1. Governance and Administration
The business of the Furness Railway Trust (an unincorporated association) is managed by a Committee in accordance with a constitution approved by the Charity Commission. The Committee is elected at each Annual General Meeting. Three Trustees are elected to stand for a period of three years, one Trustee standing for re-election each year. All other members of the Committee are elected annually. A briefing document is given to new Trustees and Committee Members, which outlines the history of the Trust and its current obligations. The document also details the responsibilities of Trustees as defined by the Charity Commission. The Committee meets on a number of occasions throughout the year in order to manage the Trust’s affairs and to agree required courses of action.
The Trust’s banker is the Royal Bank of Scotland, Talbot Square, Blackpool, Lancashire. FY1 1LE.
The Trust’s Independent Examiner is Mrs. M.L. Shrapnel ACMA, Midway House, Brow Edge Road, Backbarrow, Ulverston, Cumbria. LA12 8QT
2. Trustees and Committee Members
The following were the appointed Trustees and Committee Members of the Furness Railway Trust during 2006:
|N.R. Gard (until March 2006)|
|A. Middleton (from March 2006)|
|J.M. Kay Snr. (until June 2006)|
|Committee Members:||T.D. Owen (Chairman)|
|J.M. Kay Jnr.|
|Mrs. L. Weldon|
The above Trustees (excluding Mr J.M. Kay Snr and Mr. N.R. Gard) were responsible for preparing and approving this report.
3. Objectives and Activities
Click here to see the Objects and Powers of the Furness Railway Trust.
The principal activities of the Furness Railway Trust during 2006 were the acquisition, restoration and operation of historic items of rolling stock. The Trust’s Committee also worked to address the long term objective of the establishment of an independent railway museum, with appropriate facilities for the display, storage and restoration of railway rolling stock and associated equipment.
4. Achievements and Performance
The major success of 2006 was the return to full operation of the Trust’s former Great Western Railway 0-6-2T locomotive No. 5643.
Members of the Trust had spent the winter and spring months following up a number of items that required rectification following the successful steaming of the locomotive in November 2005. Unfortunately, the discovery of a crack in the regulator housing resulted in a further delay whilst a new housing was manufactured, at a cost of £3,613. Many hours of volunteer labour were expended in procuring, fine tuning, and fitting the new component, as well as in repainting the locomotive. After two test runs at the Trust’s base on the Lakeside & Haverthwaite Railway, hauling passenger trains for the first time in over forty years, No. 5643 was hired to the Llangollen Railway where it starred in that railway’s Autumn Gala. Some further successful de-bugging has taken place, with the assistance of the Llangollen Railway, and it is hoped that the locomotive will be in regular service at Llangollen and at Haverthwaite during 2007.
The Trust’s other operational steam locomotives, ‘Austerity’ 0-6-0ST "Cumbria" and the historic Furness Railway No. 20 both operated satisfactorily on the Lakeside & Haverthwaite Railway during 2006, the latter locomotive being maintained by members of the Trust.
In October, the Trust purchased historic coach Great Eastern Railway No. 5, built in 1898 to convey members of the Royal family. The majority of the purchase price was funded by generous donations from members, who were keen that the coach should become the property of the Trust when it was made available for purchase. It is intended to apply for grants to restore the vehicle to operational condition once permanent storage accommodation has been acquired.
The Trust also purchased a former rail mounted horsebox, which will be a suitable chassis to enable the restoration of a historic coach body. Coincidently, the Trust has been donated a former North London Railway coach body, currently situated on the Dean Forest Railway, and this is expected to be transported to a site in Cumbria for temporary safekeeping in spring 2007; this coach body is compatible with the chassis of the recently acquired horsebox. Again, restoration will be contemplated once permanent storage accommodation is available.
As part of its regular Risks and Vulnerabilities Reviews, the Committee has previously identified the need to acquire permanent covered accommodation to protect the Trust’s assets. Following professional work completed over the past five years to identify suitable options, the Committee commissioned an engineering Feasibility Study from Bleasdale Wand Ltd of Ulverston, which was received in August 2006. The report identified land that would be suitable for the Trust’s future needs and a sub-group of the main Committee, formed to pursue the matter, has begun discussions with the land owner. There are many issues, such as access, planning permission and funding that will need to be followed up, and the Committee sees the resolution of these issues as a priority task in the year ahead.
In November, the Furness Railway Trust again took part in Ulverston’s Dickensian Festival, providing a display and a working model steam railway layout to keep children of all ages occupied.
All activities of the Furness Railway Trust are undertaken by volunteers. There are no paid staff employed by the Trust.
5. Financial Position
Incoming Resources during 2006 amounted to £36,027 compared with £12,963 for 2005. The principal cause of the increase was a £22,415 rise in Voluntary Income, being the result of a one off donation of £10,000, and further donations in response to the purchase of the former royal coach, Great Eastern Railway No. 5.
Net Incoming Resources were £22,370 during 2006, again, a significant increase on the position for 2005 as a result of the increased Voluntary Income. The year end cash holding of £13,477 was similar to that at the beginning of the year. Debtors, amounting to £7,368, were at a particularly high level, the majority of which was tax recoverable from HM Revenue and Customs.
Sales stocks were again reduced, from £3,859 to £3,336, a reduction of nearly 30% over the past two years, and in line with the Committee’s policy to reduce holdings. Having reviewed the fund raising activities for 2006, the Trustees are satisfied that these have been conducted in an effective manner.
The accounts have been prepared in accordance with the Trust’s constitution and to the requirements of the Statement of Recommended Practice for Accounting and Reporting by Charities (2005).
6. Reserves Policy
The Trustees believe that the Furness Railway Trust’s current finances are satisfactory , but that there will be a continuing need to accumulate funds to pay for the development costs of a new museum and workshop; fundraising will continue primarily for that purpose and for restoration projects.
This report was approved by the Trustees on 21st February 2007.
21st February 2007
İFurness Railway Trust