REGISFERED CHARITY NUMBER.. 1104839 REPORT OF THETrUSTEES AND FINANCIAL5TATEMENTS FOR ThE YEAR ENDED 30 SEPTEMBER 2025 FOR THE DAVID CLARKE ILAILWAYTRUST Duncan & TolS Aijdit Limited, St8tutoryAuditor 3 Princes Court Royal Way Loughborough Leicestershire LEII 5XR
THE DAVIO CLARKE RAILWAYTRU5T REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 5EPTEM8ER 2025 The trustees present their annual rert and financial 5tstement5 of the charlty for the year ended 30 September 2025. The financial statements ha¥e been prepared In accordance with the accounting polities set out in note I to the financial staterneThts and comply with the charrtie5 trust deed, the Charitles Act 2011 and the provisloll5 of the Statement of RÈcommÈnded Practice ISOAPI applicable to charities preparing thwr accounts in actordance with the F1nancial Reporting Standard FR5102 (effective I January 20191. OBJECllVES AND ACTIVITIES ObiertNes and aim5 The trust's charltable objects are to advance education for the public benefit in the Subject of r3ilway tran5POrtation systems, in particu13r but not exclusively by facilitating the restoration, preservation and operation of the Great Central RaiKvay. 518nlf(cènt artIvleS During the year, the Trv5t has continued to foius Its attention on the Gre?t Central Railway IGCRI. It also actively support5 reunification of the two sections of Great Central rèllway between Leicester and Ruddington in Nottinghamshire. In addition, It supports groups involved in herita8e activities based on the Railway. The Greèt Central Railway rernains the only double track preserwed mainline railwby In the country and it mirrors the opportunity to have insight Into the operation of how mainlirTre railways ran up to the 1960,5. The Railw3¥ remains 3 majer attraction in Leicestershlre and recent development5 have enhanced the Èxperience of vlsltors with the addition of more facilities io attr3Ct familie5 and the younger 8enerèti¢n The Railway Elves enthuslasts and the publi£ the opportunity to See rnany different types of heritage locomotives under full repair and in operation. The railwoy is Vi5ted by the public from all over the country and beyond. The railway has increased its focus on a wide range of heritage and education activities. These include locomotive5 owned by the ration as pan ol the National Railway Mu5eurn'5 collectiutTr and the double track mainline gives visitors the opportUntY to See large steam engines working on both passenger Bnd Irei8ht trains. Public bÈnehi The trustees contsnue to consider the guidance of public benefit 1551Jed by the Chèrity Cornmission In Its work. It is considered that the char1ty provide5 a public benefit throu8h the mainten3nce of the railway locomotives and systems lor the education and enjoyment of the public. Sodal Invements Pro8rarnrne related investmentsare made atthe discretion of the trustees where in accordance with the charf(y'5 objects. Gratrtmaking The Charity assists with grant5. not for the restoration or maintenance of locomotlvÈs btst also goods ènd passen8er vehicles, all of which are repaired and maintained in thÈ GCR'S workshops. This work requires many ski115, which are encouraged by the Charity. It Is essential te retain the knowledge to continue work on heritage railway asset5 and assistance is 8lVÈll with maintaining the ski115 for the future. The Charity also give5 grants to devÈlop facilities and maintain existing Heritage buildings. The old Goods Office at Lou8hborou8h no¥Y known as Lovatt House 15 owned by the Trust. Grants are made at the disCretOn of the trustees where In accordance with the charities objÉrts. Volunteer5 There 15 no Significant use of volunteers. Poge 2
THE DAVID CLARKE RAILWAYTRUST REPORTOF THE TRUSTEES FOR THE YEAR ENDED 30SEPTEMBER 2025 ACHIEVEMENT5 ANO PERFORMANCE Charitable a(ti¥hles As stated on page two, the Trust centinued to a55lSt with the appeal to re5tOfe a section of r3ilway Infrastructure north of Lou8hborou8h Centf31 Railway Staton. Upon completlon thÈs will provide an IB rnile main line preserved railway between Ruddington in Nottin8hamshire and the out5klrts of Lelcester. This is a major project which will continuè for a number of years. The project has contlnued to receive national interest with numerous single donations 3nd re8ular donation5 ag3in b&4D8 received. The Trust Ss also asslsting with up8radln8 locornotive repalr facllitles at Loughborough Central Station. The Great Central Railw&y employs a number of 5tHff and apprentice5 fof the repair and malntenance of Fleritage locomotlve5 and Tolling stock. Thls work W11 improve facilitie5 available and offer an educational element to the locorftotive works. Witherslack Hall continued to be operatlonal durin8 the year. The 8F lotomotive no. 48305 Is also in traffic and offers further interest. Oltr thlrd locornotive being 9F no, 92214 is awaiting re5torètion back to operating condition. This work is planned to commente iri approximately 2 years time. These locomotnfes. from tlme to thme, also visit other preseNed railway aroundthe UK. In addition. the Trust contiffiue5 to assist with numerous other visitor and edutètKinal projects on the Great Central Railway èt5 with the repair and maintÈnance of Vlctorian struttures vltal for the operation of the railway. Durlng tl¥e perK?d the Tr¥st made g¥ant5 3nd other payments In sypport of the Great Central laY and supportin8 or8anisatnS amountingto £746.78912024- £814,816>, The trust made a surplu5 before net gains or kisses on Investments for the yèar of £778,74411024- £708.4591. There wa5 a net 10$5 on investments of £433.17012024- £298.6741, w5th a loss of £445,40912024- £297.9321 relating to a decline In the rt a55ets of Great Central R3ilw3y PLC, a soclal Investment that is t)ot hÈld for retum or sale value but wis made to support the charlty's Charitab puip05es. Atthe end of the reportit)g period theTrust hèd unrestricted funds carried forward of £2,167,07312024- E2.038,1171. The split of nstrICted funds camed forward between fixed assets, debtors, creditors and actual Cash available Is shown Dn page ten. Ftsndr¥lsln8 artlvkles The charity raises funds from the PU1¢ In the ferm of donations and le8acles. The Trustee5 are the onlyvolunteer5 and raise funds for projects of publit interest. They are not governed by any voluntary scheme for re8ulatlng fundraisln8 or Yoluntarystahdard for fundfalsln8 but have a long h15tory of ralsin8 funds for the charity and behave in a profession81 rnanner. The charity has a privacy notice publishèd onlne. which Is available to the general public. The Pfwacy and data seturity of donors is taken ¥ery serKiusly. In additlon. the charity has not receved any complaints about the activities by the tharity or any related persons for the pyrpose of fundraising. All requests for donations are either sent through an Indiwiduèl emèil or letter and there is a documented trèil of correspondence. There is no specific tJr8et in terms of the donations and le8a£ies reeeived each year as expenditure will be based on monles avallable and the sufcability and requlrernents of projerts seekin8 support. The chadty èCt5 and behaves appropriately and does not exploft the trust or lack of knowledge or awareness ol any donor Sn vulnerable clrcurnstances. Investment performarb¢¢ Soclal Investments are held for the purpose5 of the chantèble objettwe5. During the year, the charity Wa5 Eifted a further social Inve5tmEnt5 of £1,438 but saw their overall values fall by £444,140. Other Investments were left by legacy to the th3*tty and have generated £3,492 in Iorne and increased in value by £10.970. FINANaAL REVIEW prtn¢lpalfitndlng source5 Thè ehbrity'5 incorne primarlly comes frorn donatlons and1è8aciesfrvm Indlvldual R•$erve5 polky The Trustees policy 15 to mana8e its expÈnditure accordSn8 to the funds available for dlstrlbutlon at the time. Incoming resources are variable beinE dependent upon dondtions, le8acies received and investment retums. Special projects are funded by appeals when requlred. Resetves have been built up in the currentyear in anticipatlon of large project expenditure In the future. FUTURE PLANS The chèrity plans to continue to support the Great Central Rallway and assist with the appèal to restore a section of rallwav infrastrutture north of Loughborou8h Central Railway Station as ferred to above. It will also continue to assist with the restoratipn5 of locomotlves and CarrSe5 and it alse has plans to assist with further improven7ents to vlsStor faCilleS on the Page 3
THE DAVID CLARKE RAILWAY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 30 SEPTEMBER 2025 STrUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity 5s controlled by it5 government docurnent. a deed of trust dated 22 December 2003, as arnendèd on 16 June 2025, and constitute5 an unintorporated charitywlth the Charitie5 Commisslon under number 1104839. Recrultment and appointment of newtrustees When recruiting a new trustee consideration is given to the professional skills of the candidate together with their experience of railway tnatters. OrEat)isational strurture Detisions are made by the body of trustees. The trustees possess a wide range of professional skills, and a considerable fund of knowledge about raiaY matttrs. Day to day management has been delegaied to Makolm Frèckelton. Induction aml training of new trustees Trustees are made aware of their responsibilities at the tlme of appointrnent and kept informed of changes in the charity law and any matter5 affectinÉ thegovernante of asser5 of the Trust. Related parties Mr C l Baines, a trustee of the chaflty throughout the year. became a dirertor of Great Central Railway plc on LS september 2017. To avoid any p¢tential conflict of nterest Mr C l Baines excluded himself from any meeting of the Tru51 where grants to Great Central Railway plc were bpin8 ionsidered. Great Central Railway plc also use rolling 5toik ewned by the Trust free of charge. Risk management The trustees have carrled out an a55essmenr of the risk5 to whith the charity is exp05Èd and are satisfied that ongoing rnanagement procedures are adequote. EVE14fs SINCE THE END OF THE YEAR Inforrnaiion relating to events since the end of the yeBf 1$ 8iven In the notes to thè financial staiements. STATEMENT OF TRUSTEE5' RESPONSIBILITIES The trustees are responsible for preparing the Report of the Tru5tpes and the financial statement5 in accerdantr with applicable law bnd United Kingdom Accounting St3ndards (United KinEdorr Gerierally Accepted Accounting PTacticÈl including Finan¢i#l Reportin8 Standard 102"The Financial Reporting Stsndard applicable in the UK and Republic of Ireland. Charity law rÈquiros the trustees to prepare financial statetnents for eich financial year. Under that law. the tru#ÈÈS have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Arcountlng Standards and applicablelawl. Under charity law the trustee5 must not approve the financlal statemenrs unles5 they are satlsfied that they give a true and fair view of the state of affairs of the charity and of the incomin8 resources and application of resources, including the inttrme and expenditure, of the charit¥ for that period. In preparinE those financial statements, the trustees are required to selÈct suStab5e accounting pollcles and then apply them consistentty,. observe the methods and principle5 In the Charitie5 SDRP., makejudgements and estim3tes that are reasonable and prudent.- state whether applicable accountin8 standards have been followed, svbject to any material departures disclosed and explained in the financial 5tstements.- prep?re the financial statements on the goin8 concern ba51s unle55 It is inappropriate to presume that the chanty will continue in busine5S. The trustees are responslble for keeping proper accounting records which disclose with reasonable accuracy at any time the financial posltion of the charity and to enable them to ensure that the financial statements cornply wfth the Charities Acr 2011 and The Charity (Atcounts 8nd Reports) Regulations 2(Xl8. They are also TespDnsible for safe8uardinE the 05sets of the charity and hence for takin8 reasonab Steps for the prevention and detection of fraud and other irregulanties Page 4
THE DAVID CLARKE RAILWAY TRUST REPORT OF ThE TRUSTEE5 FOR THE YEAR ENDED 30 SEPTEMBER 2025 Approved by order of the board of trustees on......................... )ol . and slgned on Its behalf bv.. M Freckdton- Tnjstee Page 5
REPORT OF ThE INDEPEP4DENT AUDITORSTOTHE TRUSTEES OF THE DAVID CLARKE RAILWAYTRUST Oplnlon We have audited the financi31 statements of The David Clarke Railway Trust (the 'charity'l for the year ended 30 September 2025 which comprise the Statement of Financial Activities, the Starement of Financial Position, the Statement of Cash Flow5 and no>te5 to the financial statements, including a summary of Significant accounting policies. The financial reptrrtin8 frampwork that has been applied in their preparation Is applicable law and United Kingdom Actounting Standard5 Iunited Kingdom Generally Accepted Accounting Practicel. inclvding Financial Reportin8 StandÈrd 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion thelinanclal statements.. give a true and fair view of the state of the charSty's affalrs as at 30 September 2025 and ol its intomln8 resourtes ènd pplication of resources, for the year then ended,. h8vÈ been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, includinÉ Financial Reportin8 Standard 102'The Financial Reporrin8 Standard applicable in the UK and Republic of Ireland,, and have been prepared In accordance with the requirementsef the CharitiesAct 2011. Baslsfor oplnlon We conduttÈd our audit in accordance wth InternationHI Standards on Auditing IUKI (ISAS IUKII and applicable law. Our responsibilities under those st3ndard$ are further described in the Auditors, responsibllities for the audit of the financial Statement5 section of our report. We are independent of the charity in accordance with the pthical requirement5 that are relevant t¢ our audit of the financial stètements in the UK, including the FRC'S Ethlcal stsnd3rd, and we have fulfilled our other ethical responsibilities it) accordance with these requirements. We bÈlieve that thÈ audit evidence we have obtained is sufficient and apprupriate tD previde a b3515 for our opinion. Conclusions relating to 8oing Concern In auditing the financial statements, we have concluded that the trustees. use of the going Concern b8515 of accounting in the preparation of the financial statements is appropriate. 8ased on the work we have performed, we have not Identifed èny m3terial uncertainties relating to evenis or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a 80in8 concern for a period of at least twelve months from when the financial statements are authori5ed for 15sue. Our responsibilities and the re5ponsibilitie5 of the trustees with respect to goin8 conceTn are described the relevant sections of this report. Other informa0Th The trustees are respon%ble for the other Information. The other information comprises the infomiation Included in thè Annuèl Report, otherthan the financial statements and eur Report of the Independent Auditors thereon. Our opinion on the financiol statements does not cover the other infomiatKin an(J, except to the extent otherwise explicitly staled n our report, we do not expre55 any form of BS5urance conclusion thereon. In connection with our audir of the financial statements. Ouf responsibility is to read the other information and, in doing w. consider whether the other information is materially inconsistent with the financial statements or uur knowledge obtained in the audit or othe*wise èppear5 to be mBterially rni55tated. If we identifv such materiHI incon515tencie5 or apparent material misstatements, we are required to deterrnine whether this give5 rise to a materi31 misststement in rhe financial statements thernselves. If, based on the work we have performed, ¥ve wnclude that there is a material misstatement of this ether inform3tion, we are required re report thatfact. We have nothinE to report in this regard. Matters on which we are required tu report by exception We h2vÈ nothing to report In respect of the followirig rnotters where the Charities (Accounts and Reports1 Regulations 2008 rÈquires u5 to report to you if. in our opinion.. the information 8Nen in the Report of theTrustees is inconsistent in any material respect with the financial statements., or sufficient accountin8 records have not been kept,. or the financial staternents are not in a8reernent with the attountin8 record5 and return5.' or we have not received all the inforrnation and explanations we require forour audit. Re5ponsibilitie5 of trustees s explained more fully in thè Statemént of TrustÈes' Responsibilities. the trustees are responsible for the preparation of the flnancial statemenrs whith wve a true and fair wew, ènd for such internèl ctrntrol as the triJ5tees determine is necessary to enable the preparation af financial statements that are free from material mi55tatement, whether due to fraud or error. In preparing the financial statements. the trustees are responslble fer assessln8 the charSty'S ability to continuè Ès a going coricem, disclusin8, as applicable, matters related to goin8 concern and u51llg the going concern b4515 of accounting Unle the trustees Èither intend io liquidate the charity orto cease operations, or have no realistic alternative but to do so. Page 6
REPORTOFTHE INDEPENDENT AVDITORS TO THETRVSYÉESOF THE DAVID CLARKE RAILWAY TRUST Our responslbllltiesfgr the audlt of the fihancial Statements We havÈ been appointed as auditors under Section 144 of the Charit5 Act 2011 and rewrt in acCOrdare wfth the Act and relevant regulations made or havit)8 Èffert thereunder. Our objettfves are to obtain reasonable assvrance about whether the finèncial Statements as a whole bre free from materfal misstatement, whether due to fraud or error, and to Issue a Report of the Independent Auditor5 that includes our opinion. Reèsonable assurance is a high level of assurance, trJt is not B guarantee that an audlt conducted in accordance with ISAS IIJKI will always detect a marerlal misstatement when it exlsts. Mi5Stotements cèn arlse from fr¥ud or error ènd ale tOn5idered material If, individually or in the aggregate, they could reasonably be expected ro knfluente the economlc declsions of user5 taken on the basis of these financial statèments. Irrègularitie5, including fraud. are in5tance5 of non<ompliante wlth 13ws and re8ulations. We deslgn procedures In li with our responsibilit$, outllned above, to detect material mi55tatements in respect of irregularities, includin8 fraud. The extent to whlch our procedures are capable of detectin8 irregularities, including fraud is detailÈd below-. We have IdÈntified areas of lèws and rÈgulations that could reasijnabty be expected to have a rnaterial effect on the flnanclal statement$ from our 8eneral commercial experience, kn¢wledgÈ of the sector, a rèview of ulatOry and legal torre5pondence and through diSc510S wlth Trustees and other key mana8ement obtained as part of the work required by auditlng 5t4ndards. We have also discussed with theTrustees and other key rnènagement the polities and pro£edures relating to compliance with laws and requlètions. We comrnunKated laws and regulations thfOU8hout the tearn and remained alert to any indications of non-compllènce throughout the audlt. The potential impact of diffÈrent laws and re8ulatlons varies considerably. Firstly, the charity is subject to law5 and regulatlons that dire¢tly Impact the financial statements (for example financi31 reporting legi51ationl and we have 3$5e55ed the extent of ccmpliance with such laws as part of our financlal statement5 audit. We evaluated management's incentDie5 and opportunkiès for fraudulent manlpulation of the financial statement5 lin¢ludinE risk of override of controls) and determined that the principal risks were related to rnanigemeTrr bias in accounting e5timate5 ond judgemental areas of the flnantial statements such ès Intome recognbtion, as well as the risk of inappropriate journal entries to manipulate reported surplusldeficit. Audit procedures performed by the en838Èment team included the identffttatlon and testing Of unusual material nornin31 ledger entrles and challenginE management on key assumptions ènd judgement5 made in the preparation of the financ1 slatements where appllcable. We carrSed out detailed substantive testing on accounting estimates, including reviewln8 the methods and dèta used to make those estimates. We also carrled out detailed substantive tests on material income streams, ncludlng reviewing the supportin8 (locurnentotion used to determine the recognitlon of incorne. en5urinE It Is Consiste and reco8n15ed in the correct period. Secondlyi the charity Is subjett to other w$ and re8ul8tiOn5 where the consequence foi non<ompllance could have 3 moterial effect on the amounts or d15closures In the financial st3tements. We identified the following area as most likely to have such an effert.. Health and Safety regularions. There are rm) specific laws and resulations governTr8 the charitable activities, aside from the CharltSes Act 2011 and the applicable accounting standards. Auditing standards limit the requlred audit procedures to identify non<omplkante wlth these 14ws 3nd re8ulatlons to enqulry ol the Trustees and other key management and ispection. This inspection included reiding minutes of meetin85 amon8 those charged wrfÉh governance and discussing with those chorged with 8overnanee to wnfirm that to their knowledge they were not aware of any In5tHnce5 of non-compliante. Through these procedure5, il we became aware of any non-compllance, we eonsldered the impact on the procedures performed on the related flnan¢i315tatement items. Owing to the Inherent limitHtions of an audlt. there 1$ an unavoidable rlsk that we May not have deteited 50rne mateflal misstatements In the finènciil statements, even though we have properfy planned and performed our audit in accordance wlth auditing stanLlard5. The further removed ripn<ompliance with laws and regulations is from the event5 and transactions reflected in the financial 51atements, the less likely the inherently Ilmited procedures required by auditirFg standards would Identify it. As wf(h any audit, the is a greater rt5k of non-detection of irre¥ul3ritles as these may Involve collusion, intentlonal ornis5n$ of the override of intemal tothtrols, We are not respcnsible for prenting non-tomplianre and canrKst be expÈcted to detect non-compllante with all law5 and re8ulations. A fvrther description of our responsibilities for the audit of the financial statements is latated on the Financlal Reporting Councll's webslte at www.frc.ory.uklaudltor5responslblllts. Th15 de5CriPtion fom7s part of our Reportof the Independent Auditor5. Page 7
REPORT OF THe INDEPENDENT AUDITORS TO THE TRUSTEES OF THE DAVID CLARKE RAILWAYTRLIST USÈ of ouf report This report is made solely to the charity's trustees, as è body. In 3ccordènte th Part 4 of the Charitie5 IAitounts and Reports) Regulations ZCK18. Our audit work h3s been undertaken so ihat we rni8ht state tu the charity's rrusiee5 those matters we are required to State to them in an auditers, report and for no other purpose. To the fullest èxtent permitted by law, we do not èttèpt or assume re5pon5ibility to anyone otherthan the charity and the eharity's trustees 35 a body, forour audit worl for rhis report, or fotthe opinions we hève forrned. Duncan & Topli5 Audit Limlted, St*utory Auditor 3 Princes Court Royal Way Loughborou8h LEII 5XR Date.. Pase 8
THE DAVID CLARKE RAILWAYTRUST STATEMENT OF FINANCIAL AcnviTIES FOR THE YEAR eNDE0 30 SEPTEMBER 1025 2025 Total funds 2024 Total funds Unrestricted funds Restrltted funds Notes INCOME AND ENDOWMEIITS FROM Donation5 and le83cie$ 972,406 607,930 1,$80,336 L,524,117 lTrve5trnent irKome 43.586 43,586 79,322 Totsl 1,015,992 607.930 1,623,922 I,3,439 EXPENDvRE ON RaisinÉ funds 13,080 13.080 9.919 Chatltable atthfrtlqs Re5tor4tion and maintenance of locornotives. carriages, railcars and other units Supportin8 the linknn8 or development of further sectlons of thÈ Great Ceritral Raithay Other related activltie5 102,577 102,577 258,958 102,927 113,842 102,927 626,593 230,051 396.052 512.751 Total 525,831 319,346 845,177 894,980 Net ga5nslllossesl on investments 1433.1701 1433,1701 1298,6741 14U If4COME Transfers betweenfvnds 56,991 71,965 288,584 171,9651 345,575 409,785 18 movemert InltsAds J28,956 216,619 345.575 409,785 RECONCIUATION OF FUNDS Total funds brought forward 2,038.117 3,301.722 5,339,839 4,930,054 TOTAL FUNDSCARRIED FORWARD 2.167.073 3,518,341 5.685,414 5.339,839 The notes fomi part of these flnèncial statement$ Pa8e 9
THE DAVID CLARKE RAILWAYTRUST STATEMENTOF FINANCIAL POSITION 30 SEPTEMBER 2025 2025 To1 funds 2024 Total funds Unrestricted funds Restrlcted fund5 Note5 FIXED ASSETS Tangible assets Heritage asset5 Inve5tment5 Investments SociBI investments 12 13 348,106 156,58L 348,106 695,998 356,085 655,842 539,417 14 15 82,540 497.066 82,540 497,066 71,571 939,767 1,084,293 539,417 1,613,710 2,023,265 CURRENT ASSETS Debtors Cèsh at bank 16 260,462 850.523 52.578 2,926,346 313,040 3,776.869 149,117 3,373,058 1,110,985 2,978,924 4,089,909 3,522,175 CREDITORS Arnounts falling due within one year 17 128,2051 128,2051 1205,6011 NETCURRENT ASSETS 1.082,780 2.978,924 4.061,704 3.316,574 TOTALASSETS LESS CURRENT LIABILITIES 2.167,073 3,518,341 5.685.414 5,339,839 NET A55ET5 2,167,073 3,518.341 5,685,414 5,339,839 FUNDS Unrestricted funds Restricted funds 18 2.167.073 3.518,341 2,038,117 3,301,722 TOTAL FUNDS 5,685,414 5,339,839 The financlal statements were approved the Board of Trustees and authorised for Issue on "LLLF .. Bned on its behalf by.. and were M Freckelton- Trustee The notes fomi part of these linanclal statements Page 10
TrrE DAVID CiARKE IiAILWAY TRUST STATEMENTOF CASH FLOWS FOA TME YÉAR ENDED 305EPTEM8ER 2025 2025 2024 Notes Cash flows Irorn Opera# artNtties Cash generateKt from operations 4141,725 899,2SS Net tash provided by operètlng actfvrcies 441.725 899,255 Cash flows from ImiestlDgactlvltles Purchase of heritage assets Interest recewed (ividends recelved 181,5001 40.094 3,492 1243.6001 75,789 3.533 Net tash used ih investing actiwties 137.9141 1164,2781 Cha#8t In tash *rtrf cash equfvalent5 the repDrtlnK Perrf Cash #Trd rash equhalert5 atthe of th• rwportlnK perlod 403,811 734,977 3,373,058 1,638,081 Cash ta$h eqyl¥•kntsatthe end of the reportin8 period 3,776.869 3,373,058 The notes form part ofthese financlal statements Pa8e 11
The DAVID CLARKE RAIIWAYTRUST MOTES TO THt STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025 RECOIICILIATION OF NEW INCOME TO NETCASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net imtome for the reporting period las perthe Statement ol Fimanelal ActItItS) Adlu$tment5 for.. Depreciation charges Losses on inve5tThents Interest ieceived Dividends reCeved Social investrnents 8ifted to chaTIty Ilncreaselldecrea5e in debtors IDecrea5ell1ncre35e in trÈditors 345,575 409.785 49,322 433,170 140,0941 13,4921 11,4371 1163,9231 1177.3961 41.517 298.674 175,7891 13,5331 11,7621 160,867 69,496 Net Q5h proded by operations 441,725 899,255 ANALYSIS OF CHANGES IN NEf FUNDS At 1.10.24 Cash flow At 30.9.25 Net cash Cash at bank 3,373,058 403,811 3,776,869 3,373,058 403,811 3,776,869 Totsl 3,373,058 403,811 3.776.869 The nores form part of these financial statements Pa8e 12
THE DAVID CLARKE BAILWAY TRUSF NOTESTOTHE FINANCIAL STATEMENTS FOR TNE YEAR ENDtD IO SEPTEMeER 20Z5 GENERAL INFORMATION The David Clarke R4ilw&y Trust is an unintorporated charity In England. The charity's re8lStered number is 1104839. The tharity's principal addres5 Is 3 Wharntlktte Road. Loughborouah, Leicestershire, IEII ISL. The financlal statements are presented in sterlifig which 15 the functlonal currency of the tharky and are rounded to the nearest £. The Significant accountin8 ptslitie5 applsed in the preparatn of these accgunts are Set out below. These politie5 have been consistentFy applied to all year5 presented unless otherwise stated. The financial 5t3ternents cover the Indlvidual entity. The entity constitutes a publlc benefit entity 3$ defined by FRS 102. There are no material uncertaintles wlth golng tontem. ACCOUNTING POLICIES 8a515 of preparlrythe Ilth•#rial Statements The flnanclal statements of the charfty, whlch is a public benefit entity under FRS 102, have been prepared in accordante wlth the Charities SORP IFRS 1021'Accounting and RepDrting by Charltles.. Statement of Recornmended Practlce appllcablè tts ch8ritie5 preparinE their accounts in accordance with the Financial Reporting Standard 8ppll¢able In the UK and Republic of Irelan(S IFRS 1021 (effective l 20191,, Flnanc531 Reporting Standard 102 'The Finènclal Reportiw Standèrd applicable in the UX and Republic of Ireland, and the Charitie5 Art 2011. The financial statpments hhve been prepared under the historical c05t wnvention with the exceptlon of various investments which aTt included at rnarket value, modified to intlude Certain iterns at fairvalue. This 15 explained In more detail in the inve#ments a£countinB policy. Incom• All income is reco8nSsed in the Statement of Financlèl A£tlvltles onte the charlty has entitlement to the funds, It Is probaNe that the income will be received and the amount can be measvred reliab. Grants and donations are recognised in the SOFA when the charty 15 le8ally entitled to the income 4nd the arnount can be quantified with 4$Onable accuracy. Donated services and facilit5 are inclvded at the value to the Iharty where thi5 can be quantSfled. Donated supplies and facilities are Included as both income and eXpenditre within the relevant income and expenditure heading whère quantified. Legacie5 are included when notification of entltlement has been re¢eived fr¢)rn the executors or an agent theof. thè reciept 15 probable and the amount can be estimated wkh reasonable accuracy. Where legatles have been notified to the charlty, and thè trFteFia for Income recognltlon have not been mel then the legacy is treatetl as a contingent asset è)d disclosed rf materiol. Expendltwe Liabilities are reco8n15ed as expenditure as 500n as there 15 a le8&1 or constructive oblS8ation committin8 the charity to that expendlture, it 15 probable that a transfer of economic benefit5 will be required in settlement and the amount of the obll8ation can be measured rellab5y. Exppnditure 15 3ccounted for on an attruals basi5 and has been classlfied undèr hadlng5 that agEregate all cost related to the cateEOry. Where costs cannot be directly ittrlbuted to particular headin8$ they have been allocated to èctwitles on a ba515 consistentwfth the use of resources. Refurblshed exrknditure on her¢tage assets Is expensed tothe staternent of finantSal artivities, rotherthan capitalised. Grants payable are payment5 rnade to third partie5 In the furtherantÈ of the charkable obfvctlves of the Trust. fjrant5 ore accounted fo when either the recipient has a reasonable expertètion that they will receive a ¥rènt and the trustees have agreed to pay the 8rant wlthout £ondltSon, er the reclpient has a reasonable expectatlon that they will recewe a zrnnt and any conditi()n attaching to the grant is outside the cantrol of the trust. Provisiens for 8rènts are made when rhe Intentlon to make a grant ha5 been communScated to the retipient but there is uncertalntyabout either the timing of the g*¥nt orthe amount of grant payable. Grants orfered subject to conditlons which have not been met at the year end date are noted 3$ a commltment but not accrued as expendlture. Pa8e 13 rontinued.
THE DAVID CLARKE RAILWAYThUST NOTES TO THE FINANCIAL STATEMENTS- continued FOA THE YEAR ENDED 30 SEPTEMBER 2025 ACCOUNTING POLICIES- continyed Allo(atk•n and apportionment of costs Where costs cannot be directly attributed to particular head5ngs they have been 311ocbtÈd to artlvlties on a b35lS consistent wlth the use of resources. TanEible fixed aSsS Tangible fixed a55ets costSn8 £1,(K)O or rnore are capitalised and recognised when future economic benefits are probable and the cost or value of thp a55et can be measured reliibly. Tangible fixpd assets are initially recogni5ed at cost. After recognitKin. under the cost model. property, plant and equipment are measured at cost 5$ accumulated depreciatiot) and any 8ccumulated Impairment losses. All costs incurrèd to brlng propertyi pIBnt ènd equipment into its intended workin8 condition should be includpd in the measurement of cost. At each rÈportln8 date the Charity a55Èsses whether there 15 any indication of Impairment. If such indication pxists, the recoverable arnount Df the assei 15 determined to be the higher of it5 fair value less costs to sell and its value in use. An mpairment 1055 15 reco8nised where the carryin8 amount exceeds the recoverable amount. Impairment 10sse5 are reto8nised In fhe staternent of financSal aciwitie5. Depreciatien Is charged 50 as to allocaie the cost of the tangible fixed assets less their rIdual valve over their estimated useful lives. Depreciation is provided on the following bases.. Freehold property RollinE Stock Locomotive5 Equipmenr - 2% per annum of cost - 5% per annum of cost - 5% per annurn of cost - 20% per annum of c05t Freehold land ha5 not been depreciated. Artefacts have not been depreciated. Herttage assets Heritage assets are rew8nised on the balance sheer and initially measured at C05t when purchased Dr if donated, their valuation. Assets are subsequently stated at cost or valuation less accumulated depreciation and accurnulated impairment 1055e5. Fairvalu for donated assets are estimated by reference to rnlrket prices. Acouisicions onty arise when donated to the tharity or if it is believed that they will furthèr the charrty's objective& Once cquired they wi11 be preserved by the chanty In order to keep their historical, arristic, scientific. tethnolo8lcal, 8eophysical or environmental qualitie5 to such a hi8h level as to contribute to kncwled8e arbd culture. A register of all a5SPts held by the charity is available and the B55Pt5 themselves are accessible to the public with prior aEreement. Heritage assets are to be held forthe foreseeabk future. InvementS With the eXCeptOn ol the City of London Investment Trust PIC and the 8arclay5 UK Equity Income 15Èries 21 Fund investments, none of the investments are listed on a reco8nised stock exchange. The shares in Grèat Central Railway and Great Central Railwa¥ (Nottinghaml Ltd are Valued on an asset5 basis, having regard to the accounts of that Company for the year ended 31 January 2025 5hare5 in 80sca5tle Locomotive Ltd are valued on an a55ets basi5. having regard to the accounts of that company forthe year ended 31 December 2024. Shares in Bolton steam Locomotlve Company Ltd are v31ued trn an assets basis, h3ving re8ard to the accounts of that comp3ny for the year ended 31 Decernber 2025. Shares in the Mid Hants Railway Ltd are valued at par. Shares in the City of London Inve51ment Trust PIC and the 8ar¢lays UK Equlty Income (Series 21 Fund ère Valued at their market value at 30 September 2025. Other shares are Valued at cost. Taxadon The charit¥ is exempt frorn tax on its chantable actwities. Page 14 continued...
THE DAVID CLAAKE RAILWAYTRUST NOTESTO THE FINANCIAI STATEMENTS. ¢ontlnued FOR THE YEAR ENDED 30SEPTEM8ÉR 2025 AccouimNG POLICIES- continued Fulld *ttountlnN Unrestricted income funds comprlse those funds which the tW5tees are free to use for any purp¢se in furtherdnce of the ch3ritible objects. Unrestrlcted funds indude designated funds where the twstees, at their dlscretion. hwe Created a fund for a specific purpose. Restricted fund5 c?n only be used for partkular restritted purpose5 within the objects of the charty. Restrlctlons arlse when specified by the donor or when funds are raised for particular restricted purposes. Further explènatiori of the nature and purpose of each lund Is IncludÈd in the notes tothe flnancial statements. Flnan(lal Instruments The charity has chosen to adopi the Sertions I13r 12 of FRS 102 in respect of Nnanclal instruments. Basic financial assets. including trade ènd other debtors ènd cash and bank bal•nces are iriptial ¢0&nised at transaction price, unle55 the ?rr3ngement constr(utes a flnanein8 transaction. where the tnCtIOn 15 measured at the wesent value of the future receipts discounted at a market rate of interest. At the end of each reporting period financial assets measured at amortised cost are as%Èssed fcr objertlve evidence of impalment. If an asset j5 irnpaired the Impairment loss Is the dlfferente between the carrying arnount and the present value of the estlmated cash flows dlscounted af the asset'5 origin#l effective interest rate. The Impalrment loss is recognised in the Statement of Financièl ArtIvitl. Concesslenary loans aye initially reco8ni5ed 3nd measured at the amount retes¥ed or pald. with the carrylnÉ arnount adlusted in subsequent year5 to reftect repayments and any accrued interest and aéju5ted rf neCeSry for any impatrment. Other basic financial liabilities, includln8 trade and other creditor5. are initially recoÈnised at transaction prSce, unless the arrangement constitutes a flnanclngtransartion, where the debt instrument is measured at the present value of the future recelpts dlscounted at a market rate of Interest. Debt Instruments are subseqvenyy carrled at amortised C05L using the effectfve Inttrest rate method. Trade ¢reditors ore Obligatio to payforgoods OY servSces that have been acquired in the ordinary course OF rhe charity's activities. Accounts payable are classified as currÈnt liabllities if payment is due within one year or less. If not, thèy are presented as non-current liabilitie5. Trade creditors are recognised initially at tr3nsa£tlon price and subsequently measured at amortised cp5t U5in8 the effective interest method. DONATION5 AND LEGACIES 2025 2024 Donatlons Legacles Prize draw receipt5 726,762 851,030 2,544 852,875 657,938 13,304 1,580,336 1.524,117 IIIVESTMENT INCQME 2025 2024 Dlvldends Other Interest received 3.492 40,094 3.533 75.789 43.586 79.322 Page 15 ¢ontlnued...
THÉ DAVID CLARKE RAILWAYTRUST NOTES TO THE FINANCIAL STATEMENTS- corbtlnued FOR THE YEAR ENDED 30 SEPTEMBER 2025 RA151WG FUNDS Ralslng donations and lÈgacles 2025 2024 Other expenses Support costs 770 12,310 9,077 13,080 9.919 CHARITABLE AcllviTIES COSTS Grant funding of attwitles 15ee note Olrect Costs Tota15 Restoration and maintenance of locomotives, carriages, railcar5 and other 102.577 102,577 Supporring the linkin8 or developrnent of further sections of the Great Central Railway Other related attiwiies 102,927 541,285 102,927 626.593 85,308 85.308 746,789 832,097 Charitable activitie5 COSt5 include payments to the audiiDr of £19,36312024 EIS,5441 for accounts preparation and audit fee5. GRANTS PAYABLE 2025 2024 Restoration and maintenance of lotomotives. carriages. railcars and other unit5 Supporting the linking or development ol further sections of the Great Centrhl Railway Other related acttIeS 102,577 258,958 102,927 541,285 230.051 325,807 746,789 814.816 The total grants ld to institutn$ durin8 the yearwas as follows.. 2025 2024 Great Central Railway PIC & supportSn8 Institutions 746,789 814,816 The Erants figure does not include any support costs. Other activities relate to preservHtion or activitS offering educational and operational experiences of a railway nature. It also includes 8owernance costs such a5 audit and ccountancy fees and other professional fees in accordance with the Statement of Retommended Prartice ISORPI applicable to charities preparing their account5 in a£cordènce with the Finoncial Reporting Standard FRS102 (effective I january 20191. Page 16 continued...
THE DAVID CLARKE RAILWAYTRUST NOTESTOTHE FINANCIAL STATEME14TS. witlfiu•d FOA THE YEAR ENDED JO SEPTEMOER 2025 WPPORTCOSTS Management Raising donatlons and le8acles U,310 TRUSTEES. ReMUNERA710N A140 BENEFITS There were no trustees, remuneratbn or other beneflts lor the year ended 30 Septernber 2025 rtor for the year ended 30 September 2024. YNstee5' eNpe115eS There were no trustees. expenses pald forthe year ended 30 September 2025 nor for the year ended 30 September 2024. COMPARATIVES FOR THE STATEMENT 0$ FINANCIAL ACTIVITIES Unrestricted funds RÈstrfded funds Total lunds INCOMEAND ENDOWMEpifs FROM Donation5 and leglcies 71Z,242 811,875 1,524,117 Inve5trb7ent Income 79,322 79,322 Tottl 791,564 811,875 1,603,439 expENDifuAE ON Ralsinz funds 9,544 375 9.919 Ch*rltable artlvttles Re5toratKsn and maintenante of locgrnotive5, carri¥ges, railcars ind other units Supporting the Ilnking or deyeloprnent ol further sections of the Great Central RaiKvay other related artivitles 258.958 258.958 5.753 315,199 224,298 80.853 230,051 396,052 Total 330,496 564.t184 894,980 NetEainsll105sesl on Itwestments 1298,6741 1298,6741 NET INCOME Yran5fers betwe•Ttfvr5 162.394 1213.7441 247,391 213,744 409.785 NÈt movement Inlunds 151.3501 461,135 4f)9.785 REC014CILIAYION OF FVNDS Totsl funds brought forward 1,089,468 Z.840.586 4,930.054 TOTAL FUN)S CAARIED FORWARD 2,038,118 3,301,721 5,339,839 P48e 17 continued...
THE DAVID CLARKE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS- tontlnued FOR THE YEAR ENDED 30 5EPTEMBEft 2025 ii. PRIOR YEAR AOJUSTMENT A prior year adjustment has been made to correct errors identified in prèvious years relating to transfers from the General fund to restricted fund5. Ir was idenrified that that certain historic transfers from the gener31 fund to certain restricted fund5 covpring expenditure over and above amounts collected for those specific purposes had been duplicated in the subsequent period. A prior y@èr èdju5tment has therefore been made to corrert these errors and show the corrert balances in both the 8eneral and rÈstrittÈd funds. TANGIBLE FIXED ASSETS Equipment and vehicles Freehold praperty Totals COST At l Ottober 2024 and 30 September Z025 468,922 L,124 470,046 DEPRECIAnoN At l October 2024 Charge for year 112.B37 7,979 1.124 113,961 7,979 At 30 September 2025 120.816 1.124 121,940 NET BOOKVALUE At 30 September 2025 348,106 348,106 At 30 September 2024 356.085 356,085 Freehold property is valued at cost. 13. HERITAGE ASSETS Artefarts Locomotwes stock Total COST At l October 2024 AddFtions 18,067 660,589 138,594 81,500 817,250 81,500 At 30 September 2025 18.067 660.589 220,094 898.750 DEPRECIATION At l October 2024 Charge foryear 88,142 33.029 73,265 8.315 161,407 41.094 At 30 SÈptÈmber 2025 121,171 81,580 202.751 NET8OOK VALUE At 30 September 2025 18,067 539.418 138.514 695.999 At 30 September 2024 18,067 572,447 65,329 655,843 Herr(age assets and equipment arevalued ot cost. Capitali53tion of Heritage A55ets 15 dependent on the type and longevity of the a55et. Rolling Stock con515ts of coache5 ?nil wHgons, which ère riot less than 30 years Dld. The locomotives comprise a Hall Class locomotive, Witherslack Hall. E¥ Bri(ish Railways Class 9F locomotive, and o British Rail Class 8F 5tebm l¢£omotNe. Page 18 continued...
THE DAVID CLARKE RAILWAY TRUST NOTES TO THE FII4ANCIAL STATEMEiifs- contlnued FOR THE YEAR ENDED 30 SEPTEMBER 1025 13. HERtrAGE ASSETS- tontlnyed The artelart5 are numerous and are all of historic railway interest. 14. HxeD ASSEf INVEsfMENTS Listed investments MARKEfvAWE At l October 2024 Revaluatlon5 71.571 10,969 At 30Septernber 2025 82,540 NET BOOK VALUE At 30 September 2025 82.540 At 30 September Z024 71,571 There were no Investrnent assets oude the UK. Cost orvaluation at 30 5eptember2025 is represented by.. Lted investments Valuation in 2025 82,540 15. SOCIAL INVEsfMEIITS Pro8ramme related snveslments equlty MARKET VALUE At i otteber 2024 Additlons Re¥aluations 939,767 I,439 1444,1401 At 30 5eptember2025 497,066 BOOKVALUE At 30 September 2025 497,066 At 30 September 2024 939,767 Pa8e 19 ntinued...
THE DAVID CLARKE IiAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS- COntued FOR THE YEAR ENDED 30 SEPTEMBER 2025 15. SOCIAL INVESTMENTS- cothtinued 2025 2024 Shares.. Great Ceritral Railway PIC Loughborough Standard Locomotive5 Group Ltd Boscastle Locomotive Ltd Thompson 61 Locomotive Ltd Dart Vèlley PIC 467,761 2,551 3,019 1,250 195 loo loo 18,570 20 i.wo 2.000 500 911.838 2,551 2,164 1.250 195 Ir 100 17,051 zo I,rKJo 2,WO 499 Bolton Steam Locomotiye Ltd Mid Hanis Railway Ltd Jura551ca Oil & Gas PIC lied Gold Resources PIC Great Central Railw£y IN)ttingh3rnl Ltd 497,066 939,768 Participating Interest CompaThv Country of IncorporatiON Shares PerceTrtage Held Year End pitol & Reserves Loss for Year Great Central Railway PIC England & Wales Ordinary Shares of 25p 43.56% 31 Jan 2025 £1,074,805 1£228.4341 Revaluation The accounts for Great Central Railway PLC for the year ended 31 January 2025 included a prSor year adjustment whlch resulted in a detre8se in net a95et5 at 31 january 2024. This would have resulted in a fall in Oavid Clarke Railw3y Trusts V31uation of their Great Central Railway PLC Investment as at 30 September 2024 of £361,332. As these account5 were not available ai the time of authori5in8 the accounts for 30 Sepiember 2024 thi5 is considered a change In accounting estimate and therefere the prior year investment value has net been adjusted. The revaluation this year of a fall of £445,409 therefore include5the £361,332 above. 16. DEBTOAS 2025 2024 Amounts fèlling due within one year.. Other debtor5 Glft aid Prepayments and accrued income 54.344 103.457 44.003 103,LNJ4 46,113 201,804 149.117 Amounts falling duÈ after more than one year.. Other debtors 111,236 A88reKate arnounts 313,040 149,117 Pa8e 20 continued...
THE DAVID CLARKE RAILWAYTRUST NOTESTO THE F114ANCIALSTATEMENTS- contlnued FOR THE YEAR ENDED 30 SEPTEM8ER 2025 17. CREDITORS.. Amoumfs FALLING DUE WITHIN ONE YÉAR 2025 2024 Trade creditors Accrued expenses 9,173 19,032 186,1 19,595 28,205 205,601 i& MOVEMENTIN FUNDS Net movement lfi funds Tr•n5fer5 between funds At 1.10.24 At 30,9.25 Unrestritt¢dfunds Gerieral fund A60 Bridge 2.030.809 7.308 56,991 71,965 2,159.765 2,038,117 56,991 71.965 2,167.073 Restrittedlunds Signal & Telegraph Carriage Aep6inting 8F Locomotive Loughborou8h standard Locomotives Group Ltd Renaissancè Railcars Wither51ack Hall LocOmtstè Boscastle Restoration GCR 567 Locomotive Group Bridging the Gap Olivercromwell DtrublÈ Trock Project Carriage Work5hDP Rothley Station Loughborough Locomotwe Shed 04 Restoration 9F LtscomotNe Class 50 Loco fund DCRT Loco Fynd 15.261 15.867 395 283,066 395 159,2501 342.316 4.885 4,361 176,506 5,285 75,1 2,358,277 12,9231 365 12.4651 1,712 118,4971 292.799 75.284 1,962 4,726 174,041 6,997 57,404 2,6S1,076 175.2841 13.3191 3.170 133,7281 3,319 37,075 11501 10,536 270,469 40,245 133,8781 10,536 257,969 1,518 45,417 112.5001 1.518 45,417 3,301,722 288.584 171,9651 3,518,341 TOTAL FUNDS 5,339,839 345,575 5,685,414 P3ge 21 continued...
THE DAVID CIARKE RAILWAY TRUST NOTESTO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 30 SEPTEMBER 2025 MOVEMENT IN FUND5- continued Net rnovement in funds. Included In the èbove are as follow5.. Incoming resources Resources experided Gains and Movement in funds Umrestrirted fttnds General fund 1.015.992 1525,8311 1433,1701 56.991 Restrided fu*)ds Windcutter Project nal & TeleÉraph Carnage Repainting 8F Locomotive Lou8hboreu8h Standard Locomotives Group Ltd Renaissance Railcars Witherslack Hall Locornotive 805CaStle RestorBtion GCR 567 Locomotive Group Bridg1ng the Gap Oliver Cromwell Carriage Workshop Rothley Station LoughbDrough Locomotivè Shed 9F Locomotive Class 50 Loco fund OCRT Loto Fund 2.390 12,3901 606 395 159,2501 395 159,2501 7,902 365 314 3,912 19,Q51 395,726 126,001 110,8251 365 12,46SI 1,712 118.4971 292.799 75.284 13,3191 3,170 133,7281 112,5001 1.518 45,417 12,7791 12.2001 137,5481 1102,9271 150.7171 13,3191 3,170 1.163 134.8911 112,5001 1,518 45,417 607.930 1319,3461 288,584 TOYAL FUNDS 1,623,922 1845,1771 1433,1701 345,575 Pa8e 22 continued...
THE DAVID CLARKE RAILWAYTRUST NOTES TOTIIE FINANCIAL STATEMENTS. contlnued FOR THE YEAR ENDED 30 SEPTEMBER 2025 18. MOVEMeNY IN FUNDS. continued Compatall¥esfor movemetbt In funds Net movement In funds Transfer5 between funds At 1.10.23 At 30.9.Z4 Vnre51rKled fvnds General fund A60 8rSd8e 2,197,262 1107,7941 160,838 1,555 1327,2911 113,547 2,030,809 7,308 2,089,468 162.393 1213,7441 2,038.117 Re51ricted fund$ Windcutter Project Signal & Tele8raph Carriage Repaintl#8 8F Locornotlve Loughborough Standard Locomotive5Group Ltd Renaissance Railcars Witherslack Hall Locomotive B05C3Stle Restoration GCR 567 Locomotive Group mOuntrrel Railway 8ridginE the Gap 0ISver Cromwell Double Track Proiert Carria8È Workshop Rothley Station LouEhborough Locomotive Shed 04 Re5toratlon 9F Locomotlve 1,163 14,961 12,5781 3CKI 117,9171 112.8541 1,415 15,261 17.917 180.orxi 175.170 Y2,316 11,551 1,992 150,011 IZ,207 83,990 2.084 2,077,904 2,155 16,6761 2.369 26,495 16,9221 18,D891 12,0841 378,487 1105,6671 4,885 4,361 176,506 5,285 7S,901 198,1141 103,412 2,358,277 15,5501 33.575 100,393 10,536 167,334 5,550 3,5(Ml 1109,6571 37.075 11501 10,536 270,469 9,114 103.135 2,840.586 247.392 213,744 3,301.722 TOTAL FUND5 4,930.054 409.785 5,339,839 Page 23 ¢¢ntinued...
THE OAVID CLARKE RAILWAY TRUST NOTESTOTNE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEPTEMBER 2025 18. MOVEMENT IN FUNDS- continued Comparatwe net movement in funds. included in the above are ès folk>w5'. Incoming re50urce5 Resources expended Gains 2nd Movernent in funds Vnremricted funds General fund A60 Bridge 784.255 7,309 1324.7431 15,7541 1298,6741 160,838 1,555 791.564 1330,4971 1298.6741 162,393 Restritted lunds Windivtter Project Signal & Telegraph Carriage Repainting 8F Locomotive LoughborouEh Standard Locomotives Group Ltd 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 1109,6571 103,135 Renaissanie Railcars Wither51aik Hall Locomotive Boscastle Restoration GCR 567 Locomotive Group Mout)tsorrel Railway Brid8ing Gap Oliver Cromwell Carriage Workshop Rothley Station LouEhborough Locornotive Shed 9F Locomotive 603.160 4,943 119.368 1114.6001 116.2331 811,875 1564.4831 247,392 TOTAL FUNDS 1,603,439 1894,9801 1298,6741 409.785 Oesl8nated Fund5 lunrestrlrtedl The A60 Bridge Fund has bÈen set up to asslst th thÈ funding of the repalr or renewal of the railway overbridge adjacent to rhe renewed bridge overthe rnidland mainline. Restrfcted Funds The Windcutter Proiett Fund was set up to èid the Windcutter wagons proiecL bein8 the ac4Ui5ition and maint2nan¢e of these wa8on5, naw owned bythe Trust. The Signal and Telegraph Fund was set up to aid improvement5 to the Signal and TeleEfaph installations at the Great Cèntral Railw2¥. The Carriage Repainting Fund was set up to aid the repainting of a rake of toathes for use on the Great Central Raibwov. The 8F Locomotive Srandard Lecomotives Group Fund was set up to assist in the purchase of è half share of the Locomotive BF No.48305 and its subseouent operation. The Loughboroueh Standard Locomotives Group Fund wa5 Set up to aid the restoration and maintenance of specific locomoiives based on the Great Central Railw. The Reriaissance Railcars Fund was set up to èid the restoratitrn and maintenance of diesel railcar units based on the Great Central B?ilway. The Witherslack Hall Fund was set up to aid the restoration and maintenance of this locomotive, owned by theTrust. The Bc>sc35tle Restoration Fund was set up to assist with the restoration of 34039 Boscastle. Pag2 24 continued...
THf OAVIO CLARKE RAILWAY TrUST NOTESTO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 30 5EPTEM8ER 2025 MOVEMENT114 FUNDS- continued The GCR 567 Locomotive Group Fud was set up to assist with the buildini of a'brand new, Gttt Central Rtilwty Class 2 locornotive. The Mountsorrel Railway Fund was set up to develop the Mountsorrel bran£h line. The 8rid8lTI8 the Gap Fund wa5 Set up to aid the linkin8 of the Loughborough to Leicester and Loughborough to Ruddington sections of the Great Central Railway. The Oliver Cromwell Fund was set up to prove funds towards restDratienal upkeep of thls locomotive, whkh is part of the Natiar¥al Collection. The DoubleTrack Project Fund wa5 Set up to pro¥ide double-track rail between Lou8hborou8h and Rothlev. The Carrlage Workthop Fund was set up to ald the reStoratn of carrSage restoratlon woA5. The Rothley Station Fund was set up to hold monies for use at Rothley statKJn. The Separator Fund was set up to asslst wlth the provSsion of a new reverse osmosis plant and separator to collect pollutants In the ground from the lotth shed prÈp&r8tlon area. The LouBhborou8h Locorn¢tive Shed Funt¢ was set up to provide increased facilitie5 for locornotwe restoration and the visitor viewing area. The 04 Restoration Fund was set up to prove funds towards restorational upkeep of thls locomothfe, whSch is part of the Natlonal Collettitsn. The 9F Locomotive Fund wa5 set up to assist in the purchase of the Ex British Railways Cla55 9F Locomotive No.92214 and Its subsequent operatS0n. rhe Class SO Loco Fund was set up to provide funds towards the restoration, malntenance and operation of a British Ilail Class 50 diesel elertric express passenger locomotive. The DCRT Loco Fund was set upto provide funds tOWafd5 the restoration, Maintenance and operion of any DCRT owned locomotlve. Transfers betyieen funds The transfer into the Carriage Workshop fund present unrestri¢ted montes utilised to finance thi$ fund where expenditure had exceeded amounts raised. The transfer In the Cromwell tund to the general lund In the current perlod was reimbursement of a transfer from the generèl fund In the previous period that was no ltrnger required, In part due to addltional funds raised. The transfer5 into the restricted funds in the prior year repent unrestrlrted fund monies utlli4ed to finance restricted funds. 19. RELATEO PARTY 0CLosuRE$ Mr C 16aines, a trustee of the charity, was also a director of Great Centr31 Railway plc. During the year the Trust pa 8rants amountlng to £694,18712024.. £782,358) to Great Central Railway plc. The charlty were also 8ffted shares Great Central Railway plc durin8 the year, costing É1,44812024.. £1,762). To aVLTrid 8ny potentièl tonfliet of interest Mr Cl 8ain25 excluded hlmself from any meeting of the Trust where grants to Great Centr41 Rjilway plc were being congidered. During the year Great Central Railway plc also used rolllng stock owned by the Trust free of char8e. but gave voluntary donations of £45,417 in ¥elatlon to the use of these lotomotl¥*s. At 30 Septernbef 2025 the David C13rke Railway Trust advttriced a loan of £l70,0(2014.. £PIILI to Grettt Cential Raikvav Plc. of which £L65,58112024.. £NILI was outstsftdin8 at year end. DurinE the year £638 was received as interest in respect of thls loan. At 30 Septernber 2025 the David Clarke Railway Trust owed £4.173 12024.. £166.5} to Great Centrol Rai)1V plc in re5pert of Krants approved but not yet pald. Page 25 contlnued...
THE DAVID CLARKE RAILWAY TRUST NOTES TO THE FINANCIAL STATEME NTS- ¢ontinued FOR THE YEAR ENDED 30 SEPTEMBER 2025 19. RELATED PARTY OISCLOSURES- cantinued In the previous year the chèrity purchased the remaininÉ 50% of Locomotive 8F from Great Central Railwty PLC for E180,000. The charity purchased the other half of this Locomotlve In a previous year. Durin8 the year the charity paid £10,018 in grants to the E35t Midlonds Tran5POrt Heritage Trust and its subsidiary undertaking the Great Centr81 Railwèy INottingharnl Ltd, which has two common trustees wlth the charlty. EVENTS AFfEII THE REPORTING DATE The charity'5 shareholdin8 in the Great Central Railway PLC 15 3 social investrnent, and is valued at a net assets bags, having regard to the account5 of that company for the year ended 31 January 2025. being the Latest published financial statements for GCR PLC at the report1ng dare, In line with the investments accountin8 policy. ThE aciounts for the period to l February 2026 are now available, and show a loss for the period of E274.346. This would Use a fall in value of the shares held by the charlty of £80k. This is considered a non adjusting Èvènt, a5 thi5 inforrnation was not known at the year end, and 3$ such has not been adjusted for In the accDvnts. 21. ULTIMATE CONTROLLING PARTY The charity is controlled by the Trustees. 22. FINANCIAL IPISTRVMeNTS The carrying amount of the charity's financial instruments are ès follows.. 2025 2024 Financial assets that are equity In5trurDents measured ar f?ir value through net income I expènditure". Fixed a55et listed Investments Inote 131 Social Investments (note 141 82,54D 497,066 71,571 939,767 The income, expenses, net Bains and net 10$5es attributable to the charity's finanoal instruments are summarlsed as follL>WS'. 2025 2024 Net gains and losses lincludin8 changes in fairv31uel Financial assets measured at fair value through net income l expenditure 1433,1701 1298,6741 The total interest ineome and interest expense for financial assets and Iinancial liabilitiÈs that are not measured at fair value throu8h the income statement was £NIL12024- £NILI for both financial a55et5 and liabilitie5 respectively. CONTINGENT AtseTS As at the reportln8 date that charlty has a contlngent asset of £308.OCQ12024.. É51,0001 whlth lateS to legtycies notified before the year end but at that time the amt>unt WB5 uncertain and therefore ha5 not been recognised in the financial statements in accordance with the Charitpes SORP. Pa8e 26 continued...
THE DAVID CiARKÈ RAILWAYTRUST NOTESTOTHE FINANCIAL STATf ME14TS- contlnued FOA TIIE YEAR ENDÉD 30 SÈPTEMBER 2025 CONCESSIONARY IOANS Included within other debtors is E165,58112024.. £NILI reSiting to a concessionary loan mède to Great Central Rallway PLC. Of this amount £54,344 is repayable within one year, and Elll.236 is repayable In 8reaterthan l Year. The loan was rnade in August 2025, and Is repayable in equal mDth in5ts11ments over three years. 1nterest Is due monthly at a Fate of 4.5%. The loan is secured by a char8e ovÈr a nurnber of rollin8 Stock assets owned by the Gyeat Central Railway PLC. Additign4lly the charlty has committed to a further loan of £105,000 to Great Centrdl Railway PLC which had not been drawn down at 30th September 2025. The temis of thi5104n 3re the Same as the first loan. Page 27