Charlty rngistration oumber 1133186 GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr H J Howard MIR& rPYo MF5 RA Phifd Mr M Hall Mr R N Davidson Dr J FOe5 MsBExt MrA CauifhJ IAppc#nted 4 March 20221 IApwM"nted 24 Juty 20221 MrJ Wcndall Charrty number 1133186 Conwny number 07(65498 Registered office WInchlmbe Rath8y StatK Winchcombe Gke$ter$hir GL54 5LD Auditor Onnercxl Rutter M[ted Oakl8y KhYeminster Road l•VR9 9AY Bankers Lbyds Bank plc BLtheath Bra PO Box 1(K¥J BX1 1LT 10 Cro•m P ECZ44 United Trust Bank knmi 1 Rop8mak8r Street EC2Y 9AW
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST CONTENTS lThYependent audttofs re*t StaterrEnt offinancial Balanc8 sh881 10 Notes to the finan(a81 st8lements
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORn FOR THE YEAR ENDED 31 JANUARY 2023 The aw)unts have tfftn wep8r•Y in accorda1 wth the aCctir¥3 Fditses (Mrt in note 1 to the acctyjnts and comply wlh the char¥ty's Memorandum arnl ATtid&s of Assouation, 1he Companies Act 2CM)6 and 'Ac(x>unb"ng and ReFKirtiwyJ by Charilies.. Ststement of Reu)mr1 PrnCl1 applicablo to tharities preparing their accounts in a(xxJrdan vhth thé Finan¢i81 Re["n9 Standard appkabb in the UK and Republic of Ireland IFRS 102)" las alrIded for aC0)5JnJi from l Januwy 2016). Objecti¥es and actrvit The Chari$ obJ"eclives are to SUPFth andlcff maintsin tt GknEcestersh¥e walcshIrts Raiw as a living museum for the be oflh8 [wbI. In furtherarte of these objects the (harity may: Make grants to organi5ations that Irite lo the operdtion of Ihe GkWSterShire Warwd(shir8 ¢J11)t. associated equipmenL Restore aFxI h(xtse such ktomoiives. Gqrriages or other rolling st(k and eqUipTht and put them on display, loan or hire them so tY may b8 used rf practicable aThJ make suitable atr8ngements for their continued preservation a5 tsr as p0ble. Fljblish or support the publ10ft of tKth. arbths 0th8r material 0se to womte irrter88t in GkMJceStshlre Wanwkshw? Rai¥0y as a IrwrvJ rnL. The trustees have referr to the Charrty guttJan on public benefit vthen tts 81m and (kniectives. and in tAanrNro futtjre activities. Achievements and performance The Charity rna(le a defictt for the year (rf £170.634 {2022: wpjus of £751,&551 uftreth(tsl r888rv8s of £9)2.268 (2022: £845.733) arml restrwAed re$eS crf£49.11512022.. £2762841. Flnanelal r•vlèw Re5eThes policy The l¥ustees aim to maintwn en(h SS in Unwi at a thl vA)ith to approximatety 3 months of unreslricted charitate expenditure. Where the level of free reserves is in eXs$ of this 18vel the arity aims to use any surpluses to fvnd run by or in sup of the GknUterShire Vvarwickshire t0VIde a rate of relum. Restricied fuThls in(Jde rnonies ratsed SEfi[ZHYts the wrj Gallery and Lrtherfulure pN¥ects. Investment policy and objectives appftjpriate inveslment lo enab the MpanY to its (tycbve5. Rigk management The truslees idenify and rewew Ihe risks to Wh the drtlY 15 exposed 8rKI estsbltsh systems lo mrfigate those risks. The charity is satisfd that Systems are in to mrtw Iheir exw)sui8 to the major rt5ks.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JANUARY 2023 ChaSrman's reportand revlew olth? puiod As I write. we have just annourwl thal Sir rim Laulen has accepted rAJr invitation lo Lwwe the Trust's President. It is a great honour for to ha Sir in Ihis rtl8 hi8 striw hwibJe conn8(knns and links to the Raihvay. We loc fOard to worting him. Railway. It was an IxNKxJr for me to re1ve of the as Chwrrron at Ihe ftAlowwu Board meetin9. During ihe year. we have hy)ked at Charrty commiss gUKI8 for chaFitses like ours wlh clos9 rdationships wrth an organisation Ihat is not a charty, in our case Ihe GWSR Pl¢. We took legal &lvice lo ensure that th8 nornination by th8 Board of Board Dwector5 to the Pl¢ wa5 not an inherent )nflIct of Inte$t as the PIC expect the rJwninated Directors to play a fu part in wunnry the (panY and as Trustees, they are expected to put the interests of the Charity fir5L We we assjred that as two organisatiO are bvotkÈng tOW8rds Ehe sarne 8tm, Ihe deVekrnen1 and wlairlMI ofts GWSR cwkl ¢tinue to do provJed Ihat suth cA)nfticts that arise are manapj. k a resu W have UFM1a tM)th our C(¥thKts of Interest Polw to ensure that it IS llK)re rotwsl awKI RiSter. We h8NE also Granl Application proure. Separately we were asked by GWSR Pk io Wtr them by rthi(ing numtr of rK)minatwJ Cross Board Dsrectors from lo one. As the main aim ol the r<Ae is to act as a u)mmunicat#)n Char beeen the two least in resp8th of Grant AppatiS PIC rDle arKI Tru51ee role can arise. th6 cl( Board role. We havè also taken steps to er that rt aPpant that we a Visi indgpendent from GWSR PIC particulady where donal•)ns arè involved. and &r fwn Lawan(£'s aPntnt is parlicularly important in Ihat respecL We have also Upda Ir site and rrrnberth¥ databaw ift sepae but hnked FxoJts iFKludtng The new webstte has a150 made it easiet to tNe donalions orline. Vle are very meful to tlw)se vtho have supporte(l us in makn.ng ¢JonatN)ns arKI separatety th rrlring us in thewwilts. During the year. the Tnjst ha5 supfA)rted the Raihvay by agreeirrfJ grants induding for a pUbC address system at Br08thy. repars to the trrick work of some of the pErs to Ihe Slanway Wlrt ovethaul of Bridge 32 and thè Usk Hut prilect at WinLKxxth. We have J agreed to the of bw"hJiyJs 2 at In March we kunch8d a maiw ap for remedial on Stanvray Vwluca ¥•he wè negd to raise £1.5m over three years to secure its fLrtuie for Ihe fSeeable futu. This is a txg ask. not least in the prevailng econorn dimate. We have made a goL¥J start towaJds th8 inrfial goal of £31K),000 need&J this yèar lo repla the failed watert*wfmembr8ne on the YU5 dec We k fOrard to wthiTrJ the GVVSR Pl¢ in Ihe future lo enswe that our aim of 9Jpp(¥tW w)d Fnaintaining the GWSR as a museum for Ihe lefft ofthe tinUeS to be
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JANUAR Y2023 for tt)e future expansion of the raiVaY. Structu, govemartt and management Governbng document limited by guarantee. as defined by Ihe COrr¥wdAC 2(M)6. The Truste8s, who arè alyo directors for the puw of(x)nwany18w. arKI seryed during the year and up to the dale of signatur8 of the firbanrAal ststements were.. Mr G Cornish IReswJned 24 July 20221 Mr H J Howard Mr R Scott Mr R C summ5 Mr P Young Mrs RA Phillips Mr M Hall Mr R N Davids Dr J Forkes Ms B Exton MrA C8ulfidd (Rwnèd 24 Juty 21)221 IApWxnll 24 Juty 20221 Recrulknent artd appointment of new trustees Organisational structure The Trustees are reSp&b[e for rnanagry Ihe thity. RespS11x"les for some fijn(thr are dgated to individuals as they see fft. Indu¢tlon and tralthJ ot nawlru5tees New twslees are PvK1ed vrith informatm frorn the Charity Coryw¥M"ssion ejplainw the duti8s and
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 JANUARY2023 Statement of trustoes. respIbIli11es The Trustees. a also the dir$ of GkxMhe VI£"chye Tr[t for the PLW)se of ctsnpany law, are resFX)t)sitAe for prepariThJ the Trustee5' Rert and the finan(xal statements in 8ccoril8rkce with applicable law and United fvAY)Xtnb"rKJ Slarmlards (United Ki[orn Generalty Accspted Acr£Junling Practice). Company Law requires ts Tntst8es to finanual staternts fir1cl year whlch gwe a 1nJe and fair yW of the statè of affairs ol tr charity and of the incorTMng re[ce5 a)d applicaiTh of $Ol¢es, induding the Fncorr aThJ expeThJibJre. of the U]rnp for trot . In preparing these finarKsal statsrnents. Ihe Trustees awB wuir&J lo: . select suiiable accounting pc4Kaes arKJ tlw apth Ihem tiJtsienty'. - stste whether applicable UK Ac(yxJntiTrJ SlarNJèr(Is have l)een fC4h)I. subject lo any matewial d8partures disdosed and explained in th& Slatents.. and - pr8parÈ the financial statements on b$ un18SS it is to presume that the charty will Ixjntinue in yrntson. any time the financial of the (arrty arwj enable them to ensure that Ihe finarÈc#al staternents comply wth the Companies Act 2006. They ate akn resFX)nsible for safeguarding th8 as581s of th8 drity and h6nc8 for tsking reasonab18 Steps the prevention aThJ etti offrdud and othet irregulaiili8s. Audltor Seclion 487121 of ts ConwiesN£t 21. The trustees. Board ofTwstee& Mr P Young TFUStee Dated.. 21 ]1 2023
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF GLOUCESTERSHIRE wARcKSHIRE RAILWAY TRUST Opinion We have audited the finan(ial slatements of Warwri(Trre Trust (the 'chariVI for Ihe year ended 31 January 2023 which comwtse Ihe statenrt of finarMJal hV&s. th8 b3L4n(E sheeL lh8 st8t8rn8nt of cash flows 8fMI notes to the fina181 staiements. indudiThJ ggnificant aoUn1jn9 Fx)liaes. The finanaal reptsrtirKJ framework Ihat has ten èrWied in their weparalx)n B ap[Ae Law and United KiryJd(Im Actountiro Standards. induding Finanoal Reporting StarKlard 102 Th8 Finanual R8wwfrn9 SlaThI8nl applirAb18 the UK and R8public of Ireland (United lQ'ngJom GeneTafyApte Accounb"ng Pr&licel. In cJr opinK)n. Ihe th)arKial statefflenl5". give 8 true WKt view of ts state rf the (tsit affa¥s as at 31 2023 aThJ of ils incoming rsrC% and ap1<10n of resour(. f Ihe yew Ij eThled'. have been properly prepar&Y in a¢0)rdae w41h Unrted J"n9d Genernly Ar£8Pted ArLnting PJ3dic8," and have been prepared in )rdae iih the Wu1ments of the CL¥npanEsAd th. Basis for opinion We conducted our audrt in aCc(Kd2Th wih InterrJaI Standards ort Audthng (UK) IISAS (UK)) th appbcat4e law. Our responsibdtb&s urKler those slarmtsrds are ftwther descziw in Auditorfs wsib11rt for the a(Klit of the finèncial slater1t5 section of (yjr r8w)rl. We ale indepe[ of the drity tn ac(x)rdanc£ with the eth•l requirements that are relevant to ajdrt of Ihe finanoal staternents irh the UK. incjuding the FRC'S Ethtcal Standard. and we have fulfilled our other elhKal reSpsl[rtles in accordanc8 Wth Ihas8 tsquir8rnnts. Wè bdi8VS that the audit eviden(% we have obtained is suffiuent and approwiate to pmvide a basis for cwr opin. Conclusions relating to going concern In auditing the financ statern, ¥ have IXxKJud% tst Its Iruees' use of ts gwg t•5is of Based on thè work w8 have performed. we have not wjentrfied any malerial uncertainties rektitwJ to events or conditions that, indwidualty collectiv8ty, rnay (xsl signific3nl dbI on the tharity's abilty to (x)Trtinue as a going concem for a period of at leasi ts¥elve montrs frt¥n when the finanoal statements are authorised for issue. Other information The Trustees are resp)nsible for the other infomth"on. Tr other information Ix)mprises the 1rrfortnati0 lduded in the annual report, other than the financial ststements and our auditor's report thereon. Our opInn on the financial In uJnne¢tM)n wih wr aLtt of ts financi Stat. our resp¥xNbi&ty to re1 Ihe other OrmatiOn arKI, in doing 50, (x)n5ider whelher Ihe otsr infrrnath)n is malerdty Ir$1 wth Ihe finanoal statem•nts or our knowledge obtain1 in the audrt or olherwise appear5 to materially misststed. If we identify sijch material inconsislerKies or apparent material misslatements. we are requir8d to determine wh8ther there is a material misstaternent in the finawal statements or a material m15Statement of the other information. If, based on the work W8 hav8 performed, we (x)ndwle that there is a Materi m$stateMen1 of Ihis othw infnal, we arè requirÈd to report that fa We have nothiEW3 to thi5 regard.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST Rewrtsl RegLSlations 2008 require us to rep)rt to y(xJ rf. in our oFAnion: the information given li the financial slatements is ifKX)n5iStent in any mat8rial respecl thè trustees. reportr. or the finanaal 51atemenls are Th)t in JetT ilh the atxJ)untsng re(uds' OF we have nol rec2Ned 1 the infc¥matk)n arml exFa1Th$ rue f wr aud Respon5ibllities of Trustees As explained Ino fully in the ststemenl of trustees. resp)rribdities. th8 Truslees, who ar8 also the diredor5 of the artty for the purpos8 of cotnpany law. are reSttIe for ts preparation of Ihe finarKial slatements for being Satisf that they gNe a true fr view, aTvJ fc¥ suth intemal Otr( as Ihe Trustees detemiine is necessary lo In preparing the firhanesal statements. the Trustees are reStsible for assessing the chariils abI6ty lo continu8 as 8 going concem, disdosing. as ap1e. matters rd8d lo going con(xm and Lsing the going concem b8sis of accounting unless the Trusie8s 8ilhar inteThJ to IwKlate the chailatrAe axtpgny ty to se operations. or hav& no realistic altemative but to do so. Audltorfs responsiblltties for the avdit of the financial statements We have been apfMMnted as auditor under section 144 of the Charits Acl 2011 aNJ reFKwL actordarKe wilh the Our objecbvÈs are to obtsin teasonable assurarKX whether the financial slatements as a are free from mat8rial misstaterrent, whether due to frdud or errN, and to IUe an auditorfs retK¥t that indudes wr opinion. ReasOnae assurance ts a high Ve1 of assurance but 15 not a guarantee that an audit conducted in accordance th ISAS IUKI will ahyays detect a material misstatement when it exists. Misstaternents can arise fr(xn fraud or erTOf and are congkred rTterial rf. iTrJM(tualty or in the ag, Ihey [kj reasonaity te expeded to influenc IrTegul8nties, 5ndudiryJ fraud. ar instanits of n0FCoMplIan(? vitth laws and regulations. We design procedures in lin8 with our resp)nsibilities, txrtlined above, to (klec malerial misstatements in r8spect ol irregulaith"es, including fraud. The extsnt to which r procedures a {apab of detectirwJ irregubritie5. indujing frdud, is detailed below. Based on uThJerstsrKliw of tr chaiilab18 (xmnFy, we •Yentifi8d thè WitKI rth of n0n-cornpl1an wth laws and Tegulabons inthding t1 Ihat have 3 dwect im# on the Werat of the fNTrncaal atements and the extewrt to whith [-c1Mplian r111 have a ffleFd effecl orl Ihe fIlia1 statemerrts. Audit prcMdure5 PerfOed induded discuss*S vrith rTrgnagÈmenL revEw of tK)ard Meetj mD)utes. testing of uMS. d8gnIng and performing audit prcKe(lure5 and challerfjing a55umpb.ons and judgements made by management in retation to 8ccounbng ests"maies. There are inh$rent limitatThs in the athjit prctedure5 d8suibgJ at#)ve. We a kn likety to become awar8 of instanc2s of nOrComp with laws arKt re9$ that are not dosety rela1 tr) events and tra[tiOnS refiected in the finan(ial stalem& Ajg). risk of not eng a material mi8slatement due to frdud is higher f¢Jrgery or intenliona mrsrepresentstions. th1¢xh ¢yuS). A further descript.on of our responsi""e$ is availab on the Finanoal RepcKbng Counryl's websrte aL https'.11 www.frc.org.uklauditorsresponsitjile$. This des(xi.0n forn part ol c4Jr audTtots relt.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST INDEPENDENT AUDITOR'S REPORT (COPlnNUED TO THE TRUSTEES OF GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST Use ol our report This reFX)rt is made FA)lely to the dwivs Injstees, as a tthy, in accord 7•rith part 4 of the Chavibes (Aceour Bnd Reports) Regu"05 2(M18. Our audit work has been uThYertaken so Ihat we mNJht stste to the charrvs trustees those matters we ar& raquirsd to statè to th8m in auditorfs report and for no other kxjrpose. To the fvllest extent pemitted by law, we th) not accept or assu WE5psibIl[ to anyo other Ihan Ihe tharity and the charity's trustees as a tmxly. for OLf audit work. for this rerKrt lor the IyinKw)s have fom)ed. Gary Rutter FCA (Senlor Stulory Audltor) Chartered Accountsnts Statutory Auditor The Oakley KKlderminster Rosd 9AY Ormerod Ruttw Mited is elKJible for appc¥nts1)1 as audik of tr charity by wriue of its elKJibilty for appointment as auditor of a company under section 1212 of the C(MpanA 2(.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST STATEMENT OF FINANCIAL AcnvmES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2023 Total fijnds •nd$ 2022 2023 2023 2022 2022 Income from: Donab"ons and oll)erlTadiF athitss 520.841 3225 7.(N)7 524.( 11. 3.023 701,636 3.147 252,5 7.579 954,241 10.726 3.023 Total income 528.817 10.232 539.049 704.826 260.184 965,010 enditure on- Raising funds 11.LK)1 11.(X)1 ChaTilab18 8CtiMtt8S 515.427 184.598 7(A),025 154249 41,5 196,154 Tot3É exp8nditure 525.0&5 184.598 709.683 1652S) 41.5 207.155 Net InmIt{(M9OIn9) 3.732 (174.366) (170.6341 539. 218279 757.855 funds 152.803) 14701 470 Net incomel(expendiiurel for the yearl Nèt movemènt in lunds 1227.1691 (170,634} 539,1( 218.749 757.855 FuThl balarKes al l Fetrfuary 2022 845.733 27&284 1.122.017 306.V27 57.535 364.162 Fund balances at 31 January 2023 SX)2.268 49.115 951.383 845.733 276.284 1.122.017 The statement of financ431 &tivrbes also th the requirerrwts for an irKThne and expenditure ac£ount under the CompaniesAct 2CM)6.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST BALANCE SHEET ASAT31 JANUARY2023 Fixed assets Tangible assets Current asse15 Debtors Cash at bank and 13 16.047 5.532 15 42,246 1.103,761 1.115.350 1.116.042 1.146,1)07 Creditor5: am(wnts falling due within one year 16 (180.7() 129,5221 Net rrrtats 1.116.485 Total assets less ¢urrpnl1sabllllles 951. 1.122.017 Inc4Th lunds Restricted funds Unrestricted fund Desi9naled funds 17 49.115 276,284 18 P.254 283.514 297.481 548.252 845.733 951.383 1,122.017 The (x)mpany is enti1 to the ex[11)n fnxn the Jjdit rlTernrt in Srb 477 of the CompgnEsAct 2006, for the year ended 31 January 2023, atthwh an KItt has been carri1 out Lbnder sectK)n 144 of the char(t Act 2011. No rrrnber of the c(•npany has de1 a ¥v)twx. to sect)n 476. requiring an a11 of these finanL3al statements wuiremerts oflhe CwaniesArt 21. The Trustees a(knwAedge their reSpI&bI$ ts en5urÉng Ihat the dwrity k88ps aA)unti re(ths which compty ¥wth section 386 of th8 Act and for Paring finan(ial stateMts which give a true and fair view of the stste of 8ffairs of the ca)mpany as at the er#J of the financial year and of its irKX)miry resources and application of resources, induding tts inct¥ne and expeNltture, the financial year in accorrtan the requirements of financial statements, so far as aplIZb to the corryjarry. Th8se finanaal slalements have prepared in acts)rdae with the appI/ble to compaNe$ sutr4ecl to the smam companw Iwme. The financ4 8tstements 4v0v1 by Truslees on 21 Aw"12023 Mr P YOUNJ Tmstee Company Reglstration No. 0706Yg8
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2023 Cash flows from operating adivati85 Cash geneiated fvom opErab"ons 22.141 769,453 InvestirwJ activities Purchase 0ftangIb fwl assets Invesb7)ent incJJme %Ve 113.575) 3.023 Net ¢ash {used Inyyenerat frorn investing al¥le3 110.5521 43 Net cash used in financin9 activib Net In cash and cash èquivalents 11.589 769.4 Cash and (%sh al tr)nnI of year 1.103.761 334,265 Cash and cash *quivalents at end of ye•r 1.115.350 1,103,761 10-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY2023 GIou(sterShIr8 WaThwd(5hiTe Raihvay Twst is a private cx)mpany limiled by guarantee iFKorp(ated in England and Wales. The w5tetEd Offi is Chuld8rd H(KJse. Win(Kx)mLE RaiaY Slation. Winchcombe. Gloucestershire. GL54 5LD. Un1j the CompaThes Act 2CX)6 8nd "ArAxyJnlwvJ arKI Repthts)g by Charibes.. Ststemenl of Reixxnmended Pracke applicable to thartbes pparing their accounts in acar the FinancHI Reporting Stsndard applicab18 in the UK and ReputAic of Iland IFRS 1021- las amermled for >ntl9 periods COMMenn9 fM 1 January 2016}. The tharity rs a PutAic Benefft Elltity as defined ttry FRS 102. 8[rInts in these finanoal statements a rowKled to th8 naL The financial statements Iwe tRen prepatBd urM1er htstcrfical cost Vent. The prinupal accounting pol¢ra8s adopted are set OLrt LthAf. 1.2 Golng cot)cem At th8 tirne of aFwing the finan¢k91 slatemenls. the Tntstees have a rpaso¥oble expedalion that the thaTity has adequate fesources to Ixjntinue in owatthal existen the foreseeable fulure. ThLS the Trustees conlinue to adopt gwg baS ofa(XXXJntw in K¥ying fina1?1 stalements. 1.3 Charrlable knKIs obJINeS. Designated fuTMls are a of the unrestrictgj of rerthirs tharity that has Leen set ayde a parkn"clar purpose by Ihe tfustees. IA Incoming r•sources AU incom& is r8cogni58d in the Statenl of Fit)anaal Aclivrfies orKx Ihe tharty has enb"Ilement to the fvnds. tt is probable that the incorre wll be re1Ve and the amount (xn measud lIablY. Cash (knab"ons awE Tecc¥JniJ u) recept. otlw donatk)ns ar? recxNJnk1 once the iarity has been notr of Ihe dortatKffl. unless c(xxlitKJns defertal of Ihe amounL IncA)me tax recA)verable in Legies are re(JnISed on reIpl olherwse rf cJ)anty has l)een notif of an impeThling distrit)ut50n, the amounl is k[KIh. re(pt is exFCted. If the amount is known. Ihe ltrJacy is treat&1 as a contingent a5sèL 11
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY2023
Accounting polic
(Cwtinuedl
1.5 Resource5 expended
Liabilrti"es are reccwJntsed as expendthre as as there is a Wl or nStructive obligation Ix)mrnilting the
¢harity io that expenditure. il is prrtsble that a transfer ofeconomic beneffts will be required in sethement and
th8 amount of Ihe obluatK)n tzn measured rdiabty. ExpewKliture 15 aUxxJn1 for on an acuuals basis aThJ
has been da55ifigJ uw¥JeF heath"ng5 that aggwate al (xEt lelat lo tt 12lw)ry. Where cx)sts (2nnot
Grarkts offered subject to IxMKlibons whith have In rT%t at th8 y8at end date are rboted as
cornmitment but not acuued as e4EndiIu.
Raising furt(Is indLMYes all eXpa)drtu by the thrity to raase fvnds for its rknritatrlg purposes 8fKI
indudes (osts of all fvndraisiry aciMis. events arKI ThTr(kniilatrAg trading.
The presentation of ¢aritabk iwbes fr(xn drI$ vwn and wryK&se.
Grants 8w8rded in furtherdnc£ of Ihe are reLryfNSed as a nole as as the tharity has
nottfi8d the recipiènt of the èwa¥d.
1.6 Tangible fixed assets
Talble fixen ¢x)
gain or k6s arising the di5tM% crf asset is (terrTh'wt as the dstrereFKX bèlween the salè
1.7 Cash and cash equivalents
Cash and cash 8qLtivnts indude In h8rKI. de51 ?k1 al tll vitth banks, other short4em l¥]uid
inv8strnents with Original maturilies of three TWK)nths OF kss. and bank oveTtha115. Bank overdrafts a stxw)
1A Flnanefal Snstruments
The chaity has ekcted to apply the provis of 1)n 11 'Ba Financial IrtstrLurwts' and Section 12
'Othw Finanoal Instnjments Issues, of FRS 102 to all of its financial instwmenls.
Financial irtThEnts are rerx¥Jnised in th8 drI5 bakrK $18t when the chartty beo)mes party to the
Finarttiat assets 8fKI liabiht*s awe offset. wlh the nel amwnts presented in finarttiafj 5ktements. when
the a Iwty erfforLIe rwJht b) set off ts rewiwl aMts and Ihere ts an intenl¥)n to selde on a
net bas$ or to wlise the asset and sethe Ihe lsability simumaneousty.
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GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JAhlUARY2023 Accounling policies (Contin¢ted) Basic financial assets Basic financial assets. whth indude debtus aTh1 cash and bank balances. are insti.alty measured at transathon induding transaction (x>sts and are subsequenty carried at aMSed cost using the effeclrve interest metPxNJ unle&8 the aFraement CA)nslitutes a finwiro Irans. Whe the transactton is 1mpalrnnt of 11nola1 ass•ts Finanual ass8ts. other than those held al faw Va through irKome and expeThYthre. are assessed for indicato[5 of iwnpairment at eath reporb.ng date. FanCi assets are irnpaired where there is objeciNe edence thaL as a resuk ofone or more events that (mxxjrd arterthe initial re(wnrtm of the firbanoal asset, If èn asset is 4mp3wed, th8 impaNm8nt kjss is the dIYerer 1Ween the (X1[vj annt arKI th8 present value ol the eslimaled cash llows discounted at the assefs orwJinal effectsve interest rate. The impaim)ent loss is re(ognised in IncMe1(eXpenditreI for the year. If there is a dècreasè in thè impoirtnt tss 8n9 fr(Mn an evtrnt o(xxJrriNJ aftèr tha irY4)aim)ent was D8recognilion of financialassets Financial assets are derecOgnis onty when the contractyaj rights to the 1k)ws from the ass8t 8xpir& or are settled. or when the tharity Iransfers the financA asset substanlialty all the risks and rewards of ownership tr) another enbty. or rf some siwifi(ant risks and rewards of ownetship are retr11 but control of the asset has trarksferred to anolher Forty that is able lo sem Ihe asset rn Jts entwety to an Unlater1 thiffJ party. Basic financial liabilities Basic financial liabilities. ind11ng creditors and bank loans are inibaty re(Ygnised at trarsaction price unless the arr8ngernent con5titirtes o finan(ang transacbon. where the (Jebt instrurnent m88sured 8t thè piÈs8nt value of Ihe futute payrnenls th"scourrted ai a tnarket rate of l1rtesL Finanoyal liabilibe5 dassthed as paYae within are anK•1ised. Trade credrtors are otlgat#)ns to pay for yS se that have acquir1 in the Ordinary course ol op8rdtions from Suppliers. Amounts payab are ctassffied as current Ikqbilities rf paymenl is due vrithin one year or le. If noL they are presented a5 rK)n-current liakn"lilie5. Trdde ueditor5 are recognised in"allY 81 cancd1. 1.9 Taxation Th& charity is 8xempt from Cat1Th lax on its c*arrtaNe acbvths. 13-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 In the of Ihe charrVs accounti lIs. th8 Tmsle8s are Uired lo make judgements, estimates arKI asSUrnptiS atK)th the carryiTrJ anN)unt of a55ets and 1sabilrh8s that ar8 Th)t readily apparent from other sources. The estimat8s and assrKxated assurnplicS are based on historical 6rien and other fa¢try5 thal are o)nshJered to be rdevant. Actual re5thts may drffer from these esb"mates. estmnates are rwiÉsed in th8 pKM1 in Ihe eslimate is revis&l revtsTh affe(ts only Ihal Donatlons and legaclos Totsl 2023 2022 2022 2022 DonalmS and grfts 3.Z25 58.165 2(M).172 393.893 434.482 72.(KQ 66.982 252.605 452,777 434,482 66.982 Subsirriptions 520.841 3,225 S24,(6 701,636 252.605 954,241 Othertrading adivits•s funds fitnds nds funds 2023 2023 21123 2022 2022 2022 FUnd1atsg 7.(K)7 11.960 3.147 10.726 Inveslments Unrestricted Unrestricted funds funds 2022 Interest receivat4e 3,023 14-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y2023 Raising ftyKIs 2023 2022 Fundraisin and Compuler costs Postage. printing arKI stslior Website costs Sundries D8pr8uation and ImpainTnI 5.918 540 972 3.060 FuThJraislng aThJ wbldty 11.001 11.)1 For the year ended 31 January 2022 Fundraising and publiiity 11,001 2023 Fundraising prizes Insurdnce Magazine postage and pa(ag Printing of magaar Bank tharges Sund$ 3,689 703 10.668 20,148 2.390 2,246 4,126 560 8.716 17.057 3.275 644 39.844 34.378 Grant fiJThJiNJ of athibes (see 8) Share of governaT (x)sls (see note 91 656.Z39 3,942 155.) 7LN).025 196.154 2023 2022 GkMKestershtre WaThvickshire Steam Rath¥ay Flc 656,239 155.290 In the of GkceSter$he Wwwishre Steam Ratrway Pk Ixa5irvJ to wthate, al g1$ m&Je w(j 15-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 Grants payable {Coniinued Support costs 2023 2022 Auditfees Legal and kvofessv)nal 2.720 2.720 2.352 4.134 3.942 3.942 natysed Charitable acbviDes 3.912 3.942 6.486 10 Tru$tees ended 31st January 2022. During the year. 3 trus1885 were n*)urse èxp8rws of £408 in reLati[ to 5t81ionery. prthiling and office fumiture costs. In 2022. 2 trustees reimtsjtsed expense5 of £1.518 in relalvjn to Stationery, printing and IT rnsts and other neral repairs SupIeS. 11 Auditorfs r¢munera¢ion 2023 2022 Audit of the charivs amual ac¢Jnts 2.720 2.352 12 Employees 2023 Number Number Total 16-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 13 Tatyible fixed assets At 1 February 2022 Addib(Jns 10.959 5.522 13.515 16.481 13575 At 31 jarary 2023 10,959 19,097 30.056 Depreciation and impairnwnt At l February 2022 10.949 1216 At 31 J8nu8ry 2023 7.271 6.T38 14.009 Carrying am¢)unt At 31 Jarthry 20Z3 12.359 16.047 At 31 jarKry X122 5.532 14 Flxed asset in¥estrnents Tot shares eiv8 as gifts durin9 the yw annted lo £14.925 (2022: £20.Y201. The 10t of shares hekl irE GkyJ5tShYe WaNCkth Stearn Railway Pk arw¥ to £423.165 12W22.' £408.2401. Th8 direL)ws are ofthe op•iion that the deemed market vue d investrnents is £nil {2022- £nill. 15 Debtws 2023 2022 Amounts falling due wlthln one year. Gffta Other debtors Pr8payTnents atKI accrtd income 40,040 641 1.565 692 42246 17-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 16 Creditor5: amounts falliry due wlthin one ye 2022 Trade creditors Aral$ and deterred 149,452 31.254 316 29,206 180.71 Indudj vthhin wua15 arhl deferrgj I[n8 is defewwed irKome of £28,82312022.. £27.IXhSI. Thls COTnprises income recewed in relab.on to firture years from members who have subscribed to 3 year memberships. BalW as at 1st Felxuary 21r22 27.1 118.0681 19,885 AMnI deferred in y Balanc8 as at 31stJ8nuary 2023 28.823 18-
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GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 19 Limited liability of share The rA)mpany is by guarantee aThJ theref has share c8txl81. In event of the ojmpany bw'ng wtXJWKI up 83th rrwnbw is Ikablè for amunt ex(wdiry £10. The company is a registered tharity IS takén alv8n ol the exemption to dispense with word Limited frixn ils naffle. 20 R•lated party transa¢lio There We ro dBdosatr48 related party Irdnstwxts duriThJ the ye(2022. ne1. Analy51s of net assets between funds Totsl 2022 2023 2023 2023 2022 2022 Fund balances at 31 January 2023 are represented by". Tangible assets CuFrent asseMlkqtrihW} 16.047 886.221 16.047 935.336 840.201 5.532 1.116.485 49,115 276.284 9)2,268 49.115 951.3&3 845,733 276.284 1.122.017 2023 2022 IDeficitVsurpus fw the year 1170.634) 757,B55 Adjustrnents ts: InVestnt irtome reC(MJn1 in statement of fiEh3FMial Depreixation and impaim)ent Lrftargibk fixed assets 13,0231 3.060 1431 Movements in Worki Ixtmlal.. Decrease in debtors Inuease in uedrtors 41.554 151.184 7,612 2.185 22.141 769.453 23 Anatysi$ of dwges in net funds The charity had no debt duriro the year. -24-