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 SUC￿SsfullY 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 I97￿5) 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 2￿6 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
tranSfer￿d 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 charl￿5 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

¢7)
4 r
o*
) co
r4
O ro
co
¢7) kt)
Ln o o
m u) try
Ln
LA en
ty)
Ln
rri rri
u) Yt
Ln
4 m p4
Lo (o
o v
r* tr L*)
t oi rri

m ts ¢
4D
f*4 Ln r
m ¢Tr
Ln
co o
tro
mm
oorri
Il- l?11-11111
m¢
cn
rs
Ln
r*) 4£)
I 11. 1111 "Illl

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

Ln
O ff? Ln
m rrt
o) m

Ln
o * co
¢n
C* fft ui
Lti
mmm
a)
ro rf) 4£$
m Ln
Ln
Ln

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