COMPANY REGISTRATION NUMBER: 04102029
CHARITY REGISTRATION NUMBER: 1092160
Tetbury Rail Lands Regeneration Trust Limited
Company Limited by Guarantee
Financial Statements
30 November 2023

INDEX TO THE FINANCIAL STATEMENTS
PAGE
REFERENCE AND ADMINISTRATIVE DETAILS
TRUSTEES, ANNUAL REPORT
STRUCTURE. GOVERNANCE AND MANAGEME
AIMS, 08JECtIVES AND ACtIVlTIES
PVBLIC BENEFIT STATEMENT
ACHIEVEMENTS AND PERFORMANCES
FINANCIAL REVIEW
TRUSTEES. RESPONSIBILITY STATEMENT
io
REPORTOF THE INDEPENDENT EXAMINER
12
STATEMENT OF FINANCIAL ACTIVITrES
13
BALANCE SHEET
14
NOTES TO THE FINANCIAL STATEMENTS
15

TETBURY RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BYGUARANTEE
YEAR ENDED 30 NOVEMBER 2023
REFERENCE ANO ADMINlStRATIVE DETAILS
Registered tharity name
Tetbury Rail Land5 Re8eneration Trust
Charity registration number
1092160
Comp3ny registration numljer
4102029
Principal office and registered office
Tetbury Goods Shed
Old Station Yard
Cirencester Road
Tetbury
GlOucest￿ShIre
GL8 8EY
Dirertors and Trustees
The Trustees who served the company during the year and until the date of signing, an(1 the sub-committees on
which they Served, were as follows=
Mrs H Estall (resigned 20161231
Mr J Golob (resigned 6111241
Mr S Hirst (Tetbury Town Council (TTCII
stood down 1917123
io
Mr P Hodson
Mr R Lark
Mr D Looman
Mrs C Paton
Mr R Warrington, Chair ol Trustees
Dr T Walsh Irrc) stood down 1917123
Mrs Rwright
Mr Peter Coleman IITtCl appointed 19171231
Mrs Melanie Henry (appointed 20111120231
Mr J Duining appointed lappointed 1917120231
5,7,8
io
Committees to the Board
BUildin￿Estate Management111
Opeiations Committee Group121
Events Committee131
Finance/Audit Committee141
Fundraising Committee151
Volunteers Committee161
MarketinFJpublicity Group171
Community Group181
Café Board Repre5enlative191
Tetbury Trail1101
Chair Vacant
Chair Mr R Warrington
Chair Mr J Golob
Chair Mr J Dumir
Chair Mr D Looman
Chair Mrs Wright
Chair Mrs R Lark
Chair Mrs C Paton
Trustee Mr P Hodson
Chair Mr P Coleman
Company Secretary
Mr D Walker larbd Treasurer- Comminees 1.41

TEfBURY RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BYGUARANTEE
YEAR ENDED 30 NOVEMBER 2023
REFERENCE AND ADMINi¥fRATIVE DETAIiS
Key Personnel
The management of the Trust is overseen by a team of stsff employed by the Trust during the year to 30
Novembei 2023. This comprised a5 follows..
Kathryn Limoi
Nicholas Ullmann
Kate Raw
Kairen Vann
Office Manager
Artistic Director
Event5 C(H)Tdinator (resigned 31171231
Administration Assistant
In addition to the volunieer Trustees, Ihe Trvst also relies heavily on the assistance of a particular individual=
David Walker, Treasurerl Company Secretary
The Trust has employed the services of a consultant. Ms Shona Nicolson, to Support the trust's fundraisinÈ
initiatives throughoui the period.
The Trust 15 dependent on a team of volunteers foT their sUPPOrt in the provision of various role5 that ensure
that the Trust. trading as Tetbury Goods Shed,, can operate as an effective and efficient Commijnity Arts and
Entertainment Centre.
Accountant and independent examiner.
Ruth Herbert. FCCA
Wenn Townsend Chartered Accountants
5 Gosditch Street
Cirence51er
Gloucestershire
GL7 2AG
Bankers
Lloyd5 Bank
14 Castle Street
Cirerbcester
Gloucestershire
GL7 IQI

TETBURY RAIL LANOS REGENERATION TRUST
COMPANY LIMITED By GUARANTEE
YEAR ENDED 30 NOVEMBER 2023
TRUSTEES. REPORT
The Trustees. who are also direciors for the purposes of comp3ny law. present their annual dirertors, Teport
rOg￿her with the financial Statements of the company for the year ended 30 November 2023. which are hlso
prepared to meet the requirements for Companies Act purposes.
The financial statements comply with ihe Ch3ritie5 Att 2011, the Companies Act 2(M)6. the Memorandum and
Articles of Association, and Accountirkg and Reporting by Charities= Staiement of Recommended Practice
applicable to charitie5 preparing their accounts in accordance with the Finarbcial Reporting Standard applicable
in the UK and Republic of Ireland IFRS 1021 leffective l January 20191.
sTrucruRE. GOVERNANCE AND MANAGEMENT
Governlng Document
Tetbury Rail Lands Regeneration Trust ITRLRTI is governed by Memorandum and Articles of A$50Clation
incorporated on 3 November 21KK) as amended by special resolution on 27 April 2C(J2 and 5 September 2018.
The Trust was registeied as a charity on 22 May 2￿2. Durin8 2023 the Board ha5 ieviewed the Memorandum
and Articles of TRLRT and proposed an amendeil version based on the current Chariiy Commission template.
which was adopted at the AGM on 19 July 2023.
The organisation structure of TRLRT is that of a registered charity and a private company registered in England
and Wale5. that is limited by guarantee and without share capttal. The Trust 15 governed by a Board of Trustees.
all of whom are unpaid volunteers and the tefm of oflrce for individual trustees is three years, after which pefiod
the Trustee may be able to stand for rtrelection to a limit of nine years, with a break of one year between the
second and ihird term5_ There 15 one T¥ustee appointed by Teibury Town Council, the Trust's landlords. In
addition to the Trustees. as at Novernber 2023, the management team included three paid part-time staff, who
SSlSt with the running of the Tetbury Goods Shed Arts Centre- an Artistic Dhrector, an OffTrce Manager and an
Administration Assistant.
AIMS, OBJEcfivES AND AcrivtnES
TRLRT was established as a charity and rural social enterprise to regenerate the land and buildings comprising
the former railway branch line in Tetbury. Tetbury Town Council Eranied TRLRT 3 25-year lease on the former
GWR good5 shed in 2017. The Trust has refurbished this buildin& now rÈfÈrrÈd to as the Tetbury Goods Shed
ITGSI. and has since established a successful and inclusive community arts and entertainment hub for the benefit
of the iesident5 of the market town of Tetbury and surrounding villages, extendin8 TRLRT's remit to promote
inclusion, social engagemeni and wellbeing irk the local community IhrouEh a programme of aris-based
activities, performance5 and a varied programme of concerts.
A5 an arts centre, TGS prides itself on tts inclusive ethos and is a volunteer-led operation, whose Trustee5 are all
local residents. The Trustee5 developed a Three-year Development Strare@y1202V22 ro 20231241. which has
been reviewed and updated. but confirm5 the focu5 on Three Imperatives, that make up the 'optimal' Goods
Shed Arts Centre and links all the activities ihat go on at thÈ venue- Art15tic Ambition., Financial Su5tainabilitv-
Communityl Public Benefrt- known in the arts world as the ￿rIple Bottom Lin@- The overall airn of TGS is to
become a first-class venue for the arts. a'Gem in the Cotswolds. attracting top performers. but also encouraging
a diverse audience spread.
Financial year 2022-23 was the first since 2018-19. itself only TGS'S second full year of operation5. that the
trust was able to deliver an entire yearfs programme without the haneovei effect of the Covid Pandemic. This
has been crucial for the Tmstees to understand the ¢apabilitie5 and full potential of the trust, and particularly
rGS arts centre, which has settled into ils role of bringing the best possible art and culture to TetbLSry and its
surrounding area. TGS 15 now established as a popular local amentty and allocates more than half of the
avaiSable time and resources to community-facing acti¥ities.

TETBUR Y RAIL LANDS REGENERAMON TRUST
COMPANY LIMITED BY GUARANTEE
YEAR ENDED 30 NOVEMBER 2023
TRUSTEES. REPORT
However. as ha5 been the situation in many if not all rural. community arts cenires across the country, the
year ended a@ain in an operational deficit. which ha5 reinforced the Board of Trustee'5 view that TGS will
always cost rnore to run than it makes purely from the events and acirvilies it puts on, although not
dramatically so.
Ans centres generally have to live with the perpetual balancing art of the Yriple Bottom Line"
across the three
imperatives of Art15tic Ambition, Financial Sustainability, and Communityl Public Benefit. TGS has been building
a reputation for first-class entertainment, but also importarktly offering a wide mix of rnu%ical genres. as well as
theaire. cinema, talks. art exhibitions, dance classes and children's events_ In its relatively short lifetime, TGS
has created a venue that is popular across all age Eroups. showcastng perfoimances from artists who often play
more prestigious concert ha115, whi15t still delivering $0(ially-priced community progr3wnming and activities.
Trading subsidiary
The Whistle Stop Café IWSCI was incorporated on 27 December 2018 and is the trading subsidiary of TRLRT,
which owns 100% of its share capital. The cafe opens for 6 d3y5 each week (Tuesday to Sunday) during the
summer months (reducing to 5 days a week during the winierl providing high quality refreshments for the
people of Tetbury and visitors to the town. The employment situation across the hospitality industry has been
challengin& but the café team have managed to provide an excellent Service. The Café has three Director5,
including one Trustee of TRLRT (Mr P Hodsonl. is chaired by Mrs C Moi8an and is manaEed by Ms S JÈnner_ The
turnover for the cafe in the year to 30 November 2023 was £216.953.
TRLRTcharge5 the café a licence fee for the use of facililies owned by the Charity. This licence fee is set at £1,500
per month. Adjusted taxable profils made by WSC are donateil lo TRLRT and in the year lo 30 November 2023,
WSC made a profit before charitable Ewfts of £14.44612021122= E16W51 which with £2.999 of profit from the
previotjs year wa5 donated to TRLRT.
Further details relating to the results of WSC carl be found in note 7 of the accounts.
Trustee Reryuitment and Appointment
TRLRT has an active policy of recruitment looking to brinE individuals onto the Board who have specialist
knowledge or experience required to help run the TGS operation and to contribute to the plan5 for future
development and fjnancial sustainability, as well 3$ enthusiasm for the future projects being planned. To thi%
end. the Board regularly reviews it5 composition to ensure a good balance of talent and to identify gaps in
available expertise. Each Trustee is allocated an aiea of responsibility to ovÈisee, working with individuals who
have volunteered to assist in an area of their choice. The Board of Trustees is always keen to look for individuals
with experlence in overseeing the finance5 of a charity. charity fundraising, human resources and general
experience of property rnanagement. Finding individua15 Wlth the appropriaie skill sets that would enable the
Board to have a suitable breadth of experience. age. and diversity is an ongoing challenge.
Organisational Strurture
The Board of Trustees meet every monih on the ihird Monday (with the exception of August to avoid clashes
with summer holiday51. The sub-committee5 and working Broups'meet Tegulaily - foi in5tance= Staff meet
weekly," Events rneet monthly.. Marketing meet at least monthly,. Fundraising meet at least monthly,. Finance/
Audit meet when considered nece55ary- and Volunteers, recruitment is a critical focus so is meeting monthly.
As previously noted. TRLRT employ5 3 part-time 5￿ff - Artistic Dirertor, Office Manager, and Administratton
Assistant - two working three days 3 week,. the other four days. alone5ide the critically important team of
volunteers. WSC. the trading Subsidiary of the Trust. 15 run by a full time cook/manaBer and several part-time
kitchen and serving staff. who are a150 a5sisled by a small group of tasual contract stafl and volunteers. The
enormous contribution and support provided by our staff and volunteers is acknowledged and very much
appreciated by the Trustees. Volunteers offer expertise at all levels.

TETBURY RAIL LANDS REGENERA￿ON TRUST
COMPANY LIMITED BY GUARANTEE
YEAR ENDED 30 NOVEMBER 2023
TRUSTEES. REPORT
All events and concerts are supported by a team of trained volunteers led by a Duty Manager for each event.
and include 3 certified first alder. plus a small team of bar staff, wherb required. Daily opening (Wednesday to
Sunday) of the Goods Shed hall allows visitors to view reEular art exhibitions wrth the reception manned by
volunteer stewards.
TGS pays for the part-time services of two self-employed marketing specialists. and two book-keepers. who
produce wnonthly financial reports on all areas ol activity For boih the Trust and the trading subsidiary. WSC.
These reports assist the Trustees in keèping a close watch on income and expenditure. Our Treasurer and
Cornpany Secretary Imr D Walker) brings together regular reports on cash-flow and events. tskin85.
Other positions are filled by the Trustees covering finance. business plannin& events oversight, marketing and
fund-raising. HR 5UPPOrt is provided by a professional consultant. Ms C Jeffries. as and when required. The
Trustees allocated responsibility for specific areas do so voluntarily and can spènd a considerable amount of
time addressing iheir areas_
The Trustees have continued to monrtor the Performan￿ of the events. programme and sÈt t318ets, analyse
the results, then use the data to projett lorward to provide a more holistic piciure of the expetted contribution
to TGS'S future income levels. The Trustee5 understand how well the oveiall events programme is progressing,
but are very aware that the events programme does not cover the operational costs of running the art% tentre,
so fundraising is a critical focus.
Pay Policy for Key Members of Staff
The pay for the key members of staff is reviewed by ihe Bo3id ofTrustees annually and is normally increased in
accordance with average earningslcost of Itving ri5e5. or increased on a performance related bas15, if the remit
of an individual'5 job role ha5 changed. At the end of November 2023. the Board decided that a 4.6% rise was
appropriate based on the relevant index. Across the arts world this level of pay increase was not common. but
the Trusiees felt that tt Was Still justified in the circumstances. where staff had shown loyalty and commitment
to the Trust. Performance related pay rises are still under review. bui have not been introduced 35 yet.
Risk Management
The major risks to whtch the Trust may be exposed are revièwÈd by the Board during the year and systems havè
been established to mitieaie any risks that are idenlifieil. Health & Safety risks are reviewed regularly and the
Trust employs an outside firm ISureTeaml to undertake an assessment Iquasi-auditl to review how risk matter5
are being handled. All the necessary equipment and security checks are completed each year.
PUBUC BENEFtr srATEMENT
The Trustees believe that they have complied with their duty to provide public benefit through this Charity.
TRLR T was established as a charity and rural social enterprise to regenerate the land and buildings comprising
the former railway branch line in Tetbury. and lo give the people of Tetbury and surroundine area5 the
opportunity to discover, learn. enjoy and prattise a wide range of visual, literary and performing arts by
providing a well-equipped Goods Shed art5 facrlity along with a comprehensive programme of performances,
exhibitions, classes and discussions. The Trustee5 have worked hard to extend TrLRT's remit to promoie
inclusion, social engageffient. enviionmental impacl. and wellbeine across the local cornmunity, and the success
of the Whistle Stop Café ha5 shown how much the community has èppreaated the quality of the refreshments
available, which in turn has provided importarbt addittonal income lo help run TGS. The national Parkrun charity
holds its weekly running event at the Goods Shed and along the Tetbury Trail lsee belowl.
The Trust has also raised funds whith have allowed itto maintain the much-used pedestrian and cycle path. now
known a5 the Tetbvry Trail, along the former branch4ine from Tetbury io the Trouble House on the A433.

TETBURY RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BY GUARANTEE
YEAR ENDED 30 NOVEMBER 2023
TRUSTEES. REPORT
Further details of how the Trustees have met the ChaiiW5 objertives and. therefore continued to provide public
benefit, can be found throughout the textof thi5 Trustees. Report but. particularly, in relation to the next section
of this ieport, 'Achtevement and Performance..
ACHIEVEMENT AND PERFORMANCE
TRLRT has coniinued to build a successful track record of running TGS as an arts centre. Ongoing maintenance
work, and improvements to the facilities, will always be required and is included within TGS'S future plans. The
Trustees bought a converted Shipping container, which is now a fully operatiorkal bar, 50 an irnportanl income
Eenerator Supplementing the contribution from evening events ticket sales. Expansion plans to extend the café
kitchen and provide indoor seating have been shared with Cotswold Di5trirt Council ICDCI who have @iven
outline approval. Further planning work has been completed to work out the costings for rhe kitchen refit, wilh
upgraded design proposals showing realistic artist's impress40ns of how the exlen5iorh will look to enable thè
trustees to present to potential donors lund-raising 15 a critical element of the projett and the trust will not
proceed until l(K)% funding is guaranteed. i.e. no element will be funded from free reserves.
The Trustees continue to lookfor ways to broaden the TGS appeal. Whilst anticipating that each event will cover
its costs. bui not necessarily making a profit. the Trustees hope that by trying out new ideas they might be
particularly popular for differing sectors of the community_ Some concerts may not break even, but others will
be sufficiently successful to subsidise them. All part of the Communityl Public Benefit imperative.
TGS has established itself as a tremendous amenity for Tetbury and the surroundin8 afea. plus attractingvisitor5
from further afield. From recent audien￿ analysis TGS has been attracting Significant numbers from the Tetbury
post codes. but also people coming to events from as far afield as Bristol and Gloucester. Looking al the top
income generating events over the year there 15 no one type or genre that has been the most popular - the
range has included tribute bands. theatre. jazz. a book festival. cinema. and comedy. In addition, OLJr detailed
analysis show5 that there 15 relatively little overlap between 3ud4ence5 for dtfferent forms. which tells that w
are calering for a very diverse range of tastes and preferences in the community.
TGS continues to put on 3 diverse range of offerings. TGS even staged its firsi comic.con event in October. The
Trustees want to provide variety. but at the same time realising that the Trust must cover its Costs. Durin8 the
year the 200 Club has provided some extra funding and 31 ihe beginning of 2023, the Red Carpet Club was
launched to help raise funds with special benefits for members. The Trustees are always looking to maxitnise
income. but being very aware of pricing tickets to encourage community engagement.
The Trnst continues to be indebted to its core of loyal, willinR, volunteers. who give their time. energy and
experiise to TRLRT. The Trustees are not complacent and are very conscious of the enormous contributic*n
prtivided by these volunteers. whose lime and ialents ensure the smooth runnin8 of the arts centfe on a weekly
ba515. Without these volunteers TGS could not survive.
As noted, the Trust 15 very aware that it cannot survtve only on the income from events, so the cafe is a key
contributor to the sustainability of the operation. but il is also necessary to seek out donations and fundslgrants
from exiernal sources to enable the Trust to explore some of the iniriatives it wishes to pursue. The Community
Benefit obligation is an important element for TGS'S future ambilion. so there continues to be 3 focus on
engaging with local schools to encourage arts and entertainment inli0￿@ment. in particular pupil participation.
nd hopefully then boost attendance in the younger agfrgroups.
Development Plan
As noted previotE51y, the Trustees have been workine to a Development Strategy through to 2024, with the
Three Imperatives. as the backbone to reaching our goal5.

TETBUR Y RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BY GUARANTEE
YEAR ENDED 30 NOVEMBER 2023
TRUSTEES. REPORT
The year of 2022123 ha5 been for consolidation and provinE that TGS is growing its reputation as a souEht-after
venue in the Ctstswold5. It has beerb important for the Trustees to understand a large number of operational
metri(5 and indicators in order to identify opportunities, but a150 avoid potential pitfalls.
Ilesearch shows that approxirnately 98￿ ir)dividuals were beneficiaries of the TGS offerings through the past
year, ranging from freelance mu5ician5and local artists toyotsng parents and seniorcitizens. A5 rioted previously,
the audiences are not just coming from Tetbury post codes. but from further afield. The question then is how
does this differ for each musical genre- will people travel further for a tribute band than a classical musician.
The analysis continues.
Regarding event profitabilily there is always a potential pressure point relating to customer affordability- how
much should each ticket cost? Again. does this alter dependent on musiol genre? Then, how much does the
ancillary bar income impact the overall event profitability? Such challenges over financial susiainability could
influence thè types of rnusician TGS decides to put on- bui the Trustees are of the view thatvariety and diversitv
are importani factors in the success for TGS. not Just the financial focus_ Artistic Ambilion is definitely an equal
imperative to Financial Sustainability-
The work being done. reviewing the 'trading perfoman￿. of TGS and the Trust. ha5 highlighted that TGS and
the Café are close io the upper limits for trading income potential. given the rural location and subsequent
population constraints_ There is a natural cap on ticket price5 that our customers will pay, there is also a finite
level of volunteer resources, and finally local café competition.
Through 2022123 we have managed to increase our events turnover by £21,594 to £107.776, but we know we
rely on grants. donations and sponsorship to a Ereat degree_ The support from Foyles Foundaiion eased the
piessure on the Trust to meet our key objective of providing a diverse range of events. as the Trustees have
always had to keep their eye on operalional profitability. which is not always possible event by Èvent for some
less popular musical genres. The Martirb Stnith Foundation donation has contributed towards meetin8 thè
Board'5 fundraising focus thereby enabling the Goods Shed to contirhue its Community objective. whilst the
David Thornas Trust fund has enabled the Trust lo ensure we meet our healih and safety obligations
important operational aspects of ¥unning ihe Goods Shed. PJI thèse generous Erantsldonations have kept the
Trust's head above water to continue with our ambition to be a 'Gem in the Cotswolds, for the arts.
Therefore, the future Development Plans will be focused on how io raise further funds to support TGS
operations_ We intend to offer sponsorship opportunities. encourage other donations, and look for other fund-
raising routes to enable the Tryst to remain as a Community Arts Centre whilst bioadening the choice of artistic
activity and reachrng as diveise 3 cu5tomerl user base a5 possible in our location.
FINANCIAL REVIEW
Principal Sources of Funding
TRLRT generates its income from running events/concerts/exhibitions. hiring the hall for local businesses li.e.
dance classes. meetings, Wl. U3AI, cinema, and from the Café coniribution.
The Trust relies on grants and donations from other or8arbisations and individuals.
During the period under review. gTant5 were received, but importantly. unrestricted donations were given by
the Foyle Foundation. the David Thomas Trusr. the Martin Smith Foundation, and local Tetbury bu5ine55es. Perry
Bishop. Cotswold Wealth and Steepletorb, a5 well as sponsorship sums from Uley Brewery and Renishaw. for
which the Trustees are extremelygialeful a5 unrestricted funds enable TGS to operate on a day-to-day basis and
deliver the arts and entertainment programme it endeavours to do. The Board also secured funding from Te5CO'S
local cornmunity supporl initiative to subsidise the cost of a series of events specific3lty focused on chrldren's
entertainment.
Fundraising will always be an important element io support the financial sustainability of the Trust.

TETBURY RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BYGUARANTEE
YEAR ENDED 30 NOVEMBER 2023
TRUSTEES. REPORT
Results.
In the year under review. the Trust recorded an unrestricied fund surplus of £1.23512022.' deficit of £10,285)
before transfeis from the restricted fund5_ This was added to the brought forward reserves of £292.08312022-.
E299,6711 to leave a carried forward balance of E293.018 (2022." £292,0831 held in the unrestricted funds at the
year end.
A surplus of £3,60212022.. deficit of £4.5411 was recorded by the restricted fvnds in the year under review. This
surplus wa5 added to the brought forward reserves of £23,569 12022.. £28,110) to leave a carried forward
balance of £27.17112022'. £23.5691 held in restricted funds at the year end.
The total funds held by the Trust at the year*nd amounted to £320,48912022.. £315,662). Further details on
ie5erves can be found in notes 18. 19 and 20.
Reserves Policy
At the end of the year under r￿lew. the Trust held unrestricted funds of £293,01812022= £292.0831. Of this
amount. £211,362 12021.. £225.7361 were ￿presented by fixed asset5. leaving a balance of £81,65612021..
£66,347) as free reserves. Trustees review the Trusvs reserves and working capital requirements on a regular
basis to ensure they are adequate to support the Chariws nÈed5 at that point in time. Currently the Trustees
have set a target offree reserves of between E40k and £￿k. This target Is based on the following requirements
for reserves..
Target for free reseThes
Lower levd
Upper level
Reserve to meet ongoing obligations relating to staff.
lease commitments. creditors etc
Reserve to meet ongoing maintenan
Reserve to meet fixed costs during restricted operations
17.(M)O
5,(KJO
31.CM)O
22,IXK)
36.(
s3.￿0
66.(XJO
As the level of free reserves held by the Charity was £81k at the year-end, the Trustees feel that this level of
reserves is adequaie for the need5 of the organisation al thai point in time. Howevei, the Trustees are mindful
of the fact that in the year under review the surplus retained bythe Charrty was mFnimal. The Trustees recognise
that to ensure Its long-term future, the Charity need5 to be in a position where it is able to continue to invest in
development projects to improve the 'offerf to the public and with this in mind. the Trustees will continue to
look for way5 to increase its ffee reserves through the generation of unTestricted fund svrpluses and they hope
to achieve this through a combination of fundraising and hosting events that will generate surpluses.
Further details on reserves can be found in notes 18. 19 and 20.
Investment Policy
The Trust does not hold arhy investments other than in the form of short notice bank deposit accounts and its
shareholding its Irading Subsidiary, the Whistle Stop Cale (see note 7 for further details).

TETBUR Y RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BY GUARANTEE
YEAR ENDED 30 NOVEMBER 2023
TRUSTEES. REPORT
FINANCIAL REVIEW Icontlnuedl
TRUSTEES. RESPONSIBILMES sfATEMENT
The Trustees (who are also the Directors of TRLRT for the purposes of comparhy lawl are responsible for
preparing the Trustees Annual Report and finarFcial stalements in accordance wilh applicable law and United
Kingdom Accounting Standards Iunited Kingdom Generally AtcÈptÈd AccountinE Practice).
Company13w requires the Trustees to prepare financial statements for each financial year which give a true and
fair view of the state of affairs of the Trust and of the incoming resources and application of resources, includinE
income and expenditure. of the Trusi for the year. In preparing these finanaal statements. the Trusiees are
required to..
selett suitable accounting policies and apply them consistenUy-
obsèNe the method5 and principles in the Charities SORP-
make judgements and accounring estimates that are reasonable and prudent-
stale whether applicable UK Accountin8 Standards have been followed. subjett to any rnaterial departures
disclosed and explained in the financial sthtements.. an
prepare the financial statements on the going concern basis unless it 15 inapproprtate lo presume that the
company will continue in operation.
The Tru5tee5 are responsible for keepinE adequate accounting records that disclose with reasonable accuracv
at any time the financial position of the Trust and enable them lo ensure thal the financial statements comply
with the Companies Act 2006. They are a150 responsible for safeguarding the a55ets of the Trust and hence for
taking reasonable steps for the prevention and detedion of fraud and other irregularities.
The Trustees are responstble foi the maintenance and integrity of the coiporate and financial information
included on the Trusys website. Legislation in the United Kingdom 8overninE the preparation and di55eminati()n
of financial statements may differ from legislation in other jurisdiciions.
STATEME14T AS TO DISCLOSURE TO OUR It4DEPENDENT EXAMINER
In $0 far as the Trustees are aware at the time of approving the Tru5tees' annual report..
there is no relevant accountTrn@ informatron of which the Trusvs independeni examiner is unaware.. and
the Trustees. having made enquiries of fellow Trustees that they ought to have individually taken. have each
taken all steps that hèlshe is obliged to tske as a director in order io make themselves aware of any relevant
accounting information and to e5tabli5h that the independent examiner is aware of that information.
io

TETBURY RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BYGUARANTEE
YEAR ENDED 30 NOVEMBER 2023
TRUSTEES, REPORT
INDEPENDENT EXAMINER
The Trustees appointed Ruth Herbert, a Chartered Certified Accountant ak the independent examiner for the
Trust.
The Trustees Annual Re
ort was approved by the Tnjstees on the 29 May 2024. and signed on their behalf. by=_
Richard War
Chair
on
li

TETBURY RAIL tANDS REGENERATION TRUST
COMPANY LIMITED BY GUARANTEE
YEAR ENDED 30 NOVEMBER 2023
INDEPENENT EXAMINER'S REPORT
Independent Examinerfs Report to the Trustees Tetbury Rail lands Regeneration Trust Ltd I'the Charit￿)
I report to the Trustees on my examination of the accounts of the Charity forthe year ended 30 November 2023.
Responsibilities and Basis of Report
the Trustees ol the Charity land also Trts directors for the purposes of company lawl you are responsible for
the preparation of the accounts in a¢cordance with the requirements of the Cornparbie5 Art 20061'ihe 2006
Act'l. 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 20111.the 2011 Att'l. In carrying out my
examination I havefollowed the Directions given bythe Chartty Commission under section 145151 Ibl of the 2011
Art.
Independent Examinerfs Statement
Since the Charitvs consolidated gross income exceeded £250.000 your examiner must be a member of a bodv
listed in section 145 of the 2011 Act. I Confi￿1 that l am qualified to undertake the examination because l am a
member of Chartered Institute of Certified Accountants. which is one of the listed bodies.
I have completed rny examination_ I confirm that no matters have come lo my attention in connertion with the
examination giving me cause to believe..
accounting records were not kept in respect of the C¢Mnpany as required by section 386 of the 2006
Act.. or
the accounts do not accord with those records- or
the accounts do not comply wilh the accounting requirements of section 396 of the 21X)6 Act other
than any requirement that the accounts give a'true and fair view which 15 nol a matter considered as
part of an independent examination." or
the accounts have not been prepaied in actordantè with the methods and principles of the Statèmènt
ol Recommended Practice for accounting and reporting by charitie5 lapplicable to charities preparing
their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic
of Ireland IFRS 10211.
I have no concerns anil have come across no other matter5 in conneclion with the examination to wh*ch
attention should be drawn in this report in older to enable a pioper undeTStanding of the accounts to be
reached.
Ruth Herbert, FCCA
Wenn Townsend Chartered Accountants
5 Gosditth Street
Cirencester
Gloucestershire
GL7 2AG
Date.. 3 lune 2024
12

TETBURY FIAIL LANDS REGENERATION TRUST
COMPANY LIMITED BY GUARANTEE
YEAR ENC>ED 30 NOVEMBER 2023
STATEMENT OF FINANCIAL Acriv￿lEs (INCORPORATING THE INCOME AND EXPENDfwRE AccouNn
Unrestricted
Funds
Re￿lICted
Funds
Total Funds
2023
Total Funds
2022
Notes
INCOME
Donations. sponsorship & subscriptions
Grants receivable
Incomefroffl chaiit(Jble activities..
Events income- mustc and arts
Evenr income- cinema
Income from other trodin9 Ortivities..
Bar sales
Facilities hire and mèrket trading
Facilitie5 licence fee charge to trading
subsidiary
Donation from 1rading subsidiary
Other income
71.570
71.570
60.153
14.000
97,302
10,474
97,302
10.474
76,539
9,643
27.469
9,351
27.469
9.351
23.239
11,133
18.(KJO
17.465
572
18,IKX)
17,465
572
18,000
4,732
147
TOTAL INCOME
252.203
252.203
217,586
EXPENDITURE
Expenditure on choritoble octNitie5'.
Tetbury Trail
The Signal Box
Cafe Canopy
Events costs- mustc and arts
Events costs- cinema
Expenditure on roising funds-
Café and bar purchases
Facilities hire & market trading costs
Facilities licen￿ fee charge to trading
subsidiary
114.5461
114.5461
17.829
1.258
14,546
14,546
142,61X)
18,481
142.6tx>
18.481
109,034
19.106
53,921
14.364
53.921
14.364
47,499
16,989
18,(KN)
18.IXX)
18,000
TOTAL EXPENSES
247.366
247,366
229.715
NET INCOME BEFORE TRANSFERS
4.837
4.837
112,1291
TRANSFERS 8EYWEEN FUNDS
18.19
13,602}
3.602
NET MOVEMENT IN FUNDS
1,235
3.602
4.837
112,1291
RECONCILIATION OF FUNDS
Total funds brought forward
18.19
292,083
23.569
315,652
327,781
TOTAL FUNDS CARRIED FORWARD
293.018
27,171
320,489
315.652
The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total
recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities. The
accompanying accounting policies and note5. on pa8e$ IS to 29, fom? an inte8ral part of these financial
statements.
See note 12 for fund a¢¢ounting comparative figures.
13

TETBURY RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BY GUARANTEE
YEAR ENDED30 NOVEMBER 2023
BALANCE SHEET
2023
2022
Notes
FIXED ASSEfs
Tangible asset5
Investrnent in trading subsidiary
13
14
211.362
100
225,736
loo
211.462
225,836
CURRENT ASSETS
Stock5
Debrors and prÈpayments
Cash at bank and in hand
2,710
12,048
106,065
596
21.022
86,431
15
120,823
108.049
CREDITORS: Amounts falling due wrthin one year
16
111.7961
118,2331
NET CURRENT ASSErs
89,816
TOTAL ASSETS LESS CURRENT UAblUTIES
315,652
CREDITORS: Amounts falllng due In more than one year
17
TOTAL NET ASS￿5
320,489
315.652
FUNDS
Restricted funds
Unrestlltted fund5
18.20
19,20
27.171
293,018
23.569
292,083
TOTAL FUNDS
320.489
315.652
For the year ending 30 November 2023. the company was entitled to exemption from audit under section 477
of the Comparbies Act 2006 relating to small companie5.
No members have required the company to obtain an audit of its accounts forthe year in que51ioTF in accordance
with section 476 of ihe Companies Act 21))6.
The dirÈttors acknowledge their resw>nsikn"Irty for comp￿1￿8 wth the requirements of the Act w¢th respect to accounting
records and for the preparation of atcount5_
These accounts have been p￿￿Ted in accordance with the provish)ns appl￿ble to companies subiect to the small
¢Otnpanie5' regime.
ThÈ5e financial statements were approved by the 803rd of Tnjstees and authorised for issue on 29 May 2024
and are sig
on
behal
Richard
Chair
rington
The accompanying accountin8 policies and notes. on pages 15 to 29. fomi an inteBral part of these financial
statements
14

TETBURY RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sour￿5 of estimation uncertainty in the
preparation of the financial statements are a5 follows=
Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities."
Statement of Recommended Practice applicable to charities preparing their ac£otJnt5 in accordance with
the Financial Reporting Siandard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January
20191- Icharities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK ar)d Republic of
Ireland IFRS1021 and the Companies Act 2(Kl6.
Teibtjry Rail Lands Regeneration Trust meets the definition of a public benefit entity under FRS 102.
A55ets and liabilities are inilially recognised at historical cost or transaction value unless otherwise stated
in the relevant accounting policy notes.
The Trust's functional and presentational currency is pound5 sterling.
Going concem
The Trustees believe that the Charity's financial statemenls have been prepaied on a going concern basis,
The Tiustees have confidence in the Chariws ability to continue as a going concem.
Judgernents and key sour￿5 of elllmaiion
The only areas where estimate5 and judgeThents have been made in the preparation of the financial
staie¥nenis is for expense accruals which total less than £10,0￿. Expenses acciuals have been based on
invoices received after the end of the year.
Fund accounttng
Unrestricted funds are available fgr use at the disC￿lon of the trustees to fvrther any of the Charrty's
purposes.
Restricted funds are subjerted to re5triction5 on their expenditure declared by the donoT or through the
term5 of an appeal and fall into one of two sub-classes= restricted income fund5 or endowment funds.
15

TETBURY RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BYGUARANTEE
NOTESTO THE FINANCIAL sTATEmE￿r5
YEAR ENDED 30 NOVEMBER 2023
Incoming resourtes
All incoming resources are induded in the statement of financial artivities when entitlement has passed to
the charity,. it Is probable that Ihe economic benefits asso(iated with the transaction will flow to the charity
and the amount can be reliably measured. The following speafic policies are applied to particular
ategories of income=
income from donations or grants is recognised when theie is eviden￿ of entitlement to the gift. receipt
is probable. and its aFnount can be measured reliablv.
legacy intome is recognised when re￿Ipt is probable. and entitlement 15 established.
income from donated goods is measured ai the fair value of the goods unless this is impractical ro
measure reliably. in which case the value is derived from the cost to the donor or the estimated resale
v3lue. Donaled facilities and services are recogni5ed in the accounts when received if the value can be
reliably measured. No afflounts are included for Ihe coniribuiion of genÈral volunteers.
incorne Irom contracts for the supply of services is recognised with the delivery of the contracted
service. This is classified as unrestricted funds unle55 there is a contractual requirement for il to be spent
on a particular purpose and returned if unspent. in which case it may be regarded as restricted.
Resourtes expèndÈd
Expenditure is recognised on an accrua15 ba515 a5 3 liability 15 incurred. Expenditure includes any VAT which
cannot be fully recovered. and 15 classified under headings of the statemènt of financial activilies to which
it re13te5.'
expenditure on raising funds includes the Costs of all fundraising activities. evenls. non-charttable
trading actÈvities. and the sale of donated goods.
expenditure on charitable activities include5 all cost5 incurre(I by a charity in undertaking activities that
further its charitable aims for the benefit of its beneficiaries. including those sUPPOrt Costs and costs
relating to the Eovern3nce of the charity apportioned to charitable activities.
other expenditure includes all expenditure that is neither related to raising funds for the charity nor
part of its expenditure on chariiable attivities.
All costs are allocated to expenditure categorie5 reflectingthe useof the resource. Direct costs attributable
to 3 single aciivity are allocated directly lo Ihar activity. Shared costs are apportioned between the activities
they contribute to on a reasonable. justifiable and Consistent basis.
Operating leases
Lease pèyments are recognised as an expense over the lease term on a straight-line basis. The aggregate
benefit of lease incentives is recoEnised as 3 reduction to expense over the lease term, on a straiEht-line
basis.
16

TETBURY RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
Tangible assets
Tangible assets are initlally recorded at cost, and subsequently stated at cost less any accumulated
depleciation and impairment105ses. Any tanFJble assets carried at revalued amounts are recorded at the
fair value at the date of revaluation le55 any subsequent accumulated depreciation and subsequent
accumulated impairment losses.
An increase in the carrying amouni of an asset a5 a result of a revaluation, is recognised in other recoEnised
gains and losses. unless it reverses a eharge for impairment that has previously been re¢ogni5ed as
expenditure within the statement of financial activities. A decrease in the carrying amount of an a55et as a
result of revaluation. is recognised in other recognised gains and losses, except to which it offsets any
previous revaluation gain. in which case the10ss is shown within other recognised gains and losses on the
Statement of financial activities.
Depreciation
Depreciatiori 15 calculated so as to write off the cost or valuation of an asset. less It5 residual value, over the
useful economic life of that asset as follows=
Leasehold property
Fixtures and ftttin8S
Grand Piano
Equipment
2% 5trai8ht line improvements
15% reducing balance
5% straight line
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is Cètried out at each reporting date, with the recoverable amount
being estimated where such indtcators exist. Where the carrying value excèeds the recoverable amount,
the asset is impaired accordingly. Prior impaitments ale also reviewed for possible reversal at each
reporting date.
For the purposes of impairmeni testin& whèn it is not possible to estimate the recoverable amount of an
individual asset. an estimate is made of the recoverable amount of the cash*enefating unit to which the
asset belongs. The cash-generating unit IS the Smallest identifiable group of assets that includes the asset
and generates cash inflows thai largely independent of the cash inflows from other assets or group5 of
assets.
For impairmentte5ting of goodwill. the goodwill acquired in 3 business combination 15, from the acquisition
date. allooted to each of the ca5h-generatinE units that are expected to benefit from the synergie5 of the
combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complele and sell. Cctrsr
include5 all costs of purchase, costs of conversion and other costs incurfed in bringing ihe stock io Its
present location and condition.
17

TETBURY RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
Financial in5trument5
A financial asset or a financial liability is recogntsed only when the company becomes a party to the
contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amounl receivable or payable includinE any related
transaction costs.
Current assets and current liabilitie5 are subsequently measured at the tash or other consideration
expected to be paid or received and not discounted.
Pension costs
Under the terms of auto enrolment. the Charity make5 contriljutions into a defined coniribution scheme
for all QLJalifyinÈ stsff. Thi5 scheme is operated for all qualifying staff who choose to opt into the scheme.
The employerfs contribution rate was 3%.
The total pension contributions made by the Charity Én the year amounted lo £50012022= £5191. No
pension payments were out51anding at the ye3r*nd12022: None outstandin81.
DONATIONS, SPONSORSHIP AND SUBSCRIPTIONS
Unrestricted
Funds
Restricted
Funds
Totsl Funds
2023
Total Funds
2022
Donations
Restncted
Tetbury Trail
The Signal Box
Canopy
Unre5trirted
David Thomas Trust
The Foyle Foundation
Tesco
Other
Sponsorship
17,243
io.(K
20.(KM)
1.125
12.015
io.(x)o
20,WO
1,125
12.015
10.000
6.080
Perry Bishop
Martin Smith Foundation
Cotswold Wealth
Subscriptions
200 Club
Red Carpet Club
500
20,(M)O
20.(KKI
20,000
5,000
1.530
1.530
6,400
1,830
71.570
71.570
60.153
18

TETBURV RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
GRAp¥fs RECEIVABLE
Unrestrirted
Funds
Restricted Total Funds
Funds
2023
Total Funds
2022
Cotswold District Council
GIOu￿SterShlre County Council
Tetbury Town Council
4,000
5.000
14.000
EVENTS INCOME- MUSIC AND ARTS
ljnrestricted
Funds
Total Funds
20Z3
Total Funds
2022
Live performances
Exhibitions
Art, crafts and workshops
Talks
72,944
3.299
12.990
8,069
72,944
3.299
12,990
8,069
63.924
939
3.340
8.336
97.302
97.302
76,539
BAR SALES
Unrestricted Total Funds
Funds
2023
Total Funds
2022
Event bar sales
27,469
27,469
23,239
27.469
27.469
23.239
19

TETBURY RAIL LANDS REGENERATION TRLIST
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
FACILMES HIRE AND MARKETTRADING
Unrestrirted
Funds
Total Fund5
2023
Total Funds
2022
Hall hire
9..351
9,351
11.133
9.351
9.351
11,133
tK)NATION FROM TRADING SUBSIDIARY
TetbEJry Rail Lands Regeneration Trust owns a tradine subsidiary called The Whistle Stop Café which is a
private company. limited by shares. registered in England and Wale5, registration number 11741459. The
reeistered address of the trading subsidiary isThe Goods Shed. Cirencestef Road. Tetbury. Gloucestershire.
GL88EY.
The Charity own5 100% of the issued share capital. being I(KJ share5 of El each.
The results of thè trading subsidiary are detailed below".
Year to
30 November
2023
Year to
30 November
2022
Turnover
Cost of sales
216.953
187.6041
203,067
180.7571
Gr055 profit
Wages and salaries
TRLRT license fee
Other cost5
129.349
179,4041
I18.(￿]
117,4791
122,310
169,0771
I18,￿0)
118,3481
Surplus before donation to TRLRT
Donation to TRLRT
14.466
117,4651
16,885
14,7321
Retained profit
12,9991
12,153
FAcIL￿lEs HIRE AND MARKETTRAD114G
Unrestrirted Total Fund5
Funds
2023
Total Funds
2022
Mi5cellaneotss
137
Bank rnterest
572
572
io
572
572
147
20

TETBURY RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BYGUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
ANALYSIS OF TOTAL RESOURCES EXPENDED
2023
Direct
Costs
Wages and
Salaries Depreciation
Allocated
Overheads
Total
2023
Choritoble Attivities
Tetbury Trail
The Sign31 Box
Café Canopy
Events- musit and arts
Events- cinema
114.5461 114.5461
14.546
48,127
5.181
14.546
142,600
18,481
63.074
2.392
20,438
9,728
10.961
1,180
Raising Funds
Bar costs
Facilities hire & market tTadin8
Facilities costs for Subsidiary
11.727
25.513
8.686
3,094
1.054
2,028
13,587
4,624
15.972
53,921
14.364
18,000
77,193
64.365
18.317
87.491
247.366
2022
Direct
Costs
Wages and
Salaries DÈprÈci3tion
Alloc3ted
Overheads
Total
2022
Charitable Artivitie5
Tetbury Trail
The Signal Box
Grand Piano
Events- music and arts
Events- cinema
17.829
1.258
17.829
1.258
49.429
4.390
18.396
9.524
11,707
1,475
29,503
3,717
ID9,034
19.106
Raislng Funds
Bar costs
Facilities hire & market trading
Facilities costs for subsidiary
12.050
22.942
10,995
3,553
1,703
2.753
8,954
4.291
15,247
47.499
16.989
18.0
84,956
61.857
21.191
61.712
229.715
In analy5ing the expenditure by the Charsty some costs have been apportioned. The cost5 were apportioned
to appropriate costs caiegortes. using income generated as the basis for apportionment. The costs allocated
to rhe trading subsidiary licence fee were capped at the value of the licen￿ fee income. being £15.24? in
2023 £18.OCO12022- £18.0001.
21

TETBURY RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMEN75
YEAR ENDED 30 NOVEMBER 2023
ANALYSIS OF TOTAL RESOURCES EXPENDED Iconlinuedl
APPORTIONMENT OF OVERHEAD Cosrs
2023
Wages and
Salaries Depreciation
Total
2023
Income
Overhead5
Chqritable Activities
retbury Trail
Grand Piano
Events- music and èrts
Events- cinewna
N/A
N/A
97.302
10.474
10.961
1,180
48,127
5,181
59,088
16.089
9,728
Raising Funds
Bar costs
Facilities hire & markei trading
Fatilitie5 Costs for subsidiary
27,469
9,351
18.tNX)
25,513
8.686
3,094
1,054
2.028
13.587
4.624
15.972
42,194
14,364
18,0
43.927
18,317
87,491
149,735
2022
Wage5 and
Salaries Depreciation
Total
2022
Income
Overheads
Chorit¢7ble Artivities
Tetbury Tiail
Grand Piano
Events- music and arts
Events- cinema
N/A
N/A
76.539
9,643
11.707
1.475
29,503
3.717
41,210
14.716
9,524
Roising Funds
Café and bar costs
Facilities hirÈ & market trading
Facilities costs for subsidiary
23,229
11.133
18,iXXI
22,942
10.995
3,553
1.703
2.753
8.954
4.291
15.247
35,449
16.989
18,tKXI
43.461
21.191
61.712
126,364
22

TETBURY RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
10. ANALYSIS OF STAFF COSTS AND EMOIUMENTS. TRUSTEE REMUNERATION AND EXPENSES, AND THE
COST OF KEY MANAGEMENT PEIiSONNEL
Total staff costs were as follows..
2023
2022
Wa8e5 and salarie5
Social security cosrs
Other pension costs
62,364
1,501
500
58.792
1.527
519
64,365
60,838
No employees. rernuneration exceeded £60.(N)O within theyear or the previous year. The salary costs havè
increased in the curreni year because a new events ctrordinator was employed part way through the year.
11. STAFF NUMBERS
The average number of employees and workers duiing the year. calculated based on full-time equivalents,
was as follows".
2023
No
2022
Number of employed
The average number of employees and workers during the year. on a per head basis, was as follows..
2023
2022
No
No
Number of employed
23

TETBURY RAIL iANDS REGENERATION TRUST
COMPANY LIMITED BYGUARANTEE
NOTESTO THE FINANCIAL STATEME￿5
YEAR ENDED 30 NOVEMBER 2023
12. PREVIOUS YEAR FUND ACCOUNTING COMPARATIVES
Unrestricted
Funds
Restrirted Total Funds
Funds
2022
INCOME
Donations. sponsorship & subscriptions
Grants receivable
Incomefrom choritable ortivffties..
Events income- music and arts
Event ￿nCoMe- cinema
Incomefrom other trading activyties."
Café and bar sales
Facilitie5 hire and market trading
Facilities licence fee thaige to trading
subsidiary
Donation from trading subsidtary
Bank interest received
42.910
14,OCK)
17.243
60.153
I4,￿0
76.539
76.539
23.239
11,133
23.239
11,133
18,(KK)
16.885
18,000
16.885
TOTAL INCOME
202.7(
17.243
219.949
EXPENDrruRE
Expenditure on churitoble octivities".
Tetbury Trail
The Signal Box
Grand piano
Events costs- music and arts
Events costs- cinema
Expenditure on r(Jisingfunds=
Café and bar purcha5e5
Facilities hire & market trading costs
Facilities licen¢e fee charge to trading
substdiary
I1￿29
1,258
17,829
1.258
109.034
19,106
109.034
19,106
47.499
16,989
47.499
16,989
18,0(Kl
18.0
TOTAL EXPENSES
210.628
19,087
229.715
14ET INCOME BEFORE TRANSFERS
17.9221
11.8441
19,7661
TIiANSFERS BEnVEEN FUNOS
N￿MovEmENT IN FUNDS
17,9221
11.8441
19,7661
RECONCILIATION OF FUNDS
Total funds brought foThv3rd
299,671
28.110
327,781
TOTAL FUNDS CARRIED FORWARD
291.749
26.266
318.015
24

TETBURY RAIL LANDS REGENERATION TRusr
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
13. TANGIBLE FIXED ASSErs
Equipment
Fixtures & & Railway
fftting5
Carriage
Leasehold
Improvements
Grand
14ano
Total
COST
At l December 2022
Additions
Disposa15
136.227
3.(X)3
42,680
120,047
95,147
940
394.101
3,943
At ao November 2023
139.2ao
42,680
120.047
96.087
398,044
DEPRECIAnoN
At l Decembei 2022
Charge for the year
Write back on disposals
16.079
2,785
10.670
2.134
67.757
7.842
73.859
5,556
168,365
18.317
At 30 November 2023
18.864
12,804
75.599
79.415
186.682
NET BOOK VALUE
At 30 November 2023
120.366
29.876
16,672
211,362
At 30 November 2022
120,148
32.010
52.290
21,288
225,736
The tangible fixed assets are all used for the chayitsble purposes of the Trust. In the Trustees. opinion,
there have been no events or circumstances which indicate that the carryÈngvalue of fixed assets may have
been impaired.
14. INVEsfMENT
The Charity owns a 100% shareholdinÈ of a trading subsidiary Cdlled The Whistle Stop Café. See ngte 7 for
furthèr detail5.
2023
2022
100 Ofdinary Class A shares at £1 nomtnal value
100
l(Kl
25

TETBUR Y RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BY GUARANTEE
NOTESTO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
15. DEBTORS AND PREPAYMENts
2023
2022
Trade debtor5
Amounts due from tradin8 subsidiary
Other debtors
27
12,021
27
20,826
169
12.048
21.022
16. CREDITORS: Amounts falling due within one year
2023
2022
Trade creditor5
Accruals and deferred income
Other creditors
5,581
5,067
1,148
6.858
10.691
11.796
18.233
26

TETBURY RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BY GUARANTEE
NOTESTO THE FINANCIAL sTATEME￿r5
YEAR ENDED 30 NOVEMBER 2023
17. REsfRicfED FUNDS
Balance at
Incoming
l Dec 2022 resources
Outgoing
resources
Balance at
30 Nov 2023
Tranders
Tetbury Trail, used to
fund costs relating to
the Te8eneration of the
railway line
18,147
18,147
Piano fund, used for the
purchase and
maintenance of the
Erand piano
5.341
5.341
Piano series fund. used
to meet 50rne of the
costs relating to piano
3,682
3.682
Donation towaid5 Costs
relating to the
installation and
m3Èntenance of The
Signal Box
Café Canopy
14.546
114.5461
23,569
3,602
27,171
Since its inception, TRLRT has been very fortunate to have received significant funding from external
sources. Fundin@ has been received fiom commercial entities. charitable and Government bodies as well
as individu315 in sUPPOrt of a variety of projects that have been urbdertaken by the Trust in relation to the
refurbishment of The Goods Shed lincludir¢& in previous years, the auditorium seatin& cinema
equipment and hearing loopl. the reÈenei3tion of the railway line Ihrough the creation and extension of
the Tetbury Trail. the fefvrbishment of the railway carriage and the purchase of a grand piano foT ihe
concert hall.
27

TEfBURY RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BY GUARANTEE
NOTESTO THE FINANCIAL STATEME￿[5
YEAR ENDED 30 NOVEMBER 2023
18. UNREsfRicfED FUNDS
Balance al
l Dec 2022
Incoming
tgoing
resources
Balance at
30 Nov 2023
Transfers
Fixed asset
designated fund
Free reserves
225,736
66.347
114.3741
1232.9921
211,362
81.656
252.203
13,6021
292.083
252,203
1247.3661
13.6021
293,018
The fixed asset de518n3ted fund represents the fixed assets of the Trust.
The free reserves represent the unrestricted fund5 of the Trust that are not represented by fixed asset5 or
designated for a specific PUFPOSe.
19. ANALYSIS OF NET ASSEfs BEtWEEN FUNDS
AS AT 30 NOVEMBER 2023
Tangible
fixed assets
Net current
assets
Investments
Total
Restricted funds
27.171
27.171
Unre5trirted fvnd5
Fixed Asset designated fund
Free reserves
211.362
211.362
81,656
81.556
211.362
100
293.018
Total funds
211.362
100
108.727
315.652
28

TETBUR Y RAIL LANDS REGENERATION TRUST
COMPANY LIMITED BYGUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
20. ANALYSIS OF NET ASSEfs 8EfwEEN FUNDS Icontinuedl
AS AT 30 NOVEMBER 2022
Creditors due
Net current more than I
assets
Tangible
fixed assets Investments
year
Total
Restricted funds
23,569
23,569
Vnrestrithed funds
Fixed A55et
designated fund
Free reserves
225,736
225.736
66,347
100
66.247
225,736
IQNJ
66.247
225,736
Total funds
225,736
i(K)
89,816
315,652
21. LIMITED BY GUARArirEE
The Charity does not have any share capital having been incorporated under guarantee. In the event of an
insolvent windrng up the liability of the Mernber5 is limited to £1 each.
29