**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:
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
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:
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
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