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 2004:
| Trustees: | N.R. Gard |
| J. Houghton (until 27th March) | |
| K. Brewer (from 27th March) | |
| J.M. Kay Snr. | |
| Committee Members: | T.D. Owen (Chairman) |
| D.M. Hewlett | |
| J.M. Kay Jnr. | |
| D.A. Rimmer | |
| E.V. Smith | |
| N. Smith | |
| J.E. Tricker | |
| Mrs. L. Weldon |
Mr K. Brewer was elected as a Trustee for a three-year period at the Annual General Meeting on 27th March 2004.
3. Summary of Activities
The highlight of 2004 was the attendance of the Trust's restored Furness Railway locomotive No. 20 and its North London Railway coach at the prestigious Railfest 2004, held at the National Railway Museum, in York. The nine-day event was held to celebrate the two hundredth anniversary of the first steam locomotive, and it was deemed appropriate that FR No. 20, the oldest working standard gauge steam locomotive in Britain, should be invited to attend. It was with great pride and satisfaction that the Trust's volunteers were able to demonstrate the locomotive to the vast crowds when it was called upon to operate the Museum's shuttle service for two days.
On its return to its base on the Lakeside & Haverthwaite Railway, the locomotive and coach again operated the Victorian Trains on six Tuesday evenings during the summer, the last of which was featured on a Channel Five television programme.
The main efforts of volunteers were concentrated on the restoration of the Trust's former Great Western Railway 0-6-2T locomotive No.5643. The project, which is now in its final stages, took a significant step forward with a successful test steaming of the overhauled boiler in February, after which the boiler was located in the main frames in March. After assembly of the boiler cladding during the summer months, the cab and tanks were refitted at the beginning of November. It is now expected that the locomotive will be brought back into operational condition during 2005.
The Committee, during its Risks and Vulnerabilities reviews, has identified the need for covered accommodation for its assets as a priority. Following the production of an independent report in 2003, which confirmed this requirement, the Trust's committee has been continuing to explore funding for a feasibility study with Cumbria County Council and Rural Regeneration Cumbria. One of the prime issues to be resolved is the location of such facilities, which would have to be approved by the Lake District National Park Authority if they were to be located near the existing base at Haverthwaite. Discussions were due to be held with the LDNPA early in 2005 in order to try and take this important project forward.
The progress with locomotive restoration and the potential for having to contribute to a project feasibility study has meant a continuing need to generate funds, which has again been accomplished through the sales stand, which attended various transport related events in the North to promote the activities of the Trust, and the proceeds of concerts performed by the Trust's folk group, Live Steam.
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 £10, 654 and a cash holding of £9,122 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 during 2004, £15,510, were significantly lower than 2003, almost entirely due the cessation of grants following the conclusion of the North London Railway coach restoration and the completion of the independent consultants' report in 2003; both of these projects received substantial external grant funding.
Sales Department income, £4,496, was almost fifty per cent up compared with 2003. This was due to attendance at the Railfest 2004 in York, where free sales space was allocated to the Trust in return for the temporary loan of its locomotive and coach. Sales stocks rose from £3,884 to £4,694, partly due to the procurement of a new Christmas card; the latter paid for itself in its first year through sales and a donation towards the cost of printing.
Live Steam income, £1,736, was in line with that of 2003. There is concern that the recent changes to licensing regulations might reduce the number of venues at which live music can be performed towards the end of 2005.
Having reviewed the fund raising activities for 2004, the Trustees are satisfied that these have been conducted in an effective manner.
The conclusion of the boiler overhaul for locomotive 5643 was the main cause of locomotive restoration expenditure rising to £20,812. With nearly all the main components required to complete the restoration now in the possession of the Trust, restoration expenditure is expected to be much lower in 2005.
Reserves policy
The Trustees believe that the Furness Railway Trust's current finances are satisfactory and will enable the Trust to meet its short-term objective of restoring its steam locomotive, No. 5643. It is envisaged that the Trust will be required to contribute towards the production of a feasibility study and business plan during 2005, and future budgets will be planned with this in mind.
This report was approved by the Trustees on 9th February 2005.
Tim Owen
Chairman
9th February 2004
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