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 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 2002:
|J.M. Kay Snr.|
|Committee Members:||T.D. Owen (Chairman)|
|J.M. Kay Jnr.|
|Mrs. L. Weldon (from 16th March 2002)|
Mr J.M. Kay Snr. was re-elected as a Trustee for a three-year period at the Annual General Meeting on 16th March 2002.
3. Summary of Activities
The Furness Railway Trust was in the process of undertaking two major restoration schemes during 2002. Firstly, the Heritage Lottery Fund backed project to restore the Trust's Victorian, former North London Railway, coach body made substantial progress, the main contracts being undertaken by the Appleby Training & Heritage Centre. The replacement chassis was successfully modified and the body mounted on it during April. Trust members undertook a variety of work, including the replacement of the brake gear and the painting and decoration of the vehicle. The latter work was still ongoing at the end of the year, with the vehicle due to be completed during March 2003. It will then be transferred to the Trust's base, the Lakeside & Haverthwaite Railway in Cumbria.
A major step forward towards the restoration of the Trust's former Great Western 0-6-2T locomotive 5643 took place when the boiler was removed from the frames on 4th September 2002 and transferred to the workshops of Steamtown, Carnforth for overhaul. The boiler is due to be returned to the Trust for relocation in the frames of the locomotive in early summer 2003. In the meantime, Trust members have been working on the inside motion and frames of the engine in readiness for the return of the boiler. It will then be possible to re-instate the cab and fittings with a view to steaming the locomotive for the first time in over forty years, in 2004.
During the process of undertaking a Risks and Vulnerabilities review, the trustees identified the need to devote resources to the development of a strategy to safeguard and shape the future for the Trust's growing collection of historic rolling stock and other artefacts. After discussion with a representative of Cumbria County Council, the trustees endorsed the need for a professionally produced Options Analysis which could form a key input to the preparation and adoption of a strategy. The Trust successfully applied for £2,500 of funding each from the Cumbria County Council funded First Aid for Cumbria initiative and the Rural Development Programme. By the end of the year, the trustees had awarded a contract, after a competitive tendering process, to Porter-Brown Solutions and MJN Associates; the work is due to be completed in spring 2003.
The Furness Railway Trust continues to develop its links with the local community, and was pleased to take an expanded role in Ulverston's annual autumn Dickensian Festival. The Trust again took over a vacant shop to display and explain its activities to the public, whilst its folk group Live Steam gave two performances during the festival, including a well publicised event to celebrate the local history of the town and transport over the notorious sands. Live Steam had a very successful year, giving a record number of performances.
The sales team reduced its activities in line with the Trust's policy to concentrate on those events that give the best results in return for the efforts of its volunteers. During the year, a rare Furness Railway poster was purchased by the Trust for its collection of historic artefacts, being funded by a generous donation from one of its members.
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 outgoing resources of £9,819 and a cash holding of £26,057 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.
Incoming Resources, £46,088, were significantly higher than in 2001, mainly due to grants receivable totalling £32,324 for the restoration of the Trust's 2nd class North London Railway coach. Locomotive hire, £250, was down on that of £1,700 for 2001, a consequence of the fact that locomotive Furness Railway No. 20 did not travel away to another railway. Sales of the book The Great Survivor (the story of Furness Railway No. 20) are starting to decline and this is reflected in the reduced commission due from the Cumbrian Railways Association. Fund raising activities generated similar income to that achieved in 2001. The Trustees again believe that fund-raising for the Trust has been managed in an effective manner during 2002.
Locomotive restoration expenditure, at £18,761, is a considerable increase on that for 2001 and reflects the commencement of the overhaul of the boiler for locomotive 5643; this work is expected to be completed in 2003. Transport costs of £1,464 include the movement of the chassis and North London Railway coach body to Appleby for restoration, and the transportation of the boiler of locomotive No. 5643 from Haverthwaite to Carnforth for overhaul.
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 No. 5643, and the grant-aided North London Railway Coach.
The above report was approved by the Trustees on 26th March 2003.
26th March 2003
İFurness Railway Trust