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 2025
LNER (GC) HERITAGE TRUST Contents Page Legal and Administrative information Trustees Bankers Trustees Report Year Ending 31st January 2025 Objectives and Activities Report on Last Year'5 Activity Strategic Approach Membership Non-membershlp Income Mainline and Brld8e 302A Appeal GCRN/NTHC Nottingham Area Bus Society/NABS Other Major Grants Other Key Expendlture The Le8al Bits The Trust Policy on Reserves Policy on Investment Tangible Assets Employees Benefit5 Looking Forward Overall Aim Restricted and Designated Funds Independent Examiner's Report Statement of Financial Activitie5 Balance Sheet Notes to the Financial Statements 9-17
LNER (GC) HERITAGE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Andrew Fillingham Karen Sharpe Martin Roe Chair Secretary Treasurer Charity number 1077725 Company number 3837779 Reg15tered offl¢e 4 Grange Avenue Ruddington Nottingham NGII 6DB Independent examlner D S J Slssons, FCA Waters & Atklnson Chartered Accountants The Old Court House Clark Street Morecambe Lancashire LA4 SHR Bankers Charitie5 Aid Foundation Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
LNER (GC) HERITAGE TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JANUARY2025 Objectives and Actlvltle5 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 seek5 to raise funds in support of worthy projects,. there has been no change in this policy during the year. Report on Last Yearfs Actlvlty. Strateglc Approach The Trust continued to follow their 2023 strategy that their interests were best served by the long-term success of the Nottingham Transport Heritage Centre INTHCI. in particular, getting the Great Central Railway (Nottinghaml IGCRNI operational once more. To that end, there was continuing investment in projects that had previously stalled or been overlooked: completion of the No.4 Carriage Shed, improvements to the Hotchley Hill Signal box,. additional investment for the permanent way platform 2, Rushcliffe Halt, and carria8e maintenance,. and support for the site by partially 5ubsidisin8 a full-time site manager. Additlonally a new dlsability friendly tollet block has been constructed at the Ruddlngton site. Membership Membership has contlnued to rise after many years of decline and now exceeds 40014071 for the first time In many years. As In the previous year this has largely been through new volunteers taking Out the reduced £10 membershlp. GCRN has now started to run services again whi15t a lirnlted service operatlnB In September thls year wa5 very successful it did little to improve membership numbers. It has therefore been decided that durlng 202516 we wlll move towards merEing our membership with the 'Friends of the Great Central, based with our colleagues in Great Central Railway plc. It is expected that a membership software package will be adopted for this purpose to cover the requirements of both organlsations, Our members wlll be transferred on expiry of thelr exlsting membership, Similarly, our members magazine 'Driving Wheels, will be withdrawn with additional Northern focussed sections belng added to the 'Mainline' magazine. We would. as usual, like to thank our ex15ting members, not only for their continued support, but also for the additional donations that many add to thelr subscription. Whilst the subscriptions remained fairly steady at just over £5,000 a further £3,000 was received in additional donations. Additionally, we would like to thank our online donors who contributed in excess of £20,000.00
LNER {GC) HERITAGE TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 Non-mernbership Income The Bri¢-A-Brac (now renamed the 'Emporium ') provided an additional £IOOO donation and the member5 lottery approximately £1900 profit for the year. We urge our members to consider entering the draw by contacting our membership secretary or online. All profits will support the trust's ongoing projects. Other key donations were to the following campaigns.. Mainline: £14,818 £259 £305 Platform2'. Carriage Maintenance., Hotchley Hill Signal Box.. Rushcllffe Halt.. No.4 Shed.. Bridge 302A Appeal: Disability Toilet Block.. £678 £88 £3,144 £7.071 £15,528 In total, the trust received £47,000 in donatlons. All the above will be regarded as Designated Funds to satisfy the wishe5 of their donors. Thank5 to our membership Secretary for continuing to claim Gift Aid, the trust recelved approximately £1,000 from HMRC. £642 was received by the Trust from Rental of the agricultural land near Bradmore and £553 dividend from HSBC Shares held by the Trust. Both were kindly donated by the Estate of John Wilson. £2,227 was recelved in income from our savlngs account, Mainllne and Brld8e 302A Appeal The largest beneficiary of the trust funds thi5 year was to Improve the permanent way In order that trains could run again. To this end, £4,860 was donated to ballast for the existing track and £47.000 to repalr bridge 302A which had failed to be certif led as fit for passenger traffic. GCRNINTHC GCRN was the second major beneficiary of the trust's funds receiving approximately £36,500 in grants. Key contributions of this were £8,500 on installing electrlcal connections,. £1,700 on installing site wide Wi-Fi: £4,500 on joinery; £8,600 to contribute to toward Site Management and £9,500 towards the new toilet block. We would, as usual, like to thank our remaining members, not only for their continued
LNER (GC) HERITAGE TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 support, but a150 for the additional donations that many add to their subscription. Nottigham Area Bus Soclety/NABS Whilst the ref urbishment and maintenance of the vehicles will remain the responsibility of NABS, the trust has agreed to finance insurance, MOT testing and (where appropriatel road tax, This year the combined cost was £525. Other Major Grants Were to the following appeals: No. I Shed.. Platform 2: Carriage Maintenance: £1,600 on replacing the compressor. £3,700 on machine hire and building materials. £843 on paints, fa brics, and tools. Other Key Expendlture Accountants Fees.. Bank Charges: Member Communications: Website Development: Legal Fees (Merger): Drivlng Wheels Magazine: £1,440 £86 £2,026 on stationery/printing/postage/office equipment £289 £2,704 £2,199 We are addressing several 35pects of communicating with our members but would particularly Ilke to address sending out hard copy communlcatlons. We do keep the webslte up to date so please keep an eye out for news and progress at www.Iner8Ctrust.org, Post merger this will be migrated to: www.emtht.or8 The Legal Bits The Trust LNER IGCI 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 NGII 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 requirement5. e.g., agreed matched funding. Sufficient funding must remain available to meet the annual running c05ts of the Trust and any wind-up costs in the event of the Trust being wound up. £10,000 is considered reasonable to meet this requirement.
LNER (GC) HERITAGE TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 Pollcy 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 Depreclatlon of the current tan8lble assets is as follows: HSBC Share5 and Agricultural Land: Equipment: Bu5 Fleet.. not depreclated 20% per annum 20% per annum on written down value Employee Benefit5 The Trust has no paid employees. No Trustee has any personal financial interest in the Trust. Looking Forward Overall Alm The Trusts primary objective remalns to promote interest and awarenes5 of the public in relation to Industrial herltage and all kinds of transportation. The Trustees believe that this Is best achleved by working wlth the EMRT, GCRN, NABS and other stakeholders of the Nottlngham Transport Heritage Centre to create a sustainable future for the promotlon of Herltage Transportatlon in the East Midlands. To thls end, a merger with the East Midlands Rallway Trust wlll be enacted during the next flnanclal year,. the comblned trust will be named the East Midlands Transport Herita8e Trust IENTHTI. It Is hoped this merger will contlnue to re-invlgorate the splrlt of the origlnal team who saw the vision of establishing GCRN, Reuniflcation and the Nottingham Transport Herltage Centre as feasible despite the challenges, Restrlcted and Deslgnated Funds After analysis of our position of the John A Wilson legacy. we discovered that the funds were not restricted by the will. To this end we have no restricted fund5 Other than in tangible assets; namely: the Bus fleet, the Agricultural Land and HSBC Shares, Current Designated Funding is comprised of the following appeals- the Mainline Appeal, Platform 2, Carriage Maintenance, Hotchley Hill Signal Box, Rushcliffe Halt, No.1 Shed and the disability toilet block appeal. Unless legacy funds, have been clearly nominated for a specific purpose these will remain unrestricted funds.
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 IGCI Heritage Trust Ithe trustl for the year ended 31 January 2025. Responsibilites and basis of report As the trustes of the trust land also its director5 for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 Ithe 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 Commlssion under section 14515llbl of the 2011 Act. Independent examiner's statement I have completed my examlnation. I conflrm that no matters carne to my attention in connectlon wlth the examinatlon giving me cause to believe that in any material aspect,. accountlng records were not kept in respect of the trust as required by section 386 of the 2006 Act. or the financial statements do not accord with those records. or the financial statement5 do not comply with the accountin8 requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view whlch Is not a matter consldered a5 part of an independent examination,. or the financial statements have not been prepared In accordance with the methods and principles of the Statement of Recommended Practice for accountlng and reporting by charities applicable to charitles preparing their accounts in acocrdance with the FinancSal Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021. 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 cf the financial statements to be reached, D S J Sissons, FCA Waters & Atkinson Chartered Accountants The Old Court House Clark Street Morecambe Lancashire LA4 SHR Date ..............................-..................
LNER (GC) HERITAGE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY2025 Current financial year Unrestricted Restricted funds funds 2025 2025 Total 2025 Total 2024 Notes Income from: Donations and legacies Charitable activitles Investments Total Income 49,233 6,285 3,602 59,120 49,233 6,285 3,602 59,120 80,285 6.854 4,415 91,554 Expenditure on: Expenditure on charitable activities 102,070 1,968 104,038 68,258 Net gains on Investments io 2,898 2,898 135 Net movement In funds Transfers between funds Fund balances at l Feb 2024 140,0521 98,816 178,147 11,9681 142,0201 198,8161 140,902 23,431 319,049 295,618 Fund balances at 31 January 2025 236,911 40,118 277,029 319,049 The statement of financlal actlvltles Includes all galns and105ses recognised in the year, All income and expenditure derlve from contlnulng activitles. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
LNER {GC) HERITAGE TRUST BALANCE SHEET ASAT31 JANUARY2025 2025 20Z4 Notes Flxed asset5 Tangible assets Current assets li 120,273 121,716 Investment5 Cash at bank and in hand 12 9,532 148,664 6,634 192,199 158,196 198,833 Credltors: amounts fallin8 due wlthln one year 13 11,4401 11,5001 Net current assets 156,756 197,333 Total a$5ets less current liabllltles 277,029 319,049 Income funds Restricted f unds Unrestricted funds General unrestrlcted funds 14 40,118 108,902 236,911 178,147 236,911 277,029 178,147 319,049 The company is entltled to the exemption from the audit requirement contalned In section 477 of the Companles Act 2006, for the year ended 31 January 2025. The Trustees acknowledge thelr responsibilities for complying with the requirements of the Act with respect to accounting records and for the preparatlon 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 flnancial statements have been prepared in accordance with the provisions applicable to companies subject to the small companie5 regime. The f inancial statement5 were approved by the Trustees on Martin Roe Trustee Company Re8iStration No. 3837779
LNER (GC) HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY2025 l Accounting policies Charity information LNER IGCI Heritage Trust is a private company limited by guarantee incorporated in England and Wales. Its registered off ice is at Nottingham Transport and Heritage Centre, Mere Way, Ruddington. Nottinham, NGII 6JS. 1.1 Accounting conventlon The accounts have been prepared In accordance with the trust's governing document, the Companies Act 2006 and "Accounting and Reportlng by Charities.. Statement of Recommended Practice applicable to ¢haairite5 and preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting periods commencin8 from l January 20161. The trust is a Publ1¢ Benefit Entity as defined by FRS 102. The trust has taken advantage of the provislons In the SORP for charltles applyin8 FRS 102 Update Bulletln I not to prepare a Statement of Cash Flows. The accounts are prepared in sterllng, which Is the functlonal currency of the trust, Monetary amounts In these financial statements are rounded to the nearest £1. The financial statements have been prepared under hlstorical cost conventlon, modlfied to include the revaluation of freehold properties and to Include Investment properties and certain financial Instruments at falr value. The principal acountin8 policles adopted are set out below. 1.2 Golng concern At the time of approving the flnanclal 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 Charltable fund5 Unrestricted funds are avallable 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 trustee5, for specific purposes. The purposes and uses of the designated fund5 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.
LNER (GC) HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 l Accounting policies (Continued 1.4 Income Income is recognised when the trust Is legally entitled to it after any performance condition5 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 reco8nised on receipt or otherwise if the trust has been notified of an Impendin8 distribution, the amount Is known, and receipt Is expected. If the amount is not known, the legacy 15 treated as a contingent asset. 1.5 Expendlture Liabilities are re¢ogni5ed at the point at which payment becomes unconditional. 1.6 Tanglble fixed assets Tan8ible fixed assets are initially measured at cost and subsequently measured at Cost or valuation, net of depreciation and any impairment losses. Depreciatlon is reco8nised so as to write off the cost or valuation of assets less their resldual values over their useful Ilves on the following bases,. Agrlcultural land PDI Leyland bus Fixtures and fittings Not depreciated 20% on written-down value 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 carryin8 value of the asset, and is recognised in the statement of financial activitie5. 1.7 Impairment of flxed a55ets At each reportlng end date, the trust review the carrying amounts of its tangible assets to determlne whether there Is any indication that th05e 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 lif any). io
LNER (GC) HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FQR THE YEAR ENDED 31 JANUARY2025 l Accounting policies (Continued Otherflnuncial ossetS 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 incomellexpenditurel. 2 Donations and legacles Unrestrlcted funds Restrlcted funds Total 2025 Total 2024 Donations Other 42,551 6,682 42,551 6,682 58,355 21,930 The split between unrestricted and restricted donatlons for the year ended 31 January 2024 was £32,909 and £47,376 respectively. 3 Charltable actlvlty 2025 2024 Subscriptions lunrestrictedl Hire fees 5,085 1,200 6,285 6,854 6,854 4 Investments 2025 2024 Rental from agricultural lease Dividend received - HSBC Interest receivable 642 727 2,233 3,602 642 269 3,504 4,415 Investment income was unrestricted in both years, li
LNER (GC) HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 5 Expenditure on charitable activltles 2025 2024 PDI bus Irestricted fund51 Printing - 'Driving wheels" 'Driving wheels postage Membership postage Stationery, printing and postage Bank charges Fees, subscriptions and sundries Small renewals and software Website costs Brlckworklhire costs platform appeal Irestricted f undsl Railway sleepers malnllne appeal (restricted funds) Roller doors shed appeal (restricted funds) Insurance etc, bus fleet (restricted fundsl Security doors Hotchley Hill Electrlcity Hotchley Hill Cine coach various costs 1,443 1,107 1,093 1,804 1,994 1,038 465 643 566 115 65 60 319 384 160 200 740 2,457 4,480 5,365 1,152 867 294 493 Buildin8 grant Rushcllffe Halt Sundry Rushcliffe Halt Sundry repairs Ru5hcliffe Halt Merger fees Companies House fee Membershlp cards and forms 5undfY Other running costs Bus Fleet costs (restricted funds) Carriage refurbishment Compressor for No.1 Shed Platform 2 costs Mainline track repairs Malnllne bridge expenses Sundry Mainline costs 1,600 48 234 538 1,284 34 1.092 252 525 843 1,682 3,693 4,210 47,000 76 66,508 23,907 Grant funding of activities Isee note 61 Share of governance costs (see note 7) 36,150 1,380 104,038 41,759 2,592 68,258 12
LNER (GC) HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 6 Grants to GCRN Z025 2024 Toilet block costs and plannln8 Wi-fi installation 9,700 1,318 2,331 1,420 2,126 Joinery Merger costs Wood for shark P05ter5 187 Site rnanager contributions Picnic benches No 4 shed 9,390 5,550 950 8,175 35,000 72 Concrete Sundry other costs 1,690 36,150 41,759 All of the 8rants payable were in support of Infrastructure projects being undertaken by Great Central Railway Nottingham Ltd, 7 Governance costs 2025 2024 Independent examlner's fee 1,380 1,380 2,592 2,592 8 Trustees None of the trustees lor any persons connected wlth theml recelved any remuneration or benefit5 from the trust during the year. 9 Employees The average monthly number of employees durlng the year was.. 2025 Number 2024 Number Total 13
LNER (GC) HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENT5 (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 10 Net gains/(losses) on Investments Unrestricted Unrestricted funds funds 2025 2024 Revaluation of Investments 2,898 135 14
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