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 2023
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 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | to | 8 |
| Notes to the Financial Statements | 9 | to | 16 |
| Detailed Statement of Financial Activities | 17 |
EAST MIDLANDS RAILWAY TRUST
REPORT OF THE TRUSTEES for the year ended 31 January 2023
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 2023. 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.
Significant activities
During this year, the closure of the railway line from Loughborough Junction to Ruddington continued although talks have taken place with interested parties regarding the engineering works required for reopening of the line for traffic. A significant step towards this took place in October-November 2022 through completion of the major project to replace the A60 bridge in Loughborough, the failure of which led to the closure of the line in 2020. Our thanks to the Great Central Railway plc for managing this project and the David Clarke Railway Trust for their support. This is a huge step towards both reopening the railway and the ultimate reunification of the GCR in Nottinghamshire and Leicestershire. Work continues on preparations for repairs to other civil engineering structures and on maintenance of the railway owned by the Trust.
The operating Company, Great Central (Nottingham) Ltd (GCRN) continued to experience an outflow in funds during this period. However, the action of shareholders resulted in four new Directors being elected, bringing additional management capabilities to the company. Discussions took place during 2022 to address the financial relationship between EMRT and GCRN, regarding shareholding, debt, ownership of fixed assets and related matters. It was agreed as being in the interests of all parties to invite shareholders in GCRN to alter the Company's Articles of Association, which allowed EMRT to convert a proportion of historic debt into share capital. This change was accepted in January 2023 and enabled a financial restructuring of GCRN with additional share capital being subscribed. As a result, GCRN now functions as the operating and trading company in which EMRT has a majority interest. The company is increasing its commercial income and is undertaking capital projects towards the railway reopening and development of the Heritage Centre at Ruddington. The programme of Heritage Centre events has increased and is focused on growing its revenue which can be reinvested into improvements in site security, visitor experience, facilities on the site and working towards railway reopening.
The Trust has completed a restructuring of its accounting system and balance sheet, with the aim of directing its resources more efficiently towards its objectives and priorities. The results of this are apparent in the ability to fund or part-fund capital projects such as the completion of Building 4 for carriage restoration and storage.
The Trustees wish to acknowledge the positive results of co-operation with our sister charities, the LNER (GC) Heritage Trust, the David Clarke Railway Trust; and the Great Central Railway plc, GCRN Ltd, and Friends of the Great Central Main Line. We also wish to thank our donors and regular subscribers to the Forward Fund for their generous and invaluable support; and all the volunteers for their dedicated work.
Page 1
EAST MIDLANDS RAILWAY TRUST
REPORT OF THE TRUSTEES for the year ended 31 January 2023
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 results for the year ended 31 January 2023 show:
Income
Income of £50,652 (2022 - £32,817) an average of £4,221 (2022 - £2,735) per month. This is an increase of 54% in average monthly income. This increase is due to £18,150 being received for contractual income, being the first year this has been received.
Expenditure
Expenditure of £26,192 (2022 - £30,558) an average of £2,183 (2022 - £2,547) per month. This is a decrease of 14% in average monthly expenditure on the previous year and is largely due to a drop in support costs within the current financial year.
Unrestricted funds
Unrestricted funds have decreased to £513,696 compared to £551,116 in the previous year.
Restricted funds
Restricted funds have increased to £319,829 compared to £257,949 in the previous year.
Reserves policy
Cash reserves currently stand at £348,060 (2022 - £316,085). 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 made the strategic move of becoming the majority shareholder of the Great Central Railway Nottingham Limited (GCRN) who manage the Ruddington site. This investment and related figures have been separated out as a designated fund in these accounts for transparency. We are working closely together to protect the estate, 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 and rolling stock storage facilities at the Heritage Centre, facilities for transforming railway operation and heavy maintenance and renewal of the late Victorian infrastructure.
The Forward initiative has raised the Trust's profile and accelerated fundraising towards delivering the 10-year strategic plan.
Page 2
EAST MIDLANDS RAILWAY TRUST
REPORT OF THE TRUSTEES for the year ended 31 January 2023
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 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.
-
Protection of the owned estate from natural wear and deliberate vandalism
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 3
EAST MIDLANDS RAILWAY TRUST
REPORT OF THE TRUSTEES for the year ended 31 January 2023
Registered office
Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT
Trustees
M Freckelton D J Morris C I Baines D G R Slack (resigned 1.3.2023) Prof D C Rae P T Morley
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 31 October 2023 and signed on its behalf by:
P T Morley - Trustee
Page 4
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 2023.
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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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
31 October 2023
Page 5
EAST MIDLANDS RAILWAY TRUST
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 January 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 15,956 Other trading activities 4 28,432 Investment income 5 6,264 Total 50,652 EXPENDITURE ON Raising funds 6 9,735 Charitable activities Great Central Railway (Nottingham) Limited 16,411 Total 26,146 NET INCOME/(EXPENDITURE) 24,506 Transfers between funds 13 (61,926) Net movement in funds (37,420) RECONCILIATION OF FUNDS Total funds brought forward 551,116 TOTAL FUNDS CARRIED FORWARD 513,696 |
Restricted funds £ - - - - - 46 46 (46) 61,926 61,880 257,949 319,829 |
2023 Total funds £ 15,956 28,432 6,264 50,652 9,735 16,457 26,192 24,460 - 24,460 809,065 833,525 |
2022 Total funds £ 17,575 10,262 4,980 |
|---|---|---|---|
| 32,817 | |||
| 21,376 9,182 |
|||
| 30,558 | |||
| 2,259 - |
|||
| 2,259 806,806 |
|||
| 809,065 |
The notes form part of these financial statements
Page 6
EAST MIDLANDS RAILWAY TRUST
BALANCE SHEET 31 January 2023
| Notes FIXED ASSETS Tangible assets 9 Investments 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ - 50,500 50,500 128,229 336,587 464,816 (1,620) 463,196 513,696 513,696 |
Restricted funds £ 308,356 - 308,356 - 11,473 11,473 - 11,473 319,829 319,829 |
2023 Total funds £ 308,356 50,500 358,856 128,229 348,060 476,289 (1,620) 474,669 833,525 833,525 513,696 319,829 833,525 |
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 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 7
EAST MIDLANDS RAILWAY TRUST
BALANCE SHEET - continued 31 January 2023
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 31 October 2023 and were signed on its behalf by:
P T Morley - Trustee
The notes form part of these financial statements
Page 8
EAST MIDLANDS RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2023
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.
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.
continued...
Page 9
EAST MIDLANDS RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 January 2023
2. ACCOUNTING POLICIES - continued
Fund accounting
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 Contractual income Rental income 5. INVESTMENT INCOME Deposit account interest Interest receivable - trading 6. RAISING FUNDS Raising donations and legacies Support costs |
2023 £ 10,986 4,970 15,956 2023 £ 18,150 10,282 28,432 2023 £ 1,175 5,089 6,264 2023 £ 4,361 |
2022 £ 17,057 518 |
|---|---|---|
| 17,575 | ||
| 2022 £ - 10,262 |
||
| 10,262 | ||
| 2022 £ 29 4,951 4,980 2022 £ 15,003 |
Included in support costs are independent examination costs of £1,620 (2022 - £1,560).
continued...
Page 10
EAST MIDLANDS RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 January 2023
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 January 2023 nor for the year ended 31 January 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 January 2023 nor for the year ended 31 January 2022.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
9.
| INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities Investment income Total EXPENDITURE ON Raising funds Charitable activities Great Central Railway (Nottingham) Limited Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD TANGIBLE FIXED ASSETS COST At 1 February 2022 and 31 January 2023 DEPRECIATION At 1 February 2022 and 31 January 2023 NET BOOK VALUE At 31 January 2023 At 31 January 2022 |
Unrestricted funds £ 16,925 10,262 4,980 32,167 19,756 52 19,808 12,359 538,758 551,117 Freehold land £ 308,356 - 308,356 308,356 |
Restricted funds £ 650 - - 650 1,620 9,130 10,750 (10,100) 268,048 257,948 Freehold buildings £ 20,112 20,112 - - |
Total funds £ 17,575 10,262 4,980 32,817 21,376 9,182 30,558 2,259 806,806 809,065 Totals £ 328,468 20,112 308,356 308,356 |
Total funds £ 17,575 10,262 4,980 |
|---|---|---|---|---|
| 32,817 | ||||
| 21,376 9,182 |
||||
| 30,558 | ||||
| 2,259 806,806 |
||||
| 809,065 |
continued...
Page 11
EAST MIDLANDS RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 January 2023
10. FIXED ASSET INVESTMENTS
| 10. | FIXED ASSET INVESTMENTS | ||
|---|---|---|---|
| Shares in | |||
| group | |||
| undertakings | |||
| £ | |||
| MARKET VALUE | |||
| At 1 February 2022 | 2 | ||
| Additions | 50,498 | ||
| At 31 January 2023 | 50,500 | ||
| NET BOOK VALUE | |||
| At 31 January 2023 | 50,500 | ||
| At 31 January 2022 | 2 | ||
| There were no investment assets outside the UK. | |||
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Amounts owed by related undertakings | 124,441 | 184,260 | |
| Gift aid recoverable | 1,675 | - | |
| Prepayments and accrued income | 2,113 | 1,922 | |
| 128,229 | 186,182 | ||
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Accrued expenses | 1,620 | 1,560 |
continued...
Page 12
EAST MIDLANDS RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 January 2023
13. MOVEMENT IN FUNDS
| Unrestricted funds General Fund Forward Fund Café Development Fund GCRN 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 Estate Fund TOTAL FUNDS Net movement in funds, included in the above are as Unrestricted funds General Fund Forward Fund GCRN Fund Restricted funds NDA Fund TOTAL FUNDS |
At 1.2.22 £ 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 follows: |
Net movement in funds £ 23,313 10,514 - (9,321) 24,506 - - - - (46) - - - - - (46) 24,460 Incoming resources £ 30,161 15,402 5,089 50,652 - 50,652 |
Transfers between At funds 31.1.23 £ £ (370,893) 188,562 - 25,488 124,705 124,705 184,262 174,941 (61,926) 513,696 (145,353) - (12,820) - (10,000) - (54,705) - (25,865) - - 3,401 - 820 2,313 6,252 - 1,000 308,356 308,356 61,926 319,829 - 833,525 Resources Movement expended in funds £ £ (6,848) 23,313 (4,888) 10,514 (14,410) (9,321) (26,146) 24,506 (46) (46) (26,192) 24,460 |
|---|---|---|---|
continued...
Page 13
EAST MIDLANDS RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 January 2023
13. MOVEMENT IN FUNDS - continued
Comparatives for 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 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General Fund 15,310 Forward Fund 16,857 32,167 Restricted funds NDA Fund - No 4 Building - Bus group 200 No. 3 lighting 450 650 TOTAL FUNDS 32,817 |
Transfers between At funds 31.1.22 £ £ 65,731 536,142 (65,731) - - 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 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 |
|---|---|
continued...
Page 14
EAST MIDLANDS RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 January 2023
13. MOVEMENT IN FUNDS - continued
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 Café Development Fund GCRN 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 No. 3 lighting Estate Fund TOTAL FUNDS |
At 1.2.21 £ 473,027 65,731 - - - 538,758 145,353 12,820 10,000 54,705 28,123 3,521 820 9,906 1,000 1,800 - 268,048 806,806 |
Net movement in funds £ 20,697 - 25,488 - (9,321) 36,864 - - - - (2,258) (120) - (5,967) - (1,800) - (10,145) 26,719 |
Transfers between funds £ (305,162) (65,731) - 124,705 184,262 (61,926) (145,353) (12,820) (10,000) (54,705) (25,865) - - 2,313 - - 308,356 61,926 - |
At 31.1.23 £ 188,562 - 25,488 124,705 174,941 |
|---|---|---|---|---|
| 513,696 - - - - - 3,401 820 6,252 1,000 - 308,356 |
||||
| 319,829 | ||||
| 833,525 |
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 | 45,471 | (24,774) | 20,697 |
| Forward Fund | 32,259 | (6,771) | 25,488 |
| GCRN Fund | 5,089 | (14,410) | (9,321) |
| 82,819 | (45,955) | 36,864 | |
| Restricted funds | |||
| NDA Fund | - | (2,258) | (2,258) |
| No 4 Building | - | (120) | (120) |
| Bus group | 200 | (6,167) | (5,967) |
| No. 3 lighting | 450 | (2,250) | (1,800) |
| 650 | (10,795) | (10,145) | |
| TOTAL FUNDS | 83,469 | (56,750) | 26,719 |
General Fund
The general fund represents cumulative surpluses retained since incorporation.
Page 15
continued...
EAST MIDLANDS RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 January 2023
13. MOVEMENT IN FUNDS - continued
Forward Fund
This fund represents amounts received in re-unification of the GCR to support activities of the trust.
Estate Fund
This fund is to record capital funds spent on purchasing and developing the Estate.
Café Development Fund
This fund was created to hold the balance raised for locos 56 & 63, now disposed, to be spend on the new café's development.
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.
GCRN Investment Fund
To record the investment in GCRN.
14. RELATED PARTY DISCLOSURES
During the year the East Midlands Railway Trust charged loan interest of £5,089 (2022 - £4,951) and granted £14,410 (2022 - £nil) to Great Central Railway (Nottingham) Limited, a company in which the trust holds 50,500 shares (2022 - 2 shares).
At the year end £124,441 (2022 - £182,728) was owed to the trust.
The trustees are also supporters of the charity and donate both time and money to fund the operations of the trust.
15. 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 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 10,986 | 17,057 |
| Gift aid | 4,970 | 518 |
| 15,956 | 17,575 | |
| Other trading activities | ||
| Contractual income | 18,150 | - |
| Rental income | 10,282 | 10,262 |
| 28,432 | 10,262 | |
| Investment income | ||
| Deposit account interest | 1,175 | 29 |
| Interest receivable - trading | 5,089 | 4,951 |
| 6,264 | 4,980 | |
| Total incoming resources | 50,652 | 32,817 |
| EXPENDITURE | ||
| Other trading activities | ||
| Commission | - | 2,000 |
| Charitable activities | ||
| Grants to institutions | 16,455 | 9,182 |
| Support costs | ||
| Management | ||
| Insurance | 2,495 | 2,549 |
| Postage and stationery | 150 | - |
| Advertising | 2,592 | 2,745 |
| Sundries | 134 | 48 |
| IT and software costs | 1,416 | - |
| 6,787 | 5,342 | |
| Finance | ||
| Bank charges | 92 | 156 |
| Site security | ||
| Repairs and renewals | 1,178 | 1,620 |
| Governance costs | ||
| Accountancy and legal fees | 1,680 | 12,258 |
| Total resources expended | 26,192 | 30,558 |
| Net income | 24,460 | 2,259 |
This page does not form part of the statutory financial statements
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