REGISTERED CHARITY NUM8Eft: 1104839 REPORTOFTHE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENOED 30 SEPTEMBER 2024 FOR THE DAVID CLARKE RAILWAY TRUST Duncan & Toplis Audit Limited, Statutory Auditor 3 Princes Court Royal Wav Loughborough Leicestershlre LEII 5XR
THE DAVID CLARKE RAILWAYTRUST CONTENTS OF THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 30 SEPTEM8ER 2024 Page Reference and Administrative Details Report of the Trustees Report of the Independent Auditors Statement of Financial Activities Statement of Financial Position io Statement of Cash Flows li Notes to the Statement of Cash Flows 12 Notes to the Financial Statements 13 to 26
THE DAVID CLARKE RAILWAY TRUST REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEM8ER 2024 TRUSTEES M Freckelton R J S Stephens X M Lloyd C l Baines PRINCIPAL ADDRESS 3 Wharncllffe Road Loughborou8h Lel¢estershire LEII ISL REGISTERED CHARITY NUMBER 1104839 AUDITORS Duncan & Toplis Audit Limited, Statutory Auditor 3 Prince5 Court Royal Way Loughborou8h Leicestershire LEII 5XR SOLICITORS Bird Wilford & Sale 20 Church Gate Loughborou8h Leice5ter5hire LEII IUD BANKERS National Westmlnster Bank PLC l Granby Street Leicester LEI 9GT Virgin Money 3 Eastgate5 Leicester LEI 5YA Page I
THE DAVID CL4RKE RAILWAY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees present their annual report and financial st3temÈnt5 of the charity for the year ended 30 September 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements nd cornply with the charities trust deed. the Charities Act 2011 and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard FRS102 (effective I lanuary20191. OBJECTIVES AND ACTIVITIES Objectives and airns The trust was established to contribute to the education of the public in railway transport systems. This is accomplished in a number of ways. Amongst these ère the preservation and operation of locomotives, rolling stock, signalling systems, buildings and the production of education material, and promotion of events. Significant activities During the year, the Trust has Continued to focus Its attention on the Great Central Railway IGCRI. It 3150 actively supports reunification of the two sections of Great Central railway between Leicester and Ruddington in Nottingharnshire. In addition. it supports groups involved in heritage restoration based on the Railway. The Great Central Railway remains the only double track preserved mainline railway in the country and it mirrors the opportunity to have insight into the operation of how rnainline railways ran up to the 1960's. The Railway remains a major attraction in Leicestershire and recent development5 have enhanced the experience of visitors with the addition of more facilities to attract families and the younger generation. The Railway gives enthusiasts and the public the opportunity to see fflany different types of heritage locomotives under full repair 3Dd in operation. These include locomotives owned by the nation as part of the National Railway Museum's collection and the double track mainline gives visitors the opportunity to see large Steam engines working on both passenger and freight trains. Publit benèfit The trustees continue to consider the guidance of public benefit issuèd by the Charity Commission in its work. It is considered that the charity provides a public benefit through the maintenance of the railway locomotives and systems for the education and enjoyment of the public. Social investments Programme related investments are made at the discretion of the trustees whère in accordance with thè charitV'5 objects. Grantmaking The Charity assists with grants, not only for the restoration or maintenance of locomotives but also good5 and passenger vehicles. all of which are repaired and maintained in the GCR'S workshop5. This work requires many 5ki115, which are encouraged by the Charity. It is essential to retain the knowledge to continue work on heritage railway a55ets and assistance is given with maintaining the skills for the future. The Charity also gives grants to develop facilities and maintain existing Heritage buildings. The old 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 2024 ACHIEVEMENT AND PERFORMANCE Charltable •rtlvities As stated on page two, the Trust continued to assist with the appeal to restore a section of railway infrastrLtctL*re north of Loughborough Central Railway Station. Upon completion thi5 will provide an 18 mile main line presèrved rallway between Ruddington in Nottinghamshire and the outsklrts of Leicester. Thi5 is a major project whith wlll continue for a number of years. The project has continued to receive national interest wlth numerous single donations and regular donations again being re¢Èlved. The Trust is also a5515tin8 Wlth upgrading locomotlve repair facilities at Loughborough Central Station. The Grèat Central Rallwav employs a number of staff and apprentlces for the repair and maintenance of Herltage locomotives and rollin8 Stock. This work will improve faciltties available and offer an educational element to the locomotive works. Withers13ck Hall ¢ontlnued to be operational during the year. The 8F locomotlve no. 48305 is also in traffic and offers fLtrther interest. Our third locomotive bein8 9F no, 92214 15 awaiting rÈstoratiort back to operating condition. Thi5 work is planned to commence in approximately 2 years tirne. These locomotives, from time to time, a150 V151t other preserved railway around the UK. In addition, the Trust ¢onttnues to assist with numeroLts other vi54tor and educational projects on the Great Central Railway and with the repair and maintenance of Victorian structurès vital for the operation of the railway. During the period the Trust made grants and other payments in support of the Great Central Railway and supporting organisations amounting to £814,81612023 - £1,970.9151. At the end of the reporting period the Trust had unrestricted funds carried forward of £2,011,69212023- £1,883,0431. The split of unrestricted funds carried forward between fixed a55ets, debtors, creditors and actual cash available 1$ Shown on page nine. Fundraislng act¥tIeS The charity raises fLtnds from the publi¢ in the form of donations and legacies. The Trustees are the only volunteers and raise funds for projects of public interest. Thèy are not governed by any voluntary scheme for regulating fundralsing or voluntary standard for fundraising but have a long history of raising funds for the charity and behave in a professional manner.The charity has a privacv notice published online, which is available to the general public. The privacy and data security of donors Is taken very seriously. In addition,, the charity has not re¢eivèd any complaints about the activities by tho charity or any related persons for the purpose of fundraising. All requests for donations are Èither sent through an individual email or letter and there is a do¢umented trail of correspondence. There is no specific target in terms of the donations and legacies received each year as èxpenditurè will be based on monies available and the suitabi14ty and requirements of projects seeking support. The charity act5 and behaves appropriately and does not eyploit the trust or lack of knowledge or awareness of any donor in vulnerable circumstances. Investment performance Social investments are held for the purposes of the charitable objertives. During the year. thè charity a¢qulred further Social investments of £1,762 but saw their overall values fall by E297,138. Other investments were left by legacy to the ¢harity and have generated £3,533 in income and increased in value by £226. FINANCIAL REVIEW Prinflpal fundlnÉ sour The Charity's income primarily comes from donations and legacles from Indivlduals. Reserves policy The Trustees policy is to manage its expenditure accordlng to the fund5 available for distribution at the time. Incoming re50ur¢es are variable being dependent upon donations, legacles received and investment returns. Special projects are funded by appeals when required. Re5erve5 have been built up in the current year in antlclpation of large project expenditure in the future. Page 3
THE DAVIO CLARKE RAILWAY TRUST REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 FUTURE PLANS The charity plans to continue to support the Great Central Railway and assist with the appeal to restore a section of railway infrastructure north of Loughborough Central Railway Station as referred to above. It will also continue to assist with the restorations of locomotives and carriages and it also has plans to assist with further improvements to visitor facilities on the railwav. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its government docurnÈnt, a deed of trust dated 22 December 2003 and constitutes an unincorporated charity with the Charities Commission under number 1104839. Recruitment and appointment of new trustees When recruiting a new trustee consideration Is given to the professional skills of the candidate togÈthèr with their experience of railway matters. Organisational structure Decisions are made by the body of trustees. The trustees possess a wide range of profess10nal skills, and a considerable fund of knowledge about railway matters. Day to day management has been delegated to Malcolrn Freckelton. Induction and training of new trustee5 Trustees are made aware of their responsibilities at the time of appointment and kept informed of change5 in the charity law and any matters affecting the governance of assets of the Trust. Related parties Mr C l Baines, a trusteè of the charity throughout the yèar. became a director of Great Central Railway plc on 15 SÈptember 2017. To avoid any potential conflict of interest Mr C l Baines excluded himself from any meeting of the Trust where grants to Great Central Railway plc were being considered. Great Central Railway plc also use rolling stock owned by the Trust free of charge. RKsk management The trustees have carried out an assessment of the risks to whith the charity is exposed and are satlsfied that ongoin8 rNanaÈement procedures are adequate. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trLJ5tees are responsible for preparing the Report of the TrLJ5tee5 and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The FTnancial Reporting Standard applicable in the UK and Republic of Ireland" The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requifes the trustees to prepare financial Statements for each financial year which give a true and fair view of the State of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity lor that period. In preparing those financial statements, the trustees are reouired to select 5Ultable accounting policies 3nd then apply them consistently,. observe the rnethods and principle5 in the Charity 50RP.. make judgements and estimates that are reasonable and prudent.. state whether applicable accounting Standards have been followed. subject to any rNaterial departures disclosed and explained in the financial statements.. prepare the financial statements on the going concern basis unless it is inappropriate to presuTnÈ that the charity will continue in business. Page 4
THE DAVID CLARKE RAILWAY Tftusr REPORTOFTHE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 Approved by order of the board of trustees on . and signed on its behalf bv.. M Freckelton . TrLtstee Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE DAVID CLARKE RAILWAY TRUST Opinion Wè have audited the financial statÈmÈnts of Thè David Clarke Railway Trust (the 'charity'l for the year ended 30 September 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position. the Statement of Cash Flows and notes to the financial statements, including a Summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK 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 2024 and ol 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 We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethic31 requirements that are relevant to our audit of the financial statements in thè UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in atctsrdance with these requirements. We believe rhat the audir evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatin8 to goin8 concerrh In auditing the fin3ncial statements, we have concluded that the trustees, use of the going concern basi5 of accounting in the preparation tsf the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial Statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The Other information comprise5 the inforrnation included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statement5, our responsibility is to read the other information and. doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenNise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi5Statements. we are required to determine whether this gives rise to a material misstatement in the financial statements them5elve5. If, based on the work we have performed, we conclude that theie 15 a rnaterial mi55tatement of this Other information. we are required to report that fact. We have nothing to report in thi5 regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) 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 record5 have not been kept,. or the financial Statements are not in agreement with the accounting records and return5.' or we have not recetved all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control a5 the trustee5 determine is necessary to enable the preparation of financial 5tatement5 that are free from rnaterial misstatement, whether due to fraud or error. In preparing the financial statement5, the trustees are responsible for assessing the charity'5 ability to continue a5 a going concern, disc105ing, è5 applicable, matters related to going concern and using the gong concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic alternative but to do so. Page 6
REPORT OFTHE INDEPENDENT AUDITORSTO THE TRUSTEES OF THE DAVID CLARKE RAILWAY TRUST Our responsibllities for the audit of the flnanclal ststements We have been appointed as auditors under Section 144 of the Charlties Act 2011 aftd report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the fin3ncial st3temet)ts as a whole are free from material misstatèment, whether due to fraud or error, and to 155ue o Report of the Independent Auditors that includes our opinlon. Reasonable assurance is a high level of assurance, but is not a Buarantee that an altdit conducted in ac¢ordan¢e with ISAS IUKI wlll always detect a material misstatement when it exists. Misstatements tan arise from fraud or error and are considered material if, indlvidually or Sn the ag8regate, they tould reasonably be expected to Inflijence the economic de¢isiofts of users taken on the basis of these flnanclal statements. Irregularities, including fraud, are Instances of non-compliance with laws and regulations. We design procedures In Ilne with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedure5 are capable of detecting irregulaflties, Including fraud is detailed below.. We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial ststements from our 8eneral commercial experience. knowledge of the se¢tor, a review of regulatory and legal correspondence and through discussions with Trustees and other key management obtained as part of the work required by auditiri8 standards. We have also discussed with the Trustee5 and other key management the policies and procedures relating to complTran¢e wlth laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non.complSan¢e throughout the audit. The potential impact of different laws and regulation5 varies considerably. Firstly, the charity is Sltbject to laws and regulations that directly impact the financial 5tatement5 Ifor example financial reporting legislation) and wè have assessed the extent of compliance with such laws as part of our flnantial statement5 aijdit. We evaluated management's incentives and opptsrtunities for fraudulent manipulation of the financial statements (including risk of overrÉde of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statement5 such as income rec0gnttOn, as well as the risk of inappropriate journal entries to manipulate reported surplus/deficit. Audit procedures performed by the engaBeTnent team included the identification and testing of unusual material nominal ledger entries and challenging management on key assumptions and jud8ement5 made in the preparation of the financial statements where applicable. We carrlèd out fletailed substantive testing on accounting estimates. including reviewing the methods and data used to make those estimates. We also carried out detailed substantive tests on material income streams, 4n¢ludin8 reviewing the Supporting documentation used to determine the recognition of income, ensuring it is consistent and recognised in the corre¢t period. Secondly, the charity is SLtblètt to other law5 and regulation5 where the consequence for non-compliancè cotsld have a material effect on the amounts or disclosures in the financial statements. We Identified the following area as most likely to have such an effect= Health and Safety regulations. There are no specific laws and regtFlations governing the charitable activities, aside from the Charities Act 2011 and the applicable accounting standards. Auditing standards limit the requtred audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other key management and inspection. This inspection included reading minutes of meetings among those charged with governance and discussing with those charged with Éovernan¢e to confirm that to their knowledge they were not aware of any instances of non-compliance. Through these procedures. if we became aware of any non-compliance, we considered the impact on the procedure5 performed on the related financial statement Items. Owlng to the inherent limitations of an alsdit, there is an unavoidable risk that we may not have dete¢ted some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with uditinB standards. The further removed nonrfompliance with laws and regulations 15 from the events and transactions reftected in the financial Statements, the less likely the inherently limited procedures required by auditing Standards would identify it. As with any audit, there 15 a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal Controls. We are not responsible for preventlng non-compliance and cannot be expected to detect non-compllance with all law5 and regulations. A further description of our responslbilitles for the audit of the financial statements 55 located on the Financial Reporting Coun¢S1's website at www.frc.org.uvaudltorsresponglblllties. This description forms part of our Report of the Independent Auditors. Page 7
REPORT OF THE INDEPENDENT AUDITORSTO THE TRUSTEES OF THE DAVID CLARKE RAILWAY TRUST Use of our rèport This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of tPte Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitV'5 tru5tee5 those matters we are required to state to theTn in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume respon51bility to anyone other than the charity and the charity's tru5tee5 as a body, for our audit work, for this report, or for the opinions we have formed. Duncan & Toplis Audit Limited, Statutory Auditor 3 Prince5 Court Royal Way Loughborough Leicestershire LEII SXR Date.. Page 8
THE DAVID CLARKE RAILWAY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30SEPTEMBER 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted fLtnds Note5 INCOME AND ENDOWMENTS FROM Donations and legacies 701,393 822,724 1,524,117 1,883,819 Investment income 79,322 79,322 77,911 Total 780,715 822,724 1,603,439 1,961,730 EXPENDITURE ON Rai5in8 funds 9,544 375 9,919 10,617 Charltable actl¥itles Restorat40n and maintenance of lo¢omotives, carriages, rail¢afS and other unit5 Supporting the linking or development of further sections of the Great Central Railway Other attivities 258,958 258,958 263,S67 5.753 315.199 224,298 80,853 230,051 396,052 780,223 969,270 Total 330,496 564,484 894,980 2,023,977 Net gainslllossesl on investments 1298,6741 1298,6741 1213,3471 NET INCOMEIIEXPENDITURE) Transfers between funds 151,545 122,8951 258,240 22,895 409,785 1275,594) 17 Net movernent in funds 128,650 281,135 409,785 1275,5941 RECONCILIATION OF FUNDS Total funds brought forward 1,883.043 3,047.011 4,930,054 5,205,648 TOTAL FUNDS CARRIED FORWARD 2,011.693 3,328,146 5,339,839 4,930,054 The notes form part of these flnancial statements Pa8e 9
THE DAVID CLARKE RAILWAY TRUST STATEMENT OF FINANCIAL POSITION 30 SEPTEMBER 2024 2024 Total funds 2023 Total fund5 Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible assets Heritage 355ets Investments 1nvestrnents Social investrnents li 12 356.085 83.396 356,085 655,842 364,063 445,781 572,446 13 14 71,571 939,767 71,571 939.767 71,345 1,236,905 1,450,819 572,446 2,023,265 2,118,094 CURRENT ASSET5 Debtors Cash at bank 15 70,076 553,666 79,042 2,819,391 149,118 3,373,057 309,984 2,638,081 623,742 2,898,433 3.522,175 2.948,065 CREDITORS Amounts falling due within one year 16 162.8691 1142,7321 1205,6011 1136,1051 NET CURRENT ASSET5 560.873 2,755,701 3,316,574 2,811,960 TOTAL ASSETS LESS CURRENT LIABILITIES 2.011,692 3,328,147 5,339,839 4.930,054 NET ASSETS 2,011,692 3,328,147 5,339,839 4,930,054 FUNDS Unrestricted funds Restricted funds 17 2.011,692 3,328,147 1.883.043 3,047,011 TOTAL FUNDS 5,339,839 4,930,054 The financial stèt8ments were approved the Board of Trustees and author1sed for issue on signed on its behalf by.. ? ,.J.i2.i..... and were M Freckelton Trustee The notes form part of thesè financial statements Page 10
THE DAVID CLARKE RAILWAY TRUST STATEMENT OF CASH FLOWS FOR THEYEAR ENDED 30 SEPTEMBER 2024 2024 2023 Notes Cash Ilows from operatin8 arttvlties Cash generate¢J from operatlons 899.254 1576,3511 Net cash provl¢Jed by/lused inl operating a¢tlvities 899,254 1576,3511 Cash flows trom Investini acttvltles Purchase of heritage assets Purchase of Social Investments Interest received Dividends received 1243,6001 1250,WOI 150,6051 74,624 3,287 75,789 3,533 Net cash used in investlng activities 1164,2781 1222,6941 Change In cash and cash equlvalents In the rèporting pertod Cash and cash equlvalents at the beBlnnlng of the reporting perlod 734,976 1799,0451 2,638,081 3,437.126 Cash and cash equlvalents at the end of the reportlng period 3,373.057 2,638,081 The notes form part of these financial statements Page 11
THE DAVID CLARKE RAILWAY TRUST NOTESTO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 RECONCILIATION OF NET INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIE5 2024 2023 Net incomèllexpenditurel for the reporting period las per the Statement tsf Financial Artivities) Adjustments for: Depreciation charge5 Losses on investments Interest received Dividends received Social investments gifted to charity Decrease/lincreasel in debtors Increase in creditors 409,785 1275,5941 41,517 298,674 175,7891 13,5331 11,7621 160,866 69,496 18,924 213,347 174.6241 13,2871 1383.8861 1150,4221 79.191 Net cash provided byllu5ed inl operations 899,254 1576,3511 ANALYSIS OF CHANGES IN NET FUNDS At l.IC>.23 Cash flow At 30.9.24 Net 5h Cash at bank 2.638,081 734,976 3,373,057 2,638,081 734.976 3.373,057 Total 2,638,081 734,976 3,373,057 The notes form part of these financial statements Page 12
THE DAVID CLARKE RAILWAY TRUST NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 30SEPTEMBER 2024 GENERAL INFORMATION The David Clarke Railway TrLtst is an Ltnincorporated charity in England. The charity's registered number is 1104839. The charity's principal address is 3 Wharncliffe Road, Loughborough, Leice5teishire. LEII ISL. The financial statements are presented in sterling which is the functional currency of the charity and are rounded to the nearest £. The significant accountSng pollcies applied in the preparation of these accounts are set out below. These pollcles have been consistently applied to all year5 presented unless otherwise stated. The financlal statements cover the individual entity. The entity constitutes a public benefit entlty as defined by FRS 102. There are no material uncertainties with golng concern. ACCOUNTING POLICIES Ba515 of preparing the Ilnan¢lal ststements The financial statements of the charity, which 15 a public benefit entity under FRS 102. have been prepared In accordance with the Charities SORP IFRS 1021 'Accountin8 and Reporting by Charities.. Stètement of Recommended Practice appll¢able to charities prepèring thelr accounts in accordance with the Financial Reporting Standard applicable in thè UK and Republi of Ireland IFRS 1021 leffertive l January 20191., Financial Reporting Standard 102 'The Financial Rèporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have beeft prep8red under the historical cost convention with the exception of various investments which are included at market value, modified to include certain items at fair value. This is explained in more detail in the investments accoufitirtg policy. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the fLtnds. it is probable that the incomè wlll be received and the amount can be measured reliably. Grants and donations are recognised in the SOFA when the charity is legally entitled to the income and the amount can be quantified with rèasonable accuracy. Donated SeIceS and fatllitiès are included at the value to the charity where this can be quantified. Donated supplies and fatllities are included as both income and expenditure within the relevant income and èxpenditure heading where quantified. Legacies are in¢lu¢Jed when notification of entitlement has been received from the executors or an agent thereof. Expendlture L2abilitFes are recogni5ed as expenditL¢re a5 soon as there is a legal or tonstructive obligation committing the charity to that expenditure, tt 15 probable that a transfer of economic benefits wlll be required in settlement and the amount of the obligation can be measured reliably. Expenditure Is a¢counted for on an accruals basis and has been classified under headin8S that aggregate all cost related to the category. Where costs canftot be directly attribL4ted to particular headings they have been allocated to artivities on a basis consistent with the use of resource5. Refurbished expenditure on heritage assets 15 expensed to the statement of financial activities, rather than capitali5ed. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Grants are accounted for when either the reclpient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any Conditlon attaching to the grant 15 Outside the control of the trust. Provlslons for grants are made when the intention to make a 8rant has been communlcated to the elplent but there is uncertainty about either the timing of the grant or the amount of grant payable. Grant5 offered subject to conditions whS¢h have not been met at the year end date are noted as a commitment but not accrued as expenditure. Page 13 continued...
THE DAVID CLARKE RAILWAYTRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENOED 30 SEPTEMBER 2024 ACCOUNTING POLICIES - continued Allocation and apportionment of c05t5 Where cost5 cannot be directly attribLlted to particular hèadings they have been allocated to activitie5 on a basis consistent with the use of resources. Tangible fixed assets Tangible fixed assets are stated at cost. net of depreciation and any Impairment losses. Depreciation is provided at the following rates r3tÈS to write off each asset over its estimated useful life. Freehold property Rolling stock Locomotives Equipment 2% p.a. on cost 5% p.a. on cost 5% p.a. on cost - 20Yts p.a. on cost Freehold land has not been depreciated. Artefacts have not been depreciated. Heritage assèts Heritage assets are recognised on the balBnce sheet and initially measured at cost when purch35ed or if dollated. their valuation. Assets are subseqLJently stated at cost or valuation less accumulated depreciation and accumu13ted irnpairment 1055e5. Fair values for donated assets are estimated by reference to market prices. Acquisitions only arise when donated to the charify or if it is believed that they will further the charity's objectives. Once acquired they will be preserved by the charity in order to keep their historical, artistic, scientific, technological, geophysical or environmerTrt31 qualities to such a high level as to contribute to knowledge and culture. A register of all a55ets held by the charity is available and the assets themselves are accessible to the public with prior agreement. Heritage asset5 are to be held for the foreseeable future. Investments With the exception of the City of London Investment Trust PIC and the Barclays UK Equity Income (Series 21 Fund investments, none of the investment5 are listed tsn a recognised stock exchange. The shares in Great Central Railway plc and Great Central Railway (Nottinghaml Ltd are valued on an assets basis, having regard to the accounts of that company for the year ended 31 january 2024. Shares in Boscastle Locomotive Ltd are valued on an assets basI5, having regard to the account5 of that compèny for the year ended 31 December 2023. Shares in Bolton Ste3m Locomotive Company Ltd are valued on an assets basis. having regard to the accounts of that company for the year ended 31 December 2024. Shares in the Mid Hant5 Railway Ltd are valued at par. Shares in the City of London Investment Trust PIC and the Barclays UK Equity Income (Series 21 Fund are valued at their market value at 30 September 2024. Other shares are valued at cost. Taxation The charity is exempt from rax on its charitable activities. Fund accounting Unrestricted incorne funds comprise those funds which the trustees are free to use lor any ptjrpose in furtherance of the charitable object5. Unrestricted funds include designated funds where the tru5tee5, at their discretion, have created a fund for a specific purpose. Restricted funds can only be used for particular restricted purposes within the objects of the charity. 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 statement5. Financial instruments The charity has chosen to adopt the Section5 11 and 12 of FRS 102 in respect of financial instruments. Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transactio price, unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of Intere5l. Page 14 continued...
THE DAVID CLARKE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THEYEAR ENDED 30 SEPTEMBER 2024 ACCOUNTING POLICIE5- rttInued Flnancial Instruments At the end of each reporting period flnat)cial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impalrment loss is the difference between the carrying amoltnt and the present value of the estimated tash flows discounted at the asset's orlginal effective Interest rate. The impairment loss is recognised in the Statement of Financial Activities. 8351¢ financial liaèjilities, including trade and other creditors, are Initlally recognised at transaction price, unless the arrangement Constitutes a financing transa¢tion, where the debt in5trtsment is measured at the present value of the future receipts discounted at a market rate of interest. Debt instwments are subsequently carried at amortised cost, using the effe¢t4ve interest rate method. Tradè creditors are obllgatlons to pay for goods or seryices that have been atqulred in the ordinary co(trse of the charity'5 activities. Accounts payable are Classified as current lsabFlities if payment is due wtthin one year or less. If not, they are presented as non-current liabilities. Trade creditors are re¢ognised initially at transaction price and SL*bsequently measured at amort15ed cost using the effective interest method. DONATIONS AND LEGACIES 2024 2023 Donations Legacies Prize draw recetpts 852,875 657,938 13,304 1,330,337 553,482 1,524.117 1,883,819 INVESTMENTINCOME 2024 2023 Dividends Bank interest 3,533 75,789 3,287 74,624 79.322 77,911 RAISING FUNDS Ralslng donations and legacies 2024 2023 Other expenses Support costs 842 9,077 668 9,949 9,919 10,617 Page 15 continued...
THE DAVID CLARKE RAILWAYTRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEPTEMBER 2024 CHARITABLE ACTIVITIES COSTS Grant funding of activitie5 Isee note Direct Costs 71 Totals 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 258,958 258,958 230,051 325,807 230,051 396,052 70,245 70,245 814,816 885,061 Ch3ritable activities costs include payments to the auditor of £15,54412023 £17,851) for accounts preparation and audit fees. GRANTS PAYABLE 2024 2023 Restoration and maintènance of locomotives, carriages, railcars and other units Supporting the linking or development of further sections of the Great Central Railway Other activities 258.958 263,867 230,051 325.807 780,223 926,825 814,816 1,970,915 The total grants paid to institutions during the year was as follows.. 2024 2023 Great Central Railway PIC & 5UPPOrting institutions 814,816 1,970,915 The grants figure does not include any support eost5. Other activities relate to preservation or activitie5 offering educational and operational experiences of a railway nature. It also include5 governance costs such 35 audit and accountancy fees and other professional fee5 in accordance with the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in 3ccordance with the Financial Reporting Standard FRS102 leffective I january 20191. SUPPORT COSTS Management Raising donations and legacies 9,077 Page 16 continued...
THE DAVID CLARKE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS. contlnued FOR THE YEAR ENDED 30 SEPTEM8ER 2024 ThUSTEES' REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 30 September 2024 nor for the year ended 30 September 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 30 September 2024 nor for the year ended 30 September 2023. io. COMPARATIVES FOR THE STATEMEKf OF FINANCIAL AcfiviTIES Unrestricted fund5 Restricted fund5 Total funds INCOME AND ENDOWMENTS FROM Donations and le8acies 998,762 885,057 1,883,819 Investment income 77,911 77,911 Total I,Q76,673 885,057 1,961,730 EXP£NDITURE ON Raising funds 10,617 10.617 Ch•rltable actlvltles Restorat40n and maifttenance of locomotives. ¢arriagès, raTrlcars and other units Supporting the linking or development of further sections of the Great Central Railway Other activitiès 263,867 263,867 780,223 907,877 780,223 969,270 61,393 Total 1,698,717 325,260 2,023.977 Net gainslllossesl on investments 1213,3471 1213,3471 Nrr INCOMEIIEXPENDITUREI Transfers between tunds 1835,3911 166,2021 559,797 66,202 1275,5941 Net movement In funds 1901,5931 625,999 1275.5941 RECONCILIATION OF FUNDS Total funds brought forward 2,784,636 2,421,012 5,205,648 TOTAL FUNDS CARRIED FORWARD 1.883.043 3,047,011 4,930,054 Pa8e 17 Continued...
THE DAVID CLARKE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED ao SEPTEMBER 2024 ii. TANGIBLE FIXEO A55ETS Equipment and vehicles Freehold property Totals COST At l October 2023 and 30 September 2024 468,922 1.124 470,046 DEPRECIATION At l October 2023 Charge for year 104,859 7,978 1,124 105,983 7,978 At 30 September 2024 112,837 1,124 113,961 NET BOOK VALUE At 30 September 2024 356,085 356,085 At 30 September 2023 364,063 364,063 Freehold property is valued at cost. 12. HERITAGE ASSETS Artefacts Locomotives stock Total COST At l October 2023 Additions 18,067 480.589 180,000 74,994 63,600 573,650 243,600 At 30 September 2024 18,067 660.589 138,594 817,250 DEPRECIATION At l October 2023 Charge for year 57,374 30,767 70,495 2,772 127,869 33.539 At 30 SÈptember 2024 88,142 73.265 161.408 NET BOOK VALUE At 30 September 2024 18,067 572,447 65.329 655.842 At 30 September 2023 18,067 423,215 4,499 445.781 Heritage assets and equipment are valued at COSt. Capitalisation of Heritage Assets is dependent on the type and longevity of the asset. Rolling Stock consists of coaches at)d wagons. which are not less than 30 years old. The locornotives comprise è Hall Class locomotive. Wither51ack Hall, Ex Brit15h Railway5 Class 9F locomotive. and a British Rail Class 8F Steam locomotive. The artefacts are numerous and are all of historic railway interest. Page 18 continued...
THE DAVID CLARKE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS. contlnued FOR THE YEAR ENDED 30 SEPTEM8ER 2024 13. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At l October 2023 Revaluations 71,345 226 At 30 September 2024 71,571 NET BOOK VALUE At 30 September 2024 71.571 At 30 September 2023 71,345 There were no Investment assets outside the UK. Cost or valuation at 30 September 2024 is represented by.. Usted investments Valuation in 2024 71,571 14. SOCIAL INVESTMENTS Programme related investments equity MARKET VALUE At l Octobèr 2023 Additions Revaluations 1,236,905 1,762 1298,9001 At 30 September 2024 939,767 NET BOOK VALUE At 30 September 2024 939,767 At 30 September 2023 1,236,905 Page 19 continued...
THE DAVID CLARKE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS- tontinued FOR THE YEAR ENDED 30 SEPTEMBER 2024 14. SOCIAL INVESTMENTS- continued 2024 2023 Shares.. Great Central Railway PIC Loughborough Standard Locornotives Group Ltd Boscastle Locomotive Ltd Thompson Bl Locomotive Ltd Dart Valley P1c Bluebell Railway PIC Peak Rail PIC Bolton Steam Locomotive Ltd Mid Hants Railway Ltd lurassica Oil & G35 Plc Allied Gold Resources PIC Great Cèntral Railway (Nottingharnl Ltd 912,838 2,551 2,164 1,250 195 1,210,770 2.551 2,269 1,250 195 ji loo loo 17,051 20 1,000 2,000 499 loo loo 16.151 20 1,000 2,000 499 939,768 1,236,905 Participating Interest Company Country of Incorporation Shares Percentage Held Year End Capital & Reserves Loss for Year Great Central Railway PIC England & Wales Ordinarv Shares of 25p 44.64% 31 Jan 2024 E2,060.288 1£704,1091 Cost or valuation at 30 September 2024 is represented by.. Equity Valuation in 2024 939,767 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Gift aid Prepayments and accrued income 17.334 92.650 200,000 103,005 46,113 149,118 309.984 Page 20 continued...
THE DAVID CLARKE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 30 SEPTEMBER 2024 16. CREDITORS: AMOUNTS FALLING OUE WITrIIN ONE YEAR 2024 2023 Trade creditor5 AccrLted expenses 186,006 19,595 117,536 18,569 205,601 136,105 17. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 1.10.23 At 30.9.24 Unrestrirted funds General fund A60 Bridge 1,480,756 402,287 149.989 1,555 1136,4421 113,547 1,494,303 517,389 1,883,043 151,544 122,8951 2,011,692 Re#rlcted funds Wlndcutter Projett Signal & Telegraph Carriage Repaintlng 8F Locomotive Loughborough Standard Locomotives Group Ltd Renalssance Railcars Witherslack Hall Locomotive Boscastle Restoration GCR 567 Locomotive Group Mountsorrel Railway Brldging the Gap Oliver Cromwell Doublè Track Project Carriage Workshop Gallery Rothley Station Separator Emporium Loughborough Locomotive Shed 04 Restoration 9F Locomotive 1.163 15,338 44.621 175,170 12,5781 300 117,9171 112,8541 1.415 15,638 44,621 162.316 17,917 12,688 1,992 150,011 12,207 83,990 2,084 2,078,104 2,255 1.000 74,127 1,824 33,575 78.449 16,6761 2.369 26,495 16,9221 18,0891 12,0841 378,487 1105,6671 6.012 4.361 176,506 5,285 75,901 198,1141 103,412 2,358,477 1,000 79,677 1,824 37,075 78.449 5,550 3,500 10.849 1109.6571 110,8491 9,114 100,543 10,536 167,334 10,536 270,469 103,135 3,047,011 258,241 22,895 3,328,147 TOTAL FUNDS 4,930,054 409,785 5,339,839 Page 21 continued..
THE DAVID CLARKE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED ao SEPTEMBER 2024 17. MOVEMENTIN FUNDS- continued Net movement in funds. included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund A60 8ridge 773.406 7,309 1324,7431 15.7541 1298,6741 149,989 1,555 780,715 1330.4971 1298,6741 151,544 RÈstrirted funds Windcutter Project Signal & Telegraph Carriage Repainting SF Locomotive Loughborough Standard Locomotives Group Ltd Renaissance Railcars Witherslack Hall Locorriotive Boscastle Restoration GCR 567 Locomotive Group Mountsorrel Railway Bridging the Gap Oliver Cromwell Carriage Workshop Rothley Station Emporium Loughborough Locomotive Shed 9F Locomotive 763 300 125 15,726 13,3411 12.5781 300 117,9171 112,8541 118.0421 128,5801 12,116 6,869 29,274 1,578 14,153 118,7921 14,5001 12,7791 18,5001 122,2421 12,0841 1224,6731 1105,6671 5,550 16,6761 2.369 26.495 16,9221 18,0891 12,0841 378,487 1105,6671 5,550 3,500 10,849 1109,6571 103,135 603,160 3,500 10,849 4,943 119,368 1114,6001 116,2331 822,724 1564,4831 258,241 TOTAL FUNDS 1,603,439 1894,9801 1298.6741 409,785 Page 22 ontinued.
THE DAVID CLARKE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEPTEMBER 2024 17. MOVEMENT IN FUNDS- contlnued Comparatlves for movement In lunds Net movement in funds Transfers between funds At 1.10.22 At 30.9.23 Unrestrlcted funds General fund A60 Bridge 2,068,955 715,681 161,9161 1773.4751 1526,2831 460.081 1,480,756 402,287 2,784,636 183S,3911 166,2021 1,883,043 Restricted funds Windcutter Projett Signal & Telegraph Carriage Repainting 8F Locomotive Loughborough Standard Locomotlves Group Ltd Renaissance Railcars Wltherslack Ftall Locomotive 8oscastle Restoration GCR 567 Locomotive Group Mountsorrel Railway Brid8ing the Gap Oliver Cromwell Double Track Project Carriage Workshop Gallery Rothley Station Separator LoLTrghborou8h Locomotive Shed 04 Restoration 9F Locomotive 1.219 4,147 46,779 184,645 1561 8,831 157,4541 19,4751 1,163 15.338 44.621 175,170 2,360 55,296 6,831 5,507 189,212 9,674 76,768 5,208 1.396,555 5,857 13,5151 139,2011 2,533 7,222 13,1241 675,258 12,688 1,992 150,011 12,207 83,990 2,084 2,078,104 2,255 1,000 74,127 1,824 33,575 78,449 100,543 10,536 167,334 6,291 2,255 1,000 79,677 1,824 28,000 78.449 294,981 10,536 15,SSOI 5,575 1194,4381 167.334 2,421,012 559,797 66,202 3,047,011 TOTAL FUNDS 5,205,648 1275,5941 4,930,054 Page 23 continued...
THE DAVID CLARKE RAILWAYTRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENOED 30 SEPTEMBER 2024 17. MOVEMENT IN FUNDS- continued Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund A60 Bridge 1,069,925 6,748 1918,4941 1780,2231 1213,3471 161,9161 1773,4751 1,076.673 11,698.7171 1213,3471 1835,3911 Restricted f41nds Windcutter Project Signal & Telegraph Carriage Repainting 8F Locomotivè Loughborough Standard Locomotives Group Ltd Renaissance Railc3rs Witherslack Hall Locomotive Boscastle Restoration GCR 567 Locomotive Group Mountsorrel Railway Bridging the Gap Carriage Workshop Rothley Station Loughborough Locomotive Shed 9F Locomotive 632 11,841 16881 13,0101 157,4541 19,4751 1561 8,831 157,4541 19.4751 7,452 300 301 2,533 13,254 251 675,258 11,5951 13,8151 139,5021 5,857 13,5151 139,2011 2,533 7.222 13,1241 675,258 15,5501 5,575 1194,4381 167.334 16,0321 13,3751 15.5501 5,575 326 167,334 1194,7641 885,057 1325,2601 559,797 TOTAL FUNDS 1,961,730 12,023,977) 1213.3471 1275,5941 Deslgnated Funds lunre5trictedl The A60 Bridge Fund has been set up to assist with the funding of the repair or renewal of the railway overbridge adjacent to the renewed bridge over the midland mainline. Rèstricted Funds Thè Windcutter Project Fund was Set up to aid the Windcutter wagons project, being the acqui51tion and maintenance of these wagons, now owned by the Trust. The Signal and Telegraph Fund wa5 set Ltp to aid improvements to the Signal and Telegraph installation5 at the 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 Locomotive Standard Locomotives Group Fund was set up to assist in the purchase of a half share of the Locomotive 8F No.48305 and its subsequent operation. The Loughborough Standard Locomotives Group Fund was set up to aid the restoration and maintenance of Specific locomotive5 based on the Great Central Railway. The Ren3i55ance Railcars Fund was set up to aid the restoration and maintenance of diesel railc3r units based 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 wa5 Set up to assist with the restoration of 34039 Boscastle. Page 24 continued...
THE DAVID CLARKE RAILWAY TRUST NOTES TO THE FINANCIAL sfATEMENTS- contlnued FOR THE YEAR ENDED 30 SEPTEMBER 2024 17. MOVEMENT IN FUNDS. contlnued The GCR 567 Locomotive Group Fund was set up to assist with the building of a 'brand new, Great Central Railway Class 2 locomotive. The Mount50rrel Railway Fund was set up to develop the Mountsorrel branch line. The Bridging the Gap Fund was Set up to aid the Ilnklng of the Loughborough to Leicester and Loughborotsgh to Ruddington sections of the Great Central Railway. The Oliver Cromwell Fund was set Ltp to prove fLtnds towards re5torational Upkeep of this locomotive, which is part of the National Colle¢tion. The Double Track Project Fund was set up to provide double-track rail between Loughborough and Rothlev. 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 offi¢e 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 to collect pollutants in the ground from the loco shed preparation arèa. The Loughborough Locomotive Shed Fund was set up to provide increased facilities for locomotive restoration and the visitor viewing area. The 04 Restoration Fund was set up to prove funds towards restorational upkeep of this locomotive, which is part of the National Collertion. The 9F LocomotSve Fund was set up to assist it) the pt&r¢hase of the Ex Brit15h Railways Class 9F Locomotive No.92214 and its subsequent operation. Transfers between funds The transfers into restrictèd funds represent unrestricted fund montes utili5ed to finance restricted funds. 18. RELATED PARTY OISCLOSURES Mr C l Baines, a trustee of the charity, was also 3 director of Great Central Railway plc. During the year the Tfilst paid 8rant5 amounting to £782,35812023: £1,952,901) to Grèat Central Railway plc. The charity also purchased shares in Great Central Railway plc during the year, costing £1,762 12023.. £50,0001. To avoid any potential conflict of Snterest Mr C l Baines exclLtded hlmself from any meeting of the Trtsst where grants to Great Central Railway plc were belng Considered. During the year Great Central Railway plc also used rollln8 Stock owned by the Trust free of Charge. At 30 September 2024 the David Clarke Rallway Trust were owed £NIL12023.. £17,334) by Great Central Railway Plc. At 30 September 2024 the David Clarke Railway Trust owed £186.00512023.. £34,5361 to Great Central Railway plc. During the year the charity also purchased the remaining 50% of Locomotlve 8F from Great Central Railway PLC for £180,000. The charity purchased the other half of this Locomotive In a prevlou5 year. Page 25 continued..
THE DAVID CLARKE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR ENDED 30 SEPTEMBER 2024 19. ULTIMATE CONTROLLING PARTY The charity is controlled by the Trustees. 20. FINANCIAL INSTRUMENTS The carrying amount of the charity's financial instrument5 are as follows.. 2024 2023 Financial assets that are equity instruments measured at fair value through net income I expenditure.. Fixed asset listed investments Inote 131 social investments Inote 141 71,571 939,767 71,345 1.236,905 The income, expenses, net gains and net losses attributable to the charitV'5 financial instruments are summarised as follows.. 2024 2023 Net gains and losses (including changes in fair valuel Financial assets measured at fair value through net income / expenditure 1298,6741 1213,3471 The tot31 interest income and interest expense for financial assets and financial liabilities that are not measured at fair value through the income statement was £NIL12023 £NILI for both financial asset5 and liabilities respectively 21. CONTINGENT ASSETS As at the reporting date, the charity has a contingent asset of £SI,00012023 E282,1991. This relates to legacies notified before the year end but at that time the amount was uncertain and therefore has not been recogni5Èd in the financial statements in accordance with the Charities SORP. Page 26