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
STRu￿URE, 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
GlouCeste￿hIre
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
Marketin￿PublicIty
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 o￿AlL$
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 th￿e 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 Administra￿on Assistant.
AIMS, OBJECTIVES AND A￿1v￿lEs
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 ￿fUrb￿shed 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 prtsdU￿d 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 th￿e
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 encou￿81￿6 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 LIm￿ED 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 ref￿ShMents 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.
TRLRTCha￿es(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 rela￿n& 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
a￿lIable 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 b￿adth 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 Vol￿nteerS 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. reCep￿on, 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 of￿0 self*mpltsyed 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 Con￿nUed 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. exhibi￿005,
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 PERFOR￿NcE
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 inI￿allY quoted for fit-OUt13nd hence funding level ag￿ed 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 Gerne￿I Manager, Mr R Kingdom, supported by Oflice Mana8er, Mrs K E￿n5, 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 vOlu￿￿er5 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?n￿nueS to be a focuson engaging with local 5choo15 to encourage
arts and entertainment involvement, in parbcular pupll parrlcipation, and hence b00s￿n8 attendance in the
younger age-groups. The Trustees are always lookln8 to maximise income, but are very aware of prlcln8 dckets
ttsentt*urage 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. Anal￿15 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￿$s￿re 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 LIM￿ED BY GUARANTEE
YEAR ENDED 30 NOVEMBER 2025
TRusfEES' REPORT
C and CDC, have eased the pr￿SUre 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 ext￿MelY
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 CDrnpa￿d 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
In￿e8$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 respO￿lbIe 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 es￿rnateS 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 C￿Miner 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 LIM￿ED 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 lrtSti￿te 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 A￿1VITIEs 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 aCco￿ntIng
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 LI￿￿ED 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 liabill￿eS are InStlally recognls&d at historical cost or transaction value unless otherwise stated
In the relevant accoun￿ng 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 cOnf￿enCe 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 r￿ale
value. Donated factlities and seN1￿5 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 inE￿ase 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. GIOU￿stershl￿.
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
CharItal￿e 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 In￿ptIon, 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 regene￿tIOn 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

T￿Bully RAIL LANDS REGENERAnON TRUST
COMPANY LIM￿ED 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