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Registered Charity 1005211

1. Objects, Powers and Method of Governance

Click here to see the Objects and Powers of the Furness Railway Trust.

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.

The Committee meets on a number of occasions throughout the year in order to manage the Trust's affairs and agree required courses of action.

The Trust's banker is the Royal Bank of Scotland, Talbot Square, Blackpool FY1 1LE.

The Trust's Independent Examiner is Mr. G. Eakhurst FCA, Post Cottage, Allithwaite, Grange-over-Sands.

2. Trustees and Committee Members

The following were the appointed Trustees and Committee Members of the Furness Railway Trust during 2001:

Trustees: N.R. Gard
  J. Houghton
  J.M. Kay Snr.
Committee Members: T.D. Owen (Chairman)
  D.M. Hewlett
  J.M. Kay Jnr.
  F.W. MacGregor (until 30th October)
  D.A. Rimmer
  E.V. Smith
  N. Smith
  J.E. Tricker

Mr J. Houghton was re-elected as a Trustee for a three-year period at the Annual General Meeting on 24th March 2001.

3. Summary of Activities

The Furness Railway Trust received confirmation from the Heritage Lottery Fund in January 2001 that it had been awarded a grant of £49,200 towards the restoration of the Trust's Victorian former North London Railway coach body. The overall cost of the project, including volunteer labour, is valued at £57,500, and additional financial contributions are being received from the Cumbrian Railways Association, Cumbria County Council and South Lakeland District Council.

The majority of the work has been awarded to the Appleby Training and Heritage Centre. A new chassis for the coach was purchased from a rail engineering company in Hampshire, and both the coach body and chassis were waiting to be moved to Appleby at the end of the year. A second rail vehicle was purchased for a nominal sum and will be used to provide replacement storage facilities, previously provided by the North London Railway Coach body.

The Trust's historic locomotive, Furness Railway Number 20 (built 1863), travelled to the East Midlands in spring. It was the star attraction at the Barrow Hill Roundhouse, and carried on its footplate the current Duke of Devonshire, a descendant of one of the most influential promoters of the Furness Railway in the nineteenth century. The locomotive then moved to the Midland Railway Centre where it operated services and a photographers' charter over six days. The locomotive was again the star attraction and its pairing with the Midland Railway Trust's vintage train generated much interest and media coverage. The locomotive was twice filmed for television news coverage during the fortnight it operated in the East Midlands.

On its return from the East Midlands, the locomotive was used on a number of occasions at its base, the Lakeside & Haverthwaite Railway. August 2002 saw it operate in conjunction with the former Furness Railway lake steamer Tern (built 1891) on Tuesday evenings; this initiative proved to be extremely successful and the venture will be repeated in 2002.

Considerable progress was made during 2001 on the restoration of the Trust's former Great Western 0-6-2T locomotive 5643, where the majority of the new cab fittings and pipework had been installed by the end of the year. This work will open the way for the boiler to be removed and despatched for overhaul during the first half of 2002. This will represent the final and most expensive single aspect of the locomotive's restoration, which it is hoped will be completed during 2003.

With two large restoration projects in progress, fund raising has continued to be an important aspect of the Trust's activities during 2001. The sales team, which attends a number of transport-related shows and exhibitions in the north west of England, faced an uphill task following the cancellation of a number of events as a result of Foot and Mouth disease restrictions. The Trust's folk group, Live Steam, also suffered a number of cancelled bookings because of the Foot and Mouth situation. Even so, the income generated from its performances increased, assisted by the release of a compact disc, which was recorded and produced by the group. The CD was played by local radio stations and helped to advertise the work of the Furness Railway Trust.

All activities of the Furness Railway Trust are undertaken by volunteers. There are no paid staff employed by the Trust.

4. Financial Position

The Trust's accounts show net incoming resources of £7,114 and a cash holding of £35,947 at the end of the year. They 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.

Overall Incoming Resources, £17,800, were significantly less than for 2000 (£36,441), which had benefited from a one-off filming contract with Warner Brothers and a legacy. Overall, therefore, the results can be viewed with some satisfaction, particularly given the subdued economic activity in the Cumbria/ North Lancashire area resulting from the outbreak of Foot and Mouth Disease.

Whilst the net proceeds from the Sales Stand were reduced to £711, compared with £1,122 in 2000, stock levels were reduced by £1,561, yielding an overall positive cash flow of £2,272 from these activities. It is the intention of the Trustees to maintain stock levels at this lower level for the foreseeable future. The net proceeds from Live Steam increased to £1,934, compared with £1,540 in 2000. Expenditure of £585 was mainly in respect of the production of a compact disc. The Trustees believe that, given the external economic conditions, fund-raising for the Trust has been managed in an effective manner during 2001.

Locomotive restoration expenditure, at £5,154, was slightly less than that for 2000, mainly because some of the materials used had been purchased in bulk in advance.

Transport costs of £1,927 were incurred following the purchase of two rail vehicles. £1,105 of this expenditure will be 85% funded by the Heritage Lottery Fund, and the grant receivable has been accrued in Incoming Resources.

The Trustees believe that the Furness Railway Trust's current finances are satisfactory and will enable the Trust to meet its short-term objectives of restoring both its steam locomotive Number 5643, and the grant-aided North London Railway Coach.

The above report was approved by the Trustees on 26th February 2002.

Tim Owen,
March 2002

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İFurness Railway Trust

Annual Report of the FRT Committee for 2001