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 FO￿e5 MsBExt MrA Cauif*hJ IAppc#nted 4 March 20221 IApwM"nted 24 Juty 20221 MrJ Wcndall Charrty number 1133186 Conwny number 07(65498 Registered office WInch￿lmbe Rath*8y StatK Winchcombe Gk￿￿e$ter$hir* GL54 5LD Auditor Onnercxl Rutter ￿M[ted Oakl8y Kh*Yeminster 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 aCc￿￿tir¥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 alr￿Ided for aC0)5JnJi￿ from l Januwy 2016). Objecti¥es and actrvit The Chari￿$ obJ"eclives are to SUPFth andlcff maintsin tt* GknEcestersh¥e wa￿lc*shIrts Raiw as a living museum for the be￿ oflh8 [wbI￿. In furtherarte of these objects the (harity may: Make grants to organi5ations that I￿rit￿￿e lo the operdtion of Ihe GkW￿SterShire Warwd(shir8 ¢J1￿1￿)t. associated equipmenL Restore aFxI h(xtse such ktomoiives. Gqrriages or other rolling st(￿k and eqUipTh￿￿t and put them on display, loan or hire them so t￿Y may b8 used rf practicable aThJ make suitable atr8ngements for their continued preservation a5 tsr as p0￿ble. Fljblish or support the publ￿10ft of tKth. arbths ￿ 0th8r material ￿ 0￿￿￿se to womte irrter88t in GkMJceSt￿shlre 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$￿eS crf£49.11512022.. £2762841. Flnanelal r•vlèw Re5eThes policy The l¥ustees aim to maintwn en(￿h ￿S￿S in Unwi￿ at a thl vA)ith to approximatety 3 months of unreslricted charitat￿e expenditure. Where the level of free reserves is in eX￿s$ of this 18vel the arity aims to use any surpluses to fvnd run by or in sup￿￿ of the GknU￿terShire Vvarwickshire t￿0VIde a rate of relum. Restricied fuThls in(*Jde rnonies ratsed S￿Efi[ZHYts the w￿￿r￿j 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 d￿rtlY 15 exposed 8rKI estsbltsh systems lo mrfigate those risks. The charity is satisf*d 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* fO￿ard to worting him. Railway. It was an IxNKxJr for me to re￿1ve 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 r*Jwninated 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 deVek￿rnen1 and wlair￿lMI￿ ofts GWSR ￿ cwkl ¢￿tinue to do prov*Jed 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 R￿iSter. We h8NE also Granl Application pro￿ure. Separately we were asked by GWSR Pk io Wtr them by rthi(ing numt*r of rK)minatwJ Cross Board Dsrectors from lo one. As the main aim ol the r￿nt￿l9 periods COMMen￿n9 f￿M 1 January 2016}. The tharity rs a PutAic Benefft Elltity as defined ttry FRS 102. 8[r￿Ints in these finanoal statements a￿ rowKled to th8 n￿a￿L 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 aFw*ing 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 ba￿S ofa(XXXJntw￿ in K¥ying ￿ fina￿1?1 stalements. 1.3 Charrlable knKIs obJ￿INeS. Designated fuTMls are a of the unrestrictgj of ￿ rerthirs tharity that has Leen set ayde a parkn"c￿lar purpose by Ihe tfustees. IA Incoming r•sources AU incom& is r8cogni58d in the Staten￿l of Fit)anaal Aclivrfies orKx Ihe tharty has enb"Ilement to the fvnds. tt is probable that the incorre wll be re￿1Ve￿ and the amount (xn ￿ measu￿d ￿lIablY. Cash (knab"ons awE Tecc¥Jni*J u) recept. otlw donatk)ns ar? recxNJnk￿1 once the i*arity has been notr of Ihe dortatKffl. unless c(xxlitKJns defertal of Ihe amounL IncA)me tax recA)verable in Leg*ies are re(￿JnISed on re￿Ipl ￿ olherwse rf ￿ cJ)anty has l)een notif￿ of an impeThling distrit)ut50n, the amounl is k[KI￿h. re(*pt is exF*Cted. 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 aUxxJn￿1 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 I￿n 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 aciMi*s. events arKI ThTr(kniilatrAg trading. The presentation of ¢*aritabk *iwbes fr(xn ￿ d￿rI￿$ 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 Ta￿lble 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 8qLtiv*nts indude In h8rKI. de￿51￿ ?￿k1 al t*ll 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 ir￿t￿ThEnts are rerx¥Jnised in th8 d￿rI￿5 bakrK* $1*8t when the chartty beo)mes party to the Finarttiat assets 8fKI liabiht*s awe offset. wlh the nel amwnts presented in finarttiafj 5ktements. when th￿e a Iwty erffor￿LIe rwJht b) set off ts rewiwl a￿￿M￿ts and Ihere ts an intenl¥)n to selde on a net bas$ or to wlise the asset and sethe Ihe lsability simumaneousty. 12- 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 aM￿￿Sed cost using the effeclrve interest metPxNJ unle&8 the aFra￿ement CA)nslitutes a finwiro Irans￿￿. Whe￿ the transactton is 1mpalrn￿nt of 11no￿la1 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. F￿anCi￿ assets are irnpaired where there is objeciNe e￿dence thaL as a resuk ofone or more events that (mxxjr￿d arterthe initial re(wnrtm￿ of the firbanoal asset, If èn asset is 4mp3wed, th8 impaNm8nt kjss is the dIYerer￿ ￿1Ween the (X￿1[vj an￿nt 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 Inc￿Me1(eXpendit￿reI for the year. If there is a dècreasè in thè impoirt￿nt tss 8￿n9 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 retr1￿1 but control of the asset has trarksferred to anolher Forty that is able lo sem Ihe asset rn Jts entwety to an Un￿later1 thiffJ party. Basic financial liabilities Basic financial liabilities. ind￿11ng 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 l1rte￿sL Finanoyal liabilibe5 dassthed as paYa￿e within are anK•1ised. Trade credrtors are otlgat#)ns to pay for ￿yS ￿ se￿￿ that have acquir￿1 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 C￿￿at￿1Th 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￿ ￿lI￿s. th8 Tmsle8s are ￿Uired lo make judgements, estimates arKI asSUrnpti￿S atK)th the carryiTrJ anN)unt of a55ets and 1sabilrh8s that ar8 Th)t readily apparent from other sources. The estimat8s and assrKxated assurnplic￿S are based on historical 6￿rien￿ and other fa¢try5 thal are o)nshJered to be rdevant. Actual re5thts may drffer from these esb"mates. estmnates are rwiÉsed in th8 p￿KM1 in Ihe eslimate is revis&l revtsTh affe(ts only Ihal Donatlons and legaclos Totsl 2023 2022 2022 2022 Donalm￿S 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 FUnd1ats￿g 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 ImpainT￿nI 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 Gk￿ceSter$h￿e Wwwi*shre Steam Ratrway Pk Ixa5irvJ to wthate, al g￿1$ 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$tees ended 31st January 2022. During the year. 3 trus1885 were ￿n*)urse￿ èxp8rws of £408 in reLati[￿ to 5t81ionery. prthiling and office fumiture costs. In 2022. 2 trustees reimtsjtsed expense5 of £1.518 in relalvjn to Stationery, printing and IT rnsts and other ￿neral repairs Sup￿IeS. 11 Auditorfs r¢munera¢ion 2023 2022 Audit of the charivs amual ac¢￿Jnts 2.720 2.352 12 Employees 2023 Number Number Total 16- GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 13 Tatyible fixed assets At 1 February 2022 Addib(Jns 10.959 5.522 13.515 16.481 13575 At 31 jar￿ary 2023 10,959 19,097 30.056 Depreciation and impairnwnt At l February 2022 10.949 1216 At 31 J8nu8ry 2023 7.271 6.T38 14.009 Carrying am¢)unt At 31 Jarthry 20Z3 12.359 16.047 At 31 jarK￿ry X122 5.532 14 Flxed asset in¥estrnents Tot￿ shares ￿e￿iv8￿ as gifts durin9 the yw an￿￿nted lo £14.925 (2022: £20.Y201. The 10t￿ of shares hekl irE GkyJ￿5t￿ShYe WaNCkth￿ Stearn Railway Pk arw¥￿ to £423.165 12W22.' £408.2401. Th8 direL*)ws are ofthe op•iion that the deemed market v￿ue d investrnents is £nil {2022- £nill. 15 Debtws 2023 2022 Amounts falling due wlthln one year. Gffta Other debtors Pr8payTnents atKI accrt*d income 40,040 641 1.565 692 42246 17- GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 16 Creditor5: amounts falliry due wlthin one ye 2022 Trade creditors A￿r￿al$ and deterred 149,452 31.254 316 29,206 180.71 Indud￿j 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 AM￿nI deferred in y Balanc8 as at 31stJ8nuary 2023 28.823 18- ro 00 aj0￿￿* o) iry L¢) 4X* Lyi L7J (N O 00 r o Lri o <11 ¥) ¢OOrf* (F) o UJor) aiLLXJ a￿￿￿000 C ￿(T)IN 00 00￿0￿00 r¢D (O O (D ¢0 o*okrJoooooooo (f)￿000￿co0 ￿>￿￿£￿000000Q r£1 ai L¢) Vi O o aJOO loo 000000 00 C￿￿0000 00 OTr-O QI CFJ 2 ￿ ryj E ro x O JU)C •JiJ (t< ￿)￿ WLL VÉL IilLL QIJL 3 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 I￿S 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 Irdns*twxts duriThJ the ye￿(2022. n￿e1. 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: InVestn￿t 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-