:KlJ.Ii' FURNESS RAILWAY TRUST Regtstered Charlty No. 1163OT3 2023 Trustees, Annual Report and Aecount.s FURNESS RAILWAY TRUST (Registered Charity No. 1163OT3) Address for correspondence: Meadowside, 105, Station Road, Cark-in-cartmel, Grange-over-sands, Cumbria I￿17Ny Annual Report of the Trnstees for 2023 The busine&s of the Furne&s RaIlwayTn￿t, a Charitable Incorporated Organisation (Cto). is Managed by Th￿eeS in accordance with a COr￿titUtion approved by the Charity Commission. The Chainnan is ￿spOnSIble for C(KJrdinating the day to day management of the affairs of the ThLSt. One third of the Trustees retire at each Annual General Meeting, in accordance with the constitution. A briefing d￿urneDt is given to new Trustees, which outlines the history of the Thist and its current obligations. The document also detsils the r￿pOnsIbilItieS of Trustees as defined by the Charity Commission. The Tntstees meet on a number of (￿SlOn$ throughout the year in order to manage the TTh￿t'S affairs and to agree required cours08 of action. The aceounts (finaTtcial statements) have been prepared in accordance with the Statement of Recommended Practi￿. Accounting and Reporting by Charities preparing their aecounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Financial Reporting Standan 102, effective from iji January 2019, and with the Charities Act 2011. The Trust's banker is The e￿OperatiVe Banl PO Box 250, Southway, SkelTnersdale WN8 6￿. Savings ac(x)unts are is also held with the Furness Building Society, Emlyn Hushes House, Abbey Road, BarriJw-in-Furness, 4 5PQ, and the Nationwide Building Society, Kings Park Road, Moulton ParL Northampton, TrIN3 6NW. Th0 Tru8t'8 Independent Examiner 18 J. PriÉ8tlÈy ACMA, cc￿ 24 Scarborough Roa(L SL Annes. Lytham SL Annes, ianeashire FY8 3ES The following were the apw)inted Thjstees ofthe Furn￿ Railway Trust during 2023: P. Balshaw Brewer J. Dixon J.M. Kay Middleton S. Middleton T.D. Owen (Chairnian) M. Rigg N.IL Smith P. van Z*ller The aly)ve Tr￿￿teeS were r￿[m)ns11 )le for preparing and approving this report. Page l of 4 A summary of the Object and PoweTS of the Furne&s Railway TrLL8t is attached as Appendix A at the end of this Teport. The principal activities of the Furnoss Rallway Trust (FRT) during 2023 were the acquisitio￿ r￿tO￿tiOn and operation of historie itenL8 of rolling st(￿k The T￿￿teeS worked to addr￿ the long tern] objective of the establishment of a railway museurll, with appropriate faciliti&s for the display, storage and restoration of railway rolling st(￿k and a￿CIated equipment. In shaping the TrL￿t'S objectives the Trustees gave due consideration to the Charity Conllniwon's guidance on public benefit with the object of advancing education through its work, both in the short and longer tenn. The Trustee8 also t￿k into acLY)unt the need to Maxin￿ public acco￿]b]lity to its &ssets, some of which are unique and of major historieal imp)rtanee, including affordability wherever rK>ssible. 4. Achievements and Performance 2023 proved to be yet another busy year for the Furness Railway Trust. Its h￿torie FUrn￿S R2ilway 0-4-0 I<￿0m0tive No. 20 of 1863, which is Britain's oldest working standard gauge steam locomotive, made a very sueeessful visit to new audiences at the DidLxJt Raijyray Centre in Oxfordshire followed by a period of operation at Blaenavon's Heritage Railway in south east Wales. At Blaenavon, FR 20 was able to take i*ntre stage in the Railway's 40 Anniversary Celebrations as well as its Autumn Steam Gala. The locomotive also steamed at its home base of the Ribble Steam Railway. The Trust's other operdtional locornotive, Hunslet'Austerity' o-6-osf locomotive, c￿Mbria, was on hire to the Embsay & Bolton Ablxy SteaLn Rail￿aY where it steamed on 62 oc'casions during 2023. The Thist's volunteers were kept busy at its Preston base with the ten year overhaul of Great Western Railway O-6-2T locomotive No. 5643. The engine, which last ran on the 2th December 2022. quickly became a kit of parts as the cab, tank8 and boiler were removed to facilitate I￿pectIOn and repairs. All the stripped components are being cleaned, repainted and put into store ready for refitting at the appropriate time. The ehassis has also been lifted in order that a wheelset can be sent away for its tyres to be reprofiled. It is difficult to convey in these short words the large amount of time and effort that has already been put into this projeet by Trust volunteers. The restoration of Great Western Railway 4-6-0 'Hall' cl&ss locomotive No. 4979 Wootton Hall has ineNitably taken a baek seat whilst work is foeussed on No. 5643. however, it has been possible to acquire some key components, including a new driver's brake valve and a second hand coupling rod which help to take the project fonyard. Work has also continued on refurbishing the tender tank One of the hig￿ights of 2023 was the return to operational use of Great Fastern RailHTry royal saloonNo. 5 of 1898 wbicb had been the subject of extensive restoration bYTrl￿ members at Preston. The work included repairs to internxl w(MxlworK including the fl(x>r, re-upholstery of internal panels and furniture, installation of new lighting and a new kitchen. The coach re- entered SeThi￿ at the Ribble Steam RailWa￿S Autumn Steam Gala and proved to be hugely tK)pular, being fully bLM)ked on both days. Work has continued on the restoration of Peckett 0-4-oSTlocomotive Coliban, although there was a big disaptK)intment when a prof￿1Onal FK)iler examination revealed that the inner firebox had little life lefL The Trustees will need to Consider the Options open to them for taknns forward this project in 2024. Page 2 of 4 ally. as predicted in last year's rep)rt, the restordtion of former Furn Railway l¢xomotiveNo. 25 of 1865 klas akn had to be delayed whilst resources are committed to other projects and signifi(xnt progress on this projeet is unlikely to take pla￿ in the immediate futu The Trustees, annual Risks and Vulnerabilities Review continues to identify the need to attract more volunteers and the Trustees endeavour to grow the Trust's workforce. All activities of the Fllrn￿ Railway TnLSt are undertaken by volunteers. There are no paid stsff employed by the ThLsL 5. Financial Position Totsl ineome. at £54.901, was slightly down on that for 2022 (£58,737) refiecting the withdrawal fron] traffic of1(￿motive No. 5643. which reduced locomotive hire income by nearly 25 (Ynt to £37.438. However, this anticipated shortfall was partly made up by an increase in donations and Gift Aid which rose by over 60% to £10,549. Expenditure OD Charitable Activities rose slightly with locomotive repairs and restoration together with coach Testoration aecounting for the majority of outgoin&s. Further significant expenditure on lowmotive repairs is to be expected in 2024 as the overhaul of the near ￿ntury old No. 5643 re￿iVeS thorough overhaul. This will require specialist engineering work in some areas. Insurance. at £4,336, has risen notsbly induding the need to insure 5643 whi]st under repair. Net current assets rose s]ighdy during the year from £239,230 to £249.195 which puts the in a good tK)sition to be able to fund the ongoing repair of locomotive 5643 as well as other projects. With interest rates having risen in recent times the Trustees opted to open a second savings account resulting in a significant increase ITh bank interest r￿1Ved from £776 to £4.401. The extended hire of Furness Railway locomotive No. 20 during 2023 was the key reason for travelling eX￿nSeS of £1,325 being incurred. all of which was Gift Aided back to the Th]sL 6. Reserves Policy The Th￿teeS believe that the Furne&8 Railway Trust's current finances continue to be satisfactory. There is an on80in8 need to maintain an appTopriate level of reserves to provide for future overhauls of the Trust's operational I{￿o￿OtiveS and coaches. FundTaisin8 will continue primarily for this purFK)se and also to fund the longer terni restoration projects. The FRT continues to be heavily reliant u￿n its volunteer workforce to operate and to progress projects. Once again. the Truste￿ wish to thank all members and follower5 of the FRT for their continued supwrt and generosity during 2023. The ThJstee8 dedare that they have appD)￿l the Th￿e&s, Report alx)ve. KUkkoiA11 Tim Owen Neil Sniith 26tIL February 2024 26th February 2024 Page 3 of 4 Appendix A The object of the CIO is to establish a railwdy mweum for the benefit of the public and the CIO has power to do anything to further its obiecL in particular, the wwer to.. (a) aequire and preserrfe Tailway locomotiv￿, railway carriages and other itenLS of rolling stock and a&80ciated equipmenL (b) restore and maintain such items. hO￿e them and put them on display. loan or hire them so that they may be used, if practicable. and make suitable anangements for their continued preservation as far as is p)ssible, (c) stM)nsor the publication of books, articles etc. containing information alx)ut these items and rolling stock and railways generally, and otherwise to promote interest in these subjeet& (d) Procure contributions to the CIO by Fersonal or written appeals, pub]ic meetings or otherwise. (e) employ and remunerate such staff as are nece&w for carrying Out the work of the CIO. (e) buy, take on lease or in exchange, hire or otherwise aequire any property and to maintain and equip it for use. (g) sell, lease or otherwise dispw of all or any part of the propertybelonging to the CIO. (h) borrow money and to charge the whole or any part of its property as security for the repayment of the Lnoney borrow Page 4 of 4 FURNESS RAILWAY TRUST RegiSt•r•d C￿rity No. 1163073 Accounts for the 12 Months Ended 31st December 2023 Statement of Financial Actlvities 2023 2022 Unrn•trlcted Unrn8trlet•d Fund• Fund• Note8 INCOMING RESOURCES Inoomlng R••ourc•• 3 In¢om• *nd End4)￿*nts from.. 4 DonatiOnwL￿aues and Tax RecoN*r•bk S Ch81itsW Activiti¥$ 6 Other Trading 7 In￿alMentS Oth8f TotAI Incomlng R••ow¢ 11,902 37,438 1,160 4,401 7,943 49.400 597 776 21 68,737 L••• RESOURCES EXPENDeD 8 Exp•ndltyr• on: 9 Ral$ing Fund$ 10 Charitablo Actlvl 11 Governance Tot•1 Rmour￿• Exp•nd•d 318 49.466 369 50,153 129 46,592 271 46,992 N•t Inc￿)*1(Explnd6turnl 4,748 11,745 Transfers B•ts4*en funds N•t M¢w•rn•nt In Ftsrtd• 4,748 R•eon¢lllatlon ol Fund Tot•1 Fund• Brough¢ Forn•vd 626.118 514,373 T¢)tal Fund• C•rrt•d Fonv•rd Pw1 FURNESS RAILWAY TRUST R•gl8tered C￿rIty No. 1163073 Notes Balance Sheet as at 31st December 2023 2023 2022 Unl￿tr1¢tod Unrn•trict•d Fund• Fund8 Flxed AsGOts: 13 Tanglble Assets 14 Herrtage Assets Total Flx•d A•••ts 178.066 106,296 183,161 106,296 Curront A8ut•: 15 Stock 18 Debtors Cash al Bank Cash in Hand Total Curront A•s•ts 11.011 8,610 234.461 11.331 22,450 218,032 60 251873 254,142 17 Cr•dltors: amounts due wrthin one yr. Net Curr•nl A¥••t•llLlablllilMI 4.947 249,195 12,643 239,230 Total AM•l81o8• Curr•nt Ll•bllltl•• 533.667 628,687 17 CrndltOV8: 8munts due after one yr. (2.691) {2,569) Total Not A••ets 526 118 Fund8 of Iho Ch•rlty: Total Funds Brought Forward Add Net Incoming Resources Total Fund8 a• at 31.12.2023 526,118 4,748 514.373 11.745 530 866 526 118 TIM Ow•n Chalmian 26th February 2024 N•il Smlth S•¢r•t•ry 26th Febnmry Page 2 FURNESS RAILWAY TRUST Regts¢tred Charity 1163073 Notes to the Accounts -12 PAonths Ended 31st December 2023 Note I Bas18 of kcounting Thè a(xxunts are for the e￿hth full yw ofoporaloon ofthe nwA* ch81llab￿ IncaypoTth lknnisabon Fumes8 Raifvlay Tru811183073 t￿k over the a&8ets and okwatiws of the unincorporat8d Fumess Rai￿aY Trust Register￿ Charity 1Crf)5211 from th8 1st DKomber 2015. The accounts have been prépa￿￿ In 8ceordanc4 %Mth the Ststement of Recommended Praclice". ACCOUn￿ng and Reporting by charit￿ preporirwJ their ￿3)Unts in accordance with the Finanaal Rgwfjng StaThJard 8ppluble in the UK and of IrelaThJ IFRS1021 effec*ve from 1st J8nu8ry 2019, Finonoal Rewting slanda￿ 102. arKI the Chartt6•s Ad 2011. Tha arLounts have been Prepared on th& b8$18 that the unincx>rporatsd CIO thantw hgve morged, as defflnod In the Statement of R•cwimondwJ Practice. These accounts have been prnpaI￿ uThJ&r ￿ hi8torThl cost cTh)bwtk>n with Item8 r•coqnJ$od al CO81 or trana¢1￿￿ value unless Oth9￿1* stated in the r•l8vanl nots818) lo thes• accounts. The Fume88 Raihmy Trust c¢n8titute8 a public benefft entity as d&fined by FRS 102 These o¢¢ourts have bean prepared on the basis that th& Fum8s8 Railway Trust Is 8 goln9 cOr￿M after taklng into &wJunt ￿ CLvr•rt #nd antti'Wed18vels of actfvtty. Note 2 Accountlng Pollcy Ineomo Incomlng Resour¢e$, Induding grants. •r• acoyjntsd for on a rgcavablo ba818. The value of donated goods 1$ rK4ni8ed onty on sal• b•cau80 ofthe practlc411ti•8 of moa8uring the valug of 8u¢h goods. Good3 donatsd for ongoing use by the ch8nty are r•ccsnlsed as tangl￿$ 0880ts and IndLKlgd In th• St8lemenl of Flnanci81 Activrtie3 a8 incomin9 resourc*8 vrt￿n rec•Nabh. Tr value of any volunlary halp I￿6Ved19 not Indud￿j In th• acc¢unts but Is descriw In th& Tru$lees' Annual RewL Exp•ndltur• Re8ouT￿S Expend•d aTe accounted for on an oo>uaLs and Ir￿Ude recognition of liat4lilla• arising from legal or conslrudNe obligation whith comm6ts th& Ixgani68t￿ lo exF4nditure. Certain $upporl tsxts (Insuran￿ ¥nd Printing. Stati¢)n8ry. Postsge) are apportionad bèfvrten 8CtWie8 based. vthern po￿1￿¢, on knovm c(￿1 thvws. GovemarKe Costs are shown waratety kn the purp08e ofdarty aThJ. Cg)ntrary to the SORP. noi spread acros$ O¢b¥ities because they ar• drffi￿￿ tt> akcate and ma￿la1 in 8iZ•. Page 3 TangilAe and Ilx•d aJ•et8 for UB• by th• ch•rlty A long temi shed lea8e, puichased in 2019. is b*"ng dep￿iated cffl a straght b8sl$ over 50 years. A portable building and fixed safety gear are t*rvJ dewedaled on a 3trab3ht line basis over 15 years. P*nl and Equipment assets purtha8ed ¥thich can be used for more than one year are Ca￿11$￿(1 and deprerAated on a straight line basis at a rate of 25% pw annum. Assets purchased after 1st Dec*r￿ 2015 orty (¥&I1￿168d rfthey cosl £2fAJ or more. Horftagfr AB8et8 Heritagé As8et8 are shown on th• bala1￿ sheet at ¢x*t or. in tha casè of donated ilem•, a re￿￿$ti¢ v¥lue estimated at thè b.mo ol donati￿. An exception has baaft m&de trjr Fumess Raiw No. 20. bLalt 1883. This historic locnmtive 1$ Un￿￿, to value and is not induded., there ha8 bèèn appro>imatety £148.(￿ spent on rt. The Trusfs Coll¢¢tiL)n and Di4)03al Poll¢y States that there"shoukl ￿ a preSuMFrti￿ aw8t t*8posAI.' Grants rec8Ned of £111,OCK) would potantially b• r•payabk rfthi8 item wa$ 8dd. stock• Stocks are valued at tho le￿•T ol (>)8t OT ro￿ver¥ble ¥0￿8. D•btor• Dèbtors linduding trade d•btors and h)an$ r•¢otr¥aWel are m8a8ured on inrfol rwnNlon at 88tttem8nt amount aft•r any trad& dlscounts. Sub8equty Ihey ore al the c8sh or other corb8ideration expeded to b• re¢•fved. Cr•dltorn Cr•ditor8 •rn moasured at tran8aclMJ) fv. ot•3 Anaty8h of In¢om• 2023 2022 Unrn•trl¢t•d Unrn•trl¢t•d Fund• Fund• Nots4 Don•t10￿ and L•g•¢l•• Donations arbd Grft8 L•ga¢ie$ Gift Ald Membership Subwpts'ons Total 8.338 5,327 2.213 1,353 11.902 1,213 1,403 7.943 Ch•rttsbl• Actlvltkn• Rolling Stock Hire 8ook Sale8 Other Iri¢om• Tot•1 37.438 49.4C¥) 49.400 Not¢ 6 oth•r Trndlng A¢tlvNI Fundraising S8les Proceeds from Live Stsam Dongled Goods 371 178 230 110 81 597 236 353 1.180 T¢)tal Plote 7 Inve8tm•nt In¢om• Bank Inter•st Received T¢)tal 4401 776 776 Oth•r Incom• Totsl 21 21 Nolt 8 Anaty818 of Expendtturfr 2023 2022 Unmtricted Unrestrfel•d Funds Fund8 Note 9 Exp•ndltyrn on Ral8lng Fun Sales Goc¥J$ Insuran(* 20 129 T¢)t•l 318 Nots 10 Exp9ndI￿re on Ch•rtlabl• Actlvl¢l Locomotivfj R881oratH)n Lo¢omotNe R4)olrNalntena Coach Rè8toratKJn Bulldlng Maintenanc• TransportJCrane8ge Costs Magazin8 Publication Insuranr 10.529 18,1 4,869 532 750 1,010 4,278 5.513 25.244 250 915 2,294 2.051 meM￿r$haP Sub8Crtplon8 Travelling Exwn Pernonal Safety Equlpmw Work￿¥r PrinliThJ. Stalion•ry, Postage •t¢ Depr8ciatlon ol Flxed Assets Totsl IYot• 11 Gov•m4n¢• Co•ts Ind8pendenl Examinati Pylnting. Stationery. PoBtagg etc Total 170 73 225 249 232 6,59) 46,592 240 129 369 220 51 271 Not• 11 Exp•ndltur• D•tall• Insuranc4. 8mountlng to £4.336 puro)aMd {£2.314 In 20211 Indud88 prop•ty and publk Ilabllty in8uran¢e for certain activlll•8 (Induding funds 9•￿1•110n) urKlertaken ty th¢ Trust, its TnJst••$ and M6mt4rn. Tho work of the charty in ￿510n￿g, mainlainlng and 888istlng In the operalion of b 8688ts is, in the main, Carried oirt by volunteors wlh onty sp￿alist a¢tivibe8 conlr8Cted out. No fytaff wore emplO￿d In either 2023 or 2022. No f80 fo¥ the IndeF4ndenl Examlnation of the 2023 acC￿ntS has be•n indudèd. The o)st of examinlng th¢ 2022 aco)unis w•$ £240 i8 Ir￿￿ded in th• 2023 8ccr)unl8. Note 13 T•ngSbl• Flx•d A•••l¥ 2023 2023 2023 gulldlng Rooft ant& E4nt Equlpm•*rt 2023 Total Cost At 181 J¥nuary ￿23 Addilions/DIspo8818 Al 3181 December 2023 19).(Xrf) 10,749 12.778 213,525 19J,LKrf) 10.749 12.776 213.$2S D¥preciation At 1st January 2023 D6pr8ciatK Le88 Depreciation on Disposal Al 31st Decsmber 2023 15.2C*I 11,832 578 717 5,(rds 19.( 4,049 12,410 35,459 Net Book Value at 1st Januwy 2023 Not book Valu8 at 31st Dècember 2023 174. 171.Cil) 7.417 8,700 183,181 178,C66 Pw5 Tanglble Flxed Assgts IConL) ComparatNe figures for 2022 2022 2022 Ildlng M•s* Rooml Plart & Sal* Ewi Equlw•nt 2022 Total At 181 January 2022 Additions Al 31st DeC•m￿r 2¢T 14),(MXI 10.749 12,678 1C() 12,776 213.425 16K1.(￿o 10.749 213.525 Deprec1811on At 1st January 2022 Deprrfiallon Le￿ DepredaltM on Di8posal At 31$1 D￿mber 2022 11,400 2.616 718 10,389 2.073 -630 11.832 24,405 6,589 430 15.2 Net Book V81ue 8118t January 2022 Net Book Value at 31 st December 2022 178.eLXI 174.8 8,133 7,417 2,287 189.020 183.161 Nots 14 H•rftag• AM•t• 2023 2023 2023 Ollw RolllNJ Oth•r 8ioBk 2023 T<>t•l Co8t Al 1st January 2023 AdditionsffjiBpo8al8 Al 31$1 D•comb8r 2023 22.861 3,840 1C6,298 22,e81 1Ce,296 No dgpr•datlon has boen applknd to tho H•ritage A8881s. Thereforn thè bc*Jk valu88 Ot 318t D•comber 3are as above. Compar4tlve figums for 2022 2022 2022 Olh•r RolllThJ 2022 2022 Totsl C￿1 Al 1st January 2022 AddilionslDispo¥818 At 318t D8cembaT 2022 22.861 108,298 22.861 108.208 FI￿ YMr Swnmary ol H•rttsg• A•••t Trnnmctlo Thgre h8ve been no purcho8M. ¢J(*wtrrt. dispos#l8 cff imw'm￿￿* to Heritage Assots during Iht last Ibve years. Page 6 15 Stocks 2023 Stock 2022 char[tati￿ pth[t￿8. Books Openlng Added in PwK*J Expensed in Per Cbsing Cther Tradlng ActNi1￿$ Opening Add8d In Period Expen8ed In P*N)d Closing Total Ck*lng S•1•• 8to¢k Thi¥ ymr Add Stocks ¢1 Stor•• Tot•1 Stock• Total Clo•lng Stock Pr•vlou• Y••r 1,710 1.839 89 218 1.710 1.389 1.398 9.612 11,010 11.331 1,719 9,612 11,331 16 An11￿1* of D•btor• 2023 2022 Tr8de Debtorn Prepaymen18 and Accrued Incom• Other Deblorjj 18.480 2,1 1,774 22,450 2.207 8,610 Tot•1 Not¢ 17 Cr•dltorn and A¢¢￿￿ AN1￿￿9 of Cr•dtorn Amounts F*lllng Du• Wlthln On• Y••r 2023 Amount• F•lllng Duo After On• Yoar 2023 2022 2022 Trad• Credltors Accruals & Deferr•d Incom• other Credttors 3.787 5.283 595 8,765 12,643 2.691 2,569 Totsl 4.947 Nots 18 0oferr•d In¢om• Inco￿ was d•fwred In rg8P•Ct of #erfn¢ memtershq) sub6aipkns *•re paid in advance 2023 2022 IA•mbmhlp Vehlcl• lemb•rnhlp SulA¢rlplS0rn Hlr• Subscriptlons V•hicle Hlr• Balance at the Stsrt of the Rewting P*iod Amounts Added in CuThent PeriTrJ Amounts Rèleased to Income from Pm P￿10d8 Balanc8 81 End of Reporting 3.104 1.125 3,282 329 810 3.164 329 3,489 P8g¢ 7 Note 19 Charfty FuThJ• Detaih of Movements In Fund• in 2023 Bal•n¢• at 01.01.2023 In¢¢mo Balane• at EXpendI￿rn Trnnjtsrn 31.12.2023 Re•trlcted Funds Total Ro*tr1¢t￿ Fund• Unrestrlcted Fund• 1.413 C81thn FR25 L0rAffiot￿8 restorat￿n 5,580 LownolNe restoratb)n NLR Br8kg C4rrwge restoration rotal Des¢gnated Fund8 Total Non Des•Jnated Funds Total Unrn8thct•d Funds 1,493 1.237 9.680 S16,458 526.118 420 1,073 1,237 8,570 522,296 530,886 1.413 53.4B8 54,901 2.503 47.650 $0,153 Totsl All Fund• 528.118 ¥901 50,153 1530,866 D•t•ll• of AlOv￿￿•nts In Fund• In 2022 8alanc• at 01.01.2022 Incom• Balan¢• at ExP•nd1￿rn TrnMf•rn 31.12.2022 R••trl¢t•d Fund• Total RMtrlet•d Fund• Unre8trfctsd Fund• Calilth Locwnthe re8tornlKn FR25 Fluff NLR Brnk• Carrkqge rn8torA Tol81 Designated Fund8 Total Non De$KJn8t•d Funds Total Unmtrlct•d Fund• 5.580 620 1.493 1.237 9.660 504.713 514,373 420 1,073 1,237 8,570 517,548 526,118 1,413 57.234 58,737 44.489 46.992 Totsl All Fund• 514,373 58.737 46.992 826,118 Note 20 Transactlon• whh •nd R•l•t•d ￿rtI•l None oflhe Iruslees have teen paid any remuner8tk¥n rs recthed 8ny other benefits. Two trustees were paid a total of £1,325 for travel expensos in 2023. Pa98 8 Independent Examinerfs Report to the Trustees of the Fumess Railway Trust o9i•tsr•d Charity No. 1163073 I report on the a¢o)unts of th¢ Tfustforthe 12 monlh8 ended 31st DeC￿lber 2023. are Set oul on pages 110 7. R6•p•cttv• R8•pon•lblllU•• of Tru8tM• and Examln•r Thg chartty'8 tru8teos are responsible for tha prgparation of the ¥xtsJnts. The chantys trustses consKJer that an audit is not rwuired forthi8 period ut)d&r gecknon 144 ofth• Charflies Act 2011 {th8 Charilies Act) 8nd that an independent examinatim is needefj. It Is my Te8￿81b11ty to.. examin8 th• a￿)Unts under ￿ti)n 145 of the C￿rill$S A to ft)Ilow the proca)rd8nce wott) GenoT81 tXrecll￿S given by the Chaiity Commlsslon. An examlnallon indude8 a review of the aecounting r•o)Td¥ kept by lh• ¢harity and a ¢ompartson ofth ac(x)unt8 pf•8f*nt¢d with those i•¢ord8. 11 d80 Trndud￿ o)n8ideration of any unu8ual It8m• or di8d08ure8 in thè accounts, and 888kn.ng e¥planation8 from the trpJBtees conc&mlng any 8uth Matt￿6. Th* procedures undertakon do not pro￿de all th• ¢wdence that ￿￿Uld b& required in on audtt. and consequently no opinion 18 g￿n as lo vth8th8r the accounts pre••nt a Yru• and fairf view and the report l• limited lo th08& matters OLrt in tha 8tatsm8nl ￿￿w. Ind•p•nd•nt Ex•mln•rf• Stthtom•nt In connfj¢tion wlh my examlnation. no matter ha$ com• to my atten11￿.. Whl¢h glves me rea80ft8ble cause lo bfjli•¥e that in. any mal•ri81 re8r•cL thè requKemonts.' . to kgap occounfjng records In S￿￿On 130 of Ihe Chalill￿ Ad: and . to prep9￿ account8 accord th the aczountiry r•c4)rds and caJm￿ ￿1th th& accounting roqurèments ofthe Charitias have not been maL or p) to whith, in ry opinion. alt•￿"c￿ Sh￿Id be dravm in ordwto ¢nabl6 a prwr uTraor8tanding ofthe acrK)unts to bs reach￿. Namo: J. PrieSt￿Y ACMA. CGMA 24. Scarborwgh Rogd, St. Annes. Lytham SL Annes. LarThshlre FY8 3ES Page 9