**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:
- a) remain beneficial in character; and b) that they benefit the public in general or a sufficient section of the general public; and
- c) in pursuing its objectives, the Association continues to have regard to Charities Commission guidance when exercising their powers and duties.
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:
- a) The preservation, operation and exhibiting of railway vehicle systems, equipment and artefacts; and b) Education and training in the maintenance restoration and operation of historic railway and road vehicles.
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:
- The Board of trustees shall compromise of a minimum of two members with no maximum amount
- At every subsequent annual general meeting one-third of the trustees shall resign rotation; the longest in office will resign first.
- Retiring trustees shall be eligible for re-election in line with the Articles of Association.
- No person other than a trustee retiring by rotation shall be appointed of reappointed unless they are
- recommended by the trustees; or no less than fourteen nor more than thirty-five clear days before the date
- appointed for the meeting, by a notice executed by a member qualified to vote at the meeting stating the
- intention to propose that person be appointed or reappointed.
- The trustees may appoint said person but they will only hold office until the next annual general meeting where they must retire and be re-elected.
## **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 rental income is set so to cover the running costs of the Charity.
- The Charity has a risk of not being able to supply grants at a normal level to previous years. This has been
- mitigated by not creating any financial commitments enabling the Charity to manage its grant levels.
- The charity has no effective running costs other than insurance and accountancy fees, as the management and upkeeping of the Heritage Centre and Ruddington Station is paid for by the lessees. Therefore cash
- reserves are at a strong level. The trustees have agreed that if cash reserves fall below £40,000, the Charity will not provide any grants. This has not occurred since the charity began.
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
3. 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
4. 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
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
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...
Page 17
**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.
Page 18
## **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
Page 19