**Company registration number: 05866375 Charity registration number: 1121149** ## **WEST LANCASHIRE LIGHT RAILWAY TRUST Company Limited by Guarantee** ## **UNAUDITED FINANCIAL STATEMENTS AND** ## **TRUSTEES REPORT** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** https://www.westlancsrailway.org/ ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **INDEX TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** ||**Page**| |---|---| |Legal and administrative information|1| |Trustees' annual report(incorporating the directors report)|2 - 8| |Independent examiner's report to the trustees|9| |Statement of financial activities(incorporating income and expenditure account)|10| |Statement of financial position|11 - 12| |Notes to the financial statements|13 - 19| |**The following page does not form part of the statutory financial**|**statements:**| |Summary income and expenditure account|20| ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **LEGAL AND ADMINISTRATIVE INFORMATION** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** |**Registered charity name:**|West Lancashire Light|Railway Trust| |---|---|---| |**Trustees:**|Mr M T Spall|(Chair)| ||Mr G B Clarkson|| ||Mr A Frodsham|| ||Mr D R Geering|| ||Mrs E A Hagen|- appointed 5 July 2025| ||Mr A L Jones|| ||Mr R G P Marston|| ||Mr S L Moore|| ||Mr K Nicholls|- resigned 4 February 2025| ||Mr D B Pratt|| ||Mr P W Smith|| |**Secretary:**|Mr C Brown|| |**Company registration number:**|05866375|| |**Charity registration number:**|1121149|| |**Registered office address:**|Becconsall Station|| ||Station Road|| ||Hesketh Bank|| ||Nr Preston|| ||Lancashire|| ||PR4 6SP|| |**Independent examiner:**|Daniel StylesFCA|| ||Lifestyles Accountancy|Limited| ||39 Kirklees Road|| ||Southport|| ||PR8 4RB|| |**Bankers:**|Lloyds TSB plc|| ||94 Fishergate|| ||Preston|| ||Lancashire|| ||PR1 2JB|| 1 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **TRUSTEES' REPORT** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** The trustees submit their annual report and financial statements for the year ended 31 December 2025. The financial statements follow the requirements of the revised Charities Statement of Recommended Practice (FRS 102) (second edition - October 2019) – Accounting and Reporting by Charities: 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) (effective 1 January 2019). For the purpose of charity law, directors are also the company’s trustees and are responsible for making all major decisions on behalf of the company and are referred to throughout this report as trustees. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is a company limited by guarantee, formed on 4 July 2006 and is governed by its memorandum and articles of association dated 4 July 2006 as amended by special resolution dated 5 February 2022 and 14 September 2024. ## **Recruitment and appointment of the trustees** The board seeks to achieve a balance of skills and experience amongst the trustees. In order to maintain this, the board reviews its skill and experience mix each year and seeks to recruit new trustees as and when necessary. The number of trustees on the board will be no less than 7 but no more than 10 at any one time. The trustees are required to retire on a three-year rotation but can then be put forward for re-election if willing. Potential trustees are identified and then approached to determine whether they are able and willing to become part of the charity. These individuals, if suitable, are invited to become trustees. Appointment is made at a formal meeting of the board of trustees in line with the charity's memorandum and articles of association. ## **Trustee induction and training** The current board of trustees provide any new trustee with an overview of the timetable of board meetings, copies of the recent minutes of meetings, the recent reports and financial statements and explains their general and specific responsibilities. Ongoing training is provided by the board of trustees as and when the need arises. ## **OBJECTIVES AND ACTIVITIES** ## **Aim and purpose** The charity exists primarily to advance the education of the public by the acquisition, restoration, preservation, exhibition and operation of narrow gauge railway locomotives, rolling stock, equipment and artefacts, documents and records. This includes the operation of a short-line narrow-gauge railway for the purpose of demonstrating such items. 2 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **TRUSTEES' REPORT (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** ## **OBJECTIVES AND ACTIVITIES (continued)** ## **Aim and purpose (continued)** To ensure that these objectives are met, the trustees lay down policies and procedures to be carried out by trustees and volunteers. In planning activities for the year, the trustees have paid due regard to the Charity Commission’s guidance on public benefit. ## **ACHIEVEMENTS AND PERFORMANCE** The Trust operates narrow-gauge steam trains from March to December, every Sunday, some Saturdays, and on Bank Holidays, for the public's enjoyment. The Trustees are pleased to report that our 2025 season was conducted successfully, with no significant incidents or injuries involving our visitors or volunteers. The Trustees were delighted to welcome Mrs Elizabeth Hagen as a Trustee. Lizzie brings extensive commercial sales experience, which we are sure will have a significant impact on the Trust’s commercial outlook. Passenger figures dipped compared with 2024, with 8,300 in 2024 and around 7,700 passengers in 2025. A revenue drop of nearly £4,000. This seems to reflect the reported downturn in visitor numbers for UK heritage attractions in 2025. Measures are in place to mitigate this decline, including modest fare rises in 2026 – our first fare increase since 2015. A contributor to this dip in passenger numbers has been the cancellation of school and coach party group visits to the railway on midweek days due to issues raised by our local council planners. The Trustees are very concerned about this situation and hope that a sensible solution can be found that enables limited midweek operations, allowing Schools, visiting groups and our local community to ride our trains, benefiting and enhancing our region. The financial report for 2025 shows a small dip in our Charitable activities income compared with the 2024 results. The Trustees are monitoring this situation but are not overly alarmed; expenditure decreased in 2025 from 2024. Loan repayments for the land purchase are now significantly lower as we near the end of outstanding loan agreements. It is with regret that we have to spend valuable income on legal and planning matters to protect the Trust’s interests. Still, the Trustees believe we are in a healthy financial position, and we will continue to be prudent with expenditures. 2025 saw the retirement from service of our No.1 locomotive, Irish Mail, owned by the West Lancashire Locomotive Trust (WLLT), for its fourth 10-yearly overhaul. Sadly, unexpected wastage was discovered in the boiler barrel. With the WLLT's agreement, a new certified boiler barrel was obtained and temporarily fitted by WLLRT members. Riveting is now required to complete. Work continues on completing the boiler work and providing a full rebuild and repaint of the locomotive frames. The forecast completion is in 2027, coinciding with the Railways’ 60th anniversary. 3 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **TRUSTEES' REPORT (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** ## **ACHIEVEMENTS AND PERFORMANCE (continued)** Sybil, Locomotive 1760 of 1906, owned by the Sybil Locomotive Trust (SLT), was restored by members of the SLT and WLLRT in late 2024. The restoration was shortlisted for the National Heritage Railway Association, Steam Locomotive of the Year award, competing against 4 popular standard-gauge restorations and new locomotives. We were therefore delighted that Sybil was awarded Highly Commended, in such a prestigious national competition. We were pleased to support Sybil's visits to both Beamish - the living museum of the North - and the Bala Lake Railway / Rheilffordd Llyn Tegid. Bala gave Sybil the opportunity to stretch her legs and proved to be a powerful, easy-riding locomotive. Our new build carriage 3 entered its first full year of service and has proved to be a popular addition to our fleet. It is pleasing to see how popular the carriage is with young families and wheelchair users. Coach no. 2 entered the workshop for refurbishment in 2025. Built in 1993, the carriage is receiving new internal panels to improve its appearance, new wheel sets, and possibly the fitting of new doors. The carriage remains available for gala day use. Completion is expected in 2027. Gala days at the railway provide an opportunity to showcase our work and welcome families. A very successful Summer gala was held in August 2025, with visiting locomotives Diana, Peter Pan and Jennie. Our thanks to their owners and to the Amerton Railway and Leighton Buzzard Railway. The railway also welcomed visits from the Merseyside Transport Group, the Gillard Folk Dance Group and the South Ribble Concert Band during the year. The Trust was delighted to receive funding from the Lancashire Environmental Fund (LEF) to install Solar PV panels and a battery storage system. The total project cost was £18,685, with the LEF award of £14,014. The railway has now significantly reduced our energy costs, to almost zero in the summer, and has also reduced our carbon footprint by 7,200 kg since installation. The railway is working towards carbon neutrality, with our estimated carbon footprint of 13,000 kg. A high priority for the Trustees in 2025 has been progress on the Y Caban Multi-purpose building, which is seen as key to our future sustainability and resilience. Funding was secured from the Rural England Prosperity Fund in 2024, but the work had to be completed by March 2025. Sadly, planning issues disrupted this, and the Trust had to withdraw from the funding. Still, we continued to progress with design, planning and funding. With planning finally approved, we were delighted to be awarded £65,000 from the Rural England Prosperity Fund and £90,000 from the West Lancashire Borough Council Community Infrastructure Levy, a total of £155,000 towards an expected cost of £200,000. The Trust is looking to fund the shortfall through donations and members’ loans. Completion of the building is due in the Autumn of 2026. 4 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **TRUSTEES' REPORT (continued)** **FOR THE YEAR ENDED 31 DECEMBER 2025** ## **ACHIEVEMENTS AND PERFORMANCE (continued)** The partnership between us, The Staffordshire Narrow Gauge Railway (Amerton Railway), and the Mosely Railway Trust (Apedale Valley Light Railway) continues to grow. We hold regular joint meetings, where we share information and best practices. We can only see great benefit from this partnership moving forward, as we are three similar heritage railways with similar issues and concerns. It also reinforces the friendships among all our railways and members. The Trust is a valued member of the Heritage Railway Association, the trade body for Heritage Railways in the UK and Ireland. We attend the biannual conferences to learn and hear about key issues that could affect our operations. We also attend seminars held by the HRA and our regulator, the Office of Rail and Road, on railway safety and best practice. Finally, without our marvellous volunteers, our railway would not survive. The amount of work carried out each year is amazing. In 2025, over 11,300 hours were recorded, equivalent to 7 fulltime staff. In these modern times, our volunteers have to work with increasingly complex rules, requirements, and training sessions to operate our trains safely. And yet they do just that. The Trustees are delighted that we currently have a strong group of young volunteers, as we need to recognise that the existing volunteer age profile is on the senior side. To encourage more young working volunteers, we have introduced free memberships for young working members. The Trustees have published and operate a Child and a Vulnerable Adult policy. The Trustees wish to thank all of our working volunteers for their continued support and enthusiasm for the railway. ## **FINANCIAL REVIEW** ## **Review and summary of the year** The results for the year and state of the charity's affairs at 31 December 2025 are set out in the financial statements on pages 10 to 19 showing income of £114,182 (2024 - £111,637) and expenditure of £77,133 (2024 - £79,953). The charity recorded net income of £37,049 (2025 - £31,684) bringing the total reserves to a surplus of £444,818 (2024 - £407,769) which includes restricted funds of £111,009 (2024 - £110,454). ## **Principal funding sources** The principal funding sources of the charity continue to be the receipt of fares and retail sales from our visitors and very generous donors. ## **Reserves policy** In order to maintain continuity of operation, the trustees set a reserves policy to hold in free reserve (defined as unrestricted funds not committed or invested in tangible fixed assets) sufficient sums to cover twelve months operational expenditure. Based on average expenditure levels (excluding variable fundraising, event costs and any one-off expenses), this target would equate to approximately £40,000. As at 31 December 2025 free reserves stood at £19,106 which is lower than target but expected given the investment into the new building during the year. 5 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **TRUSTEES' REPORT (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** ## **RISK REVIEW** ## **Principal risks and uncertainties** The trustees have scheduled a full risk table detailing all major areas of risk to which the charity is exposed, undertaken comprehensive risk assessments and defined appropriate mitigation. The main areas contained in that assessment are as follows: **----- Start of picture text -----**
Area of risk Responsibility How risk is measured Mitigation of risk
1. Safety tours
Visitor and volunteer Safety Officer / Increase in reported
2. Induction training for volunteers
general H & S Trustees incidents
3. Passed grade safety critical staff
1. Safety tours
Workshop Manager / Increase in reported
Workshop safety 2. Induction training for volunteers
Trustees incidents
3. Workshop inductions
No track incidents, 1. Regular inspections and maintenance
Track and permanent Track Engineer /
especially on the main 2. Using best quality material available
way Trustees
line 3. Recording all trackwork activities
1. Safety tours
Safety Officer / Increase in reported
Train operation safety 2. Incident recording and monitoring
Trustees incidents
3. Annual refresher training for all volunteers
1. Cashflow monitoring
Financial sustainability Treasurer / Trustees Cash flow imbalance 2. Trustee bi-monthly review
3. Review by FCA accountant
1. Food hygiene level 2 trained staff
Catering Manager / Increase in reported
Food hygiene safety 2. Food hygiene rating 5*
Trustees incidents
3. Annual refresher training for catering staff
Neighbour Increase in reported 1. Good communications
Trustees
relationships incidents 2. Resolving and issues as quickly as possible
1. Safety tour of woodland
Safety Officer / Increase in reported 2. Recording any concerns and planning remedial
Woodland
Trustees incidents action
3. Liaising with WLBC tree officer
1. CCTV
Increase in reported 2. Building alarms
Site security Trustees
incidents 3. Site inspections
4. Annual inspection of CCTV and alarm systems
1. Providing a happy place to work
Reduction of Increase in vacant 2. Providing meaningful work
Trustees
volunteers volunteer positions 3. Investigating a young engineers club for 14-18
year olds
1. Low as possible membership fees
Significant reduction in
Reduction of members Trustees 2. Value for money
members
3. Frequent good magazine and newsletter
1. Provide a great attraction for families
Potential damage to
2. Value for money
Heritage Park Trustees visitor numbers and
3. Work with HP to establish positive working
revenue
relationships on an equal footing
**----- End of picture text -----**
6 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **TRUSTEES' REPORT (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** ## **PLANS FOR FUTURE PERIODS** The Trustees’ focus for the coming year, 2026/7, will include the following: 1. Fares have been increased in 2026 to align with the general increase of materials and supplies; 2. Proposal to members for an increase in membership rates, to allow for increases in membership expenditures, such as printing and postal rates; 3. Continue to provide meaningful activities for our volunteers to work in a safe place with correct equipment, training and resources; 4. To set up a trading company to separate the risk of a retail/catering trade from the heritage activities of the railway; 5. To see the completion of the Y Caban multi-purpose building and its commissioning as our new tearoom. Our new retail business team is now developing new ways of working to be more efficient and cost-effective, reduce the stress of operating in a high-pressure environment, and provide better service for our visitors; 6. We are hopeful that common sense will allow us to operate educational services to our schools in 2026/27 with an acceptable agreement with WLBC Planners; 7. We aim to complete the successful return of Irish Mail back in service in 2027 with the assistance of WLLRT and WLLT members; 8. We aim to have a draft plan for our future site developments in 2026 to enhance the railway and provide better facilities for both members and visitors; and 9. Start preparation for our 60th anniversary celebrations in 2027. 7 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **TRUSTEES' REPORT (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to: - a. select suitable accounting policies and apply them consistently; - b. observe the methods and principals in the Charities Statement of Recommended Practice (SORP); - c. make judgements and estimates that are reasonable and prudent; - d. state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and - e. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping accounting records which 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 Charities Act 2011. 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. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. ## **INDEPENDENT EXAMINER** Daniel Styles of Lifestyles Accountancy Limited has signified his willingness to continue in office and a resolution for his re-appointment will be proposed at the forthcoming annual general meeting. This report was approved by the board of trustees on 20 June 2026 and signed on its behalf by: ……………………………… **Mr M T Spall - Director & Trustee board chair** 8 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** I report to the trustees on my examination of the financial statements of the West Lancashire Light Railway Trust ('the charity') for the year ended 31 December 2025, which are set out on pages 10 to 19. ## **Responsibilities and basis of report** As the trustees of the charity (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 financial statements of the charity 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 financial statements 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: 1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or 2. the financial statements do not accord with those records; or 3. the financial statements do not comply with the accounting requirements of section 396 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 4. 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 concerns 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. …............................................. **Daniel Styles FCA (Independent examiner)** **Dated:** 20 June 2026 **for and on behalf of Lifestyles Accountancy Limited 39 Kirklees Road, Southport, PR8 4RB** 9 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account)** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** **----- Start of picture text -----**
Unrestricted Restricted Total Total
funds funds funds funds
2025 2025 2025 2024
Notes £ £ £ £
INCOME FROM:
Donations and legacies 3 17,272 14,014 31,286 25,267
Charitable activities 4 81,846 1,050 82,896 86,370
Other sources 5 - - - -
TOTAL INCOME 99,118 15,064 114,182 111,637
EXPENDITURE ON:
Charitable activities 6 76,638 495 77,133 79,953
TOTAL EXPENDITURE 76,638 495 77,133 79,953
NET INCOME 22,480 14,569 37,049 31,684
Transfers 14 14,014 (14,014) - -
NET MOVEMENT IN FUNDS 36,494 555 37,049 31,684
Fund balances at 1 January 297,315 110,454 407,769 376,085
Fund balances at 31 December 333,809 111,009 444,818 407,769
**----- End of picture text -----**
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 13 - 19 form part of these financial statements. 10 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **BALANCE SHEET** ## **AS AT 31 DECEMBER 2025** **----- Start of picture text -----**
Total Total
funds funds
2025 2024
Notes £ £
FIXED ASSETS
Tangible assets 8 433,844 383,567
Heritage assets 9 17,735 17,735
451,579 401,302
CURRENT ASSETS
Stocks of resources 10,194 8,497
Debtors and prepayments 11 2,596 2,993
Cash at bank and in hand 21,495 46,132
34,285 57,622
CREDITORS: Amounts falling due within one year 12 11,046 11,155
NET CURRENT ASSETS 23,239 46,467
TOTAL ASSETS LESS CURRENT LIABILITIES 474,818 447,769
CREDITORS: Amounts falling due after more than one year 13 30,000 40,000
NET ASSETS 444,818 407,769
FUNDS
Restricted funds 14 111,009 110,454
Unrestricted funds:
Designated funds 314,703 254,426
General funds 19,106 42,889
TOTAL FUNDS 444,818 407,769
**----- End of picture text -----**
11 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **BALANCE SHEET (continued)** ## **AS AT 31 DECEMBER 2025** For the year ending 31 December 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 n statements for the year in question in accordance with section 476; The directors acknowledge their responsibilities for complying with the requirements of n 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 20 June 2026, and are signed on behalf of the board by: ……………………………… **Mr M T Spall - Director & Trustee board chair** The notes on pages 13 - 19 form part of these financial statements. 12 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** ## **1 GENERAL INFORMATION** West Lancashire Light Railway Trust is a private company, limited by guarantee, incorporated in England and Wales under the Companies Act 2006 and Charities Act 2011. The address of the registered office is provided in the Legal and Administration details on page 1. Details of the charity's operations are provided in the Trustees Report starting at page 2. ## **2 ACCOUNTING POLICIES** ## **a Basis of preparation** The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared on a going concern basis, under the historical cost convention and include the results of the charity which are described in the Trustees Report and all of which are continuing. The financial statements are prepared in accordance with Accounting and Reporting by Charities: 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)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **b Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Therefore the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **c Income** All income is included in the Statement of Financial Activities when the charity is legally entitled to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably. When donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable. 13 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** ## **2 ACCOUNTING POLICIES (continued)** ## **d Expenditure** Liabilities are recognised on the accruals basis. Expenditure is recognised in the period in which it is incurred and includes any attributable VAT which cannot be recovered. Costs which are identified as relating to restricted activities are allocated directly to those activities. Costs which relate to the general running of the charity are allocated against unrestricted funds, and within the Statement of Financial Activities these expenses are shown as costs of generating funds and costs in furtherance of charitable objects. ## **e Fixed assets and depreciation** Tangible fixed assets costing more than £500 are capitalised and are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life as follows: Freehold land and buildings - Nil Plant and equipment - 5% reducing balance ## **f Stocks** Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. ## **g Fund accounting** Unrestricted funds are those which are not subject to any special restrictions and they can be used as the trustees decide. Designated funds are part of unrestricted funds and are amounts the trustees have set aside to cover particular expenditure. Restricted funds are those where the donor has imposed restrictions on how the fund may be used, but which do not prevent the fund being spent. ## **h Taxation** As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value added tax is not recovered by the charity, and as such is included in the relevant costs in the Statement of Financial Activities. 14 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** ## **2 ACCOUNTING POLICIES (continued)** ## **i Limited by guarantee** - The charity is a company limited by guarantee. The members of the company are the trustees named on page 1. 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. ## **j Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **3 INCOME FROM DONATIONS AND LEGACIES** |Grants received
Donations and gifts|**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**2025**
**2025**
**2025**
**£**
**£**
**£**
17,272 -**17,272**
- 14,014**14,014**
17,272 14,014**31,286**|**Total**
**funds**
**2024**
**£**
25,267
-
25,267| |---|---|---| - **4 INCOME FROM CHARITABLE ACTIVITIES** |Ticket and café sales
Subscriptions
Miscellaneous|**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**2025**
**2025**
**2025**
**£**
**£**
**£**
78,352
555
**78,907**
3,169
-
**3,169**
325
495
**820**
81,846
1,050
**82,896**|**Total**
**funds**
**2024**
**£**
83,416
2,420
534
86,370| |---|---|---| 15 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** ## **5 INCOME FROM OTHER SOURCES** |**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**2025**
**2025**
**2025**
**£**
**£**
**£**
Gain on disposal of assets
-
-
**-**
-
-
**-**
**6**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**2025**
**2025**
**2025**
**£**
**£**
**£**
Fundraising and event costs
21,530
-
**21,530**
Repairs and servicing
16,065
-
**16,065**
Insurance
7,108
-
**7,108**
Materials
4,202
-
**4,202**
Transport
6,196
-
**6,196**
Light and heat
3,439
-
**3,439**
Advertising
3,265
-
**3,265**
Postage and stationery
5,760
-
**5,760**
Telephone
1,345
-
**1,345**
Rent and rates
1,664
-
**1,664**
Sundries
1,396
495
**1,891**
Loan interest
1,500
-
**1,500**
Depreciation
2,122
-
**2,122**
Independent examination
1,046
-
**1,046**
76,638
495
**77,133**
**EXPENDITURE ON CHARITABLE ACTIVITES**|**Total**
**funds**
**2024**
**£**
-
-
**Total**
**funds**
**2024**
**£**
24,820
15,952
7,429
7,387
4,916
3,283
3,763
3,124
926
834
5,740
(1,500)
2,233
1,046
79,953| |---|---| 16 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** ## **7 TRUSTEES AND STAFF COSTS** No remuneration or expenses were paid to trustees during the year (2024 - £nil). There were also no employees during the year (2024 - nil). Therefore no employee earned £60,000 per annum or more during the year. ## **8 TANGIBLE FIXED ASSETS** |**Cost**
**Depreciation**
**Net book value**
At 31 December 2024
At 1 January 2025
At 1 January 2025
Charge for year
At 31 December 2025
At 31 December 2025
At 31 December 2025
Additions|**Freehold land**
**Plant and**
**and buildings**
**equipment**
**£**
**£**
341,132 75,752
52,399 -
393,531 75,752
- 33,317
- 2,122
- 35,439
**393,531 40,313**
341,132 42,435|**Total**
**£**
416,884
52,399
469,283
33,317
2,122
35,439
**433,844**
383,567| |---|---|---| 17 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** **----- Start of picture text -----**
9 HERITAGE ASSETS
Total
£
At 1 January 2025 and at 31 December 2025 17,735
10 STOCKS
2025 2024
£ £
Raw materials and consumables 10,194 8,497
10,194 8,497
11 DEBTORS AND PREPAYMENTS
2025 2024
£ £
Trade debtors 2,596 2,993
2,596 2,993
12 CREDITORS: Amounts falling due within one year
2025 2024
£ £
Other loans 10,000 10,000
Accruals and deferred income 1,046 1,155
11,046 11,155
13 CREDITORS: Amounts falling due after more than one year
2025 2024
£ £
Other loans 30,000 40,000
30,000 40,000
**----- End of picture text -----**
18 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** ## **14 RESTRICTED FUNDS** |Restricted funds
**Total funds:**|**Balance at**
**Incoming**
**Outgoing**
**1 Jan 25**
**resources**
**resources**
**Transfers**
**£**
**£**
**£**
**£**
110,454
15,064
(495)
(14,014)
110,454
15,064
(495)
(14,014)|**Balance at**
**31 Dec 25**
**£**
**111,009**
**111,009**| |---|---|---| The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust, subject to specific conditions by donors as to how they may be used. Transfers represent the value of restricted grants and donations expended on capital equipment during the year and therefore fulfiling their restricted conditions. ## **15 UNRESTRICTED FUNDS** |**Balance at**
**Incoming**
**Outgoing**
**1 Jan 25**
**resources**
**resources**
**Transfers**
**£**
**£**
**£**
**£**
**Designated funds:**
Fixed assets
254,426
-
-
60,277
**General funds:**
42,889
99,118
(76,638)
(46,263)
**Total funds:**
297,315
99,118
(76,638)
14,014
**Unrestricted**
**Designated**
**Restricted**
**funds**
**funds**
**funds**
**£**
**£**
**£**
Tangible fixed assets
-
296,968
136,876
Heritage assets
-
17,735
-
Net current assets
19,106
-
4,133
Long term liabilities
-
-
(30,000)
19,106
314,703
111,009
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**|**Balance at**
**31 Dec 25**
**£**
**314,703**
**19,106**
**333,809**
**Total**
**funds**
**£**
**433,844**
**17,735**
**23,239**
**(30,000)**
**444,818**| |---|---| ## **16 ANALYSIS OF NET ASSETS BETWEEN FUNDS** ## **17 RELATED PARTY TRANSACTIONS** The trustees confirm that there were no known related party transactions that took place during the year (2024 - none). 19 of 20 ## **WEST LANCASHIRE LIGHT RAILWAY TRUST** ## **SUMARY INCOME AND EXPENDITURE ACCOUNT** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** **----- Start of picture text -----**
2025 2024
£ £ £ £
INCOME:
Donations and gifts 17,272 25,267
Ticket and café sales 78,907 83,416
Subscriptions 3,169 2,420
Miscellaneous 820 534
100,168 111,637
EXPENDITURE:
Fundraising and event costs 21,530 24,820
Repairs and servicing 16,065 15,952
Insurance 7,108 7,429
Materials 4,202 7,387
Transport 6,196 4,916
Light and heat 3,439 3,283
Advertising 3,265 3,763
Postage and stationery 5,760 3,124
Telephone 1,345 926
Rent and rates 1,664 834
Sundries 1,891 5,740
Loan interest 1,500 (1,500)
Depreciation 2,122 2,233
Independent examination 1,046 1,046
77,133 79,953
NET OPERATING INCOME: 23,035 31,684
OTHER INCOME:
Grants received 14,014 -
NET INCOME: 37,049 31,684
**----- End of picture text -----**
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