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**|
|---|---|