,1000 VINTAGE CARRIAGES TRUST UNAUDITED FINANCIAL STATEMENTS 31 MARCH 2025 Charity Registration Number: 1156931 Streets. VINTAGE CARRIAGES TRUST FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 PAGE Trustees, annual report ITJdependent examiner's report to the Trustees Statement of financial activities Statement of fmancial position Notes to the financial statements VINTAGE CARRIAGES TRUST TRUSTKESI ANNUAL REPORT YEARENDED 31 MARCH 2025 The Trustees present their report and the unaudited financia] stateTnents of tlie charity for theyear ended 31 March 2025. REFERENCE AM) ADMINISTRATIVE DETAILS Registered charity name Vintage Carriages Tr￿St Charity registration number 1156931 Principal office The Railway Station Haworth Keighley West Yorkshire BD22 8NJ England The Trustees D Cullingworth T R England DNCarr S A Seabrook l B S￿1th R L Sprot S Astley R J Taggart D J Cross A S Haley K A Carlton P Yewdall R Wilson (P&ssed away 30 October 2024) (Appointed 9 Novembet 2024) Banker CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent MEI 9 4JQ IDdependeDt examiller Mrs E A Short FCA Equitable House 55 Pellon tAne Halif&x HXI 5SP VINTAGE CARRIAGES TRUST TRUSTEES, ANNUAL REPORT (conliwMe41 AR ENDEI) 31 MARCH 2025 STRUCTURE, GOVERIYAJ¥CE AND MANAGEMENT Governin[ document Vintage Carriages Trust is a Charitable Incorporated o￿nIsatiOn (CIO), registered charity No. 1156931 and is governed by its constitution. Governance and m8nagemellt The overall Tesponsibility for Vintage C￿rIageS Trust rests with the Trustees of the charity. RecruitmeDt and appointment of Trustees Trustees are elected by membership at the Annual Meeting and are recnJited to address a specific needs of the organisation. Trustee Induetion and Training Induction of Trustees ss latgely through infonnal di5CUSSiOD Wlth new recruits. Trustees are supplied with an agreed policy defining the Tustees, roles and responsibilities together with a copy of the constitution. Risk MaDagemellt The Trustees have assessed the major risks to which the charity is exposed. Where appropriate, system5 and procedures have been established to mitigate the risks the charity faces and additional policies are being put in place where require Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are kn place to ensure compliance with health and safety of members and volunteers and visitors. OWECTIVES AIqD ACTIvfTIES To educate the public through the establishment of a railway museum and to acquire and preserve railway carriages, railway locomotives and other items of rolling stock and associated equipment. Restore and maintain svch items, house them and put them on display, loan or hire them so that they may be used if practicable, and make suitable arrangements for their continued preservation as far as P055ible. To sponsor the publication of books, articles etc. containing infonnation abolrt these items and rolling stock and railways gencrdlly. and otherwise to promole interest in these subjects. VINTAGE CARRIAGES TRUST TRUSTEES, ANNUAL REPORT( coMiMutdJ YEAR ENDED 31 MARCH 2025 ACHIEVEMENTS AND PERFORlItANCE General The Annual General Meeting on 9th November 2024 saw the election of Debbie Cross as chairman, taking th¢ reins as the fIfth cliairman in tlie nearly sixty-year history of VCT. Witli Debbie's immediate predecessor, Trevor England, seTh'ing for thity years. Trustees eommend his work in supportiiig Vcrs developnient over the decades. Dave Carr also stood down frorn the secretaws role after eigliteen years, handing over the baton to Kad]arin¢ Carlton. Thank you to both Trevor and Dave for their years of sterling service and continued 5UPPOrt. Immediately after the AGM, t>ave Carr, Sheila Seabrook and Ruth Wilson were co-opted to the Board of Trusfres for one year at the subsequent Trustees, meeting. In ternis of personnel, after three years with VCT, Richard Jones left Ingrow to start a new role as Operations Manager atthe Llangollen Railway. In addition to his front-of-house role, Richard undertook 'behind-the-scenes' duties, such as writing policy docuTDents and risk assessments. We have welcomed Chris Hale}, to join John Astley, looking after the shop and museum. VCT Trustees are saddened to report the deaths ofTrustee Sarah A5tley. fornier employee Keith Pitts and founding member and fornier chainnan, Tony Cox. Their contributions to VCT were invaluable and they will be deeply missed. In a challenging economic enviroment. financial matters continue to be of concern, with competitive quotations sought for insurance renewals and from suppliers. A small team continue to seek grant funding from appropriate sources and income is generated from shop sales, especTally confectionery, rnilwayana and model railway sales. VCT'S partnership with the Bahamas Locomotive Society (BLS) and the Keighley and Worth Valley Railway (KWVR) remains key to ticket and Rail Story income. We received just over 14,000 visilors during the year, down from the highs of the previous year where the numbers were boosted by a one off by the visit of 'Flying Scotsman, positioned just outside the Museum. However, the good news is that our visitor numbers are back to the same levets we enjoyed before the Covid pandemic. Museum The most visible prOg￿5S made this year has been the continuing museum refurbishment. The entire 'shop' side of the museum was refurbished on time and on budget by late 2024. Anecdotally, visitors are spending more titne looking at the displays and interpretation panels. January l February 2025 saw the recladding of three bays on the 'rail' side of the museum and the viewing area above the workshop. The museum t]oor was atso repainted and visitors have commented on the fresher, brighter appearance of the museum. Trustees wish to thank aIl those who have contributed to the redisplay work. The collections team have also been busy identifying objects for conservation work. After many years in storage, 'The Waverley, carriage board w&5 cleaned and cOnser￿ed at Graham Key's studio and is now on display in the niuseum. VCT was also successful in securing a grant from The Pilgrim Trust for the stabilisation. cleaning and conservation of The Bradshaw Map. whiclL whilst on display, was difficult to see due to yellowing varnish and mould. This is being treated at Artworks Conservation and will be back on display alongside the Scarborough timetable Scroll. VINTAGE CARRIAGES TRUST TRUSTEES, ANNUAL REPORT YEAR EfsDED 31 MARCH 2025 The team have also taken deliverv of environmental monitoring equipment which will help support preventive conservation and demonstrate compliance with professional standards or grant requirements. Behind the scenes, work continues in preparation for Museums Accreditation. On 7th February 2025, Museums Development North visited Ingrow for an Organisationa] Health Check covering governance, financial plannin& audiences and collections care. The Trustees are pleased to report that Vintage iages Tr￿St wa8 given a p)sitive result in all categories. Coaches SR Chalham 3554 w&8 completed in late 2024 and took part in the KWVR gaIa in October along with Metropolitan 509. The KWVR also used 509, 3554 and kfetropolitan 465 during the March gala weekend. Work continues on Midland 358 which is progressing well thanks to Chris Smith, Bulleid S1469 is used at Embsay on occasional services under the care of Rob Shaw and Aaron Marsden. comotiv Sir Berkeley took part in the Heriiage Railway association (HRA) 'Whistle Up, event on New Year's Day, marking the beginning of the Rail 200 celebration5. Under the SU￿ryiS1orj of Steve Roberts and his team, Sir Berkeley has been working at the Middleton Railway and May travel to other heritage lines in future months. Bellerophon continues to undergo boiler work at the Foxfield Railway and Lord Mayor remains a popular visitor attraction in the museum. These ongoing endeavours refleCtt￿ Trustees, ambition to honour the legacy of those who have shaped VCT'S history? while embracing new opportunities to inspire and educate future generations about the unique heritage embodied Én its rolltng stock. FINALYCIAL REVIEW Transaction5 and Financial Position The operating su￿lUS for the year was £1,503 (2024- £77.529) to carry fonvard to the following year. The Trustees are very grateful for the generous bequests received during the year and extend their gratitude to the families. Res¢rves at the end of the year were £674,639 (2024 - £673,136} including restricted funds of £22,829 (2024- £22,253). which will be used to fund future activities. Work is still ongoing in bring the museum back up to standard following the long I￿riOd of closure brought about by the pandemic. ReservL8 poIi¢y The Directors have examined the charity's requirements for reserves in light of the main risks to the organisation and have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charlty should be in the region of 6 months of expenditure. in view of current economic difficulties, which amoLfftts to approxtmately £69,000. Unrestricted funds are £651,810 including fixed assets of £460,637. Therefo￿, the present level of free reserves available to the charity is £191,173. During the year the Ch8Tity has invested £25,991 in further refurbishment of atnellities to further enhanc¢ the ch￿Ity'S w(Yk to the community.. The charity has unpaid volunteets to help run its various activities. The Trustees will be investing surp1￿% reserves in projects that aim to increase the charity's service to tbe community. vIwrAGE CARRIAGES TRUST TRUSTEES, ANNUAL REPORT (