Charity registration number: 1205641
THE CLASS 502 PRESERVATION TRUST TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 8 NOVEMBER 2023 TO 30 APRIL 2025
Seavor (South Cumbria) Limited Chartered Accountants 12 The Office, Mardale Road Penrith Cumbria CA11 9EH
The Class 502 Preservation Trust Contents
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees' Report | 2—4 |
| Accountants' Report | 5 |
| Statement of Financial Activities | 6 |
| Statement of Financial Position | 7 |
| Notes to the Financial Statements | 8—9 |
The Class 502 Preservation Trust Reference and Administrative Details For the Period 8 November 2023 to 30 April 2025
| Trustees | Miss Sharon Brown - Chair (appointed 08/11/2023) |
|---|---|
| Mr Martyn Hilbert - Secretary (appointed 08/11/2023) | |
| Mrs Debra Dobson (appointed 08/11/2023) | |
| Mr Martin Peplow (appointed 08/11/2023) | |
| Mr Martin Webb (appointed 08/11/2023) | |
| Mr Anthony Kuivala (appointed 08/11/2023) | |
| Charity Number | 1205641 |
| Principal Address | 57A Portland Street |
| Southport | |
| PR8 1HN | |
| Accountants | Seavor (South Cumbria) Limited |
| Chartered Accountants | |
| 12 The Office, Mardale Road | |
| Penrith | |
| Cumbria | |
| CA11 9EH | |
| Bankers | The Co-operative Bank |
| P.O Box 250 | |
| Skelmersdale | |
| WN8 6WT |
Page 1
The Class 502 Preservation Trust Trustees' Report For the Period 8 November 2023 to 30 April 2025
The trustees present their report and the financial statements for the period ended 30 April 2025.
Objectives and Activities
Aims and Objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Significant Activities
The Trust has continued to ensure the safe keeping of the Class 502 Electrical Multiple Unit (EMU). Full scale restoration work has continued within considerations of availability of finance and human resources.
Advance purchases of materials continues to ensure that materials to provide resilience against future uncertainties.
We were granted Charitable Status under Charity Number 1205641 as at 8th November 2023.
Strategies for achieving objectives
Weekly restoration work continues in Burscough on Tuesdays and Saturdays. A daily work diary is maintained to create a narrative recorded history and focus ongoing activity .
Participation in exhibitions and events continued.
Administration, Accountings and Publicity from Officers’ homes continues unabated.
Public Benefit
The Trust has maintained and developed our ongoing relationship with Merseyrail. We have succeeded in acquiring Charitable Status. Our Policy of welcoming organised visits flourished in partnership with other local Charities and Heritage Groups. The Trust intends to maintain ongoing enhanced opportunities with community and enthusiast groups.
The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.
Volunteers
The Trust does not have any paid staff. The Trust is grateful to have the activities of all its Members and Volunteers, those who are engaged in 'hands on' restoration, those who provide fundraising via publicity and the sale of transport related merchandise on our travelling sales stand that we take to various events, and others who provide the necessary administration work for the Trust to function. The number of persons involved has maintained the stability set in previous period.
Main activities undertaken to further the Trust's purposes for the public benefit
The Trust has maintained and developed our ongoing relationship with Merseyrail. We have succeeded in acquiring Charitable Status. Our Policy of welcoming organised visits continues in partnership with other local Charities and Heritage Groups. The Trust intends to maintain ongoing enhanced opportunities with community and enthusiast groups.
Achievements and Performance
Main Achievements
As at 8th November 2023 we acquired Charitable status under Charity Number 1205641 after much activity over many months. This included updated Policies for Discipline, Education, Privacy, Safeguarding and Business Planning.
We have continued to progress the managed ongoing restoration of Trailer Coach 29896 and consequent upon a review of the works required for restoration of Motor Coach 28361 we commenced restoration of the offside exterior. There are frequent days when we split our working over both coaches.
In February 2024 by invitation from the Heritage Railway Association (HRA) and the Office of Road Rail (ORR) we attended a full day Risk Management Workshop at Beamish in company with other Railway Heritage Sector groups. In February 2025 we attended the 2025 Workshop this time at Crewe.
Our Merseyrail 50th Anniversary Book was a complete sell out. We produced our branded Class 502 Calendar 2024 with disappointing results.
...CONTINUED
Page 2
The Class 502 Preservation Trust Trustees' Report (continued) For the Period 8 November 2023 to 30 April 2025
Main Achievements - continued
We indentified replacement sourcing of potential sales stocks in anticipation of Merseyrail Class 507 Farewell Tours. Our Members were particularly generous with financial donations towards projected costs. There were two Tours on which we were the invited guests of Merseyrail and Branch Line Society, The 507 Swansong on 15th September 2024 and The Sefton Sparkler on 3rd November 2024. The financial and publicity results were excellent.
2024 was an Anniversary Year. March was 120 years since local electrification. We celebrated with our own local tour with invited guests. September marked 60 years since the local Crossens line closed. Our 502 unit ran the final electric services. We wrote and produced “Crossens Electrics – Southport’s lost Electric Railway” with a limited edition numbered run of 500 which has is proving a worthy successor to Merseyrail 50th. Future fund raising projects are in development stages.
Our website continues to undergo developement. Gift Aid has been a productive source of income.
Railway 200 involvement has been productive. We responded constructively to Merseyrail requests for historical information and images for their publicity and website. There was additional focus regarding Merseyrail and School’s projects which we supported with information and images for Hall Road and Waterloo Stations.
We continue to develop regular small party access to our facilities subject to operational constraints of working premises in a very active industrial estate.
Review of activities
The Class 502 Preservation Trust has maintained consolidated resilience and reputation during the period in question. We continue to publicise our efforts. Additional publicity and sales opportunities are under continual review. Our strengthening relationship with Merseyrail and City of Liverpool Region has also been ongoing with benefits to all parties, most certainly to us.
Our Policies are under constant review now that we are a Charitable Trust.
Financial Review
Financial Position
Reserves of £3,309 were held at the period end.
Reserves Policy
The Trustees have examined the Trust's requirements for reserves. The Trust owns the unique and historic Class 502 Electric Multiple Unit. It is our objective to keep the two carriages in safe, secure, undercover storage, where ongoing restoration activities can continue. We therefore aim to maintain between four and six months’ rent to Merseyside Transport Trust (MTT) held as clear funds in our Accounts.
Going Concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Principal risks and uncertainties
The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Structure, Governance and Management
Trustee Selection Methods
The management of the Trust is the responsibility of the Trustees who are appointed by Trust Membership to serve a three year rotational term and reviewed annually at Annual General Meeting under the terms of the Constitution dated 3rd April 2022.
Page 3
The Class 502 PreseThatlon Trust Trust¢¢s' Report (contlnued) For the Perfod 8 November 1023 to 30 April 2025 Oryanis•tlonal structwe and dedsloTrmaklng pollde5 The Class 502 Presemtion Trust is a Reglstered Charlty numbw 1205641 rwating under a con51itutlDn agreed at the Annual Genet71 Meeting on 3rd April 2022. The prinopal aim of the Trust Is to ensu the $tOratiOn of the 5D2 as part of the story of rallway hlstory on Merseyslde for future ger7"0rLS. Tru51ee5 have ddegated in CordanCe wlth tIEir powers under dae 18 of COnstitutn to Committee Offlcerg elected nnually at each annual Generol Neeting the tasks of all day to day opetauonal matters. Three of the Itustees are currently Offlcers which ensures dlrect overslght and ongoing communication. Members. Ilablllty Wlth effert from 3 Aprll 2D22 the Members rf the Trust no longer have any finandal lIalIty In the event of a wlnding up. statement ot T•, Re¥ponb0Ie The trustees are responsible for preparing the Trustees, Repmwt and the financial statements in accordan wlth appllcable law and Unltsd Klngdom Accountlng Stsndards Iunltsd Klngdc¥n Generally Atpted Accounung PrnctIl. The law appllcable to chariues in Engnd and Wales requlres the trustees iD Prepa flnanclal statements for each flnan¢lal year whlch give a true and falr view of the state of affairs of the charity and of the incomlno SoUr and applicatlon of resources of the chatity for that perkjd. In preparfng the flnandal statements the trustees are requlred to: selert suitable accounting poblcie5 and then apply them cunslsteDUyJ observe the meth(xJs and prinotAes in the Charity SORP; • make Judgments and accountlng estimates that ore w50nable and prudent" and prepare the finandal 5tst¢ments the golng crrn basls unless It Is InapLYoprfate iD prt5ume that the thadty wtll continue In bu4nw. The trustees are responsible for keen9 adute acgxjunknng recrMls whth dlsc&)5e wlth reasonable accuracy at anytlme the fln¥ntlal poslt6on of the charlty and to enaL4e them ttr ensure that the accounts Comp wlth the charft5 Act 2011, the Charity (Accounts and RekNJrts1 Regulations 2008 and the provlslons of the ttust deed. They are also responsible for safeguardlng the assets of the charlty aTrd hentr fDr taking reasonaue steps for the tKevention and detettion of fraud and other Irregularitles. The trustees. rewrt was apwoved by the tw)ard (* trustees and slgn&J on Its tehaif by: Mlss Sharon Brown Trustee 19 January 2026 Page 4
The Class 502 Preservation Trust Accountants' Report For the Period 8 November 2023 to 30 April 2025
Accountant's report to the board of trustees on the preparation of the unaudited statutory accounts of The Class 502 Preservation Trust for the period 8 November 2023 to 30 April 2025.
In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of The Class 502 Preservation Trust for the period 8 November 2023 to 30 April 2025 which comprise the Statement of Financial Activities (including Income and Expenditure Account), Statement of Financial Position and the related notes from the charity’s accounting records and from information and explanations which you have provided us with.
This report is made solely to the board of trustees of the charity, as a body, in accordance with our letter of engagement dated . Our work has been undertaken solely to prepare for your approval the financial statements of The Class 502 Preservation Trust, and state those matters that we have agreed to state to the board of trustees of the charity, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Class 502 Preservation Trust and its board of trustees, as a body, for our work or for this report.
It is your duty to ensure that The Class 502 Preservation Trust has kept sufficient accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus or deficit of the charity. You consider that The Class 502 Preservation Trust is exempt from the requirement to have a statutory audit or an independent examination for the period 8 November 2023 to 30 April 2025.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
19 January 2026
Seavor (South Cumbria) Limited Chartered Accountants 12 The Office, Mardale Road Penrith Cumbria CA11 9EH
Page 5
The Class 502 Preservation Trust Statement of Financial Activities For the Period 8 November 2023 to 30 April 2025
| Notes INCOME AND ENDOWMENTS FROM: Donations and legacies 3 Charitable activities: Charitable activities Other trading activities 4 EXPENDITURE ON: Charitable activities: 5 Charitable activities NET INCOME NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD 8 |
30 April 2025 Unrestricted funds £ 13,084 4,009 1,756 |
|---|---|
| 18,847 | |
| (15,538) | |
| 3,309 | |
| 3,309 - |
|
| 3,309 |
The notes on pages 8 to 9 form part of these financial statements.
Page 6
The Class $02 Pre5ervatlon Trust statement of Finèncla! Posltlon As At 30 April 2025 30 Aprll 2025 Unre#trlrtod fund• CURRENT ASSETS Cash at bank and In hond 3.309 3.309 CURRE1 ASSEfs (LIABfLrriES) 3.309 TOTAL ASSETS LE&S CURRENT LIABILITIES 3,309 3,309 FUNDS OF THE CH Unrestslrted Fund5 3,309 TOTAL RINDS 3,309 On behalf of the troèrd Mlss SharDn Brown Trustee 19 january 2026 The notes on pages 8 to 9 fonn part of these flnanaal statements. Page 7
The Class 502 Preservation Trust Notes to the Financial Statements For the Period 8 November 2023 to 30 April 2025
1. General Information
The Class 502 Preservation Trust is a charitable incorporated organisation registered with the Charity Commission, registered charity number 1205641. The principal address is 57A Portland Street, Southport, PR8 1HN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011.
The charity is a Public Benefit Entity as defined by FRS 102.
2.2. Incoming Resources
Incoming resources are recognised in the financial statements only when cash or other forms of settlement are actually received in the bank or by hand. All incoming resources for the year are included in the statement of financial activities gross (e.g., the gross takings from a fundraising event are shown as incoming resources, and associated expenses as resources expended).
2.3. Resources Expended
Resources expended are accounted for on a cash basis. Expenditure is recognised in the Statement of Financial Activities in the year in which the payment is actually made to suppliers or third parties.
2.4. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3. Income from Donations and Legacies
| Donations and gifts . Income from Other Trading Activities Income from other trading activities |
30 April 2025 Unrestricted funds £ 13,084 |
|---|---|
| 30 April 2025 Unrestricted funds £ 1,756 |
4. Income from Other Trading Activities
5. Analysis of Expenditure
| . Analysis of Expenditure |
|||
|---|---|---|---|
| 30 April | |||
| 2025 | |||
| Activities | Support | ||
| undertaken | costs | ||
| directly | (see note 6) | Total | |
| £ | £ | £ | |
| Charitable activities | 5,523 | 10,015 | 15,538 |
Page 8
The Class 502 Preservation Trust Notes to the Financial Statements (continued) For the Period 8 November 2023 to 30 April 2025
6. Support Costs
| . Support Costs |
|
|---|---|
| Premises expenses General administration |
30 April 2025 Charitable activities £ 7,751 2,264 |
| 10,015 |
7. Average Number of Employees
Average number of employees during the period was: NIL
8. Movement in Funds
| Unrestricted funds General: General unrestricted fund Total funds |
As at 8 November 2023 £ - |
Income £ 18,847 |
Expenditure £ (15,538) |
As at 30 April 2025 £ 3,309 |
|---|---|---|---|---|
| - | 18,847 | (15,538) | 3,309 |
9. Transactions with Trustees
None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current period.
No trustee expenses have been incurred.
10. Related Party Disclosures
There have been no related party transactions in the reporting period that require disclosure, except for those disclosed in the Transactions with Trustees note.
Page 9
The Class 502 Preservation Trust Detailed Statement of Financial Activities For the Period 8 November 2023 to 30 April 2025
| INCOME AND ENDOWMENTS FROM: Donations and legacies Donations and gifts Charitable Activities: Charitable activities Income from charitable activities Other trading activities Income from other trading activities EXPENDITURE ON: Charitable Activities: Charitable activities Engineering tools, screws etc Paint/Filler/Wood/Preservers Plywood Items purchased for sale Welding costs & essentials Purchases of steel items Heritage Railway Association Premises Purchase of equipment Computer software costs Insurance Printing, postage and stationery Accountancy fees Bank charges NET INCOME |
30 April 2025 Total funds £ 13,084 13,084 4,009 4,009 1,756 1,756 18,847 (543) (392) (909) (2,429) (494) (510) (246) (7,560) (191) (74) (744) (982) (408) (56) (15,538) (15,538) 3,309 |
|---|---|