One of those helpful “accidents” … 
I was using “VideoStream” on my PC Desktop to cast an episode of “Lovejoy” ( AVI media file) to my TV when I noticed an option for “Live Caption” so I selected it. On playing, no captions or subtitles appeared but I left investigation for later … 
Later, I started “YouTube Music” and, unexpectedly, live captions of the song lyrics appeared … 
To cut a long story short, I went down the Google/Videostream/VLC route (and others) looking for a local media captioning interface but discovered no easy solution. However, I now know how to:
Use Live Caption in Chrome (Google Support)
Now with Live Caption on Chrome, you can automatically generate real-time captions for media with audio on your browser. It works across social and video sites, podcasts and radio content, personal video libraries (such as Google Photos), embedded video players, and most web-based video or audio chat services.
Having not found a solution for my “Lovejoy” video, I was about to give up when I noticed:
Use live captions to better understand audio (Microsoft Support)
Live captions helps everyone, including people who are deaf or hard-of-hearing, better understand audio by providing automatic transcription.
Live captions is available in Windows 11, version 22H2 and later. The latest live captions update includes support for multiple languages and changes to some of the menu items. If you don’t have this update yet, note that new Windows 11 features are released gradually.
Live captions integrates with the Windows desktop, so you can read captions while working in other apps. Captions can be provided for audio even when disconnected from the internet. You can personalize how captions are displayed, and you can include microphone audio to make in-person conversations easier.
Turning this function on provided live captions for local video files played on VLC … 
I shall investigate the VideoStream captioning option later … I have more “Lovejoy” episodes to watch on VLC, with captions … 
