## 




## 

## 

|Reference and Administrative<br>Details||
|---|---|
|Trustees'<br>Report|2to6|
|Independent<br>Auditors'<br>Report|7to 10|
|Consolidated<br>Statement of Financial Activities|11to 12|
|Consolidated<br>Balance Sheet|13|
|Balance Sheet|14|
|Consolidated<br>Statement ofCash Flows|15|
|Notes to the Financial Statements|16to 36|





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## 

||||Unrestricted|funds|Restricted|Total|
|---|---|---|---|---|---|---|
||||Designated|General|funds|2021|
|||Note|E|E|f|f|
|Income and Endowments||from:|||||
|Donations<br>and legacies||3||951,163|5,454|956,617|
|Charitable<br>activities||4||11,600||11,600|
|Investment<br>income||||16||16|
|Other income||||3,604,350||3,604,350|
|Totallncome||||4,567,129|5,454|4,572,583|
|Expenditure<br>on:|||||||
|Raising funds||||(2,785,535)||(2,785,535)|
|Charitable<br>activities||||(1,076,820)|(14,592)|(1,091,412)|
|Other expenditure||||(141,610)||(141,610)|
|Tota I Expenditure||||(4,003,965)|(14,592)|(4,018,557)|
|Net income/(expenditure)||||563,164|(9,138)|554,026|
|Transfers between|funds||150,000|(150,000)|||
|Net movement<br>in funds|||150,000|413,164|(9,138)|554,026|
|Reconciliation<br>offunds|||||||
|Total funds brought|||||||
|forward||||776,151|189,329|965,480|
|Total funds carried|forward|24|150,000|1,189,315|180,191|1,519,506|





## 

|STATEMENT O|F TOT|AL RECOG|NISED GAI|NS AND LOSS|ES)||
|---|---|---|---|---|---|---|
|||||Unrestricted|||
|||||funds|Restricted|Total|
|||||General|funds|2020|
||||Note|f|E|E|
|Income and Endowments||from:|||||
|Donations<br>and legacies||||1,554,725|189,329|1,744,054|
|Charitable<br>activities||||29,600||29,600|
|Investment<br>income||||22||22|
|Other income||||1,495,288||1,495,288|
|Totallncome||||3,079,635|189,329|3,268,964|
|Expenditure<br>on:|||||||
|Raising funds||||(1,918,659)||(1,918,659)|
|Charitable<br>activities||||(791,593)||(791,593)|
|Other expenditure||||(184,847)||(184,847)|
|Tota I Expenditure||||(2,895,099)||(2,895,099)|
|Net income||||184,536|189,329|373,865|
|Net movement<br>in funds||||184,536|189,329|373,865|
|Reconciliation<br>offunds|||||||
|Total funds brought|forward|||591,616||591,616|
|Total funds carried|forward||24|776,152|189,329|965,481|





## 

## 

|AS AT31DEC|E|MBER 2021||||
|---|---|---|---|---|---|
|||||2021|2020|
||||Note|f|f|
|Fixed assets||||||
|Tangible assets|||15|4,763,860|4,914,676|
|Current assets||||||
|Stocks|||17|132,024|99,722|
|Debtors|||18|271,686|613,957|
|Cash at bank and|in|hand|19|1,135,357|250,105|
|||||1,539,067|963,784|
|Creditors: Amounts||falling due within one year|20|(1,067,953)|(1,351,715)|
|Net current assets/(liabilities)||||471,114|(387,931)|
|Total assets less current liabilities||||5,234,974|4,526,745|
|Creditors: Amounts||falling due after more than one year||(3,255,468)|(3,561,264)|
|Provisions|||22|(460,000)||
|Net assets||||1,519,506|965,481|
|Funds ofthe group:||||||
|Restricted income funds||||||
|Restricted funds||||180,191|189,329|
|Unrestricted<br>income||funds||||
|Designated<br>Funds||||150,000||
|General<br>Funds||||1,189,315|776,152|
|Total unrestricted|funds|||1,339,315|776,152|
|Total funds|||24|1,519,506|965,481|





## 

|AS AT31|DECE|MBE|R 2021||||
|---|---|---|---|---|---|---|
||||||2021|2020|
|||||Note|f|f|
|Fixed assets|||||||
|Tangible assets||||15|4,719,343|4,880,944|
|Investments|||||1|1|
||||||4,719,344|4,880,945|
|Current assets|||||||
|Debtors||||18|77,955|520,106|
|Cash at bank|and in hand|||19|802,333|241,672|
||||||880,288|761,778|
|Creditors: Amounts||falling due within one year||20|(359,048)|(540,759)|
|Net current|assets||||521,240|221,019|
|Total assets|less current||liabilities||5,240,584|5,101,964|
|Creditors: Amounts||falling due after more than one year|||(3,255,468)|(3,561,264)|
|Provisions||||22|(460,000)||
|Net assets|||||1,525,116|1,540,700|
|Funds ofthe|charity:||||||
|Restricted income funds|||||||
|Restricted funds|||||180,191|189,329|
|Unrestricted|income|funds|||||
|Unrestricted|funds||||1,344,925|1,351,371|
|Total funds||||24|1,525,116|1,540,700|






## 

|FOR THE YEAR ENDE|D 31DECEM|BER 2021||||
|---|---|---|---|---|---|
|||||2021|2020|
||||Note|f|f|
|Cash flows from operating|activities|||||
|Net cash income||||554,026|373,865|
|Adjustments<br>to cash flows|from non-cash|items||||
|Depreciation|||7,9|220,809|212,485|
|Investment<br>income||||(16)|(22)|
|Loss/(profit)<br>on disposal oftangible fixed assets||||1,703|(8,992)|
|||||776,522|577,336|
|Working capital adjustments||||||
|Increase<br>in stocks|||17|(32,302)|(26,279)|
|Decrease/(increase)<br>in debtors|||18|342,271|(408,750)|
|Decrease in creditors|||20, 21|(41,016)|(585,188)|
|Increase<br>in provisions|||22|460,000||
|(Decrease)/increase<br>in deferred<br>income|||21|(283,589)|125,202|
|Net cash flows from operating<br>activities||||1,221,886|(317,679)|
|Cash flows from investing|activities|||||
|Interest receivable<br>and similar income|||5|16|22|
|Purchase oftangible<br>fixed|assets||15|(72,282)|(44,025)|
|Sale oftangible<br>fixed assets||||585|9,000|
|Transfer oftangible assets|at net book value||||(62,553)|
|Net cash flows from investing<br>activities||||(71,681)|(97,556)|
|Cash flows from financing|activities|||||
|Repayment<br>ofloans and borrowings|||20, 21|(264,953)|376,557|
|Net increase/(decrease)<br>in|cash and cash equivalents|||885,252|(38,678)|
|Cash and cash equivalents|at 1January|||250,105|288,783|
|Cash and cash equivalents|at 31December|||1,135,357|250,105|





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|estimated<br>resi|dual value, over their expected|useful economic life as follows:|||
|---|---|---|---|---|
|Asset class||Depreciation<br>method||and rate|
|Museum||20to 50years straight||line|
|Infrastructure|and buildings|20to 50years straight||line|
|Office fixtures|and equipment|5to10years straight|line||
|Rolling Stock||10to 50years straight||line|
|Plant and machinery||10to 50years straight||line|



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## 

|3|Income|f|ro|m d|onations|and lega|cies||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||Unrestricted||||
||||||||funds|Restricted|Total|Total|
||||||||General|funds|2021|2020|
||||||||f|f|f|f|
|Donations||and||legacies;|||||||
||Donations||from||companies,||||||
||trusts and||similar proceeds||||8,091|5,454|13,545|870,111|
||Donations||from||individuals||96,384||96,384|174,632|
||Legacies||||||66,483||66,483|51,000|
|Grants,<br>including|||||capital grants;||||||
||Government|||grants|||780,205||780,205|648,311|
||||||||951,163|5,454|956,617|1,744,054|
|4|Income|from charitable||||activities|||||
|||||||||Unrestricted|||
|||||||||funds|Total|Total|
|||||||||General|2021|2020|
|||||||||f|f|f|
||Education|||||||11,600|11,600|29,600|
|5|Investment|||income|||||||
|||||||||Unrestricted|||
|||||||||funds|Total|Total|
|||||||||General|2021|2020|
|||||||||f|f|f|
|Interest receivable|||||and similar income;||||||
||Interest receivable on bank deposits|||||||16|16|22|



## 



## 

## 

|||Unrestricted|||
|---|---|---|---|---|
|||funds|Total|Total|
|||General|2021|2020|
|||E|f|f|
|Pub sales||473,224|473,224|290,991|
|Refreshments|and catering|758,144|758,144|157,636|
|Shops and stalls||68,831|68,831|4,570|
|Fares and charters||844,956|844,956|243,762|
|Santa events||968,926|968,926|92,759|
|Footplate experience||1,117|1,117|12,112|
|Other rolling stock income||50,749|50,749|9,659|
|Miscellaneous|income|126,239|126,239|136,267|
|Hire oflocomotives||600|600||
|Otherincome||100,000|100,000||
|Rental income||29,233|29,233|31,093|
|Furlough<br>income||182,331|182,331|516,439|
|||3,604,350|3,604,350|1,495,288|



## 

## 

||||||Unrestricted|||
|---|---|---|---|---|---|---|---|
||||||funds|Total|Total|
||||||General|2021|2020|
|||||Note|E|E|f|
|Wages - generating||funds|||45,427|45,427|44,523|
|Computer|software|and maintenance|costs||3,423|3,423|1,239|
|Printing,|postage and stationery||||1,116|1,116|675|
|Trade subscriptions|||||2,582|2,582|900|
||||||52,548|52,548|47,337|





## 

||||Unrestricted|||
|---|---|---|---|---|---|
||||funds|Total|Total|
||||General|2021|2020|
||||f|f|f|
|Opening stock|||99,722|99,722|73,443|
|Materials|||192,711|192,711|66,071|
|Pub purchases|||231,405|231,405|154,712|
|Refreshments<br>and catering|||325,925|325,925|80,902|
|Shops and stalls|||38,537|38,537|101,597|
|Special events|||213,160|213,160|56,118|
|Footplate experience|||||1,099|
|Closing stock|||(132,024)|(132,024)|(99,722)|
|Wages and salaries|||828,157|828,157|870,056|
|Commissions<br>payable|||80,310|80,310|59,029|
|Miscellaneous<br>direct costs|||8,664|8,664||
|Line operating<br>charges|||214,678|214,678|102,989|
|Rent and rates|||50,512|50,512|31,746|
|Light, heat and power|||93,746|93,746|63,774|
|Repairs and maintenance|||187,888|187,888|108,257|
|Telephone<br>and fax|||14,075|14,075|15,313|
|Computer<br>software and maintenance||costs|36,339|36,339|9,169|
|Printing,<br>postage and stationery|||9,152|9,152|8,684|
|Courier services|||3,233|3233|1,909|
|Trade subscriptions|||7,438|7,438|2.333|
|Equipment<br>hire|||14,907|14,907|12,471|
|Lease ofmotor vehicles (Operating|leases)||2,021|2,021||
|Sundry expenses|||28,451|28,451|29,514|
|Laundry<br>and cleaning|||34,017|34,017|22,640|
|Travel and subsistence|||17,871|17,871|8,266|
|Promotional<br>expenses|||86,799|86,799|53,891|
|Legal and professional<br>fees|||11,622|11,622|24,866|
|Bad debts written off|||20,991|20,991||
|Bank charges|||12,680|12,680|12,195|
||||2,732,987|2,732,987|1,871,322|





## 

||||Unrestricted||||
|---|---|---|---|---|---|---|
||||funds|Restricted|Total|Total|
||||General|funds|2021|2020|
|||Note|f|f|f||
|Education||||||31,413|
|Restoration|and||||||
|repair|||712,440||712,440|364,706|
|Depreciation,|||||||
|amortisation|and||||||
|other similar|costs||204,513|14,592|219,105|203,493|
|Staff costs|||141,933||141,933|179,339|
|Governance|costs|10|17,934||17,934|12,642|
||||1,076,820|14,592|1,091,412|791,593|



|9<br>Other expenditure||||||
|---|---|---|---|---|---|
||||Unrestricted|||
||||funds|Total|Total|
||||General|2021|2020|
|||Note|f|f|E|
|Insurance|||62,414|62,414|94,838|
|Security costs|||49,652|49,652|73,774|
|Sundry expenses|||||5,470|
|Legal and professional|fees||5,945|5,945||
|Bank charges|||4,257|4,257||
|Bank interest payable|||253|253|83|
|Bank loan interest payable|||19,089|19,089|10,682|
||||141,610|141,610|184,847|





## 

|Governance|costs|costs||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||Unrestricted||||||||
||||||||funds||Total|||Total||
||||||||General||2021|||2020||
||||||||f||f||||f|
|Audit fees||||||||||||||
|Audit ofthe||financial statements|||||11,130||11,130||||9,692|
|Other fees|paid to auditors||||||6,804||6,804||||2,950|
||||||||17,934||17,934||||12,642|
|11Net incoming/outgoing||||resources||||||||||
|Net (outgoing)/incoming|||resources||for the year|include:||||||||
||||||||||2021|||2020||
||||||||||f||||f|
|Audit fees|||||||||11,130||||9,692|
|Loss/(profit)|on disposal||of|tangible|fixed assets||||1,703||||(8,992)|
|Depreciation||offixed assets|||||||220,808||||212,485|
|12Staff costs||||||||||||||
|The aggregate||payroll costs||were as follows:||||||||||
||||||||||2021|||2020||
||||||||||f||||f|
|Staff costs during the year||||were:||||||||||
|Wages and salaries|||||||||1,245,493|||1,430,428||
|Pension costs|||||||||22,464||||23,502|
||||||||||1,267,957|||1,453,930||
|The<br>monthly||average|number<br>of persons|||(including|senior|management||/|leadership||team)|
|employed<br>by||the group during the year expressed as full|||||time equivalents||was as|follows:||||
||||||||||2021|||2020||
||||||||||No||||No|
|Administration||and support||||||||58|||60|





## 

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## 



## 

## 

|15Tangible|fixed assets|||||||
|---|---|---|---|---|---|---|---|
|||Bury||||||
|Group||transport|Infrastructure||Fixtures and|Plant and||
|||museum|and buildings|Rolling stock|equipment|machinery|Total|
|||E|E|E|E|E|E|
|Cost||||||||
|At 1January|2021|3,374,899|1,306,761|2,035,663|324,884|396,290|7,438,497|
|Additions||3,888|14,985||46,359|7,050|72,282|
|Disposals|||(2,375)|(1,600)||(4,042)|(8,017)|
|Transfers|||91,258||(91,258)|||
|At 31December 2021||3,378,787|1,410,629|2,034,063|279,985|399,298|7,502,762|
|Depreciation||||||||
|At 1January|2021|652,600|550,806|818,817|190,050|311,548|2,523,821|
|Charge for the year||67,507|63,339|61,196|13,417|15,350|220,809|
|Eliminated<br>on disposals|||(86)|(1,600)||(4,042)|(5,728)|
|Transfers|||34,495||(34,495)|||
|At 31December 2021||720,107|648,554|878,413|168,972|322,856|2,738,902|
|Net book value||||||||
|At 31December 2021||2,658,680|762,075|1,155,650|111,013|76,442|4,763,860|
|At 31December 2020||2,722,299|755,955|1,216,846|134,834|84,742|4,914,676|





## 

## 

## 

|Charity|||||||
|---|---|---|---|---|---|---|
||Bury||||||
||transport|Infrastructure||Fixtures and|Plant and||
||museum<br>f|and buildings|Rolling stock<br>E|equipment|machinery<br>E|Total<br>f|
|Cost|||||||
|At 1January 2021|3,374,899|1,306,761|2,035,663|196,788|396,290|7,310,401|
|Additions|3,888|14,985||31,575|7,050|57,498|
|Disposals||(2,375)|(1,600)||(4,042)|(8,017)|
|Transfers||91,258||(91,258)|||
|At 31December 2021|3,378,787|1,410,629|2,034,063|137,105|399,298|7,359,882|
|Depreciation|||||||
|At 1January<br>2021|652,600|550,806|818,817|95,686|311,548|2,429,457|
|Charge for the year|67,507|63,339|61,196|9,418|15,350|216,810|
|Eliminated<br>on disposals||(86)|(1,600)||(4,042)|(5,728)|
|Transfers||34,495||(34,495)|||
|At 31December 2021|720,107|648,554|878,413|70,609|322,856|2,640,539|
|Net book value|||||||
|At 31December 2021|2,658,680|762,075|1,155,650|66,496|76,442|4,719,343|
|At 31December 2020|2,722,299|755,955|1,216,846|101,102|84,742|4,880,944|





## 

## 


## 

|ofshare capital are as f|ollows:||||
|---|---|---|---|---|
||Country of||Proportion ofvoting|Principal|
|Undertaking|incorporation|Holding|rights and shares held|activity|
||||2021<br>2020||
|Subsidiary<br>undertakings|||||
|East Lancashire<br>Railway Limited|England|Ordina ry E1|100%<br>100%|light<br>railway<br>operator|



## 



## 

|17Stock|||||
|---|---|---|---|---|
|||Group||Charity|
|||2021|2020|2021|
|||f|f|f|
|Stocks||132,024|99,722||
|18Debtors|||||
||Group||Charity||
||2021|2020|2021|2020|
||f|f|f|f|
|Trade debtors|112,028|49,718|||
|Pre payments|37,270|26|33,202||
|Other debtors|122,388|564,213|44,753|520,106|
||271,686|613,957|77,955|520,106|
|19Cash and cash equivalents|||||
||Group||Charity||
||2021|2020|2021|2020|
||f|f|f|f|
|Cash on hand|5,902|8,433|||
|Cash at bank|1,129,455|241,672|802,333|241,672|
||1,135,357|250,105|802,333|241,672|
|20 Creditors: amounts|falling due within one year||||
||Group||Charity||
||2021<br>f|2020<br>f|2021<br>f|2020f|
|Bank loans||59,096||59,096|
|Trade creditors|444,521|428,146|||
|Otherloans|81,454|56,515|80,000|53,333|
|Due to group undertakings|||265,131|379,309|
|Other taxation and social|||||
|security|3,202|31,501|3,202|31,502|
|Other creditors|4,541|15,091|3,741|13,519|
|Accruals|199,167|217,709|6,974|4,000|
|Deferred income|335,068|543,657|||
||1,067,953|1,351,715|359,048|540,759|





## 

## 

||Group||Charity||
|---|---|---|---|---|
||2021|2020|2021|2020|
||f|f|E|E|
|Bank loans||157,462||157,462|
|Other loans|273,333|346,667|273,333|346,667|
|Deferred income|2,982,135|3,057,135|2,982,135|3,057,135|
||3,255,468|3,561,264|3,255,468|3,561,264|



## 

## 

|Provision|Total|
|---|---|
|f|f|
|460,000|460,000|



## 



## 

## 

|Group|||||||||
|---|---|---|---|---|---|---|---|---|
|||||||||Balance at 31|
|||||Balance at 1|Incoming|Resources||December|
|||||January 2021|resources|expended|Transfers|2021|
|||||E|E|E||E|
|Unrestricted|funds||||||||
|General|||||||||
|General<br>Funds||||776,151|4,492,129|(3,928,965)|(150,000)|1,189,315|
|Designated|||||||||
|Locomotive|refurbishment||reserve||||150,000|150,000|
|Total unrestricted||funds||776,151|4,492,129|(3,928,965)||1,339,315|
|Restricted funds|||||||||
|Education||||62,553||(4,188)||58,365|
|Restoration|and|repair|||5,454|||5,454|
|Aquisition|ofrolling stock|||126,776||(10,404)||116,372|
|||||189,329|5,454|(14,592)||180,191|
|Total funds||||965,480|4,497,583|(3,943,557)||1,519,506|





## 

## 

## 

|Charity|||||||||
|---|---|---|---|---|---|---|---|---|
|||||||||Balance at 31|
|||||Balance at 1|Incoming|Resources||December|
|||||January 2021|resources<br>f|expended<br>f|Transfers<br>f|2021<br>f|
|Unrestricted|funds||||||||
|General|||||||||
|General Funds||||1,351,371|2,007,691|(2,014,137)|(150,000)|1,194,925|
|Designated|||||||||
|Locomotive|refurbishment||reserve||||150,000|150,000|
|Total unrestricted||funds||1,351,371|2,007,691|(2,014,137)||1,344,925|
|Restricted funds|||||||||
|Education||||62,553||(4,188)||58,365|
|Restoration|and|repair|||5,454|||5,454|
|Aquisition|of rolling stock|||126,776||(10,404)||116,372|
|||||189,329|5,454|(14,592)||180,191|
|Totalfunds||||1,540,700|2,013,145|(2,028,729)||1,525,116|





## 

## 

|Group||||||||
|---|---|---|---|---|---|---|---|
|||||||Total funds at||
||||Unrestricted|funds|Restricted|31|December|
||||General|Designated|funds||2021|
||||f|f|f||f|
|Tangible||fixed assets|4,589,123||174,737||4,763,860|
|Current|assets||1,383,615|150,000|5,452||1,539,067|
|Current|liabilities||(1,067,953)|||(1,067,953)||
|Creditors||over 1year|(3,255,468)|||(3,255,468)||
|Provisions|||(460,000)||||(460,000)|
|Total net||assets|1,189,317|150,000|180,189||1,519,506|
|||||Unrestricted||Total funds at||
|||||funds|Restricted|31|December|
|||||General|funds||2020|
|||||f|f||f|
|Tangible||fixed assets||4,725,347|189,329||4,914,676|
|Current|assets|||963,784|||963,784|
|Current|liabilities|||(1,351,715)||(1,351,715)||
|Creditors||over 1year||(3,561,264)||(3,561,264)||
|Totalnet||assets||776,152|189,329||965,481|
|Charity||||||||
|||||||Total funds at||
||||Unrestricted|funds|Restricted|31|December|
||||General|Designated|funds||2021|
||||f|f|f||f|
|Tangible||fixed assets|4,544,606||174,737||4,719,343|
|Fixed asset investments|||1||||1|
|Current assets|||724,836|150,000|5,452||880,288|
|Current|liabilities||(359,048)||||(359,048)|
|Creditors||over 1year|(3,255,468)|||(3,255,468)||
|Provisions|||(460,000)||||(460,000)|
|Total net||assets|1,194,927|150,000|180,189||1,525,116|





## 

|FOR T|HE YEAR ENDED 31DEC|EMBER 2021|||
|---|---|---|---|---|
|||Unrestricted||Total funds at|
|||funds|Restricted|31December|
|||General|funds|2020|
|||f|f|f|
|Tangible|fixed assets|4,691,615|189,329|4,880,944|
|Fixed asset investments||1||1|
|Current|assets|761,778||761,778|
|Current|liabilities|(540,759)||(540,759)|
|Creditors|over 1year|(3,561,264)||(3,561,264)|
|Total net assets||1,351,371|189,329|1,540,700|
|26 Analysis of net funds|||||
|Group|||||
|||||At 31|
|||At 1January|Financing|December|
|||2021|cash flows|2021|
|||f|f|f|
|Cash at bank and in hand||250,105|885,252|1,135,357|
|Net debt||250,105|885,252|1,135,357|
|||||At 31|
|||At 1January|Financing|December|
|||2020|cash flows|2020|
|||f|f|f|
|Cash at bank and in hand||288,783|(38,678)|250,105|
|Net debt||288,783|(38,678)|250,105|



## 

##