Company registration number: 01865059
Trust registration number: 701034
EAST LANCASHIRE RAILWAY TRUST LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
31 MARCH 2024
*AOFIQMUSV•
1111212024
COMPANIES HOUSE
A32

EAST LANCASHIRE RAILWAY TRUST LIMITED
CONTENTS
Reference and Administrative Details
Trustees, Report
2to6
Independent Auditors, Report
7toll
Statement of Financial Activities
12
Balance Sheet
13
Notes to the Financial Statements
14to24

EAST LANCASHIRE RAILWAY TRUST LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS
Chairman
B Davies
Trustees
B Davies
N E Bayley
R Chapman
Cllr A C Cheetham
Cllr J Harris
Cllr J Johnson
M W Kelly
CRLaw
Cllr P Malcolm
Cllr A Mcmahon
C E Morris
Cllr B Sheerin
Secretary
L C Ridsdale
Reglstered Office
Town Hall
Knowsley Street
Bury
Lancashire
BL9 OSW
The Trust Is Incorporated in Wales.
Company Re8lstratlon Number 01865059
Trust Reglstratlon Number
701034
Bankers
National Westminster Bank
Audltor
Horsfield & Smith
Tower House
269 Walmersley Road
Bury
Lancashire
BL9 6NX

EAST LANCASHIRE RAILWAY TRUST LIMITED
TRUSTEES, REPORT
The Trustees, who are directors for the purposes of cornpany law, present the annual report
together with the financial statements and auditors, report of the charitable company for the year
ended 31 March 2024.
Trustees and officers
The trustees and officers Ser￿ing during the year and since the year end were as follows:
Trustees:
B Davies
N E Bayley
R Chapman
Cllr A C Cheetham
Cllrj Harris (appointed 24 May 20231
Cllr J Johnson
M W Kelly
CRLaw
Cllr P Malcolm {appointed 5 June 2023}
Cllr A Mcmahon (appointed 19 May 20231
C E Morr15
Cllr P Rush {resigned 5 June 20231
S M 5erridge {resigned 19 May 2023)
Cllr B Sheerin
ChaSrman:
8 Davles
Secretary:
L C Ridsdale {appolnted 29June 2023)
Structure• 8ovemance and management
Each of the Trust's local authority partners holds the freehold title to the railway land within their
respective local authority boundary. The Trust holds the head lease for the railway and sublets this
to the East Lancashire Light Railway Company Llmited {ELLRI a fvrther partner on the Trust board of
management.
Recruitment ond appolntment of Trustees
The Articles of Association govern the membership of the Trust and provide each member (Bury
Metropolitan Borough Council, Rossendale Borough Council, Rochdale Metropolitan Borough
Council and the East Lancashire Light Railway Company Limited), (collectively the Member
Partners") the right to nominate three members each to the Board of Management.
Organisotionol structure
The East Lancashire Railway Trust 15 a company Ilmited by guarantee and therefore has no share
capltal.

EAST LANCASHIRE RAILWAY TRUST LIMITED
TRUSTEES, REPORT
Objertives and activities
Objerts ond aims
The object of the Trust is to promote the permanent preseniation for the benefit of the public
generally of the historic railway line from Heywood to Rawtenstall, together with stations, buildings,
locomotives and rolling stock.
The Trust also aims to educate the public on technical matters relating to railways, their construction
and maintenance, engines, steam tractions and engineering skills and the importance of the railway
in the industrial and social history of the towns and villa8es on the line from Heywood to
Rawtenstall.
Publlc benefit
The Trustees confirm that they have complied with the requirements of section 17 of the Charities
Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for
England and Wales.
Financlal review
During 2023124 the Trust has continued to support the planned programme for the maintenance of
the structures and investments in projects to enable the continued development of E.L.L.R. Co Ltd
{"ELLR l. To thls end the trust have made granls totalling £181,735 {2023: £131,165) to ELLR as
mana8er of various projects on behalf of the company for the following:
2024
2023
Maintenance of strurtures
Contributlon to marketing Strategy
Buckley Wells development project
171,789
9,946
119,672
4,175
7,318
181,735
131,165
Where possible the Trust aims to minimise current expenditure, whilst malntalning a rollin8
pro8ramme of Inspections and assessments to ensure structures continue to be In an operational
condition.
Maintenance expenditure durlng the year relates these ongoing expenses.
Whilst the Inspection program has found all structures to be fit for rall operations It has highllghted
extensive repair work needed and a new five year rollin8 program has been drawn up to prioritise
these. Additional funding will need to be generated to action this plan. The Trust has commissioned
surveys to identify income generating opportunities from land occupied by the railway and ha5 made
a contribution of £9,946 to an overall marketing strategy for the promotion of the heritage lifte.

EAST LANCASHIRE RAILWAY TRUST LIMITED
TRUSTEES, REPORT
Policy on reserves
One of the aims of the Trust is to provide finance to maifttain the stwctures on the railway line
between Heywood and Rawtenstal. Typical expenditure on any one project is in excess of £lOO,000
and can be as much as £IM. For this reason the Trust needs to maintain substantial reserves to meet
future obligations.
The Trustees have examined the requirement for free reserves which are those unrestricted funds
not invested in fixed assets, designated for specific purposes or otherwise commuted. Free reserves
at 31st March 2024 are £124,22912023 £375,512). These consist of the unrestricted general fund
and the maintenance fund less the value tied up in fixed assets. The Trustees consider that, given the
nature of future expendlture, the Trust should aim to increase its free reserves.
One of the major rlsks faced by the Trust is having insufficient funds to rneet future maintenance
requirements. To mitigate this risk the Trustees have a rollin8 pro8rarnme of annual inspection and
assessment of structures, wlth remedial maintenance being carried out with a view to minimising
the need for major repairs. Inspections are carried out by an independent Engineer, whose
recommendations are then incorporated into the budget.
To supplernent the Trust's funds wherever possible the Trustees actlvely seek grants from external
sources. There is a risk that the Trust may not identify all grants to which it is entitled, but the
Trustees make every effort to ensure this is not the case by constantly reviewing available grants
before expendlture is undertaken.
Investment pollcy ond objertlves
Under the Memorandum and Artlcles of Associatlon, the Trust has the power to make any
Investment whlch the Trustees see flt.
The management committee has considered.the most appropriate policy for investing funds. It has
decided that lending funds on the money market provides the best return in line with the Trusts risk
policy and uncertain Short term dernand.
Financial instruments
Objertives andpollcles
The Trust's activities expose it to a number of financial risks Includlng credlt rlsk, cash flow risk and
liquidity risk.
Cashflow rlsk
The Trust's activities expose it primarily to the financial risks of changes in interest rates. Interest
bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Credit risk
The Trust's principal financial assets are cash deposits held by Bury Metropolitan Borou8h Council.
The credit risk on liquid funds 15 limited because the funds are held by counterparties that are banks
with high credit-ratings assigned by international credit-rating agencies.
The Trust's significant credit risk is that the funds are controlled by Bury Metropolitan Borough
Council.

EAST LANCASHIRE RAILWAY TRUST LIMITED
TRUSTEES, REPORT
Liquidity risk
In order to maintain Ilquidity to ensure that sufficient funds are available for ongoing operations and
future developments, the Trust uses a mixture of long-term and short-terrn investments.
Going concern
The Company has obligations in respect of the maintenance of key structures along the route of the
railway. The Board of Trustees has recognised that the current level of cash reserves is insufficient to
meet its obligations in Ihe medium term, and the Board and the member Partners have addressed
the existence of the possible shortfall In a timely manner.The schedule of planned maintenance
work confirms that this work will be able to be carried out. For this reason it continues to adopt the
going concern basis in preparing the financial statements. Further details regardin8 the adoption of
the going concern basis can be found in the Statement of Accounting Policie5.
Statement of Responslbllltles
The Trustees {who are also the directors of East Lancashlre Railway Trust Limlted for the purposes of
company lawl are responsible for preparing the Trustees, report and the financlal statements In
ccordance with appllcable law and United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard
applicable in the UK and Republic of Ireland"
Cornpany law requires the Trustees to prepare financial statements for each financial year. Under
company law the Trustees must not approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the charitable company and of the IncomSng
resources and appllcation of resources, Including its income and expenditure, of the charitable
cornpany for that perlod. In preparing these financial statements, the Trustees are required to:
• selert suitable accounting policies and apply them consistently•
observe the methods and principles in the Charities SORP;
make judgements and estirnates that are reasonable and prudent:
state whether appllcable accountin8 Standards, comprlslng FRS 102 have been followed, subject
to any rnaterlal departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it Is Inappropriate to presume
that the charitable company will continue in business.
The Trustees are responsible for keeping proper accounting records that can disclose wlth
reasonable accuracy at any tirne the financial position of the charitable company and enable them to
ensure that the financial statements cornply with the Companies Act 2006. They are also responslble
for safeguarding the assets of the charitable company and hence for taking reasonable steps for the
prevention and detedion of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial
information included on the charitable company's website. Legislation governing the preparation
and dissemination of financial statements may differ from legislation in other jurisdictions.

EAST LANCASHIRE RAILWAY TRUST LIMITED
TRUSTEES, REPORT
Disclosure of information to audltor
Each member has taken steps that they ought to have taken as a member In order to make
themselves aware of any relevant audit information and to establish that the Trust's auditor is aware
of that information. The Trustees confirm that there is no relevant information that they know of
and of which they know the auditor is unaware.
Reappolntment of auditor
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointrnent of
Horsfield & Smith as auditor of the Trust is to be proposed at the forthcoming Annual General
Meetin8.
The annual report was approved by the Trustees of the Trust on
behalf by..
B Davies
Chairman and Trustee

EAST LANCASHIRE RAILWAY TRUST LIMITED
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF
EAST LANCASHIRE RAILWAY TRUST LIMITED
Opinion
We have audited the financial staternents of East Lancashire Railway Trust Limlted {the 'Trust'l for
the year ended 31 March 2024, which comprise the Statement of Financial Activities, Balance Sheet,
and Notes to the Financial Statements, including a summary of significant accounting policies. The
financial reporting framework that has been applied in their preparation is United Kingdom
Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland, and applicable law {United Kingdom Generally Accepted
Accounting Pradicel.
In our oplnion the financlal staternents:
give a twe and fair view of the state of the Trust's affairs as at 31 March 2024 and of its Incoming
resources and applicatlon of resources, including its income and expenditure. for the year then
have been properly prepared in accordance wlth United Kingdom Generally Accepted Accounting
Practice: and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for oplnlon
We conducted our audit in accordance with International Standards on Auditing (UK) IISAS {UK}l and
applicable law. Our responsibilities under those standards are further described in the audltor
responsibilities for the audit of the financial statements section of our report. We are independent
of the Trust in accordance with the ethical requirements that are relevant lo our audit of the
flnancial statements In the UK, includin8 the FRC'S Ethical Standard, and we have fulfilled our other
ethical responslblllties In atcordance wlth these requlrements. We belleve that the audit evldence
we have obtained is sufficlent and approprlate to provlde a basis for our opinlon.
Concluslons relatlng to goin8 concern
In auditing the financial statements, we have concluded that the Trustees use of the going concern
basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significant doubt on the Trust's ability
to continue as a 8oin8 concern for a period of at least twelve months from when the original
flnancial statements were authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to 8olng concem are
described in the relevant sections of this report.

EAST LANCASHIRE RAILWAY TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
EAST LANCASHIRE RAILWAY TRUST LIMITED
Other Informatlon
The Trustees are responsible for the other information. The other information comprises the
information included in the annual report, other than the financial statements and our auditorfs
report thereon. Our opinion on the financlal statements does not cover the olher Informalion and,
except to the extent othen*vise explicitly stated In our report. we do not express any form of
assurance conclusion thereon.
In connectlon wlth our audit of the financial statements, our responsiblllty Is to read the other
information and, in dolng 50, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be
materialty misstated. If we identify such material inconsistencles or apparent material
misstatements, we are required to determine whether there Is a material misstatement in the
financial statements or a material misstatement of the other information. If, based on the work we
have performed, we conclude thal there is a materlal misstatement of ihis other Informatlon, we are
required to report that fact.
We have nothln8 to report In th55 regard.
Oplnlon on other matter prescrlbed by the Companles Act 2006
In our opinion, based on the work undertaken In the course of the audit:
the information given in the Trustees, Report for the financial year for which the fSnanclal
statements are prepared Is consistent with the financial statements; and
the Trustees, Report has been prepared in accordance wilh appllcable le8al requlrements.
Matters on whlch we are requlred to report by exceptlon
In the Ilght of our knowledge and understandlng of the Trust and Its envlronment obtalned In the
course of the audit, we have not identified materlal misstatements in the Trustees, Report.
We have nothlng to report in respect of the followln8 matters where the Companies Act 2006
requires us to report to you rf, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audlt have not
been received from branches not visited by us; or
the financial statements are nol In agreement with the accountin8 records and returns; or
certain disclosures of Trustees remuneration specified by law are not made; or
we have not received all the information and explanatlons we require for our audlt.
the trustees were not entitled to prepare the financial statements in accordance wlth the small
companles regime and take advantage of the small companies. exemptions In preparing the
trustees'report and from the requirement to prepare a strategic report.

EAST LANCASHIRE RAILWAY TRUST LIMITED
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF
EAST LANCASHIRE RAILWAY TRUST LIMITED_
Responsibilities of Trustees
As explalned more fully in the statement of responsibilities set out on page S, the Trustees are
responsible for the preparation of the financial statements and for bein8 Satisfied that they glve a
true and falr view, and for such internal control as the Trustees determine is necessary to enable the
preparatlon of financial statements that are free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, the Trustees are responslble for assessin8 the Trust's ability to
continue as a going concern, disclosin& as applicable. matters related to going concern and using the
going concern basis of accounting unless the Trustees either intend to liquidate the Trust orto cease
operations, or have no realistic alternative but to do so.
Audltor responslbllltles for the audlt ol the financlal statements
Our objectives are to obtain reasonable assurance about whether the financlal statements as a
whole are free from materlal misstaternent, whether due to fraud or error. and to issue an auditorfs
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance wlth ISAS {UKI will always detect a material
misstatement when it exists. Mlsstatements can arise from fraud or error and are considered
material if, indivldually or in the a88regate, they could reasonably be expected to Influence the
economlc declslons of users taken on the basls of these flnanclal statements.
The extent to whlch our procedur•s are capable of detertlng Irregularltles. Includln8 fraud
Irre8ularltles, Includlng fraud, are Instances of non-compllance wlth laws and re8ulatlons. We desS8n
procedures In Ilne wlth our responsibilities, outlined above, to detect material misstatements in
respect of Srregularities, includin8 fraud. The extent to whlch our procedures are capable of
detecting irregularities, includlng fraud Is detailed below:
We considered the nature of the limited CoMpan￿S industry and Its control environment.: and
reviewed documentation of their policies and procedures relating to fraud and compliance with laws
and regulatlons. We also enquired of management about thelr own Sdentification and assessment of
the risks of irregularities.
had a dlrect effect on the determlnatlon of materlal amounts and dlsclosures In the financlal
statements. These included UK Companies Act. tax legislation. and
do not have a direct effect on the financial statements but compllance wlth whlch may be
fundamental to the limited companVs ability to operate or to avoid a material penalty.
We ensured that the engagement team collectively had the appropriate competence, capabilities
and skills to identify or recognise non-compliance with applicable laws and regulations.
We discussed amon8 the audit engagement team regardlng the opportunities and incentives that
may exist within the organisatlon for fraud and how and where fraud mi8ht occur in the financlal
statements.

EAST LANCASHIRE RAILWAY TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
EAST LANCASHIRE RAILWAY TRUST LIMITED
In common with all audits under ISAS {UK), we are also required to perfom) specific procedures to
respond to the risk of managemenl override. In addressing the risk of fraud through management
override of controls, we tested the appropriateness of journal entries and other adjustments;
assessed whether the judgements made in making accounting estimates are indicative of a potential
blas; and evaluated the business rationale of any significant transactions that are unusual or outside
the normal course of business.
In addition to the above, our procedures to respond to the rlsks identrfied included the following:
reviewlng flnanclal statement disclosures by testing to supporting documentation to assess
compliance with provisions of relevant laws and regulations described as having a direct effect on
the financial statements;
performing analytical procedures to Identlfy any unusual or unexperted relatlonshlps that may
indicate risks of material misstatement due to fraud;
enquirlng of management concernlng actual and potentlal litlgatlon and clalms, and instances of
non-compliance with laws and regulations,. and
readln8 mlnutes of meetings of those charged wlth governance.
Because of the inherent Ilmitatlons of an audlt, there Is a rlsk that we wlll not detect all Irre8ularltles,
including those leading to a material rnisstatement in the financial statements or non-compllance
with regulatlon. Thls risk Increases the more that compliance with a law or regulatlon Is removed
from the events and transactions reflected in the financial statements, as we will be less likely to
becorne aware of instances of non-compllance. The risk is also greater regarding irregularities
occurring due to fraud rather than error, as fraud involves intentional concealment, forgery.
collusion, omission or misrepresentation.
A fvrther description of our responsibilities forthe audSt of the flnancial statements Is located on the
Financial Reporting Council's webslte at:
www.frc.org.uVoudltors/oudltors-assuronce/oudltors.responslbillties-fvr-thfroudit-of.the-flnonclal-5tatements
This description forms part of our auditor's report.
Use of our report
This report Is made solely to the charitable company's Trustees. as a body, in accordance with
Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken $0 that we
might state to the Trust's Trustees those matters we are required to state to them in an auditorfs
report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume
responslbllity to anyone other than the charitable company and its Trnstees as a bodyi for our audlt
work, for this report, or for the opinions we have formed.
10

EAST LANCASHIRE RAILWAY TRUST LIMITED
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF
EAST LANCASHIRE RAILWAY TRUST LIMITED
Peter Nicol BSC FCA {Senlor Statutory Audltor)
For and on behalf of Horsfield & Smith, Slatutory Audltor
Tower House
269 Walmersley Road
8ury
Lancashlre
BL9 6NX
11

EAST LANCASHIRE RAILWAY TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2024
(INCLUDING INCOME AND EXPENDITURE ACCOUNT
AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES)
Total
2024
Total
2023
Unrestrlrted
Restricted
Note
Income and Endowments from:
Donatlons and le8acies
Investment income
Other income
30,000
22,902
19.621
30,000
22,902
19,621
30,000
19,621
Total Income
72,523
72,523
49,629
Expendlture on:
Charitable activities
{206.513)
(206,513)
(15S,7341
Total Expenditure
Gainsllosses on investment
assets
{206,513)
1206,513)
{155,7341
29
29
Net expendlture
1133,9611
{133,9611
1106,101)
Net movement in funds
(133,9611
1133,9611
1106,101)
Reconciliatlon ol funds
Total funds brought fonNard
686,091
390,427
1,076,518
1,182,619
Total funds carried forward 16
552,130
390,427
942,557
1,076,518
All of the Trust's activities derlve from continuing operatlons durlng the above two perlods.
The funds breakdown for 2023 is shown In note 16.
The notes on pages 14 to 24 form an integral part of these financial staternents.
12

EAST LANCASHIRE RAILWAY TRUST LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
(REGISTRATION NUMBER: 01865059)
2024
2023
Note
Flxed assetg
Tangible assets
Investments
404,850
279,435
424,463
390,427
io
684,285
814,890
Current assets
Debtors
li
27,825
359
235,222
17,586
202,848
172,994
Investments
12
Cash at bank and in hand
13
263,406
393,428
Credltors: Amounts falling due withln one year
14
15,134)
(131,8001
Net Current assets
258,272
261,628
Net a55ets
942,557
1,076,518
Funds of the Trust:
Restrlrted Income funds
Restricted Funds
390.427
390,427
Unrestrlcted Income funds
Unrestricted Funds
552,130
686,091
Total funds
16
942,557
1,076,518
The fi
ancial statements on pages 12 to 24 were approved by the Trustees, and authorised for Issue
B Davies
Chairman and Trustee
M W Kelly
Trustee
The notes on pages 14 to 24 form an integral part of these financial statements.
13

EAST LANCASHIRE RAILWAY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
l Actounting policies
Summary of significant ac¢ounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out
below. These policies have been consistently applied to all Ihe years presented, unless otherwise
stated.
Statement of compllance
The financial statements have been prepared In accordance with Accounting and Reporting by
Charities: Statement of Recommended Practice {applicable to charities preparin8 their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS
102)) (issued in October 2019) - (Charities SORP (FRS 1021), the Financial Reportin8 Standard
applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006.
8asls of preparation
East Lancashire Railway Trust Limited meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are inttially recognised at historical cost or transaction value unless otherwise
stated in the relevant accounting policy notes.
Golng concern
The financial statements have been prepared on a going concern basls.
The trustees assess whether the use of 8oln8 concern Is appropriate l.e. whether there are anv
material uncertaintles related to events or condltlons that may cast significant doubt on the ability
of the trust to continue as a going concern.The trustees make this assessment in respect of a period
of at least one year from the date of authorisation for issue of the financial statements.
The Trustees and Member Partners have considered detailed reports submitted which indicate over
a three year period its obligations to maintain the railway Structures should be met. Although there
is an inherent risk that plans may not be achieved, Ihe trustees believe that sufficient financial
reserves have been secured to enable it to continue as a golng concern.
Exemptlon from preparing a cash flow statement
The Trust opted to early adopt Bulletin I published on 2 February 2016 and have therefore not
included a cash flow statement in these financial statements.
Income and endowments
Voluntary income including donations, gfts, legacies and grants that Provide core funding or are of a
general nature is recognised when the Trust has entitlement to the income, it is probable that the
income will be received and the amount can be measured with sufficient reliability.
14

EAST LANCASHIRE RAILWAY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is
probable settlement is required and the amount can be measured reliably. All costs are allocated to
the appllcable expenditure headlng ihat aggregate slmllar costs to that category. Where costs
cannot be directly attributed to particular headings they have been allocated on a basls consistenl
with the use of resources.
Charitable actlvities
Charitable expenditure cornprises those costs incurred by the Trust in the delivery of its activities
and sepiices for its beneficiaries. It includes both costs that can be allocated directly to such
activities and those costs of an indirect nature necessary to support them.
Governance costs
These include the costs attributable to the Trust's cornpllance wllh constitutional and statutory
requirements.
Taxatlon
The Trust 15 considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010
and therefore it meets the deflnltlon of a charitable company for UK corporation tax purposes.
Accordingly, the Trust is potentially exempt from taxation in respect of income or capltal galns
recelved withln cate8OTies covered by Chapier 3 Part 11 of the Corporatlon Tax Act 2010 or Sectlon
256 of the Taxatlon of Chargeable Galns Act 1992, to the extent that such Income or 8alns are
applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £1,000.￿ or more are inltially recorded at cost, less any subsequent
accumulated depreciation and subsequent accurnulated impairment losses.
Oepreclatlon and amortlsatlon
Depreciatlon Is provided on tanglble flxed assets so as to wrlte off the cost or valuatSon, less any
estlmated residual value, over their expected useful economic life of 50 years.
Asset class
Buildings, trackwork and strurtures
Depreciation method and rate
50 years straight line
Investments
Listed Investments are inltially recorded at cost. At each year end, the value is adjusted to bid price
on the year end date.
Unrealised gains and losses represent the movement in market values during the year and are
credited or charged to the Statement of Financial Activities based on the market value at the year
end.
15

EAST LANCASHIRE RAILWAY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Debtors
Short term debtors are rneasured at transaction price, less any impairment. Loans receivable are
measured initially at fair value, net of transaction costs. and are measured subsequently at
amortised cost usln8 the effective interest method, less any Impalrment.
Cash and cash e9uivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly
liquid investments that are readily convertible to a known amount of cash and are subject to an
insignificant risk of change in value.
FSnanclal Instruments
Classlflcatlon
Flnancial assets and financial Ilabllitles are recognised when the charity becomes a party to the
contractual provisions of the instrument.
Financial liabilities and equity Instruments are classified according to the substance of the
contractual arrangements entered into. An equity instrument is any contract that evidences
residual interest in the assets of the Trust after deducting all of Its liabilities.
Recognitlon and measurement
All flnanclal assets and liabilitles are Inltlally measured at transactlon prlce Ilncludlng transactlon
costs), except for those flnancial assets cla55rfied as at falr value through profit or10s5. whlch are
Inltlally measured at fair value {whlch Is normally the transaction prlce excludln8 transactlon costs),
unless the arrangement con$t￿uteS a financing transaction. If an arrangement constitutes
financin8 transaction, the financial asset or financial liability is measured at the present value of the
future payments discounted at a market rate of interest for a similar debt instrument.
FinancSal assets and liabilities are only offset in the staternent of financial position when, and only
when there exists a legally enforceable ri8ht to set off the recognised amounts and the Trust intends
elther to settle on a net basis, or to reallse the asset and settle the liabllity slmultaneously.
Financial assets are derecognised when and only when a) Ihe contractual rights to the cash flows
frorn the financial asset expire or are Settled, b} the Trust transfers to another party substantially all
of the risks and rewards of ownership of the financial asset, or c) the Trust. despite havlng retained
.sorne, but not all, siEnrficant risks and rewards of ownership, has transferred control of the asset to
another partv.
Financial liabilities are derecognised only when the obligatlon specified in the contract is discharged,
cancelled or expires.
Fund a¢countlng
Unrestricted generalfunds
Unrestricted income funds are general funds that are available for use at the Trustees discretion in
furtherance of the objectives of the Trust,
16

EAST LANCASHIRE RAILWAY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Unrestrirted deslqnatedfvnds
Designated funds are unrestricted funds set aside for speciflc purposes at the discretion of the
trustees.
Restrlrtedfunds
Restricted income 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.
2 Income from donatlons and legatles
Unrestrlcted
funds
Designated
Total
2024
Total
20Z3
Donations and legacles;
Contrlbutions from partlclpating local
authorilies
30,000
30,000
30,000
30,000
30,000
30,000
3 Investment Income
Unrestrlcted
fvnds
General
Total
2024
Total
2023
Interest receivable and similar income;
Interest receivable on bank deposits
22,902
22,902
4 Other Income
Unrestrlcted
funds
Total
2024
Total
2023
General
Rental income
19,621
19,621
19,621
17

EAST LANCASHIRE RAILWAY TRUST LIMITED
NOTES TO THE FINANCIALSTATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
5 Expenditure on charltable activitles
Unrestricted funds
Designated
General
Total
2024
Total
2023
Note
Allocated support
costs
179,832
21,737
4,944
201,569
4,944
151,084
4,650
Governance costs
179,832
26,681
206,513
155,734
Activity
undertaken
dlrectly
Grant fundlng
of actlvlty
Total
2024
Total
2023
Malntenance of structures
19,834
171,789
9,946
191,623
9,946
139,590
11,493
Development projects
19,834
181,735
201,569
151,083
In addition to the expenditure analysed above, there are also governance costs of £4,94412023
£4,650) which relate directly to charitable activities. See note 6 for further details.
6 Analysis of governance and support costs
Governance costs
Unrestricted
funds
General
Total
2024
Total
2023
Audit fees
Audit of the flnancial statements
4,944
4,944
4,650
4,944
4,944
4,650
18

EAST LANCASHIRE RAILWAY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
7 Net incomin8loutBoln8 resource$
Net outgoing resources forthe year include:
2024
2023
Audit fees
Depreciation of fixed assets
4,944
19,613
4,650
19,613
8 Staff costs
No trustees, nor any persons connected with them, have received any remuneration frorn the Trust
during the year.
The Trust is mana8ed by Bury Metropolitan Bourgouh Counc51. The Council receives no
renurneration for staff time taken to manage the Trust.
9 Tangible fixed assets
Freehold
Propertv
Trackwork
Statlons
BrldBes
Total
Cost
At l April 2023
47.097
239,640
636,053
57,836
980,626
At 31 March 2024
47,097
239,640
636,053
57,836
980,626
Depreclation
At l April 2023
Charge forthe
year
30,470
127.828
365,954
31,911
556,163
942
4,793
12,721
1,157
19,613
At 31 March 2024
31,412
132,621
378,675
33,068
575,776
Net book value
At 31 March 2024
15,685
107,019
257,378
24,768
404,850
At 31 March 2023
16,627
111,812
270,099
25,925
424,463
19

EAST LANCASHIRE RAILWAY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
10 Fixed asset investments
Other Investment$
2024
2023
Other investments
279,435
390,427
11 Debtors
2024
2023
Due from related undertakings
Prepayments
Accrued Income
Other debtors
9,811
14
4,906
29
651
12.,000
18,000
27,825
17,586
12 Current asset investments
2024
2023
Llsted other shares
Cash dep051ts
359
330
202,518
359
202,848
13 Cash and cash equlvalents
2024
2023
Cash at bank
235,222
172,994
14 Creditors: amounts fallSn8 due within one year
2024
2023
Other creditors
5,134
131,800
20

EAST LANCASHIRE RAILWAY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
15 Trust Statu5
The Trust is a company limited by guarantee and consequently does not have share capital.
The guarantors who are liable to contribute an amount not exceeding £10 towards the assets of the
Trust in the event of liquidation are:
Bury Metropolitan Borough Council
Rossendale Borough Council
East Lancashire Light Railway Company Limited
Rochdale Metropolitan Borough Councll
The address of Its registered office is:
Town Hall
Knowsley Street
Bury
Lancashire
BL9 OSW
16 Funds
Balance at I
April 2023
Incomlng
resources
Resources
expended
Balance at 31
March 2024
Unrestrl¢ted funds
Geneml
General Funds
536,259
42,523
(26,652)
552,130
Deslgnated
Maintenance Fund
Development Fund
97,567
52,265
30,000
(127,5671
152,2651
1179,8321
149,832
30,000
Total unrestrlrted funds
686,091
72,523
{206,4841
552,130
Restricted funds
Maintenance Funds
390,427
390,427
Total lunds
1,076,518
72,523
1206,484)
942,557
21

EAST LANCASHIRE RAILWAY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The specific purposes for which the funds are to be applied are as follows:
The malntenance fund
(Previously the commuted sum)
Comprises a derelict land grant fund and transfers from the general fund.
The derelict land grant fund represents the amount received in respect of monies to be invested to
produce incorne towards the long terrn maintenance of major structures on the railway. There are
no specific restrictions on the way in which such income should be used, and consequently that
Income is taken directly to the income and expenditure account. The rnonies comprising the fund are
shown on the balance sheet as fixed assets Investments, constituting the full amount of the monles
on deposit so treated, and as part of the cash at bank.
The development fund
(Previously the non-derelict land grontfundj
Represents the amount in respect of capital payments towards expenditure necessary prior to the
re-opening of the rallway. Both the income and capltal of this fund may be used forthls purpose.
The analysls of the origlnal make up of the fund and Its subsequent appllcatlon is as follows:_
2024
2023
Greater Manchester Councll
Engineerlng works
Building works
Promotion and marketlng
183,000
75,000
34,000
183,000
75,000
34,000
292,000
60,000
292,000
60,000
Rossendale Borough Coun¢il
352.000
(180,0631
{9,9461
352.000
(168,570)
{11,493)
Previously released to Income and expenditure
Release to income this year
161,991
171,937
22

EAST LANCASHIRE RAILWAY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
17 Analysls of net assets between funds
Unrestricted
funds
General
Total funds at
31 March
2024
Restricted
funds
Tangible fixed assets
Fixed asset investments
404,850
404,850
279,435
263,406
15,134)
279,435
110,992
Current assets
Current liabilities
152,414
15,1341
Total net assets
552,130
390,427
942,557
18 Related party transactlons
During the year the Trust made the followin8 related party transactions:
East Lancashire Light Rallway Company Umited
The Trust has a close relationship with East Lancashire Light Railway Company Limited. This company
operates the railway and also nominates 3 members to the Trust's Board of Management.
During the year the Trust made Brants totalling £181,73512023 - £131,165) to the East Lancashire
Light Railway Company Limlted. Rental income receivable from East Lancashlre Llght Railwav
Cornpany Limited was £19,62112023 - £19,621).
The railway does not make a predetermined annual contribution to the maintenance of structures.
In the year , the railway incurred a cost of £138,5020 {2023 £87.830} on the repairs to a building
owned by the local authority partner.
At the balance sheet dale the amount due from East Lancashire Light Railway Company Limited was
£NII {2023 - £4,905).
Bury Metropolltan Borough Councll
Bury Metropolitan Borough Councill nominates 3 members to the Trust's Board of Mana8ement.
The Council makes an annual contribution of £12,000 for the maintenance of the railway structures.
At the balance sheet date the amount due from Bury Metropolitan Borough Council was £Nil {2023 -
£Nill.
Rochdale Metropolltan Borough Council
Rochdale Metropolitan Borough Councill nominates 3 members to the Trust's Board of
Management.
The Council makes an annual contribution of £12,000 forthe maintenance of the railway structures.
At the balance sheet date the amount due frorn Rochdale Metropolltan Borough Council was £Nil
12023 - £Nil).
23

EAST LANCASHIRE RAILWAY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Rossendale Borough Council
Rossendale Borough Council nominates 3 members to the Trust's Board of Management.
The Council makes an annual contribution of £6,000 forthe maintenance of the railway structures.
At the balance sheet date the amount due from Rossendale Borough Council was £18,00012023 -
£12,000).
24