COMPANY REGISTRATION NUMBER: 04767337
CHARITY REGISTRATION NUMBER: 1102725
Workington Transport Heritage Trust
Company Limited by Guarantee
Unaudited Financial Statements
31st March 2025

Workington Transport Heritage Trust
Company Limited by Guarantee
Financial Statements
Year ended 31st March 2025
Page
Trustees, annual report (incorporating the director's report)
Independent examiner's report to the trustees
12
Statement of financial activities (including income and .
expenditure account)
13
Statement of financial position
14
Accounting policies
16
Notes to the financial statements
18
The following pages do not form part of the financial statements
Detailed statement of financial activities
24
Notes to the detailed statement of financial activities
26

Workington Transport Heritage Trust
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report)
Year ended 31st March 2025
The trustees, who are also the directors for the purposes of company law, present their report and the
unaudited financial statements of the charity for the year ended 31st March 2025.
Chair's report
So, another 12 months has passed, and the trust continues to hit to new milestones, like it has done
over the previous few years. This year saw the trust take on a lease at Discovery Park (former Alcan
site} and this has now been slowly transformed into our dedicated maintenance facility. This is our first
dedicated site for vehicle maintenance and restoration for trust vehicles. It now allows us to work in an
environment that isn't affected by weather and provides better welfare conditions for trust volunteers.
The site is now used most days in some capacity and will help us continue with our aim and mission of
protecting our transport heritage.
The trust is now recording more volunteers, hours than ever before, showing the investment in
improved facilities is working. Some 'long term, projects have now been able to have work started,
which a few years ago would have been unimaginable. This is driven by dedication of our volunteer
base and a passion to see some of the vehicles returned to the road.
Although the new facility allows us to improve our conditions and help accelerate vehicle restoration it
does come at a cost. We now must service a 7-year tenancy that costs essentially £350 per week,
which could potentially prove problematic if revenue or expenditure took a turn for the worse. Priority
must be given to the operating licence to ensure we have the funds to service our financial
commitments, we need to grow our revenue earning business to protect the trust in the future.
On a more positive, we hosted another successful event in May. The sun made an unexpected arrival.
and the weather helped turn a good weekend into an unforgettable weekend. Plans are now undemay
for LN54 'clash of the Titans, all headed up by Mike Mortonl
For a close-knit heritage group, we are doing very well, and our name and reputation has never been
so highly regarded throughout the heritage transport community.
We couldn't have done this without the effort and support of all our dedicated volunteers, who literally
are the backbone of the group.
So, a big thanks and a well-deserved 'well done, and here's to another successful year ahead into
20261
lan Dunn
Chairman

Workington Transport Heritage Trust
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continued)
Year ended 31st March 2025
Reference and administrative details
Registered charity name
Workington Transport Heritage Trust
Charity registration number
1102725
Company registration number 04767337
Principal office and registered 22 Calva Road
office
Seaton
Workington
Cumbria
CA14 1DF
The trustees
lan Dunn - Chairman
Michael Morton - Vice Chairman
Alistair Grey Secretary
Neil Dickinson - Health & Safety
Brian Pritchard - Internal Auditor
John Burrow- Pottery Field Manager
Derek Woodruff
Sandra Edmondson
(Resigned 21st March 2025)
(Resigned 19th June 20251
Company secretary
Alistair Grey
Independent examiner
Susannah Nixon. Lamont Pridmore Chartered Accountants
Milburn House
3 Oxford Street
Workington
Cumbria
CA14 2AL

Workington Transport Heritage Trust
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continued)
Year ended 31st March 2025
structure, governance and management
Governing Document
The Trust is a charitable company limited by guarantee, incorporated on 16th May 2003 and
registered as a charity on 19th March 2004. The Company was established under a Memorandum of
Association which established the objects and powers of the charitable company and is governed
under its Articles of Association. In the event of the company being wound up members are required
to contribute an amount not exceeding £1 each.
Recruitment and Appointment of Management Committee
The directors of the company are also charity trustees for the purposes of charity law and under the
company's Articles are known as members of the Management Committee. Under the requirements of
the Memorandum and Articles of Association, the members of the Management Committee are
elected to serve for a period of 3 years after which they must stand down, but may offer themselves
for re-election. All members of the Management Committee give their time voluntarily and received no
benefits from the charity.
Our board was nine strong, but has been reduced to seven over the past 2 years, due to trustees
retiring due to age and having other commitments.
Trustee Induction and Training
Our Trustee Vetting Policy asks that potential trustees are already familiar with the work of the charity
before being appointed. Additionally, formal and informal training sessions are carried out as required
to ensure that all trustees are familiar with aspects of running the charity, including:
The obligations of Management Committee members,
The main documents setting out the operational framework of the charity including the
Memorandum and articles,
Knowledge of policies and procedures,
Familiarisation with financial plans, budgets and future objectives.
Risk Management
Risk assessments for individual activities are carried out as required.
The Management Committee has agreed to undertake a review of the major risks to which it may
potentially be exposed. A risk register will be established, to be reviewed and updated annually.
Where appropriate, procedures will be established to minimize risks.
Policies and procedures are in place to ensure the health and safety of trustees, volunteers and
visitors engaging with the charity. These were reviewed in October 2024, the next review being due in
November 2026.
Future risks being monitored include..
Rising costs in connection with Discovery Park site.
The need to appoint more trustees,
New city clean air zones impacting on our day trips programme,
Income plans upset by possible reduced rail replacement work.

Workington Transport Heritage Trust
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continued)
Year ended 31st March 2025
Organisational Structure
The Management Committee meets monthly and is responsible for the strategic direction and policy of
the charity-
At the end of the year the Committee had 7 members drawn from a variety of backgrounds relevant to
the work of the charity.
The Secretary is also a director with voting rights.
Directors have specific responsibilities, with other responsibilities being devolved to other active
volunteers.
With the exception of three people who get paid for driving on our Operator Licen￿, the directors and
all other drivers and members in the charity are volunteers who do not receive any remuneration.
Related Parties
The charity is not part of any bigger group. It is an independent organisation.
However it is a member of other bodies as shown in "Working with other groups" on page 6.
Responsibilities of the Management Committee
To ensure the Trust is run in accordance with its governing documents.
To select suitable accounting policies and apply them consistently.
To maintain proper accounting records_
To prepare financial statements in compliance with Companies Act 2006.
To safeguard the assets of the charitable company by taking reasonable steps to prevent and
detect fraud and other irregularities.
To help with the above, the budget is updated for review at each monthly Management Committee
meeting.
Individual directors, responsibilities are shown on page 2.
Reporting of serious Incidents
There have been no incidents to report during the year.
Independent Examiner
Our internal auditor is trustee Brian Pritchard.
Our external Independent Examiner is Lamont Pridmore Chartered Accountants, Milburn House, 3
Oxford Street, Workington, Cumbria, CA14 2AL.

Workington Transport Heritage Trust
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continued)
Year ended 31st March 2025
Objectives and activities
Purposes and Aims
The charity's purposes as set out in the objects contained in the company's Memorandum of
Association are the advancement of the public interest by the preservation and display of railway
locomotives, railway vehicles, buses, coaches and transport items of all kinds and age of technical or
historic interest (both operational and static display) and of related rolling stock, buildings, track,
machinery, equipment, memorabilia and archive material in Cumbria and elsewhere.
Ensuring our work delivers our aims
We monitor our aims, objectives and activities each year.
This review looks at what we have achieved in the past 12 months, how that relates to our aims and
objectives, and how we aim to develop next year.
We have referred to the Charity Commission's general guidance on public benefit when reviewing our
aims & objectives and in planning future activities.
The focus of our work
Our main objectives continue to be education and interpretation to the public of the transport and
related industrial history of the local and wider area around Workington and West Cumbria.
The strategies we used to meet these objectives included..
Trips in some of our heritage vehicles to events and vehicle rallies.
Taking vehicles out into the community to educate and inspire.
Development of educational material in printed booklets, on our website and social media.
Ongoing repair and maintenance of our fleet of historic vehicles.
Developing a new workshop site to ensure that we can competently and safely maintain our
collections.
Running our PCV Operators Licence to generate extra funds from hiring out buses, running trips
and rail replacement services_
Working with Arriva Road Transport SeNices and the National Association of Road Transport
Museums to improve our standards.
Working with local schools, museums and other groups to promote a wider interest in the history
of road and rail transport.
Working with others so that historically significant vehicles are saved.
Our 28 page members newsletter Wheels and Tracks continues to be published quarterly.

Workington Transport Heritsge Trust
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Director's Report) fcontinued)
Year ended 31st March 2025
Achievements and performance
How our activities deliver public benefit
As an educationally based charity, our focus is on attracting visitors to view and interact with our
vehicles, displays and other attractions.
We made the most of improved opportunities to take our vehicles out for the public to experience, by
visiting events locally and further afield.
Trips and outreach activities
Our vehicles were out and about on a variety of occasions..
198 rail replacement duties (down from last year's 341),
64 coach trips {24 the previous year),
72 private hires (25 the previous year),
Our second 2 day Leyland National bus rally on Whitehaven harbour,
18 days at other rallies, events & visits, some with multiple vehicles,
Park & ride services at Cockermouth. Keswick and Maryport shows,
We also hired out our vehicles to other operators on 47 occasions (compared with 23 the previous
year).
Volunteer and staff development
We continue to invest time and efft)rt in developing the skills of our volunteers and paid drivers.
Safety briefs are held regularly to keep volunteers updated on safety matters.
Existing drivers continue to have their professional training kept up to date with periodic courses
towards their Driver Certificates of Professional Competence, as well as customer service and
disability awareness courses.
Website. social media and publicity
Our website is used to keep the public updated on our progress and forthcoming events. It also
provides pages of historical educational information on our vehicles and transport history.
Our Facebook pages have over 1,000 followers and continue to play an important part in reaching out
to our supporters.
Our Instagram page is a recently introduced feature aiming to appeal to a younger audience.
We have had a number of articles in the local and wider media, and have continued with our publicity
in the trade and enthusiast press.
Working with other groups
We are members of..
National Association of Road Transport Museums
Community Rail Nelwork
Cumbria Council for Voluntary Service
Cumbria Community Foundation
Additionally, we work with Barrow Transport Museum Trust, Carlisle Bus Group. arts group Everyone
Here, and local schools & churches.

Workington Transport Heritage Trust
Company Limited by Guarantee
Trustees. Annual Report {Incorporating the Director's Report) (continued)
Year ended 31st March 2025
Friends of Workington and Whitehaven Railway Stations
The Trust runs two sub-groups, one for each station. These involve our volunteers working in
Workington station shop and in conjunction with train crew to improve the appearance of both stations
with the provision and maintenance of flower displays, signage, and other work.
Both stations are recognized in the annual Cumbria in Bloom awards.
Income to cover this work comes as grants from Northern Trains, Community Rail Ne￿Ork,
Workington Town Council and our own funds.
Environmental
We try to be responsible in our operations as outlined in our Environmental policy which is aimed at
minimizing our detrimental impact on the planet.
We use an online tool to estimate our carbon footprint.
Our emissions come in all shapes and sizes, which are converted into a carbon dioxide equivalent
(C02e) and sorted into three types, or'scopes,:
Scope 1 is our company's direct emissions, e.g. from burning fuel,
Scope 2 is our indirect emissions, e.g. fiom burning fuel for electricity that we buy, and
Scope 3 emissions are produced by our suppliers in making spare parts. consumables, stationery
and other products that we buy.
With our increased level of activity, this gave an estimated scope 1 C02e footprint of 86 tonnes mainly
for burning around 34,000 litres of diesel fuel in our buses which did a total of around 87,OOOkm, plus
volunteers car mileage.
Add to this an estimated 15 tonnes covering purchased goods and services takes the total up to 101
tonnes compared with last year's 62 tonnes (and 54 tonnes the previous year).
This increase is due to increased activity on day trips and hires.
On a plus point we took out of service a bus that was just doing 6.5mpg and replaced it with one that
does 9.5mpg.
We also note that our rail replacement work which covered over 20,000 miles replaced 2 coach class
156 trains doing 3mpg, with a bus doing 9.5mpg saving, on the face of it, 55 tonnes of C02el
Our chosen charity for tree planting continues to be Buy Land Plant Trees which has land locally near
Bassenthwaite and Loweswater. A donation of £600 was calculated to offset this year's emissions
over the next 5 years by the planting of tree saplings and restoration of wild habitats.
Waste Disposal
It is an unfortunate fact of modern throw-away life that much waste is generated by our activities,
particularly on day trips and some private hires. We make efforts to segregate as much waste as
possible with a view to recycling as much as possible, though local facilities do not allow us to make
the most of this as we would like.

Workington Transport Heritage Trust
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (Continued)
Year ended 31st March 2025
Health and Safety
Our lead and assistant H&S OfFicers continue to audit our premises. and provide guidance to keep us
working safely.
Audits are carried out quarterly on each of our premises with any necessary actions recorded and
monitored for successful implementation.
External advice is taken as necessary to ensure that we continue to comply with best practice.
Our Collection
The opportunity to acquire an ex-cumberland Leyland National was taken" HHH 372V is now
undergoing a full restoration.
A further low floor accessible service bus Y167 HRN was added to the Operator Licence fleet towards
the end of 2024 to cover for Y162 HRN which had had engine problems and had been with an outside
contractor since July of that year. These are the preferred buses for rail work.
Day trip and private hire work continued at a healthy level, with plans for extra day trips in 2025. So a
further coach was bought to give back-up and extra flexibility. BIG 2117 joined in August 2024.
One coach was disposed of for scrap after retrieving usable parts.
At the end of the year, we had..
11 heritage buses,
5 Operator Li￿nCe vehicles
1 low floor bus under long term repair
1 heritage minibus on permanent loan to us,
1 Leyland Olympian double decker due for donation to Ribble group
2 buses used as parts donorslstore sheds
1 Dodge fire engine
1 service van
1 Carlisle tram body
1 bus in use as a store shed at Pottery Field
Other collections
We continue to work to improve the storage, recording and presentation of our collections of paper
archives, mementoes and memorabilia. The bulk of these are in their own humidity controlled room at
Pottery Field, though many photographs are also stored electronically.
Premises
We gave up on the idea of the erection of a portal frame building or a temporary structure at our
Lillyhall premises due to increased costs imposed by compliance with building regulations.
In November we took on an 8 year lease on a unit at Discovery Park. Lillyhall. With the aid of a
Levelling Up grant through Cumberland Council, this has been developed as a workshop.
We now have our own vehicle engineer who can inspect, maintain and repair our fleet. This
overcomes the increasing difficulty of finding reliable external contractors for this work.

Workington Transport Heritage Trust
Company Limited by Guarantee
Trustees. Annual Report {Incorporating the Director's Report) (continued)
Year ended 31st March 2025
Our leased site at Pottery Field, Clay Flatts, continues to provide under cover storage of some Trust
and guest vehicles.
Other vehicles are kept under cover at a site in Silloth.
Financial review
Budgets are prepared annually in advance. These are updated and monitored monthly by the
management committee.
Our sales stand has been taken to a number of events.
Our weekend Leyland National bus rally on Whitehaven harbourside in May continues to be popular. It
covered its costs this year thanks to a Levelling Up grant through Cumberland Council.
Our Operator Licence has continued to perform well due to ongoing disruption on the railways, helping
us to add to our existing surplus which will go towards the development of the Discovery Park site.
Coach trips have proved popular, and have contributed to funds along with a number of private hires.
This has allowed us to continue to invest in maintaining and upgrading our heritage vehicles.
Despite this investment, the year's activities generated an increased income of £243,000, resulting in
a small net loss for the year. Further investment in our fleet has been allowed for into 202516.
Princtpal Funding Sources
The Operator Licence generated an increased income of over £173,000, of which 52 % was from
rail replacement work, 33 % from day trips and 15 % from hires.
With increased activity, our shop at Workington rail station and outside sales stand generaled
sales of £11,900, the bulk of which was from the station shop.
Donations were £9,700, including some generous amounts from members at renewal time.
Owners of guest vehicles paid just under £5,000 in storage fees.
We claimed £1,000 in Gift Aid.
Railway station traincrew mess room tuck shops generated £1,000.
We continue to be involved in Allerdale Lottery where members of the public support nominated
Causes. This earns us around £750 a year.
The "59 Club" was closed during the year as the work involved did not justify the modest returns.
Employment
To cover a lack of volunteer drivers, we have taken on a small number of paid drivers on flexible
contracts. This allows us to run more day trips and generate further income. Payroll is administered by
our accountants.
Investment Policy
Sufficient funds for 2 month's expenses are kept in our current account. Anything above this is kept in
a higher interest savings account.
The trustees will consider investing any funds accumulating for future plans in commercial investment
funds whenever this becomes appropriate.
The bulk of our funds are currently held in the Cumberland Building Society. Whilst the total funds held
are above the Financial Services Compensation Scheme limit of £85,000, the trustees are mindful that
the Cumberland is highly ethically rated, and its financial model is not as risky as some banks.

Workington Transport Heritage Trust
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continued)
Year ended 31st March 2025
However, we are unable to use online banking with the Cumberland account, so we have opened an
account with Lloyds which will allow us to make more timely payments to suppliers and our paid
Operator Licence drivers.
Reserves Policy
The year-end resetves of £136,000 amount to 7 months of expenses, based on this yea¢s spending.
With 3 operator discs in use, the Operator Licence dictates that we hold free reserves of at least
£16,900.
Implementation of previous plans
A fully fitted workshop was created at Discovery Park.
Further work was done to improve our heritage fleet.
Our second Leyland National bus rally at Whitehaven was both a financial and operational
success.
Education and outreach activities continued.
Fitting out of our displayleducational bus was completed.
Further volunteer training was carried out.
Opportunity was taken to buy another locally important heritage bus.
Plans for future periods
To progress the bodywork restoration of Leyland Lynx F251 JRM.
To increase our educational open days and outreach activities.
To investigate further opportunities for training of volunteers.
To fit'next stop" signage and announcements to our low floor buses used on rail replacement
work.
To continue to be self sufficient by generating income from trips, hires and rail replacement work
under our Operator Licence.
Trustees responsibilities statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing
the trustees, report and the financial statements in accordance with applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a
true and fair view of the state of affairs of the charitable company and the incoming reSoUr￿S and
application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently-
observe the methods and principles in the applicable Charities SORP-
make judgments and accounting estimates that are reasonable and prudent"
prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and
explain the charity's transactions and disclose with reasonable accuracy at any time the financial
position of the charity and enable them to ensure that the financial statements comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence
for taking reasonable steps for the prevention and detection of fraud and other irregularities.
10-

Workington Transport Heritage Trust
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continued)
Year ended 31st March 2025
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to
the small companies exemption.
The trustees, annual report was approved on 23rd January 2026 and signed on behalf of the board of
trustees by-.
lan Dunn- Chairman
Director
Brian Pritchard - Internal Auditor
Director
Alistair Grey
Charity Secretary

Workington Transport Heritage Trust
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Workington Transport
Heritage Trust
Year ended 31st March 2025
I report to the trustees on my examination of the financial statements of Workington Transport
Heritage Trust ('the charity,) for the year ended 31st March 2025.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law} you are
responsible for the preparation of the financial statements in accordance with the requirements of the
Companies Act 2006 ('the 2006 Act,).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16
of the 2006 Act and are eligible for independent examination, I report in respect of my examination of
the charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act')- In
carrying out my examination I have followed the Directions given by the Charity Commission under
section 145{5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection
with the examination giving me cause to believe:
accounting records were not kept in respect of the charity as required by section 386 of the
2006 Act: or
the financial statements do not accord with those records., or
the financial statements do not comply with the accounting requirements of section 3g6 of
the 2006 Act other than any requirement that the accounts give a 'true and fair, view which
is not a matter considered as part of an independent examination., or
the financial statements have not been prepared in accordance with the methods and
principles of the Statement of Recommended Practice for accounting and reporting by
charities applicable to charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no cOn￿rn$ and have come across no other matters in connection with the examination to
which attention should be drawn in this report in order to enable a proper understanding of the
accounts to be reached.
Susannah Nixon, Lamont Pridmore Chartered Accountants
Independent Examiner
Milburn House
3 Oxford Street
Workington
Cumbria
CA14 2AL
23rd January 2026
12-

Workington Transport Heritage Trust
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31st March 2025
2025
Unrestricted
funds Total funds
2024
Total funds
Note
Income and endowments
Donations and legacies
Charitable activities
other trading activities
Investment income
Other income
10,509
218,280
1,897
4.431
8,163
10,509
218,280
1,897
4,431
8,163
4,488
168,413
1,888
4,001
3,041
Total income
243,280
243.280
181,831
Expenditure
Expenditure on raising funds..
Costs of other trading activities
Expenditure on charitable activities
Total expenditure
6,603
238,732
6,603
238,732
5,307
198,889
10,11
245,335
245.335
204,196
Net expenditure
(2,055)
(2.055)
{22,365)
Other recognised gains and losses
Revaluation of fixed assets
15.731
15,731
6,155
Net movement in funds
13,676
13,676
(16,210)
Reconciliation of funds
Total funds brought forward
Total funds carried forward
215,253
215.253
231,463
228,929
228,929
215,253
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The notes on pages 18 to 22 form part of these financial statements.
13

Workington Transport Heritage Trust
Company Limited by Guarantee
Statement of Financial Position
31st March 2025
2025
2024
Note
Fixed assets
Tangible fixed assets
16
77,112
61,381
Current assets
Stocks
Debtors
Cash at bank and in hand
17
18
2,900
19,407
145,892
2,100
25,237
143,939
168,199
171,276
Creditors: amounts falling due within one year
Net current assets
19
32,113
17,404
136,086
153,872
Total assets less current liabilities
213,198
213,198
215,253
Net assets
215.253
Funds of the charity
Unrestricted funds
213,198
215,253
Total charity funds
20
213.198
215,253
For the year ending 31st March 2025 the charity was entitled to exemption from audit under section
477 of the Companies Act 2006 relating to small companies.
Directors, responsibilities..
The members have not required the company to obtain an audit of its financial statements for the
year in question in accordance with section 476-
The directors acknowledge their responsibilities for complying with the requirements of the Act
with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to
companies subject to the small companies, regime.
These financial statements were approved by the board of trustees and authorised for issue on 23rd
January 2026 and are signed on behalf of the board by:
I PdL)
lan Dunn - Chairman
Director
Brian Pritchard - Internal Auditor
Director
The notes on pages 18 to 22 form part of these financial statements.
14-

Workington Transport Heritage Trust
Company Limited by Guarantee
Accounting Policies
Year ended 31st March 2025
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the
revaluation of certain financial assets and liabilities and investment properties measured at fair value
through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(bl Going concern
'There are no material uncertainties about the charity's ability to continue.
(c) Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported. These estimates and judgements are continually
reviewed and are based on experience and other factors, including expectations of future events that
are believed to be reasonable under the circumstances.
(d) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's
purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or
commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the
terms of an appeal, and fall into one of sub-classes- restricted income funds or endowment funds.
{e) Incoming resources
All incoming resources are included in the statement of financia5 activities when entitlement has
passed to the charity,. it is probable that the economic benefits associated with the transaction will flow
to the charity and the amount can be reliably measured. The following specific policies are applied to
particular categories of income:
income from donations or grants is recognised when there is evidence of entitlement to the gift,
receipt is probable and its amount can be measured reliably.
legacy income is recognised when receipt is probable and entitlement is established.
income from donated goods is measured at the fair value of the goods unless this is impractical to
measure reliably, in which case the value is derived from the cost to the donor or the estimated resale
value. Donated facilities and services are recognised in the accounts when received if the value can
be reliably measured. No amounts are included for the contribution of general volunteers.
income from contracts for the supply of services is recognised with the delivery of the contracted
service. This is classified as unrestricted funds unless there is a contractual requirement for it to be
spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
15-

Workington Transport Heritage Trust
Company Limited by Guarantee
Accounting Policies (continued)
Year ended 31st March 2025
{f) Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT
which cannot be fully recovered, and is classified under headings of the statement of financial
activities to which it relates..
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable
trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities
that further its charitable aims for the benefit of its beneficiaries, including those support costs and
costs relating to the governance of the charity apportioned to charitable activities.
other expenditure includes all expenditure that is neither related to raising funds ft)r the charity nor
part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs
attributable to a single activity are allocated directly to that activity. Shared costs are apportioned
bel￿een the activities they contribute to on a reasonable, justifiable and consistent basis.
Ig) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated
depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at
the fair value at the date of revaluation less any subsequent accumulated depreciation and
subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other
recognised gains and losses, unless it reverses a charge for impairment that has previously been
recognised as expenditure within the statement of financial activities. A decrease in the carrying
amount of an asset as a result of revaluation, is recognised in other recognised gains and losses,
except to which it offsets any previous revaluation gain, in which case the loss is shown within other
recognised gains and losses on the statement of financial activities.
(h) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount
being estimated where such indicators exist. INhere the carrying value exceeds the recoverable
amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at
each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of
an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to
which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that
includes the asset and generates cash inflows that largely independent of the cash inflows from other
assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the
acquisition date, allocated to each of the cash-generating units that are expected to benefit from the
synergies of the combination, irrespective of whether other assets or liabilities of the charity are
assigned to those units.
16-

Workington Transport Heritage Trust
Company Limited by Guarantee
Accounting Policies (continued)
Year ended 31st March 2025
(i) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock
to its present location and condition.
ti) Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the
contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any
related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration
expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured
reliably, the investment is subsequently measured at fair value with changes in fair value recognised in
income and expenditure. All other such investments are subsequently measured at cost less
impairment.
Other financial instruments, including derivatives, are initially recognised at fair value. unless payment
for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a
market rate, in which case the asset is measured at the present value of the future payments
discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in
the statement of financial activities, with the exception of hedging instruments in a designated hedging
relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of
impairment at the end of each reporting date. If there is objective evidence of impairment, an
impairment loss is recognised under the appropriate heading in the statement of financial activities in
which the initial gain was recognised.
For all equity instruments regardless of significan￿, and other financial assets that are individually
significant, these are assessed individually for impairment. Other financial assets are either assessed
individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result
in a carrying amount of the financial asset that exceeds what the carrying amount would have been
had the impairment not previously been recognised.
17-

Workington Transport Heritage Trust
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31st March 2025
General information
The charity is a public benefit entity and a private company limited by guarantee, registered in
England and Wales and a registered charity in England and Wales. The address of the
registered office is 22 Calva Road, Seaton, Workington, Cumbria, CA14 1 DF.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial
Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities
SORP (FRS 102)) and the Companies Act 2006.
Limited by guarantee
The charity is a company limited by guarantee and has no share capital. In the event of the
charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the
charity-
Donations and legacies
Unrestricted Total Funds Unrestricted Total Funds
Funds
2025
Funds
2024
Donations
Donations received
10,509
10,509
4,488
4,488
Charitsble activities
Unrestricted Total Funds Unrestricted Total Funds
Funds
2025
Funds
2024
Grants received
Station shop & sales stand
Station mess room tuck shop
59 Club income
Operator licence rail replacement &
hires
Operator licence day trips
Vehicle rents
VAT reclaimed
Events and rallies
Friends of rail ststions
12,532
11,901
1,001
12,532
11,901
1,001
400
9,966
960
297
400
9,966
960
297
105,633
51,726
5,013
23,379
7,095
105,633
51,726
5,013
23,379
7,095
101,002
25,423
4,954
20,740
3,111
1,560
101,002
25,423
4,954
20,740
3,111
1.560
218,280
218,280
168,413
168,413
18-

Workington Transport Heritage Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2025
other trading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds
2025
Funds
2024
Membership income
Raffles & Allerdale Lottery
1,122
775
1,122
775
1,005
883
1,005
883
1,897
1,897
1,888
1.888
Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds
2025
Funds
2024
Bank interest received
4,431
4.431
4,001
4,001
other income
Unrestricted Total Funds Unrestricted Total Funds
Funds
2025
Funds
2024
Gift Aid
Other miscellaneous income
1,010
7,153
1,010
7,153
8,163
2,729
312
2,729
312
8,163
3.041
3,041
Costs of other trading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds
2025
Funds
2024
Preservation and display of heritage
transport
6,603
6,603
5,307
5,307
10. Expenditure on charitable activities by fund type
Unrestricted Total Funds Unrestricted Total Funds
Funds
2025
Funds
2024
Preservation and display of heritage
transport
Support costs
228,702
10,030
228,702
10,030
238,732
190,361
8,528
190,361
8,528
238,732
198,889
198,889
19-

Workington Transport Heritage Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2025
11. Expenditure on charitable activities by activity type
Activities
undertaken
directly
Support Total funds
costs
2025
Total fund
2024
Preservation and display of heritage
transport
Governance costs
228,702
6,280
3,750
10,030
234.982
3.750
198,889
228,702
238,732
198,889
12. Analysis of support costs
Analysis of
support costs
Total 2025 Total 2024
Communications and IT
General office
Finance costs
Governance costs
2,650
2,169
1.101
360
2,650
2,169
1,101
360
2,561
4,969
718
280
6,280
6,280
8,528
13. Independent examination fees
2025
2024
Fees payable to the independent examiner for=
Independent examination of the financial statements
3,750
14. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows..
2025
2024
Wages and salaries
15.020
The average head count of employees during the year was 3 (2024" Nil). The average number of
full-time equivalent employees during the year is analysed as follows..
2025
No.
2024
No.
Charitable activities
No employee received employee benefits of more than £60,000 during the year {2024'. Nil).
-20-

Workington Transport Heritage Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2025
15. Trustee remuneration and expenses
The Trust considers that its key management personnel comprise the trustees, none of whom
were employed during this financial year or the previous financial year.
The trustees all give freely their time and expertise without any form of remuneration or other
benefit in cash or kind (2024.- £Nil). Expenses paid to the trustees in the year in respect of
reimbursement of expenditure totalled £Nil (2024: £Nill.
16. Tangible fixed assets
Motor
vehicles
Equipment
Total
Cost
At 1st April 2024
Revaluations
43,500
5,200
17,881
10,531
61,381
15,731
At 31st March 2025
48,700
28,412
77.112
Carrying amount
At 31st March 2025
48,700
28,412
77,112
At 31st March 2024
43,500
17,881
61,381
17. Stocks
2025
2024
ststion shop and sales stock
2,900
2,100
18. Debtors
2025
2024
Trade debtors
Other debtors
9,229
10,178
20,440
4,797
19,407
25,237
19. Creditors: amounts falling due within one year
2025
2024
Trade creditors
Accruals and deferred income
Amounts owing for prepaid trips and hires
other creditors
14,858
3,750
13,505
4,676
8,745
3,983
32,113
17,404
-21

Workington Transport Heritage Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2025
20. Analysis of charitable funds
Unrestricted funds
At
1 Apr 2024
Gains and
losses
At31
Mar 2025
Income Expenditure
Transfers
Unrestricted
Funds
Designated Fund
153,872
61,381
243,280
(245,335) (15,731 J
136,086
77,112
15,731
215,253
243,280
{245,335) (15,731)
15,731
213,198
At
1 Apr 2023
Gains and
losses
At31
Mar 2024
Income Expenditure
Transfers
Unrestricted
Funds
Designated Fund
148,737
82,726
181,831
(204,196)
27,500
(27,500)
153,872
61,381
6,155
231,463
181,831
(204,196)
6,155
215,253
21. Analysis of net assets between funds
Unrestricted Total Funds
Funds
2025
Tangible fixed assets
Current assets
Creditors less than 1 year
Net assets
77,112
168,199
(32,113)
213,198
77,112
168,199
(32,113)
213,198
Unrestricted Total Funds
Funds
2024
Tangible fixed assets
Current assets
Creditors less than 1 year
Net assets
61,381
171,276
(17,404)
215,253
61,381
171,276
(17,404)
215,253
-22-

Workington Transport Heritage Trust
Company Limited by Guarantee
Management Information
Year ended 31st March 2025
The following pages do not form part of the financial statements.
-23-

Workington Transport Heritage Trust
Company Limited by Guarantee
Detailed Statement of Financial Activities
Year ended 31st March 2025
2025
2024
Income and endowments
Donations and legacies
Donations received
10,509
4,488
Charitable activities
Grants received
Station shop & sales stand
Station mess room tuck shop
59 Club income
Operator licence rail replacement & hires
Operator licence day trips
Vehicle rents
VAT reclaimed
Events and rallies
Friends of rail stations
12,532
11,901
1,001
400
9,966
960
297
101,002
25,423
4,954
20,740
3,111
1,560
105,633
51,726
5,013
23,379
7,095
218,280
168.413
Other trading activities
Membership income
Raffles & Allerdale Lottery
1,122
775
1,005
883
1,897
1,888
Investment income
Bank interest received
4,431
4,001
other income
Gift Aid
Other miscellaneous income
1,010
7,153
2,729
312
8,163
3,041
Total income
243,280
181,831
-24-

Workington Transport Heritage Trust
Company Limited by Guarantee
Detailed Statement of Financial Activities fcontinued)
Year ended 31 st March 2025
2025
2024
Expenditure
Costs of other trading activities
Events and rallies including Boxing Day
Friends of rail stations
5,243
1,360
4,749
558
6.603
5,307
Expenditure on charitable activities
Opening stock
Closing stock
Wages and salaries
Other establishment
Motor vehicle expenses
Vehicle leasinglhire
Other motorltravel costs
Legal and professional fees
Impairment reversal
Volunteer training & publicity costs
Other professional fees
Other charitable expenditure
Building & site costs
2,100
2,900
15,020
7,858
75,111
36,854
53,877
3,750
(15,731)
6,331
360
14,363
41,739
238,732
2,400
2,100
5,167
52,131
33,460
78,854
8,371
457
15,180
4,969
198,889
Total expenditure
245,335
204.196
Net expenditure
(2,055)
(22,365)
-25-

Workington Transport Heritage Trust
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 31st March 2025
2025
2024
Costs of other trading activities
Preservation and display of heritage transport
Events and rallies including Boxing Day
Friends of rail stations
5,243
1,360
4,749
558
6.603
5,307
Costs of other trading actijiities
6,603
5,307
Expenditure on charitable activities
Preservation and display of heritage transport
Activities undertaken directly
Opening stock brought forward
Closing stock carried forward
Wages & salaries
Station shop & sales stand
Operator licence vehicles & insurance
Operator licence vehicles fuel
Non operator licence costs
Revaluation of tangible fixed assets
Volunteer training & other expenses
59 Club costs
Building & site costs - Pottery Field & Lillyhall
Building & site costs - Discovery Park
2,100
(2,900)
15,020
7,858
75,111
36,854
53,877
(15,731)
3,681
2,400
{2,100)
5,167
52,131
33,460
78,854
5,810
177
14,462
13,262
39,570
228,702
190,361
Support costs
Publicity, website & stationery costs
Payroll and accountancy fees
Credit card commission charges
Miscellaneous costs
2,650
360
1,101
2,169
2,561
280
718
4,969
6,280
8,528
Governance costs
Governance costs - accountancy fees
3,750
Expenditure on charitable activities
238,732
198,889
-26-