THE LMS CARRIAGE ASSOCIATION

	Page
Trustees' Report	1—3
Independent Examiner's Report	4
Statement of Financial Activities (including Income and Expenditure Account)	5
Comparative Statement of Financial Activities (including Income and Expenditure Account)	6
Balance Sheet	7—8
Notes to the Financial Statements	9—14

The trustees present their report and the financial statements for the year ended 31 May 2026.

Objectives and Activities

Aims and Objectives

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.

Achievements and Performance

Main Achievements

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

Charitable Activities

At Rowsley

The LMS rebuilt ex Lancashire & Yorkshire Medical Saloon coach 10825 has had underframe repairs completed, after replacement corner gusset plates were hot rivetted on, the body had been slid first one way, then the other with scaffolding poles in between it and the underframe, and a pull-lift to move it. New bolts and rubber mounting pads have since been fitted. It’s now having a rest from all that activity whilst awaiting some labour for the next phase. There are some significant obstacles to mount in terms of brakes, heating and lighting systems yet as these are largely none existent or obsolete. We have had a recent offer of skilled labour though so hopefully there is more to report soon.

Operating LMS Third Open 7828 has had routine maintenance, but after its temporary repaint the time for repanelling the exterior is drawing closer as the current plywood decays.

At Wirksworth

Third Open 27162 entered operational service in August 2025, once a protracted snagging process had been successfully completed. We continue to attend to minor repairs and maintenance as they arise.

Brake Third 5734 entered operational service in May 2026 following completion of the restoration. This carriage, presented in Open format, with loose chairs, is on long term loan to the Association. We continue to attend to minor repairs and maintenance as they arise.

Brake Third Open 27001 continues in operational service. We have attended to some minor repair and maintenance tasks, and have assessed future work needed to keep it in a high standard of presentation once the opportunity to refresh this carriage becomes available. This will include the fit out to working order of the toilet facility.

The ex LMS 57ft BG chassis, has commenced dismantling to provide critical spare components such as bogies, brake linkage, draw gear, DA valves, vacuum cylinders and buffers. In future we intend to be able to swop such components across our running fleet, to allow brake conversion and other maintenance to take place without withdrawal of carriages from operational service.

Financial Review

Financial Position

Principal funding sources

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

membership fees.

No income was derived from grant funding sources during the period under review.

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

...CONTINUED

Page 1

Page 2

THE LMS CARRIAGE ASSOCIATION

Trustees' Report (continued)

For The Year Ended 31 May 2026

Governing Document - continued

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

objectives.

Reference and Administrative Details

Trustees

Mr Daniel Smith

Mr David Tillett

Mr Harvey Coppock

Mr Mike Denton (resigned 19/10/2025)

Mr David Winter (resigned 05/11/2025)

Charity Number

1101275

Company Number

04428893

Independent Examiner

Edward Wint

L & S Accountancy Services

64 High Street
Belper
Derbyshire
DE56 1GF

Page 2

Page 3

THE LMS CARRIAGE ASSOCIATION

Trustees' Report (continued)

For The Year Ended 31 May 2026

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The trustees' report was approved by the board of trustees and signed on its behalf by:

Mr David Tillett

Trustee

27/08/2026

Page 3

Page 4

THE LMS CARRIAGE ASSOCIATION

Independent Examiner's Report to the Trustees of THE LMS CARRIAGE ASSOCIATION

For The Year Ended 31 May 2026

Independent Examiner's Report to the Trustees of THE LMS CARRIAGE ASSOCIATION

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2026.

Responsibilities and Basis of Report

As the charity 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:

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
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
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 Wint

27/08/2026

64 High Street
Belper
Derbyshire
DE56 1GF

Page 4

Page 5

THE LMS CARRIAGE ASSOCIATION

Statement of Financial Activities (including Income and Expenditure Account)

For The Year Ended 31 May 2026

Statement of Financial Activities (including Income and Expenditure Account)

				2026	2025
		Unrestricted funds	Restricted funds	Total funds	Total funds
	Notes	£	£	£	£
INCOME AND ENDOWMENTS FROM:
Donations and legacies	3	15,816	-	15,816	30,813
Investments	4	580	-	580	756
Other	5	10,183	-	10,183	6,255

		26,579	-	26,579	37,824

EXPENDITURE ON:
Raising funds	7	(12,394 )	(3,508 )	(15,902 )	(33,444 )
Charitable activities:	7

NET INCOME		14,185	(3,508 )	10,677	4,380


NET MOVEMENT IN FUNDS		14,185	(3,508 )	10,677	4,380
RECONCILIATION OF FUNDS:
Total funds brought forward		154,123	8,096	162,219	157,839

TOTAL FUNDS CARRIED FORWARD	17	168,308	4,588	172,896	162,219

The notes on pages 9 to 14 form part of these financial statements.

Page 5

Page 6

THE LMS CARRIAGE ASSOCIATION

Comparative Statement of Financial Activities (including Income and Expenditure Account)

For The Year Ended 31 May 2026

Comparative Statement of Financial Activities (including Income and Expenditure Account)

				2025
		Unrestricted funds	Restricted funds	Total funds
	Notes	£	£	£
INCOME AND ENDOWMENTS FROM:
Donations and legacies	3	30,813	-	30,813
Investments	4	756	-	756
Other	5	6,255	-	6,255

		37,824	-	37,824

EXPENDITURE ON:
Raising funds	7	(19,311 )	(14,133 )	(33,444 )
Charitable activities:	7

NET INCOME		18,513	(14,133 )	4,380


NET MOVEMENT IN FUNDS		18,513	(14,133 )	4,380
RECONCILIATION OF FUNDS:
Total funds brought forward		135,610	22,229	157,839

TOTAL FUNDS CARRIED FORWARD	17	154,123	8,096	162,219

The notes on pages 9 to 14 form part of these financial statements.

Page 6

Page 7

THE LMS CARRIAGE ASSOCIATION

Balance Sheet

As At 31 May 2026

Balance Sheet

				2026	2025
		Unrestricted funds	Restricted funds	Total funds	Total funds
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	10	4,781	-	4,781	6,091
Heritage Assets	11	137,750	(18,095 )	119,655	126,303

		142,531	(18,095 )	124,436	132,394
CURRENT ASSETS
Stocks	12	1,463	-	1,463	1,463
Debtors	13	14,940	-	14,940	7,989
Cash at bank and in hand		24,018	22,685	46,703	37,041

		40,421	22,685	63,106	46,493
Creditors: Amounts Falling Due Within One Year	14	(3,766 )	-	(3,766 )	(5,788 )

NET CURRENT ASSETS (LIABILITIES)		36,655	22,685	59,340	40,705

TOTAL ASSETS LESS CURRENT LIABILITIES		179,186	4,590	183,776	173,099

Creditors: Amounts Falling Due After More Than One Year	15	(10,880 )	-	(10,880 )	(10,880 )

NET ASSETS		168,306	4,590	172,896	162,219

FUNDS OF THE CHARITY
Restricted Funds				4,588	8,096
Unrestricted Funds				168,308	154,123

TOTAL FUNDS	17			172,896	162,219

Page 7

Page 8

THE LMS CARRIAGE ASSOCIATION

Balance Sheet (continued)

As At 31 May 2026

For the year ending 31 May 2026 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

On behalf of the board

Mr David Tillett

Trustee

27/08/2026

The notes on pages 9 to 14 form part of these financial statements.

Page 8

Page 9

THE LMS CARRIAGE ASSOCIATION

Notes to the Financial Statements

For The Year Ended 31 May 2026

Notes to the Financial Statements

1. General Information

THE LMS CARRIAGE ASSOCIATION is a company limited by guarantee, incorporated in England & Wales, registered number 04428893 and registered charity number 1101275 . The registered office is .

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements 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 charitable company is a Public Benefit Entity as defined by FRS 102.

2.2. Incoming Resources

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

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	5%
Plant & Machinery	15%

2.4. Heritage Assets

HERITAGE ASSETS

Included within the various categories of tangible fixed assets , are heritage assets acquired at cost. These assets are considered to be heritage assets as they are held in support of the Railway's primary objective of increasing knowledge, understanding and appreciation of the LMS Carriage Association and historic steam engines and carriages.

Total

MARKET VALUE

At 1st June 2024 112,950

Additions 20,000

At 31st May 2025 132,950

PROVISIONS

Charge for year 6,648

NET BOOK VALUE

At 31st May 2025 126,302

At 31st May 2024 112,950

Page 9

Page 10

THE LMS CARRIAGE ASSOCIATION

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2026

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the statement of financial activities. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the statement of financial activities.

2.6. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

3. Income from Donations and Legacies

	2026	2025
	Unrestricted	Unrestricted
	funds	funds
	£	£
Donations and gifts	8,067	27,601
Member subscriptions and sponsorships	828	756
Gift aid	6,921	2,456

	15,816	30,813

4. Investment Income

	2026	2025
	Unrestricted	Unrestricted
	funds	funds
	£	£
Bank interest receivable	580	756

5. Other Income

	2026	2025
	Unrestricted funds	Unrestricted funds
	£	£
Coach hirings	10,183	6,255

6. Net Income/(Expenditure)

The net income is stated after charging/(crediting):

	2026	2025
	£	£
Depreciation of heritage assets	8,171	8,178

Page 10

Page 11

THE LMS CARRIAGE ASSOCIATION

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2026

7. Analysis of Expenditure

	2026
	Support costs (see note 8 )
	£
Raising funds	15,902

	2025
	Support costs (see note 8 )
	£
Raising funds	33,444

8. Support Costs

	2026	2025
	Raising funds	Raising funds
	£	£
Premises expenses	275	2,699
General administration	7,456	22,567
Depreciation	8,171	8,178

	15,902	33,444

9. Average Number of Employees

Average number of employees during the year was: NIL (2025: NIL)

10. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Total
	£	£	£
Cost
As at 1 June 2025	15,307	29,067	44,374
Additions	-	213	213

As at 31 May 2026	15,307	29,280	44,587

Depreciation
As at 1 June 2025	13,011	25,272	38,283
Provided during the period	765	758	1,523

As at 31 May 2026	13,776	26,030	39,806

Net Book Value
As at 31 May 2026	1,531	3,250	4,781

As at 1 June 2025	2,296	3,795	6,091

Page 11

Page 12

THE LMS CARRIAGE ASSOCIATION

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2026

11. Heritage Assets

	Other
	£
Cost
As at 1 June 2025	132,950

As at 31 May 2026	132,950

Depreciation
As at 1 June 2025	6,648
Provided during the period	6,647

As at 31 May 2026	13,295

Net Book Value
As at 31 May 2026	119,655

As at 1 June 2025	126,302

The table below displays the five-year summary of heritage assets transactions recognised on the balance sheet:


	2026	2025	2024
	£	£	£
Acquisitions
Other	-	20,000	-

12. Stocks

	2026	2025
	£	£
Stock	1,463	1,463

13. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	14,294	7,378
Other debtors	646	611

	14,940	7,989

14. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	1,564	5,108
Taxation and social security	2,201	680
Accruals and deferred income	1	-

	3,766	5,788

Page 12

Page 13

THE LMS CARRIAGE ASSOCIATION

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2026

15. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Other loans	10,880	10,880

16. Loans

An analysis of the maturity of loans is given below:

	2026	2025
	£	£
Amounts falling due between one and five years:
Other loans	10,880	10,880

17. Movement in Funds

	As at 1 June 2025	Income	Expenditure	As at 31 May 2026
	£	£	£	£
Unrestricted funds
General:
General unrestricted fund	154,123	26,579	(12,394 )	168,308
Restricted funds
Restricted Funds	8,096	-	(3,508 )	4,588


Total funds	162,219	26,579	(15,902 )	172,896

	As at 1 June 2024	Income	Expenditure	As at 31 May 2025
	£	£	£	£
Unrestricted funds
General:
General unrestricted fund	135,610	37,824	(19,311 )	154,123
Restricted funds
Restricted Funds	22,229	-	(14,133 )	8,096


Total funds	157,839	37,824	(33,444 )	162,219

18. Transactions with Trustees

During the year the expenses reimbursed to the trustees or paid directly to third parties were as follows:

	2026	2025
	£	£

19. Related Party Disclosures

Page 13

Page 14

THE LMS CARRIAGE ASSOCIATION

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2026

20. Company limited by guarantee

The company is limited by guarantee and has no share capital.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.

Page 14