2021-09-30-accounts - The David Clarke Railway Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

		Page
Reference and Administrative Details
Report ofthe Trustees	2	to	4
Report ofthe Independent Auditors	5	to	7
Statement of Financial Activities
Statement of Financial Position
Statement ofCash Flows		10
Notes to the Statement ofCash Flows
Notes tothe Financial Statements	12	to	26

TRUSTEES	M Freckelton
	RjSStephens
	K M Lloyd
	C I Baines
PRINCIPAL ADDRESS	3Wharncliffe	Road
	Loughborough
	Leicesters hire
	LE111SL
REGISTERED CHARITY NUMBER	1104839
AUDITORS	Duncan &Toplis Limited, Statutory			Auditor
	3Princes Court
	Royal Way
	Loughborough
	Leicestershire
	LE11SXR
SOLICITORS	Bird Wilford &Sale
	20Church Gate
	Loughborough
	Leicestershire
	LE111UD
BANKERS	National Westminster		Bank PLC
	1Granby Street
	Leicester
	LE19GT
	Virgin Money
	3Eastgates
	Leicester
	LE1SYA

						2021	2020
				Unrestricted	Restricted	Total	Total
INCOME AND ENDOWMENTS	FROM		Notes	funds E	funds f	funds f	funds E
Donations and legacies				1,075,272	852,176	1,927,448	864,341
Charitable activities
Witherslack Hall locomotive income				8,400		8,400	9,600
Investment income				3,184		3,184	6,812
Total				1,086,856	852,176	1,939,032	880,753
EXPENDITURE ON
Raising funds				8,830		8,830	8,380
Charitable activities
Restoration and maintenance	oflocomotives,
carriages, railcars and other units Supporting the linking or development		offurther			60,939	60,939	1,431
sections ofthe Great Central Railway Other activities				24,328	60,993 41,351	60,993 65,679	445,388 494,540
Total				33,158	163,283	196,441	949,739
Net gains/(losses) on investments				(134,077)		(134,077)	27,830
NET INCOME/(EXPENDITURE)				919,621	688,893	1,608,514	(41,156)
Transfers between funds			17	(8,416)	8,416
Net movement in funds				911,205	697,309	1,608,514	(41,156)
RECONCILIATION OF FUNDS
Total funds brought forward				2,237,592	1,207,311	3,444,903	3,486,059
TOTAL FUNDS CARRIED FORWARD				3,148,797	1,904,620	5,053,417	3,444,903

				2021	2020
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
FIXEDASSETS	Notes	E		E	E
Tangible assets Heritage assets Investments	11 12	380,021 28,260	193,493	380,021 221,753	388,000 236,895
Investments Social investments	13 14	70,495 890,649		70,495 890,649	51,680 943,541
		1,369,425	193,493	1,562,918	1,620,116
CURRENT ASSETS
Debtors Cash at bank	15	590,244 1,198,828	67,269 1,706,267	657,513 2,905,095	52,175 2,034,608
		1,789,072	1,773,536	3,562,608	2,086,7&3
CREDITORS
Amounts falling due within one year	16	(9,700)	(62,409)	(72,109)	(261,996)
NET CURRENT ASSETS		1,779,372	1,711,127	3,490,499	1,824,787
TOTAL ASSETS LESSCURRENT UASIUTIES		3,148,797	1,904,620	5,053,417	3,444,903
		3,148,797	1,904,620	5,053,417	3,444,903
FUNDS	17
Unrestricted funds Restricted funds				3,148,797 1,904,620	2,237,592 1,207,311
TOTAL FUNDS				5,053,417	3,444,903

					2021	2020
				Notes	f	E
Cash flows from operating	activities
Cash generated from operations					967,303	82,945
Net cash provided by operating activities					967,303	82,945
Cash flows from investing	activities
Purchase ofsocial investments Interest received Dividends received					(100,000) 246 2,938	3,734 3,078
Net cash (used in)/provided	by investing		activities		(96,816)	6,812
Change in cash and cash equivalents		in the
reporting period Cash and cash equivalents	at the beginning of				870,487	89,757
the reporting period					2,034,608	1,944,851
Cash and cash equivalents	at the end	of	the
reporting period					2,905,095	2,034,608

	RECONCILIATION OF NET INCOME/(EXPENDITURE)	RECONCILIATION OF NET INCOME/(EXPENDITURE)	TO NET CASH FLOW FROM	OPERATING	ACTIVITIES
					2021	2020
	Net income/(expenditure) for the reporting	period	(as per the Statement of		f	f
	Finandal Activities) Adjustments for:				1,608,514	(41,156)
	Depreciation charges Losses/(gain) on investments Interest received				23,122 134,077	23,257 (27,830)
	Dividends received (Increase)/decrease in debtors (Decrease)/increase in creditors				(246) (2,938) (605,339) (189,887)	(3,734) (3,078) 8,831 126,655
	Net cash provided by operations				967,303	82,945
2.	ANALYSIS OF CHANGES IN NET FUNDS
			At 1.10.20		Cash flow	At 30.9.21
	Net cash			f	f	E
	Cash at bank		2,034,608		870,487	2,905,095
			2,034,608		870,487	2,905,095
	Total		2,034,608		870,487	2,905,095

GRANTS PAYABLE
				2021	2020
Restoration and maintenance oflocomotives, carriages, railcars and other units Supporting the linking or development offurther sections ofthe Great Central				f 60,939	E 1,431
Railway Other activities				60,993	445,388
				32,594	463,164
				154,526	909,983
The total grants paid to institutions	during the		year was as follows:
				2021	2020
Great Central Railway Pic &supporting		institutions		f 154,526	f 909,983

				Unrestricted	Restricted	Total
INCOME AND ENDOWMENTS			FROM	funds f	funds E	funds E
Donations	and legacies			373,220	491,121	864,341
Charitable	activities
Witherslack	Hall locomotive	income			9,600	9,600
Investment	income			6,812		6,812
Total
				380,032	500,721	880,753
EXPENDITURE ON
Raising funds				8,380		8,380

			Unrestricted	Restricted	Total
Charitable activities			funds f	funds f	funds f
Restoration and maintenance	oflocomotives,
carriages, railcars and other units Supporting the linking or development		offurther		1,431	1,431
sections ofthe Great Central Other activities	Railway		313,452	445,388 181,088	445,388 494,540
Total
			321,832	627,907	949,739
Net gains on investments			27,830		27,830
NET INCOME/(EXPENDITURE)			86,030	(127,186)	(41,156)
Transfers between funds			(63,172)	63,172
Net movement in funds			22,858	(64,014)	(41,156)
RECONCILIATION OF FUNDS
Total funds brought forward			2,214,734	1,271,325	3,486,059
TOTAL FUNDS CARRIED FORWARD			2,237,592	1,207,311	3,444,903
TANGIBLE FIXEDASSETS
				Equipment
			Freehold	and
COST			property f	vehicles f	Totals f
At 1October 2020 and 30September 2021			468,922	1,124	470,046
DEPRECIATION
At 1October 2020
Charge for year			80,922 7,979	1,124	82,046 7,979
At 30September 2021			88,901	1,124	90,025
NET BOOK VALUE
At 30September 2021			380,021		380,021
At 30September 2020			388,000		388,000
Freehold property is valued at cost.

COST	Artefacts f	Locomotives f	Rolling stock f	Total f
At 1stOctober 2020	18,067	230,589	74,994	323,650
At 30th September 2021	18,067	230,589	74,994	323,650
DEPRECIATION
At 1stOctober 2020
Charge for year		25,566 11,529	61,189 3,614	86,755 15,143
At 30th September 2021		37,095	64,803	101,898
NET BOOK VALUE
At 30th September 2021	18,067	193,494	10,191	221,752
At 30th September 2020	18,067	205,023	13,805	236,895

		Listed
		investments
MARKET VALUE		f
At 1October 2020
Revaluations		51,680
		18,815
At 30September 2021
		70,495
NET BOOK VALUE
At 30September 2021
		70,495
At 30September 2020
		51,680
There were no investment	assets outside the UK.

						Programme
						related
						investments
						equity
MARKET VALUE						f
At 1October 2020
Additions						943,541
Revaluations						101,630
						(154,522)
At 30September	2021
						890,649
NET BOOK VALUE
At 30September 2021
						890,649
At 30September 2020
						943,541
					2021	2020
					f	f
Shares:
Great Central Railway		Pic
Loughborough Standard Boscastle Locomotive Ltd			Locomotives	Group Ltd	865,007 2,551	918,016 2,551
Thompson 81Locomotive			Ltd		4,043	4,824
Dart Valley Pic					1,250	1,250
Bluebell Railway Pic					195	195
Peak Rail Pic					100	100
Bolton Steam Locomotive			Ltd		100	100
Mid Hants Railway	Ltd				14,383	13,485
Jurassica Oil &Gas	Pic				20	20
Allied Gold Resources		Pic			1,000	1,000
					2,000	2,000
					890,649	943,541

Participating	Interest
Company	Country of Incorporation	Shares		Percentage Held	Year End	Capital & Reserves	Loss Year	for
Great Central Railway Pic	England & Wales	Ordinary Shares of25p		27.9%	31Jan 2021	f3,019,904	f639,903
Cost or valuation	at 30September	2021 is represented	by:
								Equity
Valuation in 2021								f
								890,649

15.	DEBTORS:AMOUNTS	DEBTORS:AMOUNTS	FALLING DUE WITHIN ONE YEAR	FALLING DUE WITHIN ONE YEAR
						2021	2020
	Gift aid					f	f
	Prepayments and	accrued income				72,432	52,175
						585,081
						657,513	52,175
16.	CREDITORS: AMOUNTS		FALLING DUE WITHIN ONE YEAR
						2021	2020
	Trade creditors					f	f
	Accrued expenses					60,940	253,445
						11,169	8,551
						72,109	261,996
17.	MOVEMENT IN FUNDS
					Net	Transfers
	Unrestricted funds			At 1.10.20 f	movement in funds f	between funds f	At 30.9.21 f
	General fund Leicester Museum A60 Bridge	Fund		2,237,577 15	823,997 95,624	(8,416)	3,053,158 15 95,624
	Restricted funds			2,237,592	919,621	(8,416)	3,148,797
	Windcutter Project Signal &Telegraph Carriage Repainting 8F Locomotive Loughborough Standard		Locomotives	Group 3,122 856 44,621 182,583	360 2,897 27,458 (2,250)		3,482 3,753 72,079 180,333
	Ltd Renaissance Railcars Witherslack Hall Locomotive Boscastle Restoration GCR 567Locomotive Group Mountsorrel Railway Bridging the Gap Oliver Cromwell Double Track Project Carriage Workshop Gallery Rothley Station Separator Loughborough Locomotive Shed 04 Restoration			7,069 19,966 175,659 20,107 43,540 735 424,656 6,978 1,000 79,677 1,824 28,000 78,449 63,469 25,000	(3,758) (4,275) 5,920 (5,641) 18,764 948 642,476 15,000 3,575 (12,581)	8,416	3,311 15,691 181,579 14,466 62,304 1,683 1,075,548 21,978 1,000 79,677 1,824 28,000 78,449 67,044 12,419
				1,207,311	688,893	8,416	1,904,620
	TOTAL FUNDS			3,444,903	1,608,514		5,053,417

		Incoming	Resources	Gains and	Movement
Unrestricted funds		resources f	expended E	losses f	in funds E
General fund A60 Bridge		991,232 95,624	(33,158)	(134,077)	823,997 95,624
Restricted funds		1,086,856	(33,158)	(134,077)	919,621
Windcutter Project Signal &Telegraph Carriage Repainting BFLocomotive Loughborough Standard	Locomotives Group	360 2,897 50,000 6,500	(22,542) (8,750)		360 2,897 27,458 (2,250)
Ltd
Renaissance Railcars Witherslack Hall Locomotive Boscastle Restoration GCR 567 Locomotive Group Mountsorrel Railway Bridging the Gap Oliver Cromwell Loughborough Locomotive Shed 04Restoration		8,435 300 8,699 8,229 18,764 948 703,469 15,000 3,575 25,000	(12,193) (4,575) (2,779) (13,870) (60,993) (37,581)		(3,758) (4,275) 5,920 (5,641) 18,764 948 642,476 15,000 3,575 (12,581)
		852,176	(163,283)		688,893
TOTAL FUNDS		1,939,032	(196,441)	(134,077)	1,608,514

				Net	Transfers
Unrestricted funds			At 1.10.19 f	movement in funds f	between funds f	At 30.9.20 f
General fund Leicester Museum Fund			2,214,719 15	86,030	(63,172)	2,237,577 15
Restricted funds			2,214,734	86,030	(63,172)	2,237,592
Windcutter Project Signal &Telegraph Carriage Repainting 8F Locomotive Loughborough Standard	Locomotives	Group	4,060 410 40,840 172,083	(978) 446 (5,112) 10,500	40 8,893	3,122 856 44,621 182,583
Ltd
Renaissance Railcars Witherslack Hall Locomotive Boscastle Restoration GCR 567 Locomotive Group Mountsorrel Railway Bridging the Gap Oliver Cromwell Double Track Project Carriage Workshop Gallery Rothley Station Separator Loughborough Locomotive Shed Crew Accommodation 04 Restoration Swithland Carriage			10,794 19,666 168,539 29,058 57,645 3,160 392,295 6,978 1,000 79,677 1,824 28,000 76,827 53,469 100,000 25,000	(3,725) 300 7,120 (8,951) (14,105) (2,425) (12,446) 10,000 (100,000) (7,810)	44,807 1,622 7,810	7,069 19,966 175,659 20,107 43,540 735 424,656 6,978 1,000 79,677 1,824 28,000 78,449 63,469 25,000
			1,271,325	(127,186)	63,172	1,207,311
TOTAL FUNDS			3,486,059	(41,156)		3,444,903

			Incoming	Resources	Gains and	Movement
Unrestricted funds			resources	expended f	losses f	in funds E
General fund			380,032	(321,832)	27,830	86,030
Restricted funds
Windcutter Project Signal &Telegraph Carriage Repainting BFLocomotive Loughborough Standard	Locomotives	Group	452 446 19,250	(1,430) (5,112) (8,750)		(978) 446 (5,112) 10,500
Ltd
Renaissance Railcars Witherslack Hall Locomotive Boscastle Restoration GCR 567 Locomotive Group Mountsorrel Railway Bridging the Gap Loughborough Locomotive Shed Crew Accommodation Swithland Carriage			7,994 300 9,899 2,064 16,261 1,113 432,942 10,000	(11,719) (2,779) (11,015) (30,366) (3,538) (445,388) (100,000) (7,810)		(3,725) 300 7,120 (8,951) (14,105) (2,425) (12,446) 10,000 (100,000) (7,810)
			500,721	(627,907)		(127,186)
TOTAL FUNDS			880,753	(949,739)	27,830	(41,156)

				Net	Transfers
Unrestricted funds			At 1.10.19 f	movement in funds f	between funds f	At 30.9.21 f
General fund Leicester Museum A60 Bridge	Fund		2,214,719 15	910,027	(71,588)	3,053,158 15
				95,624		95,624
Restricted funds			2,214,734	1,005,651	(71,588)	3,148,797
Windcutter Project Signal &Telegraph Carriage Repainting BFLocomotive Loughborough Standard		Locomotives Group	4,060 410 40,840 172,083	(618) 3,343 22,346 8,250	40 8,893	3,482 3,753 72,079 180,333
Ltd
Renaissance Railcars Witherslack Hall Locomotive Boscastle Restoration GCR 567 Locomotive Group Mountsorrel Railway Bridging the Gap Oliver Cromwell Double Track Project Carriage Workshop Gallery Rothley Station Separator Loughborough Locomotive Shed Crew Accommodation 04Restoration			10,794 19,666 168,539 29,058 57,645 3,160 392,295 6,978 1,000 79,677 1,824 28,000 76,827 53,469 100,000	(7,483) (3,975) 13,040 (14,592) 4,659 (1,477) 630,030 15,000 13,575 (100,000)	53,223 1,622	3,311 15,691 181,579 14,466 62,304 1,683 1,075,548 21,978 1,000 79,677 1,824 28,000 78,449 67,044
Swithland Carriage			25,000	(12,581) (7,810)	7,810	12,419
			1,271,325	561,707	71,588	1,904,620
TOTAL FUNDS			3,486,059	1,567,358		5,053,417

The Boscastle Restoration Fund was set up to assist with the restoration of34039Boscastle.
The GCR 567 Locomotive Group Fund was set up to assist with the building of a 'brand new' Great Central Railway Class locomotive.			2
The Mountsorrel Railway Fund was set up to develop the Mountsorrel branch line.
The Bridging the Gap Fund was set up to aid the linking ofthe Loughborough to Leicester and Loughborough to sections ofthe Great Central Railway.		Ruddington
The Oliver Cromwell Fund was set up to prove funds towards restorational upkeep of this locomotive, which National Collection.	is	part of the
The Double Track Project Fund was set up to provide double-track rail between Loughborough and Rothley.
The Carriage Workshop Fund was set up to aid the restoration ofcarriage restoration works.
The Gallery Fund was set up to aid the conversion ofthe old parcel office into a viewing area and reception.
The Rothley Station Fund was set up to hold monies for use at Rothley station.
The Separator Fund was set up to assist with the provision of a new reverse osmosis plant and separator pollutants in the ground from the loco shed preparation area.		to collect
The Loughborough Locomotive Shed Fund was set up to provide increased facilities for locomotive restoration visitor viewing area.		and the
The Crew Accommodation Fund was set up to provide money towards buying accommodation for crew members on the restoration and maintenance oflocomotives.		working
The 04 Restoration Fund was set up to prove funds towards restorational upkeep of this locomotive, which is National Collection.	part of the
The Swithland Carriage Fund was set up to prove funds towards the cost ofenclosed carriage facilities at Swithland.
Transfers between funds
The transfers into restricted funds represent unrestricted fund monies utilised to finance restricted funds.
RELATED PARTY DISCLOSURES
Mr C I Baines, a trustee ofthe charity, was also a director ofGreat Central Railway pic. During the year the Trust paid grants amounting to f123,073 (2020:f899,526) to Great Central Railway pic. The charity also purchased shares in Great Central Railway pic during the year, costing f100,000 (2020:fNil). To avoid any potential conflict of interest Mr C I Baines excluded himself from any meeting of the Trust where grants to Great Central Railway pic were being considered. During the year Great Central Railway pic also used rolling stock owned by the Trust free ofcharge.