WEST LANCASHIRE UGHT RAILWAYTRU8T ANNUAL REPORT AND UNAUDITED FINANCIAL 8TATeMENTS FOR THE YEAR ENDED 31 DECEMBER 2D23 Comp8ny Reg18tration No. 05866375 (England 8nd Wa1881 Charlly reg151i&llon number 112114g IEngland and Wal6sl
WEST LANCASHIRE LIGHT RAILWAY TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru8t••# MrA Frodsham Mr D R G88ring MrAL Jones Mr K Nlcolls Mr P W Smllh Ir M T Spall Mr G 8 Cl8rttson rSLMooro MrDBPratt Mr R G P Mar61on (Appolnted 14 M8rch 20231 Se¢tary Mi C Brown Charlty numbèr 1121149 Company numbor 05866375 Reglgtor6d offlcè 8e¢onsall Stallon Stallon Road H85keth Bank Preston L8ncashlra PR4 6SP Ind•p•nd•nt •xamln8T Champion TLL Llmited 7-9 Stallon Road Hesketh Ban Pi&6lon L8nca5hlre PR4 6SN
WEST LANCASHIRE LIGHT RAILWAY TRUST CONTENTS Page TNstees' report Indop8ndenl examlnefs report Statement of fln8n¢lal 8cllvlll•8 Balance she8l Notas to th8 flnandal 8tat8m8nts 10-20
WEST LANCASHIRE LIGHT RAILWAY TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Th9 tru$tO8s prèsant thelr annual report and fin8ndg1 stotem•ntg for thè yaar eThJed 31 December 2023. Th8 fin8nei81 $18tgments have been pr9pared in aceoTdance wllh the accounllng pollcles set oul In note 1 to tha fiffTr8ncial slatemenls and comply wllh lh8 ch8rity8 governing document, the Companles Act 2006 and 'Accounting nd R8POrtlng by Charllles.. Statement of Rewrnm8nd8d Praellcè applleable to charllles Preparing Iheir accoun¢8 In 8ccordance wlth thè Flnan¢lal Reportlng Sl8nd8rd oppllcable In tho UK and Republlc of Ireland IFRS 1021. {effecUv8 1 January 20191. Obloctlv88 ond actlvltlo8 The obje¢llve8 of Ihg ch8rfty em as foSlows'.- The pAnclpal object of th8 company conllnu8s io b8 io 8dvance th8 education ol lh6 publlc by acqulsltlon. restorallon, preservallon. tsxhlblllon and op8rallon ol n8Trow g8ugè r¥IAY locomollves, rollSng stock. equlpmenl and artefacts, docum8nts And rneords. Ajso, Indudlng the operallon of a d8mtsnstrallon rel1&Y, for the purpose of demoThslrallng such it8m8. To ensure Ihe8e objedlv8s ar8 mèt. the dlrectors lay down poll¢igs lo bg c8rfèd out by offlcers And volunle8r8. Publlc benefft Tha trn$t8es hev8 pald due regard to guld&nc• Issued by the Charlty Cornmi&8ion in declding wh*t Acllvllles the th&rity should undertake.
WEST LANCASHIRE LIGHT RAILWAY TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achlev?mgnt$ ond p#rfomianc• Slgnllcanl acllvllles and achlgvgmenls 8g8lnstobJ6ctlv8$ 2023 was yg18nother suceesslul year for the West L8nca$hlr8 Ll9ht R811way Trust. We operated on 78 days durfng Ihg year. mainly Sundays and Bank Holldays, wllh som8 Saturdays and midwe8k runnlng. All oporated by our Trusl volunteers. Our Trustees Continued lo hold bl.monthly meellngs In 2023 to provide dlreclion and strategy lo meal our charflable oblecllves. Two m8lor projocls havo taken slgnlficanl Tw8te8 Ilme In 2023. 1. Ch8ng8S to th$ rallways artl¢1•6- 10 ensure Ihey arg b88t practicè and up lo date. 2. Oesl9n and pl8nnlng for a muS1ipurp09e buSldlng to provlde a new heated 8P8ce lor u88 a8 8 new lèaroom, educatlon room. Iralnlng room and m8eting room. Our revlsed &tS018s afe expectgd to be 8pprov8d by the mèmbershlp al a spedal m9etlng in $8Ptember 2024. The mulll-purposo bulldlng ha8 been a dlfflcijll prolecl. wlth unexpecled p18nnlng 188ues delaylng plannlng approval. W& afe hopgful that plannlng wlll be 8ppYoved In Septèmber 2024. Our Tr&a8urei. Mr. K4.J. Smlth, fesluned os a Trustee on Ihe 1st of January. 2023, but r8malns ourfrèasurar whlle we look to appolnt 8 n8w company treasurer. The Trustees wlsh to recgTd th8lr thanks to Martyn for hls dedlcallon and Ilme as a Tru8t88. UtLd8r our exlsllng artlcles, Mr RICha Marslon was -Opted a5 a now Tm61eo, belng rallff8d by the member8 81 Ihg ¢ompany AGM In September 2023. Richard brin95 IT. busln•ss aThl local aulhoTIty axporlence to the board. The rallway operated Buwss1ty In 2023, wlth passenger nvmbeTS and Income Sllghtly up on 2022. Comlng after the post-pandeml¢ bounce. th18 is very plèaslng. Our event d8ys arg 8Iw8y5 V8ry popular throughout Ihe year, especlally wlth famllles. Our 2023 Chllslmas Sanla Speclals, operated ovgrfiv9 days and wère once agaln fully sold out by Nov8mb8r. The89 evenls 8nd galb days reoulre a 61gnifl¢8nl numbgr of volunl8èrs to opèrate lh6 days suceesslu11y. Th8 Twslee8 Wl8h to thank our dedlcated and wonderful vdunteers for all thelr hard Kvrk. We wouldn'l be Iho successful op8ralion w8 are wilhout tham. Our Rollway operated salely In 2023 wllh no slgnlflcanl Incldents recorded. Safety Is p8r8mount to what wts do. Safety refresher Iralnlng days w8r8 h81d In 2023. wllh frxcellent a118ndance frorn our $8f8ty-crilical volnIe&r$. Two of our Trustees attended 8n Office of R8118nd Road semlnar In Glasgow on Ihg n8w RM3 h6ritkgè guIdCe. Our 1o&room volunteers wnllnued to maintain their Food Hyglonè qualiflcaUon8 and n9w volunle8r8 W8ro trainéd and addad to the tearoom roster. Tha rallway conllnue8 to welcome new voluntoers, wlth a number of new regular8 becomlng 9ro4t 8s8èts to our Trust vla Ihe Thursday worklng p8rt185. Many of our rècfulls are recenuy rellred. arrlvlng wllh great skllls and 8XP8rienc&. Younger new members ar8 a180 b81ng welcomèd, but It Is a concem that volunieering for young people 1$ not A$ popularas In Ihe past. Th1318 8omelhlng wa mustwork on to Improve If we are lo survlve In Ihg futu¥*. Our Trust slrtves to b8 an Important part of our vlllagè communlty. We were dglighted to bg aW8rd Best Kept Cornmunity Space In Ihe Hesketh Bank 2023. R8cogllilion of tho hard woth our gard8ning volunt88rs contiRu8 to A populAr communlty scheme w8 operat818 our school's progrAmme. In 2023, w8 OP8rat8d on 8lx d8y5 for PmIry school educallonal vlslts, where the chlldren 198m about tha hlstory of rallways, how 8 rallway op8r8t88. and how we restore And malnlaln our h1storlc lI9¢110n of narrow-gaugè rallway equlpmenl. No charg85 8re m8d8 for th8S6 vl8its. W6 aro very giaieful to the Co-op CommuThity Fulld for Iholr support with thls programm8 of school vislts. Wa orè hopeful thal scheme8 such 88 Ihis will lead to more young people con8ld8rfng 8 fu¢ure In englneerfng or voiunteerlng.
WEST LANCASHIRE LIGHT RAILWAY TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI ICONTINUED) FOR THE YEAR ENDED 310ECEMBER 2023 For mosl of 2023, we op8rat8d wllh one steam locomotlve. lrfsh Mall, owned by tha Wè8t L8neashlre Looomotlv8 Trust and malnlalngd by our railwAy volknnleers. Ideally, we would Ilke to OP8rate with iwo englnes durlng the season. Unfortunately, due to delays lollowlng the pandemlc, resloratlon8 to olh9r 8ngille5 In our fleet locomotlves w8ro delayed. We werfj very gTatelul lo our filends at the Moseley R81Sway Trusl for the loan dudng part of the summer ol Ashanti Hud8w811 CIBrke 0-6-0 durfn9 August. Ashan worked 8prblY al our rallway, and we look fOard io Its r8¢urn. Thanks to 8 consldorable amount of work, our workshop team war6 abla to tlnlsh the delayed tèn•yeaT ovorhaul of Mont8lb8n In th8Autumn of 2023, belng a welcome retum of Ih15 8ng1Tr8 to setvlca. Work also contlnued wlth Ihg r8buildlng ol Sybll, Includlng the 8team iesllng of a n9w bo118r. substanllally bulll Irom now by our workshop team. A significant achltsvoment. Hop8S to compl8te Ihi8 r88toration by tha and cl 2023, unlortunatety, dld not happen dug lo fin81 bollar eertlftcallon delay6, palntlng and commlBslonlng. Happlly. thls wa8 811 resolved In sprlng 2024. Work on our Access for All, naw c8nl&gè also eonllnued, wlth Intemal fjttlng out. Nèw Intemal Ilghts and audlble equlpmenl have been fitted. Br8klng lor thè carrtage was also completed. deslgngd and Installed In.house. Work now moves on to naw doors. with comp18Uon expected of thls prolecl In 2024. Th8 trust producod a new 48-pag8 guidebook and hlstory ol the rallway In 2023. Th858 guld8books aye sold In OUT shop and prov8 lo bo popular. We aim tg rgvise thèsa publlcallons every 213 years. Two edilion8 of our membershlp Short Axle m8g&zlne8 were produced. logelh8r wllh elght edlllon8 01 our very popular onllne W&sl Loncs Nows n8wsl8ttgr. A 4-wheal8d ex. Penrhyn slate w8gon. donated by the lal6 Derek Pfeece. w88 fully r88torgd In 2023 by th8 Sybll t¥8m. Thè wagon wlll demon8lfal8 8 typl¢81 Norlh Wales narrow gauge mainllne 818te wagon. The railway Was dellghted to recelve a don8llon Irom Sefton Coundl and Rigby Bullding CoDtr8Ctors. Soulhport, of 16 lengths o1351b rall from Soulhport PleT. Th8 rallway has a long asSocIaOn wilh surplus rallway equlpment 1M Soulhport Pler. Our Chalr wa¥ d811ghlad to oceept an Inyltallon from Rl Hon StuartAndrews MP, Padl8rngntsry Under S8crètory 01 state. ts) a r8cèpllon at No. 10 Downlng Stre9t In May 2023 In recognluon ol Local Ch8rily Champlon Our Chalr was ac(x>mpaThlad by our local MP, Kath8rfne F181ch8r. Th8 Tru81885 of the West Lancashlr8 Ll9hl R8ilw8y Twst will conllnu8 to develop and traln It8 volunteers, provldlng worthwhll8 volunt•or opportunllles. We wlll continu• to Improve, as fundlng allows, our 18¢11i1185 )r both our rnemb9r8 8nd v1811ors. ensurlng we malnlaln our P¢Ydlllon as a quallty herflag8 and edu¢aUon81 atlr8cllon In Wasl Lan¢a8hlr8. Flmttnclal rovlow The Dlreclors hav8 8$t8bllshed a poll¢y whereby th9 unr8slrict•d lunds not commllled or Inves18d In L8nglblè fixed assets Ilhg fre8 r8S8rv&sl hèld by thg Charity 8hould bè approxlmately twelve months expenditure. Ba58d on pr8vIou8 8ver8g8 &XP8ndllure levels, Ihls target would b8 approxlmately £40,000 Ibefore varfabl8 fvndr818lng and event costs and on8-off èxpensgsl. Aftei allowlng for funds whlch represent non Ilquld asset8 lrnonle5 Alrèady spenl on FlxadA588tsl and thlrd party repalrs, Ihe 8clual ftjndglgvel Is £50,772. Result8 for thè yOAr The Dlrectors reported en operaUTrg 8uipIu8 durtng Iho yoar. The rallway hopes to contlnu8 to acaJmulbt& a surplus In 8n effort lo provldè a buffer agalnst uncert8ln gry)nomlc pressures and to allow the devglopmenl of Ihe slte and ongolng 8clivitles tts be lunded. Th8 dlr8Ctors remaln confldent of Ihg Compan8 ablllty to lulfll Ils obl8cllv89 In Ihg long8T tsmi and the rallway intends IncreRslng Its gala events and 98ner81 fflarketlng to absorb Ihls In¢rga8ed ¢08t. stru¢tur•, govemanc• and manogamont The charity 1$ eontrolled by Il's govemlng docvm8nt. a de6d of trusl and conslilul98 a Ilmlted ¢x)mpany. Ilmltgd by guaranlg8. kg dafinad by tha Compan¥8A¢l 2006.
WEST LANCASHIRE LIGHT RAILWAY TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Th8 trugt888. who are klso the dlreelors for the purpose ol Company law. 8nd who 8erv8d durfng thèygor and up to Ihe dale of 8ign81ure of Ihe financlal statements were: MrA Frodsham Mr D R G88rfng MrA L Jones Mr K Nlcolls Mr M J Smllh Mr P W Smith Mr M T Spall Mr G B Clarkson Mf S L Moore MrD8Pratt r R G P Marslon (Reslgned l January 2023} IAppolnied 14 M8r¢h 20231 R8cwllment8nd 8ppolntmontollm8t8es In accordanco wlth the Memorandurn 8nd Arllc185 ofA8$oelallon thè Board of Tw6te8s may appolnl new tru¥t888 10 fill a vacancy or as an addlllonal IN8le9 provld8d that Ihb number of trustees does not then exceed thg Thumb9T agfood wilhSn IheAriScl88 The trLF$teog' 10 was approved by Ihe Board ofTru$teg¥. Tspa Tru$lg9
WEST LANCASHIRE LIGHT RAILWAYTRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WEST LANCASHIRE LIGHT RAILWAY TRUST l report lo Ihe trust885 on my èxamlnatlon ol th8 Ilnandal 8t8temènts ol Wast Lan¢ashlre Llght Ralway Tru8t Ilhe charltyl for Ihe year ended 31 Decembor 2023. Re•pon$lbllltl?s and ba818 ot r•port As the trustees of Ihe charity18nd also Ils dlraetors for the purpose8 of company lawl you aro respon5ibl8 for the preparatlon ol the flnancial 8lalem8nts in accordance wllh the requlrernents tsf thè Companles Act 20(b Ith8 2006 Aell. H&vlng Sas8d my89lf Ih8t th8 tlnancial slatements ol the ¢h8rity orè not raqulred to be aud11 under P8rt 16 or the 2006 Acl and are eli9ible for Indapèndent examlnatlon. I r8POrt in iespect of my examlnallon of Ihe ¢harlly'$ financlal statements c8rr18d out under secllon 145 01 the Ch8rlll88 Act 2011 Ilhè 2011 Acll. In carrylng out my èxamlnatlon I have follDw8d 811 th• appllcabla Dlrectlons gSven by the Ch8rfty Commlsslon under sectlon 1461Sllbl of the 2011 Acl. Independent examlnerf8 8tatem•nt I have completed my examinalion. I confirm that no mattors havo coma lo my attenllon In connectlon wSth th9 8x8rninallon giving m6 cause to beli8V8 that In 8ny materfal respe¢l'. accounlln9 recoids were not kept Sn r8specl of the th8rity as requlred by secllon 386 of the 2006A¢l'. or Ihe flnanclal statements do not accord wllh those records., or Ihe fln8nd818lalemeHt8 do nol comply wllh th8 Bccounting requlrements of sectlon 396 01 thè 2006 1 othef than any r8quirem8nt that the accounts gfve 8 tIU8 And lalr vlew whlch Is nol 8 matter con11d8d as part ol an Independent 8xamlnatlon', or th8 fin8nclal slatements h8v8 not b86n prtspared In accordan wlh lh¥ methods and prlnclple8 of th8 st8tement of Recommended Pr8Ctlc6 for accounllng and reportlng by charllles appllcable lo ¢h8ritle$ pr8P8rfng th&lf accounts In accordanc& wllh the Flnand81 Reportlng Standard appllcable In the UK aFxI R8pvbllc of Ireland IFRS 102). I hava no concerns and hav8 com8 acioss no olher matiers in conn8clion with the examlnalon ¢0 whlch 8ttention should ba drawn In thls report In Ordgr to anabl6 a proper understandlng of th6 fin&ncl&l statements lo be re8¢hed. Cham lon TLL Llmltod P Buck FCA, DChA 7-9 station Road Heskelh B8nk Preston Lancashlre PR4 6SN Dated..
WEST LANCASHIRE LIGHT RAILWAY TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Curr•nt Iln8nclal yoar Unrostrlcted Unr8strl0d fundo fund$ g•noral deslgnated fund8 2023 Re8trlctDd funds Totsl Total 2023 2023 2023 2022 Not98 Incomè and endowmgnts from: Don8lions and 18g8cIos Charltable acllvltles oth8r Incom8 25.734 79.160 24.900 8,OS8 33.792 79.160 24,900 37.061 71.756 Toial Income 129.794 8,058 137.852 108.817 Exp8ndltur¥ on: Charllable acWv1119 B1,932 2.971 84,903 95.571 Total expondltUTe 81.932 2,971 84.903 95.571 Net Incom$ 47.862 5,087 52,949 13,246 Transtsrs baiween lunds {37.946) 37.946 Net movement In fund8 9.916 37,948 5,087 52.949 13.246 Reconclllatlon of fund8: Fund balanc98 at 1 January 2023 40,856 173.437 108,843 323,136 309.890 Fund balan5 at 31 D•¢omh•r 2023 50,772 211.383 113,930 376.085 323.136 Tha statèment of finan¢i818clivillas Indudes 011 galns and loss98 recogn18ed In Ihè yaar. All Income and expendlture dave from contlnulng aclivi1185.
WEST LANCASHIRE LIGHT RAILWAY TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Prlor flnancl81 y08r Unrestrlctad funds 2022 Rg¥trfct•d funds 2022 Total 2022 Note$ Income and endowmontB from.. Donallons and legacles Ch8rilebl8 8¢1ivllle8 34,477 71.756 2,584 37.0fj1 71,756 Total Incom• 106,233 2,584 108,817 Expendlture on: Charltable act5tIeS 94.734 837 95,571 Total expendl¢ur• 94,734 837 95,571 Not Income and mov¢ment In fund8 11.499 1.747 13,246 R•¢on¢lllollon of funds: Funil balanc06 at 1 January 2022 202.794 107.096 309,890 Fund balanc•8 at 31 Decembgr 2022 214.293 108.843 323.136
WEST LANCASHIRE LIGHT RAILWAY TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notsg Flxod &88•ts Tanglblg a388t8 Haritaga assats 11 12 367.928 17,735 381,378 17.735 365,e61 379.113 Curronl os•gtJ sto¢k6 Dgblor8 Cash al bank and In hand 13 14 8,841 797 03,394 8.392 429 46.37B 72,832 55.199 Credltors.. amounts falllng duo wlthln one year {33.8081 133,3761 curr•nt a88•t8 39,024 21.823 Totsl ais•t# l•s¥ curr•nt Ilabllllle 424,885 4CK).936 Cr•dStors- amounts falllng du? aftor rnore than ono yèar 17 {48,6001 177.8001 Nèt a88èts •xcludlng pen8lon11oblllty 376.085 323.136 376.085 323.136 The fund• of thg ¢harlty R8Strictèd ineomo fvnds Unreslrlcled fund6- general Unr•slrfclad funds- d8slgnated lunds 113,930 50.772 211,383 108,843 40,856 173,437 19 376.085 323,136 The cotnp8ny Is 6nllUod to the exemptlon from the audit r*qU1Ment contalned In sectlon 477 of lh8 Compan188Acl 2006. forth8 year onded 31 December 2023. Th8 dlrèctots acknowJ8dge theST respon81bllilles for complylng th the Tequlrernenl$ ol the Cornparth A¢1 2006 th respecl to ac¢ounllng records and lh8 preparallon ol ffnanclal $lalement6. The members have not requlred the company to obtAln an audll ol It8 fjnan¢lel 8talgm8nls for the year In quastEon In accordance wllh Sectlon 476. These financlal 8lalernenl$ hgv8 bagn prepared In a¢coTdancg with th8 provislons appllcabla lo companles sublecl to the small companlgs reglmg.
WEST LANCASHIRE LIGHT RAILWAY TRUST BALANCE SHEET {CONTINUED) AS AT 31 DECEMBER 2023 Tha flnanelal stote ts were approved by Ihg trus1995 on ...... .. Mr M T Spall Tru•t¢a Company r8glstrallon number 05866375 IEThgland and Wal85}
WEST LANCASHIRE LIGHT RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlny poll¢l? Charlty Inform8llon W88t Lanckghlre Llghl RaIaY Twst 18 a prfv8te comp8ny IlmSted by guarantee Incorporated In England ond WB105. Th& reglstered office Is Becon8all Statton. Slatlon Road, H98kgth Bank, Pr8Jton. L8nca5hlr8. PR4 GSP. 1.1 Aecountlng conv¢nllon The finan¢lal statèmonts havè been prepared In ac¢oanc8 wlth thè charflV6 Igovemlng documentl. the Companle8 Act 2006. FRS 102 "Yhg Flnanclal Reporllng Standard appllcablo In thg UK and Republ1¢ of Ireland. I'FRS 102"18nd the Charllles SORP 'Accounting and Reportlng by Charflles.. Slatemenl of Recomm8nd8d Pr8cllce appllcable lo ¢h8rlllg8 prepadng th¢lr accounts (Tr accordance wlth lh8 Fln8nclal Reporting Si8ndard 8ppllcablo In lh8 UK and Republlc of Ireland IFRS 1021" (effective 1 January 20191. Tha charltyls a Pubylc Benefft Entlty as deffned by FRS 102. The charfty has tsken advantage ol the PT810¥ In tho SORP lor Charle8 not to prepare a Siatwn8nt of Cash Flows. The flnanclal $1818ments are prèpared In Sterflng, whlch is thtr luncllonal CUncY ol Ihe chartty. Monètary amounts In Ih888 financial statoments are Tovnded lo thè n68rest £. Thg fin8n¢181 slalemenls have been prepared undér the hlstorlcal cost conventlon. The pr4ndl aceountlng pdlcl88 8dopt8d ar6 set oul below. 1.2 Golng concer At tho tlme of approvlng Ihe financlal $talemen¢s. the tru8t88s h8VO 8 rehsonable expectation thal the charity has adequate resources lo conllnug In op8ratlonal existenc8 for the lor6se6able fulure. Thus the trte&S contlnue to adopt th8 golng concern basss of ac¢ounUng In pr8parfng ihe financlal statements. 1.3 Charltabl• fund8 Unr08trfcted fund8 ar• avallabl8 for u8e at thg dlseratlon ol tho truste08 In futheTan¢8 of Ihelr ¢haTltabl6 oblecllves. Rèstrlcted lunds ar8 8ubl8Ct to speclfic condlllons by donor8 or gr8lltor8 as to how Ihey may b8 used. The purposes and uses of lh8 rastrlcted funds are s81 out In the note8 to lh8 fin&nclal statements. Endowment lund$ are sublecl to SP8dflc condltlons by donors that the ¢8p5t81 must be malntalned by the charfly. 1A Incom8 Income Is rewnlsed whon tha charlty Is legally entllled lo It 8fter eny parformance CondlOn$ hav8 been rn8t. th8 amounts can be me8sur8d reliably. and It Is probable that Inrn wlll b8 r8c•lved. Cash don8llons ara recognlsed on r8C81Pt. Other donatkJns are recognlsed onc8 th8 thaty has been nollfled of the donBtlon. unless performance condltlons requlre deferr81 of Ihe amount. Income tax recoverable In rglation to donatlons recelv8d und8T GIftAld or deeds ol cov8nanl 1$ recognl58d at Ihè tlme of the donallon. Leg8c18s ar8 recognlse¢Y on fecelpl or olherwt58 11 the charlty hos been notlfl8d ol gn Imp8ndlng ¢Jislrlbullon, the 8mounl Is known, and rgcelpl 18 8XP8Cted. If the amount Is not known. th8 legaGy Is treated as a cOnng8t 985et. 10-
WEST LANCASHIRE LIGHT RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcl•o {Contlnuedl 1.5 Expgndlture Expendllure Is recogn16ed once there Is 8 18g81 or constructiv& obllgaUon lo traner economlc beneflt to a thlrd party. It 1$ Probable thal a transfer ol economlc b8nefits will b8 requ1d In sètUarn•nt. Bnd Iha amount ol tha obllgallon can be measured rellably. Expondlturo 16 da$slfled by a¢tlvSty. Thg Costs of each activity are made up of tho ltstal of dlml cos18 and shared costs, Includlng 6UPPOrt ¢0818 Involved Sn und8rt8king 8Ach Activity. Diract costs attribulaLIg to a slnglo 8Ctlvily 8re allocated dlreclly to Ihal actlvlty. Shar8d costs whlch eontributè to morè than ona acllvlty and support costs whlch are not atlrlbutablg 10 8 8ing18 8clivity 8re Bpportion8d beiwaen Ihose acllvlls on a basls c4)nsistent wlth the use of resources. Central 8t8ff cost5 are allocated on the basis of Ilm6 spent, and depre¢l8llon eharges are allocated on lh8 Portlon ol th8 &588t'S Use. 1.6 Tjnglble fixed aBS0t8 Tanglble flxed assets are initially rnea8vred at cost and subs•quenlty measured at cost or valuallon, net ol depreclallon and any Impalimenl Ios898. D8preclation is re¢ognis8d so as lo wrtl8 ¢)ff Ihe cost or valuallon of a8881s1885 Ih8lr r851du81 v&Jues over th6lr U88ful IIv88 Dn tho followSng bases: Freehold land ar bulldlng$ Plant and equlpment 5% reduelng balance The galn or loss &riglng on the dL8posal ol an asset18 detemilned a8 the diff8f8nce b81w8gn Iho sala preedS and tho carying value of thè asset, and Is recognlsed Sn Ihe statement of financlal aelivlll•s. 1.7 Impalrment of flx?d a$$gts M each r8POrtlng ènd date, Ihe charlty revlews the c8rrylng 8mounis of Its langlblè assets lo delemiln8 wheth8r thorè is any Indlcatlon Ihal those a$sel$ have 8uff8r8d an Impalmient loss. 11 any sueh Indthtlon exlsts. the r8c¢)verebl8 amount of the asset 18 estim8led In order lo dotamlna tha extent ol ihe Impalmienl 1085 lif any). 1.8 Stocks stocks are staled al Ihe lower of cost and estimated $6lllng prfce less costs lo complete and sell. Cost comprfses dlrecl materlals and. wh9re 8pplicabl8, dlr8Ct labour costs and those overheads that have been Incurred In brlnglng Ihe stocks to Ihgir present 10¢8tion and condSllon. Ilems held for dlstrlbution at no or notnlllol conslderatlon are measured the lower of replacem8nt cost and eost. Net r881188b18 valu8 IS tho astlmated selllng prfcg le68 all e8Um8t8d co8ts of complallon and costs to bo Incurred in morkellng. selllng and dlslflbutton. 1.9 Cash and eash equl¥alen18 Cash and cash 8quiv8lenis Indud6 $h In hand, deposlls held al c811 with b8nk8. olh•r short-t8mi Ilquld Inv88tm8nts wilh OTiginal malurflles ol throa monlh6 or le8s, and bank ov8rflr8fts. Bank ov8rdrafts aro shown wllhln borTowing8 Sn curiont Ilabllllles. Boslc Ilnanclal as$•ts 8aslc flnanclal 8888ts. whlch Indud6 debtors and cash and bank bal8ncg8. are Inltlally mèhsured at Irans8¢llon pr1¢8 Indudlng transactlon eosls and Are subsequenlly carfed at arnort188d cost L+Slng tha 8ff8cIIvo Interesl method unl855 the arrangement constllules a flnancln9 tr8n88¢1ion. wh8Te th8 Ir8ns8Ction Is m8asured al Ihg pre58nt value ol lh8 lulure r8celpts dlscounl8d at a m8Tket rat8 of Intarsst. Flnanelal 8s88ts classlfied as rec9iV8ble wlhln one year are not amortlsed. 11
WEST LANCASHIRE LIGHT RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢coun¢ln9 ptsllcl•s {Contlnued) Basle Ilnanclal Ilabllltles Basic finan¢ial118blli1188. ineludlng credllors and bank108n$ are Inltl8lly recognised 8t Iransaclion prico unless Ihe arTang8menl conslilut85 & flftanclng transacllon, whgr& th8 debt inslrurn8nl 18 m8&sur8d at tha prasont value ol the lulur8 payrn8nis dlscounted at a market fate ol Interest. Flnanclal IlabllSlles c188slfi8d B5 payablo thln one y8ar are not amortls8d. Debt In81rum9nts 8rè 8vb8•quonlly carrled al amortlsed cost. uslng lh8 9ffecliv8 inter88t rBtè mathod. Trade ¢Tedliors aro obllgalions to pay for goods or seryl¢es Ihal h8V8 been 8cqulr8d in th8 ordSnary course 01 operallons from suppligts. Amounts payable are classlfied as current Ilabllitlgs if p8ym8nt Is due wSthln one year or less. If not. th8y are presented as non-current 118bllllles. Tr8de cr8dSloTS 8re recognlsed Inltlally at Ifansaclion prtce and sub88qU8ntly maasu¥6d at amortlsed cost U8lng thg eff8¢1iva inter8$t mathod. Dere¢oqnltlon of Ilnanclalllabllltlos FinanclAI IlabllSlles are derecognlsed when tha Chaty$ Contraciual obllgatlon8 explre or arg ¢JIhar8d or C8ncellod. 12-
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WEST LANCASHIRE LIGHT RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Rollway and Edueatlon 2023 2022 Sale Subscrfptlons 75,940 3.220 69,107 2.649 79.160 71.756 Other Incom• Unr•8trl¢ted Unr••lrlcled fvnds funds 2023 2022 Nat galn on dlsposal of tanglblg fixèd 8ss6ts 24,900 14-
WEST LANCASHIRE LIGHT RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Exptndltur• on ¢harfl¥blo OCtlvlllo$ Rallway and Rallway and oducotlon gducatlon 2023 2022 Dlrect costs Dgpre¢lallon and Impalmi•nt Rent and rates Insuran¢8 Llght and heat Te19phon8 Postage and slallonery Adv8r1151ng Snd96 Materi81 purchasas on¢J sundrfes Transport Répalrs 8Rd $6ryiclftg Fundraislng and evgnl ¢o¥t¥ Lqgal 8nd profèsslonal fees Interest on108n8 2,197 500 7,783 2,565 826 2,128 2.680 5,774 6.611 6,830 14.082 25,619 2,254 2.577 6,033 7,128 1.176 1,164 2.286 7.806 4.771 3,855 7,654 37.871 4,120 4.500 4,500 82,096 93.195 Shar• of $upport and gov•mane• ¢08ts18eo noto 81 Govemanc 2,808 2.376 84,903 95.571 Analy818 by fund VnF851riet8d fund9- ganernl Reslrlcted funds 81.932 2.971 94,734 837 84.903 95.571 Support costs support Governan¢• costs o$t• 2023 2022 Aceountenoy fees 2.80B 2,808 2.376 2,80B 2.808 2.376 Analy88d beeen Chhrilable activlllos 2,808 2,808 2,376 16-
WEST LANCASHIRE LIGHT RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 N•t movèmènt In lund8 2023 2022 The n8t movement In funds Is staled after chaTglnollcredlllng)'. Fee5 payable for Ihe Independent examination of th8 charitrfs flnanelal slèlatn8nt5 Depredalion of own8d tangib18 fix 8ss61s Pfofit on d19posal ol tanglbl8 ffixed assels 2,808 2,197 124.9001 2,376 2,254 Tru$lg9 None of thB trustees lor any persons ¢onn8Cted wllh Ih8m) reeelved ony femunerallon or benefits from the chBrity during tho yèar. Employ005 2023 Number 2022 Numb•r Total Them wera no employees whD88 annu81 rernungratlon was more than £60,000. R•mungratlon of k•y managemont P8rsonn•l The r8mun9r8tlon of kay m&nagem8nt personnel wa8 a8 follow3.' 10 Tallon Th8 chartty Is èxampt from taxallon on Its acllvitlgs b8causa 8116ts Income Is applled forch8rf18blg purpo¥es. 16-
WEST LANCASHIRE LIGHT RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Tonglblg fixèd #810ts Frfyfyhold18nd and bulldlng Plollt8nd *4ulpm91 Tot•1 Cost At 1 January 2023 Addlllons 318.557 7.628 71.708 1,119 390.265 8.745 At 31 Deeomber 2023 328.183 72.827 399.010 0gpre¢latlon ond ITnpalrmgnt Al l January 2023 Dapreclallon charged In lh8 year 28,887 2.197 28,887 2.197 Al 31 Decemb&r 2023 31.084 31.084 Carrylng amount At 31 D8C8rnb8r 2023 326.183 41,743 367.926 At 31 Daeembar 2022 318,557 42.821 361.378 12 H•rllag9 4¥¥et• At 1 January 2023 and at 31 December 2023 17.735 13 Stocks 2023 2022 Raw materi819 and con6umable6 8.641 8.392 14 D¢btor• 2023 2022 Amount• falllng du• wlthln ono year: Trade debtors Other d¥btOTS 766 31 429 797 429 t7-
WEST LANCASHIRE LIGHT RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 LoAni and ov6rdrèft8 2023 2022 Bank108ns 79,600 108.800 P8yab18 thIn on8 y8aT Payable after one year 31,¢YJO 48,600 31,000 77.800 16 Cr•dltor8: amount8 falllng du• wllhln ong y¥4r 2023 2022 Nolg8 Bank loan8 Accru815 and deferred Income 15 31.000 2.808 31,000 2,376 33.808 33.376 17 Crodltor8: 4mounl8 falllng dug after more than orto y•ar 2023 2022 Nol99 B8nk108ng 15 48,600 77.800 18 R•8lrt•d funds The r981rfct8d lund8 of the charlty comprlse tho unexpended balanceB of donattons and gran18 held on INst 8ubleclto Sp1r1C ndItiO118 by donors as to how thay may be used. At 1 January 2023 In¢omlng Re$our¢es r•8ource$ expended At31 Decembgr 2023 Restricted fund 108,843 8,058 12,971} 113,930 Pr•vlou• y•ar.' At 1 January 2022 Incomlng f•8ourc•8 R•sourco8 •xpènd0d At31 0o¢embor 2022 107,096 2,584 18371 108,843 18-
WEST LANCASHIRE LIGHT RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Unro•tflet•d lundi- dtslgnatsd lund8 Thasa 8rè unrestrtcied funds whlch are materfal to the chaty$ acllvitles. At 1 January 2023 Tfan#f•rs At31 Docember 2023 D88lgn8tsd 173,437 37,946 211.383 20 Unrestrlcted fund$ The unre8tri¢18d fvnds of th8 eharfty comprlse the unexpended balances of donalions and grants whlch aTe not suble¢t lo spedfic condition5 by donors hnd grAnlors as to how Ihey may be used. The88 Indude deslgnated lunds whlch hav9 b88n $8t 891do out of unrostrlcted lunds by the trustees foT 8peclfi¢ purposes. At 1 January 2023 Incomlng Re8ource8 r•8OUK•S gxpgnd•d Trangfvr• A131 Decembor 2023 General funds 40.856 129.794 {81,932 137,9461 50.772 Pr•vlouB y•ar.' At l January 2022 In¢omlng rgsource• R88ourc8$ expended Tran8f•r• At31 2022 Doslgnated- Ilxed agse18 Gener81 fund8 136.191 66,603 37.246 137,2461 173,437 40.858 106,233 194,734) 202,794 106,233 194,734) 214,293 Tho restd¢ted fund relates to the b818nc8 of 8 donallon r6ceived for tho "Al Acoèss Coach proled. of £2.590 Cfrop Grant £5,391 HLF Grant of £2,162. Choatal 01£2,536, Loco steam 01 £3,600 and CIN of £775 tol8lllng £17.057. There are fvrther restrleled funrf8 of £96.876 rolallng to Ihè assels purchased for Ihe dgvelopmenl ol Ihe 81te.. The fixed assets de8lgn8ted fvnd 01 £211.383 represents the nel book value ol Ihg flxed assets, other than omounls shown wlthln ieslfjcled fundy for fixed &ss8ls, slnce these amounts do not represent Ilquld resources. 19.
WEST LANCASHIRE LIGHT RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 21 Analy810 of not 0$¥gt# b¢tWggn fund$ Unreotrl¢ted Unrestrlttèd lund8 fund8 general d•8lgnatsd funds 2023 R•itrl¢ttd fund$ Tot•1 2023 2023 2023 At 31 0gG•rnbor 2023: Tanglble assets Heritag8 a58ets Current assetsllllabilllie81 Long term Ilabllftleg 191.450 17.735 2,198 176,476 367,926 17.735 39.024 {48,600) 50.772 113,9461 148.6001 50.772 211.383 113.930 376,085 Unr•8trlct8d Unf•#trlctèd fund8 fund$ o•n•ral do8lgnatod lund8 2022 R•8trlet•d fund¥ Total 2022 2022 2022 At 31 Dacember 2022: Tfjnglble assels H8rhtage 885els Curient assetsllllablllll981 Lon9 tami118blli11•g 155,702 17.735 40,856 205,876 381.378 17.735 21,823 177.8001 119,0331 177.8001 214.293 108,843 323,138 22 R•lated party tran8acllon8 There were no dSsdosabl& Te1818d party tfan5actlon$ durlng the yè&r12022- none}. -20-