REGISTERED COMPANY NUMBER: 01112380 (England and Wales) REGISTERED CHARITY NUMBER: 507266 Report of the Trustees and Financial Statements for the Year Ended 31 December 2024 for Ribble Steam Railway Limited SB&P Chartered Accountants Oriel House 2-8 Oriel Road Bootle Liverpool Merseyside L20 7EP
Ribble Stsam Railway Limited Contents of the Financlal Statements for the Year Ended 31 December 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9 to 15
Ribble Stsam Railway Limited Report of the Trustees for the Year Ended 31 December 2024 The elected trustees who are also Directors of the Charity for the purposes of the Companies Act 2006, present their report with the financial stalemenls ofthe Charity for the year ended 31st December 2024. The Trustees have adopted the provisions of 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 & Republic of Ireland (FRS 102} effective 1 January 2019 Page 1
Ribble Steam Railway Limited Report of the Trustees for the Year Ended 31 December 2024 OBJECTIVES AND ACTIVITIES Objectives and aims The main objectives of Ribble Steam Railway Ltd are the operalion of a Steam Railway, Exhibition Centre, Workshop and Museum. and to provide and assist in the provision of facilities which reflect, remember and interpret the halcyon days of Industrial Railways in the British Isles. Financial Performance Overall income was down by 130/0 in 2024 compared to 2023, a large contributor to this being a reduction in gift aid payments from Ribble Rail due to a cost challenge on the Total contract in late 2023. Most other income streams have seen some level of growth though. General Admission income was up by 129/0 over 2023 Cafe income was up by 270/0 Buffet Car income was up by 3630/0 Shop incorne was comparable to the previous year All of this was achieved with only a 40/0 increase in expenditure across the above three areas. Income less Gift Aid and other income from Ribble Rail was up by 16D/o Santa continues to be a very popular event, & we must again thank all the volunteers from differing departments for all of their help at such a very busy time. Volunteers The number of volunleers is still growing. bul we always need more to help out al the very busy limes. Projects Work on the turntable installation has continued but it will not be completed for use until late 2025. Restoration of both Steam & Diesel locos is progressing but yet again, more bodies are still required to keep up with the ongoing demand. The 10 year boiler tickets on Linda & Courageous expired irb 2024. Ribble Rall Ltd In September 2024,Tolal gave notice that they would be terminating the haulage contract & reverting to road transport for both inbound & outbound traffic. This did not come as a total surprise, but was still a shock to all concerned. Again a massive thank Ihank you to all the volunteers & staff who conlribuled their lime & efforts in 2024. THIS IS STILL VERY MUCH APPRECIATED Dave Watkins Chair Public benefit We have referred to the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and planning fvture activities. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set. Page 2
Ribble Steam Rallway Limited Report of the Trustees for the Year Ended 31 December 2024 FINANCIAL REVIEW Reserrfes policy The trustees have set a target range for free general reseNes of six months expenditure and aim to retain working capital within that range. Net current assets at the balance sheel date amounted to £236,113 and therefore fell in within the required level expected. The reSee provides the Irustees with sufficient solvency and time to take whatever action would be necessary if there was a threat to the continuing operation of the charitable aclivilies. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Ribble Steam Railway Limited is a registered charity, constituted as a company limited by guarantee, as defined by the Companies Act 2006. It's objects, powers and other constitutional matters are set out in il's Memorandum and Articles of Association. It is govemed solely by the Board of Trustees who are responsible for setting the strategic direction of the organisation and establishing policy. REFERENCE AND ADMINISTRATIVE DETAILS Registsred Company number 01112380 (England and Wales) Registered Charity number 507266 Registered office Chain Caul Road Riversway Preston PR2 2PD Trustees D W Vlatkins A R Walker M Bailey A Vipond (resigned 30.7.25) P Liddle M Burke Mrs A Pinch T Owen M Rigg (resigned 22.10.241 S Cain G Severn S Waugh K Smith (appointed 22.10.24) Company Secretary M Bailey Independent Examlner Suzanne Draper FCCA ACA SB&P Chartered Accountants Oriel House 2-8 Oriel Road Bootle Liverpool Merseyside L20 7EP Page 3
Ribble Steam Railway Llmited Report of the Trustees for the Year Ended 31 December 2024 This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order ofthe board oflrustees on and signed on its behalf by.. D W Watkins - Trustee Page 4
Independent Examiner's Report to the Trustees of Ribble Steam Railway Llmited Independent examiner's report to the trustees of Ribble Steam Railway Llmlted I'the Company'l I report to the charity trustees on my examinalion of the accoLFnts of the Company for the year ended 31 December 2024. Responsibilities and basls of report As the charitls trustees of the Company (and also ils directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 I'lhe 2011 Act,). In carrying out my examination I have followed the Directions given by Ihp Charily Commission under Section 145(5) {b) of the 2011 Act. Independent examinerfs statement Since your charity's 9ross income exceeded £250,000 your examiner musl be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the lisled bodies. I have completed my examination. I confirm that no malters have come to my attention in connection with the examination giving me cause lo believe.. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or the accounts do not accord with those records., or the accounts do not comply with the a¢counting requirements of Section 396 of the 2006 Acl other than any requirement thal the accounts give a true and fair view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities pparIng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concems and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Suzanne Draper FCCA ACA The Institute of Chartered Accountants in England and Wales SB&P Chartered Accountants Oriel House 2-8 Oriel Road Bootle Liverpool Merseyside L20 7EP Date.. L5........... Page 5
Ribble Steam Railway Limitsd Statement of Financial Activities for the Year Ended 31 December 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted funds Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 50,431 50,431 96,627 Other Gharitable activities 252,123 252,123 252,480 Total 302,554 302,554 349,107 EXPENDITURE ON Raising funds 122,630 122,630 117,690 Charitsble activities Operation of steam railway and exhibition centre. 179,058 1,200 180,258 166,024 Total 301,688 1,200 302,888 283,714 NET INCOMEI(EXPENDITUREI 866 (1,200) (3341 65,393 RECONCILIATION OF FUNDS Total funds brought fotward 1,634.073 21,600 1,655,673 1,590,280 TOTAL FUNDS CARRIED FORWARD 1,634,939 20,400 1,655,339 1,655,673 The notes form part ofthese financial statemenls
Ribble Steam Railway Limited (Registered number: 01112380) Balance Sheet 31 December 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted funds Restricted fund Notes FIXED ASSETS Tangible assets Investments 1,398,726 100 20,400 1,419,126 100 1,446,146 100 1,398,826 20,400 1,419,226 1,446,246 CURRENT ASSETS stocks Debtors Cash at bank and in hand 6,700 47,636 208,544 6,700 47,636 208,544 11,000 53,504 149,890 10 262,880 262,880 214,394 CREDITORS Amounts falling due within one year (26,767) 126,767) (4,9671 NET CURRENT ASSETS 236,113 236,113 209,427 TOTAL ASSETS LESS CURRENT LIABILITIES 1,634,939 20,400 1,655,339 1,655,673 NET ASSETS 1,634,939 20,400 1,655,339 1,655.673 FUNDS Unrestricted funds.. General fund Resti'icted funds 12 1,634,939 20,400 1,634,073 21.600 TOTAL FUNDS 1.655,339 1,655,673 The charitable company is entitled to exemption from audit under Section 477 of the Companies AGt 2006 for the year ended 31 Decembèr 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensurtng that the charilable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial slalements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. (b) The notes form part of these financial statements
Ribble Steam Rallway Limited (Registered number: 01112380) Balance Sheet- continued 31 December 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial slatements were approved by the Board of Trustees and authorised for issue .1.1.- 4! a-....... . tsL.?..... and were signed on ils behalf by.. on D W Watkins - Trustee The notes fomi part of these finanGial Statements
Rlbble Steam Railway Limited Notes to the Financial Statements for the Year Ended 31 December 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The finanoial statements of the charitable company. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounling 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 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convenlion, with the exception of investments which are included at market value. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will bè received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligalion commilting the charity to that expenditure, it is probable that a Iransfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings Ihat aggregate all cost related to the category. Where cos15 cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Deprecialion is provided at the following annual rates in order to write off each asset over its estimated useful life. Long leasehold Improvements lo property Plant and machinery Fixtures and fittings Major exhibils Minor exhibits 1% oncost 5% on cost and 10/4 on cost 50/0 on reducing balance 5% on reducing balance 50/0 on reducing balance 50/0 on reducing balance Stocks Stocks are valued al the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxation The charity is exempt from corporation lax on its charitable activities. Fund accounting Unrestricted funds cAn be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Pension costs and other post-retirement benefits The charilable company operates a defined contribution pension scheme. Contributions payable to the charitable CoMpanS pension scheme are charged to the Statement of Financial Activities in the period lo which they relate. Page 9 continued...
Ribble Steam Railway Limited Notes to the Financial Statements- contlnued for the Year Ended 31 December 2024 OTHER CHARITABLE ACTIVITIES 31.12.24 31.12.23 Subscriptions Admissions Shop Santa specials Buffet Car Solar panel income Cafe Room & Sile hire Scrap metal Plant use Management fees Strand Road Signal & Telegraph Use of Building Rail futdres income Dining income School visits Special events Diesel Locomotive support 2,308 56,891 13,637 85,610 3,004 2,344 20,492 7,413 443 4,583 18,333 2,071 50,923 13,694 82,909 649 2,192 16,188 304 4,500 23,500 23,500 5,500 18,000 8.550 4,400 15,583 6,000 4.897 660 1,125 4,400 252.123 252,480 NET INCOMEIIEXPENDITURE) Net incomel(expenditurel is stated after chargingl(crediting): 31.12.24 31.12.23 Depreciation - owned assets Accountant's fee- Examination Current Year Accountant's fee - other services 27,020 4,600 2.129 27,499 4.450 1,062 TRUSTEES, REMUNERATION AND BENEFITS 31.12.24 31.12.23 Trustees, salaries 3,011 2,895 Dave Walkins was paid a salary in line with the Charity's Conslitulional documents in relalion to the bookkeeping services it provides lo Ihe charity. Trustees. expenses Thera were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 Dember 2023. Page 10 ontinued...
Ribble Steam Rallway Limitsd Notes to the Financial Statements - continued for the Year Ended 31 December 2024 STAFF COSTS 31.12.24 31.12.23 Wages and salaries Social security costs Other pension costs 52,468 4,195 1,062 46,460 3,099 719 57,725 50,278 The average monthly number of employees during the year was as follows.. 31.12.24 31.12.23 Chief executive Other staff No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricled fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 96,627 96,627 Olher charitable activities 252.480 252.480 Total 349.107 349,107 EXPENDITURE ON Raising funds 117,690 117.690 Charitable activities Operation of steam railway and exhibition centre. 164,824 1,200 166,024 Total 282,514 1,200 283,714 NET INCOMEI(EXPENDITURE) 66,593 (1,200) 65,393 RECONCILIATION OF FUNDS Total funds brought forward 1,567,480 22,800 1.590,280 TOTAL FUNDS CARRIED FORWARD 1,634,073 21,600 1,655,673 Page11 continued...
Ribble Steam Railway Limited Notes to the Financial Ststements - continued for the Year Ended 31 December 2024 TANGIBLE FIXED ASSETS Improvemen15 to property Long leasehold Plant and machinery COST At 1 January 2024 and 31 December 2024 639,177 895,931 253,334 DEPRECIATION At 1 January 2024 Charge for year 89,685 6,394 181,810 11,499 92,829 8,025 At 31 December 2024 96,079 193,309 100,854 NET BOOK VALUE At 31 December 2024 543,098 702,622 152,480 At 31 December 2023 549,492 714,121 160,505 Fixtures and fittings Major exhibits Minor exhibits Totals COST At 1 January 2024 and 31 December 2024 57,540 8,935 174 1,855.091 DEPRECIATION At 1 January 2024 Charge for year 37.370 1,009 7,113 91 138 408,945 27,020 At 31 December 2024 38,379 7,204 140 435,965 NET BOOK VALUE At 31 December 2024 19,181 1,731 34 1,419,126 At 31 December 2023 20,170 1,822 36 1,446,146 FIXED ASSET INVESTMENTS Shares in group undertakings MARKET VALUE At 1 January 2024 and 31 December 2024 100 NET BOOK VALUE Al 31 December 2024 100 At 31 December 2023 100 There were no investment assets outside the UK. The company's investments at the balance sheel date in the share capital of companies include the following- Page 12 continued...
Ribble Steam Railway Limited Notss to the Financlal Statements - continued for the Year Ended 31 December 2024 FIXED ASSET INVESTMENTS - continued Ribble Rail Limited Regislered office.. Nature of business: Railway operating company Class of share: Ordinary £10 holding 100 31.12.24 31.12.23 Aggregate capital and reserves Profit for the year 29,269 75,816 2,074 83,391 STOCKS 31.12.24 31.12.23 Stocks including coal 6,700 11,000 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade debtors Amounts owed by group undertakings VAT Prepayments 6,268 16,090 36,090 17.414 25,278 47,636 53,504 11. CREDITORS". AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade creditors Pension Control Account VAT Accrued expenses 14,227 197 8.844 3,499 187 4,780 26,767 4,967 12. MOVEMENT IN FUNDS Net movement in funds At 31.12.24 At 1.1.24 Unrestri¢ted funds General fund 1,634,073 866 1,634,939 Restricted funds Heritage Lottery fund 21,600 (1,200) 20,400 TOTAL FUNDS 1,655,673 1334) 1,655,339 Page 13 continued...
Ribble Stearn Railway Limlted Notes to the Financlal Statements - contSnued for the Year Ended 31 December 2024 12. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 302,554 (301,688) 866 Restricted funds Heritage Lottery fund 11,200) 11,2001 TOTAL FUNDS 302,554 1302,8881 (3341 Comparatives for movement in funds Net movement in funds At 31.12.23 At1.1.23 Unrestricted funds General fund 1,567,480 66,593 1,634,073 Restrlcted funds Heritage Lottery fund 22,800 {1,200) 21,600 TOTAL FUNDS 1,590,280 65,393 1.655.673 Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 349,107 (282,514) 66,593 Restricted funds Heritage Lottery fund {1,200) (1.200} TOTAL FUNDS 349,107 (283,714) 65,393 Page 14 continued...
Ribble Steam Railway Llmited Notes to the Financial Statements - continued for the Year Ended 31 December 2024 13. RELATED PARTY DISCLOSURES Ribble Rall Limitsd- wholly owned subsidiary The charity received donations from the above of £48,621 {2023.' £95,541). The charity also received Management fees and reimbursed expenses of £42,900 {2023.' £75,000) Included in deblors are amounls due from the above of£16,090 (2023: £36,090) UNRESTRICTED FUNDS 14. The General fvnd may be used at the discretion of the trustees for the fvrtherance of the charity's objectives. RESTRICTED FUNDS 15. Heritsge Lottery fund The purpose of this fund is lo refurbish the cafe area. build an additional bay platform and to improve the outside appearance of the museum building with a series of railway themed murals. Also within scope are upgrades to the site l.T. technology and the production of digital learning materials.. CONTROLLING PARTY 16. The charily is controlled by its Board of Trustees. Page 15