The Fifty Fund
The Fifty Fund exists to support the locomotives owned and operated by Class 50 Alliance Limited. Shareholders in Class 50 Alliance Limited are automatically enrolled as a member of the Fund. The day to day running of The Fifty Fund is carried out by a committee, who are elected by the members at each Annual General Meeting.
The Fifty Fund was formed in 1989 with the initial intention of preserving a BRBritish Rail or British Railways Class 50 (or English Electric type 4) diesel locomotive. Within three years the Fund had acquired two locomotives, 50035 Ark Royal and 50044 Exeter, while 50031 Hood was acquired by two shareholders for use by the Fund.
In 2006 the Fund's ownership and maintenance responsibilities were merged with those of Project Defiance, owners of 50049 Defiance, to form a new organisation, Class 50 Alliance Limited. Ownership of 50035, 50044 and 50049 and custodianship of 50031 was transferred to the Alliance, who assumed responsibility for maintenance and operation of the locomotives.
The Fifty Fund remained in existence as a public 'front end' of the organisation, dedicated to fundraising, promotion of the class, and selling shares in the Alliance.
In 2016 the Alliance completed the acquisition of locomotive 50007 Hercules from Neil Boden, for mainline contract work. A small number of existing shareholders provided the finance necessary, with the Alliance due to repay this loan over the following two years. The Fund therefore launched a major fundraising campaign to encourage existing and new shareholders to buy shares.
- ↑ Fifty Fund 'Origins of the Fund'
- ↑ The Fifty Fund (Retrieved 10 February 2017)