Hull & Barnsley Railway Stock Fund
Annual Report to the Annual General Meeting to be held 25[th] July 2026
Developments since last Annual General Meeting
The last AGM was held on the 12[th] July 2025 when we had 16 members in attendance. Copies of the minutes of the formal part of the meeting have been published in the Newsletter and some copies are available if required.
The Association’s objective is to complete the restoration of rolling stock associated with the Hull and Barnsley Railway. The progress made in the year to 31[st] December 2025 is as follows :-
Coach 1
By way of background, No 1 had been part of the Hull College joint venture. The coach body and proposed underframe had been transported to the premises of the Ffestiniog and Welsh Highland Railway in late 2024 where work was commissioned to inspect and repair the underframe. The initial programme required its relocation to Boston Lodge, proposed for February 2025, with reassembly to be undertaken in the July to September period. The precise extent of works including to the body of No 1 remained to be finally determined.
As at March, the time scales were pushed back with underframe works now being scheduled for October 2025
By November work had commenced on the underframe. The subframe had been shortened and various inspections had taken place to define the scope of future works. Leaf springs had been removed and sent for
testing. Work on the coach body was scheduled to commence in the Spring of 2026.
By January 2026 we had obtained estimates for further work to be undertaken such that the total estimated contract works were at a price of £64,335 + VAT (of which more later). The Trustees had concluded by this stage that it was beneficial to progress works as quickly as possible to be able to demonstrate that we would be able to complete all required works within a reasonable time scale. The facilities at Boston Lodge and the expertise of the Ffestiniog and Welsh Highland Railway exceeded what we could achieve from our base of operations and manpower at Pickering. To be on the safe side, a ceiling of £100,000 was placed on the costs to be incurred. This left sufficient working capital to fund the Associations requirements, but did mean that we would need to attract further external funding to complete other items. The current situation can be judged from the photographic evidence recently received.
Whilst No 1 has been in North Wales, the joint restoration project with Hull College has been discontinued which meant that a new home would be required for No 1 once work on it by FWHR was complete. As mentioned in relation to Coach 58, a new home for the time being has been established on the NYMR.
We have yet to establish a date for the transport of No 1 to Pickering where further works to finish the job will be undertaken within the capacity of our team. At our meeting on 19[th] June 2026 it was reported that completion of works at Boston Lodge was anticipated in the next 3 months. In the interim one of our team has been discussing the possibility of contracting out upholstery work to Embsay and Bolton Abbey Railway who have experiace and expertise of this somewhat specialist work.
Coach 58
As at January 2025 this coach was at Hull College. The project for undertaking restoration in conjunction with the College had ground to a halt during the covid lockdown period. The College was then in contact to make it known that they wanted it removing from their premises for a variety of reasons that it is probably not worth entering into at this stage. Their position was clarified at a meeting on 27[th] January 2025 This raised the issue of where to relocate it and how to move it. By March preliminary discussions had been undertaken with NYMR. This was the preferred location. NYMR expressed willingness to accept all our stock assets, including Coach 58, Coach 40 and Coach 1 at the carriage stable at Pickering or elsewhere.
Negotiations with Hull College continued, one consequence being the agreement of the College to fund the cost of transport of 58 to Pickering. A written memorandum of agreement was concluded on 13[th] June 2025. This involved the arrangement for removal of no 58 and of other stock assets of the Association held at the College.
Removal was scheduled for 1[st] July 2025. 58 was accepted by NYMR and is in store at Levisham, as it is not likely that restoration work will be undertaken in the immediate future. Bruce Robinson used his persuasive powers to procure the supply of a tarpaulin by Grahams Contractors. This has yet to be fitted and requires 58 to be taken to Pickering where the required facilities would be available.
Ate the same time as 58 was transported from the College, the Association’s stock of timber and various other assets (including moquette) had to be rehomed at relatively short notice. The best that could be done was to hire a storage contained at Pickering Storage Limited, the initial hiring period being from 16[th] June 2025 for 3 months. It has to be stressed that the value of this stock was significant – particularly the teak timber and moquette. The container remained on hire until March 2026 when its contents were relocated to Pickering.
No 58 is currently held in storage with restoration scheduled once works on No 1 and NO 40 are complete.
Coach 40
In November 2023 Coach 40 had been relocated from Goathland to Pickering and housed in the carriage shed. Since then it has been worked on by our volunteers on a regular basis, under the direction and control of Allan Halman and Martin Barker. Thie new location was a great improvement on the siding at Goathland, facilitating work which would otherwise have been precluded by inclement weather. I will leave it to Martin Barker to give an outline on the progress made to date. This will continue until No 1 is returned to Pickering after which this latter unit will be afforded priority.
Peter Cox has in the interim had further discussions with Embsay as to the cost of upholstery – which has escalated into a proposal that they build the seat bases from scratch. Total cost anticipated is £4,500 per complete apartment (+VAT). We have to build this or some cost into our forward budget! By the way – this excludes the cost of moquette which we are to supply from our stock of materials.
What is readily apparent is that other residual work required will not be within our present financial capacity so that we will need external funding. Applications to funding sources will be required. Any such applications will
need presenting in a professional manner including being supported by a costed programme of works. To accommodate this, we have engaged with our colleagues at the LNERCA whose representatives are currently engaged in providing the necessary programme of works and budget costings. This is at a cost, but considered well worthwhile. Potential source of funding are being explored as is the possibility of engaging with consultants with expertise in presenting applications.
Open Wagons
The 2 open wagons (577 and 3697) had been a fixture at Goathland tea room for some considerable time. As a result of discussions with NYMR, by June 2025 agreement had been reached for them to remain there for a period of 5 years from 1[st] May 2025. This agreement was separate from any arrangements for the rest of the Association’s stock.
New signboards are in the process of being fitted with the object of enhancing recognition of our Association.
Sprotborough Signal Box
One project that we have completed is the preservation of the signal box that formerly stood on Sprotborough Station and which is now rebuilt on the Yorkshire Wolds Railway at Fimber. There remains some minor works and, if the YWR decide to do so, the commissioning of the frame to operate signals and points. Messrs Halman, Cox and others have been heavily engaged in this project together with members of the YWR.
A couple of other projects are worth a mention.
Stock Control
Our Association has suffered from having had no base of operations. Its stock has had to be kept either inside one or more of its coaches/wagons or held by members at their homes. During the Hull College joint venture some assets were held on College premises. The role of compiling an inventory and introducing an element of stock control was taken on by John Wrigley who has established storage facilities at the Carriage Stable in one of our stock units. He has sent e short report which I will circulate with the Agenda. In the process he has identified and the realised any
value in surplus items. My thanks to John for his sterling work in dealing with this.
VAT
The cost of restoration is bad enough, but the additional burden of VAT presents a challenge. There is no specific exemption VAT available to charities that commission external contractor works. In a normal commercial setting, the buyer would recover VAT by deducting it from the VAT it charged on its own activities. However our Association does not as yet provide any such services and hence is not VAT registered. Advice received indicated that we may be able to procure registration as an “intending trader”. That applies where costs (including VAT) are incurred for work preparatory to trading, and there is some scope for registration being retrospective. The application process is somewhat complex. Application was made in February. This had to be on a specific paper application form issued by HMRC. Nothing was heard for a while. Following an enquiry as to progress it transpired that an email sent by HMRC requesting further information had not been received as an incorrect email address had been used. The application was resubmitted with additional supporting evidence including a business plan on 12[th] May 2026. No response has yet been received, a chaser having been sent recently. To qualify we need to show how we intend to trade, which is by hiring our stock for use on heritage railways. Of course we will be looking to recover a substantial sum associated with externally contracted restoration costs whereas our likely income flow will be modest. HMRC may not like this prospect!
Gift Aid
We are registered for gift aid but need to make the necessary application to recover the Tax element of donation. This is ongoing
Finances
The accounts for the year to 31[st] December 2025 have been prepared and are presented for approval. In the prior year the Association received a legacy of £125,179.99. No such funds were received of this kind in the 2025 year. However, income from other sources totalled £8,759.86 as opposed to £4,851.13 in 2024, largely a product of interest received from funds held on a deposit account. Expenditure was £6,323.63 higher in the year reflecting costs incurred in renovation of Coach1. The Trustees have placed a ceiling on the cost of restoration of Coach 1 to £100,000 which
would lave a sum in excess of £20,000 held, considered adequate to meet the very limited overheads of the Association.
Summary
The Association continues to rely on a hard core of volunteers to further its objects. Overall we have a membership of 79. Many members are of advancing age. Membership secretary reports tend to feature obituaries. Recruiting new members is problematic and something on which we may have to devote attention! Nevertheless, the progress reported over the last 18 months indicates that we are working on it and that we can see the possibility of our rolling stock gracing the track sooner rather than later!
My thanks to those who have supported us during the year. Central is the NYMR who have accommodated many of our requirements. I have personally benefitted from advice from VAT specialists who have not sought any reward. Whilst we were disappointed by Hull College withdrawing from the joint venture, they nevertheless exercised patience and understanding in relation to the removal of No 58 and our stock, as well as funding transport. I also thank LNERCA for their support. We are also privileged to have Chris Cubitt as a trustee as he has the means and ability to open many doors facilitating us furthering our objectives.
HULL & BARNSLEY RAILWAY STOCK FUND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st DECEIABER 2025 2025 INCOME Subscriptions and Donations LEGACY AND BEQUESTS GRANTS Net Inter•st recelved Salo of Scrap 2025 2024 2024 3853.95 2907.32 125,179.99 500.00 797.83 645.98 130,031.12 4346.61 378.70 EXPENDITURE Materials and Equlpment Herltage RAILWAY Association Postag• and Stationery Sprothrough Box Materlals Funds off 8undrfesltransportati¢)n veh No1 20,406.19 Insuranca Premlum 571.05 Storag• Cost 720.00 841.16 2866.56 90.00 257.25 303.89 12,508.06 552.32 22901.70 16.578.07 Surplus for year -14.322A4 113.453.05 SALES SECTION Sales Selllng Expee$ Postage and Prfntlng Ngwsletter 180.60 98.00 -27.00 -100.00 -235.00 Grosslnot interest recelved Donatlons Received Miscellaneou8 Receipts -29.00 -14.406.84 113,424.05
HULL & BARNSLEY RAILWAY STOCK FUND Balance Sheet as at 31st DECEMBER 2025 Curr¢nt Assets Bank - Lloyds Current Bank - Lloyds Savings Fixed Deposlt Bank Coach $8 Bank Sales Officr Cash in Hand treasurnr Cash In Hand Membershlp Sec. Cash In Hand Sales Officér Cash in Hand Publiclty and Fundraising Officer 132,056.14 0.00 2025 2024 6020.62 47,057.75 78,919.36 0.00 11.30 47060.39 76.000.00 75,000.00 0.00 122.70 3.56 20.28 16.55 0.00 148.462.98 0.00 0.00 146,462.98 Currnnt Llabilities Creditors and Accruals NET ASSETS 132.056.14 Flnanced by Accumulated Fund AT 31ST December 2024 SurpluslD•flcit for the year 141.909.48 -14,406.84 127,502.64 28,485.43 28,485.43 141,909.48 FABRIC FUND 2678.50 2678.50 LUGGAGE BRACKET FUND 1,875.00 132,056.14 1.875.00 146.462.98 INDEPENDENT EXAMNER'S REPORT l the undersigned have been appointed as Independent exlmainer for the Hull and Bamsley Rallway Stock Fund, have examlned the accounts. comprising the Balance Sheet, Income and Expendituro Account and relevant notes. and find them to be In accordance wlth the books. reeords and Inforniation 8upplled. MNLawn 20