**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.
Page 1
**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
Page 2
**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:
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 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
- (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 5
**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...
Page 7
**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...
Page 8
## **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...
Page 9
**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...
Page 10
**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...
Page 11
## **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.
Page 12
**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
Page 13