RAVENGLASS RAILWAY MUSEUM TRUST TRUSTEES. ANNUAL REPORT 2025 GOVERNANCE The Ravenglass Rallway Museum Trust is a charity {No. 5052951 established by a Trust Deed In 1976 and amended in 2016. Trustees are appointed by the Trustees. The Ravenglass & E5kdale Railway Company Ltd and the Ravenglass & Eskdale Railway prese￿atIOn Society each have the right to nominate two tnjstees. The Trusys principal address is: Maudlands, Maude Street. Kendal. LA9 4QD. The Trustees have decided that it would be more appropriate for the Charitable Trust to transfer to a Charitable Incorporated Organisation ICIOI. An application to the Charity Commission to set up a new CIO will be made in 2026. TrUSTEES The Trustees. all of whom served for the full year, were: Peter Hen5man Georglna Townsend Dave Simpson David Rounce Matthew Ellis Trevor Stockton Peter van Zeller Bob Tebb Stuart Harrlson Chair nominee of Raven8lass & Eskdale Railway Company Ltd. nominee of Ravenglass & Eskdale Railway Company Ltd. nominee of Ravenglass & Eskdale Railway Preserrfation Society nominee of Raven8lass & Eskdale Rallway Preservatlon Soclety OBJEcfivE5 During the year, the objectives were amended, wrth the pemiission of the Charlty Commlsslon, to remove the objectlve relating to the restoration and preservation of Muncaster Mill. The Trustees requested this chan8e because the lease that they had held of Muncaster Mill expired many years ago and they no longer have any control or access to the site. The revised purposes of the Trust are: The foundation and maintenance of a Railway Museum at Raven8la55. The conservation and control of flora and fauna in Raven8lass and Eskdale and their neighbourhood. To promote the study of and research into the use of water as a means of producing energy The advancement of education The maln focus of the Trusys work is now the development and maintenance ofthe Railway Museum at Ravenglass. ACTIVITIES AND PUBLIC BENEFIT The Museum conserves and interprets a collection of artefacts ￿lating to the history of the Ravenglass & Eskdale Railway and the Eskdale valley. By gfving free public access to the Museum exhibition5 and stored collections. the Trust makes a significant contribution to the furthering of knowledge and enjoyment of the area and its history. It has made available on-line its archive and research Sou￿$ which has helped the Trust to transcend physical access barriers and reach world- wide audiences. The Museum also: Engages wtth the local community through tsking promotional stands at local shows, providing talks and private events for local residents and providin8 educational material and support for schools. Organises a programme of on-line Archlve Talks acossible to a world-wide audience. Hosts a programme of small temporary exhibitions In its Community Exhlbltlon Gallery. These are curated by the museum team. local schools and community groups. The Trustees confirm that they have had regard to the Charity Commission's guldance on public benefit. They COn￿der that. by carrying out the above activit*s. they comply with thls guidance. STAFF AND VOLUNTEERS Claire Wlnter-moore took over as Museum Manager early in the year after the resignatlon of Stuart Ross. The Trustees would Ilke to thank Stuart for his considerable cOntribut￿n to the development of the Museum over the 5 years that he was the Manager. Peter Van Zeller ￿MaInS the volunteer curator and Mary Ann Lancaster acts as Museum Mentor. The Museum is very dependent on the assistano 8Nen by volunteers. During 2025 volunteer engagement increased considerably. 24 volunteers gave their time and over 2194 hours We￿ spent in the Museum on tasks including general maintenan￿, catalo8uing of the archive, festoration projects and visitor interaction. Volunteers also spent 74 days manning the old mainline signal box and demonstratin8 It to visitors. A volunteer day attended by 15 volunteers was held in February and proved very Succe￿fUl. The Trustees are very grateful to staff and volunteers for their dedication and for all that they do to maintsin and developthe Museum. ACHIEVEME￿5 AND PERFORMANCE bllection The Museum continued to receive 8ift5 of archive arKI other material throughout the year. The Trustees are very grateful to all who have donated to the Museum. The Museum was open to visitors durin8 the February half-temi. from 15 March- 2 November. on some weekends in November and December and over the Christmas holiday. Visitor numbers, at 21.5Crf) to the Museum were down on 2024129,9C(11, ￿flectIng feV￿r visitors to the Ravenglass & Eskdale Railway. The Old Signal Box was also open at many weekends and bank holidays and was visited by 2675 people. Events and Activitles 2025 was the 150 anniversary of the opening of the Ravenglass & E5kdale Railway and the Museum played a full part in the celebrations including the Annlversary Gala in May. Seven of the popular ArchNe Talks We￿ given online during the year. Audience5. avera8ing some 30 people, came from the UK and overseas. Other talks were given to Gosforth U3A Discovery Group, Lamplugh Local History Society. Cumbrian Railway Society and Bigrigg & Woodend Wl. Onsite group tours were also organised including a behind the 5￿Tres railway tour for members of the Institute of Chemical Engineers and a vi51t and tour for staff and volunteers of Keswick Museum. A Reminiscence Session was also delivered to residents of 8radbury House Care Home. As part of the 15ty celebrations, a Ll¥e HSstory Workshop was held for three bcal schools and attended by some 90 children. The Museum also participated In Kids in Museums Hidden Wonders Hunt. a national initiative. and co- hosted 2 days of Peterfs Railway, an event for young en8ineer5. A Synolda Celebratlon Event to thank supporters who had donated to the now completed Synolda locomotlve overhaul was held in Ju A Museum stand was organised at the kKal Gosforth Show and manned by volunteers. Katie was invited to the Big Rall 2{￿ Event at Derby in August and was a popular feature there. The museum also supported the R&ER Ra112CM) fun day by organising a Raven8lass Station trall for vlsltors. Exhlbltlons As part of the 150 ￿lebrationS, the Museum staged a year-long temporary exhibitlon 'Ratty i describing the building and early days of the raI￿Va¥. Archlves Archiving work continued throughout the year. Good pro8ress was made wlth reducing the amount of material still to be catalogued. Fundl and ects Quarryman The main focus of the Museum's fvndraising was the refurbishment of Quarryman. £6722 was raised through Just Giving and other donation5 including a substantial donation in memory of John Holmes- Hi8gin. This brought the totsl raised to over £￿7 and enabled the Trustees to give the go-ahead for thè restoration which should be completed in time for Trts centenary in 2026. Donatlons and krap Metal Scheme The Scrap metal donation scheme which had been run successfully for 5 years had to be brought to a close because the Governmenvs licensing requlrements could not be met. The Trustees are extremely grateful to those who voluntarily ran this scheme which raised considerable funds for the Museum. Another scheme, based on on-line purchase commissions. ha5 been started. Museum5 Development North provided £2.(MXI of funding to pay fora consultsnt to support the Museum Manager and the volunteers in reviewing existing collections documentstion and developing a Documentation Plan to address the doCuMentat￿n priorities. This WO￿ was completed in early 2026 and is likely to lead to a grant application for more extensive funding to deliver the Plan that was drawn up. The Museum continued to deal with research enquiries with 15 being recorded during the year. FINANCIAL REVIEW With fewer grants available. donations and grants reCep￿d amounted to £20.228. a decrease from the £32,194 achieved in 2024. However, net income from the Pullman camping coaches was £17,191, a considerable increase on the £13.814 achieved in 2024 and the best result from them since their refurbishment. Expenses were ca￿fUllY controlled, resulting in the Museum havin8 an unrestricted operating surplus of £4849. Unrestricted reserrfes at 31 Decernber 2025 amounted to £43.769 and. of those, free reserves We￿ £15.[￿9. The Trustees have agreed that the Trust needs to hold un￿StrICted free reseThes of at least one yearf5 operating costs which amount to approximately £30,(KM) and are working towards this target. Signed on behalf of the Trustees Peter R W Hensman Chair Date.. RAVENGLASS PAILWAY MUSEIJA TRLK8T STATEiifEHf OF FINAPKIAL AcnviTI&8 FOR TIE YFAR ENCED 31 i￿￿18ER X)25 2025 1kntrict￿ Desigrk4t&J Restn¢igJ Totsl Tot Incorriry resource• aTh1 legaC￿S lrtome from Pullm￿ Charitable ￿t￿tIeS Total 13.9 17.191 6.722 20,228 17,191 3,¥29 41.348 32.194 13.814 2,791 48,799 Resource8 expend•d Expgtxl*wo on.. RaisirrtJ furvjs Charitat4e actNb'e8 Other Totsl 216 187 54.784 2S,403 55.180 64,248 Net incon*l(exp8ndlturo Transfern fvnds Not movem•nt In funds 118,6611 113,8321 Pl,￿n (?8.￿1} 113.8321 Pl,￿} Total fiJnd8 brwJht ,W21 ' 15.(MKI ' 423.￿ 43,7 15.C((1 405.181 4TT,783 547.288 4S3,950 s25,￿20 RAVENGLASS RABLWAY MitsELAI TRUST BALAP¥fE s￿r AT 31 DECEMBER 202S 2024 Tctsl Flxgd assets Tangible assets Fkntage assets ,131 424,831 ￿,018 Total Ilxodas80ts .131 424,&31 450,018 Currnnt asets Debtors Cash and cash ￿l￿aents Total current assets 15.￿1 7.291 22,882 15. 16.759 12.267 39.641 28,130 15,￿1 15.C(O Credltors: anK*unts falllng d Ithln one year N•t curr•ntasS•￿{llah1l1t1Os) 15221 39.119 15.(69 15.(MJ) 27.764 Total assots currentllabllld&* 43.7 15.(th 405,181 4eiw 477,783 Creditor8: aA￿Unts talllng du• after on• y•ar Total n•t ass•ts 43.7 15.(LKI 405.181 463,W 477,783 Fund• of the Charlty Restn'cted i￿ome fur*Js Designated funds Unrestricted fvnds Total fun(ts 4&5.161 4C6,181 4rJ. 15.LlXJ 15.fKxJ 43.769 38,921 4ea,w 477,783 15.(MKI 43.769 15.CCO 4C4181 Sig￿4 by PRW Fkn8man on b8Wof*l SWL Z ZQZQ RAvENGLA￿ RAILWAY MUSEUM TRUST NOTES TO THE ACCOUNTS- 31 DECEMBER 20Z5 L Accountln8 pollcles Statement of compllance The accounts have been prepared In accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Financial Reporting Standard applicable in the United Kingdom and Republlc of Ireland IFRS 1021 and the Charities Art 2011 and UK Generally Accepted Practi￿. Basls of preparatlon The Trust meets the definition of a public benefft entity under FRS 102. Assets and liabilities are initially reco8Di5ed at historical cost or transaction value unless otheThvlse stated In the relevant accountin8 poliry notes. Goln8 contem The Trust hokls unrestricted funds of £43,769 includin8 free ￿SerIeS of £15,069. With this considerable buffer, the Trustees are of the view that the Trust remalns a going con￿rn and the accounts have been prepared on this basis. Fund accountlng pollry Unrestricted income funds are general funds that are avallable for use at the Tru5tees' discretion in furtherance of the objectives of the Trust. Designated funds are 8eneral funds which the Trustees have earmarked for a specific purpose. Restrlrted 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. Further details of each fund are disclosed in note 9. In¢ome and endowments Voluntary income, including donations, gifts and grants that provide core funding or ère of a general nature is recognised where there is entitlement. certainty of receipt and the amount can be measured with sufficient reliability. Incoming resources from tsx ￿claImS are included in the staternent of financial activities when they are receNed. Donated goods ser¥lces and fadllties The value of donated goods. services and facilitie5 are not included in income or expenditure. Such items a￿ currently incidental to the operation of the Trust and the Trustees do not believe that the work needed to record them will be justified by the benefft provided to a user of the accounts. Volunteer help The value of any voluntary help recewed is not included in the accounts but 15 descrlbed in the Trustees. Annual Report. Expendlture Liabilities are recognlsed as soon as there is a Tegal or constructive obligation committin8 the Trust to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggre8ate all costs related to the category. Charitable expenditu￿ comprises those costs incurred by the Trust in the delivery of its activities. It includes both costs that can be allocated dlrettty to such attivities and those costs of èn indirect nature necessary to support them. Herftsge assets The Trust has herits8e O￿ts- that is non-monetary a55ets with historic and technological qualities that are held and maintained principally for their contribution to knowled8e and culture. Further details of heritage assets and their treatment in these accounts are given in Note 6. Cash and Cash Equfvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-tem highly liquid investments that are readlly convertible to a known amount of cash and are subject to an insignificant risk of change in value. Penslons The Trust operates a defined contribution pension Scheme. Contributions are charged in the statement of financial activities as they become payable in accordance wlth the rules of the scheme. 2 ANALY818 OF IPXOMING RESOiMi¢ES Total 11.227. 17.191 17,949 17.191 2.279 37.419 20.372 13.814 2,148 36,332 30.ffi7 Chafiiablg Actmtkns E￿nts Nre6 SFe¢thc 9.675 1.224 12.4e6 ot￿r Tolal Inc(yn• 41.348 ' An•W$rf Gowmm•rt GAnts 20 Shar•J Furxl 9.675 All income in 2024 was unrestricted except for donations and grants of £11,913. 3 ANALV51S OF IIESOURCES EXP￿1 >Y25 P*stn"cted Total 2024 Tot ÈxF4r¥thtwe c￿ ￿51[￿j 216 Incu￿ed seekirKJ Wi8$ b"siry, m¥ketiThJ arkl X6 Em￿¥Jrt￿ w clwrtable th.th Rent rntes Mwntona￿o 105 Cwiab"c*) Staff tsa'n Equpnent aThJ mat8rf*s 2S.187 25.187 19,135 25.187 18,341 19.135 SthcriFIKML8 117 281 831 Insurnrt8 2287 1287 11.317 331 83.374 25.187 $4.514 Ottsf •Xf*ThJltur• 270 270 270 Tolal •xwndltur• s5.1￿. 64.24a '& VAPLOYEES AND PE14810118 a124 8818rf88 Yno86 Sock81 cc*t• 18,23S 17,585 19.135 18.341 5. TANGIBLE ASSErs Leasehc4d Fi¥tur8S. Land & fittirK> and trukts'ng8 uipment Total COST At 1 January 2￿25 Additions th'swsa18 At 31 December 2025 552.273 128,986 681,259 552,273 128,986 681.259 DEPRECL4TION Al 1 January 2025 Charge for the year Al 31 D¢¢ember 2025 123.on 12.288 135.361 108.168 12,899 121.￿7 231,241 25,187 256.428 NET BOOK VALUE Al 1 January 2025 429.200 20,818 450,018 At 31 De¢ember 2025 416,912 7,919 424,831 The Trust leases the Museurn %te from the Ravenglass & Eskdale Railway Company. The lease 15 for 50 years commencing 14 October 2010. Leasehold land and buildings are being written off over the perlod of the lease. Fixtures, frttin8s and equipment are depreciated at IO% per annum. 6. HERITAGE ASSErs The Trust owns a collertion of herttage railway artefarts relating to the Ravenglass & Eskdale Railway, the Fume55 Railway and local railway history. These have been acquired Sin￿ the Museum was establlshed in 1976 and are still bein8 added to, mainly through donations. The Trust's policy on the acquisttion, preservation. mana8ement and disposal of herlta8e assets Is set out in the Trust's Collections Development Policy which is available on request. Sound curatorial reasons must be established before consideration is gNen to any acquisition to the collection or any disposal from the collection. The collection has been built up over 40 years mainly by donation supplemented by the occasional small purchase. No value has ever been placed on the donations and any acquisition5 have not been of a material value and have been written off in the year of purchase. The Trust has no intention to sell the collection nor could it ever be replaced. The Trustees do not therefore consider that there is aify justifiable purpose in trying to place a value on the collection or incurrin8 the c05t of a professional valuation. 7. DEBTORS AND PREPAYMENTS 2024 21. 1.786 22.882 15,838 25 15,863 Prepayments arKI x¢n￿j irmne 8. CREDITORS AND ACCRUALS J25 Trae ¢￿*tOrs Olhw c￿[￿10r$ 522 9. DETAILS OF FUNDS Fw FuTrJ Fund Carri 421.31 PS.18n 3B6.101 ZS 6) 15.¢X¢> 15,( 36.921 43,78• T