REGISTERED COMPANY NUMBER: 04428893 (England and Wales) REGISTERED CHARITY NUMBER: 1101275
Report of the Trustees and
Financial Statements For The Year Ended 31st May 2025
for
The LMS Carriage Association
Dale Accounting Services Limited 64 High Street Belper Derbyshire DE56 1GF
The LMS Carriage Association
Contents of the Financial Statements For The Year Ended 31st May 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 12 |
| Detailed Statement of Financial Activities | 13 |
The LMS Carriage Association
Report of the Trustees For The Year Ended 31st May 2025
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 2025. 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.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
During the period under review the following projects have been progressed:
Charitable Activities
At Wirksworth
We have continued our efforts to return Third Open 27162 to operational service, with completion of the interior, a complete repaint, and emphasis on the braking system. We have defined a methodology for converting from LMS pattern brake carriers & blocks, to BR(S) R4 components. This will allow block replacement as the current set wear, with off the shelf replacements. The LMS pattern being no longer available. This process change is intended to be rolled out across the operational fleet in the future.
A major acquisition early in the year has been the arrival of Third Open 27249 purchased by donation from the Foxfield Railway. This carriage arrives complete with its original interior, which is to be sympathetically restored to retain this originality.
We welcomed privately owned Brake Third 5734 to our fleet under a long-term management agreement. This carriage, presented in Open format, with loose chairs, is nearing completion, and we hope to have it running for the 2026 season. 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.
We have reached an agreement to acquire an ex LMS 57ft BG chassis, to provide critical spare components such as bogies, draw gear, 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.
At Rowsley
At Rowsley two main tasks have occupied the Association.
The condition of the exterior of The Railway Museum's LMS coach 7828 was causing concern due to deterioration of the paintwork and plywood panelling. Early in 2025 it was brought into the loco shed at Rowsley and much effort was expended in sanding back, filling and preparing for painting. It was finished just in time for the Peak Rail's first dining services of the year, although full lining out and lettering was deferred.
It is hoped this work will allow its use for another two seasons but there is no denying it will eventually have to be re-panelled - a large and expensive job.
The other vehicle needing attention was Corridor Third 1501 which is in use as an exhibition coach. Changes to the platform at Rowsley South in connection with provision of a bay road have meant moving 1501 slightly further south. A track panel was laid for this and the move was successful. However public access is a bit harder now and we will have to find a permanent solution. There are still some minor leaks to attend to and investigations continue. Internally, the Rowsley Association display affected by damp has received much work and this valuable asset is now secure.
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The LMS Carriage Association
Report of the Trustees For The Year Ended 31st May 2025
FINANCIAL REVIEW
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
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
Trustees
H Coppock D W Winter M Denton D Tillett Trustee and acting treasurer D Smith
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:
........................................................................ D W Winter - Trustee
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Independent Examiner's Report to the Trustees of The LMS Carriage Association
Independent examiner's report to the trustees of The LMS Carriage Association ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st May 2025.
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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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 3
The LMS Carriage Association
Statement of Financial Activities For The Year Ended 31st May 2025
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 30,812 Other trading activities 2 6,255 Investment income 3 756 Total 37,823 EXPENDITURE ON Raising funds Other trading activities 18,110 18,110 Other 1,200 Total 19,310 NET INCOME/(EXPENDITURE) 18,513 RECONCILIATION OF FUNDS Total funds brought forward 135,610 TOTAL FUNDS CARRIED FORWARD 154,123 |
Restricted fund £ - - - - 14,133 14,133 - 14,133 (14,133) 22,229 8,096 |
2025 Total funds £ 30,812 6,255 756 37,823 32,243 32,243 1,200 33,443 4,380 157,839 162,219 |
2024 Total funds £ 11,487 5,057 796 17,340 15,074 15,074 - 15,074 2,266 155,573 157,839 |
|---|---|---|---|
The notes form part of these financial statements
Page 4
The LMS Carriage Association
Balance Sheet
31st May 2025
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 8 6,091 Heritage assets 9 144,397 150,488 CURRENT ASSETS Stocks 10 1,463 Debtors 11 7,989 Cash at bank and in hand 10,851 20,303 CREDITORS Amounts falling due within one year 12 (5,788) NET CURRENT ASSETS 14,515 TOTAL ASSETS LESS CURRENT LIABILITIES 165,003 CREDITORS Amounts falling due after more than one year 13 (10,880) NET ASSETS 154,123 FUNDS 15 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - (18,095) (18,095) - - 26,191 26,191 - 26,191 8,096 - 8,096 |
2025 Total funds £ 6,091 126,302 132,393 1,463 7,989 37,042 46,494 (5,788) 40,706 173,099 (10,880) 162,219 154,123 8,096 162,219 |
2024 Total funds £ 7,621 112,950 120,571 1,463 5,932 41,487 48,882 (734) 48,148 168,719 (10,880) 157,839 135,610 22,229 157,839 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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...
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The LMS Carriage Association
Balance Sheet - continued
31st May 2025
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:
............................................. D Tillett - Trustee
The notes form part of these financial statements
Page 6
The LMS Carriage Association
Notes to the Financial Statements For The Year Ended 31st May 2025
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
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...
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The LMS Carriage Association
Notes to the Financial Statements - continued For The Year Ended 31st May 2025
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Coach hirings | 6,255 | 5,057 |
| INVESTMENT INCOME Deposit account interest |
2025 £ 756 |
2024 £ 796 |
| NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
2025 £ 1,530 |
2024 £ 1,574 |
3.
4. NET INCOME/(EXPENDITURE)
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st May 2025 nor for the year ended 31st May 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st May 2025 nor for the year ended 31st May 2024.
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
7.
| No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 11,487 Other trading activities 5,057 Investment income 796 Total 17,340 EXPENDITURE ON Raising funds Other trading activities 15,074 15,074 |
2025 Restricted fund £ - - - - - - |
2024 Total funds £ 11,487 5,057 796 17,340 15,074 15,074 |
|---|---|---|
continued...
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The LMS Carriage Association
Notes to the Financial Statements - continued For The Year Ended 31st May 2025
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds fund £ £ NET INCOME 2,266 - RECONCILIATION OF FUNDS Total funds brought forward 133,344 22,229 TOTAL FUNDS CARRIED FORWARD 135,610 22,229 8. TANGIBLE FIXED ASSETS Freehold Plant and property machinery £ £ COST At 1st June 2024 and 31st May 2025 15,307 29,067 DEPRECIATION At 1st June 2024 12,245 24,508 Charge for year 766 764 At 31st May 2025 13,011 25,272 NET BOOK VALUE At 31st May 2025 2,296 3,795 At 31st May 2024 3,062 4,559 9. HERITAGE ASSETS MARKET VALUE At 1st June 2024 Additions At 31st May 2025 PROVISIONS Charge for year NET BOOK VALUE At 31st May 2025 At 31st May 2024 |
Total funds £ 2,266 155,573 157,839 Totals £ 44,374 36,753 1,530 38,283 6,091 7,621 Total £ 112,950 20,000 132,950 6,648 126,302 112,950 |
|---|---|
continued...
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The LMS Carriage Association
Notes to the Financial Statements - continued For The Year Ended 31st May 2025
10. STOCKS
| 2025 £ Stocks 1,463 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 £ Trade debtors 7,378 VAT - Prepayments 611 7,989 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 £ Trade creditors 5,108 VAT 680 5,788 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 £ Other loans (see note 14) 10,880 Pre incorporation LMSCA funds. 14. LOANS An analysis of the maturity of loans is given below: 2025 £ Amounts falling due in more than five years: Repayable otherwise than by instalments: Other loans more 5yrs non-inst 10,880 |
2024 £ 1,463 2024 £ 5,130 222 580 5,932 2024 £ 734 - 734 2024 £ 10,880 2024 £ 10,880 |
|---|---|
continued...
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The LMS Carriage Association
Notes to the Financial Statements - continued For The Year Ended 31st May 2025
15. MOVEMENT IN FUNDS
| At 1.6.24 £ Unrestricted funds General fund 135,610 Restricted funds Restricted 22,229 TOTAL FUNDS 157,839 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 37,823 Restricted funds Restricted - TOTAL FUNDS 37,823 Comparatives for movement in funds At 1.6.23 £ Unrestricted funds General fund 133,344 Restricted funds Restricted 22,229 TOTAL FUNDS 155,573 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 17,340 TOTAL FUNDS 17,340 |
Net movement At in funds 31.5.25 £ £ 18,513 154,123 (14,133) 8,096 4,380 162,219 Resources Movement expended in funds £ £ (19,310) 18,513 (14,133) (14,133) (33,443) 4,380 Net movement At in funds 31.5.24 £ £ 2,266 135,610 - 22,229 2,266 157,839 Resources Movement expended in funds £ £ (15,074) 2,266 (15,074) 2,266 |
|---|---|
continued...
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The LMS Carriage Association
Notes to the Financial Statements - continued For The Year Ended 31st May 2025
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 1.6.23 £ 133,344 22,229 155,573 |
Net movement in funds £ 20,779 (14,133) 6,646 |
At 31.5.25 £ 154,123 8,096 162,219 |
|---|---|---|---|
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 | 55,163 | (34,384) | 20,779 |
| Restricted funds | |||
| Restricted | - | (14,133) | (14,133) |
| TOTAL FUNDS | 55,163 | (48,517) | 6,646 |
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st May 2025.
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The LMS Carriage Association
Detailed Statement of Financial Activities For The Year Ended 31st May 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 27,600 | 10,482 |
| Gift aid | 2,456 | - |
| Subscriptions | 756 | 1,005 |
| Other trading activities | 30,812 | 11,487 |
| Coach hirings | 6,255 | 5,057 |
| Investment income | ||
| Deposit account interest | 756 | 796 |
| Total incoming resources | 37,823 | 17,340 |
| EXPENDITURE | ||
| Other | ||
| Rent of facility | 1,200 | - |
| Support costs | ||
| Management | ||
| Insurance | 1,931 | 1,782 |
| Light and heat | 1,499 | - |
| Postage and stationery | 86 | - |
| Sundries | 197 | 168 |
| Repairs and renewals | 17,936 | 11,490 |
| Depreciation of tangible and heritage assets | 8,177 | 1,574 |
| Transport of carriage | 2,357 | - |
| Finance | 32,183 | 15,014 |
| Bank charges | 60 | 60 |
| Total resources expended | 33,443 | 15,074 |
| Net income | 4,380 | 2,266 |
This page does not form part of the statutory financial statements
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