.KlJ.Ii' FURNESS RAILWAY TRUST Rewtered Charity No. 1163073 Tnistees, Annual Report and Accounts 2020
FURNESS RAILWAY TRUST (Registered Charity No. 1163073) Address for correSndenc. Meadowside. 105, Station Roa Cark-in-Cartn]el, Grange-over-Sand4 Cumbria LAI17NY Annual Report of the Trustees for 2020 l. Governanee Adn)ini8lrAtion The business of th¢ Furnth8 Railway Tn a Charitable Ineorw)rated Organisation (CIO). is managed by TnLStees in ac<ordanL% with a ci)nstitulion approved by the Charity Commission. The Chainnan is responsible for coordinating the day to day management of the affairs of the Tnjsl. One third ofthe Trnstees retire at each Annual Genernl Meetin& in accordance with the constitution. A briefing dUMent is given lo new Tntees. which outlines the history of the Tru and its currenl obligations. The documenl also details the responsibilitics of Trustees as dcfined by the Charity Commission. The Trustees med on a number of Lxcasions throughout th¢ year in order to m8n88e the Trust's affairs and to agr¢¢ rwuircd wurses of actii)n. The accounts (financial statements) have be¢n prepared in OrdanCe with thc Statement of Recommended Prnctice: Accounting and Reporting by Charities preparing their accounts in accordancc with thc Financial Reporting Standard applicable En the UK and Republic of Ireland issued on the 14th July 2014, Financial R¢portin8 Standard 102. and with the Charities Aci 2011. The Trust's banker is the Royal Bank of Scotland. Dir¢¢t Business Banking, 4th Floor l Hardman Boulcvard. Manchester. M3 3AG. The Tnl'S Independent Examiner is J Priestley ACMK CG 24 Scarborough Road, Si. Annes, Lytham St. Annes, Lanwshir¢ FY8 3ES TruJttcJ Commlttre Mrmbrr• Th¢ following were the appointed Trustees of the Furne5s Railway Trust during 2020: K. Brewer J. Dixon J.M. Kay A. Middleton T.D. Owen {chaim) A.M. Rigg D.A. Rimmer N.R. Smith P. van Zeller The above Trustees wer¢ responsible for preparmg and approving this report. Page l of 5
- Objeeifves and Adiyities A summary of the Object and Powers of the Furn¢ss Railway TTUSt is attached as Appendix A at the end of this reix)rL The principal activities of the Fllrn Railway Tnjst IFRT) during 2020 were the acquisition. restoration and operation of histori¢ items of rolling st(Kk. The Trustees worked to address the long t¢rni objective of the establishment of a railway museum, with appropriatc facilities for the display. stora8e and restorntion of rnilway rolling stock and associated equipment. In shaping the Trust's objectives, the Trustee5 gave due consideration to the Charity Commission's guidance on public benefit with the object of advancing education through its work. both in the short and long¢r l¢rni. The Trustees also took into account the need to maximis¢ public accessibility to its assets. some of which are UTkiqU¢ and of major his1ori1 importanK including affordability wherever possible.
- Achievements and PerformAn¢e The two lock downs during the year llSed by the Covid-19 pandemic and the ongoing associated restrictions on businesses and travel severely impaeted on th¢ Trust's a¢tivities and financial p¢rfornanc¢ during 2020. Rolling st(Kk hire. was particularly badly affted with Hunslet'Austerity' O-6-OST locomolive Cumbria being the only steam locomotive from the I'rusV$ fle¢1 to Cam any inMe. being on hire to the Embsay & Bolton Abbey Skam BAilway durin8 2020. Forn]er Great Western Railway O-6-2T ICMotive No. 5643 was transferred to the Trnst's Preston base from Embsay after the end of the first lock down and. with the locomotive hire market being quieL the opportunity was taken to undertake some maintenance work before the locomotive was transferred to the East Lancashire Railway in November, However further Ik dowm restrictions preventd its planned use over the Christmas period. The ten year overhaul ai Preston of Furncss Railway 1mOtIve No. 20, Britain's oldest workin8 stsndard gauge sleam locomotive. inevitably been delayed by the pandemic 8nd th¢ locomotive is not now ¢xpect¢d to steam again until the middle of
- Similarly, the overhaul of PeLkett locomotive (H-OST Caliban has also been delayed but some work on th¢ rnotion. lubrication sys*m and smokebox possible when a¢¢ess was allowed. The long terni restoration of forn)er Great Western Railway 4-6-0 'Hall' class locomotive No. 4979 Wootton Holl continuod. albcit Jlowly¥ with rvoeipt of thv new valv¢s and crossh¢ads and also with fillther woAt b¢in8 h]eVed on the boiler pipework and fittings. The restorntion of the Trnsvs dies¢l shunter 044JDM Fluff h&s continued when Possible with the fabrication of new steelwork for the superstructure being the main task. The Trust¢¢s have approved the sourcing of a replacement engine. the original being considered being trwond repair, and it is hoped that the relaxation of travel restrictions in 2021 will 1St this process. Reduced resources as a result of th¢ pandemic hav¢ in¢vitsbly d¢layed all projects including the Start of the restoration of forn)er Furness Railway IoMotIve No. 25 of 1865 and also the ongoin8 overhaul of Great FAstern Railway Royal sal(K)n No. 5. Throughout the pandeTnic the priority of the TnteeS has been to ensure the safety of th¢ Trnst's volunteer workforce through undertaking statutory risk assessments and implementin8 Covid secure working prdctices. The TCeS are grateful to all the Tru5Vs volunteers for their understanding of the imp)rlan¢e of these measu5 and for their acceptance and adherence to these new Pr(UTes. Page2 of 5
The Trustees conduct an annual Risks and Vulnerabilities Review. The Twst¢es had Previousty identified the need to attract younger volunteers to assist and learn from tts existing ageing volunteer workfor. The pandemic has affected plans in 2020 to use the platfonn of the new shed to achieve this and it is ho that 2021 will enable this iDitiativ¢ to be effected All activities of the Furness Railway Trust are undertaken by volunteers and the Trustees wish to thanks all its hard WOTking memkrs for their supwrt during the diffi¢ult limes experienc¢d during th¢ pandemic. There are no paid aff employed by th¢ TrusL 5. Finanelal Positio Total income. ai £20.988. was well below thal of £72.09] in 2019. In particular Rolling Stock Hire. £1 1.018. was less than a quarter of that achiev in 2019 reflecting th¢ dIl¢U1t timeg experience4J by the leisure market durin8 the pandemic. ReColsing the financial impact that the pand¢mic would h8ve on finances, the Trustees restricted expendIti¢ to that rcquir¢d to progress the overhaul of Furness Railway No. 20 and also to mak¢ b¢sÉ us¢ of the volunteer resources available. The main expenditure therefore was on i)mOtive ReSt0rntio Maintenance and Repairs where a total of £35,604 was exFKnded compared with £40.810 in 2019, mainly arising from the prfrordered crossheads and valvcs for 4979 Woollon Hall and new engine springs for Furnes5 Railway No. 20. Pandemic restrictions meant that there was no D& in¢om¢ from fundrnisin8 activities such as the sales stsnd and from folk group Live Sieam. Overdll, total expendire at £47.699 was £26.711 more than income, reducing net funds by that amount to £500.538. 6. Roservej Pollry The Trusl¢e5 b¢li¢ve thai despite the dilyiculties caused by th¢ pandemic. the Furness Railw&y Trust's current finances continue to be satisfactory. There is an ongoing nced to maintain an appropriate level of reserve to provid¢ for future OV¢Thauls of the Trust's operational I0MOtIveS and coaches. Fundraising will conlinue primarily for this purpose and also to fid the longer terni restoration projects. 7. Looklng Forward.. Covid-19 The third pand¢mi¢ lock down. which started on the 5th January 2021. along with rther ongoing r¢stri¢tions until the middle of 2021 will again hav¢ & detrimentsl eff¢¢t OA the Trusvs fllwlces and expenditure controls will remain in place to ensure that resetves are maintained for firture overhauls whilst allowing a Meu[ed level of progress on key restoration projects. The FRTS Trustees will continue to protect Tntsvs assets, finan¢tt and the health of its volunteer workforce during this challenging period of time. Page 3 of 5
Finally. the Trustees again wish rth their grate1 thanks to membeTS and followers of the FRT for their continued supFKJrt generosity during 2020. The Trustees declare that they have approved the TTUStees' Rew)rt above. Tim Owen Chairm8n 19th April 2021 Neil Smith Se¢r¢l*ry 19th April 2021 Page 4of 5
Appendix A SUMMARY OF OWE AND POWERS The object of the CIO is to establish a railway museum for the benefit of the public and the CIO has power to do anything to fijrther its obirt in particular. the power to.. (a) acquire and preserve railway IC0m0t1V&% railway GqfTiages and other items of rolling strKk and assl8ted equipm¢nt. (b) resto and maintain such items. house them and put them on display. loan or hire them so thai they may b¢ used. if pradicable. and make suitable arrangements for their continued preservation far &8 is w>ssible. (c) sponsor the publicalion of boo articles etc. containing infornlation ab)ut th¢se items and rolling stk and rnilways generally, and otherwise to promote intrrest in these subjects. (d) Procure contributions to the CIO by w50n or WTitten appeal4 public meetings or otherwise. (e) employ and remunerat¢ $uGh staff &8 are CeSsary for carrying out th¢ work of thc cio. (e) buy, tske on lease or in ¢x¢hange. hire or otherwise acquire any property and to maintain 8nd equip it for usc. (g) sell, lease or otherwise di$se of all or any part of the propety belonging to the CIO. (h) borrow money and to charge the whole OT any part of its proF¢rty as security for th¢ repayment of the money borrowed. Page5of 5
FURNESS RAILWAY TRUST RegiBtered Charity No. 1163073 Accounts for the 12 Months Ended 31st December 2020 Statement of Financlal Activities 2020 Unrestrlct•d Fund• 2019 Tatsl Fund• Notes INCOMING RESOURCES Incomlng R•8ourc•• 3 Income and Endo¥wment• from: 4 DonalionslLegaaos and Tax Reco¥•rablo 5 Charitable Adivilies 6 Other Trading A¢tlvltie# 7 Invtsslments Other Total Incomlng R••¢urc•• 9,818 11.018 24,132 46.633 1.071 255 118 20,988 L••• RESOURCES EXPENDED 8 Exwndltur• on: 9 Raising Funds 10 Charitable AdvEle8 11 Governance Totsl Re•ourc•• Exp•nd•d 349 47,132 218 47.699 1,057 53,364 213 54.634 Not Incomel{Exp•ndltur•l 17,457 Tr8n$fers Behveen funds N•t Mtyv•m•nt In Fund• -26.711 R•eon¢lll4tlon ol Fund• Totsl Fund• Brought Fovward 527349 509,792 Total Fund• C*ffl•d Forw•rd 527.24 Page 1
FURNESS RAILWAY TRUST R•glsloY•d ClIty No. 1163073 Notes Balance Sheet as at 31st December 2020 2020 Unmtrictsd Fund• 2019 Total Funds Flxod As80ts: 13 Tangible Assets 14 Heritage Assets Total Fixod A8•018 195.426 106,296 301.722 200,848 106,296 307,144 Curronl A08frt8: 15 Stock 16 Debtors Cash at Bank Cash in Hand Total Curr•nt A88•t• 2,038 6,272 199,367 60 207.737 1,837 59.392 206.932 60 288.221 17 Credltorn: amounts due wthin one yr. N•t Curr•nl A•t$l(LIabl1ltlI 5,3 202,341 45,091 223,130 Total Assets108• Curront Llablllt108 504,063 630,274 17 Credltord: amounts due after one yr. {3.525) {3,0251 Total N•1 A•••ts 500,538 527,249 Fund8 of the Chadty: Total Funds Brought Forward Add Net Incoming Resources Total Fund¥ a¥ at 31.12.2020 527,249 126,7111 509,792 17,457 527 249 rim Chaiman 19th Aprll 2021 N•ll Smlth Secrotsry 19th Aprll 2021 Page 2
FURNESS RAILWAY TRUST Registered Ch#rity No. 1163073 Notes to the Accounts -12 Months Ended 31st December 2020 Note I Bas16 of A¢¢ountlng The accounts are for the frmjrth full year of cw8tK#) of thè Charitable lnrprthed Organi&ition Fume$$ R8ifv4ay Trust 1163073 took over the assets arKI operations of the unincorporated Fumos$ R8ifv4ay Trust Registered Charity 1(M)5211 fmm tho 1st December 2015. The 8c¢ounls have been prepa in C0[danCe the Statement of Recornmended Practice.. Attounling and Reporting by Charib•s pr•paring their ac£ounls in accordance with the Finarrial Reporb'ng Standard applicable in the UK and Republic of Ireland {FRS1021 iSsLd on 16th July 2014, Finanryal Reporfing Slandard 102, and vhth the Chanllss A¢t 2011. The 8c¢ount8 have been prepared on the basis thal th uninc¥ywnled and CIO tharrtses have merged, as defin8d in Ihts Stalemtrnt of Rec¢)mmended Practice. T8¥ aoUnt8 have been prepared und6T the hist(wul o)81 cs)nvenlion with Tlem8 recogni8ed at 81 or Iranadion Val nSS Otherwse statell in th& rel8n1 noteslsl lo these acL4Junts. Th8 Furngss Ra1Y Trust oJnstitLrtes a public ben&fit ontity as d&fined by FRS 102 These aco)unts hav8 been prep8fed on the basls that the FurrSS Ra1Y Trust is a going c¥n¢wn after taking into account the rrent and 8ntiapat&J levels of actNJty. P4rt• 2 Accountlng Pollcy Income In¢orning Re8ource8, thUding grant$, fjf8 a¢rAwntsd fty a receivable basis. Tho balance ol one pr8vioLbsly notified legacy was indud8d in thg 8c£ounts. The valuo of donated goods 18 re0n18• onty on Sale because ofthe PT8ctscalib88 of measuring the value of such good8. Goods donated for ongolng use by Ihg charrty are recognlsetl as tangl8 8888ts and Iluded In tha Slalemenl of Financial Actwrties as ineoming resouces when receivable. The value of any voluntary hdp raVed is not Indud•d In th• a¢o)unts PArt 1$ d•suiW in th¢ Trustees. Annual Raport. Exp•ndlturn Re80urces Expended are 8CCOL#tted for on an accruals ba$ indud• r•¢c£nrtion of Ilabllw 8ri$ing from l•gal or ¢onstruth've OlgaOn which commits the oryJanlSat to expenditure. Cgrt81n 8UPPOrt CO818 {In¥uranc and Printing, St8tionery. Postage) are apporboned betrn 8CtiMbes based, %there pos$ibb. on knry4vn rnsl drlvern. Governance C08ts are shovm soparately for tho purposo of darlty and, rJ)ntrary to thg SORP, not spread across ath"U&s f)e¢aLOe tw 81? d11ftlt to all and are not material in 81ze. Page 3
Tangib and lIx amets for use ty th• crtty A lor¥J temi shed lease. purchased in 2019. ts being dek)re(¥ated on a straight line basis ¢)ver 50 years. A pOrtae building and ftxod safety gear are being depreciated on a str8i9hl line basis over 15 years. ant and Equipment assets KHIrdSlI can be used for more than onè year are c8prtalised and depreuated on a straighl line basis at 8 rate of 25% per annum. Assets purchased after 1st eMber 2015 arn onty opilalised 5ftW >s{ £2C(l or Heritage Assets HerFiage Assets are 5howTJ on the baLinca sht at cost or, In thè c88e of donated items, realisb'c value estimal8d at the timè of donation. An exception has been made Fume$s R8I1w8y No. 20, built 1883. This histon¢ looOI1¥e 1$ unNue. diffic#Jlt to value and is not inc4uded,' there has ten appwmalety £148.(KXI spent on il. The Trust's colleth.on and 05$•1 Policy $lale8 that Ihefe'should b8 a presumpb'on a9alnst diskN)sal.' Grants received of £111.IXQ would potsntially repay&)le il this item wa8 scld. St¢ck3 Stocks aro valued al the lesser of fA>St or rec¥0[ val. O•btor• Debtor8 lindudlrKJ Ir8de debloTS and loans receivable} are m¢a$urwJ M inth.al r•o>3nilion at $ettlem¢nt 8mounl after any trade discounts. SUbs•quY 8r• msUr•j at th8 ¢8sh or other con&doration oxpertod lo b8 roi¥8d. Crndlt¢v* Creditor8 are measured at transath.on prké. Nots3 Analy•l• of In¢om• 2020 Unrn•trl¢t•d Fund• 2019 Totsl Fund• Not• 4 Donatlon• and L•ga¢l•• Don8tion$ and GTfts Legacies Glft Ald Membershlp Subscriptws Total 15.038 1,771 1.443 9,818 4,193 1,543 24,132 Note S Chorotsblg Actlvltb•8 Rolling Stock Hire Book Sales Other Income Total 11,018 46,577 50 46.633 11.018 Not¢ 6 othor Tradlng AcUvttle• Fundraising Sales PredS from Livg Stoom Donated Goods Workwear 333 510 228 Total 35 1,071 Tr4ot¢ 7 Inv••tm•nt Income 8ank Interest ReceNed T¢)tal 118 118 255 255 Oth•r Incom• Totsl Page 4
Note 8 Anaty815 of Expendlture 2020 2019 Unrestiicted Total Funds Fund$ Note 9 Expfrndltur¢ on Rai•ing Funds Sales Goods InsuraTh Printing. Stationery, Postage etc Total 'No¢o 10 Exwndlturg on Chadtablt Actmi Locomotive RestoratK>n Locomotivè RepalrlMainterAnc Coach Restoration Building Maintenan Transport Costs Books Magazine PublicatKJn Insurance Utilitie8 Membership Subscriptions Travelling Expèn3e8 P8rsonal Safety EquilYrnt Wothwear Prfntlng, St81Ionery, Postagé tt¢ D&pr•o8tion of Fixed A88èt8 Total Not• I l Gw•man¢• Co•t• Independent Examination Printlng. Stationary, Postage ts Totsl 303 342 212 857 349 349 23.423 12.181 18.893 22.117 1.111 401 207 17 495 1,731 7C#J 2C(J 335 1,993 323 31 257 6,627 47,132 129 6.445 215 210 218 213 Note 12 Exp?ndltur• D•l•lb• In8uranc8, amountin9 to £2,342 w&$ purdwtsed1£2.074 in 20191 *thich Indude8 property and public li¥billty insurance for certain activitie8 {Induding funds g•neration) und•rtak8n by tho Trust. its Trustees and Members. Th& work of the charty in restoring. Mainta1 and assisting in Ihe 0[tIon of its a88ets is. In the main, carried out by volunteer8 wilh onty s[11$1 adivities ¢))ntraci8d No Staff were empw in either 2020 or 2019. Nc) fee for the Independent Examination of the 2020 accounts has been induded. The c4)Bl Of •xamlnin9 Ihe 2019 accoums was £21) Is Indiiae4 In the 2020 accourns. r4oto 13 T•nglbl• Flx•d A•••t• 2020 2020 2020 Bulldlng kn Roornl Plant & s•1Y E¢rf Equipment 2020 Tolal C081 At 1st January 2019 Addrtions At 31st D8cemb8r 2019 1W.C 10,749 11,472 1,205 12,677 212,221 1.205 213,426 1W.(KKI 10,749 D8pr8clatK Al 1st January 2020 Deweciation At 31st Decomb•r 2020 1.183 716 1,899 6.390 2.111 8,501 11,373 6.627 18.CK)O Net Book Value al 1st January 2020 Net book Value at 31st Dember 2020 Pago 5 186.2(Kl 182.4(M) s.2 4.176 2.848 195.426
Tanglble Flxed Assets IConL) Comparative figures for 2019 2019 2019 2019 Building IAg$8 Rooml Plant & Saf Eqmt EqulFrfnanl 2019 T<l•l Al 1st JanLtary 2019 Addttions Al 31st December 2019 5.119 8,614 203,607 212,221 19).(MXI 7.254 10,749 11,472 Depfedatkn) At 1st January 2019 DepreciatKJn Al 31st December 2019 4,462 1,928 6,3 4.928 6,445 11.373 717 1.183 Not Book Value 81181 January 2019 N•t book Value at 318t Dacwfibgr 2019 3,029 857 5,082 3.688 200.848 186.200 Not¢ 14 Horltagg A•••t4 2020 2020 2020 Oth•r Rdllno Oth•r 2020 Total Al 1st January 2020 AddiltonyJDlsposa18 At 31st Oecember 2020 22.861 3,840 106,296 22.881 3.840 106,298 No deprnclalion ha8 been appllad lo th8 Horrtago AM¢ts. the book valu&8 at 3181 December 2020 are as above Comp8r¥livo figur88 for 2019 2019 2019 2019 Olh•r Rolllng Oth•r 2019 Yotl C08t At 1st January 2018 AdditionslDisposals Al 31$t December 2018 22.861 1C6.298 22.861 108.298 FI Y•ar Swnmary of H¢rltsy A••et Tr•nM¢tion A kncomolive, valued at £20,¢XQ, VAS donated in 2017. A coach was disp08ed of during 2017 wrth a gain of£20.833 There h8ve been no other purchases. donathins. disposals or impaimienis to Henlw Assets durln9 the18st fNè years. Page 6
Note 15 Stocks 2019 Charitable A¢tMlie8 Opening Added In Peritrx EXperd in Period Closing Olher Trading Adi¥iti88 Opening Add¢<l in PerA)d Eypen8ed in Pericl ClosiThJ 17 1.659 472 303 1,828 232 31 2,030 Totsl Closlng Stock Th18 yr Total Closing Stock Prn¥lou8 Ymr 2.039 1.837 1.837 1,686 Iyots 16 Analy•l• ol 0obt¢rn 2019 Tr8d• D•blo Prepayments and Accrued Inwng Other Debtor8 2,143 2.392 1.737 6.272 16.608 1,751 41.033 59,392 Tot•1 Not¢ 17 Cr•dlt¢rn and A¢¢nMI• Analy818 of Cr•dtorn Amounts F•lllng Du• Wlthln On• Y•ar 2020 2019 Amounts Falllng Du• Aftor On• Year 2020 2019 Trad8 Creditors A%xfu818 & Deferred Income Other Creditors 3.854 3,059 45,091 T<>tl 2,899 3.025 iyoée 18 D•f•rr•d Incomg Income was deferred in resFd of some membership subwbon8 wgre pfjid in advance and also a vehide hi fee which covered fir1 years. Movement In D•f•rr•d Income xount 2020 M•mbw8hlp Subscrtptlon• 2019 V•hlcle Member•hip Vehicl• Hlrn Sub¥¢riptlon• Hlr• Balance at the Start ofthe ReporliThJ Pen1 Amounts Added in Current Peri(Kl Amounts Rdea8ed lo Incorre from Prev Pwiod8 Balance at End of Repyting Period 625 747 3.525 472 3,430 825
Nots 19 Charity Fund• Dolails of Mo¥•monts In Fund• In 2020 Balance * 01.01.2020 Inco Balance at Exp•ndltsrn Tr•n•frn 31.12.2020 Purpo•o Restricted Fund• Shed Apal New 5h•J at Prost Total R8strlcted Funds Unrnstricted Funds Wootton H•H Lrtcfn¢Ai¥è ro8knrhJn 4.923 2,912 4.746 1.3C() 1.468 1.237 11.863 488.875 500,538 5.153 FR2S Fluir NLR Brake Caffwgo restorntyon Tolol Deslgn8l¢d Funds Total Non Designated Fur Totsl urt¢t•d Fund• 178 1.238 9,759 517,490 527.249 6.467 14,522 20,989 43,137 47,699 Totsl All Fund• 527.249 20.989 47,699 1500,538 D•talh of Movem•nts Sn Fund• In 2019 Balanc• at 01.01.2019 In¢¢m• Balance at ExwditiJr• Trnn•fern 31.12.2019 Re•trictod Fund• Shad Appo•1 shed At Pr•thin Total R••trlet•d Fund• UnreBtrl¢tsd Fund Wwtton H811 Locomotiw r•storAth)n C8lib8n Locwnotw reitorAtlon FR25 Locomotiw r•8toratJn UM Locmiotivo restora) NLR Br4ke C•rrfa9O mtNatltsn Total Deslgnat¢d Fund$ Tot81 Non Degnated Fund8 Totsl Unr••trlct•d Fund• 33.073 33,073 .073 33.073 10,OS7 5.785 18.581 1.085 1,432 5,153 1,040 896 1.238 9,759 517.490 527,249 1,148 252 1.238 17.080 459.839 476.719 13,177 58.914 72.091 20.498 34,136 54,034 33.073 33,073 Total All Fund• 509.792 71091 54.634 627,249 Tr•n8forn B•tw•on Fund• The Shed Appeal.. £33,073 was transfeired from Restricted Funds to Unr8stnctad Funds in 2019 upon aGqulslllgn of a lease ftJT Ihe new 5hE(l ai Pie5wn. The Tru51ees havo 99rggo 1grm8 of Ing app8al hav¥ begn met 80 alh7Mng tho ¢arty to use tho 888et on an unre8trlcted basis for 8rry c41•rTtable purpose. Note 20 Trnn•actlen• wlth Trust and R•latsd Partl•• None of the trustees have btsn paid any remuneTation or reeeNed any othef beneffts. No Iravelling expenses were paid in 2020.one Trustee was pahj ¥ totsl of £335 for travel oxpM8•¥ in 2019. Page 8
Independent Examinerfs Report to the Trustees of the Fumess Railway Trust R•gl8tored Chaiity No. 1163073 I report on the accounts ofthe Trust 12 months end 31st Dacmb¥ 2020, vthid) ar• oul on pages 1 to 7. Rtive Responslblllti•# of Tnrtt•4• and Examln•r Th& charws trusts8s arg respwsltrje ftytho pryrakn oftr• alnIs. The charitys trustees considerlhol an audit is not requi for this pericJ under Section 144 of the Charrtles Act 2011 Ohe Charitm Act) and that an IndeFen examinalion 18 ldl. 1118 my re8pon$lWllty to., examine the accounts under se(thn 145 ofthe Ch81ille8 A to follow th& pr0¢4(lur¢8 lakl down In t G•rwal olr8cliw glvM ty Ihg Crity C(vnmission (under 8tetiion 145(5llb} of the Chaiities ACL . to $late vthether particular m8tt•rs ho c4)m to my ottentk>n 8a•l• of Indwnd•nt Exarnln•rf• Statom•nt My examinallion was Carried out In acccfdance vthh Gera1 Diredion8 gNen by thg Charity Commission. An eXamina.0n indudes a r•vi•w of the Accounting records kept by the (81ity 8nd a comparison of the o¢¢ount8 pr88ant•d wlth tho8• record$. 11 also Indud88 consideration of any unusual items or di8d05UTe8 in the accounts. 8nd seeking explanatsons from the Iwstso$ ¢ormIng any sych maltors. Thg PTocedur88 undertaken do not provide 011 the ewdence Ihat be required in an audit. and consequenly no ownion 18 given as lo wh•th•r th a¢¢ount8 plnt a Iru• and fai¢ Yk and the report is Ilmlted to those matters set w¢ In the slatomenl belrw. Ind•p•nd•nt Examln•¢• Sl•t•m•nt In nnectIOn wth my examinatbn. no matter has to my ¥ttontkn.' Which giv$ me rettucfjab ¢au8• to b1 that In. any maknial respec. the wuirements.. lo ktsp •ccounbng records M) ac¢ord•rK %bryth w¢)n 130 of tho Chafilia8 Act". and . to wepare accounts accord W1h the (1)Untg rec¥)rd8 and tr)mpty th* accounting requirements of th& Ch8riJ88 Act., not bewn mgt. or 121 to which. In my opinion. att•ntlon st• be dravm in OTder to enabkn a Fwr und•rntarKling of the accounts lo b& reach. 10th Klay 2021 P&Je 9