REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements For The Year Ended 31st May 2023 |
for |
The Lms Carriage Association |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
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 |
Activity | Allocation |
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 |
Activity | Allocation |
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 |
Registered Charity number |
Registered office |
The Lms Carriage Association (Registered number: 04428893) |
Report of the Trustees |
For The Year Ended 31st May 2023 |
Trustees |
Independent Examiner |
Dale Accounting Services Limited |
64 High Street |
Belper |
Derbyshire |
DE56 1GF |
Approved by order of the board of trustees on |
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 |
Charitable activities |
Income | 6,452 | - | 6,452 | - |
Other trading activities | 2 | 8,945 | - | 8,945 | 7,210 |
Investment income | 3 |
Other income |
Total |
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 | 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 |
Heritage assets | 8 | ( | ) |
( | ) |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 | ( | ) | ( | ) | ( | ) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 12 | ( | ) | ( | ) | ( | ) |
NET ASSETS |
FUNDS | 14 |
Unrestricted funds | 130,638 |
Restricted funds | 14,474 |
TOTAL FUNDS | 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 |
The financial statements were approved by the Board of Trustees and authorised for issue on |
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 | - |
Plant and machinery | - |
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 |
4. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
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 |
Other trading activities | 7,210 | - | 7,210 |
Investment income |
Total |
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 | ( | ) | ( | ) |
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 |
Additions |
At 31st May 2023 |
DEPRECIATION |
At 1st June 2022 |
Charge for year |
At 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
8. | HERITAGE ASSETS |
Total |
£ |
MARKET VALUE |
At 1st June 2022 and 31st May 2023 | 112,950 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
9. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
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 |
Prepayments |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Trade creditors |
VAT | 1,081 | 39 |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 13) |
13. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year on demand: |
Bank overdrafts |
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 | 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 | ( | ) | 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 |