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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 2024

for

The LMS Carriage Association

The LMS Carriage Association






Contents of the Financial Statements
For The Year Ended 31st May 2024




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 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 31st May 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 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
Over at Wirksworth, a considerable amount of endeavour has been put into Open Third 27162, as we close in on completion and entry into service. The interior components have been produced as a kit of parts, ready for installation once the Marmoleum flooring has been fitted. The toilet cubicle has been fitted out. The carriage has been lifted off of its bogies, and a program of repairs and renewals on these bogies has been undertaken.
During the winter months, Brake Third Open, 27001 has received a refresh, with a small roof leak rectified, preparatory work for the fit out of the toilet cubicle, and a full repaint including the roof undertaken.
We received the donation of BR MK1 second open number 3727 complete with a full set of interior components.
We purchased a mobile 'Skyjack' lift for the purpose of conforming to the 'Safe Working at Height' regulations, allowing access to carriage roofs, using monies donated specifically for the purpose.





At Rowsley

At Rowsley, the NRM owned Third Open 7828 has been used regularly for dining purposes at Peak Rail, earning income for the Association. Occasional attention to internal fittings has been required but the main concern has been its external condition, this deteriorated over the winter and it has been receiving some remedial work but it really needs to come out of service and a decision made as to the way forward. With two years left on its loan agreement, new panelling would be expensive, and currently there is no guarantee of its future with the LMSCA, which would be desirable.
The Third Corridor 1501 has been open every operating day at Peak Rail as an exhibition coach and waiting room, it has also been used for storing presents for Santa trains, for meetings, and as a changing room during the 1940's event. It has suffered from some leaks and although most of these are fixed there is still some investigation work to do.
The former Medical Saloon 10825 has had its chassis riveting done and the body needs to be rolled back to its initial position, this may require some transverse jacking.

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 2024


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 fund£105,880
General Fund£22,730

Total£135,610

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 2024

Trustees
H Coppock
D W Winter
M Denton
D Tillett Trustee and acting treasurer
D Smith (appointed 15.10.23)

Independent Examiner
Dale Accounting Services Limited
64 High Street
Belper
Derbyshire
DE56 1GF

Approved by order of the board of trustees on 22nd October 2024 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 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.








Edward G Wint

Dale Accounting Services Limited
64 High Street
Belper
Derbyshire
DE56 1GF

22nd October 2024

The LMS Carriage Association

Statement of Financial Activities
For The Year Ended 31st May 2024

2024 2023
Unrestricted Restricted Total Total
funds fund funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 11,487 - 11,487 3,344

Charitable activities
Income - - - 6,452

Other trading activities 2 5,057 - 5,057 8,945
Investment income 3 796 - 796 202
Other income - - - 183
Total 17,340 - 17,340 19,126

EXPENDITURE ON
Raising funds 15,074 - 15,074 8,664


NET INCOME 2,266 - 2,266 10,462


RECONCILIATION OF FUNDS
Total funds brought forward 133,344 22,229 155,573 145,112

TOTAL FUNDS CARRIED FORWARD 135,610 22,229 157,839 155,574

The LMS Carriage Association (Registered number: 04428893)

Balance Sheet
31st May 2024

2024 2023
Unrestricted Restricted Total Total
funds fund funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 7,621 - 7,621 5,945
Heritage assets 9 131,045 (18,095 ) 112,950 112,950
138,666 (18,095 ) 120,571 118,895

CURRENT ASSETS
Stocks 10 1,463 - 1,463 1,463
Debtors 11 5,932 - 5,932 6,783
Cash at bank and in hand 1,163 40,324 41,487 40,394
8,558 40,324 48,882 48,640

CREDITORS
Amounts falling due within one year 12 (734 ) - (734 ) (1,081 )

NET CURRENT ASSETS 7,824 40,324 48,148 47,559

TOTAL ASSETS LESS CURRENT
LIABILITIES

146,490

22,229

168,719

166,454

CREDITORS
Amounts falling due after more than one year 13 (10,880 ) - (10,880 ) (10,880 )

NET ASSETS 135,610 22,229 157,839 155,574
FUNDS 15
Unrestricted funds 135,610 133,345
Restricted funds 22,229 22,229
TOTAL FUNDS 157,839 155,574

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


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


The LMS Carriage Association (Registered number: 04428893)

Balance Sheet - continued
31st May 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 22nd October 2024 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 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.

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 2024

2. OTHER TRADING ACTIVITIES
2024 2023
£    £   
Coach hirings 5,057 8,945

3. INVESTMENT INCOME
2024 2023
£    £   
Deposit account interest 796 202

4. NET INCOME/(EXPENDITURE)

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

2024 2023
£    £   
Depreciation - owned assets 1,574 1,139

5. TRUSTEES' REMUNERATION AND BENEFITS

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


Trustees' expenses

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


6. STAFF COSTS

The average monthly number of employees during the year was as follows:

2024 2023

No employees received emoluments in excess of £60,000.

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds fund funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 918 2,426 3,344

Charitable activities
Income 6,452 - 6,452

Other trading activities 8,945 - 8,945
Investment income 202 - 202
Other income 183 - 183
Total 16,700 2,426 19,126

EXPENDITURE ON

The LMS Carriage Association

Notes to the Financial Statements - continued
For The Year Ended 31st May 2024

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
funds fund funds
£    £    £   
Raising funds 13,993 (5,329 ) 8,664


NET INCOME 2,707 7,755 10,462


RECONCILIATION OF FUNDS
Total funds brought forward 130,638 14,474 145,112

TOTAL FUNDS CARRIED FORWARD 133,345 22,229 155,574

8. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1st June 2023 15,307 25,817 41,124
Additions - 3,250 3,250
At 31st May 2024 15,307 29,067 44,374
DEPRECIATION
At 1st June 2023 11,480 23,699 35,179
Charge for year 765 809 1,574
At 31st May 2024 12,245 24,508 36,753
NET BOOK VALUE
At 31st May 2024 3,062 4,559 7,621
At 31st May 2023 3,827 2,118 5,945

9. HERITAGE ASSETS
Total
£   
MARKET VALUE
At 1st June 2023 and 31st May 2024 112,950
NET BOOK VALUE
At 31st May 2024 112,950
At 31st May 2023 112,950


The LMS Carriage Association

Notes to the Financial Statements - continued
For The Year Ended 31st May 2024

10. STOCKS
2024 2023
£    £   
Stocks 1,463 1,463

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,130 6,228
VAT 222 -
Prepayments 580 555
5,932 6,783

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 734 -
VAT - 1,081
734 1,081

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other loans (see note 14) 10,880 10,880

Pre incorporation LMSCA funds.

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year on demand:
Bank overdrafts - 1
No description - (1 )
Amounts falling due in more than five years:

Repayable otherwise than by instalments:
Other loans more 5yrs non-inst 10,880 10,880


The LMS Carriage Association

Notes to the Financial Statements - continued
For The Year Ended 31st May 2024

15. MOVEMENT IN FUNDS
Net
movement At
At 1.6.23 in funds 31.5.24
£    £    £   
Unrestricted funds
General fund 133,344 2,266 135,610

Restricted funds
Restricted 22,229 - 22,229

TOTAL FUNDS 155,573 2,266 157,839

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 17,340 (15,074 ) 2,266

TOTAL FUNDS 17,340 (15,074 ) 2,266


Comparatives for movement in funds

Net
movement At
At 1.6.22 in funds 31.5.23
£    £    £   
Unrestricted funds
General fund 130,638 2,707 133,345

Restricted funds
Restricted 14,474 7,755 22,229

TOTAL FUNDS 145,112 10,462 155,574

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 16,700 (13,993 ) 2,707

Restricted funds
Restricted 2,426 5,329 7,755

TOTAL FUNDS 19,126 (8,664 ) 10,462

The LMS Carriage Association

Notes to the Financial Statements - continued
For The Year Ended 31st May 2024

15. MOVEMENT IN FUNDS - continued

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

Net
movement At
At 1.6.22 in funds 31.5.24
£    £    £   
Unrestricted funds
General fund 130,638 4,973 135,611

Restricted funds
Restricted 14,474 7,755 22,229

TOTAL FUNDS 145,112 12,728 157,840

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 34,040 (29,067 ) 4,973

Restricted funds
Restricted 2,426 5,329 7,755

TOTAL FUNDS 36,466 (23,738 ) 12,728

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st May 2024.