COMPANY REGISTRATION NUMBER: 04102029 CHARITY REGISTRATION NUMBER: 1092160 Tetbury Rail Land5 Regeneratlon Trust Limlted Company Llmited by Guarantee Financial Statements 30 November 2025
INDEX TO ThE FINANCIALSTATEMENTS PAGE REFERENCE AND ADMINISTRAMVE DETAILS TRU5TEES' ANNUAL REPORT STRuURE, GOVERNANCE AND MANAGEMENT AIMS, OBJECTIVES AND ACnVITIES PUBLIC BENEFIT sfATEMENT ACHIEVEMENT5 AND PERFORMANCE5 FINANCIAL REVIEW TRUSTEES. RESPONSIBILITY sfATEMENT 9-10 11-12 REPOtrr OF THE INDEPENDENT EXAMINER 13 STATEMENT OF FINANCIALACTNITIES 14 BALANCE SHEEr 15 NOTESTO THE FINANCIAL STATEMENTS 16-30
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED30 NOVEMBER2025 REFERENCE AND AOMINISTRATIVE DETAILS Registered charity name Tetbury Rall Lands R%eneratlon Trust Charity reg15tratlon number 1092160 Company re8lstratlon numb?r 4102029 Prlnclpal offi¢e and registered office Tetbury Goods Shed Old Station Yard Cirence5ter Road TÈtbury GlouCestehIre GL8 8EY Directors and Trustee5 The Trustees who served the company during the year and untll the date of 5ignin8, and the sub-commlttee5 on which they served, were as follows.. Mr P Hod50n Mr D Looman C Paton Mr R Wairington Mrs R Wright Mr P Coleman M Henry Ms Fjames Mrj Durning Mr N Haskins Mr N Spencer Mrj Tuohy Ms Z Baker 5 I$18Thed 21 October 20251 5.7,8 6 ¢igned 14 July 20251 li io 5 lappointed 19 May 20251 (appointed 15 December 20251 (appointed IS December 20251 Tetbury Town Council Appointee Company Secretary.- Mr D Walker Treasurer. Mr5 K Cox 5ub- Commlitees to the Bo•nl: BuildingslE5tste Management Operations Events Finance/Audlt Fundraising Volunteer5 MarketinPublicIty Community Café Board ID. HR/ Staff 11. Tetbury Trail
TET8URY RAIL LANDS REGENERAnON TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 NOVEMBER 2025 ReFEREKE AND ADMINISTRATIVE oAlL$ Key Personnel The management of the Trust Is overseen by a team of staff employ¥d by the Trust during the year to 30 November 2025. Thi5 comprised a5 follow5.. Richard Klngdom Kathryn Evans Kairen Vann General Manager Office Manager Adminlstrdtion Asslstant As noted, the Trust is dependènt en a13rge and very competent team of volunteers, who support the aims and objective5 of the Trust and tover a number of key releslsuch a5 Event Manager/ Duty Managerl Reception etcl, which ensure that theTrust, trading as'Tetbury Goods Shed, tan operate a5 an effective and efficient Community Arts and Entertalnment Centre. Attountant and independentemaminer: Ruth Herbert, FCCA WÈnn Townsend Chartered Attountants Watermoor Point WatermoDI Road Ciren¢ester GL7 ILF Bankèrs Lloyd5 Bank 14 Castle Strtet Cirence5ter Gloucestershlre GL7 IQJ
TETBURY RAIL LANDS REGENERATION TRusr COMPANY LIMITED 8Y GUARA[EE YEAR ENDED30 NOVEMBER2025 TRUSTEES. REPORT The Trustees, who are also dlrector5 for the purposes of company law, presènt their annval dlrectors, report together with the financial statements of the company for the year ended 30 November 2025. which are also prepared to rneet the rÈ4ulrements for Companies Aet purposès. The financial Statements comp5y with the Charitles Act 2011. the Companies Act 2(N)6. the Memorandum and Artitles of Association, and A¢countlnE and Reporting by Charities: Statement of Recommended Practlce applieable to charitie5 preparing their accounts in accordance wlth the Financial Reporting Standard appllcable In the UK and Republic of Ireland IFRS 1021 (effective l January 20191. STRUCTURE. GOVERNANCE AND MANAGEMENT fjoveming Document Tetbury Rail Lands Regen2ration Trust Limited ITRLRTI is governed by Mernorandum and Ardcles of As50riaUon incorporated on 3 Novembec 2000. as amendEIJ by special resolutions in Aprll 2002. September 2018, and most retently, July 2024. to reflert the current Charities Commission template 3pplying to the TRLRT'S charltable status. r28lstered on 22 May 2002. The organisational structure of TRLRT is that of 8 registered charity and a private MpanY registered in England and W3le5, that is limited by guarantee and without share ¢apitsl. The Trust Is governed by a 803rd of Trustee all of whom are unpaid volunteers and the term of offtte for Individual Trustees Is the years, afterwhlth period the Trustee may be able to stand for re-elethon to a limlt of nine yea15, Wlth a break Df one year between the second and third terms. There is one Tr%J5tee appointed by Tetbury Town Council, the Trust's landlords. In £ddition tolhe Trustees, as at November 2025, the management team included three permanent but part-time staff, who are responsible forthe day-to4ay running of theTetbury Goods ShedArts Centre-a General Manager, an Office Manager and an Administraon Assistant. AIMS, OBJECTIVES AND A1vlEs TRLRT wa5 established as a charity and rurnl social enterprise to regenerate the land and buildlngs comprising the former railway branch Ilne in Tetbury. Tetbury Town Council ITtCI granted TRLRT a 2S-ye3r lease on the formerGWR 8ood5 shed in 2017. TheTru5t has fUrbshed thi5 buildln& now referred to as the'Tetbury Goods Shed, ITGSI, and has since establlshed a succe55ful artd inclusive communlty arts and entertainment venue for the benefit af the residents of the market town of Tetbury and surrounding v411a8es, Subsequently extending TRLRfs remit to promote loclu5ion. social engagement and well-belng in the local community through a pro8ramDie ol arts-based activ¢tie5* perfom)ances and a varied pro8fdmme of toncer As an art5 ¢entre, TGS prid•5 5tself its ineluglvé éth05 and Is a vtslunteer-led opèration. whose Trustees are all local residents. The Trustees had prtsdUd a Development Strntegy In 2019. whlch was reviewed post-COVID, and pdated for thÈ period looklng ahead to 2026 and beyond. This affirMed the focus on the the imperdtive5' thatmake up the'optimal. Goods Shed Arts Centre. and link all the activitiesthatgo on atthevenue. viz.. Arknstic Ambition.. Finandal Sustainability; Communltyl Public 8enelit- known as the"Triplè 8ottom Une.. The overnll aim of TGS is to become a first-cla55 venue for ihe arts. a 'Gem In the Cotswolds, attractin8 top performers. encourag¢ng community parkncipation. but also encou816 a diverse au(Jience spread. It has been important for theTru5tèes to understand the capabllities and full potential of the venue, which has settled into its role of brlnging the best posslble arts and culture to Tetbury and its surrounding area. TGS is now established as a PDpular local amenlty and allocate5 more than half of the available volunteer time and resources to comfflunlty-faclng activitie5. The Trustee5 a very encouraged with the way thatTetbury has supported TGS. However. a5 has been commented on in prevfjous report5, the 51tuabon In many, if not all rural, community arts centres across the country, the runnin8 of an arts and entertainment venue 15 not plain sailing. Arts centre5 enerally have tts live with the perpetual balancing act of thls-Trfple Bottom Une- and TGS ha5 been bulldin8 a
TETBURY RAIL LANDS REGENERAMON TRUST COMPANY LImED ey GUARANTEE YEAR ENDED 30 NOVEMBER 2025 TRUSTEES, REPORT reputation for first-class entertainment, but also, and impoTtantlyi offerlng a wide mix of muslcal genres. as well as theatre, cinema, talk5, art exhibitions, dance classes and children's events. In its lativelY short lifetime, TGS has treated a venue that is popular across all age groups, showcasing performantes from arb5ts who ofteri play rn0 prestigious city-based concert halls, whi15t 5ti11 delivering socially-priced Community programmlng and actlvltles. The income raised from events do not cover the general running tsf theTrust. and this is why fund-raisfjng is a core focus for its financlal sustain4bility. Tradln8 subsldlary The Whistle Stop Café IWSCI was incorporated on 27 Decernber 2018 and ig the trading subsldlary of TRLRT. which owns IIJO% of its shart capital. The café open5 for 5 days each week (Wednesday to Sunday) providing hish quality refShMents for the people ol Tetbury and vlsitors to the town. The ernployment 51tuatlon across the h05Pltality Industry has continued to be very rhallenging, with stsff retention a Constant thalSenge. but the café team still manages to provide an excellent sÈrobcÈ and deliciou5 refreshments. The Café is managed by Ms S Jenner, and has three Dlrector5, includin8 one Trustee of TRLRT (Mr Hodson had undertaken this poswknon until December 2025, to be succeeded by Mr Colemanl and the Cafe Board meets monthly on the second Tuesday. The turnover forthe cafe in the year to 30 November 2025 was £231.405. TRLRTChaes(he Café a licen feelor the use of faalities owned by thè Charity. This licentefee isset at£l,500 per month. Adjusted taxable profrts madÈ by WSC are donated to TRLRT and in the yearto 30 November 2025, WSC made a Profit before charitsble gifts oFE4,573. Full detai15 relan& to the WSC results can be found In Note 7 to the TRLRT Accounts. Trustee Recruttmènt and Appolntrnent TRLRT has an artive policy of recruitment looking to bring Indhviduals onto the Board who have speclallst knowledge or experience required to help run the TGS operation5, and to contrlbute to the plans ft)r future developmènt and finanelal sustainability, as well a5 enthu5iaStH for the future projects being planned. To this end, the Board regularly reviews its composition to ensure a good bal3ntÈ of talent and to identify @aps In alIable expertise. With the appointment of the General Manager in 2024125, th8 Trustees have been able to step back from operational responslbility across the activlt5es bein8 undertaken by TGS, and have provlded oversight and guidance rather than dirett management re5ponsibi1Sty. Tme Trustees have area5 of expertise, based on their own experlence, to a5Si5t the 5rn311 team of staff when required. Finding indiwduals with the appropriate skill sets to enable the Board to have a suitable badth of experience. age, and diversity is an ongoin8 thallenge, however, the known appolntments ta be made durln8 2025-26 will support the TRLRT achi2vin8 its aims and oblectives. Oryarbi#atlonal StructUT¢ The Board ofTrustees now rneets every two months on the thlrd Monday of the month Iwith the exception of Augustto avoid clashes with summer holidays). The sub-committees and worklng groups meet regulady-these grtsups are now led by the General Manager. who ha5 the day-to4ay operational responsibility acr055 the TGS athvitles. The regular rneetings that tske place are= Everits meèt weekly: Marketing Meets at least monthly; Fundraising meets at least monthly.. FinancelAudit meets when considered nece55ary* and Volunteer recrultment is an ongoing focu5 and so meets monthly (with a re8ular bi-monthly informal get togetherlcoffee mtsrnlng forthe volvnteerteam to keep everyone inforrnedl. ThE three members of paid part-time staff work closely together covering 311 aspects of the TGS operation5. idendfylng what events to put on, then sorting out the details (contracts, tickèt pricbng, audience numbers, etcl and dealing wlth all the assoclated administration, including Ènsuring the right level of VolnteerS are on duty loreach activity. As noted, the keyrole5 forthevolunteer5 are Duty Manaeerand Events Manager, which includes covering the need for a certified fir5t-aider, plus bar staff. reCepon, and the need for some physlcal strer¢gth to set up thèstageand other equipmenL Sorne of thetethnical requirements have to be covered by paid contracted staff, whlch has to be covered by the Income from the event.
TEfBURY RAIL iANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 NOVEMBER 2025 TRUSTEES. REPORT The enormous tt>ntrlbytion and support provided by the small team of staff and the wide-ranging company ol volunteers 15 acknowledged and very much appreciated by theTrustees-TGS could not existwithout thtm all. TGS pay5 forthe part-time seNce5 of0 selfmpltsyed marketing 5pe¢iallsrs, and a bookkeeper/trea5urer, who also produces monthly ffnanclal reports lor the Finante Committee and Board on all area5 Qf acknvity far the Trust, whilst W5c, the trading subsidiary. has a bookkeeper in p5ace. The Trustee5 havé èls0 a8reEd to Use the services of an arts programme consuliant, who identilies and supports the booking of the artlstes. The financi3 reports assist the Trustee5 In keeping a close watth on the Trust's Sustainability. The Flnance Overslght Trustee, Mr Durningi monitors these regular reports on cash-flow, and incume/expenditure, to as5e55 the extenttD which any surplus funds can last should the levels OF audience 5UPPOrt decline and how long the Trust can continue to be viable. These reports are considered by the Board on a regular basls. The Trustees have ConnUed to monitor the performance pf the events, programrre and set targets, analyse the results, then use the daia to project forward tu provide a more holistic pirture of the expectsd contrfbution to TGS'S future income levels. The Tiustees understsnd how well the overall events progr3mrne is Frogresslng, but are very aware that the events programme does not cover rhe operational casts of running the arts centre, so fundraising wÈll always be a crth(al focus. Pay Pollcy for Key Members of Staff The pay for the key Member5 of staff is reviewed by the Board of Trustees annually and is normally increased In accordance with average earningslcost of living rlses. or Increased on a perforrn3nce relatèd basis, rf the MIt of an individual's job role has changed. At the end of November 2025, the eoard declded that a 3% rise was appropriate based on the relevant CPI. R15k Management The malor risks to which theTru5t may be exposed are reviewed by the Board duringthe year and 5VStems have been established to mitigate any risks that are identified. Health & Safety risks are reviewed regularly and the Trust employs an outslde firm ISureTeaml to undertake an 3ssessrnent Iquasi-auditl to review how risk matters are being handled. All the necessary equipment and security checks are cornpleted each year. PUBUC BENEFIT STATEMENT The Trustees believe that they have complied wlth their duty to provide public benefit through this Charity. TRLRT was est8bli5hed as a charity and wral social enterpr15e to regenerate the land and buildingg comprising the formerTetbury railway bTrnch line, and to give the people of Tetbury and surreunding areas the opportunlty to dis¢tyver. learn, enjoy and praetls? a Wide ran8 of wisual. literary and porformin8 arts bv providing 3 well- equipped Goods Sheil arts centre facility along with 8 comprehenslve programme of performances. exhibi005, tasses and discusslons. The Trustees havè worked hard to extend TRLRfs remit to promote inclusion, soclal engagemenL environmentsl irHpa¢t, and well-being across the local community, and the success of the Whistle Stop Café has shown how much the community has appreciated the qu?lity of thÈ refreshments avai13ble. which in turn has prowded important addiknonal Income to help run TGS. The Trnst has continued to raise funds to maintain the much-used pedestThan and cycle path, now known as the Tetbury Trail. along the fomler branch-line from Tetbury to the Trovble House Inn on the A433. The resurfacKn8 of the Trail was completed In September 2025. which means that it is now pushchair- and wheelchair-frtendly along its entire length, with all tree roots and other obstructians completely removed. The work was completsd under the guidance of Trackbed Prolect Manager, Mr Paul Lockley, and while the TetburyTrail has been adopted by Gloucestershlre County Council Highways as a Public Right of Way, and with it the responsibllity for its surface maintenance, the Trust will continue to support local upkeep acknvlttes, e.g., vegetatlon cleardnce. Thi5 Is a joint Council/Voluntary Body ar¥an8ement of a type found throughout the tounty.
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMrrED BY GUARANTEE YEAR ENDED30 NOVEMBER2025 TRUSTEES. REPORT It should be noted that the National Parkrun Charlty hold5 its local weekly running Event at the Goods Shed and along ihe Tetbury Trall, and have cofflmented on the si8nifican¢ improvement that the work on the Trail has meant lortheir regular runs. The delails of how the Trustees have met the TRLRT Charlty's objective5 and, therefore continued to provide public benelit. can be found throu8hout the text of this Trustees, Report, but, particularly, in the next secbon. Achievement and Performance,. ACHIEVEMENT AND PERFORNcE During 2025 the Trust has completed some malor actions that relate to its aims of provldin8 public benefit and being rn0 sustainable. TRLRT approached the Thc for funding Support to enable the rail carriage to be refurbished to improve the f3cilities for the performing artists (the Green Aooml including th2 addition of a cloakruom which would be available for other purposes, e.g., workshops for smaller groups, and so removing the need to opÈn the main hall. Unfortunatelyi durlng this refit,1t was disu)vered that there wa5 a5be5t05 both Inside and underneath the old tarriage and therefore the work took longer to complete and cost the Trust very significantly more than inIallY quoted for fit-OUt13nd hence funding level aged wSth Tetbury Town Counal. butthe Trust has managed to cover the ext costs and the carriage is now open for use. Another important prolectls the installation of 501ar panels on the roof of the Goods Shed to reduce the carbon footprint of the Trust. Cotswold Distrlct Council ICDCI has provided funds (through the Rural England Prosperity Fundl and match*d-funding was sutcessfully completed. so the work will commence in February 2026. Another aspett related to the buildlng efficiency has been to Improve the air-conditioning as the Intemal temperatures in the hall during surnmer events can betome qulte uncomfortably hi8h, and solutions were still being assessed as thls POrtWaS being written. The most ambitiOVS projecl that Is underway Is the extension for the Café. Planning permisslon was granted by CDC during 2025 and the arthitect'5 plans having been approved, and are n¢)w bÈing taken forward with 5trurtural engineer5 and other pathE5 to cost Dut the next stage. Fund5 have been approved for this worK but then capit31 fvndingwill be 50U8htfrom donors such as the National Lottery Heritage Fund and othersto suppi)rt the work. Fund-raising will be a critical element of the projett and the Trust will not proceed until ia0% funding 1$ guaranteed. It w511 enable the existing cafe to have improved kitchen space. but more importantly extra customer tablès, plus the opportunSty to move the bar from the exlsting container and enable the main hall to be used ft>r more tommunity events during the day, whilst offerin8 café customers a place to sit inside. Thls will be a sizeable project. butwill enhante the ventse significantly. From the point of view of whal is on offer, the Trustees have continued to look for ways to broaden the TGS appeal. The new GerneI Manager, Mr R Kingdom, supported by Oflice Mana8er, Mrs K En5, has been encourdEed to consider puthng on more events. but also introducing new genre5. ThE Trust's Artistic Ambition ha5 certainly widened, whllst rnaintainingthe Board'5 quality. value and diversity expectations. It isstill important that each event aims to cover its costs. but not necessarily rnake a profiL and the Trustees have seen that by trying out new idea5 TGS can attract differing sectors of the comrnunlty. Even If some concert5 do ntst break even. others have been sufficiently Successful to subsidise them. During the period, TGS has begun on a series of concerts by students In collaboration with the Royal Academy of Mu51C Residency in the West - providing the students the QPPDrtunity to perform to what have been 5ubstsntial audlences, who in tuin have been tre3ted to excellent musical performances. Anuther Initiative has been to show lilmed National Theatre"live- plays, and Royal Opera HOUSÈ produthons, thereby allowlng Tetbury residents the chance to See London shows itk their tkwn vicinity lat sisnifitantly lower tostl. Flnally, thÈ seletbon of 5how5 forchildren throughout the post 18 months h25 been a great success, b@In8 sold out on most occasions ranging from circus-style acts, playfjme sesslons and Interactlve theatre. All these initiatives have bolstered the TrusV5 provisron of its Communltyl Public Benefit imperative. Tfj5 ha5 estsbllshed Itself as a tremendous amenityforTetbury and the surroundingarea, plus attractin8 visitors Irom further afield. Analysis undertaken showsTGShas ¢OntintJed to attrattsignifkant numt)erslrom theTetbury
TET8URY RAIL LANDS REGENERATION TRLIST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 NOVEMBER 2025 TRUSTEES, REPORT post codes. but èlso people coming to events from as far afield as 8ristol, Cheltenh3rn. Gloucester and beyond. Looking at the top incorne generating events overthe year there is no one typ@ orgenrÈ that has been the most popular - the range has included Irlbute band5. classical music. jazz, folk, theatre, cinÈma, and comedy. In addition, our detailed analy515 Shows that thefe is relatively little overlap bÈtween ihe audiences lor different forms, whlch tells us that we are catering for a very diverse range of tastes and preferences across the communlty. During the past year, TGS also put on a Wool Fair event, a Book Festival, severnl craft fairs, and a serie5 of tslks and workshops, as well as regular jivelLindy Hop classes, yoga segsions, and quiz ni8hts. The Trustees want to provlde variety, but at the same time, are very much aware that the Trust must ci)ver its Costs. During the year. the Red Carptt Club ha5 expanded and a programme under the title of Angel< has been Introduced, aimed at supporters of TGS who were willing to give annual donations of E5W Isllverl or £1,000 IGoldl. and re¢eiv1ng non-monetsry benefit IDrtheir 8eneTOSity. As not?d, the Trust continues to be indÈbted to its core o loyal and very wllllns volunteers, who give thelr drne. energy- and considerable expertise- to TRLRT. The Trustees are very conscious of ihe enorrnous contribution provided by these voluntsers, whose time and tslents ensure the 5rnooth runntng of the arts centre on a weeklv basls. Without thesf vOluer5 TGS could not survive. The Trust Cannot be 5UStain3ble on thè evenw income alone, so the café 15 8 key contributor to the operation, but It is also necessary to seek out donation5. spornsorshlp. and fundslgrants from external sourcesto enab12the Trust to explore some of the initiattves it wishes tts pursue. The Comrnunity Benefft obligatign 15 an important element forTGS's futurE ambition, and there C?nnueS to be a focuson engaging with local 5choo15 to encourage arts and entertainment involvement, in parbcular pupll parrlcipation, and hence b00sn8 attendance in the younger age-groups. The Trustees are always lookln8 to maximise income, but are very aware of prlcln8 dckets ttsentturage community engagement. Ongolng Development In December 2024 the trust appointed a General Manager to tske overall responsibility for the operational runnln8 of TGS. Mr Ri¢hard Kingdom took on the role and has made a signiftcant contribution to the ongoin8 development of what Is on offer for Tetbury and Its community. The Three Imperativeg continue to be the backbone of the plans that assist the Trust in achleving its goals. The Trustees are pleased to see that TGS ha5 e5tsblished itself 35 a very Important re50urce forTetburytC* enjoy, as music and the arts support thewell-being of the community. TGS has contlnued to grow its reputailon as a sought-after venue in the Cotswold5. both from a performerfs perspective as well as from an audience'5 VIEWPOlnt. Anal15 of the Trust's data shows that over 10.I)00 individuals wÈr@ bénéficiaries of the TGS offerin8s through the past year. raneine from freelance mu5iclans and local zrknsts to the audienc of young parents and their chlldren. and i wide ranee of local resldents and senlor citizens. As reported prevlously, regarding event profitabilityi there is always a potendal p$sre point relating to CU5tomEr affordability- how much should eath tlcket C05t7 Does this alter dependent tsn muslcal genre? How much does the ancillary bar Income impact thè overall event profftabilityP Such thallenge5 over financial sustainability influentes the types of musicianlbands TGS decide5 to put on but the Trustees are of the view that variety and diversity are important factors in the success for TGS, ntst lust the linancial fotus. Artrstlc Ambition is definitely an equal imperative to Financial SustaSnability. This has been taken forward throughout 2025. with new ideas and new initiatives bein8 IlltroducEd by the Generdl Manager. Through 2025 wè managed to increase our events turnover by £33,148 to £168.313, but we know we have to ly on grants, donations and sponsorship to a substantial degree. The continued supportfrom the Davld Thomas TrusL Steepleton. G3rN2ld Weston, the Martin smith FDundatfon, Perry Bishop. FIDoring South-west, Larkhill Vlneyard. the Red Carpet Club members, and the new Ange15 SUPPDrters' scheme liunthed in 2025, as well as
TETBURY RAIL LANDS REGENERAMON TRUST COMPANY LIMED BY GUARANTEE YEAR ENDED 30 NOVEMBER 2025 TRusfEES' REPORT C and CDC, have eased the prSUre on the Trust to mèet our key objective of piovidin8 a diverse range of events, whi15t the Trustee5 have kept their eye on operational profitsbility. It is not always Possible to be profitable event by event for some less popttrlar musical genre5. All these generous grant5/dDnations have kept the Trusys head above water to continue with our ambition to be a 'Gem in the Cotswold5' for the arts. The sponsotship and grants have also enabled the Tru5tto buy new equipmértt. repairolder machinery4 and generally ensure that th¢ services and building maintenance requirements are fulfilled s3tisfètiorily. Therefore, the Development Plans goin8 forward will continue to be fgrused on how to raise further funds to support TGS operations. We intend to offer sponsorship opportunities, encouraEe other donations, and look for otherlund-raisinB routesto enabletheTTU5ttg remain as a CommunityArts Centre,whilst broadening the choice of arhstic activity and rÈaching as diverse a customer/ user base as possible in our location. FINANCIAL REVIEW Prfncipal Sources of Fundlng TRLRT Eenerates its incorne from running events/concertslexhibltion5, hiring the hall for loca1 businesses11.e. dancelyog? classe5, meetings, WI, U3AI. cinema, theatre, and from tht Café contribution. TheTru5t relies on 8rnnts and donations from other organisadons and individuals. As noted, durlng the period under revlew, srants were received. but importantlyp unrestrictsd donatlon5 were given by the David Thoma5 Tru5L and local Tetbury businesses, Perry Blshop, Larkhlll Wineyard, Steepleton, as well as sponsorship sums from Flooring south West. and Renishaw, all of which the Trustees are extMelY gratefvl for, as unrestricted funds enable TGS tts operate on a day-to-day basi5, and deliver the arts and entertainment programme it endeavours to do. Fundraising will always be an Important element to support the financlal sustainabilÉty of theTrust. Results. The Trust recorded a small dethcit of £2.551 in the Income and Expendlture account. and when CDrnpad to 2 small surplus of £3,840 in 2024, these are indicator5 that with a continuing level of success in fundraising, a tsrget of annual break-even over the longer-term Is achievable. Thi5 Potential is reinforced by the fact that the year'5 minor deficit tsme about in spite of the Whi5tlestop Café making over it5 lowest-ever donation to the Trust at year-end of £3,608. having had to meet the completely unexpected but unavoidable costs of 3sbÈstos risk assessment and removal. amounting to alm05t £12.000, durin8 the Surnmpr of 2025. The consèquent 3bsen¢e #f aAV nÉod to call on Frgo Reserves durinE the ar h35 seen their value edge slightly higher than their previou5 year's level. i.e.. £103.690 at end 2024-25, compared with £97.766 at end 2023-24. Reserves Policy Trustees rèview the Trusvs reserves and working capitsl requlrements on a regular basls to ensure they arè edequate to support ihe Charity's needs at that polnt in time. Currently the Truste have set a target of free reseryes of E52.000. This target is based on the followins requirement5 for reserye5'.
TETBURY RAIL LANDS REGENERATION TRLIST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 NOVEMBER 2025 TRUSTEES, REPORT Target for free reseNes Reserve to meet on80ing obligatlons relatlng to staff, lease commltments, creditors etc Reserve to meet ongoing maintenance Reserve to meet fixed costs during restricted operatlo 17,000 5,000 28.lJ)O 52,000 As the level of fTre reserves held bythe Charity was £103,690 at the year-end, the Trustees feEI that this level of reserve5 is adequate for thè needs of the organi5ation at that ppint in tlme. However. the Trustees are mindful of the fact that in the year under review the Charity recorded a minor deflclt, and they recosnise that to ensure its long-term hjture. the Charity needs to be in a posltr.on where It is able to continue to Invest in developrnent project5 to improve the 'offer' to the public. With this In mind. the Trustees will continue to look for ways to Ine8$e its free reserves through the generètion of unrestricted fund Surpluses and they hope to achleve thi5 through a combirtatlon of fvndrdlsing and hostfng events. Further detalls on reserves can be found in notes 18, 19 and 20. Investment Polky The Trust does not hold any Investments other than in the fomi of Short notlce bank deposit accounts and its shareholdln8 In its trading subsidiary, the Whistle Stop Café Isee note 7 for further details). io
TEFBURY RAIL LANDS REGENERAMON TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 NOVEMBER 2025 TRUSTEE5' REPOAT FINANCIAL REVIEW Icontinuédl TRUSTEES, RESPONSIBIUTIES STATEMENT The Trustees (who are also the Directors of TRLRT for the purposes of company lawl are respOlbIe for preparing the Trustees Annual Report and ffinancial statements in accordantÈ with appllcable law and Unlted ngdom Accountin8 Standards Iunlted Kingdom Gènerally Accepted Accounting Prarticel. Company law requlres the Trustee5 to prepare financial statements for each financial year which glve a true and fairview of the stste of affalrs of theTru5t and of the Incoming resources and application of resources, Includlng income and expenditure. of the Trust for the year. In preparin£ these flnancial statements. the Trustees 3rÈ requ1 to.. 5elert suitsble accountlng policie5 and apply them consistently,. obserye the methods and principle5 in the Charitles SORP- rnake judgements and attountln8 esrnateS that are reasonable and prudent,. State whether applicable UK Accounting Standard5 h3ve been followed, stÈbject to any material departures disc105ed and explained in the financial 5tatements,' and prepare thè financlal statements on the going concern basis unless it Is inappropriate to pre5urne that the company will continue In operation. The Trustees are responsible for keeping adeouate accountlnE records that disclose with reasonable accurdcv at any time the financial position of the Trust and enable them to ensure that the financlal statements comply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the Trust?nd hence lor tsking re3sonable Steps for the prÈvÈrttion and dÈtÈttion of Iraud and other lyregularltles. The Trustees are responsible for the maintenance and integrity of thÈ torporate and financlal Infomation included on theTrust'swebsite. LegSslatlon In the Unlted Kingdom 8overningthe prep3ration and dissemination of financial staternents may differ from legislation in other jurisdictions. STATEMENT AS TO DISCLOSURE TO OUR INDEPENDENT EXAMINER In so far as the Trustèès are aware at thè tlme of approvln8 the Trustees, annual report.. there is no relevant accountlns Ir•forYnation of whlch the Trusys Independent CMiner is ynBwure,' and the Trustee5, havin8 made enquiries offellowTrustee5 thatthey ou8htto have indivldually taken. have each taken all steps that he/she Is obllged to take as a dlrector in order to make themselves aware of any relevant accountin8 infomation and to establish that the Independent examlner is aware of that informatlon. li
TETBVRY RAIL LAMDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 NOVEMBER 2025 TRUSTEES, REPORT INDEPENDENT EXAMINER The TTU5tee5 appointed Ruth Herbert, B Chartered Certified Acc04tntant 35 the independent examlner for the Trust. The Trustee5 Annual Report wa5 approved bytheTrustees on the 24 Aprll 2026, and slgned on their behalf, by-_ Phllllp Hodson Chair 12
TETBURY RA1L LANDS REGENERATION TRU COMPANY LIMED BY GUARANTEE YEAR ENDED 30 NOVEMBER 2025 INDEPENDENT EXAMINER'S REPORT Independent Examlnerf5 Report to the Trustees Tetbury Rall Lands Regeneration Trust Ltd I'the Charity'l I reportto theTru5tees on my examlnatlon of the a¢¢ounts of thecharity forthe yearended 30 November 2025. Responslbllltlès and Basls of Report As the TFU5tees of the Charity land also its dirertors for the purposes of company18wI you are responsible for the preparation of the accounts in a¢¢ordance with the requirements of the Companies Act 20061'the 2006 Act'l. Having sat15fied myself thatthe accounts of the Company are not rÈquired to bè audited under Part 16 of the 2006 Act and are eligible for independent examination. I report In respect ol my examination of your charily's accounts as ¢arrled out under section 145 of the Charfiies Act 20111'the 2011 ACYI. In carrying out my examination1 havefollowed the Directions given by the (harlty Cornmlssion undersection 145151 Ibl of the 2011 Att. Independent ExamFnerfs Ststement slnce the Charity's consolidated gross Income exceeded £250,000 your examiner rnu5t bè a member of a body Ilsted in section 145 of the 2011 Act. I conlimi that l am qualified to undertake the examlnatlon because l am a member of Chartered lrtStite of Certified Accountants, which is one of the list bodies. I have completed my examlnatlon. I confirm that no rnatters have come to my attention in connection with the examlnation givlng me cause to believe.. accountlng records were not kept in tespÈtt of the Company as ¢Equired by 5ettion 386 of the 2006 Art,. or the accounts do not accord with those records- or the accounts do not comply with the aecountlng requlrernents of se¢ti¢n 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view whlch is not a matter considered a5 part of an tndependent examination- or the accounts have not been prepared in accordance with the meth¢ds and prlnclples of the Statement f Recommended Prartice for accounting artd reporting by charitles lappllcable to charlties preparing thelr accounts in accordan wlth the Financial Reporting Standard appllcable in the UK and Republi¢ f Ireland IFRS 10211. I have no conterns and have come across no other matters In connection with the examlnatlon to whlch attention should be drawn In this report in order to enable a propèr understanding of the accounts to be Ruth Herbert, FCCA Wenn Townsend Chartered Accountants Watermoor Point Watermoor Road Cirencester GL7 ILF Date., 27 April 2026 13
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 NOVEMBER 2025 StATEMENTOF FINANCIAL A1VITIEs IINCORIKIRATING THE INCOME AND EXPENDITURE ACCOUNY Unrestrictèd Funds Restrlcted Total Funds Ftsnds 2025 Total Funds 2024 Notes INCOME Donations, sponsorship & substriptions Grants recelvable Incomefrom churitoble urtivities.. Events income- music and arts Event income- cSnema Incomelrom other tmding o¢tivltsés.' Bar salE5 Facilities hire and markettrading Facilities liten¢e fee charge to trading subsidiary Donatlon from trading subsidiary Other Incorne 50,025 54,733 5,936 104.758 5,936 45,761 16.704 168,313 168,313 135,165 3,753 38,021 6,419 38,021 6.419 35.296 9,304 I8.()0 3,608 3,616 18.000 3,608 3.616 18.000 31.507 1.170 TOTAL INCOME 288,002 60,669 348.671 296.660 EXPENDITURE Expenditure on choritoble (7CtlvitFes: TetburyTrall Restricted expendlture Café Qnopy Events C05ts- music and arts Events costs- clnema Expenditure on rulslngfvnds.. Bar purchases Faalities hlre & market trading costs Facilities licence fee charge to tradlng subsldiary 49.803 7,591 49,803 7,591 218,579 218,579 170.813 11,438 51.944 5,305 51.944 5,305 15,267 18,000 18,000 18,000 TOTAL EXPENSES 293.828 57,394 351,222 292.820 INCOME BEFORE TRANSFERS 15.8261 3,275 12,5511 3.840 LOSS ON DISPOSALS 1108,9621 TPANSFERS BThIEEN FUNDS 18.19 NET MOVEMENT IN FUNDS 15,8261 12,5511 1105,1221 RECONCILIATION OF FUNDS Total funds brought forward 18,19 190.292 25.075 215,367 320.489 TOTAL FUN05 CARRIED FORWARD 184,466 28,350 212,816 215.367 The 5tstement of Financial ActivlWes Includes all gains and105ses in the year and therefore a statsment of total recognised gains and1055es has not been prepared. All of the above amounts late to contÉnuing activities. The accompanying accounting pollcies and notes, on pages 16 to 30. form an Integml part of these financlal Statements. See note 12 forfund accounting comparative figures. 14
TETBURY RAIL LANDS REGENERATION TRLlSr COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 NOVEMBER 2025 BALANCE SHEET 2025 2024 Notes FIXED ASSETS Tangible assets Investment in trading subsldlary 13 14 80,776 loo 92,526 IOD 80,876 92,626 CURRENT A55ETS Stocks Debtors and prepayments Cash at bank 8rtd irt hand 3,024 12,982 121,087 2,147 177 139,255 137,093 141,579 CREDITORS: Amounts falllng due wlthln one year 16 15,153) 118,838} NETCURRENT ASSETS 122.741 TOTALA5SEtS Less CURREKf LIABILMES 215.367 CREDITORS: Amounts fallln8 due In more than one year 17 TOTAL NET ASSET5 212,816 215,367 FUNDS Restrirted funds Unrestrfrted fund5 18.20 19,20 28350 184A66 25075 190.292 TOTALFUNDS 212,816 215,367 For the year endÉn8 30 Nwember 2025, the tompariy was entsiled to exemptlon from audlt under sectlon 477 of the Companie5 Act 2006 lating to small ¢¢mpanie5. No member5 have required the companyto obtain an audit of Its accounts forthe yearln questlon In accordance wllh sectlon 476 of the Companies Act 20Q6. The directors 3cknowledEe thelr respon51bility for complying with the wuirernents of the Att wlth respect to aCcontIng records and forthe preparatlon of accounts. These accounts have been prepared In accordan wlth the provisions appllcable to compante5 subject tD the 5Tnall companie< regime. These flnanclal statements were approved by the Board of Trustees and authoTis¢d for i$5uè ¢n 24 April 2026 and are signed on thelr behalf by.. Phillp Hodson Chair The accornpanying accounting policies and notes, on pages 16 to 30, lorm an inte8ral part of these financial statement5 15
TEtBURY RAIL LANDS REGENERATION TRUST COMPANY LIED BY GUARANTEE NOTÈS ro THE FINANCIALSTATEMENTS YEAR ENDED 30 NOVEMBER 2025 I. ACCOUNTING POUCIES The prlnclpal ac¢ountlng policles adopted, judgements and key sources of estimation uncertainty in the preparailon of the flnanclal 5tstsments are as follow5.. Basi$ of ac¢ounting The financlal ststements have been prepèred in accordan wlth Accountlng and Reporting by Charities.. Statement of Recommended Prèctice applicable to charities preparing their accttunts in accordance With the FSnanaal Reportingstanflard applicable in the UK and Republit of Ireland IFRS 1021 (effective l January 20191- (Charities SORP IFRS 102>1, the Financlal Reportin8 Standard applicable in the UK and Republlc of Ireland IFRS1021 and the Companies Act 2006. Tetbury Rall Lands Regeneration Trust meets the deflnltSon of 8 public benefit entity under FR5 102. Assets and liabilleS are InStlally recognls&d at historical cost or transaction value unless otherwise stated In the relevant accounng pollcy not&s. The TrusV5 funtlional and presentatlonal Currency is pounds sterling. Going concern The Trustees believe that the Charity's linantial statements have been prepared on a going concern basis. The Trustees have cOnfenCe in the Charity's 3bility to ¢ontinue as a 8olng concern. Judgemertts and kèy sources of estlmatlon The only areas where estlmates and judgements have been made in the prepar3tion of the financial statements is for expense accruals whtch total less than £10,000. Eypenses accruals have been based on Invoices received after the end of the year. Fynd accountln% Unrestriettd funds arè available for use at the discretlon of the trustees to further any of the Charity's PUTP95e5. Restricted funds a subjecied to restrictions on their expenditure declared bv the donor or through the term5 of an appeil and fall into one of two sub-classes.. restricted income fund5 or endowment fund5. 16
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2025 Incomln% resources All incoming resources are Included in the statement of financial activitieswhen entitlement ha5 passed to the charity,. it is probable that the etonomit benefits associated with thetransaction will flowto the charlty and the amount can be reliably measured. The following specific polides are applied to particular categories of income: Income from donation5 orgrants is recognised when there is evidence of entitlementto the gift, recelpt 15 probable, and its amount can be rne85ured reliablv. legacy Income is recognised when receipt is probable, and entitlement is established. Income from donated good5 is measured at the fair value of the goods unless thi5 15 Impractical to measure reliably, in which tase the value Is derlved from the cost to the donor or the estimated rale value. Donated factlities and seN15 are recognised in the accounts when received if the value can be reliably measured. No amounts a included for the contribLStlon of general volunteers. income from contracts for the supply of services 19 recoBnlsed with the delSvery of the contracted service. Thls Is classified as unrestricted fvnds Ltnless there is a contrattual requirementforitto be spent on a partlcular purpose and returned if unspent in whlch case It may be regarded a5 restrirted. Resources expended Expenditure is recognised on an accruals basis as a liability is inctsrred. Expendlture Includes any VATwhlch cannot be fully recovered, and Is classifled under headlngs of the statement of linancial activities to which it relates- expendlture on raislng funds includes the costs of all fundraislng activities, events, non-charitsble trading actlvitles. and the sale of donated goods. expenditure on charitable actlvities includes all c05tS 5ncurred by a charity in undertsking attivities that further its charitsble aim5 for the benefit of its beneficiaries, Including those 5UPPOrt costs and costs relatin8 to the govemance of the charlty apportloned to charltable activities. other expendlture include5 all expenditure that Is neither related to raising fund5 for the charity nor part of Its expenditure on charitable activitie5. All costs are allocated to expendlturecategories reflectingthe use of the resource. Direct costs attributable to a singl2 actlvityare allocated directly to thatactivity. Shared costsare apporknoned between thè acttvities they contribute to on a reasonablej justifiable antj consistent basls. OperatinE leases Lease payments a recognlsed as an expense over the lease terrn on a knight-line basis. n)e a88regate benefit of lease incentives is reco8nised as a reductlc¢n to expense over the le3se terrn, on a stral8ht-Ilne basi5. 17
TETeuRY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIALSTATEMENTS YEAR ENDED 30 NOVEMBER 2025 T¥nKlble assets Tanglble assets are Initial e0rded at cos¢ and subsequently stated at cost less any accurHulated depretiation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluatlon less any subsequent accumulated depreciation and subsequent accumulated irnpairment1055es. An inEase In the carrying amountof an asset as a result of a revaluation, Is recognised in other reco8nised g3ins and losses. Unle it rever5e5 a charge for Impairment that has prÈviously been recogni5ed as expenditure within the statement of financlal activltles. A decrease in the cafrylng amount of an asset 35 result of revaluatèon. is recognisÈd in other recognised galns and 10sse5, except to whlch It offsets any previous revaluation galn, In whlch case the IDSS Is shown within other reco8ni5ed 8ains and1055e5 on the ststement gf financlal actlvities. Depreciatlon Depreciati¢n is talculated so as towrits off ihe cost orvèluation of an asset, le55 its residual value, over the useful economic Ilfe of that auet as follows: Leasehold property Fixlures and fittings Grand PSano Equlpment 2% straight line improvèmènts IS% reducln8 balance 5% strdight line 25% reducing balance Impalrment of fixed assets A review for Indicator5 of impairment is carrled out at each reportin8 date. with the recoverable amount being estimated where Such indicator5 exist. Where the carrylng value exceeds the recoverable amount, the asset 15 impaired accordingly. Prior Impairments are a150 reviewed for posslble reversal at each reportlng date. For the purpos of impairment tasting, when It is not possible to estimate the recoverable amount of an individual as52t, an estimate 15 made of the recovetsble amount of the cash-Èener3ting unit to which the B55et belong5. The cash%eneratin8 unlt Is the smallest identifiable group Df 3sSÈts that includes thé a¥et and generate5 cash inflows that lar8ely Independent of the cash inflows from other assets or groups of assets. Forlmpalrmenttestln8of £oodwill, the goodwill acquired in a business comblnatlon 15, from the a(4Ui5ition date, allocated to each of the cash%enerating units that are EXPÈrted to benefit from the synergies ol the combinatlon, irrespective of whether other assets or Ilabllltles of the company are assigned to those units. Sto¢ks Stocks are measured at the lower of cost and estlmated selling prfce less costs to complete and sell. Cost Includ all c95ts ¢f purchase, eosts of conversion and other costs Incurred In bringlng the stock to Its present locatlon and condition. 18
TEfBURY RAIL LAND5 REGENERAMON TRUST COMPANY LIMITED BY GUAAANTEE NOTESTO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2025 Flnanclal thstruments A financlal a55et or a financial liability is recognised gnly when the company beiomes a party to the tontractual provlsion5 of the in5trumenL Baslcfinanclal instruments are initialty recognised atthe amount recÈi¥ableorpayable induding anyrelated transactlon costs. Current assets and current liabilitles are subsequently measured at the rash or other consideration expected to be paid or received and not discottrnted. Pen51on costs Under the terms of auto enrolment. the Charity makes contributions into a defined contribution scheme for all quallfying staff. Thls scheme is operated for 311 quallfying staff whD choose to opt Into the scheme. The employerf5 ¢ontribution rate was 3%. The total pension cuntrlbutions made by the Charlty irt the year amounted to £953 12024= £8191. No pension payments were outstanding at the year•end12024= None out5tandingl. DONATIONS. SPONSORSHIPAND SUBSCRIPTIONS Unre5tr1ctEd Funds Restrlcted Funds Total Funds 2025 Totsl Funds 2024 Donatlons Restrkted TetburyTrail J Coleman Trust David Thomas Trust Unre5trlcted David Thoma5 Trust Garfield Weston Tesco Other Sponsorship 44.733 5,000 5,000 44.733 5.000 5.otsj 750 10,OOD 5,000 io,cK)o io,cx)o 17,893 17.893 13,331 Pery Blshop Martin Smith Foundation The Lennox Hannav Subxrlptions 200 Club Red CarpetlAngels Programme 5CXI 15,000 1.000 180 5,000 17,132 17,132 50,025 54.733 104,758 45.761 19
T¥fBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED HY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2025 GRANTS RECEIVABLE Unrestrlcted Funds Restrlcted Total Fund5 Funds 2025 Total Funds 2024 Cotswold Distrlct Council Gloucestershire County Council Tetbury Town Councll 16,704 5,936 5.936 S.936 5,936 16,704 EVENTS INCOME- MUSIC AND ARTS Unrèstrstted Total Funds Funds 2025 Total Funds 2024 Livè performances Exhibitlons Art. crafts and workshops Talks 168,313 168,313 106.067 2,942 15.953 10.203 168,313 168,313 135.165 BAR SALES Unrestrlcted Funds Total Funds 2025 Total Fund5 2024 Event bar sales 38,021 38,021 35,296 38,021 38,021 35,296 20
TETBURY FiAIL LANDS REGENEAATION TRusr COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2025 FACILfTIE5 HIRE AND MARKEfTrADING Uniestrlcted Funds Total Funds 2025 Total Funds 2024 Hall hlre 6.419 6,419 9.304 6,419 6,419 9.304 i)ONATION FROM TRADING SUBSIDIARY Tetbury Rail Lands Re8eneratlon Trwt owns a tradSng subsldlary called The Whlstle Stop Café which is prlvate company,1Smited by Sha$. registered in England and Wales, re8lstratlon number 11741459. The registered addres5 of the trading subsldiary Is The Goods Shed. Clrencester Road, Tetbury. GIOUstershl. GL8 8EY. The Charity owns l¢)J% of the issued share capital, belng 100 sh3res of £1 each. The suItS of thp trading subsidiary are detslled below.. Year to 30 November 2025 Yearto 30 November 2024 Tumover Cost ot salès 231,405 194,2571 234,979 189.9591 Gross profit Wages and salariés TRLRT1Scense fee Other c95t5 137,148 19D,1031 118,0001 124,4721 145,020 181,7821 118,0001 119.2161 Surplus before donation toTRLRT Donation ttsTRLRT 4,573 13,6081 26,Q22 131,5071 Retsined proftt 965 15,4851 OTHER INCOME Unrestrlrted Total Funds Funds 2025 Total Funds 2024 Miscellaneou5 Bank interest 3.616 3,616 1,170 3,616 3,616 1,170 21
BURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED B Y GUARANTEE NOTES TO THE FINANCIALSTATEMENT5 YEAR ENDED 30 NOVEMBER 2025 ANALYSIS OF TOTAL RESOURCES EXPENDED 2025 Direct Costs Wages and salari Depreciation Allocated rfverheads Total 2025 CharItale Actlvltles Tetbury Trail Restricted expendlture Café &nopy Events- music and arts Events- tinem 49.803 7,591 49,803 7.591 79A82 63,893 8,825 66,379 218,579 Rolslng Funds Bar costs Facllities hire & market trading Facilities c95ts for subsidiary 20.523 14,433 2.437 1,993 337 944 14,995 2.531 17,056 51,944 5,305 18,000 IS7.399 80.763 12.099 100.961 351,222 2024 Dlrett Costs Wages and Salaries Depreciatlon Allocated Overhead5 Total 2024 CharitobleArtwities Tetbury Trall The Signal Box Cafe Canopy Events- muslc and arts Event5-cinema 11,145 5,280 52.064 8.254 328 99.080 3,822 170.813 11.438 Roislry Funds Bar costs F8cilltiw hlre & markettrading Facillti& cosis forsubsSdiary 19,382 18.886 4,978 3.092 815 1.577 35.941 9,474 16.423 77,301 15,267 18,(M)O 35,807 77.936 14,336 164,740 292,820 In analy51ng the expendlture by the Charity some costs have been apportioned. The costs were apportioned to appropriate costs catEgorie5, usin8 inrome generated as the basi5 for apportionment. The costs alloeated tothe tr2din8 subsidiaryli¢en¢efee were capped atthevalue of the licence fee ancome, being in 2025 £18.0) 12024.. £18.0). 22
TEfBURY RAIL LANDS REGENERATION TRusr COMPANY LIMITED BY GUARANTEE NOTESTO THE FINANCIALSTATEMENTS YEAR ENDED 30 NOVEMBER 2025 ANALYSIS OFTOTAL RESOURCES EXPENDEO Icontinuedl APPORTIONMENTOF OVERHEAD COSTS 2025 Wages and Salaries Depreaation Tot31 2025 Income rheads thDrituble Artlvltles Tetbury Trail Grand Piano Events- music and arts Event5- cinema N/A N/A 168.313 63.893 8.825 66,379 218,579 R¢ilslnq Funds Bar costs Facilitles hirè & market trHdlng Fatilitl&S Costs for subsidiary 38.021 6.419 18.000 14,433 2,437 14,995 2,531 17,056 51,994 5.305 18,OLX) 337 944 80,763 12,099 100,961 351,222 2024 Wages and Salaries Deprèclatlon Total 2024 In¢ome Overheads Cha17tqbleArtivltles TetburyTrail Grawhd Piano Events- muslc and art5 EvÈEIts- cinema N/A N/A 135.165 3.753 52.064 2.CQ8 8,524 328 99.080 3.822 159,688 6,158 Roislng Ful$ Café arLd b3r ¢0sts Facilities hlre & market tradtng Fadlitles costs lorsubsidiary 35,296 9,904 18,000 18,886 4.978 3,092 815 1,577 35.941 9,474 16,423 57,919 15.267 18.000 77,936 14,336 164,740 257.012 23
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMETED BY GUARAI(FEE NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 30 NOVEMBER 2025 10. ANALYSIS OF STAFF COSTS AND EMOLUMENTS. TRUSTEE REMUNEFiATION AND EXPÉNSES, AND THE COST OF KEY NAGEMENT PERSONNEL Total staff costs were as followL" 2025 2024 Wages and salaries Sooal sècurity Costs Other pension costs 78,484 1.217 1,062 76,498 1,438 819 80,763 78.755 No employees, remuneration exceeded £60.000 wlthin the year or the previous year. 11. STAFF NUMBERS The average numberof employee5 and workers durin8 the year, calculated based on full-tlme equivalents. was as follows.. 2025 2024 No Number of employed The average number of employees and workers durln8 the year, on a per h¢ad ba515, was 35 follows.. 2025 No 2024 No Number of employed 24
TEtBURY RAIL LANDS REGENERAIION TRUST COMPANY LIMITED BY GLIARANTEE NOTESTO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2025 12. PREVIOU5 YEAR FUND ACCOUNTING COMPARATNES Unre5tr1cted Restrirted Totsl Funds Fund5 Fund5 2024 INCOME Donatlons, sponsorshlp & subscriptions Grants receivable Incomefrom churituble activities.. Events income- music and arts Event incorre- cinema If)comefmm othertrDding octiwties.. Café and bar sales Facillties hlre and market tradln8 Facllitles Ilcence lee charge to trading subsidiary Donation from tradin8 subsidiary Bank interest received 45.011 16.704 750 45,761 16,704 135.165 3,753 135,165 3.753 35,296 9.304 35,296 9,304 I8.¢0 31,507 1.170 18.000 31.507 1,170 TOTAL INCOMY 295,910 750 296.660 EXPENDITURE Expenditure on chorittsble octivitles= TetburyTrall Thè Signal Box Cafe Canopy Events costs- music and arts Events costs- clnema Expenditure on rai5ipgfunds- Café and bar purchases Facilitles hire & markèt tradln8 costs Facilities litence fee chaTge to trading subsidiary 170.813 11,438 170.813 11,438 77,301 15,267 77,301 15,267 ,ocrf) 18,000 TOTAL EXPENSES 292,820 292,820 NET INCOME BEFORE TRANSFERS 750 3,840 LOSS ON DESPOSALS 1108,9621 1108,9621 TRANSFERS BETWEEN FLINDS 2,846 12,8461 NET MOVEMENT IN FUNDS 1103,0261 12,0961 1105,1221 RECONCILIATION OF FUNDS Total fund5 brought fonward 293,318 27,171 320,489 TOTAL FUNDS CARRIED FORWARD 190.292 25,075 215,367 25
TETBURY RAIL LANDS REGENERATIQN TRUST COMPANY UMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED30 NOVEMBER2025 13. TANGIBLE FIXEDASSETS Equipment Grand Fixture5 & & Rallwav Plano fittin85 Carriage Leasehold Improvements Total COST At l December 2024 Additions Disposals 12,530 42,680 120.047 100,549 349 275.806 349 At 30 November 2025 12,530 4Z,680 120.047 100,898 276.155 DEPRECIATION At l December 2024 Charge for the year Write batk on dlsposals 1,378 251 14,938 2,134 82,266 5,670 84,699 4,044 183,280 12,099 At 30 November 2025 1,629 17.072 87,935 88,743 195.379 NET BOOKVALUE At 30 November 2025 10.901 25,608 32.112 12,155 80.776 At 30 Novernber 2024 11.152 27.742 37,782 15.850 92,526 The tsngible fixed assets are all used for the ch3ritable purposes of the Trv5t. In the Trustees. opinion. there have been no events orcircurn5tances whlch indicate thatthe carrying value of fixed assets may have been impaired. 14. INVESTMENT The Charsty owns a shareholdirtg of a tradlng subsldiary called The Whistle Stop Cafe. See note 7 for further details. 2025 2024 100 ordinary Class A shares at £1 norninal value loo 26
TEfBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO ThE FINANCIAL STATEMENTS YEAR ENOED 30 NOVEMBER 2025 IS. DEBTORS AND PREPAVMEPITS 2025 2024 Trade debtors AmounL8 due from trading stsb5idiary Other debtors 12,832 Iso 150 12,982 177 16. CREDITOR5: Amounts falllng due wlthln year 2025 2024 Trade creditor5 Accrua15 and deferred income Arnounts due to trading subsidiary Other credito 7,821 6,302 3,958 1,195 870 5,153 18,838 27
TETBURY RAIL LANDS REGENERATION TIIU5T COMPANY LIMffED BY GUARANTEE NOTES TO THE FINANCIAI STATEMEwrs YEAR ENDED 30 NOVEMBER 2025 17. RESThICTED FUNDS Balan¢è at l Oec 2024 Incoming resources Outgolng resources Balance at 30 Nov 2025 Transfers TetburyTrail, used to fvnd c05t5 relating to the regeneration of the rallway line 19,398 44.733 149,806 14,325 Piano fund, used forthe purchase and maintenance of the grand piano 2,298 18961 1,402 Piano series fund, used to meet some ofthe costs relatin8 to pian recit31s 3,379 1361 3,343 rrla8e works 10,936 16,6561 4,280 J Colman Community Foundation 5,000 25,075 60,669 157,3941 28.350 Since its InptIon, TRLRT has been very fortunate to have rece6ved significant funding from extemal source5. Fundin8 has been reteived from commercial entitles, charitable and Government bodies as well as indivlduals in supportof a variety of projects that havE been undertaken by theTrust in relation tothè refurbishment of The Good5 Shed lintluding, in previous years, the auditorium seating, cinema equipment and hearin8 loopl, the regenetIOn of the rallway line through the Creation and exiension of the Tetbury Trail, the refurblshment of the rallway carrlage and the purchase of a grand piano for the contÈrt hall. 28
TETBURY RAII LANDS REGENERATrON TRUST COMPANY LIMITED &Y GUARANTEE NOTES TO THE FINANCIALSTATEMEwrs YEAR ENDED 30 NOVEMBER 2025 18. UNRESTRICTED FUNDS Balan at l Dec 2024 Intornlng resources Outgolng resource5 Balance at 30 Nov 2025 Transfers Flxed asset deslgnated fund Free reserves 92,526 97.766 112,0991 1281,7291 349 13491 80,776 103,690 288,002 190,292 288,002 1293,8281 184.466 The fixed asset designated fund represents the fTxed a55ets of the Trust. The free reserves represent the unrestrirted fund5 of the Trust that are nc+t represented by ffxed assets or designated for a specific purpose. 19. ANALYS15 OF NET ASSETS BETWEEN FUND5 AS AT30 NOVEMBER 2025 Tangible tlxed assets Net Current assets Invemments Total Restrlcted fvnds 28,350 28,350 Unresrrlcted funds Fixed Asset deslgnated fund Free reserve5 80.776 80,775 103,690 100 103,590 80,776 100 103.590 184,465 Total funds 80,776 loo 131,940 212,816 29
TBully RAIL LANDS REGENERAnON TRUST COMPANY LIMED BY GUARANTEE NOTES TO THE FINANCIAL5TATEMENrs YEAR ENDED 30 NOVEMBER 2025 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued) AS AT 30 NOVEMBER 2024 Tangible fixed assets Imiestmek)ts Net current assets Total Restricted funds 25,075 25,075 Unre5trl¢ted funds Fixed Asset desl8nated fund Free reserves 92,526 92.526 97.766 loo 97,666 92.526 loo 97,666 190.292 Total funds 92,526 loo 122.741 215,367 21. LIMITED BY GUARANTEE The Charity does not have any share capital havlng been tncorporated under guarantee. In the event of an Insolvent winding up the Ilablllty of the Members Is limited to £1 each. 30