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REGISTERED COMPANY NUMBER: 04428893 (England and Wales)

REGISTERED CHARITY NUMBER: 1101275















Report of the Trustees and

Financial Statements For The Year Ended 31st May 2023

for


The Lms Carriage Association



The Lms Carriage Association








Contents of the Financial Statements

For The Year Ended 31st May 2023






Page




Report of the Trustees  

1


to


3



Independent Examiner's Report  

4




Statement of Financial Activities  

5




Balance Sheet  

6


to


7



Notes to the Financial Statements  

8


to


13



The Lms Carriage Association (Registered number: 04428893)



Report of the Trustees

For The Year Ended 31st May 2023



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 May 2023. 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 aims

The Charity's objects are to obtain, preserve and operate a representative collection of historical LMS (London Midland and Scottish) passenger and non-passenger coaching stock for use by and for the education of the public in the art and technique of railway coachbuilders throughout the United Kingdom.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the period under review the following projects have been progressed:

Charitable Activities

At Wirksworth
The Porthole Brake 27001 continues to please diners on the Ecclesbourne Valley Railway with its ambience. There have been no maintenance issues to report for the period under review.
Meanwhile, work continues to bring Open Third 27162 up to the same standard for future hire alongside 27001. The steam heat pipework has been prepared and fitted, the plumbing for the toilet cubicle has been prepared for the toilet and wash basin to be installed. External plumbing for the water tank supply has also been completed. Preparation for the construction of the seat units in 2+1 configuration and installation of the first mock up has taken place.
Further contract work on the brake linkage components has been undertaken.



At Rowsley

The Period 2 exhibition coach 1501 has been repainted and lined out in LMS simple livery. It contains loose seating and photographic displays by the Rowsley Association and the LMS Society. It serves as a waiting room for Rowsley South station, and it was used for the LMSCA annual general meeting in March 2023.
The ex LYR Medical Saloon, 10825, has had its body rolled along the chassis to allow corner strengthening plates to be replaced, necessary for operational use. Planning for its restoration to working order is on-going.
The National Collection Period 1 Third Open 7828, receives regular maintenance, and is in use by Peak Rail on most weekends for dining and other entertainment events

FINANCIAL REVIEW

Principal funding sources

The principal income funding source for the year was derived from hire of restored carriages, personal donations and membership fees.



The Lms Carriage Association (Registered number: 04428893)



Report of the Trustees

For The Year Ended 31st May 2023



FINANCIAL REVIEW

Reserves policy

The following tables show the allocation of restricted and unrestricted funds

Unrestricted Funds Reserve Policy

ActivityAllocation
Cost of running the charity£6,000
Contingency£1,000
Carriage restoration of 27162£105,880
General Fund£20,464

Total£133,344

Restricted Funds Reserves Policy

ActivityAllocation
Insurance policy excess£1,000
Rowsley Fund£4,000
Carriage Restoration Fund£17,229



Total£22,229




STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Association is a charitable membership organisation, it is governed by its Memorandum and Articles of Association. Each paid up member of the Association is therefore a member of the Company and is entitled to attend and vote at company general meetings. Members support the association by paying a subscription, assisting with general and specific project fund raising activities and by making donations.


Recruitment and appointment of new trustees

New Trustees may be appointed by recommendation of the Trustees subject to election at the following Annual General Meeting , or by nomination and election at the Annual General Meeting in accordance with the Articles of Association.

Related parties

The charity cooperates with other heritage railway organisations, interest groups and museums in pursuit of its charitable objectives.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

04428893 (England and Wales)


Registered Charity number

1101275


Registered office

64 High Street

Belper

Derbyshire

DE56 1GF




The Lms Carriage Association (Registered number: 04428893)



Report of the Trustees

For The Year Ended 31st May 2023


Trustees

H Coppock

D W Winter

M Denton

D Tillett Trustee and acting treasurer


Independent Examiner

Dale Accounting Services Limited

64 High Street

Belper

Derbyshire

DE56 1GF


Approved by order of the board of trustees on 16th October 2023 and signed on its behalf by:






D W Winter - Trustee


Independent Examiner's Report to the Trustees of

The Lms Carriage Association


Independent examiner's report to the trustees of The Lms Carriage Association ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st May 2023.


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.









Edward G Wint


Dale Accounting Services Limited

64 High Street

Belper

Derbyshire

DE56 1GF


16th October 2023



The Lms Carriage Association



Statement of Financial Activities

For The Year Ended 31st May 2023



2023


2022


Unrestricted


Restricted


Total


Total


funds


fund


funds


funds


Notes

£   

£   

£   

£   


INCOME AND ENDOWMENTS FROM

Donations and legacies

917


2,426


3,343


22,741



Charitable activities

Income

6,452


-


6,452


-



Other trading activities

2

8,945


-


8,945


7,210


Investment income

3

202


-


202


4


Other income

183


-


183


-


Total

16,699


2,426


19,125


29,955



EXPENDITURE ON

Raising funds

13,993


(5,329

)

8,664


99,732




NET INCOME/(EXPENDITURE)

2,706


7,755


10,461


(69,777

)



RECONCILIATION OF FUNDS

Total funds brought forward

130,638


14,474


145,112


214,889



TOTAL FUNDS CARRIED FORWARD

133,344


22,229


155,573


145,112




The Lms Carriage Association (Registered number: 04428893)



Balance Sheet

31st May 2023



2023


2022


Unrestricted


Restricted


Total


Total


funds


fund


funds


funds


Notes

£   

£   

£   

£   


FIXED ASSETS


Tangible assets

7

5,945


-


5,945


6,920


Heritage assets

8

131,045


(18,095

)

112,950


112,950


136,990


(18,095

)

118,895


119,870



CURRENT ASSETS


Stocks

9

1,463


-


1,463


1,463


Debtors

10

6,783


-


6,783


3,551


Cash at bank and in hand

70


40,324


40,394


32,579


8,316


40,324


48,640


37,593



CREDITORS


Amounts falling due within one year

11

(1,082

)

-


(1,082

)

(1,471

)


NET CURRENT ASSETS

7,234


40,324


47,558


36,122



TOTAL ASSETS LESS CURRENT

LIABILITIES

144,224


22,229


166,453


155,992



CREDITORS


Amounts falling due after more than one year

12

(10,880

)

-


(10,880

)

(10,880

)


NET ASSETS

133,344


22,229


155,573


145,112


FUNDS

14

Unrestricted funds

133,344


130,638


Restricted funds

22,229


14,474


TOTAL FUNDS

155,573


145,112



The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 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.



The Lms Carriage Association (Registered number: 04428893)



Balance Sheet - continued

31st May 2023


These financial statements have been prepared in accordance with and delivered in accordance with the special provisions applicable to small charitable companies subject to the small companies regime.




The financial statements were approved by the Board of Trustees and authorised for issue on 16th October 2023 and were signed on its behalf by:






D Tillett - Trustee



The Lms Carriage Association



Notes to the Financial Statements

For The Year Ended 31st May 2023


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.



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.



Freehold property

-

in accordance with the property


Plant and machinery

-

15% on reducing balance



Heritage assets

No depreciation is provided on the Carriages as the trustees are of the opinion that their realisable value is in excess of the written down value.


Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


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.



The Lms Carriage Association



Notes to the Financial Statements - continued

For The Year Ended 31st May 2023


2.

OTHER TRADING ACTIVITIES


2023


2022

£   

£   



Coach hirings

8,945


7,210




3.

INVESTMENT INCOME


2023


2022

£   

£   



Deposit account interest

202


4




4.

NET INCOME/(EXPENDITURE)



Net income/(expenditure) is stated after charging/(crediting):




2023


2022

£   

£   



Depreciation - owned assets

1,139


1,177




5.

TRUSTEES' REMUNERATION AND BENEFITS


There were no trustees' remuneration or other benefits for the year ended 31st May 2023 nor for the year ended 31st May 2022.



Trustees' expenses


There were no trustees' expenses paid for the year ended 31st May 2023 nor for the year ended 31st May 2022.


6.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES


Unrestricted


Restricted


Total


funds


fund


funds

£   

£   

£   



INCOME AND ENDOWMENTS FROM


Donations and legacies

887


21,854


22,741




Other trading activities

7,210


-


7,210



Investment income

4


-


4



Total

8,101


21,854


29,955




EXPENDITURE ON


Raising funds

8,815


90,917


99,732





NET INCOME/(EXPENDITURE)

(714

)

(69,063

)

(69,777

)


Transfers between funds

1,074


(1,074

)

-



Net movement in funds

360


(70,137

)

(69,777

)



RECONCILIATION OF FUNDS


Total funds brought forward

130,278


84,611


214,889





The Lms Carriage Association



Notes to the Financial Statements - continued

For The Year Ended 31st May 2023


6.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued


Unrestricted


Restricted


Total


funds


fund


funds

£   

£   

£   



TOTAL FUNDS CARRIED FORWARD

130,638


14,474


145,112



7.

TANGIBLE FIXED ASSETS


Freehold


Plant and



property


machinery


Totals

£   

£   

£   



COST


At 1st June 2022

15,307


25,653


40,960




Additions

-


164


164




At 31st May 2023

15,307


25,817


41,124




DEPRECIATION


At 1st June 2022

10,715


23,325


34,040




Charge for year

765


374


1,139




At 31st May 2023

11,480


23,699


35,179




NET BOOK VALUE


At 31st May 2023

3,827


2,118


5,945




At 31st May 2022

4,592


2,328


6,920




8.

HERITAGE ASSETS


Total

£   



MARKET VALUE


At 1st June 2022 and 31st May 2023

112,950




NET BOOK VALUE


At 31st May 2023

112,950




At 31st May 2022

112,950




9.

STOCKS

2023

2022


£   

£   



Stocks

1,463


1,463






The Lms Carriage Association



Notes to the Financial Statements - continued

For The Year Ended 31st May 2023


10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022


£   

£   



Trade debtors

6,228


1,364




Prepayments

555


2,187



6,783


3,551




11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022


£   

£   



Bank loans and overdrafts (see note 13)

1


-




Trade creditors

-


1,432




VAT

1,081


39



1,082


1,471




12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022


£   

£   



Bank loans (see note 13)

10,880


10,880




13.

LOANS



An analysis of the maturity of loans is given below:


2023

2022


£   

£   



Amounts falling due within one year on demand:


Bank overdrafts

1


-




Amounts falling between one and two years:


Loan - LMSCA

10,880


10,880




14.

MOVEMENT IN FUNDS


Net




movement


At



At 1.6.22


in funds


31.5.23


£   

£   

£   



Unrestricted funds


General fund

130,638


2,706


133,344





Restricted funds


Restricted

14,474


7,755


22,229





TOTAL FUNDS

145,112


10,461


155,573





The Lms Carriage Association



Notes to the Financial Statements - continued

For The Year Ended 31st May 2023


14.

MOVEMENT IN FUNDS - continued



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



Incoming


Resources


Movement



resources


expended


in funds


£   

£   

£   



Unrestricted funds


General fund

16,699


(13,993

)

2,706





Restricted funds


Restricted

2,426


5,329


7,755





TOTAL FUNDS

19,125


(8,664

)

10,461






Comparatives for movement in funds



Net


Transfers




movement


between


At



At 1.6.21


in funds


funds


31.5.22


£   

£   

£   

£   



Unrestricted funds


General fund

130,278


(714

)

1,074


130,638





Restricted funds


Restricted

84,611


(69,063

)

(1,074

)

14,474





TOTAL FUNDS

214,889


(69,777

)

-


145,112





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



Incoming


Resources


Movement



resources


expended


in funds


£   

£   

£   



Unrestricted funds


General fund

8,101


(8,815

)

(714

)




Restricted funds


Restricted

21,854


(90,917

)

(69,063

)




TOTAL FUNDS

29,955


(99,732

)

(69,777

)




The Lms Carriage Association



Notes to the Financial Statements - continued

For The Year Ended 31st May 2023


14.

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 1.6.21


in funds


funds


31.5.23


£   

£   

£   

£   



Unrestricted funds


General fund

130,278


1,992


1,074


133,344





Restricted funds


Restricted

84,611


(61,308

)

(1,074

)

22,229





TOTAL FUNDS

214,889


(59,316

)

-


155,573





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

24,800


(22,808

)

1,992





Restricted funds


Restricted

24,280


(85,588

)

(61,308

)




TOTAL FUNDS

49,080


(108,396

)

(59,316

)



15.

RELATED PARTY DISCLOSURES



There were no related party transactions for the year ended 31st May 2023.