REGISFERED CHARITY NUMBER.. 1104839 REPORT OF THETrUSTEES AND FINANCIAL5TATEMENTS FOR ThE YEAR ENDED 30 SEPTEMBER 2025 FOR THE DAVID CLARKE ILAILWAYTRUST Duncan & To￿lS 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 re￿rt 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 artIv￿leS 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 Vi5￿ted 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 opportUn￿tY 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 Inve￿ments 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 disCret￿On 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 Stat*on. 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 W￿11 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 ￿l￿aY and supportin8 or8anisat￿nS 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 r*t 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 ￿n￿strICted 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 PU￿1¢ 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 onl*ne. which Is available to the general public. The Pfwacy and data seturity of donors is taken ¥ery serKiusly. In additlon. the charity has not rece*ved 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 I￿orne 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 Carr￿Se5 and it alse has plans to assist with further improven7ents to vlsStor faCil￿leS 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 rai￿aY 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 Identif￿ed 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 informa￿0Th 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 Charit￿5 Act 2011 and rewrt in acCOrdar￿e 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, tr*Jt 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 nonw5'. 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 Fu*d was set up to assist with the buildini of a'brand new, G￿ttt 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 reStorat￿n 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 oper*ion 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 rep￿ent unrestrlrted fund monies utlli4ed to finance restricted funds. 19. RELATEO PARTY 0￿CLosuRE$ 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 mD￿th￿ 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