REGISTERED COMPANY NUMBER: 01112380 (England and Wales)

REGISTERED CHARITY NUMBER: 507266

Report of the Trustees and

Financial Statements

for the Year Ended 31 December 2025

for

Ribble Steam Railway Limited

Page

Report of the Trustees

1

to

4

Independent Examiner's Report

5

Statement of Financial Activities

6

Balance Sheet

7

to

8

Notes to the Financial Statements

9

to

16

The elected 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 31st December 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 & Republic of Ireland (FRS 102) effective 1 January 2019

OBJECTIVES AND ACTIVITIES

Objectives and aims

The main objectives of Ribble Steam Railway Ltd are the operation of a Steam Railway, Exhibition Centre, Workshop & Museum & to provide & assist in the provision of facilities which reflect, remember & interpret the halcyon days of Industrial Railways in the British Isles.

Financial Performance

Overall income was down by 27.3% in 2025 compared to 2024. One of the largest contributors to this was the loss of gift aid payments from Ribble Rail due to the end of the bitumen traffic contract. The performance of the "Santa Specials" event, always a key driver towards overall profitability, was down slightly by 3.75%. It is also notable that shop income had reduced, but other retail income streams had seen some level of growth.

General Admission income was up by over 32% compared to 2024 - predominantly driven by a number of special events organised in conjunction with Fox & Edwards. This also contributed towards a visitor increase of almost 50% on 2024 levels.

Cafe income marginally increased by 3.6%

The previous year's improvements in Buffet Car income continued and increased by 50% on 2024 figures.

Shop income reduced by around 5% on 2024 data, which we considered disappointing considering the significant increase in visitors.

We have made a great start at reducing some of our expenditure, and this was reduced by almost 12% on 2024, despite having a number of significant increases on items such as loco hire, and operating costs for the Santa Special service. This was by necessity, balanced with reduced investment in a number of other areas.

Despite the increase in general admissions and some retail together with the reduction in operating costs, we have unfortunately posted an overall loss for the year of over £45k. Further efforts to reduce ongoing expenditure whilst raising additional revenue into 2026 will be required to reverse this trend, which may require new thinking and approaches across a number of elements in the business.

Volunteers

We have been pleased to see a good number of new volunteers joining the company and developing into a variety of roles from Operations to Front of House support and Workshop. It is very important to the company that we continue to attract and develop volunteers, specifically in Operations and Front of House support roles to focus on the core product of operating a heritage railway service. Every year customer expectations will continue to increase regarding the quality of the product expected.

Projects

The installation of the turntable is almost complete, but at the end of 2025, trackwork is still required to provide rail access to the facility. Once complete this will be an unusual attraction and valuable asset to the railway.

During 2025, another long term steam locomotive resident, Grant Ritchie No.272 reached the end of its 10 year boiler certificate and was placed into the museum pending a decision on next steps. Work to complete the restoration of both Hornet and Walkden was met with a number of unexpected challenges which prevented either locomotive from seeing regular service during the year, which resulted in the hire of "King George" to operate the essential Santa Special services. The fleet was also complemented during the year with the use of "JN Derbyshire", and of course the support of Furness Railway No.20. The unavailability of a company owned Steam locomotive contributed sharply towards the increase in loco hire fees from previous years. We hope that we can focus on a speedy restoration to service of "Courageous" to minimise these costs.

Following the departure of the Ribble Rail staff, maintenance of diesel locos has been carried out by a small team of volunteers, although numerous challenges were presented with the Sentinel fleet which has delayed the restoration of the company's vacuum fitted locomotive "Stanlow No.4". Once some stability is brought to the Sentinel fleet we hope our workshop teams will once again return Stanlow to operational service.

Ribble Rail Ltd

As reported in 2024, the contract with Total ended in December 2024, and the paid staff employed to support that company were made redundant in early 2025. We would like to thank those members of staff for their service and support of the railway. Ribble Rail continues to seek alternative business opportunities which could generate new revenue streams to support the charity.

Summary

We have made great progress in 2025 by reducing some expenditure lines, and the increase in passenger figures and ticket revenues is really positive, however we will need to continue both these trends into the future to return the company to a stable position following the loss of a significant income stream. The ongoing support and adaptability of our fantastic workforce towards these goals will be invaluable as we evolve Ribble Steam Railway for the challenges of the future.

We have seen a positive financial impact through partnering with Fox and Edwards for the licensed character events during 2025, and will continue to develop and monitor this relationship into 2026. We will also endeavour to rejuvenate and expand our dining services income which saw a drop off in 2025 from the previous year. Through learning and observation of other heritage railways and drawing on their successes, we hope to further develop our visitor base and increase those all important revenue streams.

We thank all our volunteers for their fantastic support in 2025 - All efforts are hugely appreciated!

Dave Billington

Interim Chair

Public benefit

We have referred to the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and planning future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set.

FINANCIAL REVIEW

Reserves policy

The trustees have set a target range for free general reserves of six months expenditure and aim to retain working capital within that range. Net current assets at the balance sheet date amounted to £213,136 and therefore fell in within the required level expected.

The reserve provides the trustees with sufficient solvency and time to take whatever action would be necessary if there was a threat to the continuing operation of the charitable activities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Ribble Steam Railway Limited is a registered charity, constituted as a company limited by guarantee, as defined by the Companies Act 2006.

It's objects, powers and other constitutional matters are set out in it's Memorandum and Articles of Association. It is governed solely by the Board of Trustees who are responsible for setting the strategic direction of the organisation and establishing policy.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01112380 (England and Wales)

Registered Charity number

507266

Registered office

Chain Caul Road

Riversway

Preston

PR2 2PD

Trustees

D W Watkins (Deceased) (deceased 10.6.26)

A R Walker

M Bailey

A Vipond (resigned 30.7.25)

P Liddle

M Burke

Mrs A Pinch

T Owen

S Cain

G Severn (resigned 30.9.25)

S Waugh

K Smith

D Billington (appointed 30.9.25)

G Mortimore (appointed 30.9.25)

Company Secretary

M Bailey

Independent Examiner

Suzanne Draper FCCA ACA

DJH Business Advisers Ltd

Oriel House

2-8 Oriel Road

Bootle

L20 7EP

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 7 September 2026 and signed on its behalf by:

M Burke - Trustee

Independent examiner's report to the trustees of Ribble Steam Railway Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

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:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts 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 accounts to be reached.

Suzanne Draper FCCA ACA

The Institute of Chartered Accountants in England and Wales

DJH Business Advisers Ltd

Oriel House

2-8 Oriel Road

Bootle

L20 7EP

9 September 2026

31.12.25

31.12.24

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

8,209

383

8,592

50,431

Other charitable activities

2

210,580

-

210,580

252,123

Investment income

3

794

-

794

-

Total

219,583

383

219,966

302,554

EXPENDITURE ON

Raising funds

110,807

-

110,807

122,630

Charitable activities

Operation of steam railway and exhibition centre.

154,776

1,200

155,976

180,258

Total

265,583

1,200

266,783

302,888

NET INCOME/(EXPENDITURE)

(46,000

)

(817

)

(46,817

)

(334

)

Transfers between funds

13

(726

)

726

-

-

Net movement in funds

(46,726

)

(91

)

(46,817

)

(334

)

RECONCILIATION OF FUNDS

Total funds brought forward

1,634,939

20,400

1,655,339

1,655,673

TOTAL FUNDS CARRIED FORWARD

1,588,213

20,309

1,608,522

1,655,339

31.12.25

31.12.24

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

8

1,376,086

19,200

1,395,286

1,419,126

Investments

9

100

-

100

100

1,376,186

19,200

1,395,386

1,419,226

CURRENT ASSETS

Stocks

10

8,200

-

8,200

6,700

Debtors

11

38,098

-

38,098

47,636

Cash at bank and in hand

181,292

1,109

182,401

208,544

227,590

1,109

228,699

262,880

CREDITORS

Amounts falling due within one year

12

(15,563

)

-

(15,563

)

(26,767

)

NET CURRENT ASSETS

212,027

1,109

213,136

236,113

TOTAL ASSETS LESS CURRENT LIABILITIES

1,588,213

20,309

1,608,522

1,655,339

NET ASSETS

1,588,213

20,309

1,608,522

1,655,339

FUNDS

13

Unrestricted funds:

General fund

1,586,213

1,634,939

Courageous Restoration

2,000

-

1,588,213

1,634,939

Restricted funds

20,309

20,400

TOTAL FUNDS

1,608,522

1,655,339

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 7 September 2026 and were signed on its behalf by:

M Burke - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

1% on cost

Improvements to property

-

5% on cost and 1% on cost

Plant and machinery

-

5% on reducing balance

Fixtures and fittings

-

5% on reducing balance

Major exhibits

-

5% on reducing balance

Minor exhibits

-

5% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2.	OTHER CHARITABLE ACTIVITIES

31.12.25

31.12.24

£

£

Subscriptions

1,951

2,308

Admissions

50,966

56,891

Shop

12,950

13,637

Santa specials

82,417

85,610

Buffet Car

4,544

3,004

Solar panel income

2,664

2,344

Cafe

21,240

20,492

Room & Site hire

50

7,413

Scrap metal

881

443

Plant use

-

4,583

Management fees

-

18,333

Signal & Telegraph

134

4,400

Use of Building

-

15,583

Rail futures income

-

6,000

Dining income

2,565

4,897

School visits

400

660

Special events

25,818

1,125

Diesel Locomotive support

-

4,400

Workshop income

4,000

-

210,580

252,123

3.	INVESTMENT INCOME

31.12.25

31.12.24

£

£

Deposit account interest

794

-

4.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.25

31.12.24

£

£

Depreciation - owned assets

23,840

27,020

Accountant's fee - Examination Current Year

2,500

4,600

Accountant's fee - other services

5,635

2,129

5.	TRUSTEES' REMUNERATION AND BENEFITS

31.12.25

31.12.24

£

£

Trustees' salaries

3,011

3,011

Dave Watkins was paid a salary in line with the Charity's Constitutional documents in relation to the bookkeeping services it provides to the charity.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2025 nor for the year ended 31 December 2024.

6.	STAFF COSTS

31.12.25

31.12.24

£

£

Wages and salaries

52,404

52,468

Social security costs

968

4,195

Other pension costs

967

1,062

54,339

57,725

The average monthly number of employees during the year was as follows:

31.12.25

31.12.24

Chief executive

1

1

Other staff

3

3

4

4

No employees received emoluments in excess of £60,000.

7.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

50,431

-

50,431

Other charitable activities

252,123

-

252,123

Total

302,554

-

302,554

EXPENDITURE ON

Raising funds

122,630

-

122,630

Charitable activities

Operation of steam railway and exhibition centre.

179,058

1,200

180,258

Total

301,688

1,200

302,888

NET INCOME/(EXPENDITURE)

866

(1,200

)

(334

)

RECONCILIATION OF FUNDS

Total funds brought forward

1,634,073

21,600

1,655,673

TOTAL FUNDS CARRIED FORWARD

1,634,939

20,400

1,655,339

8.	TANGIBLE FIXED ASSETS

Improvements

Long

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 January 2025 and 31 December 2025

639,177

895,931

253,334

DEPRECIATION

At 1 January 2025

96,079

193,309

100,854

Charge for year

6,211

8,959

7,624

At 31 December 2025

102,290

202,268

108,478

NET BOOK VALUE

At 31 December 2025

536,887

693,663

144,856

At 31 December 2024

543,098

702,622

152,480

Fixtures

and

Major

Minor

fittings

exhibits

exhibits

Totals

£

£

£

£

COST

At 1 January 2025 and 31 December 2025

57,540

8,935

174

1,855,091

DEPRECIATION

At 1 January 2025

38,379

7,204

140

435,965

Charge for year

958

86

2

23,840

At 31 December 2025

39,337

7,290

142

459,805

NET BOOK VALUE

At 31 December 2025

18,203

1,645

32

1,395,286

At 31 December 2024

19,161

1,731

34

1,419,126

9.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

MARKET VALUE

At 1 January 2025 and 31 December 2025

100

NET BOOK VALUE

At 31 December 2025

100

At 31 December 2024

100

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

Ribble Rail Limited

Registered office:

Nature of business: Railway operating company

%

Class of share:

holding

Ordinary £10

100

31.12.25

31.12.24

£

£

Aggregate capital and reserves

36,556

29,269

Profit for the year

7,287

75,816

10.

STOCKS

31.12.25

31.12.24

£

£

Stocks including coal

8,200

6,700

11.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

5,656

6,268

Amounts owed by group undertakings

-

16,090

Prepayments

32,442

25,278

38,098

47,636

12.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

3,456

14,227

Amounts owed to group undertakings

806

-

Social security and other taxes

(236

)

-

Pension Control Account

182

197

VAT

6,231

8,844

Accrued expenses

5,124

3,499

15,563

26,767

13.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.1.25

in funds

funds

31.12.25

£

£

£

£

Unrestricted funds

General fund

1,634,939

(48,000

)

(726

)

1,586,213

Courageous Restoration

-

2,000

-

2,000

1,634,939

(46,000

)

(726

)

1,588,213

Restricted funds

Heritage Lottery fund

20,400

(1,200

)

-

19,200

Roof Appeal

-

383

726

1,109

20,400

(817

)

726

20,309

TOTAL FUNDS

1,655,339

(46,817

)

-

1,608,522

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

217,583

(265,583

)

(48,000

)

Courageous Restoration

2,000

-

2,000

219,583

(265,583

)

(46,000

)

Restricted funds

Heritage Lottery fund

-

(1,200

)

(1,200

)

Roof Appeal

383

-

383

383

(1,200

)

(817

)

TOTAL FUNDS

219,966

(266,783

)

(46,817

)

Comparatives for movement in funds

Net

movement

At

At 1.1.24

in funds

31.12.24

£

£

£

Unrestricted funds

1,634,073

866

1,634,939

Restricted funds

Heritage Lottery fund

21,600

(1,200

)

20,400

TOTAL FUNDS

1,655,673

(334

)

1,655,339