## **Trustees’ annual report (including Directors’ report) for the period** **From: 1 April 2024 to 31 March 2025 Charity name: NORTH WEST MUSEUM OF TRANSPORT LIMITED** **Charity registration number: 513262** **Company number: 01657828** ## **Objectives and activities** |**Objectives and activities**|**Objectives and activities**|**Objectives and activities**| |---|---|---| |SORP reference||| |Summary of the purposes of
the charity as set out in its
governing document
Para 1.17
The North West Museum of Transport
Limited was founded in 1982 to establish
and maintain for the education and benefit of
the public of Merseyside, the North West of
England and North Wales, an operating
transport museum, the North West Museum
of Road Transport. The Charity aims to do
this by promoting the permanent
preservation of road transport vehicles and
related items of actual or potential historic or
scientific importance or educational value,
and to encourage and promote public
interest and public education in the same.||| |Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or services
identified in the accounts.|Para 1.17 and
1.19|The principal activities and objectives are to
operate a transport museum to conserve
and preserve historic road transport vehicles
and related items of interest, mainly from the
North West of England, for the benefit,
education and information of the public. It
has carried out this activity in its current
premises since 1986. The museum is open
to the public at weekends, and other times
by arrangement.
The Charity will acquire, restore, conserve
and display vehicles and artefacts
associated with its aims in a manner that
portrays their places in road transport
history, and work to conserve the fabric and
integrity of the original.
The Charity will continue to promote interest
in historic road transport for the benefit of the
public by encouraging the public to visit the
museum, and by providing educational
displays. It will also do this by taking historic
vehicles and related artefacts to suitable
events and schools etc. for the benefit of| |||those who may not visit the museum itself.
The Charity will continue to encourage
anyone with an interest in its aims to be
involved and participate in its activities. It will
act in a professional manner to safeguard
and further its aims and the assets that are
in the Charity’s care. By encouraging the
involvement of volunteers in its activities,
several of whom have retired from the motor
industry and have experience and skills in
the construction and maintenance of road
transport vehicles, the Charity provides a
focus for the retention of these skills and an
educational opportunity for these skills to be
passed on to future generations.| |---|---|---| |Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit|Para 1.18|The trustees have had regard to the
guidance issued by the Charity Commission
on public benefit.| ## **Additional information (optional)** You may choose to include further statements where relevant about: **==> picture [463 x 331] intentionally omitted <==** **----- Start of picture text -----**
SORP reference
Policy on grant making Para 1.38 The Charity does not make grants.
Policy on social investment Para 1.38 Does not apply.
including program related
investment
Contribution made by Para 1.38 The activities of the Charity are carried out
volunteers almost entirely by a small number of
volunteer members, drawn from the wider
membership of the Charity. There are about
25 active volunteers who work on a rota
basis to open the museum to the public, and
to cater for educational visits by schools and
adult groups. Others are also involved with
vehicle maintenance and restoration, archive
conservation and outreach, using relevant
skills and passing these on to others for their
training and education.
Other
**----- End of picture text -----**
## **Achievements and performance** ||Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.|Para 1.20|The North West Museum of Road Transport
is housed in the former St. Helens
Corporation bus depot in St. Helens town
centre, which is a very accessible and
appropriate setting. The building has been in
continuous use for road transport purposes
for over 120 years and retains many of its
original features.
The Charity has about 40 historic road
vehicles in its care, mainly buses from the
North West but also lorries, motor cars,
motorcycles and pedal cycles. There is also
a large quantity of road transport archive
material from the region and elsewhere. The
display collection also includes privately-
owned historic road vehicles that are
relevant to the area or of local interest. An
accommodation fee is charged for these.
The museum also displays relevant material
about local canals and railways including the
historic Liverpool and Manchester Railway
which passes through St Helens.
The Museum is open to the public on
Sundays from February to late December
each year. The number of visitors continues
to grow, and 7,500 visitors were recorded
during the reporting year. The Charity is
working to attract more visitors of all ages by
further improving the education benefit for
visitors, additional opening days and greater
publicity.
Group visits on weekdays continue to be an
important part of the Charity’s work in
education, and many primary schoolchildren
have taken part in tours of the museum’s
exhibits by our volunteer staff. Special visits
by adult groups have also taken place. Total
numbers of group visitors is about 600.
We aim for the museum to appeal to all
ages. Family groups of parents and
grandparents with younger and older
children make up a large proportion of our
visitors. The items on display are selected to
be of educational value and interesting for
visitors. The display material is varied and
changed regularly to encourage interest and
interaction. Some of the historic buses can
be visited in the museum and short
demonstration rides are available for the
experience of travel on old vehicles.| |---|---|---|---| The public benefits from the Charity’s activities by:  Providing a focus for skills retention and teaching to a new generation;  Being a centre for the retention of local transport history and relating this to present and future generations for educational purposes;  Giving the opportunity to experience and gain a better understanding of a part of life in a bygone era. ## **Additional information (optional)** You may choose to include further statements where relevant about: |**Additional information (optional)**
You may choose to include further statements where relevant about:|**Additional information (optional)**
You may choose to include further statements where relevant about:|**Additional information (optional)**
You may choose to include further statements where relevant about:| |---|---|---| |||| |Achievements against
objectives set|Para 1.41|The Charity has continued to achieve its
objectives as outlined above.| |Performance of fundraising
activities against objectives
set|Para 1.41|The Charity has raised sufficient funds
during the year to achieve the objectives of
operating a transport museum for the
education and benefit of the public and
continuing to conserve and restore its
historic assets.| |Investment performance
against objectives|Para 1.41|Does not apply.| |Other||The Charity provides accommodation in part
of its premises for the Rainhill Model Railway
Club under a sub-lease granted by our
superior landlord.| ## **Financial review** **==> picture [463 x 378] intentionally omitted <==** **----- Start of picture text -----**
Review of the charity’s Para 1.21 Income for the period: £104,338
financial position at the end Expenditure: £112,093
of the period Deficit for the year: £7,755
Details are in the financial statements
appended to this report.
Statement explaining the Para 1.22 The Trustees have reviewed the Charity's
policy for holding reserves requirements for reserves in line with Charity
stating why they are held Commission guidance, and after
consideration of the main risks to the
organisation. They have established a policy
whereby the unrestricted funds not
committed or invested in tangible fixed
assets should be maintained at £30,000,
which will cover approximately 4 months of
normal expenditure.
Amount of reserves held Para 1.22 £30,000
Reasons for holding zero Para 1.22 Does not apply
reserves
Details of fund materially in Para 1.24 None
deficit
Explanation of any Para 1.23 None
uncertainties about the
charity continuing as a going
concern
**----- End of picture text -----**
**Additional information (optional)** You may choose to include further statements where relevant about: |The charity’s principal
sources of funds (including
any fundraising)|Para 1.47|Principal sources of funds:

member subscriptions (3%)

entrance fees to the museum,
catering and shop sales (47%)

income from accommodation of
privately owned vehicles and Rainhill
Model Railway Club (45%)

appeals and donations (1%)

other income (4%)| |---|---|---| |Investment policy and
objectives including any
social investment policy
adopted|Para 1.46|The Charity does not hold any investments.| |A description of the principal
risks facing the charity|Para 1.46|The Trustees have examined the major
strategic, business and operational risks to
which the Charity is exposed and confirms
that systems are established to take steps to
reduce these risks.| Principal risks include: - Catastrophic loss of premises and collection - Unexpected early termination of lease on premises - Financial pressure or failure  Unexpected major building repairs not covered by insurance - Loss or reduction of volunteer support - Ageing volunteer membership, and possible reduction in active contribution - Other ## **Structure, governance and management** |Description of charity’s
trusts:||| |---|---|---| |Type of governing document:
for example,trust deed,
memorandum and articles of
association etc|Para 1.25|Articles of Association adopted by Special
Resolution on 13 March 2022. These
replaced the Memorandum and Articles of
Association of the Company incorporated 11
August 1982.| |How is the charity
constituted?
for example limited company,
unincorporated association,
CIO|Para 1.25|The Charity is controlled by its governing
document, a deed of trust, and constitutes a
limited company, limited by guarantee, as
defined by the Companies Act 2006.| |Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees|Para 1.25|Trustees, who are also Directors of the
company, are elected by subscriber
members of the company at the annual
general meeting in accordance with the
Articles of Association. The Trustees also
have the power to appoint new Trustees by
co-option. The maximum number of
Trustees is 9, with a complement of 7 at the
end of the reporting period.| ## **Additional information (optional)** You may choose to include further statements where relevant about: |**Additional information (optional)**
You may choose to include further statements where relevant about:|**Additional information (optional)**
You may choose to include further statements where relevant about:|**Additional information (optional)**
You may choose to include further statements where relevant about:| |---|---|---| |||| |Policies and procedures
adopted for the induction and
training of trustees|Para 1.51|The management of the charity is
undertaken by the board of trustees.
The Articles of Association places
obligations on trustees.| |The charity’s organisational
structure and any wider
network with which the
charity works|Para 1.51|The Charity has links with some of the other
charitable organisations in the St. Helens
area that provide historical educational
facilities and entertainment attractions for the
local population, and with the cultural
departments of the local authority.
The Charity has continued its liaison with St.
Helens council and is involved with the St
Helens visitor economy network strategy
group, which endeavours to improve and
promote St Helens as a visitor attraction, to
benefit the people of the town and its
economy and wellbeing.| |Relationship with any related
parties|Para 1.51|The Charity is a member of the National
Association of Road Transport Museums
(charity no. 11431218).| |Other||| ## **Reference and administrative details** |Charity name|North West Museum of Transport Limited| |---|---| |Other name the charity uses|North West Museum of Road Transport| |Registered charity number|513262| |Charity’s principal address|The Old Bus Depot
51 Hall Street
St. Helens
Merseyside
WA10 1DU| **Names of the charity trustees who manage the charity** **==> picture [555 x 447] intentionally omitted <==** **----- Start of picture text -----**
Name of person (or body)
Trustee name Office (if any) Dates acted if not for whole year entitled to appoint trustee
(if any)
1 Clive Arnold Secretary, Chair
2 Matthew Davies Until 1 December 2024
3 Linda Dixon From 31 July 2024
4 Robert Hughes
5 Keith Naylor
6 Alastair Oldfield From 31 July 2024
7 Gerald Pennington
8 Paul Smallwood From 1 December 2024
9
10
11
12
13
14
15
16
17
18
19
20
–
Corporate trustees names of the directors at the date the report was approved
Director name
None
**----- End of picture text -----**
Name of trustees holding title to property belonging to the charity |**Trustee name**|**Dates acted if not for whole year**| |---|---| |None|| ||| **Funds held as custodian trustees on behalf of others** |Description of the assets
held in this capacity|None|None| |---|---|---| |Name and objects of the
charity on whose behalf the
assets are held and how this
falls within the custodian
charity’s objects|Does not apply|| |Details of arrangements for
safe custody and
segregation of such assets
from the charity’s own assets|Does not apply|| ## **Additional information (optional)** ## **Names and addresses of advisers (optional information)** |**Type of**|**Name**|**Address**| |---|---|---| |**adviser**||| |||| |||| |||| |||| |**Name of chief executive or names of senior staff members (optional information)**||| ## **Exemptions from disclosure** Reason for non-disclosure of key personnel details ## **Other optional information** ## **Declarations** **The company has taken advantage of the small companies’ exemption in preparing the report above.** **The trustees declare that they have approved the trustees’ report (including directors’ report) above.** **Signed on behalf of the charity’s trustees/directors** **Signature(s)** C R Arnold **Full name(s)** Clive Richard Arnold **Position (for example Secretary, Chair, etc)**[Secretary ] **Date** 31 January 2026 Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 **Charity registration number 513262 (England and Wales) Company registration number 01657828** ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Charity Trustees** Mr C R Arnold G Pennington Mr K Naylor Mr R Hughes Ms L C Dixon (Appointed 31 July 2024) Mr A J Oldfield (Appointed 31 July 2024) Mr P Smallwood (Appointed 1 December 2024) **Secretary** Mr C R Arnold **Charity number (England and Wales)** 513262 **Company number** 01657828 **Registered office** The Old Bus Depot 51 Hall Street St Helens Merseyside England WA10 1DU **Independent examiner** Cowgills Limited 1st Floor Waterside House Waterside Drive Wigan Lancashire WN3 5AZ Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1| |Statement of Trustees' responsibilities|2| |Independent examiner's report|3| |Statement of financial activities|4| |Balance sheet|5| |Notes to the financial statements|6 - 14| Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. 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 and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **Financial review** ## **Structure, governance and management** The charity trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Mr C R Arnold G Pennington Mr K Naylor Mr M B Davies (Resigned 1 December 2024) Mr R Hughes Ms L C Dixon (Appointed 31 July 2024) Mr A J Oldfield (Appointed 31 July 2024) Mr P Smallwood (Appointed 1 December 2024) The Trustees' report was approved by the Board of Charity Trustees. (cu Mr C R Arnold 43768C6BB1E7400... by: 29 January 2026 - 1 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** ## _**FOR THE YEAR ENDED 31 MARCH 2025**_ The charity trustees, who are also the directors of North West Museum Of Transport Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the charity trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation. The charity trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - 2 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE CHARITY TRUSTEES OF NORTH WEST MUSEUM OF TRANSPORT LIMITED** I report to the charity trustees on my examination of the financial statements of North West Museum Of Transport Limited (the Company) for the year ended 31 March 2025. ## **Responsibilities and basis of report** As the charity trustees of the Company (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of the Company are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Company’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the Company as required by section 386 of the Companies Act 2006. - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or - 4 the financial statements 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 preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Mr Neil Whittingham BA(Hons) FCA ATT ## **Cowgills Limited** 1st Floor Waterside House Waterside Drive Wigan WN3 5AZ Lancashire 29 January 2026 - 3 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 MARCH 2025**_ |**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
541
236
Other trading activities
**4**
95,249
330
Investments
**5**
4,182
-
Other income
**6**
3,800
-
**Total income**
103,772
566
**Expenditure on:**
Charitable activities
**7**
112,090
-
Other expenditure
**11**
3
-
**Total expenditure**
112,093
-
**Net income/(expenditure) and**
**movement in funds**
(8,321)
566
**Reconciliation of funds:**
Fund balances at 1 April 2024
125,967
5,910
**Fund balances at 31 March**
**2025**
117,646
6,476|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
777
1,855
201
95,579
88,650
-
4,182
4,174
-
3,800
3,590
-
104,338
98,269
201
112,090
91,618
-
3
-
-
112,093
91,618
-
(7,755)
6,651
201
131,877
119,316
5,709
124,122
125,967
5,910|**Total**
**2024**
**£**
2,056
88,650
4,174
3,590| |---|---|---| |||98,470| |||91,618
-| |||91,618| |||6,852
125,025| |||131,877| - 4 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **BALANCE SHEET** ## _**AS AT 31 MARCH 2025**_ ||||**2025**||**2024**|| |---|---|---|---|---|---|---| ||**Notes**|**£**||**£**|**£**|**£**| |**Fixed assets**||||||| |Tangible assets|**13**|||25,333||22,479| |Heritage assets|**14**|||47,650||47,650| |||||72,983||70,129| |**Current assets**||||||| |Debtors|**15**|10,009|||2,625|| |Cash at bank and in hand||53,906|||66,817|| |||63,915|||69,442|| |**Creditors: amounts falling due within**|**16**|||||| |**one year**||(12,776)|||(7,694)|| |**Net current assets**||||51,139||61,748| |**Total assets less current liabilities**||||124,122||131,877| |**The funds of the Company**||||||| |Restricted income funds|**17**|||6,476||5,910| |Unrestricted funds|**18**|||117,646||125,967| |||||124,122||131,877| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the charity trustees on 29 January 2026 Mr C R Arnold Company registration number 01657828 (England and Wales) - 5 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **1 Accounting policies** ## **Charity information** North West Museum Of Transport Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Old Bus Depot, 51 Hall Street, St Helens, Merseyside, WA10 1DU, England. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the Company's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The Company is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the charity trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the charity trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the charity trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Company. ## **1.4 Income** Income is recognised when the Company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the Company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 6 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **1 Accounting policies** **(Continued)** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Fixtures and fittings 33% on reducing balance and 5% on reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.7 Heritage assets** The charity holds heritage assets, which are tangible fixed assets of historical, artistic or scientific importance that are held to advance preservation and conservation objectives of the charity. The very long expected lives of the heritage assets, due to their nature, value and need to be preserved means that depreciation is not material and is therefore, not provided. In addition, many of the assets could actually rise in value as time goes on, thus making depreciation less applicable. ## **1.8 Impairment of fixed assets** At each reporting end date, the Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.9 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.10 Financial instruments** The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. - 7 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **1 Accounting policies** ## **(Continued)** ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled. ## **1.11 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **2 Critical accounting estimates and judgements** In the application of the Company’s accounting policies, the charity trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. - **3 Income from donations and legacies** ||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**| |---|---|---|---|---|---|---| ||**funds**|**funds**||**funds**|**funds**|| ||**2025**|**2025**|**2025**|**2024**|**2024**|**2024**| ||**£**|**£**|**£**|**£**|**£**|**£**| |Donations and gifts|541|236|777|1,855|201|2,056| - 8 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **4 Income from other trading activities** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
Membership
subscriptions and
sponsorships
2,801
-
Fundraising events
1,127
-
Shop income
48,036
-
Other income
43,285
330
Other trading activities
95,249
330|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
2,801
3,434
-
1,127
27,399
-
48,036
14,502
-
43,615
43,315
-
95,579
88,650
-|**Total**
**2024**
**£**
3,434
27,399
14,502
43,315| |---|---|---| |||88,650| ## **5 Income from investments** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |Rental income|3,750|3,750| |Interest receivable|432|424| ||4,182|4,174| |**Other income**||| ||**Unrestricted**|**Unrestricted**| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |Other income|100|175| |Solar Power Income|1,928|2,310| |RMRC Service income|1,772|1,105| ||3,800|3,590| ## **6 Other income** - 9 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **7 Expenditure on charitable activities** |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2025**|**2024**| |||**£**|**£**| ||**Direct costs**||| ||Staff costs|3,638|2,679| ||Depreciation and impairment|3,562|4,094| ||Advertising|509|1,009| ||Event expenditure|1,968|2,677| ||Rent|42,310|33,848| ||Rates and water|9,476|8,741| ||Insurance|9,446|7,973| ||Light and heat|8,455|5,018| ||Telephone|870|1,021| ||Postage and stationery|596|1,118| ||Sundries|14,656|11,940| ||Computer software and maintenance|509|539| ||Motor repairs and renewals|2,903|1,464| ||Petrol and diesel|1,684|1,323| ||Repairs and renewals|5,880|3,578| ||Cleaning|1,636|1,725| ||Bank charges|330|294| ||Other charitable expenditure|3,662|2,577| |||112,090|91,618| ||**Analysis by fund**||| ||Unrestricted funds|112,090|91,618| |**8**|**Net movement in funds**|**2025**|**2024**| |||**£**|**£**| ||The net movement in funds is stated after charging/(crediting):||| ||Fees payable for the audit of the charity's financial statements|-|-| ||Depreciation of owned tangible fixed assets|3,562|4,094| ## **9 Charity Trustees** None of the charity trustees (or any persons connected with them) received any remuneration or benefits from the Company during the year. - 10 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **10 Employees** The average monthly number of employees during the year was: ||**2025**|**2024**| |---|---|---| ||**Number**|**Number**| |Museum Operations|1|1| |**Employment costs**|**2025**|**2024**| ||**£**|**£**| |Wages and salaries|3,638|2,679| There were no employees whose annual remuneration was more than £60,000. ## **Remuneration of key management personnel** The remuneration of key management personnel was as follows: ## **11 Other expenditure** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |Financing costs|3|-| ## **12 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. - 11 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ |**13**
**Tangible fixed assets**
**Cost**
At 1 April 2024
Additions
At 31 March 2025
**Depreciation and impairment**
At 1 April 2024
Depreciation charged in the year
At 31 March 2025
**Carrying amount**
At 31 March 2025
At 31 March 2024
**14**
**Heritage assets**
**At 1 April 2024 and at 31 March 2025**
**15**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Prepayments and accrued income
**16**
**Creditors: amounts falling due within one year**
Other taxation and social security
Trade creditors
Other creditors|**Fixtures and**
**fittings**
**£**
50,625
6,416
57,041
28,146
3,562
31,708
25,333
22,479
**£**
47,650
**2025**
**2024**
**£**
**£**
685
2,625
9,324
-
10,009
2,625
**2025**
**2024**
**£**
**£**
160
63
12,296
7,631
320
-
12,776
7,694|**Fixtures and**
**fittings**
**£**
50,625
6,416
57,041
28,146
3,562
31,708
25,333
22,479
**£**
47,650
**2025**
**2024**
**£**
**£**
685
2,625
9,324
-
10,009
2,625
**2025**
**2024**
**£**
**£**
160
63
12,296
7,631
320
-
12,776
7,694| |---|---|---| |||57,041| |||28,146
3,562| |||31,708| |||25,333| |||22,479| |||**£**
47,650| |||**2024**
**£**
2,625
-| |||2,625| |||**2024**
**£**
63
7,631
-| |||7,694| - 12 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **17 Restricted funds** The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. ||**At**|**1**|**April**|**Incoming**|**At**|**31**|**March**| |---|---|---|---|---|---|---|---| ||||**2024**|**resources**|||**2025**| ||||**£**|**£**|||**£**| ||||5,910|566|||6,476| |**Previous year:**|**At**|**1**|**April**|**Incoming**|**At**|**31**|**March**| ||||**2023**|**resources**|||**2024**| ||||**£**|**£**|||**£**| ||||5,709|201|||5,910| ## **18 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. ||**At 1 April**|**Incoming**|**Resources**|**At 31 March**| |---|---|---|---|---| ||**2024**|**resources**|**expended**|**2025**| ||**£**|**£**|**£**|**£**| |General funds|125,967|103,772|(112,093)|117,646| |**Previous year:**|**At 1 April**|**Incoming**|**Resources**|**At 31 March**| ||**2023**|**resources**|**expended**|**2024**| ||**£**|**£**|**£**|**£**| |General funds|119,316|98,269|(91,618)|125,967| |**Analysis of net assets between funds**||||| |||**Unrestricted**|**Restricted**|**Total**| |||**funds**|**funds**|| |||**2025**|**2025**|**2025**| |||**£**|**£**|**£**| |**At 31 March 2025:**||||| |Tangible assets||25,333|-|25,333| |Heritage assets||47,650|-|47,650| |Current assets/(liabilities)||44,663|6,476|51,139| |||117,646|6,476|124,122| ## **19 Analysis of net assets between funds** - 13 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **19 Analysis of net assets between funds** |**Analysis of net assets between funds**|||**(Continued)**| |---|---|---|---| ||**Unrestricted**|**Restricted**|**Total**| ||**funds**|**funds**|| ||**2024**|**2024**|**2024**| ||**£**|**£**|**£**| |**At 31 March 2024:**|||| |Tangible assets|22,479|-|22,479| |Heritage assets|47,650|-|47,650| |Current assets/(liabilities)|55,838|5,910|61,748| ||125,967|5,910|131,877| ## **20 Related party transactions** There were no disclosable related party transactions during the year (2024 - none). |**21**
**Cash (absorbed by)/generated from operations**
(Deficit)/surplus for the year
**Adjustments for:**
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
**Movements in working capital:**
(Increase)/decrease in debtors
Increase in creditors
**Cash (absorbed by)/generated from operations**|**2025**
**£**
(7,755)
(4,182)
3,562
(7,384)
5,082
(10,677)|**2024**
**£**
6,852
(4,174)
4,094
122,400
7,694| |---|---|---| |||136,866| ## **22 Analysis of changes in net funds** The Company had no material debt during the year. - 14 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 **Charity registration number 513262 (England and Wales) Company registration number 01657828** ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Charity Trustees** Mr C R Arnold G Pennington Mr K Naylor Mr R Hughes Ms L C Dixon (Appointed 31 July 2024) Mr A J Oldfield (Appointed 31 July 2024) Mr P Smallwood (Appointed 1 December 2024) **Secretary** Mr C R Arnold **Charity number (England and Wales)** 513262 **Company number** 01657828 **Registered office** The Old Bus Depot 51 Hall Street St Helens Merseyside England WA10 1DU **Independent examiner** Cowgills Limited 1st Floor Waterside House Waterside Drive Wigan Lancashire WN3 5AZ Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1| |Statement of Trustees' responsibilities|2| |Independent examiner's report|3| |Statement of financial activities|4| |Balance sheet|5| |Notes to the financial statements|6 - 14| Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. 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 and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **Financial review** ## **Structure, governance and management** The charity trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Mr C R Arnold G Pennington Mr K Naylor Mr M B Davies (Resigned 1 December 2024) Mr R Hughes Ms L C Dixon (Appointed 31 July 2024) Mr A J Oldfield (Appointed 31 July 2024) Mr P Smallwood (Appointed 1 December 2024) The Trustees' report was approved by the Board of Charity Trustees. (cu Mr C R Arnold 43768C6BB1E7400... by: 29 January 2026 - 1 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** ## _**FOR THE YEAR ENDED 31 MARCH 2025**_ The charity trustees, who are also the directors of North West Museum Of Transport Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the charity trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation. The charity trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - 2 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE CHARITY TRUSTEES OF NORTH WEST MUSEUM OF TRANSPORT LIMITED** I report to the charity trustees on my examination of the financial statements of North West Museum Of Transport Limited (the Company) for the year ended 31 March 2025. ## **Responsibilities and basis of report** As the charity trustees of the Company (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of the Company are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Company’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the Company as required by section 386 of the Companies Act 2006. - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or - 4 the financial statements 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 preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Mr Neil Whittingham BA(Hons) FCA ATT ## **Cowgills Limited** 1st Floor Waterside House Waterside Drive Wigan WN3 5AZ Lancashire 29 January 2026 - 3 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 MARCH 2025**_ |**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
541
236
Other trading activities
**4**
95,249
330
Investments
**5**
4,182
-
Other income
**6**
3,800
-
**Total income**
103,772
566
**Expenditure on:**
Charitable activities
**7**
112,090
-
Other expenditure
**11**
3
-
**Total expenditure**
112,093
-
**Net income/(expenditure) and**
**movement in funds**
(8,321)
566
**Reconciliation of funds:**
Fund balances at 1 April 2024
125,967
5,910
**Fund balances at 31 March**
**2025**
117,646
6,476|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
777
1,855
201
95,579
88,650
-
4,182
4,174
-
3,800
3,590
-
104,338
98,269
201
112,090
91,618
-
3
-
-
112,093
91,618
-
(7,755)
6,651
201
131,877
119,316
5,709
124,122
125,967
5,910|**Total**
**2024**
**£**
2,056
88,650
4,174
3,590| |---|---|---| |||98,470| |||91,618
-| |||91,618| |||6,852
125,025| |||131,877| - 4 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **BALANCE SHEET** ## _**AS AT 31 MARCH 2025**_ ||||**2025**||**2024**|| |---|---|---|---|---|---|---| ||**Notes**|**£**||**£**|**£**|**£**| |**Fixed assets**||||||| |Tangible assets|**13**|||25,333||22,479| |Heritage assets|**14**|||47,650||47,650| |||||72,983||70,129| |**Current assets**||||||| |Debtors|**15**|10,009|||2,625|| |Cash at bank and in hand||53,906|||66,817|| |||63,915|||69,442|| |**Creditors: amounts falling due within**|**16**|||||| |**one year**||(12,776)|||(7,694)|| |**Net current assets**||||51,139||61,748| |**Total assets less current liabilities**||||124,122||131,877| |**The funds of the Company**||||||| |Restricted income funds|**17**|||6,476||5,910| |Unrestricted funds|**18**|||117,646||125,967| |||||124,122||131,877| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the charity trustees on 29 January 2026 Mr C R Arnold Company registration number 01657828 (England and Wales) - 5 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **1 Accounting policies** ## **Charity information** North West Museum Of Transport Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Old Bus Depot, 51 Hall Street, St Helens, Merseyside, WA10 1DU, England. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the Company's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The Company is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the charity trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the charity trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the charity trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Company. ## **1.4 Income** Income is recognised when the Company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the Company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 6 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **1 Accounting policies** **(Continued)** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Fixtures and fittings 33% on reducing balance and 5% on reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.7 Heritage assets** The charity holds heritage assets, which are tangible fixed assets of historical, artistic or scientific importance that are held to advance preservation and conservation objectives of the charity. The very long expected lives of the heritage assets, due to their nature, value and need to be preserved means that depreciation is not material and is therefore, not provided. In addition, many of the assets could actually rise in value as time goes on, thus making depreciation less applicable. ## **1.8 Impairment of fixed assets** At each reporting end date, the Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.9 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.10 Financial instruments** The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. - 7 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **1 Accounting policies** ## **(Continued)** ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled. ## **1.11 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **2 Critical accounting estimates and judgements** In the application of the Company’s accounting policies, the charity trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. - **3 Income from donations and legacies** ||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**| |---|---|---|---|---|---|---| ||**funds**|**funds**||**funds**|**funds**|| ||**2025**|**2025**|**2025**|**2024**|**2024**|**2024**| ||**£**|**£**|**£**|**£**|**£**|**£**| |Donations and gifts|541|236|777|1,855|201|2,056| - 8 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **4 Income from other trading activities** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
Membership
subscriptions and
sponsorships
2,801
-
Fundraising events
1,127
-
Shop income
48,036
-
Other income
43,285
330
Other trading activities
95,249
330|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
2,801
3,434
-
1,127
27,399
-
48,036
14,502
-
43,615
43,315
-
95,579
88,650
-|**Total**
**2024**
**£**
3,434
27,399
14,502
43,315| |---|---|---| |||88,650| ## **5 Income from investments** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |Rental income|3,750|3,750| |Interest receivable|432|424| ||4,182|4,174| |**Other income**||| ||**Unrestricted**|**Unrestricted**| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |Other income|100|175| |Solar Power Income|1,928|2,310| |RMRC Service income|1,772|1,105| ||3,800|3,590| ## **6 Other income** - 9 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **7 Expenditure on charitable activities** |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2025**|**2024**| |||**£**|**£**| ||**Direct costs**||| ||Staff costs|3,638|2,679| ||Depreciation and impairment|3,562|4,094| ||Advertising|509|1,009| ||Event expenditure|1,968|2,677| ||Rent|42,310|33,848| ||Rates and water|9,476|8,741| ||Insurance|9,446|7,973| ||Light and heat|8,455|5,018| ||Telephone|870|1,021| ||Postage and stationery|596|1,118| ||Sundries|14,656|11,940| ||Computer software and maintenance|509|539| ||Motor repairs and renewals|2,903|1,464| ||Petrol and diesel|1,684|1,323| ||Repairs and renewals|5,880|3,578| ||Cleaning|1,636|1,725| ||Bank charges|330|294| ||Other charitable expenditure|3,662|2,577| |||112,090|91,618| ||**Analysis by fund**||| ||Unrestricted funds|112,090|91,618| |**8**|**Net movement in funds**|**2025**|**2024**| |||**£**|**£**| ||The net movement in funds is stated after charging/(crediting):||| ||Fees payable for the audit of the charity's financial statements|-|-| ||Depreciation of owned tangible fixed assets|3,562|4,094| ## **9 Charity Trustees** None of the charity trustees (or any persons connected with them) received any remuneration or benefits from the Company during the year. - 10 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **10 Employees** The average monthly number of employees during the year was: ||**2025**|**2024**| |---|---|---| ||**Number**|**Number**| |Museum Operations|1|1| |**Employment costs**|**2025**|**2024**| ||**£**|**£**| |Wages and salaries|3,638|2,679| There were no employees whose annual remuneration was more than £60,000. ## **Remuneration of key management personnel** The remuneration of key management personnel was as follows: ## **11 Other expenditure** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |Financing costs|3|-| ## **12 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. - 11 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ |**13**
**Tangible fixed assets**
**Cost**
At 1 April 2024
Additions
At 31 March 2025
**Depreciation and impairment**
At 1 April 2024
Depreciation charged in the year
At 31 March 2025
**Carrying amount**
At 31 March 2025
At 31 March 2024
**14**
**Heritage assets**
**At 1 April 2024 and at 31 March 2025**
**15**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Prepayments and accrued income
**16**
**Creditors: amounts falling due within one year**
Other taxation and social security
Trade creditors
Other creditors|**Fixtures and**
**fittings**
**£**
50,625
6,416
57,041
28,146
3,562
31,708
25,333
22,479
**£**
47,650
**2025**
**2024**
**£**
**£**
685
2,625
9,324
-
10,009
2,625
**2025**
**2024**
**£**
**£**
160
63
12,296
7,631
320
-
12,776
7,694|**Fixtures and**
**fittings**
**£**
50,625
6,416
57,041
28,146
3,562
31,708
25,333
22,479
**£**
47,650
**2025**
**2024**
**£**
**£**
685
2,625
9,324
-
10,009
2,625
**2025**
**2024**
**£**
**£**
160
63
12,296
7,631
320
-
12,776
7,694| |---|---|---| |||57,041| |||28,146
3,562| |||31,708| |||25,333| |||22,479| |||**£**
47,650| |||**2024**
**£**
2,625
-| |||2,625| |||**2024**
**£**
63
7,631
-| |||7,694| - 12 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **17 Restricted funds** The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. ||**At**|**1**|**April**|**Incoming**|**At**|**31**|**March**| |---|---|---|---|---|---|---|---| ||||**2024**|**resources**|||**2025**| ||||**£**|**£**|||**£**| ||||5,910|566|||6,476| |**Previous year:**|**At**|**1**|**April**|**Incoming**|**At**|**31**|**March**| ||||**2023**|**resources**|||**2024**| ||||**£**|**£**|||**£**| ||||5,709|201|||5,910| ## **18 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. ||**At 1 April**|**Incoming**|**Resources**|**At 31 March**| |---|---|---|---|---| ||**2024**|**resources**|**expended**|**2025**| ||**£**|**£**|**£**|**£**| |General funds|125,967|103,772|(112,093)|117,646| |**Previous year:**|**At 1 April**|**Incoming**|**Resources**|**At 31 March**| ||**2023**|**resources**|**expended**|**2024**| ||**£**|**£**|**£**|**£**| |General funds|119,316|98,269|(91,618)|125,967| |**Analysis of net assets between funds**||||| |||**Unrestricted**|**Restricted**|**Total**| |||**funds**|**funds**|| |||**2025**|**2025**|**2025**| |||**£**|**£**|**£**| |**At 31 March 2025:**||||| |Tangible assets||25,333|-|25,333| |Heritage assets||47,650|-|47,650| |Current assets/(liabilities)||44,663|6,476|51,139| |||117,646|6,476|124,122| ## **19 Analysis of net assets between funds** - 13 - Docusign Envelope ID: D63AFDF8-223A-4A0C-909D-FB4660EAF498 ## **NORTH WEST MUSEUM OF TRANSPORT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_ ## **19 Analysis of net assets between funds** |**Analysis of net assets between funds**|||**(Continued)**| |---|---|---|---| ||**Unrestricted**|**Restricted**|**Total**| ||**funds**|**funds**|| ||**2024**|**2024**|**2024**| ||**£**|**£**|**£**| |**At 31 March 2024:**|||| |Tangible assets|22,479|-|22,479| |Heritage assets|47,650|-|47,650| |Current assets/(liabilities)|55,838|5,910|61,748| ||125,967|5,910|131,877| ## **20 Related party transactions** There were no disclosable related party transactions during the year (2024 - none). |**21**
**Cash (absorbed by)/generated from operations**
(Deficit)/surplus for the year
**Adjustments for:**
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
**Movements in working capital:**
(Increase)/decrease in debtors
Increase in creditors
**Cash (absorbed by)/generated from operations**|**2025**
**£**
(7,755)
(4,182)
3,562
(7,384)
5,082
(10,677)|**2024**
**£**
6,852
(4,174)
4,094
122,400
7,694| |---|---|---| |||136,866| ## **22 Analysis of changes in net funds** The Company had no material debt during the year. - 14 -