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2024-01-31-accounts

Charity registration number 1077725 Company registration number 3837779 (England and Wales)

LNER (GC) HERITAGE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

LNER (GC) HERITAGE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Arthur Barber Sadly passed away November 2023
Martin Roe Treasurer
Andrew Fillingham Chair
Karen Sharpe Secretary
Charity number 1077725
Company number 3837779
Registered office Nottingham Transport Heritage Centre
Mere Way
Ruddington
Nottingham
NG11 6JS
Independent examiner D S J Sissons, FCA
Waters & Atkinson Chartered Accountants
The Old Court House
Clark Street
Morecambe
Lancashire
LA4 5HR
Bankers Charities Aid Foundation Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ

LNER (GC) HERITAGE TRUST

Contents

Page
Trustees' report 1 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the accounts 9-16

LNER (GC) HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JANUARY 2024

The trustees present their annual report and financial statements for the year ended 31 January 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trusts' governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Report Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)”.

Trustees Report Year Ending 31[st] January 2024

The financial statements have been prepared in accordance with the accounting policy outlined by the Companies Act 2006 and “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).

Objectives and Activities.

The trusts’ primary objective is to promote interest and awareness of the public in relation to industrial heritage and all kinds of transportation. To this end, the trust seeks to raise funds in support of worthy projects; there has been no change in this policy during the year.

Report on Last Year’s Activity.

Strategic Approach

Having heard from our membership at last year's AGM the Trustees decided that their interests were best served by the long-term success of the Nottingham Transport Heritage Centre (NTHC); and, in particular, getting the Great Central Railway (Nottingham) (GCRN) operational once more.

To this end, there has been a significant increase in investment in projects that had previously stalled or been overlooked. Completion of the No. 4 Carriage Shed and Hotchley Hill Signal box; additional investment for the permanent way, platform 2, Rushcliffe Halt, and carriage maintenance; and support for the site by partially subsidising a full-time site manager.

In addition, to protect their future, three additional buses were adopted by the trust.

It is hoped that the next annual report will be able to show a reduction in the support required as NTHC becomes the success the membership requested.

Membership.

Membership has finally started to rise after many years of decline; currently it is 394. Primarily this has been through new volunteers taking out the reduced £10 membership. After a change in volunteering regulations, we have now adopted the previous regime of all volunteers being required to be a member of the trust, albeit at a reduced rate.

1

LNER (GC) HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

Whilst we understand that the lack of any services being run by GCRN currently we remain hopeful that wider membership will resume once they recommence.

We would, as usual, like to thank our remaining members, not only for their continued support, but also for the additional donations that many add to their subscription. As a result of this income from membership for the year was £6,155 up from £5,397 in the previous year.

Two other items of note are:

After changing suppliers, we have managed to reduce the cost of printing and distributing Driving Wheels. This year we have reduced the cost by approximately £1,500 from £4,850 to £3,350. Whilst we understand that many of our members preferred the previous format, we hope that you support the change.

When using BACS transfers please remember to add your name and/or membership number so that we may correctly allocate funds.

Non-Membership Income.

Merger with the Northern Development Association provided an additional £22,000 income to the Trust. £21,000 on transfer and a further £1,000 from the transfer of the Members Monthly Prize Draw (see below).

The trust has also taken over the running of the Monthly Members Draw which has taken £630 profit since being subsumed. We urge our members to consider entering the draw by contacting our membership secretary or online via our website www.lnergctrust.org. All profits will support the trusts ongoing projects.

Other key donations were to the following campaigns:

2

LNER (GC) HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

 Bus Fleet: £1,000 from Notts TV for hiring the open top bus.

All the above will be regarded as Restricted Funds to satisfy the wishes of their donors.

Thanks to our membership Secretary for continuing to claim Gift Aid on both the current year and back dated, the trust received more than £3,000 from HMRC.

£642 was received by the Trust from Rental of the agricultural land near Bradmore and £270 dividend from HSBC Shares held by the Trust. Both were kindly donated by the Estate of John Wilson.

£3,330 was received in income from our savings account.

GCRN/NHR.

GCRN was the major beneficiary of the trust’s funds receiving approximately £41,800 in grants. Key contributions of this were £35,000 towards the No. 4 carriage shed appeal and £5,600 towards site management and enhancements. A further £950 was donated from the Members Monthly Prize Draw to provide disability friendly picnic benches at Rushcliffe Halt and £234 on Gift Envelopes.

Nottingham Area Bus Society/NABS.

During the year the Trust took ownership of three additional vehicles in addition to the previously owned Leicester City PD1. These were: Trent Leyland AN68 Open topped bus, NCT Leyland AN68 ‘Andrew Pickering’ and the Volvo Citybus.

Whilst the refurbishment and maintenance of the vehicles will remain the responsibility of NABS, the trust has agreed to finance insurance, MOT testing and (where appropriate) road tax. This year the combined cost was £1,152.

Other Major Grants.

Were to the following appeals:

3

LNER (GC) HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

Other Key Expenditure.

Running Costs for the year were higher the previous year owing to the change in management of the trust. These will all be addressed during 2024/5:

We are addressing several aspects of communicating with our members but would particularly like to address sending out hard copy communications. We do keep the website up to date so please keep an eye out for news and progress at www.lnergctrust.org.

The Legal Bits.

The Trust.

LNER (GC) Heritage Trust is a private company limited by guarantee incorporated in England and Wales number 3837779. Its registered office is at 4, Grange Avenue, Ruddington NG11 6DB.

Policy on Reserves

It remains the policy of the Trust that unrestricted funds that have not been designated for a specific purpose should be maintained at a level agreed by the Executive Trustees to meet future requirements. e.g., agreed matched funding.

Policy on Investment

The Trust will continue to hold a cautious approach to investment with monies being held in cash with the exception of the current tangible assets and any other similar bequests made to the Trust.

Tangible Assets.

Depreciation of the current tangible assets is as follows:

Employees Benefits.

The Trust has no paid employees. No Trustee has any personal financial interest in the Trust.

4

LNER (GC) HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

Looking Forward.

Overall Aim.

The Trusts primary objective remains to promote interest and awareness of the public in relation to industrial heritage and all kinds of transportation. The Trustees believe that this is best achieved by working with the EMRT, GCRN, NABS and other stakeholders of the Nottingham Transport Heritage Centre to create a sustainable future for the promotion of Heritage Transportation.

Whilst significant progress has been made this year, we need to re-invigorate the spirit of the original team who saw the vision of establishing GCRN, Reunification and the Nottingham Transport Heritage Centre as feasible despite the challenges.

Restricted Funds.

Restricted funds are those funds that cannot be used as part of the Trust’s operating remit without consulting the primary donors. Current Restricted Funding is comprised of the following appeals: the Carriage Shed Appeal, Mainline, Platform 2, Carriage Maintenance, Hotchley Hill Signal Box, Rushcliffe Halt and No.1 Shed.

Tangible assets will also remain as restricted funds, namely the bus fleet and a nominated wind-up sum in the event the Trust ceases.

Unless legacy funds, have been clearly nominated for a specific purpose these will remain unrestricted funds.

5

LNER (GC) HERITAGE TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LNER (GC) HERITAGE TRUST

I report to the trustees on my examination of the financial statements of LNER (GC) Heritage Trust (the trust) for the year ended 31 January 2024.

Responsibilites and basis of report

As the trustes of the trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requiremennts of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of the trusts' financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 came to my attention in connection with the examination giving me cause to believe that in any material aspect:

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.

………………………………………………..

D S J Sissons, FCA Waters & Atkinson Chartered Accountants The Old Court House

Clark Street Morecambe Lancashire LA4 5HR

Date ………………………………………….

6

LNER (GC) HERITAGE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2024

Current financial year

Current financial year
Unrestricted Restricted funds
funds 2024 **2024 ** **Total 2024 ** Total 2023
Notes £ £ £ £
Income from:
Donations and legacies 2 32,909 47,376 80,285 32,338
Charitable activities 3 6,854 - 6,854 5,397
Investments 4 4,415 - 4,415 1,464
Total income 44,178 47,376 91,554 39,199
Expenditure on:
Expenditure on charitable activities 5 53,000 15,258 68,258 27,101
Net gains/(losses) on investments 10 135 - 135 563
Net movement in funds (8,687) 32,118 23,431 12,661
Fund balances at 1 Feb 2023 186,834 108,784 295,618 282,957
Fund balances at 31 January 2024 178,147 140,902 319,049 295,618

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

7

LNER (GC) HERITAGE TRUST

BALANCE SHEET AS AT 31 JANUARY 2024

Notes
Fixed assets
Tangible assets
11
Current assets
Investments
12
Cash at bank and in hand
Creditors: amounts falling due
within one year
13
Net current assets
Total asset less current liabilities
Income funds
Restricted funds
14
Unrestricted funds
Designated funds
General unrestricted funds		 2024
2023
£
£
£
£
121,716
91,520
6,634
6,499
192,199
199,027
198,833
205,526
(1,500)
(1,428)
197,333
204,098
319,049
295,618
108,902
108,784
-
39,334
178,147
147,500
178,147
186,834
319,049
295,618

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 January 2024.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.

The members have not required the company to obtain an audit of its financial statements 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 bt the Trustees on ………………………………………………..

………………………………………………….....

Martin Roe Trustee

Company Registration No. 3837779

8

LNER (GC) HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

1 Accounting policies

Charity information

LNER (GC) Heritage Trust is a private company limited by guarantee incorporated in England and Wales. Its registered office is at Nottingham Transport and Heritage Centre, Mere Way, Ruddington, Nottinham, NG11 6JS.

1.1 Accounting convention

The accounts have been prepared in accordance with the trust's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to chaairites and preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016). The trust is a Public Benefit Entity as defined by FRS 102.

The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The accounts are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under 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 acounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statement.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise otherwise unrestricted funds which have been set aside, at the discretion of the trustees, for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts. The trustees have disposed of the need for designated funds in 2024 as this had caused confusion for the members.

Restricted funds are subject to specific conditions 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.

9

LNER (GC) HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

1 Accounting policies

(Continued)

1.4 Income

Income is recognised when the trust 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 trust has been notified of the donation, unless performance conditions require deferral of the amount.

Legacies are recognised on receipt or otherwise if the trust 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.

1.5 Expenditure

Liabilities are recognised at the point at which payment becomes unconditional.

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:

Agricultural land Not depreciated PD1 Leyland bus 20% on written-down value Fixtures and fittings 25% straight line

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 Impairment of fixed assets

At each reporting end date, the trust review 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).

10

LNER (GC) HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

1 Accounting policies

(Continued)

Other financial assets

Investments in publicly listed UK companies are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure).

2 Donations and legacies

Donations and legacies
funds funds **Total 2024 ** Total 2023
£ £ £ £
Donations 10,979 47,376 58,355 7,338
Other 21,930 - 21,930 25,000

The split between unrestricted and restricted donations for the year ended 31 January 2023 was £31,123 and £1,215 respectively. Restricted donations include the market values of 3 buses donated by Nottingham Area Bus Society.

3 Charitable activity

Subscriptions (unrestricted)
4 Investments
Rental from agricultural lease
Dividend received - HSBC
Interest receivable		 2024
2023
£
£
6,854
5,397
2024
2023
£
£
642
642
269
244
3,504
578
4,415
1,464

Investment income was unrestricted in both years.

11

LNER (GC) HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

5 Expenditure on charitable activities

PD1 bus (restricted funds)
Printing - "Driving wheels"
"Driving wheels" postage
Membership postage
Stationery, printing and postage
Bank charges
Fees, subscriptions and sundries
Small renewals
Website costs
Brickwork/hire costs platform appeal (restricted funds)
Railway sleepers mainline appeal (restricted funds)
Roller doors shed appeal (restricted funds)
Insurance etc, bus fleet (restricted funds)
Security doors Hotchley Hill
Electricity Hotchley Hill
Cine coach various costs
Building grant Rushcliffe Halt
Sundry Rushcliffe Halt
Grant funding of activities (see note 6)
Share of governance costs (see note 7)
6 Grants to GCRN
A60 bridge restoration
Hotchley Hill Box
Lamp hut
Fire Extinguishers
Security door
Posters
Site manager contributions
Picnic benches
No 4 shed
Concrete		 2024
2023
£
£
1,804
2,254
1,994
3,455
1,038
1,383
465
-
566
-
65
92
319
13
160
-
740
-
2,457
-
4,480
-
5,365
-
1,152
-
867
-
294
-
493
-
1,600
-
48
-
23,907
7,197
41,759
18,434
2,592
1,470
68,258
27,101
2024
2,023
£
£
-
10,000
-
2,471
-
2,800
-
2,349
-
814
187
-
5,550
-
950
-
35,000
-
72
-
41,759
18,434

12

LNER (GC) HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

6 Grants to GCRN

All of the grants payable were in support of infrastructure projects being undertaken by Great Central Railway Nottingham Ltd.

7 Governance costs

Independent examiner's fee 2024
2023
£
£
2,592
1,470
2,592
1,470

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year

9 Employees

The average monthly number of employees during the year was:

Total
Net gains/(losses) on investments
Revaluation of investments		 2024 Number
2023 Number
-
-
Unrestricted
funds
Unrestricted
funds
2024
2023
£
£
135
563

10 Net gains/(losses) on investments

13

LNER (GC) HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

11 Tangible fixed assets

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Agricultural|PD1 Leyland|Fixtures and| |land|bus|Buses|fittings|Total| |£|£|£|£|£| |Cost| |At 1 February 2023|82,500|34,406|-|146|117,052| |Additions|-|-|32,000|-|32,000| |At 31 January 2024|82,500|34,406|32,000|146|149,052| |Depreciation and impairment| |At 1 February 2023|-|25,389|-|143|25,532| |-|-|-| |Depreciation charged in the year|1,804|1,804| |At 31 January 2024|-|27,193|-|143|27,336| |Carrying amount| |At 31 January 2024|82,500|7,213|32,000|3|121,716| |At 31 January 2023|82,500|9,017|-|3|91,520|

----- End of picture text -----

12 Current asset investments

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Investments - ordinary shares in HSBC plc at market value|6,634|6,499|

----- End of picture text -----

14

LNER (GC) HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

13 Creditors: amounts falling due within one year 13 Creditors: amounts falling due within one year 2024 2023
£ £
Accrued expenses - independent examiner's fee 1,500 1,428
14 Restricted funds
Platform appeal Movement in funds
Balance at 1
February 2022
Incoming
resources
Resources
expended
Balance at 1
February 2023
£
£
£
£
3,737
270
-
4,007		 Movement in funds
Incoming
resources
Resources
expended
£
£
304
(2,457)		 Balance at 31
January 2024
£
1,854
Mainline appeal 16,612
945
-
17,557		 1,329 (4,480) 14,406
PD1 Bus 14,296
-
(2,254)
12,042		 - (1,804) 10,238
John A Wilson 75,178
-
-
75,178		 - - 75,178
Shed appeal -
-
-
-		 10,393 (5,365) 5,028
No 1 Shed -
-
-
-		 2,350 - 2,350
Bus Fleet -
-
-
-		 1,000 (1,152) (152)
Leyland AN68 (1976) -
-
-
-		 7,000 - 7,000
Leyland AN68 (1978) -
-
-
-		 15,000 - 15,000
Volvo City Bus (1989) -
-
-
-		 10,000 - 10,000
109,823
1,215
(2,254)
108,784		 47,376 (15,258) 140,902

15

LNER (GC) HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

Unrestricted funds at 31 January 2024 are represented by:
Tangible assets
Current assets/(liabilities)		 Unrestricted
funds 2024
Restricted funds
2024
Total 2024
Unrestricted
funds 2023
Restricted funds
2023
Total 2023
£
£
£
£
£
£
82,503
39,213
121,716
82,503
9,017
91,520
95,644
101,689
197,333
104,331
99,767
204,098
178,147
140,902
319,049
186,834
108,784
295,618

15 Related party transaction

There were no disclosable related party transactions during the year (2023 - none).

16