the benefit of the public.

FINANCIAL REVIEW

Reserves policy

Llangollen Standard 4 Trust aim to have reserves sufficient to provide major assistance in the maintenance and repair of the ex British railways steam locomotive number 80072. The balance of unrestricted funds at 31st December 2024 was £298,527 (2023: £286,121).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Llangollen Standard 4 Trust is registered at Companies House as a company limited by guarantee. As such it has no shareholders and pays no dividends. The company was registered as a charity on 16th August 1996.

Recruitment and appointment of new trustees

On appointment a newly elected trustee must have, as a minimum, read and accepted the memorandum of association and articles of association of the Llangollen Standard 4 Trust and read, understood and accepted the duties and responsibilities of a trustee as outlined in the Charity Commissions booklets CC3 - The essential trustee: what you need to know, and CC3(a) - Responsibilities of charity trustees.

Newly elected trustees must understand in detail the ethos, vision and objectives of the Llangollen Standard 4 Trust.

Governance and management

The Trustees are Directors of the company for Companies Act purposes and are responsible for managing the affairs of the charity and promoting its activities. Meetings of the Trustees take place as necessary in order to achieve these objectives.

Associated companies

Llangollen Standard 4 Trust has a subsidiary company, 80072 Steam Locomotive Co. Limited, which it controls by the ownership of 1802"B" ordinary shares carrying a substantial majority of the voting rights in the company. 80072 Steam Locomotive Co. Limited owns the Standard 4 Class steam locomotive No. 80072 which was originally constructed and operated by British Railways. Two of the Trustees control a company, 80072 Stream Locomotive Co. Trading Ltd, which operates a shop at Carrog station on the Llangollen Railway in North Wales. All the profits of this company are covenanted to Llangollen Standard 4 Trust.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

03214787 (England and Wales)

Registered Charity number

1057637

Registered office

25 Grosvenor Road

Wrexham

LL11 1BT

Trustees

M J Compton Retired Electrician

P K Evans Retired Heating Design Engineer

R J Jones Retired Company Director

A M Suckling Patent Attorney

Company Secretary

R J Jones

Approved by order of the board of trustees on 11th September 2025 and signed on its behalf by:

P K Evans - Trustee

31.12.24

31.12.23

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

12,883

22,931

EXPENDITURE ON

Other

477

240

NET INCOME

12,406

22,691

RECONCILIATION OF FUNDS

Total funds brought forward

286,121

263,430

TOTAL FUNDS CARRIED FORWARD

298,527

286,121

31.12.24

31.12.23

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Investments

5

270,300

270,296

CURRENT ASSETS

Debtors

6

25,405

14,076

Cash at bank

3,580

2,464

28,985

16,540

CREDITORS

Amounts falling due within one year

7

(758

)

(715

)

NET CURRENT ASSETS

28,227

15,825

TOTAL ASSETS LESS CURRENT LIABILITIES

298,527

286,121

NET ASSETS

298,527

286,121

FUNDS

8

Unrestricted funds

298,527

286,121

TOTAL FUNDS

298,527

286,121

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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.

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 11th September 2025 and were signed on its behalf by:

P K Evans - Trustee

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, with the exception of investments which are included at market value.

Preparation of consolidated financial statements

The financial statements contain information about Llangollen Standard 4 Trust as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

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.

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.

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

31.12.24

31.12.23

£

£

Donations

1,554

8,855

Covenanted shop takings

11,329

14,076

12,883

22,931

3.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st December 2024 nor for the year ended 31st December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2024 nor for the year ended 31st December 2023.

4.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

fund

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

22,931

EXPENDITURE ON

Other

240

NET INCOME

22,691

RECONCILIATION OF FUNDS

Total funds brought forward

263,430

TOTAL FUNDS CARRIED FORWARD

286,121

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

MARKET VALUE

At 1st January 2024

270,296

Additions

4

At 31st December 2024

270,300

NET BOOK VALUE

At 31st December 2024

270,300

At 31st December 2023

270,296

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

80072 Steam Locomotive Co. Limited

Registered office: 25 Grosvenor Road, Wrexham, LL11 1BT

Nature of business: Manufacture of railway locomotives

%

Class of share:

holding

Ordinary B Shares

70

31.12.24

31.12.23

£

£

Aggregate capital and reserves

450,859

467,243

Loss for the year

(17,644

)

(17,464

)

80072 Steam Locomotive Co. Trading Limited

Registered office: 25 Grosvenor Road, Wrexham, LL11 1BT

Nature of business: Retail outlet

%

Class of share:

holding

Ordinary

96

31.12.24

31.12.23

£

£

Aggregate capital and reserves

100

100

6.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other debtors

25,405

14,076

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other creditors

330

330

Accrued expenses

428

385

758

715

8.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.24

in funds

31.12.24

£

£

£

Unrestricted funds

General fund

286,121

12,406

298,527

TOTAL FUNDS

286,121

12,406

298,527

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

12,883

(477

)

12,406

TOTAL FUNDS

12,883

(477

)

12,406

Comparatives for movement in funds

Net

movement

At

At 1.1.23

in funds

31.12.23

£

£

£

Unrestricted funds

General fund

263,430

22,691

286,121

TOTAL FUNDS

263,430

22,691

286,121

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

22,931

(240

)

22,691

TOTAL FUNDS

22,931

(240

)

22,691

A current year 12 months and prior year 12 months combined position is as follows:

Net

movement

At

At 1.1.23

in funds

31.12.24

£

£

£

Unrestricted funds

General fund

263,430

35,097

298,527

TOTAL FUNDS

263,430

35,097

298,527

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

35,814

(717

)

35,097

TOTAL FUNDS

35,814

(717

)

35,097

9.	RELATED PARTY DISCLOSURES

A donation of £11,329 was received during the year from 80072 Steam Locomotive Co.Trading Limited (2023: £14,076) At the year end had a balance due of £25,405 (2023: £14,076).

At the year end Llangollen Standard 4 Trust had a balance due to 80072 Steam Locomotive Co Limited, it's subsidiary undertaking in the sum of £330 (2023: £330).