Company registration number- 2023981 Charity registration number-. 1186648 EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED {A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2024
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED CONTENTS Reference and Administrative Details Trustees Report 2to8 Independent Auditors, Report 9t012 Con501idated Statement of Financial Activities 13to14 Consolidated Balance Sheet Is Balance Sheet 16 Collsolidated Statement of Cash Flows 17 Notes to the Financial Statements 18to38
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED TRUSTEES REPORT The trustees. who are director5 for the purposes of company law, present the annual report together with the financial statements and auditors, report of the charitable company for the year ended 31 December 2024. Trustees and <)fficer5 The trustees and officers serving during the year and since the year end were as follow5-. Trustees: M W Kelly R G Chapman CRLaw D S Layland SMLea ALee C Phillips G S Thornton K A Whitmore A Thomas M A Gardiner Chairman: M W Kelly Objertives and activities Objects and aim5 The object of the tharity 15 to advance education for the benefit of the publit in the history, construction, engineering and operation of the East Lancashire Railway by.. al The acquisition, restoration, preseTvation and operation of heritage railway locomotives. carriages. wagons, station buildings, track between Rawtenstall and Heywood and other associated heritage infrastrutture,- and bl The establishment and maintenance of a museum. Public benefit The Charity aims to educate visitors to the heritage East Lancashire Railway about the different eras and activities in the history of the railway5. The trustees confirm that they have complied with the requirements of section 17 of the Charitie5 Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Use oAvolunteers The charity and its subsidiary trading company would not be able to provide the services they do without the dedicated volunteers who give their time to the Railway. The companies are committed to the development of volunteers and improving volunteer recruitment, key base skills training and departmental placement sympathetic to specific departmental requirements.
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED REFERENCE AND ADMINISTRATIVE DETAILS Chairman M W Kelly Tiustees M W Kelly R G Chapman CRLaw D S Layland SMLea ALee C Phillips G S Thornton K Awhitmore A Thomas M A Gardiner Charity Registration Number 1186648 Company Registration Number 2023981 The charity is incorporated in England and Wales. Bolton Street Station Bolton Street Bury Lancashire BL9 OEY Registered Office Audltor Horsfield & Smith Tower House 269 Walmersley Rood Bury Lancashire BL9 6NX
EAST LANCASHIRE UGHT RAILWAY COMPANY LIMITED TRUSTEES REPORT Strutture, governance and managernent Nt7ture of governing document The organisation is a charitable company. The company was incorporated on 29 May 1986 and is limited by guarantee. In the event being woulld up each member is required to contribute an amount not exceeding ten pounds. The company was established under a memorandum of association which established the objects and powers and is governed under its articles of association (last updated November 20191. Organisationulstrurture The company operated as a trading company up to December 2019. On l January 2020the company was granted charitable status and the trading activities were passed to a new wholly owned trading subsidiary company East Lancashire Railway Limited. Remiitment and appoifttmentof trustees Trustees are appointed by ordinary resolution at a general meeting. There is no maximum number of trustees, the minimum is four. One third are required to retire by rotation at the annual general meeting of the charity. Where the trustees appoint a person who is willing to act as a trustee either to fill a vacancy or a5 an additional trustee that person must retire and may offer themselves for re-election at the next annual general meeting. A person may not seNe as a trustee unless they are a member of the charity- A person ceasing to be a member shall automatically cease to be a trustee. Achievements and performance 2024 saw the continuation of the 'cost of livin crisis and variable consumer confidence with inevitable consequences for average visitor spend and donations. The railway had to perform essential repairs to the Locomotive Works building, at significant financial detriment to the organisation. The increase5 in the 'Living' and 'Minimum' wages were significant for the third year running. Innovation continued within the organisation to develop new revenue streams that are not train reliant, such as a Heritage Open Weekend in the museum ground5, growing the wedding and parties schedule and additional children's events. The refresh of museum artefrdcts continued throughout 2024. The final asset of the loan agreement with the National Railway Museum arrived in the form of Lancashire & Yorkshire Railway Radial Tank '1008, on a five year agreement. A Heritage Open Weekend took place in September, mainly based at the museum. This brought the ELR'S collection of Lancashire & Yorkshire vehicles together with a display of steam locos and shunt demonstrations and allowed people to view inside LYR directors, saloon. Visitor numbers in the museum surpass other local museums of a similar size. The museum has also SUCSsfullY hosted a wide range of events supporting and increased number of family based events. The Christmas school holidays worked in the favour of the Santa Specials event in 2024. 109 Santa Special Trains operated. compared to 102 in 2023, including 3 successful Santa 'SEND' trains. The plan for 2025 is to increase the number of SEND trains to 4 due to the demand. The SEND Santas Specials won Highly Commended at the Heritage Railway Association Annual Awards.
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED TRUSTEES REPORT The Spring Steam Gala was revamped and rebranded as the "Legends of Steam Gala" Visitor numbers and revenue surpassed expectations due the visiting locomotives that attended the event. 4 days of the less popular children's events of Hey Duggee and Gruffalo were removed in 2024 and replaced with 2 additional easier, more cost-efficient children's adventure in 2024. 4 days of Halloween were held in 2024 compared to 3 in 2023. The February Peppa Pig event was removed due to low footfall in 2023. We were awarded the Trip Advisor Travellerg Choice Award for 2024. This means that reviews from millions of travellers around the world, place the ELR in the top 10%. The overall visitors for 2024 were 143,225 compared to 141,235 in 2023. Buffer Stops pub saw increased profits from June 2024 following its closure in April and May for a cellar refurbishment and a low scale pub refresh. Gross profit margins improved to 64Yo in 2024 compared to 60.5% in 2023. It won CAMRA Pub of the Year. The Trackside pub income wa5 down compared to 2023 due to fluctuètions in staff,. however the gross profit margin increased to 63% from 62% in 2023. The Dining With Distinction brand was given a boost during the festive period with the provision of a fourth dining carriage, increasing capacity by a third per train. A lucrative filming job took place in October across two nights for a new American series called "Talamasca" The Network Rail partnership continues to be developed in 2024, whereby Network Rail will gift the East Lancs Railway, usable and appropriate redundant assets in return for training of Network Rail staff in various operating roles. The Class 153 visited the railway twice in the year for testing. A new youth group was created towards the end of the year to encourage more young volunteers to join the workforce. This is led by one of the railwa(s employed apprentices. The outside of Townsend Fold signal box was refurtjished. Durin8 January, 180 yards {or 9 panels) of track to the north of Stubbins Station was relayed, continuation from 2023. The permanent way team devoted over 91X) man hours and operated through the very worst of the English winter weather. A further project was undertaken by the permanent way team in the year whereby drainage was removed and replaced near Alfred Street. This generated income for the organisation. Track materials were gifted from Metrolink. and also from Castleton prior to the start of a housing development. An agreement with the Battle of Britain Locomotive Society was made to allow the railway to be the home of 92 Squadron1340811. This arrived in time for the Santa Specials. The maintenance and restoration of heritage railway rolling stock has continued during the year and has included= the ongoing boiler overhaul of 81J)97 continued. the overhaul of the Jinty continued: the 10 year overhaul of Gothenberg132) began: steam heat wasfrtted on 51456; ongoing work every week by the D570S CoBo's dedicated team, and steady progress is being made:
EAST LANCASHIRE LIGHT RAILWAY COMPANY UMITED TRUSTEES REPORT the cla55 24, D5054. began its bodywork repairs and repaint. Thi5 has been perfom7ed by volunteers to keep the costs to a minimum. It is due to be completed mid-2025: Clas5 01 diesel shunter renovation was completed to a very high standard- Work on 4917 was completed- the Bubble Car repaint wa5 completed- repairs to the vandalised Mark I buffet coach were completed. thanks to the kind donations of the public and our stake holders- the diesel crane repairs were completed, bringing it back into ticket: work on the L&Y Observation Saloon continued. Once completed. this will be a useful asset for private functions and corporate hospitality- and the Santa Shop carriage was refurbished. As always much of this work has only been possible because of the dedicated support of the volunteers and the Board are thankful to them for the time they give to the Railway. Financial review Despite everyone's best efforts ELR retumed a net deficit for the year of £371,440. Of this £127.150 wa5 for excessive repairs to the Locomotive Works roof at Baron Street. The ELR still awaits a formal agreement with Bury MBC, who own the building, regarding ongoing contributions to the repair costs being incurred by the ELR that form a significant proportion of the loss incurred. Policy on reserves So far as practicable the Trustees intend to reinvest surpluses in projects which will advance the charitable objects. This has not been possible in 2024 and the charity has needed to draw on its reserves to continue its planned Maintenan and restoralion projects. Investment policy and objertives Under the Memorandum and Articles of association, the charity has the power to make any investment the Tiustees consider will further the objects of the charity. Currently neither the charity nor its trading subsidiary have excess funds available to invest. When such funds become available the Trustees feel that short term readily available products would be most suited to meet uncertain short tem demands. Plans for future perlods The squeeze on finance5 has prevented the Board adding to the designated locomotwe refurbishment reserve for the refurbishment of locomotives when their tickets expire. Although provision was made in 2021 for the restoration of the CRAB locomotive. at the moment the fund is not sufficient to complete these works. However. the East Lancashire Railway Preservation Society has agreed to fund £50,CKK) towards the project. The project will continue once SOurceS allow it. In May, a grant application was prepared for the Community Ownership Fund in relation to the works required for Higher Woodhill Viaduct. The charity applied for this on behalf of the ELR trust. A general election was announced in June which put a hold on this government linked fund. In November, we were advised that they were reopening the fund, and our application was being considered. In mid-December, we were advised we were successful in winning the grant totalling £1.070.680, plus match funding from the ELR trust of £267,670.
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED TRUSTEES REPORT Following the grant of planning permission for the re-development at Buckley Wells on 22nd February 2022, the ~shovel read project is progressing. This multi-million pound project will take several years to complete and is to be progressed in stages. Recent Vlslts and discussions with the Heritage Lottery Fund are encouraging for future funding applications on this project. There is a comprehenstve programme for restoration and repair of the Grade 11 Listed workshops shed datir*g from 1857. The building will continue to be used for the restoratior¢ and repair of locomotives including workshops and stores. An extension on the footprint of the former shed Idemolished in the I975) will provide new offices, welfare and training facilities to support engineering training and development skills for future generations of engineers. It will also allow public acce5S to the building. The erection of a new carria8e she4 will house. restore and repair the fleet of historic railway coaches. The new facility will be tal for the protection of coaches from the elements and vandalism. This Should extend the aintenance cycle to approximately 12-15 as opposed to the current 7 years. Eco friendly and sustainable add-ons being considered for this phase of development include installing 501ar ane15 to reduce the energy costs and harvesting rain water to provide water for the steam locomoti es. Within the site a new occess road an new facilities and the safe movement new track will be reconfigured and re-laid to ensure acce55 to f traction and rolling stock around the site. It's also proposed to expand the oper ional capacity of the site with new areas for external storage facilities for fuel and with ambitions td instèll a traction and rolling stock turntable. The roof on the Baron Street works is in need of replacement. The ELR are actively looking for grant fundin8 for this project. Goingconcern The Company is dependent on a related entity being able to meet its obligations in respect of the maintenance of key structures along the route of the railway. The impact of any restrittions in the use of the structures would be significant on the operations of the company. The directors have considered the most recent report to the Board of the related entity, in which there are detailed realistic plans covering the foreseeable future that indicate that the obligations can be met, and the schedule of planned maintenance work confirms this position. The directors are concerned by the Ongoing economic pressures. The cost of living crisis is impacting on the public donations and income available from the trading company. In order to complete the ambitious plans for the future funding sources need to be identified. Forecast5 have been prepared covering the period to December 2026 and these have been subjected to sensitivity analysis. The Directors recogni5e that, in preparing the forecasts, there is an inherent risk that the plans may not be achieved. Oespite this risk, the Directors believe that the Railway has secured sufficient financial reserves to enable it to continue as a going concern.
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED TRUSTEES REPORT Relationships With related parties East Lancashire Railway Holdings Limited The charity is under the control of a charitable holding company East Lancashire Railway Holdings Limited. As part of the re-structuring of the Railway it is the intention that East Lancashire Railway Holdings Limited will be closed and its charitable object5 carried on by East Lancashire Light Railway Company Limited. On l January 2020 the benefit of the funds in East Lancashire Railway Holdings Limited was passed to the charity. Since then any donations received by East Lancashire Railway Holdings Limited have been remitted to East Lancashire Light Railway Limited. Financlal instruments Objertive5 ondpolicies The group's activities expose it to a number of financial risks including credit risk. cash flow risk and liquidity risk. The use of financial derivatives is Eoverned by the group's policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The group does not use derivative financial instruments for speculative purposes. Cashflow risk The Charity relies on public donations to enable tt to provide funds for the projects currently being financed. Cashflow can be very much affected by the willingness and ability of the general public to make donation5. Credit risk The Charivs principal financial assets are bank balances and cash, and other receivables. The charity's primary credit risk is attributable to its receivables from the East Lancashire Railway Limited. An allowance for impairment is made where there is an identifiable 1055 as a result of a going concern rssk in that company that would evidence a reduction in the recoverability. Liquidity risk In order to maintain liquidity to ensure that svfficient funds are available for ongoir7g operations and future developments. the group uses a mixture of lon8-tem and 5hort-term debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements. Reputational nsk In accordance with current best practise, the charity maintain5 various registers to enable it to monitor performance and compliance. Disclosure of inforniation to auditor Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charitys auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware. Reappointment of auditor The auditors Horsfield & Smith are deemed to be reappointed under section 487121 of the Companies Act 21J)6.
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED TRUSTEES REPORT Statement of Responsibilities The trustees Iwho are olso the directors of East Lancashire Light Railway Cornpany Lifflited for the purposes of company lawl are responsible for preparing the trustees, report and the financial Statemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law require5 the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statement5 unless they are satisfied that they give a true and fair view of the state of affairs of the parent charitable company and the group and of the incoming resources and application of resource5, including its income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustee5 are required to- select suitable accounting policies and apply them consistently: obseNe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards. comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the parent charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the parent charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safe8uarding the assets of the parent charitable company and the group 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 governing the preparation and di55emination of financial Statements may differ from legislation in other jurisdittions. The annual report was approved by the trustees of the charity on 29 August 2025 and signed on its behalf by.. M W Kelly Chairman and Trustee
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED Opinion We have audited the financial statements of East Lancashire Light Railway Company Limited (the 'charitable parent company'l and its subsidiaries (the 'group'l for the year ended 31 Decernber 2024, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in theii preparation is United Kingdom Accounting Standards. comprising Charities SORP - FRS 102 'The Financial Reportin8 Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice} and applicable law. In our opinion the financial statements- give a true and fair view of the state of the group's and parent charity'5 affairs as at 31 December 2024 and of its incoming resources and application of resource5. including its income and expenditure, for the year then ended- have been properly prepared in actordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS (UKII and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatin8 to events or condition5 that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other infomiation The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The director5 are responsible for the other information contained within the annual reFlOrt. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitty stated in our report, we do not express any fom of assurance conclusion thereon.
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED Our responsibility is to read the other information and. in doing so, consider whether the other information 15 materially inconsisterit with the financial statements or our knowledge obtailled in the course of the audit, or otherwise appears to be materialty mi5Stated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Opinion on other matter prescribed by the Cornpanies Art 21JJ6 In our opinion, based on the work undertaken in the course of the audit= the information given in the Trustees Report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Trustees Report ha5 been prepared in accordance with applicable legal requirements. Matter5 on which we are required to report by exception In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitèble company, or returns adequate for our audit have not been received from branches not visited by us- or the parent charitable company financial statements are not in agreement with the accounting records and returns: or certain disclosure5 of trustees remuneration Specified by law are not made,. or we have not received all the information and explanation5 we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Responsibilities Iset out on page 81, the trustees are responsible for the preparation of the financial statements and for being sat15fied that they give true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for a55e55ing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unles5 the trustees either intend to liquidate the charity or to cease operations. or have no realistic alternative but to do so. io
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERS OF EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED Auditor responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial Statements. The extent to which our procedures are capable of deterting irregularities. including fraud Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of deiecting irregularities. including fraud is detailed below: We considered the nature of the industry and its control environment and reviewed the documentation of the charit¢s policies and procedures relating to fraud and compliance with laws and regulation5. We also enquired of management about their own identification and assessment of the risks of irregularities. We obtained an understanding of the legal and regulatory frameworks that the charity and trading subsidiary operate in and identified the key laws and regulations that: had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act. Charities Act. and do not have a direct effect OD the financial statements but compliance with which may be fundamental to the ability to operate or to avoid a material penalty. These included the line operating licence. We ensured that the engagement team Collective had the appropriate competence. capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. We di5cvssed among the audit engagement team regarding the opportunitie5 and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. In common with all audits under ISAS IUKI. we are also required to perfomi Specific procedures to respond to the risk of management override. In addressing the risk of fraud throuEh management override of controls, we tested the appropriateness of journal entries and other adjustments- assessed whether the judgements made in making accountin8 estimates are indicative of a potential bias- and evaluated the busines5 rationale of any significant transactions that are unusual or outside the normal course of business. li
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED In addition to the above, our procedure5 to respond to the risk5 identified included the following.. agreeing financial statement disclosures to supporting documentation: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material mi5Statement due to fraud- enquiring of management concerning actual and potential litigation and claims. and instances of non-compliance with laws and regulations- and reading minutes of meetings of those charged with governance. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulatloll Is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involve5 intentional concealment, forgery. collusion, omission or misrepresentation. A further description of our responsibilities is available on the FRC'S website at= https-.l/www.frc.org.uk/auditors/audit-assurance/auditorsresponsibilities This description forms part of our auditorfs report. Use of our report This report is made Sole to the charitable parent company's trustees, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2&J6. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them in an auditor'5 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body, for our audit work, for this report, or for the opinion5 we have formed. P G Nicol (Senior Statutory Auditor) For and on behalf of Horsfield & Smith, Statutory Auditor Tower House 269 Walmersley Road Bury Lancashire BL9 6NX 29 August 2025 12
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES) Unrestricted funds Designated General Restrirted funds Total 2024 Note Income and Endowments from: Donations and le8acies Charitable activities 252.177 38,770 1,137 4,910.522 20.512 272,689 38,770 1,137 4,910,522 Investment income Other income Total Income 5,202.606 20,512 5,223,118 Expenditure on: Raising funds Charitable activities (4,612.9861 1874,8881 1115,8891 14,612,986) 1894,2531 1115.8891 119,3651 Other expenditure Total Expenditure 15,603.7631 119,3651 15,623,128) Net lexpenditurel/income Transfer5 between funds 1401,1571 143,(XXJ 1,147 1400,010) {143,(KM)I Net movement in fund5 1143,CKKII 1258,1571 1.147 1400,0101 Reconciliation of funds Total funds brought forward 143,(NXI 727,270 157,884 1,028,154 Total funds carried forward 24 469.113 159,031 628,144 The notes on pages 18 to 38 form an integral part of these financial statements. 13
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES) Unrestricted funds Designated General Restrirted funds Total 2023 Note Income and Endowments from: Dor)ations and legacies Charitable activities 257.151 34,530 2,445 5.237,921 6,320 263,471 34,530 2.445 5,237,921 Investment income Other income Total Income 5,532.047 6,320 5,538,367 Expenditure on: Raising funds Charitable activities 14.784,0251 1990,3791 1118.2051 14,784,025) (1,011,991) 1118,2051 121,6121 Other expenditure Total Expenditure 15,892,609) 121,612 {5,914,2211 Net expenditure Transfers between funds 1360,5621 115.292) 1375.8541 17,0001 Net movement in funds 17.0001 {353.5621 115,292} 1375,8541 Reconciliation of funds Total funds brought forward 150,(n) 1.080,830 173,176 1,404.006 Total funds carried forward 24 143,(K)O 727,268 157,884 1,028,152 All of the group's activities derive from continuing operations during the above two periods. The funds breakdown is shown in note 24. The notes on pages 18 to 38 form an integral part of these financial statements. 14
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED (REGISTRATION NUMBER: 2023981) CONSOLIDATED BALANCE SHEEr AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets 15 4,869.601 4,829,274 Current assets Stocks 17 121,182 132,252 220,032 129,648 172,181 472,772 Debtors 18 Cash at bank and in hand 19 473,466 774,601 Creditors: Amounts falling due within one year 20 11,366,502) 11,121,064) Net current liabilities 1893,0361 1346,4631 Total assets less current liabilities 3,976.565 4,482,811 Creditors: Amounts falling due after more than one year 21 12,888,446) 12.994,6591 Provisions 22 1459,9751 1460,0001 Net assets 628,144 1.028,152 Funds of the group: Restrirted income funds Restricted funds 159,031 157.884 Unrestricted income funds Designated Funds General Funds 143,000 727,268 469,113 Total unrestricted funds 469,113 870,268 Totsl funds 24 628,144 1,028,152 The financial statements on pages 13 to 38 were approved by the trustees, and authorised for issue on 29 August 2025 and signed on their behalf by= M W Kellv Chairman and Trustee DSL stee The notes on pages 18 to 38 form an integral part of these financial statements. 15
EAST LANCASHIRE LIGHT RAILWAY COMPANY UMITED {REGISTRATION NUMBER: 2023981) BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Investments 15 4.723,598 4,683,463 4,723,599 4,683,464 Current assels Debtors 18 70,791 I,o(y) 81,291 143,000 Cash at bank and in hand 19 71,791 224,291 Creditors: Amounts falling due within one year 20 1944,3501 1545,3241 Net current liabilities 1872,5591 1321,0331 Total assets less current liabilities 3,851.040 4,362,431 Creditots: Amounts falling due after more than one year 21 12,888,446) 12,994,659) Provlsions 22 1459,9751 1460,(KK)I Netassets 502,619 907,772 Funds of the charity: Restricted income funds Restricted funds 159,031 157,884 Unrestrirted income funds Designated Funds General Funds 143,000 606,888 343,588 Total unrestricted funds 343,588 749,888 Totsl funds 24 502,619 907,772 The financial statements on pages 13 to 38 were approved by the trustees, and authorised for issue on 29 August 2025 and signed on their behalf by-. M WKelly Chairman DSLayl Tru5 nd Trustee The notes on pages 18 to 38 form an integral part of these financial statements. 16
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash flows from operating artivities Net cash expenditure 141X),0101 1375,8541 Adjustments to cash flows from non-cash items Depreciation Investment income {Profitl/loss on disposal of tangible fixed assets 15 84.243 11.1371 119,916) 246,187 12,4451 2,881 1336,8201 1129,2311 Working capitsl adjustments Decrease in stocks 17 8,466 39.929 72,903 1251 146,322 591 Decrease in debtors 18 134,694 20,359 Increase in creditors 20, 21 22 Decrease in provisions Increase/ldecreasel in deferred income 21 110,1761 Net cash flows from operating activities 169.2251 16.237 Cash flows from investing artivities Interest receivable and similar income Purchase of tangible fixed assets Sale of tangible fixed assets 1,137 1127,7421 23.090 2,445 1248,4751 2,159 15 Net cash flow5 from investing activities {103.5151 1243,8711 Cash flows from financing activities Repayment of loans and borrowings 20. 21 180,C(QI 181,0001 Net decrease in cash and cash equivalents 1252,7401 1308.6341 Cash and cash equivalents at l January 472,772 781,406 Cash and cash equivalents at 31 December 220,032 472,772 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 18 to 38 form an integral part of these financial statements. 17
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 I Charity status The charity is limited by guar4ntee. incorporated in England and Wales. and consequently does not have share capital. Each of the trustees 15 liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. The address of it5 registered office is.. Bolton Street Station Bolton Street Bury Lancashire BL9 OEY 2 Accounting policies Sumrnary of signlflcant atcountin£ policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compliance The financial statements have been 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 IFRS 1021 isstsed in October 2019 , the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. They also comply with the Companies Art 26 and Charities Act 2011. Basis of preparation East Lancashire Light Railway Company Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accountin8 policy notes. The financial statements are presented in £ sterling. Basls of tonsolidation The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 December 2024. No statement of financial acttvities is presented for the charity as permitted by Section 408 of the Companies Act 2006. The charity made a loss after tax for the financial year of £405,15412023 - Ioss of £366,160). 18
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 The 5ub5idiary East Lancashire Railway Limited (company number 123817291 15 a wholly owned trading company. The trading activities of East Lancashire Light Railway Company Limited were tranSferd to the subsidiary on l January 2020. The accounting policies of subsidiary are consistent with the policies adopted by the group. Going concern The directors, concerns are in respect of the ability of a related entity to meet its obligations to maintain the railway structures. Detailed reports submitted to the Board of that entity have been considered, which indicate over a three year period. the obligations should be met. Ongoing economic pressures have also been considered by the Board of this company, and forecasts have been prepared coverinE the period to December 2026 which have been subjected to 5ensltivity analysis. The Directors recognise that, in preparing the forecasts, there is an inherent risk that the plans may not be achieved. Despite thi5 risk, the Directors believe that the Railway has secured sufficient financial reserves to enable it to continue a5 a going concern. Income and endowments All income is reco8nised once the charity has entitlement to the income. it is probable that the income will be received and the amount of the income receivable can be measured reliably. Donations ond legacie5 Donalions are recogni5ed when the charity has been notified in writing of both the amount and settlement date. In the event that a donation 15 Subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of th05e conditions 15 wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis following the grant of probate when the administratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange. recognition is subject to the value of the gift being reliably measurable with a degree of reasonable acturacy and the title to the asset having been transferred to the charity. Grunts receivable Grants are recognised when the group has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. 19
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Deferred intome Deferred income represents amounts received for future periods and is released to incoming resources in the period for which. it has been received. Such income is only deferred when- - The donor specifies that the grant or donation must only be used in future accounting periods- or The donor has imposed conditions which must be met before the charity has unconditional entitlement. Investment income Dividends are fecognised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, wwth central Staff cost5 allocated on the basi5 of tirne spent, and depreciation charges allocated on the portion of the asseys use. Other support costs are allocated based on the spread of staff costs. Rai5ingfund5 These are costs incurred in attracling voluntary income, the management of investments and those incurred in trading activities that raise funds. Choritoble ortivities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Repair5 andmaintenon The day to day maintenance and operational repairs are charged to trading activities and undertaken by the trading subsidiary. Major refurbishment and cyclical overhaul to maintain the heritage assets is treated as a charitable activity and is undertaken by the charity. Governance costs These include the costs attributable to the charl5 compliance with constitutional and statutory requirement5. including audit, strategic management and trustees meetings and reimbursed expenses. 20
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Grants Government grants a recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grant5 relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to asset5 are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categorie5 covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purF)oses. Tangible fixed assets Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows.. Asset class Museum Depreciation method and rate 20 to 50 years straight line 20 to 50 years straight line 5 tolo years straight line 10 to 50 years straight line 10 to 50 years straight line Infrastructure and buildings Office fixtures and equipment Rolling Stock Plant and machinery Business combinations Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies Used into line with those used by the group. All intra-group transactions, balances, incorne and expenses are eliminated on consolidation. In accordance with Sertion 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition. 21
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Stock stock is valued at the lower of cost and estimated selling price le5S Costs to complete and sell, after due regard for ob501ete and slow moving stocks. Cost is determined using the first-in, first-out IFIFOI basis. Trade debtors Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost Using the effectrve interest method, less any impairment. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-term highlv liquid investments that are readily convertible to a known amount of cash and are subject to an insi8nificant risk of change in value. Trade creditors Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effertive interest method. Accounts payable are classified as current liabilities if the charity does not have an untonditional right. at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there 15 an unconditional fight to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Deferred income Deferred income are monies taken in advance for bookings yet to take place. Once the events have taken place the income is transferred to the profit and loss account. Borrowing5 Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction cost5. and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Provisions Provisions are recognised when the charity has an obligation at the reporting date as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. 22
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Fund structure Unrestricted incorne funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the group. Designated funds are unrestricted funds set aside for specific purF)oses at the discretion of the trustees. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Financial instruments CIussiTficotion Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Basic financial a55ets and liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction. the financial asset or financial liability is measured at the present value of the future cashflows discounted at a market rate of interest. Such instruments are subsequently measured at amortised cost Using the effective interest method. Other financial assets and liabilities that are not basic financial instruments are initially measured at fair value, which is normalty the transaction price. Such instruments are subsequently carried at fair value and the change5 in fair value are recognised in profit or loss, except where the fair values cannot be measured reliably the instrument is measured at cost less impairment. Financial assets and liabilities are only offset in the statement of fi.nancial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecogni5ed when and only when al the contractual rights to the cash flows from the financial asset expire or are settled, bl the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or cl the charity. desplte having retained some, but not all. signtficant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Investments Investments in 5ub5idiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. 23
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 3 Income from donations and legacies Unrestricted fvnds General Restricted funds Total 2024 Totsl 2023 Donations and legacies- Donations from companies, trusts and similar proceeds Donations from individuals 20,512 20,512 44,4(Xi 6,792 43,198 Legacies Grants, including capital grants- Government grants 205,777 205,777 213,481 252,177 20,512 272,689 263,471 4 Income from charitable artivities Unre5trirted funds General Total 2024 Total 2023 Education 38.770 38,770 34,530 5 Investment income Unrestricted funds Generdl Totsl 2024 Totsl 2023 Interest receivable and similar income- Interest receivable on bank deposits 1,137 1.137 2,445 24
EAST IANCASHIRE LIGHT RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 6 Other income Unrestricted fvnds General Total 2024 Totsl 2023 Pub sales 807,2(X) 1,539.656 76,117 1.084,303 1,164,409 60,287 43,151 807,2(XJ 1.539,656 76.117 1,084,303 1,164,409 60,287 43,151 1,011,430 1,381,861 91,041 1,320.661 1.106.152 39,101 72,538 43,663 110,611 4.000 56,863 Refreshments and catering Shops and stalls Fares and charters Santa events Footplate experience Other rolling stock income Bury Tran5POrt Museum Miscellaneous incorne Hire of locomotives 78,636 78,636 Rental income 56,763 56,763 4,910,522 4.910,522 5,237,921 7 Expenditure on raising fvnds al Costs of generating donations and legacies Unrestricted funds General Total 2024 Total 2023 Note Wages - generating funds Computer software and maintenance costs Printing, postage and stationery Trade subscriptions 75.630 69 75.630 69 70,577 36 10.231 36 76 10.231 4,831 85,966 85,966 75,484 25
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 b) Costs of trading activitles Unrestrfrted funds General Total 2024 Total 2023 Opening stock Materials 129,648 352,956 330,788 664.918 32,702 473.946 1114.955} 1.054.371 159.375 46,361 290.847 45.770 232,793 174,498 8,632 129,648 352,956 330,788 664,918 32.702 473,946 1114,9551 1,054,371 159,375 46,361 290,847 45.770 232,793 174,498 8,632 130,238 357,686 434,416 573,477 64,293 528.959 {129,6481 1,099,774 157,263 44,929 358,407 41.271 188,421 190,554 12,345 Pub purchase5 Refreshments and catering Shops and stalls Special events Closing stock Wages and salaries Commissions payable Miscellaneous direct costs Line operating charges Rent and rates Light, heat and power Repairs and maintenance Insurance Lll Telephone and fax Computer software and maintenance costs Printing, postage and stationery Courier services 17.688 58,592 9.977 31,978 13,862 6,298 2.738 15.228 118,055 30,862 73.443 155.785 38.653 41x1 17,688 58,592 9,977 31,978 13,862 6.298 2,738 15,228 118,055 30.862 73,443 155,785 38,653 4CK) 18,352 64,805 17,536 34,608 12,739 4,226 2.655 8,459 103,269 49,828 50,270 176,661 41,574 11.442 40.287 Trade subscriptions Equipment hire Lease of motor vehicle5 Ioperating leases) Sundry expenses Laundry and cleaning Health and saftey Travel and subsistence Promotional expenses Legal and professional fees Bad debtswritten off Bank charges Depreciation, amortisation and other similar costs 41.315 41,315 29,496 29,496 19,445 4,527,020 4,527,020 4.708,541 26
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 8 Expenditure on charitsble artivities Unrestrirted funds General Restricted funds Totsl 2024 Total 2023 Note Education 10.462 10,462 22,080 Restoration and repair Depreciation, amortisation and other similar costs 669,342 9.302 678,644 584,836 24.768 156,056 14.260 10,063 34,831 156,056 14.260 230,540 164,547 9,988 Staff c05tS Governance costs io 874,888 19,365 894,253 1,011,991 In addition to the expenditure analysed above. there are also governance costs of £14,26012023 £9,988) which relate directly to charitable activities. See note 10 for further details. 9 Other expenditure Unrestrirted funds General Total 2024 Totsl 2023 Note Ground rent Castlecroft Insurance 104 104 104 93,144 2.603 439 93,144 2,603 439 89,513 2,290 Security costs Promotion and marketing BTM Legal and professional fees Bank interest payable Bank loan interest payable 9,235 9,235 7,910 10,363 10,363 17,779 115,889 115,889 118,205 27
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10 Analyws of govemance and 5UPPQrt Costs Governance costs Unrestrirted fvnds General Total 2024 Total 2023 Audit fees Audit of the financial statements 10,735 3,525 10,735 3,525 6,998 2,990 Other fees paid to auditors 14,260 14,260 9,988 11 Net incomingloutgoing resources Net outgoin8 resources for the year intlude.- 2024 2023 Audit fees 10.735 119.9161 54.747 6,998 2,881 227,659 IProfitl/loss on disposal of tangible fixed assets Depreciation of fixed assets 28
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12 stsff costs The aggregate payroll costs were as follows= 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs 1,441.729 117,585 28,713 1,469.044 118,201 26.805 638 Other staff costs 1,588,027 1,614.688 The monthly average number of persons (including senior management I leadership team) employed by the group during the year expressed a5 full time equivalents was as follows= 2024 No 2023 No Average staff employed 109 98 The average number of staff in whole time equivalents is 6212023 - 641 No employee received emoluments of more than £60.CKX) during the year. 13 Trustee5 remuneration and expense5 No trustees, nor any persons connected with them, have receNed any remuneration from the group during the year. No trustee5 have received any reimbursed expenses or any other benefits from the charity during the year. 14 Taxatlon The group is a registered charity and is therefore exempt from taxation. 29
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EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16 Fixed asset investments Charlty Shares in group undertakings and participating interests Subsidiary undertakings Total Cost At l January 2024 At 31 December 2024 Net Ix)ok value At 31 December 2024 At 31 Detember 2023 Details of undertakings Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows- Country of incorporation Proportion of voting rights and shares held Principal activtty Undertaking Holding 2024 2023 Subsidiary undertakings East Lancashire Railway Limited England Ordinary £1 l(M)% loo% IiEht railway operator 32
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17 Stock Group Charity 2024 2024 2023 Stocks 121,182 129,648 18 Debtors Group Charity 2024 2023 2024 2023 Trade debtors 18,426 76,7(K) 37,126 30,317 70.161 71,703 Prepayments Other debtors 45,355 25.436 40,499 40,792 132,252 172,181 70,791 81,291 19 Cash and cash equivalents Gr(P Charity 2024 2023 2024 2023 Cash on hand Cash at bank 20,992 199,040 16.145 456,627 1,000 143,(K)O 220,032 472,772 1,000 143,000 20 Creditors: amounts falliry due within one year Group Charity 2024 2023 2024 2023 Trade creditors Other loans Due to group undertakings Other taxation and social Security Other creditors 521.441 80.(KM) 408,167 80.C 80,1KK) 804,364 80,0(XI 422.765 14,2C 13.025 198,068 539.762 18.464 12.796 234,410 367,227 14,206 8.416 37,364 10,049 7,832 24,678 Accru315 Deferred income 1,366.502 1,121,064 944,350 545,324 33
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21 Creditors: arnounts talling due after one year Group Charity 2024 2023 2024 2023 Other loans 33,334 2.855.112 113.334 2,881,325 33.334 2,855,112 113.334 2,881,325 Deferred income 2.888.446 2.994,659 2.888,446 2,994,659 22 Provisions Group and Charity Provision Total At l January 2024 460,() 460.000 The provision relates to ongoing maintenance commitments at the year end. 23 Pension and other schemes Defined contribution pension scheme The group operates a defined contribution pension scherne. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £32,24012023 £51,725). 34
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EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 25 Analysis of net assets between funds Group Unrestricted funds General Total funds at 31 December 2024 Rertricted funds Tangible fixed assets Current assets 4,734,111 449,925 11.366,5021 12,888,446) 1459.9751 135.49J 23,541 4,869,601 473,466 11,366,502) 12,888,446) 1459,9751 Current liabilities Creditors over l year Provisions Total net assets 469.113 159,031 628,144 Total funds at 31 December 2023 Unrestrirted funds General Designated Restrirted funds Tangible fixed assets Current assets 4.683,721 619,270 11,121.0641 12.994,6591 1460.IKX)I 145.553 12.331 4.829,274 774,601 11,121,064) 12,994,659) 1460,0(J)I 143.(XX) Current liabilities Creditors over l year Provisions Total net assets 727.268 143,IXKI 157,884 1,028,152 Charlty Unrestrirted funds General Total funds at 31 December 2024 Restricted funds Tangible fixed assets Fixed asset investments 4.588.108 135.490 4.723,598 Current assets 48,250 1944.3501 12,888.4461 1459.9751 23.541 71,791 1944,3501 12,888.4461 1459,9751 Current liabilities Creditors over I year Provisions Tolal net assets 343,588 159.031 502,619 37
EAST LANCASHIRE LIGHT RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Total funds at 31 December 2023 Unrestricted funds General Designated Restricted funds Tangible fixed assets Fixed asset investments 4,537,910 145,553 4,683,463 Current assets 68,960 1545,3241 12,994.6591 1460.CKQI 143,¢lX) 12.331 224,291 1545,3241 12,994,659) 1460,tx)01 Current liabilities Creditors over l year Provisions Total net assets 606.888 143.C 157.884 907,772 26 Analysis of net funds Group At31 December 2024 At l January 2024 Cash at bank and in hand 472,772 472,772 Net debt 472,772 472,772 At31 December 2023 At l January 2023 Cash at bank and in hand 781,406 781,406 Net debt 781,406 781,406 27 Related party Iransactions During the year the charity made the following related party transactions= East Lancashire Railway Holdinzs Llmited The company is a related party by virtue of having common dirertors. East Lancashire Railway Holdings Limited is an incorporated charity with similar objects to East Lancashire Light Railway Company Limited. Donation to East Lancashire Railway Holdings Limited are remitted to East Lanca5hire Light Railway Company Limited. East Lancashire Railway Holdings Limited is administered by the office staff of East Lancashire Light Railway Company Limited. At the balance sheet date the amount due tolfrom from East Lancashire Railway Holdings Limited was £Nil 12023- £17,725). 38