FURNESS RAILWAY TRUST Regstered Charlty No. 1163OT3 2024 Trustees, Annual Report and Accounts
FURNESS RAILWAY TRUST (Registered Clwity No. 1163OT3) AddTe&8 for correspondence: Meadowside, 105, Station Road. Cark-in-cartmel. Grange-over-sands, Cumbria I17Ny Annual Report of the Trustees for 2024 i. Governance and Admirikntion The business of the Furness Railway a Charitable Incorporated Organisatioll (CIO), is Managed by Ththes in accordance with a COtitution approved by the Charity Commission. The Chairnian is responsible for coordinating the day to day management of the affairs of the Trust. One third of the Trustees retire at each Annual General Meeting. in accordance with the constitution. A briefing dUment is given to new Trustees, ithich outlines the history of the Trust and its eurrent obligations. The document also details the reSn8]b]I1ti of Trustees as defined by the Charity Commission. The Trustees meet on a numlxr of (wsions throughout the year in order to manage the Trust's affairs and to agree requirnl courses of action. The accounts (financial statemenLs) have been prepared in accordance with the Statement of Recommended Practiee: Accounting and RetKJrting by Charities preparing their accounts in accordanLE with thc Financial Reporting Standard applicable in the UK and Republic of Financial Reporting Standard 102, effective from ist.January 2019, and with the Charities Act 2011. The Trust's banker is The Co-operative Bank, PO Box 250, Southway, Skelmersdale WN8 6T. Savin&s accounts are is also held with the Furne&8 Building kniety, Emlyn Hughes House, Abbey Road, Barrow-in-Furness, tAI4 5PQ, and the Nationwide Building Society, Kings Park Road. Moulton Park, Northompton, NN3 6NW. The Trust is regi&tered to Tecclve Glft Ald. The Trust's Independent Examiner ig J. Priestley Ac CG 24 Scarlx)rough Road, SL Annes, Lytham SL Annes, Iancashire 3ES 2. Trustees and ConAmittee Members The following were the appointed Trustees of the Furness Railway Trust durAng 2024: P. Balshaw Brewer J. Dixon J.M. Kay Middleton S. Middleton T.D. Owen (Chairnlan) AM. RLgg N.IL Smith luntil 0411.24) P. van ZEller Page l of 4
The alx)ve (exc]uding Mr. Smith) were re8PK)Dsible for preparing and approving this reporL 3. Objeetives and Artivities Asummary of the Object and Powers of the Furn Railway Trust is attached as Appendix A at the end of this rewrt. The principal aetivities of the Furness Railway Trust (FRT) during 2024 were the acquisition, restoration and operation of historie items of rolling stock. The Trustees worked to address the long terni objective of the establishment of a rdilway museum, with appropriate facilities for the display. storage and restoration of railway rolling St( and a$S(lated equipmenL In shaping the Trust's objectives, the Trnstees gave due consideration to the Charity Commission's guidance on public benefit with the object of advancing edueation througb iLq worK ly)th in the short and longer term. The Trustees also took into aecount the need to maximise public accessibility to its assets, some of which are unique and of maior histori imp)rtanee, including affordability wherever po&8ible. 4. Achievements and Performanee The Furne&s Railway Trust on(* again made an impact in new are&s of the country with the succes1 visits of Furness Rai]way locomotive No. 20 (Britain's oldest working standard gauge locomotive) to the West Somerset Railway, to commemorate the 150th anniversary of the opening of the Watchet to Minehead Rallway, and to the Fast tancashire Railway for its Autumn Steam Gala. Both events received very positive press wverage and cnabled this unique locomotive to be seen in action by new audiences. The locomotive was also in action durin8 the year at its home base. the Ribble Steam Railway at Preston. The Thist'8 other operntional locomotive, Hunslet'Austerity' 0-6- OST locomotive. Cumbria. continued to be on hire to the Embsay & Bolton Abbey Steam Railway where it steamed on 71 (S10S during 2024. The main project for the Trust's working members was the continuing overhaul at Preston of Great Wo8tern Railway 0-6-2T locomotive No. 5643. The cleaned and painted cha&sis has now been lowered back onto its wheelsets and the pn)cess of reemblY will Commen in 2025 once specialist contractors have fitted new cylinder linets. The locomotive's feboX is reIving around 550 new stays with much of this substantial work being undertaken by volunteers with specialist assistance. Following a prof1onal examination of the boiler of Pcckett 0-4-oST Caliban, the TheS agre to let a (x)ntract to the West Somerset Railway for the fitting of a new inner firelx)x. The work will also include undertaking the necessary work to complete a satisfactory hydraulic test before it returns to Preston for fitting to the locomotive's frames. The manufarture of a new water tank has akn commi&sioned IiThlly. These two projects have once again highlighted the need for the volunteer workforce to be grown and efforts are Eting made to publicise the work of the Trust and its volunteering opportunities through I<21 and specialist media as well as through contact with a I( educational establishment, The restoration of Great Western liailmpy 4-6-0 'HaIl' dass locomotiveNo. 4979 Wootton Hall has continued, albeit slowly given the work talung place on 5643 and Caiiban. Pipework to the new brake valve bas been installed and most of the welding on the tender water tank has been completed. The Great F&8tern Rallway royal sal built in 1898 for Princess Alexandra, which was previously overhauled by Trust members, has proved to be popular when operated at the Ribble Steam Railway and now brings in a small Page2of 4
income, as the Trust's other operational o)aeh, the restored secood cl&&$ North London Railway Trusys (xmch which is on hire to the Beamish The restoration of former Furne&s Railway locomotive No. 25 of 1865 has again been put on hold whilst rur are collunitted to the other projects aknve. The Trustees. annuaj Risks and Vulnerabilities Review continues to identify the need to attract more volunteers and the T will endeavour to grow the TnL*t's workforce. All activities ofthe Furn8 Railway Th]st are undertaken by volunteers. There are no paid staff employed by the Trust. 5. Financial Position Total income, at £69,753, represents a 27% increase on that for 2023, (£54.901) benefitting from a generous legacy of £10,000 from fonner Treasurer DaNryd Rimmer and iuereased rolling stk hire. iA)comotive hirc is eXtea to decline in 2025 with the temporary withdrawal from service of locomotive cMbria which is due to commell a ten year boiler overhaul at the end of July. Ineome from Other Trading ALtivities almost doubled as a result of increased opportunities to promote Furne&s RailwayNo. 20 during its visits to other heritage railways during 2024. Expenditure on Charitable Activities rose by over 20% in 2024 reflecting incrcased expenditure on locomotive restordtion and maintenance. The high level of expenditure in th&se categories is planned to continue during 2025 as work continues to return 5643, which is 100 years old in October, to operational condition whilst also funding major repairs to Caliban. Net eurrent assets rose slightly during the year from £249,195 to £262,994 which puts the TnLSt in a good tx)sition to be able to fund the ongoing repair of locomotive 5643 as well as other projects. The hire of Furnoss Railway locomotive No. 20 to other railways during 2024 was the cause of travelling expenses of £818 being incurred, all of whith was Gift Aided back to the Trust. 6. Reserves Poliey The Trustees belleve that the Furn Rallway Trt'S current finances continue to be satisfactory. The is an ongoing need to njaintain an appropriate level of reserves to provide for future overhauL4 of the Trust's operational locomotives and coaches. Fundraising will continue primarily for this purp)se and also to fund the longer tern] restoration projects. The FRT continues to Ee heavily reliant upon its volunteer Workfor to operate and to progress projects. Once again. the Truste wish to thank all members and followers of the FRT for their wntinued suptKJrt 2nd generosity during 2024. The Thistses declare that they have approved the Thte£s, ReFK)rt above. M,LQ Tim Owen Chalrman th March 2025 Mike Rigg 12th March 2025 Page 3 of 4
Appendlx A The object of the CIO is to establish a rallway museum for the benefit of the public alld the CIO has power to do an)thillg to further its objecL in particular, the FK)wer to". (a) acquire and preserve railway Icoomotives, railway carriages and other lten of rolling stock and a&Slated equipmenL (b) restore and maintain such items, hOe theni and put them on display. loan or hire them so that they may be used, if prdeticable, and make suitable arrangements for their ntIllued pSerVatiOn as far as is p)ssible. (e) swnsor the publication of IKX)k8. artieles etc. containing inforn)ation about these items and rolling stock and railways generally, and otherwise to promote interest in these subjects. (dl Pr(ure eontnl)utions to the Cto by persx)nal or written appeals, public meetings or otherwise. (e) employ and remunerate such staff as are netessary for Carrying out the work of the CIO. (e) buy, take on lease or in exchange, hire or otherwise acquire any property and to maintain and equip it for use. Ig) sell, lease or otherwise dispose of all or any part of the propety belonging to the CIO. (h) borrow money and to charge the whole or any part of its property as security for the repayment of the money borrowed. Page4of 4
FURNESS RAILWAY TRUST Registered Charity No. 1163073 Accounts for the 12 Months Ended 31st December 2024 Statement of Financial Activities 2024 2023 Unrestrlctod Unregtrict•d Fund8 Funds Notes INCOMING RESOURCES 3 Incom• and Endowments from: 4 Donalv)n8lLega¢ie8 and Tax Re¢ov•rnble 5 Charitable Activities 6 Other Trading Activities 7 Invo8lments Other Totsl Incomln9 RMource• 17,081 45,026 2,287 5.359 11,902 37,438 1.160 4,401 54.901 L088 RESOURCES EXPENDED 8 Exp•ndfturn on: 9 Raislng Funds IQ Charil8ble Ath'wties 11 Gtsvemance Totsl ROur¢•0 Exp•nd•d 454 60,061 393 318 49,466 369 50,153 N•t In¢¢m•llExp•ndlturo1 8,845 Tr8n8fer8 Bgtsve•n funds N•t Movgm•nt In Fund• 4,748 R•conelllotlon of Fur*d• Totsl Fund¥ 8rought FoN4nl 530.866 526,118 Total Fund• C•rrl•d Forvrnrd 0,866 Page 1
FURNESS RAILWAY TRUST Registernd Chwity No. 1163073 Note$ Balance Sheet as at 31st December 2024 2024 2023 Unre8trict•d Unwtri¢t Fund8 FundB Flxed A•ts. 13 Tangible Assets 14 Heritsge Assets Total Flxed A880ts 173,626 106,296 279 922 178,C66 106,296 284.362 Current Assets: 15 Sltxk 16 Debtors Cash at Bank Cash in Hand Total Current A••ot• 11,448 11,011 16,707 8,610 235,833 234,461 60 60 264 IM8 254 142 17 Crodltorn: amounts due wthin one yr. Not Current A880ts1{LiabllltiH) 2,054 261,994 4,947 249,195 Tot•1 8•ts Curr•nt Llabllttlo8 fA1,918 533,557 17 Crndftorn: amounts due after one yr. 12,2051 12,6911 Total Not A•8•ts 639,711 530 866 Fund8 ofth• Charlty: Total Funds Brought Forward Add Net Incoming ReSoUrS Total Fund• *• at 31.12.2024 530,866 8,845 526,118 4,748 539711 530 866 TIM Owen Chaimian 12th March 2025 Mich•el Rigg Socrntary 12th 2025 Page 2
FURNESS RAILWAY TRUST Rezistered Charity No. 1163073 Notes to the Accounts -12 Months Ended 31st December 2023 Bas18 of Accountlng The a¢cjnts are for the nineth fvll yw of opwation of the Chalitaa Irb)))r8l$O Orgaftisalion Fumess ftaiy Trust 1163073 whth toc over thè a86ets and opwations ofthe uninrLrptsr8ted Fumess Railway Trust Registered Charty 1005211 from the 1st De¢ember 2015. The accounts have been prepared in ac)rdanCe 7•thh Ihe Statèment of Recommend611 Practice.. Accountln9 and Reporting by Charrties préparin9 their acwjnts in accordance wrth the Finanual Reporting Standard applicabk in the UK and R8public of Ireland (FRS1021 effective from 1st January 2019, Finano81 Rekwrting stdard 102. 8nd the chaiiti.es Act 2011. The accounis been propared on the baws that the unino)rporated and CIO charils have merged. As defjned In the Statorn8nt ol Recommendad Pra¢li¢e. Theso arKounls havo been prepared und•r the hIstlcOl cost cOnntIon vrth items racogni84d al C05t or Irana¢tion value unS olheNri89 Stated in the relevant notesls} 10 th8ge acc>)unt8. The Fumes6 Raihyay Trust eon8titLrt•$ a public tffit entsty a8 dellned by FRS 102 Theso a?nIS h8v• been prepar•d on fv basis Ihat Ihe Fumess Rai•Y Tnffjl is a golng conc8m 8fter18klng into account lh• ¢rr9ftt and anb"c¥pa¢•d th18 of aaivrty, Not¢ I Note 2 Accountlng Polky Incom• Intsjming R980ur¢•8. in¢luding gronts. arn 8cGount8d tr on a {e1¥abl¢ basis. Th¥ value ofdonaled good818 recognlsed onty on 8018 ofthe practirAlS of m•asurfn9 the valu& of such good8. Good$ donated for tsngolng use by the chaity ar• reco9nised as tangible a88et$ induded In t Statement of Financial Actlvities a8 incoming resources when r1Vab. The value of any voluntary help rtc•ived 1$ not indLwJ8d Sn the aco)unts but is described In tha TN8t808' Annual Report. Expendlture Resources Expen(J8d are ¥¢counted fof on an 8cuuals bA#iY¢ and indtsd• rnco9nibvn ol Il•bilille arising from18gal or Constwthe obligation whKh c¥)rnmhs the org8nlsab.on to axpendituro. Certain support costs Ilnsurance and Printing, Statthiery. Postagè) are apportioned betweèn based, Whe po$8ibl8, known c08t drivers. Govem8nce Costs are shtrwn separalety for the purF)s¢ of darity and, f))nlrary to SORP, not spread across adivilies b8¢ause they are dfffirajh to allocate a1 awe not materfal in svze. Page 3
Tanglble and fixed assgts for by thfr charlty A long tem Shed lease. purchased in 2019. 18 being dètxerAated on a Strah1 line basis over years. A portable building and fixed safety gear are b"Thg depreoated on a straight line basis over 15 years. Plant and Equipment assets purchased can be for more than year are capitalised and deprerAated on a straght line ba$ at a rate of 25% per annum. Assets purthased after 1$1 Decemtjer 2015 are onty ¢aWta'Sj rfthey cost £2fyJ mora. Herltago AB8ets Heritage Awts arts sh¢y•m on th• balance sheel at cost ty. in the ¢a8e of donatad items, a realistic value èstimat at the time of ()nalion. An exception has been made for Fumess RaIvaY No. 20. buitt 1863. This historic lownotNè is unw4ue, dfilIt to value and is not indudeo,. there ha$ been apprtiximatdy £148.rKo spent on it. Thè Trusi's colle¢ln and Disposal Pollw 8tstes that there'should be a prèsumption agalrt disposal." Grant$ re1ve of £111,( wwld potenbally be repaYae rf thls rtem was sdd. Stock• Stocks are valu¥d at the l•sw of cosl or recoverab value. Dgbtor8 Debtors (Induding trad8 debtOT8 and loans receNablel measured on in"3 recognrtion al settlemant amount after any tra(1& discounts. Subsequently they are m&asure4J at th• ca8h or other Con81derat expecled lo be receNed. Cr•dltorn Credrtor8 are Mured at transact prke. f4ote 3 Anaty818 of Ineom• 2024 2023 Unmtrfct•d Unre•trbct•d Fund• Fund• Note 4 Oon•tIo and L•gacle• Donati'ons and Gifts Legades Glft Aid M&mber8hlp sub8cr1pu1 Totsl 10.C 2.213 1,353 11,902 1,332 17,081 Nott S Chrltabl• Actlvltl•• Rolling Stock Hire Bcx)k Sales Other Incnme Totsl 42.528 37.438 45,026 Note 6 Othor Trndlng A¢vIlle* Fundr8ising S8le5 371 21x1 236 353 1.160 293 Donated Gcrtjds Wothwear 593 2.287 Total Nots7 Inveskn•nt Incom• BBnk Interest ReceNed Total 4.401 4.401 5.359 othgr In¢ome Total Page 4
Note 8 Analy8ls of Expenditurn 2024 2023 Unrestricted Unrestrleted Funds Fund8 Note 9 Exp•nditur• ¢n Ral$ing Fund• Sales Goods Insurance Sundries 313 260 97 Totsl 318 Not• 10 Expendituro on Ch4rltabl• Actlvltl•• Locomoti Restoration Locomotive RepairNa"ntenanc Coach R¢8toration Building Maintenan Transpr?neage Costs Magazine PublItiOn Insurance 17.977 22,871 555 158 10,529 18,196 4,669 532 750 1.010 4,278 1,050 5.049 2.460 Membgrship Subscriptions Travelling Expgnse8 Pèrsonal Safety Equipm•nl Wwkwear Printing, Statlortry. Postsge etc Books DeprOatIon of Flxed A888ts Totsl Note I l Govgmanc• Co•t• Independoftt Examination Printing, Statsonery, Po8ts9• etc Totsl 170 1,325 73 225 249 818 22 23 4.785 60.061 5,095 49,466 250 143 393 240 129 389 Noti 12 Exp•ndlturn D¢tsll• Insurance, 8mounting to £5,093 w88 kxJrch88ed1£4.336 In 223) Wh indud•8 propety and publlc liability insurance for certain Il¥lti0$ (Induding fund$ gInwOnI und•rtaken by the Tru8t, It$ Trustees and Member8 The work of the charity in re8torfng. maintainlng 8nd a88isling in ts operalkn of tt8 088ets Is, in the main. carried out by volunteers vAlh only wialist ac*"vrb'e8 c¢ntT8thd out. No staff were employed in either 2024 or 2023. No f¢e for the Ind&pendent Examination ol the 2024 aCfX)unts has been induded. The cost ol •x•mining th• 2023 OC#Jwn¢¥ Yma £230 wnich ts In¢Juaea In me ZQ24 accounts. Note 13 T•nglbl• Rx•d A••ets 2024 2024 2024 Bulldlng Mess R¢)oml Plant & 8af•ty Eqmt Equlpment 2024 Cost Al 1st January 2024 AddrtionslDi$posals Al 31st December 2tr24 Tot•1 19).LYXI 10.749 12,776 213.525 345 213.870 1.[xI 10,749 13.121 Depre¢ialion At 1$1 January 2024 Depreaation Less Depreualion on DisFwI At 31st D8cemb8r 2024 19,0 4.049 716 12,410 35,459 4,785 12.679 40.244 Net Book Value at 1st January 2024 Ng1 book Value at 31st December W24 171,CKM) 167.2() 6.7 178.066 173,626 Page 5
Tanglble Flx•d Atssets IC¢nLI Comparative figure8 for 2(r22 2023 2023 2023 Buildlng M•88 Ro Plarf a sthty ewt Equlpmgnt 2023 Al 1st January 223 Additions At 31st Decemb8r 2023 190.C 10.749 12.776 213.525 10.749 12,776 213,525 Oaprgaation Al 181 January 2023 Depr8cith'on Le88 Depreaalion on Disptssal Al 31st Docember 2023 I5K• 717 578 19,¢lll 4.049 12,410 35,459 N81 B¢)ok V8lue at 1st J8nuary 223 Net Book Value at 31st Decemt4f 2023 174.8CiI 171.OQ) 7,417 6,7 183,161 178,066 14 H•rltsg• A8*•ts 2024 2024 Olh•r Rolllng 2024 Othor 2024 Total Cost At 1st J4nuary 2024 Additions+SPosèlS Al 3191 Decembgr 2024 22,881 106,296 22,861 3,840 106.296 No depwiation h98 beèn #pled to thè Hent¥ge Assets. Therefor• th• book valu88 at 3181 DècAgmbor 3arè as abov8. Comparative flgurtss for 2023 2023 2023 Oth•r R¢AII 2023 2023 Art•fa¢¢• Tot•1 Cost At 1$1 January 2023 AddilionslDi$po88ls At 31 ¥1 Dec•mber 2023 79,59S 22.881 1C6,296 .881 108,298 Flv• Y••r Summary of H•rbtag• A•¥et Trnn•a¢llon• There have been puthases. donab¢m. disW8 or impainnI8 to Hanloy A6seis during the la$t five years. Page 6
Nots 15 Stocks 2024 Stack 2023 Stock Charit8bl8 A"V"e8- B¢)ok Opening Added in Period Expensed in Peric• Clo$ing Other Trading Actiwii88 Op8nlng Added in Period Expens8d in Period Closing Total C1081ng Sale8 Stock Th58 y•8r Add Staek¥ of Stor•• Totsl Stock• Total Cla•lng 8to¢k Pr•¥lo Ymr 1,389 1,710 165 1,827 1,389 1.836 9.612 11.448 11,010 1.398 9,812 11.010 11,331 Nots 16 Anly•l8 of Dtorn 2024 2023 Trade D&btors Prepayments and A¢¢rued Income Other Debtor8 2.420 1.803 2.207 8,610 12.678 16,707 Tetal Noto 17 Cr•dltor• ind A¢¢nJ41• Analy•i• of Crgdtorn Amounts Falllng Du• Wlthln On•YMr 2024 Amounts F•lllng Due After On• Ymr 2024 2023 2023 Trad8 Credito ArLruals & Deferred Incomo othor Creditors 3.787 702 2.205 2,691 362 4,947 T¢t•l 2,084 2.205 2,891 Not¢ 18 Def•ff•d Incam• In¢ome w88 deferred In respect of sm membwship wjbgcn.pkns •thlth re pald In 8dvanc• m0Ment In D•f•rr¢d Incom• A¢¢ount XJ24 M•mbornhlp Sulcrlptl)n• 2023 8mb•rnhlp Sub8eription• Vehlcle Hlr V•hlcl¥ Hlrg 8a13n¢e at Stsrt ofthè RepNbng P1j Amounts Added in Current P•riL¥J Amounts Released to Income Prev PeriodB Balanr at End of Reporting Pevic*J 3,489 229 811 2.9)7 3,164 1.125 3,489 Pa7
Note 19 Charlty Funds Dtrtsils of Mo¥8m•nts in FundB in 2024 Balane• at Balane• •t 01.01.2024 Inm EXpwKlrn Trnnsfor$ 31.12.2024 R•$trlcted Fund8 Totsl Restricted Fund• Unrestricted Fund• Woottoft Hll LocornotNe restornth)n caln LOrn0t wtorntbn FR25 LewnotNe restoratn Fluty LrornotNe restoratK)n NLR Comtye rnstoratHJn Total Designated Funds Total Non 08sigrtale(l Funds Totsl Unrestrlctsd Fund8 4.097 1.073 1.237 8,570 522.296 530.866 1.073 1.237 4.473 535.238 539,711 69,2 69.753 60,908 Total Fund• 530.866 69,753 539,711 Clotsll• of knments In Fund• In 2023 B•lanc• #t 01.01.2023 In¢¢m• 8•lanc• at ExpendibJr• Trnn•f•rn 31.12.2023 Purpo•• RtrIcted Fund• Total Rmtrfctrd Fund• Unr¢$trictod Fund8 Woollon I11 Loc4JmotiVo r•thr•lknn CWib8n Locunoliva re8toralk)n FR25 Lo¢wlN• rn$toraln Fluff NLR Broke Carrthg• rostor¥tl Total Deslgnaled Funds r¢lal Non Designated Funds Totsl Unr•strlct•d Fund• 1,413 1,483 620 5.580 1,3CX) 1,073 1,237 8,570 522,2 530,888 1.493 1.237 420 1.413 53,488 54.901 2,503 47,650 50,153 516.458 526.118 Tot1 All Funds 528,118 84.901 60,153 S30,868 Note 20 Transactlons wlth Tru•tse• and R?l•ted Par None of Iho tru$t8fj$ havg b8gn paid any remynefa1 or Ye0¥ed any other bènefits. Ona tnjstee was paid a total of £818 for travel expenses in 2024.
Independent Examinerfs Report to the Trustees of the Furness Railway Trust I report on the accounts ofth8 Tfustforthe 12 monts end•J 31st Deowiber 2(Y24. aré set out on pages 110 8. R06P•CtIvo Re¥polb1ll•l of Tr and Examiner The chartW8 Iru8toe8 are respon81 frK the weparakn ofth• w>wnts. Thg tharitys trusteey conssder that an autht 1$ not TequTrJ forthi8 pertod uThJer w¢Yon 144 ofthe Charltle8 Act 20111the Charllie8 Ad) aNI that an new1. Mls my re$pon8I)ilty to: . oxamJn8 tho nts under 8ectw)n 145 vfthe ch11@S A . to follow thè procdur86 dwi In tho G•nwal Dlr•ckn8 by the Clity Commissvxt (under 8edion 145ISllbl of the Chaiitie8 Act: . to 8tate wh•lh•r portkutor mattgrs cmto nry atttil Ba•1• of Ind•pgnd•nt Ex•mln•rf• Slatffirt My examinatlion was ¢omed ¢)ut in accord8n¢e Gonoral Dire¢Uorn given by th• Chartty CommI8on. An examlnatlon Indkth6 a r¢vlthv of tha acojunting r4¢4rds kapt tythe tharity ond o eompwison of the a¢o)unl8 pr08ented vthh th08e records. It a180 Indudw cJ)n8[derall of any unusual iioms or disdo8ure8 In th8 atxounts, and soeklng explon8ti(Th trom tho trustsa8 conwnlng any 8uth m8tt8TS. Thtr prOclUreS undertaken do not provido 011 th• ewdencethat be reqred in 8n oudtt. and con88quenlly no oplnlon 18 givon 98 to whether 8c£ounts prttt a and f81rf and the roport i¥ limited to Ihos¥ matterj W OLrt In the 8tateffwrt bttltr. Indop•nd•nt ExAmlrnrf• 8t•t•m•nt In ConntIOn rfth my examlnakn, no fflattw hats to my altènllon.. (1) Whlth gfve8 m8 ro880nabkn cau80 lo Itwt kn. •ny ffltert reipe¢t. rnquirem•nts". accountlrvJ re91•nIS oflM Cfiarfll88 kt hgv• not been met or 121 to vthith. In my opknlrffl. attentkn St[d bo dram kn ¢xdgr to enal)Ib 4 rKorw wlerslanding ofthe #cnts to be mched. Slgned.. Nan.' . P• ACK4 CGMA 24. Sc*borthwh Ro•J. St. Arms. Lylham SL Anww, L•Kath Ff8 3ES ailc>ai kcKS. Pog8 9