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2022-01-31-accounts

REGISTERED COMPANY NUMBER: 02481338 (England and Wales) REGISTERED CHARITY NUMBER: 1124830

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

FOR

EAST MIDLANDS RAILWAY TRUST

Harrison Beale & Owen Limited Chartered Accountants Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT

EAST MIDLANDS RAILWAY TRUST

CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 January 2022

Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8 to 9
Notes to the Financial Statements 10 to 18
Detailed Statement of Financial Activities 19

EAST MIDLANDS RAILWAY TRUST

REPORT OF THE TRUSTEES for the year ended 31 January 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 January 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The trustees are keen to ensure that the work of the Charity meets the public benefit requirement outlined in the Guidance published by the Charity Commission - "Public Benefit : the public benefit requirement" (published September 2013) insofar as the overall purpose of the trust:

The objects and principal activities of the Charity remain the advancement of education of the public in the history and development of railway transport systems in particular, but not exclusively, by:

Page 1

EAST MIDLANDS RAILWAY TRUST

REPORT OF THE TRUSTEES for the year ended 31 January 2022

OBJECTIVES AND ACTIVITIES Significant activities

Despite an overall depressed year in terms of activity and income, the Trustees are pleased to deliver an optimistic Report and accounts for the year concluded 31 January 2021. Over the year there has been a steady build-up of strengths in the structure of the Charity.

Income for the charitable Trust is derived essentially from the occupation of the Nottingham Heritage Centre site and the railway from Ruddington to Loughborough, including the Unloading pad operated by British Gypsum at East Leake, by Great Central Railway (Nottingham) Ltd, an independent trading company that manages the rail services over the EMRT property.

The restricted fund earmarked for the development, design, and build of a much-required permanent terminus station at the Heritage Centre has received boost with the sale of asset and donations. The Trust was donated two industrial saddle tank locomotives formerly working at the Corby Steel works, obtained to run GCR(N) passenger services. After very good service, when the time came for a major overhaul it was discovered that GCR(N) had not been able raise the funds and they had been left in open storage, owner John Pownall arranged for them to be donated to EMRT. After considerable discussion and by then with the deceased John Pownall's family it was decided very reluctantly to dispose of the two locomotives for rebuild and new boilers made, and by their sale to have the work undertaken by new owners - which by highest bid has been removed to an engineering group on the Epping and Ongar Railway. It was agreed from the start that the sale proceeds would be added to the fund for the new terminus station build and that this should be dedicated to recognising John Pownall's generosity.

During the year, assessment of servicing the public's needs on the railway enabled an outline 10-year strategic plan to be evolved, matched to the expected demands once the massive Bridge the Gap construction project at Loughborough is completed from 2025 onwards, and trains can run through after some 50 years from the outskirts of Leicester to Nottingham and the Heritage Centre at Ruddington. The opportunity arose for EMRT to bid for a grant for a Feasibility to confirm the rightness of the plan, in the DoT Restore Your Railway Round 3 of grants.

This bid was led by Dr David Rae, recently co-opted Trustee and Chairman, in collaboration with Rushcliffe's MP Ruth Edwards, now honouring EMRT as Patron who lodged the bid with the Department of Transport, supported by Jane Hunt MP for Charnwood.

As the GCR(N) responsibilities for maintaining all its structures, it came as a cruel blow that two key EMRT rail-over-road bridges were in need of major rebuild to ensure an extended life. These bridges are fundamental to the operation of the railway, crucial to maintain supplies to British Gypsum's East Leake works and the Greater Great Central Railway project, of the ultimate through heritage rail services from Leicester and Loughborough to Ruddington.

In welcoming David Slack and Peter Morley as essential new management Trustee co--options, the Trustees expect in the new year to continue the preparation in the 10-year development plan, in collaboration with partners in the GCR project with the Loughborough-based Great Central Railway PLC.

Page 2

EAST MIDLANDS RAILWAY TRUST

REPORT OF THE TRUSTEES for the year ended 31 January 2022

FINANCIAL REVIEW

Financial position

The Charity's rental and investment income is agreed at a level to more than adequately cover the ongoing governance and administrative costs, thereby allowing any donations and other charitable income to be wholly invested in the trust's charitable activities. The trustees recognise that fundraising activities will have to be introduced in the future to continue to develop the Heritage Site. The results for the year ended 31 January 2022 show:

Income

Income of £32,817 (2021 - £28,768) an average of £2,735 (2021 - £2,397) per month. This is an increase of 14% in average monthly income. In the previous year, donations received were minimal.

Expenditure

Expenditure of £30,558 (2021 - £50,612) an average of £2,547 (2021 - £4,218) per month. This is a decrease of 40% in average monthly expenditure on the previous year and is largely due to a large loss on disposal of two assets in the prior year and a decrease in security costs while the railway was inoperable last year.

Unrestricted funds

Unrestricted funds have increased to £551,117 compared to £538,758 in the previous year.

Restricted funds

Restricted funds have decreased to £257,948 compared to £268,048 in the previous year.

Reserves policy

Cash reserves currently stand at £316,085 (2021 - £318,612). The trustees continue to review the investment policy and take the view that although investing a proportion of those funds in a risk-free interest bearing account would generate additional investment income, the modest amounts received in the current financial climate would not justify locking up funds for a length notice period, as we continue to acquire redundant infrastructure, plant and other heritage assets as they become available, normally at very short notice. Apart from day to day funding requirements, the bulk of the Charity's cash continues to be held in instant access, interest bearing deposit accounts.

FUTURE PLANS

The Trustees have started the strategic review of the expected developments that will lead to more efficient utilisation by the incumbent GCR(N). This is intended to increase the facilities available to the public, in particular and specially to coincide with the trunk route once it is reconnected at Loughborough with the long standing premier Heritage Railway connecting North Leicester to Loughborough. Emphasis is on the provision of much enhanced visitor amenities at the Heritage Centre, facilities for transforming steam railway operation and heavy maintenance and renewal of the late Victorian infrastructure.

The specific challenges are the planning and prioritising of the listed objects in the plan and, with the launch of a new promotion initiative to raise the Trust's profile and accelerate the fundraising strands to deliver the 10-year strategic plan.

Page 3

EAST MIDLANDS RAILWAY TRUST

REPORT OF THE TRUSTEES for the year ended 31 January 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

East Midlands Railway Trust ("EMRT") is a company limited by guarantee within the meaning of the Companies Act 2006 and a registered charity governed by the rules set out in our Memorandum and Articles of the company (last updated 2 June 2008). The Charity has obtained a licence to omit the word "Limited" from its name under Section 30 of the Companies Act 1985. The Charity has a Board of Trustees which is empowered to make decisions on behalf of the Charity and does so at its regular meetings.

The Board of trustees are responsible for the governance of the Charity and have the right under the Companies Act to manage the charity how it sees fit, providing this falls in line with the Articles of Association and Charities Board guidance and rules of engagement.

The Board of trustees meet on a half yearly basis to review the performance and strategic plans and objectives of the Charity with a quorum of no less than three trustees.

Recruitment and appointment of new trustees

The Board of trustees are appointed in accordance with the Articles of Association of the Company. This is as follows:

Induction and training of new trustees

The trustees are given an introduction to the Charity and are given the guidance from the Charity Commission on the roles and responsibilities of Trustees. All trustees are reminded to monitor the Charity Commission's website for any updates of these responsibilities on a regular basis.

Risk management

The principal risks faced by the Charity are manageable with the trustees taking steps to address them during the coming year. These are summarised as follows:

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02481338 (England and Wales)

Registered Charity number

1124830

Page 4

EAST MIDLANDS RAILWAY TRUST

REPORT OF THE TRUSTEES for the year ended 31 January 2022

Registered office Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT

Trustees

M Freckelton D J Morris D G R Slack R Tilden Smith - Resigned 15/03/2021 D C Rae - Appointed 04/02/2021 P T Morley - Appointed 04/03/2021 C I Baines - Appointed 29/07/2021

Independent Examiner

Gregg Olner MPhil BA(Hons) ACA Harrison Beale & Owen Limited Chartered Accountants Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT

Approved by order of the board of trustees on 16 August 2022 and signed on its behalf by:

M Freckelton - Trustee

Page 5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EAST MIDLANDS RAILWAY TRUST

Independent examiner's report to the trustees of East Midlands Railway Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2022.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Gregg Olner MPhil BA(Hons) ACA Harrison Beale & Owen Limited Chartered Accountants Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT

16 August 2022

Page 6

EAST MIDLANDS RAILWAY TRUST

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 January 2022

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
16,925
Other trading activities
4
10,262
Investment income
5
4,980
Total
32,167
EXPENDITURE ON
Raising funds
6
19,756
Charitable activities
Great Central Railway (Nottingham) Limited
52
Other
-
Total
19,808
NET INCOME/(EXPENDITURE)
12,359
RECONCILIATION OF FUNDS
Total funds brought forward
538,758
TOTAL FUNDS CARRIED FORWARD
551,117		 Restricted
funds
£
650
-
-
650
1,620
9,130
-
10,750
(10,100)
268,048
257,948		 2022
Total
funds
£
17,575
10,262
4,980
32,817
21,376
9,182
-
30,558
2,259
806,806
809,065		 2021
Total
funds
£
3,196
20,260
5,312
28,768
8,451
19,161
23,000
50,612
(21,844)
828,650
806,806

The notes form part of these financial statements

Page 7

EAST MIDLANDS RAILWAY TRUST

BALANCE SHEET 31 January 2022

Notes
FIXED ASSETS
Tangible assets
10
Investments
11
CURRENT ASSETS
Debtors
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
14
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
140,183
2
140,185
186,182
226,310
412,492
(1,560)
410,932
551,117
551,117		 Restricted
funds
£
168,173
-
168,173
-
89,775
89,775
-
89,775
257,948
257,948		 2022
Total
funds
£
308,356
2
308,358
186,182
316,085
502,267
(1,560)
500,707
809,065
809,065
551,116
257,949
809,065		 2021
Total
funds
£
308,356
2
308,358
181,336
318,612
499,948
(1,500)
498,448
806,806
806,806
538,758
268,048
806,806

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 8

EAST MIDLANDS RAILWAY TRUST

BALANCE SHEET - continued 31 January 2022

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 16 August 2022 and were signed on its behalf by:

M Freckelton - Trustee

The notes form part of these financial statements

Page 9

EAST MIDLANDS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2022

1. COMPANY STATUS

The charity is a company limited by guarantee and incorporated in England and Wales. The members of the company are the trustees who are also the directors. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £5 per member of the charity. The charitable company's registered numbers and registered office address can be found in the Report of the Trustees.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Other trading activities income is recognised on receivables basis.

Investment income is recognised on a receivable basis.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Costs of generating funds are the costs associated with attracting the voluntary income.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both the costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Expenditure on other items include those incurred in the governance of the charity and its assets and are primarily associated with statutory requirements.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold land - nil

continued...

Page 10

EAST MIDLANDS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 January 2022

2. ACCOUNTING POLICIES - continued

Tangible fixed assets

Freehold buildings - 5% on cost

Locomotives are included at Trustees' valuation to take into consideration the degree of restoration work carried out on each asset individually. No depreciation has been provided on these assets because these items are maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would be immaterial and therefore is not charged in the statement of financial activities.

The trustees review the assets annually for impairment under FRS102.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

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 statements.

3. DONATIONS AND LEGACIES

Donations
Gift aid
4.
OTHER TRADING ACTIVITIES
Rental income
5.
INVESTMENT INCOME
Deposit account interest
Interest receivable - trading		 2022
£
17,057
518
17,575
2022
£
10,262
2022
£
29
4,951
4,980		 2021
£
3,171
25
3,196
2021
£
20,260
2021
£
184
5,128
5,312

continued...

Page 11

EAST MIDLANDS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 January 2022

6. RAISING FUNDS

Raising donations and legacies

Support costs 2022
£
15,003		 2021
£
8,388

Included in support costs are independent examination costs of £2,378 (2021 - £1,650).

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Deficit on disposal of fixed assets 2022
£
-		 2021
£
13,000

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 January 2022 nor for the year ended 31 January 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 January 2022 nor for the year ended 31 January 2021.

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
-
Other trading activities
20,260
Investment income
5,312
Total
25,572
EXPENDITURE ON
Raising funds
8,451
Charitable activities
Great Central Railway (Nottingham) Limited
-
Other
10,000
Total
18,451
NET INCOME/(EXPENDITURE)
7,121		 Restricted
funds
£
3,196
-
-
3,196
-
19,161
13,000
32,161
(28,965)		 Total
funds
£
3,196
20,260
5,312
28,768
8,451
19,161
23,000
50,612
(21,844)

continued...

Page 12

EAST MIDLANDS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 January 2022

9.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -
Unrestricted
funds
£
RECONCILIATION OF FUNDS
Total funds brought forward
531,637
TOTAL FUNDS CARRIED FORWARD
538,758
10.
TANGIBLE FIXED ASSETS
Freehold
land
£
COST
At 1 February 2021 and 31 January 2022
308,356
DEPRECIATION
At 1 February 2021 and 31 January 2022
-
NET BOOK VALUE
At 31 January 2022
308,356
At 31 January 2021
308,356
11.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 February 2021 and 31 January 2022
NET BOOK VALUE
At 31 January 2022
At 31 January 2021		 continued
Restricted
Total
funds
funds
£
£
297,013
828,650
268,048
806,806
Freehold
buildings
Totals
£
£
20,112
328,468
20,112
20,112
-
308,356
-
308,356
Shares in
group
undertakings
£
2
2
2

There were no investment assets outside the UK.

continued...

Page 13

EAST MIDLANDS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 January 2022

12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Amounts owed by related undertakings
Prepayments and accrued income
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued expenses
14.
MOVEMENT IN FUNDS
Net
movement
At 1.2.21
in funds
£
£
Unrestricted funds
General fund
473,027
(2,616)
Estate of G Watson
65,731
-
Forward Fund
-
14,974
538,758
12,358
Restricted funds
Heritage Centre Purchase
145,353
-
Ruddington Station Purchase
12,820
-
Platform 2
10,000
-
56 & 63 Locomotives
54,705
-
NDA Fund
28,123
(2,212)
No 4 Building
3,521
(120)
Coach lighting/restoration
820
-
Bus group
9,906
(5,967)
Hotchley Hill signal box
1,000
-
No. 3 lighting
1,800
(1,800)
268,048
(10,099)
TOTAL FUNDS
806,806
2,259		 2022
£
184,260
1,922
186,182
2022
£
1,560
Transfers
between
funds
£
65,731
(65,731)
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2021
£
179,309
2,027
181,336
2021
£
1,500
At
31.1.22
£
536,142
-
14,974
551,116
145,353
12,820
10,000
54,705
25,911
3,401
820
3,939
1,000
-
257,949
809,065

continued...

Page 14

EAST MIDLANDS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 January 2022

14. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Forward Fund
Restricted funds
NDA Fund
No 4 Building
Bus group
No. 3 lighting
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Estate of G Watson
Restricted funds
Heritage Centre Purchase
Ruddington Station Purchase
Platform 2
56 & 63 Locomotives
NDA Fund
No 4 Building
Coach lighting/restoration
Bus group
Hotchley Hill signal box
No. 3 lighting
TOTAL FUNDS		 Incoming
resources
£
15,310
16,857
32,167
-
-
200
450
650
32,817
At 1.2.20
£
465,906
65,731
531,637
145,353
12,820
10,000
67,580
32,426
3,521
820
24,493
-
-
297,013
828,650		 Resources
Movement
expended
in funds
£
£
(17,926)
(2,616)
(1,883)
14,974
(19,809)
12,358
(2,212)
(2,212)
(120)
(120)
(6,167)
(5,967)
(2,250)
(1,800)
(10,749)
(10,099)
(30,558)
2,259
Net
movement
At
in funds
31.1.21
£
£
7,121
473,027
-
65,731
7,121
538,758
-
145,353
-
12,820
-
10,000
(12,875)
54,705
(4,303)
28,123
-
3,521
-
820
(14,587)
9,906
1,000
1,000
1,800
1,800
(28,965)
268,048
(21,844)
806,806

Page 15

continued...

EAST MIDLANDS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 January 2022

14. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 25,572 (18,451) 7,121
Restricted funds
56 & 63 Locomotives 125 (13,000) (12,875)
NDA Fund - (4,303) (4,303)
Bus group 271 (14,858) (14,587)
Hotchley Hill signal box 1,000 - 1,000
No. 3 lighting 1,800 - 1,800
3,196 (32,161) (28,965)
TOTAL FUNDS 28,768 (50,612) (21,844)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Estate of G Watson
Forward Fund
Restricted funds
Heritage Centre Purchase
Ruddington Station Purchase
Platform 2
56 & 63 Locomotives
NDA Fund
No 4 Building
Coach lighting/restoration
Bus group
Hotchley Hill signal box
TOTAL FUNDS		 At 1.2.20
£
465,906
65,731
-
531,637
145,353
12,820
10,000
67,580
32,426
3,521
820
24,493
-
297,013
828,650		 Net
movement
in funds
£
4,505
-
14,974
19,479
-
-
-
(12,875)
(6,515)
(120)
-
(20,554)
1,000
(39,064)
(19,585)		 Transfers
between
funds
£
65,731
(65,731)
-
-
-
-
-
-
-
-
-
-
-
-
-		 At
31.1.22
£
536,142
-
14,974
551,116
145,353
12,820
10,000
54,705
25,911
3,401
820
3,939
1,000
257,949
809,065

Page 16

continued...

EAST MIDLANDS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 January 2022

14. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 40,882 (36,377) 4,505
Forward Fund 16,857 (1,883) 14,974
57,739 (38,260) 19,479
Restricted funds
56 & 63 Locomotives 125 (13,000) (12,875)
NDA Fund - (6,515) (6,515)
No 4 Building - (120) (120)
Bus group 471 (21,025) (20,554)
Hotchley Hill signal box 1,000 - 1,000
No. 3 lighting 2,250 (2,250) -
3,846 (42,910) (39,064)
TOTAL FUNDS 61,585 (81,170) (19,585)

General fund

The general fund represents cumulative surpluses retained since incorporation.

Estate of G Watson

This fund represents a significant legacy received by the charity to further its charitable objectives. During the year the fund has been absorbed into the general fund.

Forward Fund

This fund represents amounts received in re-unification of the GCR to support activities of the trust.

Heritage Centre Purchase

This fund represents the amounts donated to purchase the main site at Nottingham.

Ruddington Station Purchase

This represents the amounts donated and put towards the purchase of the site at Ruddington.

Platform 2

This fund has been used to develop and upgrade platform 2.

56 & 63 Locomotives

This fund was originally created to fund the purchase and refurbishment of two locomotives. Both locomotives have been sold and the money received returned to this restricted fund. A decision will be taken next year on the future use of this fund.

continued...

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EAST MIDLANDS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 January 2022

14. MOVEMENT IN FUNDS - continued

NDA Fund

This represents amounts received to fund the Northern Development Association(NDA) activities.

No 4 Building

This fund represents amounts to refurbish the building on the heritage site.

Coach lighting/restoration

The amounts included in this fund have been restricted to use on the refurbishment activities of the trust.

Bus group

This fund represents amounts received to restore various motor vehicles.

Hotchley Hill signal box

The amounts included in this fund are to be used to refurbish the signal box at Hotchley Hill.

No. 3 lighting

This fund represents amounts to refurbish the lighting on the heritage site.

15. RELATED PARTY DISCLOSURES

During the year the East Midlands Railway Trust charged £4,951 (2021 - £5,128) to Great Central Railway (Nottingham) Limited, a company in which the trust holds 2 shares, in respect of loan interest. At the year end £182,728 (2021 - £177,777) was owed to the trust. In addition a balance totalling £1,532 (2021 - £1,532) was owed to the trust by the Nottingham Transport Heritage Centre Limited, a wholly owned subsidiary of Great Central Railway (Nottingham) Limited.

The trustees are also supporters of the charity and donate both time and money to fund the operations of the trust.

16. LEGAL CHARGES

Conveyance

Conveyance dated 30 March 2001 from Network Rail over East Leake branch line.

First floating charge

First floating charge dated 15 October 1998 from English Welsh and Scottish Railway Limited over the whole of the company's undertaking and all its property and assets.

Deed

A deed dated 24 March 1997 from The Secretary of State for Defence over 60% the net enhancement value of Great Central Railway (Nottingham) Limited in relation to the whole of or any part of the land at Ruddington.

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EAST MIDLANDS RAILWAY TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 January 2022

2022 2021
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 17,057 3,171
Gift aid 518 25
17,575 3,196
Other trading activities
Rental income 10,262 20,260
Investment income
Deposit account interest 29 184
Interest receivable - trading **4,951 ** 5,128
4,980 5,312
Total incoming resources 32,817 28,768
EXPENDITURE
Other trading activities
Commission 2,000 -
Charitable activities
Grants to institutions 9,182 19,161
Support costs
Management
Insurance 2,549 3,385
Advertising 2,745 2,234
Sundries 48 111
5,342 5,730
Finance
Bank charges 156 63
Loss on sale of tangible fixed assets - 13,000
156 13,063
Site security
Repairs and renewals 1,620 10,000
Governance costs
Accountancy and legal fees 12,258 2,658
Total resources expended 30,558 50,612
Net income/(expenditure) 2,259 (21,844)

This page does not form part of the statutory financial statements

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