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 go￿ng 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 rec0gntt￿On, 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 Se￿IceS 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.
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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.
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