REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements For The Year Ended 31st May 2024 |
for |
The LMS Carriage Association |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
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 |
Activity | Allocation |
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 |
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 2024 |
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 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 |
Charitable activities |
Other trading activities | 2 |
Investment income | 3 |
Other income |
Total |
EXPENDITURE ON |
Raising funds |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 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 |
Heritage assets | 9 | ( |
) |
( |
) |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( |
) | ( |
) | ( |
) |
NET ASSETS |
FUNDS | 15 |
Unrestricted funds | 133,345 |
Restricted funds | 22,229 |
TOTAL FUNDS | 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 |
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 | - |
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 2024 |
2. | OTHER TRADING ACTIVITIES |
2024 | 2023 |
£ | £ |
Coach hirings | 5,057 | 8,945 |
3. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Deposit account interest |
4. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
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 |
7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Other trading activities |
Investment income |
Other income |
Total |
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 | ( |
) |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward | 130,638 | 14,474 |
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 |
Additions |
At 31st May 2024 |
DEPRECIATION |
At 1st June 2023 |
Charge for year |
At 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
9. | HERITAGE ASSETS |
Total |
£ |
MARKET VALUE |
At 1st June 2023 and 31st May 2024 | 112,950 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
The LMS Carriage Association |
Notes to the Financial Statements - continued |
For The Year Ended 31st May 2024 |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
VAT |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
VAT | - | 1,081 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans (see note 14) | 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 |
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 | 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 | ( |
) | 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 |