REGISTERED COMPANY NUMBER: 04428893 (England and Wales) REGISTERED CHARITY NUMBER: 1101275
Report of the Trustees and
Financial Statements For The Year Ended 31st May 2022
for
The L M S Carriage Association
Dale Accounting Services Limited 64 High Street Belper Derbyshire DE56 1GF
The L M S Carriage Association
Contents of the Financial Statements For The Year Ended 31st May 2022
| 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 |
| Detailed Statement of Financial Activities | 14 |
The L M S Carriage Association
Report of the Trustees For The Year Ended 31st May 2022
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 2022. 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
Early June saw Porthole Brake 27001 completed its first inspection and put into service on the dining trains for Wyvern Rail.
Work on To 27162 has continued with new ceiling panels fitted with beading carried out and painted with a top coat of County Cream.First fix electrical work has been carried out and bayonet fittings have been installed. The fitting of the interior woodwork has commenced, and the bulkhead walls have been fitted together with the toilet cubical. The brake rigging has been dismantled and sent away to specialists for refurbishment.
At Rowsley
Carriage 1501 which has been converted for exhibition use from a LMS compartment coach some years ago, has been relocated on an isolated section of track adjacent to the station at Rowsley, where it found use in the Christmas Period as the Santa's Present Store. It is now in use after repairs to the outside plywood beading and repainting has commenced. 1501 is now in use as an LMS exhibition facility which also houses a model railway.
The LMS converted, ex LYR medical saloon 10825, has been moved into the loco shed at Rowsley to enable the body to be lifted from the chassis to enable welding repairs to the chassis.
FINANCIAL REVIEW
Principal funding sources
The principal income funding source for the year was derived from personal donations and membership fees.
Page 1
The L M S Carriage Association
Report of the Trustees For The Year Ended 31st May 2022
FINANCIAL REVIEW
Reserves policy
The following tables show the allocation of restricted and unrestricted funds
Unrestricted Funds Reserve Policy
| Activity Cost of running the charity Contingency Carriage restoration of 27162 General Fund |
Allocation £6,000 £1,000 £105,880 £17,758 |
|---|---|
| Total | £130,638 |
| Restricted Funds Reserves Policy | |
| Activity | Allocation |
| Insurance policy excess Rowsley Fund Carriage Restoration Fund |
£1,000 £4,000 £9,474 |
| Total | £14,474 |
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
Page 2
The L M S Carriage Association
Report of the Trustees For The Year Ended 31st May 2022
Trustees
H Coppock J B Leather (resigned 31.5.22) D W Winter M Denton D Tillett Co-opted Trustee (appointed 30.4.22)
Independent Examiner
Dale Accounting Services Limited 64 High Street Belper Derbyshire DE56 1GF
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ M Denton - Trustee
Page 3
Independent Examiner's Report to the Trustees of The L M S Carriage Association
Independent examiner's report to the trustees of The L M S 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 2022.
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:
-
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 G Wint Dale Accounting Services Limited 64 High Street Belper Derbyshire DE56 1GF
Date: .............................................
Page 4
The L M S Carriage Association
Statement of Financial Activities For The Year Ended 31st May 2022
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 887 Other trading activities 2 7,210 Investment income 3 4 Total 8,101 EXPENDITURE ON Raising funds 4 8,815 Other - Total 8,815 NET INCOME/(EXPENDITURE) (714) Transfers between funds 15 1,074 Net movement in funds 360 RECONCILIATION OF FUNDS Total funds brought forward 130,278 TOTAL FUNDS CARRIED FORWARD 130,638 |
Restricted fund £ 21,854 - - 21,854 90,917 - 90,917 (69,063) (1,074) (70,137) 84,611 14,474 |
2022 Total funds £ 22,741 7,210 4 29,955 99,732 - 99,732 (69,777) - (69,777) 214,889 145,112 |
2021 Total funds £ 58,068 600 17 58,685 4,471 68 4,539 54,146 - 54,146 160,743 214,889 |
|---|---|---|---|
The notes form part of these financial statements
Page 5
The L M S Carriage Association
Balance Sheet
31st May 2022
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 8 6,920 Heritage assets 9 131,045 137,965 CURRENT ASSETS Stocks 10 1,463 Debtors 11 3,551 Cash at bank and in hand 10 5,024 CREDITORS Amounts falling due within one year 12 (1,471) NET CURRENT ASSETS 3,553 TOTAL ASSETS LESS CURRENT LIABILITIES 141,518 CREDITORS Amounts falling due after more than one year 13 (10,880) NET ASSETS 130,638 FUNDS 15 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - (18,095) (18,095) - - 32,569 32,569 - 32,569 14,474 - 14,474 |
2022 Total funds £ 6,920 112,950 119,870 1,463 3,551 32,579 37,593 (1,471) 36,122 155,992 (10,880) 145,112 130,638 14,474 145,112 |
2021 Total funds £ 8,097 113,685 121,782 1,463 1,250 103,462 106,175 (2,188) 103,987 225,769 (10,880) 214,889 130,278 84,611 214,889 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2022 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 notes form part of these financial statements
continued...
Page 6
The L M S Carriage Association
Balance Sheet - continued
31st May 2022
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 ............................................. and were signed on its behalf by:
............................................. M Denton - Trustee
The notes form part of these financial statements
Page 7
The L M S Carriage Association
Notes to the Financial Statements For The Year Ended 31st May 2022
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.
continued...
Page 8
The L M S Carriage Association
Notes to the Financial Statements - continued For The Year Ended 31st May 2022
| 2. | OTHER TRADING ACTIVITIES | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Coach hirings | 7,210 600 |
||
| 3. | INVESTMENT INCOME Deposit account interest |
2022 £ |
2021 £ 4 17 |
| 4. | RAISING FUNDS Raising donations and legacies Support costs |
2022 £ |
2021 £ - (68) |
| 5. | NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
2022 2021 £ £ 1,177 1,249 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st May 2022 nor for the year ended 31st May 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st May 2022 nor for the year ended 31st May 2021.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 1,214 Other trading activities 600 Investment income 17 Total 1,831 EXPENDITURE ON Raising funds 4,471 Other 68 Total 4,539 |
Restricted fund £ 56,854 - - 56,854 - - - |
Total funds £ 58,068 600 17 58,685 4,471 68 4,539 |
|---|---|---|
continued...
Page 9
The L M S Carriage Association
Notes to the Financial Statements - continued
For The Year Ended 31st May 2022
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds fund £ £ NET INCOME/(EXPENDITURE) (2,708) 56,854 RECONCILIATION OF FUNDS Total funds brought forward 132,986 27,757 TOTAL FUNDS CARRIED FORWARD 130,278 84,611 8. TANGIBLE FIXED ASSETS Freehold Plant and property machinery £ £ COST At 1st June 2021 and 31st May 2022 15,307 25,653 DEPRECIATION At 1st June 2021 9,949 22,914 Charge for year 766 411 At 31st May 2022 10,715 23,325 NET BOOK VALUE At 31st May 2022 4,592 2,328 At 31st May 2021 5,358 2,739 9. HERITAGE ASSETS MARKET VALUE At 1st June 2021 Disposals At 31st May 2022 NET BOOK VALUE At 31st May 2022 At 31st May 2021 |
Total funds £ 54,146 160,743 214,889 Totals £ 40,960 32,863 1,177 34,040 6,920 8,097 Total £ 113,685 (735) 112,950 112,950 113,685 |
|---|---|
continued...
Page 10
The L M S Carriage Association
Notes to the Financial Statements - continued For The Year Ended 31st May 2022
10. STOCKS
| 2022 £ Stocks 1,463 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Trade debtors 1,364 Prepayments 2,187 3,551 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Trade creditors 1,432 VAT 39 Accrued expenses - 1,471 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2022 £ Bank loans (see note 14) 10,880 14. LOANS An analysis of the maturity of loans is given below: 2022 £ Amounts falling between one and two years: Loan - LMSCA 10,880 15. MOVEMENT IN FUNDS Net Transfers movement between At 1.6.21 in funds funds £ £ £ Unrestricted funds General fund 130,278 (714) 1,074 Restricted funds Restricted 84,611 (69,063) (1,074) TOTAL FUNDS 214,889 (69,777) - |
2021 £ 1,463 2021 £ 720 530 1,250 2021 £ 66 303 1,819 2,188 2021 £ 10,880 2021 £ 10,880 At 31.5.22 £ 130,638 14,474 145,112 |
|---|---|
continued...
Page 11
The L M S Carriage Association
Notes to the Financial Statements - continued For The Year Ended 31st May 2022
15. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 8,101 Restricted funds Restricted 21,854 TOTAL FUNDS 29,955 Comparatives for movement in funds At 1.6.20 £ Unrestricted funds General fund 132,986 Restricted funds Restricted 27,757 TOTAL FUNDS 160,743 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 1,831 Restricted funds Restricted 56,854 TOTAL FUNDS 58,685 |
Resources Movement expended in funds £ £ (8,815) (714) (90,917) (69,063) (99,732) (69,777) Net movement At in funds 31.5.21 £ £ (2,708) 130,278 56,854 84,611 54,146 214,889 Resources Movement expended in funds £ £ (4,539) (2,708) - 56,854 (4,539) 54,146 |
|---|---|
continued...
Page 12
The L M S Carriage Association
Notes to the Financial Statements - continued For The Year Ended 31st May 2022
15. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS |
At 1.6.20 £ 132,986 27,757 160,743 |
Net movement in funds £ (3,422) (12,209) (15,631) |
Transfers between funds £ 1,074 (1,074) - |
At 31.5.22 £ 130,638 14,474 145,112 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources resources expended £ £ |
Movement in funds £ |
|---|---|---|
| General fund | 9,932 (13,354) |
(3,422) |
| Restricted funds | ||
| Restricted | 78,708 (90,917) |
(12,209) |
| TOTAL FUNDS | 88,640 (104,271) |
(15,631) |
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st May 2022.
Page 13
The L M S Carriage Association
Detailed Statement of Financial Activities For The Year Ended 31st May 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 21,853 | 57,228 |
| Subscriptions | 888 | 840 |
| Other trading activities | 22,741 | 58,068 |
| Coach hirings | 7,210 | 600 |
| Investment income | ||
| Deposit account interest | 4 | 17 |
| Total incoming resources | 29,955 | 58,685 |
| EXPENDITURE | ||
| Support costs | ||
| Management | ||
| Insurance | 2,418 | 2,020 |
| Light and heat | 257 | 218 |
| Sundries | 69 | 68 |
| Repairs and renewals | 97,511 | 879 |
| Mileage claims | (1,819) | - |
| Depreciation of tangible and heritage assets | 1,176 | 1,249 |
| Finance | 99,612 | 4,434 |
| Bank charges | 120 | 105 |
| Total resources expended | 99,732 | 4,539 |
| Net (expenditure)/income | (69,777) | 54,146 |
This page does not form part of the statutory financial statements
Page 14
REGISTERED COMPANY NUMBER: 04428893 (England and Wales) REGISTERED CHARITY NUMBER: 1101275
Report of the Trustees and
Financial Statements For The Year Ended 31st May 2022
for
The L M S Carriage Association
Dale Accounting Services Limited 64 High Street Belper Derbyshire DE56 1GF
The L M S Carriage Association
Contents of the Financial Statements For The Year Ended 31st May 2022
| 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 |
| Detailed Statement of Financial Activities | 14 |
The L M S Carriage Association
Report of the Trustees For The Year Ended 31st May 2022
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 2022. 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
Early June saw Porthole Brake 27001 completed its first inspection and put into service on the dining trains for Wyvern Rail.
Work on To 27162 has continued with new ceiling panels fitted with beading carried out and painted with a top coat of County Cream.First fix electrical work has been carried out and bayonet fittings have been installed. The fitting of the interior woodwork has commenced, and the bulkhead walls have been fitted together with the toilet cubical. The brake rigging has been dismantled and sent away to specialists for refurbishment.
At Rowsley
Carriage 1501 which has been converted for exhibition use from a LMS compartment coach some years ago, has been relocated on an isolated section of track adjacent to the station at Rowsley, where it found use in the Christmas Period as the Santa's Present Store. It is now in use after repairs to the outside plywood beading and repainting has commenced. 1501 is now in use as an LMS exhibition facility which also houses a model railway.
The LMS converted, ex LYR medical saloon 10825, has been moved into the loco shed at Rowsley to enable the body to be lifted from the chassis to enable welding repairs to the chassis.
FINANCIAL REVIEW
Principal funding sources
The principal income funding source for the year was derived from personal donations and membership fees.
Page 1
The L M S Carriage Association
Report of the Trustees For The Year Ended 31st May 2022
FINANCIAL REVIEW
Reserves policy
The following tables show the allocation of restricted and unrestricted funds
Unrestricted Funds Reserve Policy
| Activity Cost of running the charity Contingency Carriage restoration of 27162 General Fund |
Allocation £6,000 £1,000 £105,880 £17,758 |
|---|---|
| Total | £130,638 |
| Restricted Funds Reserves Policy | |
| Activity | Allocation |
| Insurance policy excess Rowsley Fund Carriage Restoration Fund |
£1,000 £4,000 £9,474 |
| Total | £14,474 |
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
Page 2
The L M S Carriage Association
Report of the Trustees For The Year Ended 31st May 2022
Trustees
H Coppock J B Leather (resigned 31.5.22) D W Winter M Denton D Tillett Co-opted Trustee (appointed 30.4.22)
Independent Examiner
Dale Accounting Services Limited 64 High Street Belper Derbyshire DE56 1GF
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ M Denton - Trustee
Page 3
Independent Examiner's Report to the Trustees of The L M S Carriage Association
Independent examiner's report to the trustees of The L M S 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 2022.
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:
-
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 G Wint Dale Accounting Services Limited 64 High Street Belper Derbyshire DE56 1GF
Date: .............................................
Page 4
The L M S Carriage Association
Statement of Financial Activities For The Year Ended 31st May 2022
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 887 Other trading activities 2 7,210 Investment income 3 4 Total 8,101 EXPENDITURE ON Raising funds 4 8,815 Other - Total 8,815 NET INCOME/(EXPENDITURE) (714) Transfers between funds 15 1,074 Net movement in funds 360 RECONCILIATION OF FUNDS Total funds brought forward 130,278 TOTAL FUNDS CARRIED FORWARD 130,638 |
Restricted fund £ 21,854 - - 21,854 90,917 - 90,917 (69,063) (1,074) (70,137) 84,611 14,474 |
2022 Total funds £ 22,741 7,210 4 29,955 99,732 - 99,732 (69,777) - (69,777) 214,889 145,112 |
2021 Total funds £ 58,068 600 17 58,685 4,471 68 4,539 54,146 - 54,146 160,743 214,889 |
|---|---|---|---|
The notes form part of these financial statements
Page 5
The L M S Carriage Association
Balance Sheet
31st May 2022
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 8 6,920 Heritage assets 9 131,045 137,965 CURRENT ASSETS Stocks 10 1,463 Debtors 11 3,551 Cash at bank and in hand 10 5,024 CREDITORS Amounts falling due within one year 12 (1,471) NET CURRENT ASSETS 3,553 TOTAL ASSETS LESS CURRENT LIABILITIES 141,518 CREDITORS Amounts falling due after more than one year 13 (10,880) NET ASSETS 130,638 FUNDS 15 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - (18,095) (18,095) - - 32,569 32,569 - 32,569 14,474 - 14,474 |
2022 Total funds £ 6,920 112,950 119,870 1,463 3,551 32,579 37,593 (1,471) 36,122 155,992 (10,880) 145,112 130,638 14,474 145,112 |
2021 Total funds £ 8,097 113,685 121,782 1,463 1,250 103,462 106,175 (2,188) 103,987 225,769 (10,880) 214,889 130,278 84,611 214,889 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2022 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 notes form part of these financial statements
continued...
Page 6
The L M S Carriage Association
Balance Sheet - continued
31st May 2022
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 ............................................. and were signed on its behalf by:
............................................. M Denton - Trustee
The notes form part of these financial statements
Page 7
The L M S Carriage Association
Notes to the Financial Statements For The Year Ended 31st May 2022
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.
continued...
Page 8
The L M S Carriage Association
Notes to the Financial Statements - continued For The Year Ended 31st May 2022
| 2. | OTHER TRADING ACTIVITIES | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Coach hirings | 7,210 600 |
||
| 3. | INVESTMENT INCOME Deposit account interest |
2022 £ |
2021 £ 4 17 |
| 4. | RAISING FUNDS Raising donations and legacies Support costs |
2022 £ |
2021 £ - (68) |
| 5. | NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
2022 2021 £ £ 1,177 1,249 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st May 2022 nor for the year ended 31st May 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st May 2022 nor for the year ended 31st May 2021.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 1,214 Other trading activities 600 Investment income 17 Total 1,831 EXPENDITURE ON Raising funds 4,471 Other 68 Total 4,539 |
Restricted fund £ 56,854 - - 56,854 - - - |
Total funds £ 58,068 600 17 58,685 4,471 68 4,539 |
|---|---|---|
continued...
Page 9
The L M S Carriage Association
Notes to the Financial Statements - continued
For The Year Ended 31st May 2022
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds fund £ £ NET INCOME/(EXPENDITURE) (2,708) 56,854 RECONCILIATION OF FUNDS Total funds brought forward 132,986 27,757 TOTAL FUNDS CARRIED FORWARD 130,278 84,611 8. TANGIBLE FIXED ASSETS Freehold Plant and property machinery £ £ COST At 1st June 2021 and 31st May 2022 15,307 25,653 DEPRECIATION At 1st June 2021 9,949 22,914 Charge for year 766 411 At 31st May 2022 10,715 23,325 NET BOOK VALUE At 31st May 2022 4,592 2,328 At 31st May 2021 5,358 2,739 9. HERITAGE ASSETS MARKET VALUE At 1st June 2021 Disposals At 31st May 2022 NET BOOK VALUE At 31st May 2022 At 31st May 2021 |
Total funds £ 54,146 160,743 214,889 Totals £ 40,960 32,863 1,177 34,040 6,920 8,097 Total £ 113,685 (735) 112,950 112,950 113,685 |
|---|---|
continued...
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The L M S Carriage Association
Notes to the Financial Statements - continued For The Year Ended 31st May 2022
10. STOCKS
| 2022 £ Stocks 1,463 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Trade debtors 1,364 Prepayments 2,187 3,551 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Trade creditors 1,432 VAT 39 Accrued expenses - 1,471 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2022 £ Bank loans (see note 14) 10,880 14. LOANS An analysis of the maturity of loans is given below: 2022 £ Amounts falling between one and two years: Loan - LMSCA 10,880 15. MOVEMENT IN FUNDS Net Transfers movement between At 1.6.21 in funds funds £ £ £ Unrestricted funds General fund 130,278 (714) 1,074 Restricted funds Restricted 84,611 (69,063) (1,074) TOTAL FUNDS 214,889 (69,777) - |
2021 £ 1,463 2021 £ 720 530 1,250 2021 £ 66 303 1,819 2,188 2021 £ 10,880 2021 £ 10,880 At 31.5.22 £ 130,638 14,474 145,112 |
|---|---|
continued...
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The L M S Carriage Association
Notes to the Financial Statements - continued For The Year Ended 31st May 2022
15. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 8,101 Restricted funds Restricted 21,854 TOTAL FUNDS 29,955 Comparatives for movement in funds At 1.6.20 £ Unrestricted funds General fund 132,986 Restricted funds Restricted 27,757 TOTAL FUNDS 160,743 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 1,831 Restricted funds Restricted 56,854 TOTAL FUNDS 58,685 |
Resources Movement expended in funds £ £ (8,815) (714) (90,917) (69,063) (99,732) (69,777) Net movement At in funds 31.5.21 £ £ (2,708) 130,278 56,854 84,611 54,146 214,889 Resources Movement expended in funds £ £ (4,539) (2,708) - 56,854 (4,539) 54,146 |
|---|---|
continued...
Page 12
The L M S Carriage Association
Notes to the Financial Statements - continued For The Year Ended 31st May 2022
15. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS |
At 1.6.20 £ 132,986 27,757 160,743 |
Net movement in funds £ (3,422) (12,209) (15,631) |
Transfers between funds £ 1,074 (1,074) - |
At 31.5.22 £ 130,638 14,474 145,112 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources resources expended £ £ |
Movement in funds £ |
|---|---|---|
| General fund | 9,932 (13,354) |
(3,422) |
| Restricted funds | ||
| Restricted | 78,708 (90,917) |
(12,209) |
| TOTAL FUNDS | 88,640 (104,271) |
(15,631) |
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st May 2022.
Page 13
The L M S Carriage Association
Detailed Statement of Financial Activities For The Year Ended 31st May 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 21,853 | 57,228 |
| Subscriptions | 888 | 840 |
| Other trading activities | 22,741 | 58,068 |
| Coach hirings | 7,210 | 600 |
| Investment income | ||
| Deposit account interest | 4 | 17 |
| Total incoming resources | 29,955 | 58,685 |
| EXPENDITURE | ||
| Support costs | ||
| Management | ||
| Insurance | 2,418 | 2,020 |
| Light and heat | 257 | 218 |
| Sundries | 69 | 68 |
| Repairs and renewals | 97,511 | 879 |
| Mileage claims | (1,819) | - |
| Depreciation of tangible and heritage assets | 1,176 | 1,249 |
| Finance | 99,612 | 4,434 |
| Bank charges | 120 | 105 |
| Total resources expended | 99,732 | 4,539 |
| Net (expenditure)/income | (69,777) | 54,146 |
This page does not form part of the statutory financial statements
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