REGISTERED CHARITY NUMBER: 1104839
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
FOR
THE DAVID CLARKE RAILWAY TRUST
Duncan & Toplis Limited, Statutory Auditor
3 Princes Court
Royal Way
Loughborough
Leicestershire
LE11 5XR
THE DAVID CLARKE RAILWAY TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Page |
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Reference and Administrative Details |
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1 |
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Report of the Trustees |
2 |
to |
4 |
Report of the Independent Auditors |
5 |
to |
7 |
Statement of Financial Activities |
|
8 |
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Statement of Financial Position |
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9 |
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Statement of Cash Flows |
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10 |
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Notes to the Statement of Cash Flows |
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11 |
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Notes to the Financial Statements |
12 |
to |
27 |
THE DAVID CLARKE RAILWAY TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
TRUSTEES |
M Freckelton |
|
R J S Stephens |
|
K M Lloyd |
|
C I Baines |
PRINCIPAL ADDRESS |
3 Wharncliffe Road |
|
Loughborough |
|
Leicestershire |
|
LE11 1SL |
REGISTERED CHARITY NUMBER |
1104839 |
AUDITORS |
Duncan & Toplis Limited, Statutory Auditor |
|
3 Princes Court |
|
Royal Way |
|
Loughborough |
|
Leicestershire |
|
LE11 5XR |
SOLICITORS |
Bird Wilford & Sale |
|
20 Church Gate |
|
Loughborough |
|
Leicestershire |
|
LE11 1UD |
BANKERS |
National Westminster Bank PLC |
|
1 Granby Street |
|
Leicester |
|
LE1 9GT |
|
Virgin Money |
|
3 Eastgates |
|
Leicester |
|
LE1 5YA |
Page 1
THE DAVID CLARKE RAILWAY TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2022
Thetrusteespresenttheirannualreportandfinancialstatementsofthecharityfortheyearended30September2022. The
financialstatementshavebeenpreparedinaccordancewiththeaccountingpoliciessetoutinnote1tothefinancial statements
andcomplywiththecharitiestrustdeed,theCharitiesAct2011andtheprovisionsoftheStatementofRecommended Practice
(SORP)applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardFRS102(effective 1
January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Thetrustwasestablishedtocontributetotheeducationofthepublicinrailwaytransportsystems.Thisisaccomplishedin a
numberofways.Amongsttheseare the preservationand operationoflocomotives,rollingstock,signallingsystems,buildings and
the production of education material, and promotion of events.
Significant activities
During the year,the Trust has continuedto focusits attentionon the Great CentralRailway(GCR)operatingbetweenLeicester and
Loughborough.ItalsoactivelysupportsreunificationofthetwosectionsofGreatCentralrailwaybetweenLeicester and
RuddingtoninNottinghamshire.Inaddition,itsupportsgroupsinvolvedinheritagerestorationbasedontheRailway.The Great
CentralRailwayremainstheonlydoubletrackpreservedmainlinerailwayinthecountryanditmirrorstheopportunityto have
insight into the operation of how mainline railways ran up to the 1960's.
TheRailwayremainsamajorattractioninLeicestershireandrecentdevelopmentshaveenhancedtheexperienceofvisitors with
theadditionofmorefacilitiestoattractfamiliesandtheyoungergeneration.TheRailwaygivesenthusiastsandthepublic the
opportunitytoseemanydifferenttypesofheritagelocomotivesunderfullrepairandinoperation.Theseinclude locomotives
ownedbythenationaspartoftheNationalRailwayMuseum'scollectionandthedoubletrackmainlinegivesvisitors the
opportunity to see large steam engines working on both passenger and freight trains.
Public benefit
The trusteescontinueto considerthe guidanceof publicbenefitissuedby the CharityCommissionin its work.It is considered that
thecharityprovidesapublicbenefitthroughthemaintenanceoftherailwaylocomotivesandsystemsfortheeducation and
enjoyment of the public.
Social investments
Programme related investments are made at the discretion of the trustees where in accordance with the charity's objects.
Grantmaking
TheCharityassistswithgrants,notonlyforthe restorationor maintenanceoflocomotivesbut alsogoodsand passenger vehicles,
allofwhicharerepairedandmaintainedintheGCR'sworkshops.Thisworkrequiresmanyskills,whichareencouragedby the
Charity.It is essentialto retainthe knowledgeto continueworkon heritagerailwayassetsand assistanceis given with maintaining
theskillsforthefuture.TheCharityalsogivesgrantstodevelopfacilitiesandmaintainexistingHeritagebuildings.Theold Goods
Office at Loughborough now known as Lovatt House is owned by the Trust.
Grants are made at the discretion of the trustees where in accordance with the charities objects.
Volunteers
There is no significant use of volunteers.
Page 2
THE DAVID CLARKE RAILWAY TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2022
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Asstatedonpagetwo,theTrustcontinuedtoassistwiththeappealtorestoreasectionofrailwayinfrastructurenorth of
LoughboroughCentralRailwayStation.Uponcompletionthiswillprovidean18milemainlinepreservedrailway between
Ruddingtonin Nottinghamshireand the outskirtsof Leicester.This is a major projectwhich will continuefor a number of years. The
projecthas continuedto receivenationalinterestwithnumeroussingledonationsand regulardonationsagainbeing received. The
TrustisalsoassistingwithupgradinglocomotiverepairfacilitiesatLoughboroughCentralStation.TheGreatCentral Railway
employsanumberofstaffandapprenticesfortherepairandmaintenanceofHeritagelocomotivesandthisworkwill improve
facilities available and offer an educational element to the locomotive works.
WitherslackHallcontinuedtobeoperationalduringtheyear.The8Flocomotiveno.48305isalsointrafficandoffers further
interest. These locomotives, from time to time, also visit other preserved railway around the UK.
Inaddition,theTrustcontinuestoassistwithnumerousothervisitorandeducationalprojectsontheGreatCentralRailway and
with the repair and maintenance of Victorian structures vital for the operation of the railway.
Duringthe periodthe Trustmade grantsand otherpaymentsin supportof the Great CentralRailwayand supporting organisations
amounting to £860,459 (2021 - £154,526).
At the end of the reporting period the Trust had unrestricted funds carried forward of £2,784,636 (2021 - £3,148,797).
Thesplitofunrestrictedfundscarriedforwardbetweenfixedassets,debtors,creditorsand actualcashavailableis shownon page
nine.
Fundraising activities
The charityraises funds from the public in the form of donationsand legacies.Professionalfund-raisersor commercial participators
arenotused.TheTrusteesaretheonlyvolunteersandraisefundsforprojectsofpublicinterest.Theyarenotgovernedby any
voluntaryschemeforregulatingfundraisingorvoluntarystandardforfundraisingbuthavealonghistoryofraisingfundsfor the
charityand behavein a professionalmanner.The charityhas not receivedany complaintsaboutthe activitiesby the charityor any
relatedpersonsforthepurposeoffundraising.Allrequestsfordonationsareeithersentthroughanindividualemailorletter and
there is a documentedtrail of correspondence.There is no specifictarget in terms of the donationsand legaciesreceivedeach year
as expenditure will be based on monies available and the suitability and requirements of projects seeking support.
Investment performance
Socialinvestmentsareheldforthepurposesofthecharitableobjectives.Duringtheyear,thecharityacquiredfurther social
investmentsof £118,996and saw their overallvaluesrise by £9,851.Otherinvestmentswere left by legacyto the charityand have
generated £3,118 in income and decreaced in value by £2,885.
FINANCIAL REVIEW
Principal funding sources
The charity's income primarily comes from donations and legacies from individuals.
Reserves policy
TheTrusteespolicyistomanageitsexpenditureaccordingtothefundsavailablefordistributionatthetime.Incoming resources
arevariablebeingdependentupondonations,legaciesreceivedandinvestmentreturns.Specialprojectsarefundedby appeals
when required.
Reserves have been built up in the current year in anticipation of large project expenditure in the future.
FUTURE PLANS
ThecharityplanstocontinuetosupporttheGreatCentralRailwayandassistwiththeappealtorestoreasectionof railway
infrastructurenorthofLoughboroughCentralRailwayStationasreferredtoabove.Itwillalsocontinuetoassistwith the
restorationsoflocomotivesandcarriagesanditalsohasplanstoassistwithfurtherimprovementstovisitorfacilitieson the
railway.
Page 3
THE DAVID CLARKE RAILWAY TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charityis controlledby its governmentdocument,a deed of trustdated22 December2003 and constitutesan unincorporated
charity with the Charities Commission under number 1104839.
Recruitment and appointment of new trustees
Whenrecruitinganewtrusteeconsiderationisgiventotheprofessionalskillsofthecandidatetogetherwiththeirexperience of
railway matters.
Organisational structure
Decisions are made by the body of trustees.
The trustees possess a wide range of professional skills, and a considerable fund of knowledge about railway matters.
Day to day management has been delegated to Malcolm Freckelton.
Induction and training of new trustees
Trusteesaremadeawareoftheirresponsibilitiesat thetimeofappointmentandkeptinformedofchangesin thecharitylaw and
any matters affecting the governance of assets of the Trust.
Related parties
Mr C I Baines,a trusteeof the charitythroughoutthe year,becamea directorof GreatCentralRailwayplc on 15 September 2017.
ToavoidanypotentialconflictofinterestMrCIBainesexcludedhimselffromanymeetingoftheTrustwheregrantsto Great
Central Railway plc were being considered. Great Central Railway plc also use rolling stock owned by the Trust free of charge.
Risk management
The trustees have carried out an assessmentof the risks to which the charityis exposed and are satisfiedthat ongoing management
procedures are adequate.
EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
ThetrusteesareresponsibleforpreparingtheReportoftheTrusteesandthefinancialstatementsinaccordancewith applicable
lawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAcceptedAccountingPractice)including Financial
Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Thelawapplicableto charitiesin Englandand Wales,the CharitiesAct2011,Charity(Accountsand Reports)Regulations2008 and
the provisionsofthe trustdeed requiresthe trusteesto preparefinancialstatementsforeachfinancialyearwhichgivea true and
fair viewof the stateof affairsof the charityand of the incomingresourcesand applicationof resources,includingthe income and
expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyatanytime the
financialpositionof the charityand to enable them to ensure that the financialstatementscomplywith the CharitiesAct 2011, the
Charity(AccountsandReports)Regulations2008andtheprovisionsofthetrustdeed.Theyarealsoresponsiblefor safeguarding
the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 12 July 2023 and signed on its behalf by:
M Freckelton - Trustee
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THE DAVID CLARKE RAILWAY TRUST
Opinion
WehaveauditedthefinancialstatementsofTheDavidClarkeRailwayTrust(the'charity')fortheyearended30September 2022
which comprisethe Statementof FinancialActivities,the Statementof FinancialPosition,the Statementof Cash Flows and notes to
thefinancialstatements,includingasummaryofsignificantaccountingpolicies.Thefinancialreportingframeworkthathas been
appliedintheirpreparationisapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerally Accepted
AccountingPractice),includingFinancialReportingStandard102'TheFinancialReportingStandardapplicableintheUK and
Republic of Ireland'.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 30 September 2022 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicablelaw. Our
responsibilitiesunder those standardsare further describedin the Auditors'responsibilitiesfor the audit of the financial statements
sectionof our report.We are independentof the charityin accordancewith the ethicalrequirementsthat are relevantto our audit
of the financialstatementsin the UK, includingthe FRC'sEthicalStandard,and we have fulfilledour otherethicalresponsibilities in
accordancewith these requirements.We believe that the audit evidencewe have obtainedis sufficientand appropriateto provide
a basis for our opinion.
Conclusions relating to going concern
Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasisofaccountingin the
preparation of the financial statements is appropriate.
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoeventsorconditions that,
individuallyor collectively,maycastsignificantdoubton the charity'sabilityto continueas a goingconcernfora periodof at least
twelve months from when the financial statements are authorised for issue.
Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedin therelevantsections of
this report.
Other information
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincludedinthe Annual
Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinionon the financialstatementsdoesnotcoverthe otherinformationand,exceptto the extentotherwiseexplicitly stated
in our report, we do not express any form of assurance conclusion thereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoing so,
considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedin the
auditorotherwiseappearstobemateriallymisstated.Ifweidentifysuchmaterialinconsistenciesorapparent material
misstatements,wearerequiredtodeterminewhetherthisgivesrisetoamaterialmisstatementinthefinancial statements
themselves.If, based on the work we have performed,we concludethat there is a materialmisstatementof this other information,
we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
WehavenothingtoreportinrespectofthefollowingmatterswheretheCharities(AccountsandReports)Regulations 2008
requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrusteesareresponsibleforthepreparationof the
financialstatementswhichgivea true and fairview,and forsuchinternalcontrolas the trusteesdetermineis necessaryto enable
the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparingthe financialstatements,the trusteesare responsiblefor assessingthe charity'sabilityto continueas a going concern,
disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessthe trustees
either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THE DAVID CLARKE RAILWAY TRUST
Our responsibilities for the audit of the financial statements
WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreportinaccordancewiththeAct and
relevant regulations made or having effect thereunder.
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrom material
misstatement,whetherduetofraudorerror,andtoissueaReportoftheIndependentAuditorsthatincludesour opinion.
Reasonableassuranceis a high levelof assurance,but is not a guaranteethat an auditconductedin accordancewithISAs (UK) will
alwaysdetecta materialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterial if,
individuallyor in the aggregate,they couldreasonablybe expectedto influencethe economicdecisionsof users taken on the basis
of these financial statements.
Irregularities,includingfraud,areinstancesofnon-compliancewithlawsandregulations.Wedesignproceduresinlinewith our
responsibilities,outlinedabove,todetectmaterialmisstatementsinrespectofirregularities,includingfraud.Theextentto which
our procedures are capable of detecting irregularities, including fraud is detailed below:
Wehaveidentifiedareasoflawsandregulationsthatcouldreasonablybeexpectedtohaveamaterialeffectonthe financial
statementsfrom our general commercialexperience,knowledgeof the sector,a review of regulatoryand legal correspondence and
throughdiscussionswithTrusteesandotherkeymanagementobtainedaspartoftheworkrequiredbyauditingstandards. We
have also discussedwith the Trusteesand other key managementthe policiesand proceduresrelatingto compliancewith laws and
regulations.We communicatedlaws and regulationsthroughoutthe team and remainedalert to any indicationsof non-compliance
throughout the audit. The potential impact of different laws and regulations varies considerably.
Firstly,thecharityissubjecttolawsandregulationsthatdirectlyimpactthefinancialstatements(forexamplefinancial reporting
legislation)and we haveassessedthe extentofcompliancewithsuchlawsas partofourfinancialstatementsaudit.We evaluated
management'sincentivesandopportunitiesforfraudulentmanipulationofthefinancialstatements(includingriskofoverride of
controls)and determinedthatthe principalriskswererelatedto managementbiasin accountingestimatesand judgemental areas
ofthefinancialstatementssuchasincomerecognition,aswellastheriskofinappropriatejournalentriestomanipulate reported
surplus/deficit.Auditproceduresperformedbytheengagementteamincludedtheidentificationandtestingofunusual material
nominalledgerentriesandchallengingmanagementonkeyassumptionsandjudgementsmadein thepreparationofthe financial
statementswhereapplicable.Wecarriedoutdetailedsubstantivetestingonaccountingestimates,includingreviewing the
methodsanddatausedtomakethoseestimates.Wealsocarriedoutdetailedsubstantivetestsonmaterialincome streams,
includingreviewingthesupportingdocumentationusedtodeterminetherecognitionofincome,ensuringitisconsistent and
recognised in the correct period.
Secondly,thecharityissubjecttootherlawsandregulationswheretheconsequencefornon-compliancecouldhavea material
effectontheamountsordisclosuresinthefinancialstatements.Weidentifiedthefollowingareaasmostlikelytohavesuch an
effect:HealthandSafetyregulations.Therearenospecificlawsandregulationsgoverningthecharitableactivities,asidefrom the
Charities Act 2011 and the applicable accounting standards.
Auditing standardslimit the required audit proceduresto identifynon-compliancewith these laws and regulationsto enquiry of the
Trusteesandotherkeymanagementandinspection.Thisinspectionincludedreadingminutesofmeetingsamongthose charged
withgovernanceanddiscussingwiththosechargedwithgovernancetoconfirmthattotheirknowledgetheywerenotaware of
anyinstancesofnon-compliance.Throughtheseprocedures,ifwebecameawareofanynon-compliance,weconsidered the
impact on the procedures performed on the related financial statement items.
Owingtotheinherentlimitationsofanaudit,thereisanunavoidableriskthatwemaynothavedetectedsome material
misstatementsinthefinancialstatements,eventhoughwehaveproperlyplannedandperformedourauditinaccordance with
auditingstandards.The further removednon-compliancewith laws and regulationsis from the events and transactionsreflected in
thefinancialstatements,thelesslikelytheinherentlylimitedproceduresrequiredbyauditingstandardswouldidentifyit.As with
anyaudit,thereisagreaterriskofnon-detectionofirregularitiesasthesemayinvolvecollusion,intentionalomissionsof the
overrideofinternalcontrols.Wearenotresponsibleforpreventingnon-complianceandcannotbeexpectedto detect
non-compliance with all laws and regulations.
A furtherdescriptionofourresponsibilitiesforthe auditofthe financialstatementsis locatedon the FinancialReporting Council's
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THE DAVID CLARKE RAILWAY TRUST
Use of our report
Thisreportismadesolelytothecharity'strustees,asabody,inaccordancewithPart4oftheCharities(Accountsand Reports)
Regulations2008.Ourauditworkhasbeenundertakensothatwemightstatetothecharity'strusteesthosematterswe are
requiredto state to them in an auditors'reportand for no otherpurpose.To the fullestextent permittedby law,we do not accept
or assume responsibilityto anyone other than the charityand the charity'strustees as a body, for our audit work,for this report, or
for the opinions we have formed.
Duncan & Toplis Limited, Statutory Auditor
3 Princes Court
Royal Way
Loughborough
Leicestershire
LE11 5XR
28 July 2023
Page 7
THE DAVID CLARKE RAILWAY TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
5
Witherslack Hall locomotive income
Investment income
4
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Restoration and maintenance of locomotives,
carriages, railcars and other units
Supporting the linking or development of further
sections of the Great Central Railway
Other activities
Total
Net gains/(losses) on investments
NET INCOME
Transfers between funds
18
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
funds
£
606,629
-
17,448
624,077
9,849
-
-
560,311
570,160
25,962
79,879
(444,040)
(364,161)
3,148,797
2,784,636 |
Restricted
funds
£
411,466
-
84
411,550
-
246,974
41,106
51,118
339,198
-
72,352
444,040
516,392
1,904,620
2,421,012 |
2022
Total
funds
£
1,018,095
-
17,532
1,035,627
9,849
246,974
41,106
611,429
909,358
25,962
152,231
-
152,231
5,053,417
5,205,648 |
2021
Total
funds
£
1,927,448
8,400
3,184 |
|
|
|
|
1,939,032 |
|
|
|
|
8,830
60,939
60,993
65,679 |
|
|
|
|
196,441 |
|
|
|
|
(134,077) |
|
|
|
|
1,608,514
- |
|
|
|
|
1,608,514
3,444,903 |
|
|
|
|
5,053,417 |
The notes form part of these financial statements
Page 8
THE DAVID CLARKE RAILWAY TRUST
STATEMENT OF FINANCIAL POSITION 30 SEPTEMBER 2022
Notes
FIXED ASSETS
Tangible assets
12
Heritage assets
13
Investments
Investments
14
Social investments
15
CURRENT ASSETS
Debtors
16
Cash at bank
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS |
Unrestricted
funds
£
372,043
24,762
67,610
1,019,496
1,483,911
93,633
1,220,264
1,313,897
(13,172)
1,300,725
2,784,636
2,784,636 |
Restricted
funds
£
-
181,964
-
-
181,964
65,928
2,216,862
2,282,790
(43,742)
2,239,048
2,421,012
2,421,012 |
2022
Total
funds
£
372,043
206,726
67,610
1,019,496
1,665,875
159,561
3,437,126
3,596,687
(56,914)
3,539,773
5,205,648
5,205,648
2,784,636
2,421,012
5,205,648 |
2021
Total
funds
£
380,021
221,753
70,495
890,649 |
|
|
|
|
1,562,918
657,513
2,905,095 |
|
|
|
|
3,562,608
(72,109) |
|
|
|
|
3,490,499 |
|
|
|
|
5,053,417 |
|
|
|
|
5,053,417 |
|
|
|
|
3,148,797
1,904,620 |
|
|
|
|
5,053,417 |
ThefinancialstatementswereapprovedtheBoardofTrusteesandauthorisedforissueon12July2023andweresignedon its
behalf by:
M Freckelton - Trustee
The notes form part of these financial statements
Page 9
THE DAVID CLARKE RAILWAY TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2022
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of social investments
Interest received
Dividends received
Net cash used in investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the
reporting period |
2022
£
614,499
614,499
(100,000)
14,414
3,118
(82,468)
532,031
2,905,095
3,437,126 |
2021
£
967,303
967,303
(100,000)
246
2,938
(96,816)
870,487
2,034,608
2,905,095 |
|
|
|
The notes form part of these financial statements
Page 10
THE DAVID CLARKE RAILWAY TRUST
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2022
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
|
|
Net income for the reporting period (as per the Statement of Financial Activities)
Adjustments for:
Depreciation charges
(Gain)/losses on investments
Interest received
Dividends received
Decrease/(increase) in debtors
Decrease in creditors
Net cash provided by operations |
2022
£
152,231
23,004
(25,962)
(14,414)
(3,118)
497,953
(15,195)
614,499 |
2021
£
1,608,514
23,122
134,077
(246)
(2,938)
(605,339)
(189,887) |
|
|
967,303 |
2. ANALYSIS OF CHANGES IN NET FUNDS
Net cash
Cash at bank
Total |
At 1.10.21
£
2,905,095
2,905,095
2,905,095 |
Cash flow
£
532,031
532,031
532,031 |
At 30.9.22
£
3,437,126 |
|
|
|
3,437,126 |
|
|
|
3,437,126 |
The notes form part of these financial statements
Page 11
THE DAVID CLARKE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
1. GENERAL INFORMATION
The David Clarke Railway Trust is an unincorporated charity in England. The charity's registered number is 1104839.
The charity's principal address is 3 Wharncliffe Road, Loughborough, Leicestershire, LE11 1SL.
Thefinancialstatementsarepresentedinsterlingwhichisthefunctionalcurrencyofthecharityandareroundedto the
nearest £.
The significantaccountingpoliciesapplied in the preparationof these accountsare set out below.These policieshave been
consistently applied to all years presented unless otherwise stated.
The financial statements cover the individual entity.
The entity constitutes a public benefit entity as defined by FRS 102.
There are no material uncertainties with going concern.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisa publicbenefitentityunderFRS102,havebeenpreparedin accordance
withthe CharitiesSORP(FRS102)'Accountingand Reportingby Charities:Statementof RecommendedPractice applicable
to charitiespreparingtheir accountsin accordancewith the FinancialReportingStandardapplicablein the UK and Republic
ofIreland(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancialstatementshavebeen prepared
underthehistoricalcostconventionwiththeexceptionofvariousinvestmentswhichareincludedatmarket value,
modified to include certain items at fair value. This is explained in more detail in the investments accounting policy.
Income
All incomeis recognisedin the Statementof FinancialActivitiesonce the charityhas entitlementto the funds, it is probable
that the income will be received and the amount can be measured reliably.
Grantsand donationsare recognisedin the SOFA when the charityis legallyentitledto the incomeand the amountcan be
quantified with reasonable accuracy.
Donated services and facilities are included at the value to the charity where this can be quantified.
Donatedsuppliesandfacilitiesareincludedasbothincomeandexpenditurewithintherelevantincomeand expenditure
heading where quantified.
Legacies are included when notification of entitlement has been received from the executors or an agent thereof.
Expenditure
Liabilitiesare recognisedas expenditureas soon as there is a legal or constructiveobligationcommittingthe charityto that
expenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlementandtheamountof the
obligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeenclassified under
headingsthataggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticular headings
they have been allocated to activities on a basis consistent with the use of resources.
Refurbished expenditure on heritage assets is expensed to the statement of financial activities, rather than capitalised.
Grantspayablearepaymentsmadetothirdpartiesin thefurtheranceofthecharitableobjectivesoftheTrust.Grants are
accountedforwheneithertherecipienthasa reasonableexpectationthattheywillreceivea grantandthetrustees have
agreedto pay the grantwithoutcondition,or the recipienthas a reasonableexpectationthattheywillreceivea grant and
any condition attaching to the grant is outside the control of the trust.
Provisionsforgrantsaremadewhentheintentiontomakeagranthasbeencommunicatedtotherecipientbutthere is
uncertainty about either the timing of the grant or the amount of grant payable.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasacommitmentbut not
accrued as expenditure.
continued...
Page 12
THE DAVID CLARKE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
2. ACCOUNTING POLICIES - continued
Allocation and apportionment of costs
Where costs cannotbe directlyattributedto particularheadingsthey have been allocatedto activitieson a basis consistent
with the use of resources.
Tangible fixed assets
Tangiblefixedassetsarestatedatcost,netofdepreciationandanyimpairmentlosses.Depreciationisprovidedat the
following rates rates to write off each asset over its estimated useful life.
Freehold property |
- 2% p.a. on cost |
Rolling stock |
- 5% p.a. on cost |
Locomotives |
- 5% p.a. on cost |
Equipment |
- 20% p.a. on cost |
Freehold land has not been depreciated.
Artefacts have not been depreciated.
Heritage assets
Heritageassetsarerecognisedonthebalancesheetandinitiallymeasuredatcostwhenpurchasedorifdonated, their
valuation.Assetsare subsequentlystatedat costor valuationlessaccumulateddepreciationand accumulated impairment
losses. Fair values for donated assets are estimated by reference to market prices.
Acquisitionsonlyarisewhendonatedtothecharityorifitisbelievedthattheywillfurtherthecharity'sobjectives. Once
acquiredthey will be preservedby the charityin order to keep their historical,artistic,scientific,technological, geophysical
or environmentalqualitiesto such a high level as to contributeto knowledgeand culture.A register of all assets held by the
charityisavailableandtheassetsthemselvesareaccessibletothepublicwithprioragreement.Heritageassetsareto be
held for the foreseeable future.
Investments
WiththeexceptionoftheCityofLondonInvestmentTrustPlcandtheBarclaysUKEquityIncome(Series2) Fund
investments, none of the investments are listed on a recognised stock exchange.
The shares in Great Central Railwayplc are valued on an assets basis, having regard to the accountsof that companyfor the
year ended 31 January2022. Shares in BoscastleLocomotiveLtd and BoltonSteam LocomotiveCompanyLtd are valued on
an assets basis, having regard to the accountsof those companiesfor the year ended 31 December2021. Shares in the Mid
HantsRailwayLtdarevaluedatpar.Sharesin theCityofLondonInvestmentTrustPlcandtheBarclaysUKEquity Income
(Series 2) Fund are valued at their market value at 30 September 2022.
Other shares are valued at cost.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestrictedincomefundscomprisethosefundswhichthetrusteesarefreetouseforanypurposeinfurtheranceof the
charitableobjects.Unrestrictedfunds includedesignatedfunds where the trustees,at their discretion,have createda fund
for a specific purpose.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity.Restrictions arise
when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Financial instruments
The charity has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.
Basicfinancialassets,includingtradeandotherdebtorsandcashandbankbalancesareinitiallyrecognisedat transaction
price,unlessthe arrangementconstitutesa financingtransaction,wherethe transactionis measuredat the present value
of the future receipts discounted at a market rate of interest.
continued...
Page 13
THE DAVID CLARKE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
2. ACCOUNTING POLICIES - continued
Financial instruments
Attheendofeachreportingperiodfinancialassetsmeasuredatamortisedcostareassessedforobjectiveevidence of
impairment.Ifanassetisimpairedtheimpairmentlossisthedifferencebetweenthecarryingamountandthe present
valueoftheestimatedcashflowsdiscountedattheasset'soriginaleffectiveinterestrate.Theimpairmentloss is
recognised in the Statement of Financial Activities.
Basicfinancialliabilities,includingtradeandothercreditors,areinitiallyrecognisedattransactionprice,unless the
arrangementconstitutesa financingtransaction,where the debt instrumentis measuredat the presentvalue of the future
receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Tradecreditorsare obligationsto pay for goodsor servicesthat have been acquiredin the ordinarycourseof the charity's
activities.Accountspayableareclassifiedascurrentliabilitiesifpaymentisduewithinoneyearorless.Ifnot,they are
presented as non-currentliabilities.Trade creditorsare recognisedinitiallyat transactionprice and subsequently measured
at amortised cost using the effective interest method.
3. DONATIONS AND LEGACIES
4.
Donations
Legacies
INVESTMENT INCOME
Dividends
Bank interest |
2022
£
683,544
334,551
1,018,095
2022
£
3,118
14,414
17,532 |
2021
£
856,382
1,071,066 |
2021
£
856,382
1,071,066 |
|
|
1,927,448 |
|
|
|
|
2021
£
2,938
246 |
|
|
|
3,184 |
5. INCOME FROM CHARITABLE ACTIVITIES
The charity received £Nil (2021 - £8,400) from the leasing of locomotive Witherslack Hall.
6. RAISING FUNDS
Raising donations and legacies
Raising donations and legacies |
|
|
|
2022 |
2021 |
|
£ |
£ |
Other expenses |
819 |
908 |
Support costs |
9,030 |
7,922 |
|
9,849 |
8,830 |
continued...
Page 14
THE DAVID CLARKE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
7. CHARITABLE ACTIVITIES COSTS
CHARITABLE ACTIVITIES COSTS |
|
|
|
Restoration and maintenance of
locomotives, carriages, railcars and other
units
Supporting the linking or development of
further sections of the Great Central
Railway
Other activities |
Direct
Costs
£
-
-
39,050
39,050 |
Grant
funding of
activities
(see note
8)
£
246,974
41,106
572,379
860,459 |
Totals
£
246,974
41,106
611,429 |
|
|
|
899,509 |
Charitableactivitiescostsincludepaymentstotheauditorof£14,643(2021-£9,700)foraccountspreparationand audit
fees.
8. GRANTS PAYABLE
GRANTS PAYABLE |
|
|
Restoration and maintenance of locomotives, carriages, railcars and other units
Supporting the linking or development of further sections of the Great Central
Railway
Other activities
The total grants paid to institutions during the year was as follows:
Great Central Railway Plc & supporting institutions |
2022
£
246,974
41,106
572,379
860,459
2022
£
860,459 |
2021
£
60,939
60,993
32,594 |
|
|
154,526 |
|
|
2021
£
154,526 |
Thegrantsfiguredoesnotincludeanysupportcosts.Otheractivitiesrelatetopreservationoractivities offering
educationalandoperationalexperiencesofarailwaynature.Italsoincludesgovernancecostssuchasaudit and
accountancyfeesandotherprofessionalfeesinaccordancewiththeStatementofRecommendedPractice (SORP)
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardFRS102(effective 1
January 2019).
9. SUPPORT COSTS
Management
£
Raising donations and legacies 9,030
continued...
Page 15
THE DAVID CLARKE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
10. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended30September2022norfortheyear ended
30 September 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2022 nor for the year ended 30 September 2021.
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Witherslack Hall locomotive income
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Restoration and maintenance of locomotives,
carriages, railcars and other units
Supporting the linking or development of further
sections of the Great Central Railway
Other activities
Total
Net gains/(losses) on investments
NET INCOME
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
funds
£
1,075,272
8,400
3,184
1,086,856
8,830
-
-
24,328
33,158
(134,077)
919,621
(8,416)
911,205
2,237,592
3,148,797 |
Restricted
funds
£
852,176
-
-
852,176
-
60,939
60,993
41,351
163,283
-
688,893
8,416
697,309
1,207,311
1,904,620 |
Total
funds
£
1,927,448
8,400
3,184 |
|
|
|
1,939,032 |
|
|
|
8,830
60,939
60,993
65,679 |
|
|
|
196,441 |
|
|
|
(134,077) |
|
|
|
1,608,514
- |
|
|
|
1,608,514
3,444,903 |
|
|
|
5,053,417 |
continued...
Page 16
THE DAVID CLARKE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
12. TANGIBLE FIXED ASSETS
COST
At 1 October 2021 and 30 September 2022
DEPRECIATION
At 1 October 2021
Charge for year
At 30 September 2022
NET BOOK VALUE
At 30 September 2022
At 30 September 2021
Freehold property is valued at cost. |
Equipment
Freehold
and
property
vehicles
£
£
468,922
1,124
88,901
1,124
7,978
-
96,879
1,124
372,043
-
380,021
- |
Totals
£
470,046 |
|
|
90,025
7,978 |
|
|
98,003 |
|
|
372,043 |
|
|
380,021 |
|
|
|
13.
HERITAGE ASSETS
COST
At 1st October 2021
At 30th September 2022
DEPRECIATION
At 1st October 2021
Charge for year
At 30th September 2022
NET BOOK VALUE
At 30th September 2022
At 30th September 2021 |
|
|
|
|
|
Artefacts |
Locomotives |
Rolling
stock |
Total |
|
£ |
£ |
£ |
£ |
|
|
|
|
|
|
18,067 |
230,589 |
74,994 |
323,650 |
|
|
|
|
|
|
18,067 |
230,589 |
74,994 |
323,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
37,095 |
64.803 |
101,898 |
|
- |
11,529 |
3,497 |
15,026 |
|
|
|
|
|
|
- |
48,624 |
68,300 |
116,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,067 |
181,965 |
6,694 |
206,726 |
|
|
|
|
|
|
18,067 |
193,494 |
10,191 |
221,752 |
|
|
|
|
|
Heritageassetsand equipmentare valuedat cost.Capitalisationof HeritageAssets is dependenton the type and longevity
of the asset.
Rolling Stock consists of coaches and wagons, which are not less than 30 years old.
ThelocomotivescompriseaHallClasslocomotive,WitherslackHallandahalfshareinaBritishRailClass8F steam
locomotive.
The artefacts are numerous and are all of historic railway interest.
continued...
Page 17
THE DAVID CLARKE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
14. FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 October 2021
Revaluations
At 30 September 2022
NET BOOK VALUE
At 30 September 2022
At 30 September 2021
There were no investment assets outside the UK.
Cost or valuation at 30 September 2022 is represented by:
Valuation in 2022
15.
SOCIAL INVESTMENTS
MARKET VALUE
At 1 October 2021
Additions
Revaluations
At 30 September 2022
NET BOOK VALUE
At 30 September 2022
At 30 September 2021 |
Listed
investments
£
70,495
(2,885)
67,610
67,610
70,495
Listed
investments
£
67,610
Programme
related
investments
equity
£
890,649
118,996
9,851
1,019,496
1,019,496
890,649 |
|
|
continued...
Page 18
THE DAVID CLARKE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
15. SOCIAL INVESTMENTS - continued
|
2022 |
2021 |
|
£ |
£ |
|
|
|
Shares: |
|
|
|
|
|
Great Central Railway Plc |
994,301 |
865,007 |
Loughborough Standard Locomotives Group Ltd |
2,551 |
2,551 |
Boscastle Locomotive Ltd |
2,695 |
4,043 |
Thompson B1 Locomotive Ltd |
1,250 |
1,250 |
Dart Valley Plc |
195 |
195 |
Bluebell Railway Plc |
100 |
100 |
Peak Rail Plc |
100 |
100 |
Bolton Steam Locomotive Ltd |
15,284 |
14,383 |
Mid Hants Railway Ltd |
20 |
20 |
Jurassica Oil & Gas Plc |
1,000 |
1,000 |
Allied Gold Resources Plc |
2,000 |
2,000 |
|
|
|
|
1,019,496 |
890,649 |
|
|
|
Participating Interest
Company |
Country of |
Shares |
Percentage |
Year |
Capital & |
Profit for |
|
Incorporation |
|
Held |
End |
Reserves |
Year |
Great Central |
England & |
Ordinary |
30.07% |
31 Jan |
£3,306,802 |
£101,730 |
Railway Plc |
Wales |
Shares of 25p |
|
2022 |
|
|
Cost or valuation at 30 September 2022 is represented by:
Valuation in 2022
16.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Gift aid
Prepayments and accrued income |
2022
£
109,561
50,000
159,561 |
Equity
£
1,019,496 |
Equity
£
1,019,496 |
|
|
|
2021
£
72,432
585,081 |
|
|
|
657,513 |
continued...
Page 19
THE DAVID CLARKE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Accrued expenses
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Leicester Museum Fund
A60 Bridge
Restricted funds
Windcutter Project
Signal & Telegraph
Carriage Repainting
8F Locomotive
Loughborough Standard Locomotives Group
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
O4 Restoration
TOTAL FUNDS |
At
1.10.21
£
3,053,158
15
95,624
3,148,797
3,482
3,753
72,079
180,333
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
1,904,620
5,053,417 |
Net
movement
in funds
£
(17,597)
-
97,476
79,879
(2,263)
394
(25,300)
4,312
3,520
(10,184)
7,633
(4,792)
14,464
3,525
311,603
(24,233)
-
-
-
-
-
(204,444)
(1,883)
72,352
152,231 |
2022
£
42,605
14,309
56,914
Transfers
between
funds
£
(966,606)
(15)
522,581
(444,040)
-
-
-
-
-
-
-
-
-
-
9,404
2,255
-
-
-
-
-
432,381
-
444,040
- |
2021
£
60,940
11,169
72,109
At
30.9.22
£
2,068,955
-
715,681 |
2021
£
60,940
11,169 |
|
|
|
|
|
72,109 |
|
|
|
|
2,784,636
1,219
4,147
46,779
184,645
6,831
5,507
189,212
9,674
76,768
5,208
1,396,555
-
1,000
79,677
1,824
28,000
78,449
294,981
10,536 |
|
|
|
|
|
2,421,012 |
|
|
|
|
|
5,205,648 |
|
18.MOVEMENT IN FUNDS
continued...
Page 20
THE DAVID CLARKE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
18. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
A60 Bridge
Restricted funds
Windcutter Project
Signal & Telegraph
Carriage Repainting
8F Locomotive
Loughborough Standard Locomotives Group
Ltd
Renaissance Railcars
Witherslack Hall Locomotive
Boscastle Restoration
GCR 567 Locomotive Group
Mountsorrel Railway
Bridging the Gap
Oliver Cromwell
Loughborough Locomotive Shed
O4 Restoration
TOTAL FUNDS |
Incoming
resources
£
191,977
432,100
624,077
668
394
-
13,062
7,683
300
10,412
5,208
14,464
5,950
352,709
-
700
-
411,550
1,035,627 |
Resources
expended
£
(235,536)
(334,624)
(570,160)
(2,931)
-
(25,300)
(8,750)
(4,163)
(10,484)
(2,779)
(10,000)
-
(2,425)
(41,106)
(24,233)
(205,144)
(1,883)
(339,198)
(909,358) |
Gains and
losses
£
25,962
-
25,962
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
25,962 |
Movement
in funds
£
(17,597)
97,476
79,879
(2,263)
394
(25,300)
4,312
3,520
(10,184)
7,633
(4,792)
14,464
3,525
311,603
(24,233)
(204,444)
(1,883)
72,352
152,231 |
|
|
|
|
|
continued...
Page 21
THE DAVID CLARKE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
18. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
General fund
Leicester Museum Fund
A60 Bridge
Restricted funds
Windcutter Project
Signal & Telegraph
Carriage Repainting
8F Locomotive
Loughborough Standard Locomotives Group
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
O4 Restoration
TOTAL FUNDS |
At
1.10.20
£
2,237,577
15
-
2,237,592
3,122
856
44,621
182,583
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
1,207,311
3,444,903 |
Net
movement
in funds
£
823,997
-
95,624
919,621
360
2,897
27,458
(2,250)
(3,758)
(4,275)
5,920
(5,641)
18,764
948
642,476
15,000
-
-
-
-
-
3,575
(12,581)
688,893
1,608,514 |
Transfers
between
funds
£
(8,416)
-
-
(8,416)
-
-
-
-
-
-
-
-
-
-
8,416
-
-
-
-
-
-
-
-
8,416
- |
At
30.9.21
£
3,053,158
15
95,624 |
|
|
|
|
3,148,797
3,482
3,753
72,079
180,333
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 |
|
|
|
|
1,904,620 |
|
|
|
|
5,053,417 |
continued...
Page 22
THE DAVID CLARKE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
18. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
A60 Bridge
Restricted funds
Windcutter Project
Signal & Telegraph
Carriage Repainting
8F Locomotive
Loughborough Standard Locomotives Group
Ltd
Renaissance Railcars
Witherslack Hall Locomotive
Boscastle Restoration
GCR 567 Locomotive Group
Mountsorrel Railway
Bridging the Gap
Oliver Cromwell
Loughborough Locomotive Shed
O4 Restoration
TOTAL FUNDS |
Incoming
resources
£
991,232
95,624
1,086,856
360
2,897
50,000
6,500
8,435
300
8,699
8,229
18,764
948
703,469
15,000
3,575
25,000
852,176
1,939,032 |
Resources
expended
£
(33,158)
-
(33,158)
-
-
(22,542)
(8,750)
(12,193)
(4,575)
(2,779)
(13,870)
-
-
(60,993)
-
-
(37,581)
(163,283)
(196,441) |
Gains and
losses
£
(134,077)
-
(134,077)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(134,077) |
Movement
in funds
£
823,997
95,624
919,621
360
2,897
27,458
(2,250)
(3,758)
(4,275)
5,920
(5,641)
18,764
948
642,476
15,000
3,575
(12,581)
688,893
1,608,514 |
|
|
|
|
|
continued...
Page 23
THE DAVID CLARKE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
18. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
Leicester Museum Fund
A60 Bridge
Restricted funds
Windcutter Project
Signal & Telegraph
Carriage Repainting
8F Locomotive
Loughborough Standard Locomotives Group
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
O4 Restoration
TOTAL FUNDS |
At
1.10.20
£
2,237,577
15
-
2,237,592
3,122
856
44,621
182,583
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
1,207,311
3,444,903 |
Net
movement
in funds
£
806,400
-
193,100
999,500
(1,903)
3,291
2,158
2,062
(238)
(14,459)
13,553
(10,433)
33,228
4,473
954,079
(9,233)
-
-
-
-
-
(200,869)
(14,464)
761,245
1,760,745 |
Transfers
between
funds
£
(975,022)
(15)
522,581
(452,456)
-
-
-
-
-
-
-
-
-
-
17,820
2,255
-
-
-
-
-
432,381
-
452,456
- |
At
30.9.22
£
2,068,955
-
715,681 |
|
|
|
|
2,784,636
1,219
4,147
46,779
184,645
6,831
5,507
189,212
9,674
76,768
5,208
1,396,555
-
1,000
79,677
1,824
28,000
78,449
294,981
10,536 |
|
|
|
|
2,421,012 |
|
|
|
|
5,205,648 |
continued...
Page 24
THE DAVID CLARKE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
18. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
A60 Bridge
Restricted funds
Windcutter Project
Signal & Telegraph
Carriage Repainting
8F Locomotive
Loughborough Standard Locomotives Group
Ltd
Renaissance Railcars
Witherslack Hall Locomotive
Boscastle Restoration
GCR 567 Locomotive Group
Mountsorrel Railway
Bridging the Gap
Oliver Cromwell
Loughborough Locomotive Shed
O4 Restoration
TOTAL FUNDS |
Incoming
resources
£
1,183,209
527,724
1,710,933
1,028
3,291
50,000
19,562
16,118
600
19,111
13,437
33,228
6,898
1,056,178
15,000
4,275
25,000
1,263,726
2,974,659 |
Resources
expended
£
(268,694)
(334,624)
(603,318)
(2,931)
-
(47,842)
(17,500)
(16,356)
(15,059)
(5,558)
(23,870)
-
(2,425)
(102,099)
(24,233)
(205,144)
(39,464)
(502,481)
(1,105,799) |
Gains and
losses
£
(108,115)
-
(108,115)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(108,115) |
Movement
in funds
£
806,400
193,100
999,500
(1,903)
3,291
2,158
2,062
(238)
(14,459)
13,553
(10,433)
33,228
4,473
954,079
(9,233)
(200,869)
(14,464)
761,245
1,760,745 |
|
|
|
|
|
Designated Funds (unrestricted)
TheLeicesterMuseumFundwassetup fortheTrust'scontributiontowardsa feasibilitystudyofa Lotteryfunded project
to build a museum at Leicester North.
The A60 BridgeFund has been set up to assistwith the fundingof the repairor renewalof the railwayoverbridge adjacent
to the renewed bridge over the midland mainline.
Restricted Funds
TheWindcutterProjectFundwassetuptoaidtheWindcutterwagonsproject,beingtheacquisitionandmaintenance of
these wagons, now owned by the Trust.
TheSignalandTelegraphFundwassetuptoaidimprovementstotheSignalandTelegraphinstallationsatthe Great
Central Railway.
The Carriage Repainting Fund was set up to aid the repainting of a rake of coaches for use on the Great Central Railway.
The 8F LocomotiveStandard LocomotivesGroup Fund was set up to assist in the purchase of a half share of the Locomotive
8F No.48305 and its subsequent operation.
TheLoughboroughStandardLocomotivesGroupFundwassetuptoaidtherestorationandmaintenanceof specific
locomotives based on the Great Central Railway.
The RenaissanceRailcarsFund was set up to aid the restorationand maintenanceof dieselrailcarunits based on the Great
Central Railway.
The Witherslack Hall Fund was set up to aid the restoration and maintenance of this locomotive, owned by the Trust.
The Boscastle Restoration Fund was set up to assist with the restoration of 34039 Boscastle.
continued...
Page 25
THE DAVID CLARKE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
18. MOVEMENT IN FUNDS - continued
TheGCR567LocomotiveGroupFundwasset up to assistwiththe buildingofa 'brandnew'GreatCentralRailwayClass 2
locomotive.
The Mountsorrel Railway Fund was set up to develop the Mountsorrel branch line.
The Bridgingthe Gap Fund was set up to aid the linking of the Loughboroughto Leicesterand Loughboroughto Ruddington
sections of the Great Central Railway.
The OliverCromwellFund wasset up to provefundstowardsrestorationalupkeepof this locomotive,whichis part of the
National Collection.
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 of carriage restoration works.
The Gallery Fund was set up to aid the conversion of the old parcel office into a viewing area and reception.
The Rothley Station Fund was set up to hold monies for use at Rothley station.
TheSeparatorFundwassetuptoassistwiththeprovisionofanewreverseosmosisplantandseparatorto collect
pollutants in the ground from the loco shed preparation area.
TheLoughboroughLocomotiveShedFundwassetuptoprovideincreasedfacilitiesforlocomotiverestorationand the
visitor viewing area.
TheO4RestorationFundwassetuptoprovefundstowardsrestorationalupkeepofthislocomotive,whichispartof the
National Collection.
Transfers between funds
The transfers into restricted funds represent unrestricted fund monies utilised to finance restricted funds.
19. RELATED PARTY DISCLOSURES
Mr C I Baines,a trustee of the charity,was also a directorof Great Central Railwayplc. During the year the Trust paid grants
amountingto£841,946(2021:£123,073)toGreatCentralRailwayplc.ThecharityalsopurchasedsharesinGreat Central
Railwayplcduringtheyear,costing£100,000(2021:£100,000).ToavoidanypotentialconflictofinterestMrCI Baines
excludedhimselffromanymeetingoftheTrustwheregrantstoGreatCentralRailwayplcwerebeingconsidered. During
the year Great Central Railway plc also used rolling stock owned by the Trust free of charge.
At 30 September 2022 the David Clarke Railway Trust owed £42,605 (2021: £60,940) to Great Central Railway plc.
20. EVENTS AFTER THE REPORTING DATE
Following the year-end, the charity purchased additional shares of £50,000 in Great Central Railway plc.
21. ULTIMATE CONTROLLING PARTY
The charity is controlled by the Trustees.
continued...
Page 26
THE DAVID CLARKE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
22. FINANCIAL INSTRUMENTS
The carrying amount of the charity's financial instruments are as follows:
|
2022 |
2021 |
|
£ |
£ |
Financial assets that are equity instruments measured at fair value through net income / |
|
|
expenditure: |
|
|
Fixed asset listed investments (note 14) |
67,610 |
70,495 |
Social investments (note 15) |
1,019,496 |
890,649 |
Theincome,expenses,netgainsandnetlossesattributabletothecharity'sfinancialinstrumentsaresummarised as
follows:
|
|
2022 |
2021 |
|
£ |
|
£ |
Net gains and losses (including changes in fair value) |
|
|
|
Financial assets measured at fair value through net income / expenditure |
|
25,962 |
(134,077) |
Thetotalinterestincomeandinterestexpenseforfinancialassetsandfinancialliabilitiesthatarenotmeasuredat fair
value through the income statement was £nil (2021 - £nil) for both financial assets and liabilities respectively.
23. CONTINGENT ASSETS
Asatthereportingdate,thecharityhasacontingentassetof£233,510(2021-£32,145).Thisrelatestolegacies notified
beforetheyearendbutatthattimetheamountwasuncertainandthereforehasnotbeenrecognisedinthe financial
statements in accordance with the Charities SORP.
Page 27