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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