REGISTERED COMPANY NUMBER: 024111338 (England and Wales) REGISTERED CHARITY NUMBER: 1124830 REPORT OF THE TRUSTEES AND UNAUDITED FIiYANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 FOR EAST MIDLALNDS RAILWAY TRUST Harrison Belle & Owen Limited Chartered Accountants Highdown House I l Highdown Road Leamillgton Spa Warwickshire CV31 IXT EAST MIDLANDS RAILWAY TRU.ST CONTENTS OF THE FINANCIAL STATEMENTS lor thc y¢Ar ¢ndLd 31 Jthnuthry 2024 Page Report of the Trustees Independent ExAMlller's Report Statement ot. Flnanclal Actlvltles Balanee Sheet Notes to the Flnanclal Statement5 9 to 17 EA.ST MtDLANDS RAILW A Y TRUST (REGJSTERED NUMBER: 02481338) REPORT OF THE TRUSTEES for the year ended 31 J#nu#ry 2024 The Irustees who are also directors of the cliarity for th¢ purtK)5es of the Compaiiies Act £006, present their report with the financial slalemenis of Il)e charit! for the year ended 31 Janiiary 2024. The Iruslwes have adopted the provisions of Accouniing and Reporting by CharitlLkb Sldtement ot" RLLuinincnded PruLtiLL thppliLdble to LharitiL% preparing their aLcounl% in uLLordunLc with thL FinunLial Reporting Standard applicable in the UK and Republic ofTreland (FRS 1021 (effective l Jaiiuary 2019). OBJECTIVES AND ACTIVITIES Objeetlves and alms Thc IruslcLs arc kLcn to cnsLJfL thdl thL' work of thc Chariry mccts Ihc publiL bciicfil rcLiuircmLnt outlinLd in IhL Guid&ncc publishLd by the Charil}' Commission 'Public Benetil- tlie public benetit requirenienl (publ ished Septernber 201 i) insofar as tl)e overall purpose of the trust.. a) remain beneficial in character; aiid b) that Ilicy bcncfit Ihc public in gcnLral or a SLiffiLicnt scctioii of thc gcnLral publiL; and c) in pursuing its objeclives, the Association continues to have regard lo Charities c.ommission guidance when exercising their pow¢rs and duiies. The objects and principal activities of the Chariiy remain the advanceinent of education of the public in the histoiy and del'elopment of railway transport syslenis in pJrtiLular, bul not exelusively, by: a) The preservation. operation and exhibiting of railway vehicle systems, eoiiipmeni and artefacrs; and bl Ediicdtion dnd Irdiniiig in the mdinlendnce re4lordrion dnd ODerdlion ot liisloric riiilwuy dnd rodd vehi¢le.4. Sigiiifjcant #eti￿ltieS DurinLi this year, th¢ closure of the railway line from Lou&ihborou&yh Junction lo Ruddin&ilon continued, but sigrnificant pro&vress is being made towards reopening. Work continues on preparaiions for repairs lo other civil engineering structures and on maintenance of tlie railway owned by tlie Trust. The iubsidiarv Great Central (Nollinghani) Lid (GC.RN> functions as the operating and Irading company in which EMRT has a majurity inlere%t. The LUIIIPdlly 1% illLrga4ing it% LL)mmerL ial income and is undertdkiny capital prujeLt% luward% the railway reup¢ning and developiiieni of the HeritaE¢ Centre ai Ruddiiiglon. The pro£ranime of Heri141ge Cenli'e events has incre1¢ sed ané is focused on growing ils revenue which can be reinvested into irnprovemenls in sile security. visitor experience, tacilities on the sile and working towards railway reopening. The Twst tunds or part-funds capital projects such as the completion ol, Biiilding 4 for carria&ie resloraiion and storage. The Trustees wish 10 ackiiowledge Ihe positive results of co-operation with our sisier charities, the LNER IGC) Heritage Trust, the David Clarke Railway Trust; and ihe Great C enlral Railway plL, GC.RN Lid. aiid Friends of the Great C.en1ral Main Line. We also Wlsh to thank our donors and regyular subscribers to the Forward Fund for their gTenerous and invaluable support,. and all the volunieers for their dedicai¢d work. Page I EA.ST MtDLANDS RAILW A Y TRUST (REGJSTERED NUMBER: 02481338) REPORT OF THE TRUSTEES for the year ended 31 J#nu#ry 2024 FINANCIAL REVIEW Fingncial p05itio The Charity's rental aL)d investment income is agreed al a level to more than adequately coper the ongoing governance and adminiiirutive Lost%, thcrLby ullowing dny donutions und uiher chthritthble inLome lo be wholly invested in thL trust's LharildblL activitie5. The results for tlie year ended 31 January ?024 show-. Income Incomc of L30,350 (202.6 - L50,652) an avLrdgL' of L2,530 (2U23 £4,221 } pcr nionth. This is an dccrcasc of 40'/o in inLomL. Expendlture Expendiiiire of £66.541 (2023 £26.192) an average of £5,545 (2023 £2,183) per month. This is a iiicrease of1540/ik in expenditure oil thL prcvioiis year and is largcly duc to a inLfLasc In grimls lo inslillilions ivithin thL Lurrint tinanLial ycar. Unrestrlcted funds Unrestricted funds have decreased lo £480,91 O compared lo £513,696 in the previous year. Restricted funds Re%tricled funds hdve decreased lo L316,428 compured to £319,829 in the previou% year. Reserves pTrli¢) Casli i-eserves currently sland at £306.42412023 £348 OC)O). The trustees coiilinue ro review the investimeiil policy aiid take the view that alihougli investing a proportion of Ihose funds in a risk-free inleresi bearing account would generate addilional inveslmeni inlome, the IMode4t amvunt% reLeived in the Lurrent finanLial ¥limale would not.ju%lify lu¢kiiig up fund4 fur a length nuliLe period, as we continue to acquire r¢dui)daiil infraslruclure. plaiil and olli¢r heritage assets as Ihey become available. nonn&111! al very shorl notice. Apart froih day to duy funding requir¢mtnts', Ihe bulk ot the Charity's Cabh continues 10 be held in insiunl aLLesS, inierest beariiigi deposit accounts. FUTURE PLANS The Trustees Iiiade the strategic move for the charily 10 become the inajorily sliareholder of the Grea¢ Central Railway Not¢ingham Limited (GC'RN) who manage the RLiddinglon sile. This invesiment and related Iigures are separated out as a designated fund in these accounts for transparency. We are workillsT closely tObFether to protect tli¢ estate, increase the tacililie5 avai lable to the public, in partlLular and specially lo coincide with the trunk roule onLe il is reconnected a( Lougliborougl) with Ihe long sianding premier HLI'ild¥L Railivdy LunnLL'ting North LuiL'u.%tLr lu Luughburough. EmphdSi.S is un thL provisiun ot. IllUL'h LnhanLL'd vi.bitor und rolling siock Slorage facilities al Ihe Heritage Centre, facilities for transforniing railway Operation and heavy maintenance and renewal of the late Victorian infrastruclLire. The Forward inilialive lias raised Ihe Trust's profile and accelerated fundraising lowards delivering Ihe l O-year strategic plan, STRUCTURE, GOVERNANCE AND MANAGEMENT Governing doeument East Midlands Railway Trust ("EMR T") is a compaiiy limited by gruarantee withiii the Ineaningp ot the Compaii ies Act 2006 and a re.gistered chariiy governed by Ihe niles set oiit in oiir Meinorandiim and Arlicles of the company (lagt iipdaled 2 Jiine 20ll8). Tlie c.harity ha% obtainLd a IiLcnLc to oniil thL word 'Limitcd" fi'uin it% ndinc LindLr ScLtioii 3U of the Companic4 ALt 1985. Thc Charity has a Board ot Trustees which is empowered to make decisions on behalt'ot'ihe c.harity and does so al ils regular Ineetings. Tlie Board ot Iru%tee% are re%pon4ible tc)r the giovernance of the Charity and hai'e the rigyhi under the Coinpanie% Act lo m<2nagie the liarity Iiow il sccs fit, providiiig Iliis falls iii lili¢ witli tli¢ ￿"t1(l¢S of A550ciatioJi aLid Charitics Boaid guidaLice aiid iulc5 of cngagLmcnt. The Board of Irusteeb meet on a lialf yearly basis lo review rhe performanle and strategic planb and objeclives of the Charity with a quorum of no le%5 Ilian three Irutstee%. Page 2 EA.ST MtDLANDS RAILW A Y TRUST (REGJSTERED NUMBER: 02481338) REPORT OF THE TRUSTEES for the year ended 31 J#nu#ry 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Recrultmenl *nd appointment of new trustees Thu Board ot"tniitec% urc appointLd in aLcordllnce with the ArtiLle4 of As%ociution of thc Coiupttny. This is as follows- The Board of trustees .5hall conipromi5e ot a Ininirnuin of three Inembers with iio maxinium amount Ai every subsequent ani)ual general meeting one-(bird olthe Irusrees shall resign rotation; the longest in LiffiLC will rcsigii first. Retiring trustees shall be eligible tor 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 trustee4; or nn le4% than fourteeii nor more than thirty-tive clear day% betore the dale appoinled for the ineeling, by a notice executed by a n)einber qualified lo voi¢ al the meeting slaiing Ihe intLnlion to proposL that pcrson bc appointcd or rcappoiiilcd. The lrnstees may appoint said person bill they will only hold otlice unril the next annual general meeting where they musl retire and be re-elected. Inductlon and tralnlng of new trustees The Iruslees dre given an introduLlion lo the C'hk)rity And are given the guidanLe from the Charity Commission on the roles ajid responsibilitie5 Ot Trusiees. All truste¢s ar¢ remind¢d lo moiiitor the Charity Conimission's M'¢bsite for any updates Qt thes¢ responsibiliiies on a regular basis. Rlsk management Th¢ prinlipal risks t.aced by the Charity Ure nianageAble with the trustees taking steps to addrebs them during the Loming yeAr. These are suininai-ised as follows: Tli¢ Charity has a i'isk of iiot being able ¢0 supply graiils at a nonnal level lo previous years. This has been mitigated by not creating any tinjncial comniiiments enabling the Charity 10 manage its grant levels. Tlie Charity has no effective running) costs other than insura1)¢e and accountancy tees. as the Im&nag>ement and upkeeping of the Heritage Centre and Ruddingloii Sialion is paid for by the lessees. Therefore cash re.4erve% arv al a %lrung level. The tru¥lee% huve d￿reed that if Idsh rv%erve% tull beluw £40,000, th¢ Charity will not provide aiiy gi'aiils. Tliis has not occurred since the chai'iiy began. Protection ot the owned eslale froin nalLiral wear and deliberate vandalism The Iruslees consider Ilial there are no material uncertainties about Ihe Chariiy's abili(y (o continue as a going concern. REFERENCE AIYD ADMIIYISTRATIVE DETAILS Registered CompAny number 24813311 (Eii,,laiid aiid Wales) Re2istered Ch#rltv number 11248.30 Registered office Highdown Hoiise I l Highdown Rodd Leamington Spa Wariviekshire CV31 IXT Tru4tee$ M FTeckelton D J Morris C l Baine D G R Slack (resigned 1.3.2021) Prof D C Rac P T Morley Page 3 EA.ST MtDLANDS RAILW A Y TRUST (REGJSTERED NUMBER: 02481338) REPORT OF THE TRUSTEES for the year ended 31 J#nu#ry 2024 REFERENCI AND ADMTNISTRATIVE DETATLS Indepeiident Examiner Gitg¥ Olncr NIPhil BA(Hons) FCA Harrison Beale & Owen Liiniled Chartered Accountaiilb Hi&Fhdowii House I l Highdown Road Lcaminglon Spa Wanvickshire CV31 IXT Approved by order of the board of Iriislees on 24 October 2024 and signed on ils behalf by: P T Morley - Trustee Page 4 INDEPENDENT EXAIWINER'S REPORT TO THE TRUSTEES OF EAST MIDLANDS RAILIVA Y TRUST Independent examiner's report to the trustees of E#$t Midlands Railway Trust {'the Company,) I report to the charity trustees ov] my exaillination of the accounts of the Coinpany for the year ended .31 January 2024. Re5ponsibilitie5 and bgsi5 of report As the charit} s Iruslees ol the Coinpany {aiid also ils directors for the purposes of company law) yOLi are responsible for Ilie prcpurutiun uf the acLuunt% in alL￿rdance with the requirem￿l￿t% uf thc Coinpunie% ALt 2006 ('thL 20U6 Act,). H&ving salisfi=d myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 ALt and are eligFibl¢ t.or independ¢iil examiiiatioii, I report iii respect of my examination of your charity's account5 a5 carried out under Section 145 of the C'harities Aci 2011 ('Ihe 201 l Act,). In carrying out my examinalion I have followed the Directions given by the C.harily Q'.ommission under ScLtion 145(51 (b) of the 201 I ALt. Independent examlner's stxtement I have completed my exdmiiialion. I contirm thal no malters have coine to my attentioii in Lonnection with the examiiiation gFiving7 Ine cause 10 belIe￿e.. accoiinting records were not kepl in re5pecl ot. the c.ompany as reqiiired by Section 386 01. the 2006 Act. or the accounts do not acconl with thos¢ records; or the aceoiint,% do nol comply with the (ieenunlingT reqLiirement% of. Section 396 of the 2QQ6 Act other than iiny requirement tli&t tl)e acLountS gyl￿e a rruL' and fair view whiLh is nul a nialic'r considered as part of an indL'pendent exaininarion. or the accounts have not been prepared in aLLordance with the methods and priiikniples of the Statement ()f Recon)meiided Practice for accouiiting￿ and repoi1ing by charities (applicable to chariiies preparing> their accounts in ac¢ordanc¢ wilh th¢ Financial Reporting Standard applicable in the UK and Republic of Irelalld (FRS 102)). I have no concerns and hai.'e coine across no oiher rnaiiers in connection wilh Ihe examinaiion io which aiieniion should be drawn in this repon in order to enable a proper understanding of the accounts to be reached. Gregg Olner fvlPhil BA{Hons) FCA Harrison Beale & Owen Liiniled Cl)arlered AccDun(anls High(lown Huu%L I l Highdown Road Leaminglon Spa Warnvicksliire CV31 IXT 24 October 2024 Page 5 EAST MIDLANDS RAILWAY TRU.ST STATEMELNT OF FINANCIAL ACTIVITIES for the yeAr ended 31 J#nu#ry 2024 2024 Total funds 2023 Total fiinds Unrestricted funds Restricted funds INCOME AND ENDOWMENTS FROLWI Dondtion4 IcguLiL. 9,697 9,697 15,956 Other tradinu aLtivitic Investment incoine Total 11,495 11,495 9,Ih4 30,356 28,432 50.652 EXPENDITURE ON Raisiiig funds 6.890 6,890 9.735 Charitable activities Operation und mair)tenanL'e of heritage railway Tolal 16,457 26,192 3,401 IYET ILNCOME/{EXPEINDITURE) (32,786) (3,401) {36,187) 24,460 RECONCILIATION OF FUNDS Toial funds broughi forivard 513.696 319,829 833,525 809,065 TOTAL FUNDS CARRIED FORWARD 480 910 316428 797 338 833 525 The notes fonn parl of iliese finaneial statements Page 6 EA.ST MtDLANDS RAILW A Y TRUST (REGJSTERED NUMBER: 02481338) BALANCE SHEET 31 Januar) 2024 2024 Total funds 2023 Total fiinds Unrestricted funds Restricted funds FIXED ASSETS Tangiblc a%%Lt Investments 308J56 308.356 308,356 10 -$0,500 50,500 308,356 358,856 358,856 CIIRRENT ASSETS Debior5 Citsh ul bunk l.A3,858 298 352 432,210 133.858 306 424 4411,282 128,229 348,060 476.289 8,072 CREDITORS Ainounts falling due within one year 12 (J,8011) (1,8110) (1,620} IYET CURRENT ASSETS 43114¥2 474 669 TOTAL ASSETS LESS CURRENT LIABILITIES 480,910 316,428 797,338 833,525 IYET ASSETS FUNDS UnrcgtriLILd funds R¢sli'icied funds TOTAL FUNDS 480 910 316 428 797 338 833 525 13 48U,910 316.428 797 338 513,696 -119.829 %33 525 Tlie chai'iluble companv is entitled 10 exemption fr()In uudil under Sectiuii 477 ot the Cumpanies Act 2006 for the year elided 31 January 2024. The Incmbers have not reqiiired the company lo obtain an audit of ils financial slalemenls for Ihe year ended .1 l January 2024 in aL'LordaiiLe iviih SeLIiL)n 476 of the CoiYipaiiiLS ALI :. 00(I. The Iruslees acknowledge tlieir responsibilities t.or (a) ensui'iiig that Ilie charitable coimpany keeps accounlii)g records 11)al comply with Sections 386 and 387 of the Coinpanies Acl 2006 dnd preparing fLnancial slalernents which give a true aiid fair view of Ihe 51ale of affairs of the cliaritable coinpany as al Ihe end o eJ¢h tinan¢ial year and ol ils surplus or deficit for each financial year in ac¢ord&n¢e with the requirements of Sections 394 and 395 and whicli othetivise ¢oniply willi the requireimellts ol" the Coinpllnies A¢1 2006 relalingy lo findnLial 8lateinLnls, so far a5 applicable to ihe charitable company. (b) The notes fonn parl of iliese finaneial statements Page 7 continued..- EA.ST MtDLANDS RAILW A Y TRUST (REGJSTERED NUMBER: 02481338) BALAIYCE SHEET- eontlnued 31 Januar} 2024 These financial statements have been prepared in aLcordanLe with the provisions appliLable lo charitable cotnpanies subject tt) the small compaiiies regime. The fiiiancial slateinents were approved by tlie Board of Truslees and authorised for issue on 24 October 2024 and were signed on its behaifby.. P T Morley - Tru%tee The notes fonn parl of iliese finaneial statements Page 8 EAST MIDLANDS RAILWAY TRU.ST NOTES TO THE FINANCI.4L STATEIVIENTS for the year ended 31 J#nu#ry 2024 COMPANY STATUS The charity is a company litniled by guarantee and incorporated in England and M'ales. The members of the company are the tru%teL.4 who dri ulso tlic direLlur%. In the cvent ot- the Lharitj being wound LIP, thL lidbilily in rL%pLLI ot the guuranlce is liniited lo £5 per niember of the charily. The charitable company's registered IiUTnbers and registered office address can be found in the Report of the Trustees. ACCOUNTING POLICIES Basls of preparing the financial 5tatement5 The financial slateinents ol the charitable Lompany, which is a public benefit enlily under FRS 102, ha￿'e been prepared in dccordance with the Chdrilie4 SORP (FRS 102) 'AccountinbT and Reporting, by Ch(Irilie%.' Sialement ot" Recominended PTacii¢e applicable 10 charities preparing Iheir accounis in accordance wilh Ihe Financial Reporting Slandard applicable in Ili¢ UK and RLpubliL of IrLldnd {FRS 102) (cffcctivc l January 2019),, FinanLial RLporling Sianddrd 102 'ThL FinanLial Reporring Standard applicable in the UK and Republic ot Ireland, and tlie Companie5 Act 2()06. Tlie financial slalements have been prepared uttder the historical Cost conv¢ntioii, with rhe exc¢piion of inveslmenls which are included at mark¢t The prinLipal aLLouiiling poliLies adopted in the preparntion of the finanLlI)I statements are sel out below nnd h&ve ren)ained unchang?ed trom the previous year. Preparatlon of Lonsolldated flnanLial stal¢ments The financial siaienienis coniain infonnaiion aboui Easi Midlands RaIl￿aY Trust as an individual chariiy and do noi coniain coi)solidaled finaiiuial iiiforination as the parent ot tlie group. Tlie churil) is exempt under Section 399(2A) of the Companies Act 2006" troni the requireineiits to prepare consolidai¢d Iiiiancial stalements. In¢orne All iiicorne is recognised in the Statement of Fiiiancial Aclii'ities oiice Ilie charity has entiilemeni lo Ihe funds, it is probable th&t the inconie will be receiiled and the amoLini can be ineasured reliably. Other Irading aclivilies income is recognised on receivables basis. Investinent income is recognised on a receivable basis. Expenditure Liabilities al'e recognised as expenditure as soon as there is a legal or conslruclive obligation commilling the el)arily lo Ihal LXPLnditurL, il li probablL Iliut u trunsfLr ot. ILonuiniL bLnLtitb will bL fLquifLd in %LltluniLni and thL' uniount ot. IhL obligdtion can b¢ ineasured reliably. Expenditure is accouiiied for on an accruals basis ai)d has been classified under headings thai aggregate all cost related to the Lalegory. Where Losls cannot be directly attributed to particular headings they have been Ilocaled lo aclii'ilies oil a b&sis consi51ent with the iise ot resources. Co%1% of gLnLrdlin¥ fund% arc Ihc Lo%t% a4%oLiutLd with attri'e (Ire as lollows.. Incoming resources RcsoLirees expended MovcmLnt iii funds UnrestriLt¢d funds Gen¥riil Funcl Forward Fund GC".RN Fund 17.741 9,149 (63,l42) (45.401) 9,149 30,356 (63,142) (.12,786) Restrleted funds No 4 Buildiiig (3,401) {.1,401) TOTAL FUNDS 66 743) P¥AEe 13 continued..- EAST MIDLANDS RAILWAY TRU.ST NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 J#nu#ry 2024 13. MOVEMENT IN FUNDS - continued Comparxtlves for movement fin funds Nel movement in funds Transfers between At 31,1.23 At 1.2.22 Uiire%lricl¢d funds General Fund Forward Fund Cdfe Development Fund GCRN Fiind 536,142 14,974 23,313 10,514 {370,893) 188,562 25,488 124.705 174,941 513,696 124,705 184?62 (61,92(y) 551,116 24.5U6 Restricted funds Heritage Centre Purihase Riiddin&Ftoii Station Purchase Plaiform ? 56 & 63 LoLomolivcs NDA Fund No 4 Building CoAch ligThtiiiQre%loration Bus group Holehlcy Hill signal box Estat¢ Fund 145,353 12,fi20 i 0,000 54,705 25.911 3.401 820 3.939 I,uoo {l45,-153) (12,%20) {10,ooo) (54,705) (25,865) (4()) 3.401 820 6,252 1.000 308 156 319.829 83.3 525 308 356 257 l)49 809 OC15 46) TOTAL FUNDS Coinparative nel Inovenienl in lunds, included in the above are a5 tollow5'. Incoming rcsourccs Re%ource% cxpcndcd Movement in funds Unrestricted funds General Fund Furwurd Fuiid LIC'.RN Fund {6,848) {4,8XII) 1441U) {26.1461 23.311 10,514 15,402 50.652 24.506 Restrieted funds NDA Fui)d (46) (46) TOTAL FUNDS 26 1 l)2) P¥AEe 14 continued..- EAST MIDLANDS RAILWAY TRU.ST NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 J#nu#ry 2024 13. MOVEMENT IN FUNDS - continued A current year 12 inonihs and prior year 12 months coinbined position is as lollows.. Nel movement in funds Transfers between At 31,1.24 At 1.2.22 Uiire%lricl¢d funds General Fund Forward Fund Cdfe Development Fund GCRN Fiind 536,142 14,974 (22,088) {370,893) 143,161 34,637 124.705 17S,407 480,910 124,705 184?62 (61,92(y) 5,855) (8,28UI 551,116 Restricted funds Heritage Centre Purihase Riiddin&Ftoii Station Purchase Plaiform ? 56 & 63 LoLomolivcs NDA Fund No 4 Building CoAch ligThtiiiQre%loration Bus group Holehlcy Hill signal box Estat¢ Fund 145,353 12,fi20 i 0,000 54,705 25.911 3.401 820 3.939 I,uoo {l45,-153) (12,%20) {10,ooo) (54,705) (25,865) (4CI) (3.401) 820 6,252 1.000 308 156 316.428 797 3.38 308 356 257 l)49 809 OC15 TOTAL FUNDS A current year 12 rnonths aiid prior year 12 Inontlis combiiied net moveiment iii funds, included iii the above are as follows: Incoming rcsourccs Re%ource% cxpcndcd Movement in funds Unrestricted funds General Fund Furwurd Fuiid LIC'.RN Fund 47,902 24,551 {69,990) {4,8XII) 1441U) {89.2g81 (22,088) 19,663 81.008 (8,280) Restrieted funds NDA Fui)d No 4 Biiilding (46) (46) TOTAL FUNDS 92 735) 11727) General Fund Th¥ g¢n¥ral funLI rwr¥s¥nls Lumuliilivv surplus¥5 r¥l(iin¥d sinLc inLurpuialiuT]. Forward Fund This fiind i'epresenls amoLinls received An re-unification of the GC'.R to SLlPPOrt activities of the trust. P¥AEe 15 continued..- EAST MIDLANDS RAILWAY TRU.ST NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 J#nu#ry 2024 13. MOVEMENT IN FUNDS - continued Estate Fund Thi% lund 1% to IL'Lord Lupitsl fund% .spcnl on purchLLsing und dLNeloping the E%tutL. C&fé Development Fund This tuiid was created to hold the balance raised for locos 56 & ()3, now disposed, to be sp¢nd on the new cafe's developmeiit. No 4 Building Tliis fund represenls ainounts to returbisli tlie building on tlie herilage 51te. Coach LightillglRestoration The atnounis included in this flind have been reslricled lo use on Ihe refurbishmeiil aclivities ofihe Irust. Bus Group This fiind represents amoLints received to restore various inolor vehicles. Hotehley Hlll Slgnal Box The amounts ineluded in this fund ar¢ to be used to refurbish the signal box i)t Hotehley Hill. GCRL¥ Investment Fund To record the inve%tinenl in GCRN. Heritage Centre Purchase This flind represenis Ihe amouiiis donated lo purchase the main sile ai Nollingham. Ruddingtoll Station PurchAse This represents the ainounls doniAted and put towards ihe purchase ol, the sile al Ruddiiibvton. Pl*tforrn 2 This fiind has been used 10 deijelop and upgrade platform 2. 56 & 63 Locomotli'es This fund was originally creaied lo fuiid the purchase and refurbishment of two locomotives. Boih locoinolll'es have beeii sold and the money reLeived returned to this restriLled fund. A decision will be taken next year on the future us= of this fund. NDA Fund Tliis represenls amounts received to fund the Norrhern Developinenl Associalion(NDA) activilies. P¥AEe 16 continued..- EAST MIDLANDS RAILWAY TRU.ST NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 J#nu#ry 2024 14. RELATED PARTY DISCLOSURES During the year Ilie East Midlands Railway TrLisI charged loan interest of£3,466 (2023 £5,089) and granted £5,089 (2023 £14,4 IU) tu Greut Ccnlrdl RdLlway {Nottingham) Lirnitcd, u Lunipdny in whiLh the tru4t hold% 50,500 %harc% 12023 - 50.500 shares}. At the year end £127,907 (2023 - £124,441) was owed to the trust. ThL trustccs arL also supportcrs of IhL Lharity and donatc both timL and rnoncy to tund thc opcratioiis of Ilic Irusl. 15. LEGAL CHARGES Conveiance Conveyance dated 30 March 2001 Irom Nelwork Rail over East Leake branch line. First floating ¢hllrge First floating Lharge dated 15 October 1998 trom English Ivelsh and Scottish Railwa> Liniited over the whole of IE]e ¢oinpany's und¢rlakin&i and all its properly and assets. Deed A deed daied ?4 Mai'ch 1997 froin Tlie S¢Lretaiy of Slate t.or Defence over 60010 the net eiihancemenl value of Great Central Railway {Noiiiiigvhain} Limited in relatioii to tli¢ whole ot. or any part of the laiid at Ruddinglion. 16. FINANCIAL INSTRUNIENTS The Loinpany only enters into basil finanLiJl instrumenis Page 17 This document was delivered using electronic communications and authenticated in accordance with thc registrar's rulcs relating to elcctronic form, authentication and manner of delivery under section 1072 of the Companies Act 2006.