|||Page||
|---|---|---|---|
|Reference and Administrative<br>Details||||
|Report ofthe Trustees|2|to|4|
|Report ofthe Independent<br>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<br>Westminster||Bank PLC||
||1Granby Street||||
||Leicester||||
||LE19GT||||
||Virgin Money||||
||3Eastgates||||
||Leicester||||
||LE1SYA||||





## 

## 

## 

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## 



## 

## 

## 

## 

## 

## 

## 



## 



## 



|||||||2021|2020|
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Total|Total|
|INCOME AND ENDOWMENTS|FROM||Notes|funds<br>E|funds<br>f|funds<br>f|funds<br>E|
|Donations<br>and legacies||||1,075,272|852,176|1,927,448|864,341|
|Charitable<br>activities||||||||
|Witherslack<br>Hall locomotive income||||8,400||8,400|9,600|
|Investment<br>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<br>activities||||||||
|Restoration<br>and maintenance|oflocomotives,|||||||
|carriages,<br>railcars and other units<br>Supporting<br>the linking or development||offurther|||60,939|60,939|1,431|
|sections ofthe Great Central Railway<br>Other activities||||24,328|60,993<br>41,351|60,993<br>65,679|445,388<br>494,540|
|Total||||33,158|163,283|196,441|949,739|
|Net gains/(losses)<br>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<br>in funds||||911,205|697,309|1,608,514|(41,156)|
|RECONCILIATION<br>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<br>Heritage assets<br>Investments|11<br>12|380,021<br>28,260|193,493|380,021<br>221,753|388,000<br>236,895|
|Investments<br>Social investments|13<br>14|70,495<br>890,649||70,495<br>890,649|51,680<br>943,541|
|||1,369,425|193,493|1,562,918|1,620,116|
|CURRENT ASSETS||||||
|Debtors<br>Cash at bank|15|590,244<br>1,198,828|67,269<br>1,706,267|657,513<br>2,905,095|52,175<br>2,034,608|
|||1,789,072|1,773,536|3,562,608|2,086,7&3|
|CREDITORS||||||
|Amounts<br>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<br>funds<br>Restricted funds||||3,148,797<br>1,904,620|2,237,592<br>1,207,311|
|TOTAL FUNDS||||5,053,417|3,444,903|





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





||RECONCILIATION<br>OF NET INCOME/(EXPENDITURE)|RECONCILIATION<br>OF NET INCOME/(EXPENDITURE)|TO NET CASH FLOW FROM|OPERATING|ACTIVITIES||
|---|---|---|---|---|---|---|
||||||2021|2020|
||Net income/(expenditure)<br>for the reporting|period|(as per the Statement of||f|f|
||Finandal Activities)<br>Adjustments<br>for:||||1,608,514|(41,156)|
||Depreciation<br>charges<br>Losses/(gain)<br>on investments<br>Interest received||||23,122<br>134,077|23,257<br>(27,830)|
||Dividends<br>received<br>(Increase)/decrease<br>in debtors<br>(Decrease)/increase<br>in creditors||||(246)<br>(2,938)<br>(605,339)<br>(189,887)|(3,734)<br>(3,078)<br>8,831<br>126,655|
||Net cash provided<br>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<br>and maintenance<br>oflocomotives,<br>carriages, railcars and other units<br>Supporting<br>the linking or development<br>offurther sections ofthe Great Central|||||f<br>60,939|E<br>1,431|
|Railway<br>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<br>Railway Pic &supporting|||institutions||f<br>154,526|f<br>909,983|



## 

## 

## 

## 

## 

|||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|
|INCOME AND ENDOWMENTS|||FROM|funds<br>f|funds<br>E|funds<br>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<br>activities|||funds<br>f|funds<br>f|funds<br>f|
|Restoration<br>and maintenance|oflocomotives,|||||
|carriages, railcars and other units<br>Supporting<br>the linking or development||offurther||1,431|1,431|
|sections ofthe Great Central<br>Other activities|Railway||313,452|445,388<br>181,088|445,388<br>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<br>in funds|||22,858|(64,014)|(41,156)|
|RECONCILIATION<br>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<br>f|vehicles<br>f|Totals<br>f|
|At 1October 2020 and 30September 2021|||468,922|1,124|470,046|
|DEPRECIATION||||||
|At 1October 2020||||||
|Charge for year|||80,922<br>7,979|1,124|82,046<br>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<br>is valued at cost.||||||





## 

## 

|COST|Artefacts<br>f|Locomotives<br>f|Rolling<br>stock<br>f|Total<br>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<br>11,529|61,189<br>3,614|86,755<br>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<br>Standard<br>Boscastle Locomotive<br>Ltd|||Locomotives|Group Ltd|865,007<br>2,551|918,016<br>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<br>Oil &Gas|Pic||||20|20|
|Allied Gold Resources||Pic|||1,000|1,000|
||||||2,000|2,000|
||||||890,649|943,541|



|Participating|Interest|Interest||||||||
|---|---|---|---|---|---|---|---|---|---|
|Company||Country of<br>Incorporation|Shares||Percentage<br>Held|Year<br>End|Capital &<br>Reserves|Loss <br>Year|for|
|Great Central<br>Railway Pic||England &<br>Wales|Ordinary<br>Shares of25p||27.9%|31Jan<br>2021|f3,019,904|f639,903||
|Cost or valuation||at 30September|2021 is represented|by:||||||
||||||||||Equity|
|Valuation<br>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<br>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<br>IN FUNDS|||||||
||||||Net|Transfers||
||Unrestricted<br>funds|||At<br>1.10.20<br>f|movement<br>in funds<br>f|between<br>funds<br>f|At<br>30.9.21<br>f|
||General fund<br>Leicester Museum<br>A60 Bridge|Fund||2,237,577<br>15|823,997<br>95,624|(8,416)|3,053,158<br>15<br>95,624|
||Restricted funds|||2,237,592|919,621|(8,416)|3,148,797|
||Windcutter<br>Project<br>Signal &Telegraph<br>Carriage Repainting<br>8F Locomotive<br>Loughborough<br>Standard||Locomotives|Group<br>3,122<br>856<br>44,621<br>182,583|360<br>2,897<br>27,458<br>(2,250)||3,482<br>3,753<br>72,079<br>180,333|
||Ltd<br>Renaissance<br>Railcars<br>Witherslack<br>Hall Locomotive<br>Boscastle Restoration<br>GCR 567Locomotive Group<br>Mountsorrel<br>Railway<br>Bridging the Gap<br>Oliver Cromwell<br>Double Track Project<br>Carriage Workshop<br>Gallery<br>Rothley Station<br>Separator<br>Loughborough<br>Locomotive Shed<br>04 Restoration|||7,069<br>19,966<br>175,659<br>20,107<br>43,540<br>735<br>424,656<br>6,978<br>1,000<br>79,677<br>1,824<br>28,000<br>78,449<br>63,469<br>25,000|(3,758)<br>(4,275)<br>5,920<br>(5,641)<br>18,764<br>948<br>642,476<br>15,000<br>3,575<br>(12,581)|8,416|3,311<br>15,691<br>181,579<br>14,466<br>62,304<br>1,683<br>1,075,548<br>21,978<br>1,000<br>79,677<br>1,824<br>28,000<br>78,449<br>67,044<br>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<br>funds||resources<br>f|expended<br>E|losses<br>f|in funds<br>E|
|General fund<br>A60 Bridge||991,232<br>95,624|(33,158)|(134,077)|823,997<br>95,624|
|Restricted funds||1,086,856|(33,158)|(134,077)|919,621|
|Windcutter<br>Project<br>Signal &Telegraph<br>Carriage Repainting<br>BFLocomotive<br>Loughborough<br>Standard|Locomotives Group|360<br>2,897<br>50,000<br>6,500|(22,542)<br>(8,750)||360<br>2,897<br>27,458<br>(2,250)|
|Ltd||||||
|Renaissance<br>Railcars<br>Witherslack<br>Hall Locomotive<br>Boscastle Restoration<br>GCR 567 Locomotive Group<br>Mountsorrel<br>Railway<br>Bridging the Gap<br>Oliver Cromwell<br>Loughborough<br>Locomotive Shed<br>04Restoration||8,435<br>300<br>8,699<br>8,229<br>18,764<br>948<br>703,469<br>15,000<br>3,575<br>25,000|(12,193)<br>(4,575)<br>(2,779)<br>(13,870)<br>(60,993)<br>(37,581)||(3,758)<br>(4,275)<br>5,920<br>(5,641)<br>18,764<br>948<br>642,476<br>15,000<br>3,575<br>(12,581)|
|||852,176|(163,283)||688,893|
|TOTAL FUNDS||1,939,032|(196,441)|(134,077)|1,608,514|





## 

## 

|||||Net|Transfers||
|---|---|---|---|---|---|---|
|Unrestricted<br>funds|||At<br>1.10.19<br>f|movement<br>in funds<br>f|between<br>funds<br>f|At<br>30.9.20<br>f|
|General fund<br>Leicester Museum<br>Fund|||2,214,719<br>15|86,030|(63,172)|2,237,577<br>15|
|Restricted funds|||2,214,734|86,030|(63,172)|2,237,592|
|Windcutter<br>Project<br>Signal &Telegraph<br>Carriage Repainting<br>8F Locomotive<br>Loughborough<br>Standard|Locomotives|Group|4,060<br>410<br>40,840<br>172,083|(978)<br>446<br>(5,112)<br>10,500|40<br>8,893|3,122<br>856<br>44,621<br>182,583|
|Ltd|||||||
|Renaissance<br>Railcars<br>Witherslack<br>Hall Locomotive<br>Boscastle Restoration<br>GCR 567 Locomotive Group<br>Mountsorrel<br>Railway<br>Bridging the Gap<br>Oliver Cromwell<br>Double Track Project<br>Carriage Workshop<br>Gallery<br>Rothley Station<br>Separator<br>Loughborough<br>Locomotive Shed<br>Crew Accommodation<br>04 Restoration<br>Swithland<br>Carriage|||10,794<br>19,666<br>168,539<br>29,058<br>57,645<br>3,160<br>392,295<br>6,978<br>1,000<br>79,677<br>1,824<br>28,000<br>76,827<br>53,469<br>100,000<br>25,000|(3,725)<br>300<br>7,120<br>(8,951)<br>(14,105)<br>(2,425)<br>(12,446)<br>10,000<br>(100,000)<br>(7,810)|44,807<br>1,622<br>7,810|7,069<br>19,966<br>175,659<br>20,107<br>43,540<br>735<br>424,656<br>6,978<br>1,000<br>79,677<br>1,824<br>28,000<br>78,449<br>63,469<br>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<br>funds|||resources|expended<br>f|losses<br>f|in funds<br>E|
|General fund|||380,032|(321,832)|27,830|86,030|
|Restricted funds|||||||
|Windcutter<br>Project<br>Signal &Telegraph<br>Carriage Repainting<br>BFLocomotive<br>Loughborough<br>Standard|Locomotives|Group|452<br>446<br>19,250|(1,430)<br>(5,112)<br>(8,750)||(978)<br>446<br>(5,112)<br>10,500|
|Ltd|||||||
|Renaissance<br>Railcars<br>Witherslack<br>Hall Locomotive<br>Boscastle Restoration<br>GCR 567 Locomotive Group<br>Mountsorrel<br>Railway<br>Bridging the Gap<br>Loughborough<br>Locomotive Shed<br>Crew Accommodation<br>Swithland<br>Carriage|||7,994<br>300<br>9,899<br>2,064<br>16,261<br>1,113<br>432,942<br>10,000|(11,719)<br>(2,779)<br>(11,015)<br>(30,366)<br>(3,538)<br>(445,388)<br>(100,000)<br>(7,810)||(3,725)<br>300<br>7,120<br>(8,951)<br>(14,105)<br>(2,425)<br>(12,446)<br>10,000<br>(100,000)<br>(7,810)|
||||500,721|(627,907)||(127,186)|
|TOTAL FUNDS|||880,753|(949,739)|27,830|(41,156)|





## 

|||||Net|Transfers||
|---|---|---|---|---|---|---|
|Unrestricted<br>funds|||At<br>1.10.19<br>f|movement<br>in funds<br>f|between<br>funds<br>f|At<br>30.9.21<br>f|
|General fund<br>Leicester Museum<br>A60 Bridge|Fund||2,214,719<br>15|910,027|(71,588)|3,053,158<br>15|
|||||95,624||95,624|
|Restricted funds|||2,214,734|1,005,651|(71,588)|3,148,797|
|Windcutter<br>Project<br>Signal &Telegraph<br>Carriage Repainting<br>BFLocomotive<br>Loughborough<br>Standard||Locomotives Group|4,060<br>410<br>40,840<br>172,083|(618)<br>3,343<br>22,346<br>8,250|40<br>8,893|3,482<br>3,753<br>72,079<br>180,333|
|Ltd|||||||
|Renaissance<br>Railcars<br>Witherslack<br>Hall Locomotive<br>Boscastle Restoration<br>GCR 567 Locomotive Group<br>Mountsorrel<br>Railway<br>Bridging the Gap<br>Oliver Cromwell<br>Double Track Project<br>Carriage Workshop<br>Gallery<br>Rothley Station<br>Separator<br>Loughborough<br>Locomotive Shed<br>Crew Accommodation<br>04Restoration|||10,794<br>19,666<br>168,539<br>29,058<br>57,645<br>3,160<br>392,295<br>6,978<br>1,000<br>79,677<br>1,824<br>28,000<br>76,827<br>53,469<br>100,000|(7,483)<br>(3,975)<br>13,040<br>(14,592)<br>4,659<br>(1,477)<br>630,030<br>15,000<br>13,575<br>(100,000)|53,223<br>1,622|3,311<br>15,691<br>181,579<br>14,466<br>62,304<br>1,683<br>1,075,548<br>21,978<br>1,000<br>79,677<br>1,824<br>28,000<br>78,449<br>67,044|
|Swithland<br>Carriage|||25,000|(12,581)<br>(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<br>Fund was set up to assist with the restoration of34039Boscastle.||||
|---|---|---|---|
|The GCR 567 Locomotive<br>Group<br>Fund was set up to assist with the building<br>of a 'brand<br>new' Great Central<br>Railway<br>Class<br>locomotive.|||2|
|The Mountsorrel<br>Railway Fund was set up to develop the Mountsorrel<br>branch line.||||
|The Bridging the Gap Fund was set up to aid the linking ofthe Loughborough<br>to Leicester and Loughborough<br>to <br>sections ofthe Great Central Railway.||Ruddington||
|The Oliver Cromwell<br>Fund was set up to prove funds towards<br>restorational<br>upkeep of this locomotive,<br>which<br>National<br>Collection.|is|part of the||
|The Double Track Project Fund was set up to provide double-track<br>rail between<br>Loughborough<br>and Rothley.||||
|The Carriage Workshop<br>Fund was set up to aid the restoration<br>ofcarriage restoration<br>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<br>Fund<br>was set up to assist<br>with<br>the<br>provision<br>of a new<br>reverse<br>osmosis<br>plant<br>and separator<br>pollutants<br>in the ground from the loco shed preparation<br>area.||to<br>collect||
|The Loughborough<br>Locomotive<br>Shed Fund was set up to provide<br>increased<br>facilities<br>for locomotive<br>restoration<br>visitor viewing area.||and<br>the||
|The Crew Accommodation<br>Fund was set up to provide<br>money towards<br>buying<br>accommodation<br>for crew members<br>on the restoration<br>and maintenance<br>oflocomotives.||working||
|The 04 Restoration<br>Fund was set up to prove funds towards<br>restorational<br>upkeep of this locomotive,<br>which<br>is <br>National<br>Collection.|part of the|||
|The Swithland<br>Carriage<br>Fund was set up to prove funds towards the cost ofenclosed carriage facilities at Swithland.||||
|Transfers between<br>funds||||
|The transfers<br>into restricted<br>funds represent<br>unrestricted<br>fund monies utilised to finance restricted funds.||||
|RELATED PARTY DISCLOSURES||||
|Mr C I Baines, a trustee ofthe charity,<br>was also a director ofGreat Central<br>Railway<br>pic. During the year the Trust paid<br>grants<br>amounting<br>to f123,073 (2020:f899,526) to Great Central<br>Railway<br>pic. The charity<br>also purchased<br>shares<br>in Great<br>Central<br>Railway<br>pic during the year, costing f100,000 (2020:fNil). To avoid any potential<br>conflict of interest<br>Mr C I Baines<br>excluded<br>himself from any meeting<br>of the Trust where<br>grants to Great Central<br>Railway<br>pic were being considered.<br>During the<br>year<br>Great Central<br>Railway pic also used rolling stock owned<br>by the Trust free ofcharge.||||





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