Charity registration number 1133186 Company registration number 07065498 (England and Wales) GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr R Scott Mr P Young Mrs R A Phillips Mr M Hall Mr R N Davidson Dr J Forkes Ms B Exton MrA Cauifield Secretsry Mr J Woodall Charity number 1133186 Company number 07065498 Registered office Churchward House Winchcombe Railway Station Winchcombe Gloucestershire United Kingdom GL54 5LD Auditor Ormerod Rutter Limited The Oakley Kidderminster Road Droiknich Worcestershire WR9 9AY Bankers Lloyds Bank plc Blackheath Branch PO Box 1000 BX11LT Close Brothers Savings 10 Crown Place London EC2A 4FT
GLOUCESTERSHIRE WARWICKSHIRE RAILWAYTRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JANUARY2024 The Trustees present their annual report and financial statements for the year ended 31 January 2024. The accounts have been prepared in accordance with the accounting policies set out in nole 1 to the accounts and comply with the charity's Memorandum and Articles of Associalion, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). (as amended for accounting periods commencing from 1 January 2019). Objectives and activltles The charity's objectives are to support andlor maintain the Gloucestershire Warwickshire Railway as a living museum for the benefit of the public. In furtheran of Ihese objects the chariiy may., Make grants to organisations that contribute to the operation of the Gloucestershire Warwickshire Railway as a living museum, including organisations that restore locomotives or carriages or other equipment. Acquire and preserve railway locomotives, railway carriages and other items of rolling stock and associated equipment. Restore and house such locomotives, carriages or other rolling slock and equipment and put them on display, loan or hire Ihem so they may be used if practicable and make suitable arrangements for Iheir continued preservation as far as possible. Publish or support the publication of books, articles or other material or otherwise to promote interest in Gloucestershire Watwickshire Railway as a living museum. Accepl gifts, donations, legacies and bequests of assets on any terms. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing its aim and objectives, and in planning future activities. Achievements and performance The Charity made a deficit for the year of £97,004 (2023-. deficit of £170,634) with Ltnreslricted reserves of £607,424 {2023= £902,268) and restricted reserves of £246,955 {2023'. £49.115). Financial review Reserves policy The trustees aim to maintain enough reservès in unrestricted fvnds at a level which equates to approximately 3 months of unrestricled charitable expenditure. Where the level of free reserves is in excess of this level the charily aims to use any surpluses lo fund projecls run by or in support of the Gloucestershire Warwickshire Railway or purchase assets for the railway. Excess monies not required for the day to day running of Ihe charity are invested in bank deposit accounts lo provide a higher rate of return. Restricled fijnds include monies raised specifically for the Viewing Gallery and other future projects. Investment policy and objectives The Irustees consider that the investment in the Gloucestershire Warwickshire Steam Railway PIC is an appropriate investment to enable the company to achieve its objectives. Risk management The trustees identify and review the risks to which the tharity is exposed and establish systems to miligate Ihose risks. The charity is satisfied that systems are in place to mitigate their exposure to the major risks.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JANUARY2024 Chairn)an's report and review of the period At the start of the period under review the Trust Board awarded a grant to GWSR PIC for the development of a new workshop for the RaiEway's Signalling and Telegraph department and work started on the project late last year. S & T are responsible for the restoration. installation. and mainlenance of Ihe Railway's signalling system. This system is fundamental to the safe operation of the Railway and without it there would be no 'Living Museum" S & T have operated in very unsatisfactory conditions for many years. their workshop being an old passenger coach. The new workshop will therefore be a major improvement making the working conditions of the volunteers far better which should help recruitment and retention into the future. As reported last year we launched an Appeal to raise £1.5m for repair work on Stanway Viaduct. Between £300,000 and £350,000 was needed in the first year to allow for the installation of a new waterproof deck. Inflalion and other factors pushed the cost over the higher figure in the estimate but when the Board considered the Grant application from the PIC in October. we took the decision to allocate a substanlial sum from our reserves as the Appeal at thal time had nol reached the lower figure. In reaching that decision we felt that getting the waterproofing repaired was critical as that would slop further deterioration of the brickwork. In late November I received a phone call from GWSR Plc's Finance Director letting me know that the removal of the track and ballast had uncovered a hitherto unknown serious structural problem. There was an open joint along both sides of the viaduct where the parapet walls were supported by the main slructure and worse these walls were leaning out by around 30 The Railways engineers worked on a solution and fortunately the cost was affordable for the Trust lo Finance through a Grant to the PIC if we reslructured our reseTves. I would add that in considering the Grant Applications for both the waterproofing work and the parapet wall defect your Board undertook a due diligence review which included asking those responsible from Ihe PIC to attend our Board so that they could answer our questions. In late January as the Appeal had sufficient funds to fully cover the Trust's liability the Board allocated to the waterproofing Grant and consequenlly the Board agreed to fully fund the parapet repair from our funds leaving Ihe residue in the appeal to roll over towards the brick repairs which will hopefully start in 2025 after Ihe viaduct has fully dried out. l am pleased to say that as I write the final work is being completed with the anticipation of the Railway reopening to Broadway at Easter. In a conversation with the Infrastructure Manager. he told me thal in recenl heavy rain the water was flowing freely from all the down pipes in the viaduct suggesting that the waterproofing work was successful. We are very grateful lo those Trust Members and PIC Shareholders and other supporters of the Railway who have so generously given to the Appeal. Wilhout their support the repairs lo the walerproof d@ck and parapet walls would not have been completed in the time and way in which they have. As to the repairs to the bricthork, that while the Appeal remains open the amount required is going to require us to look elsewhere for funding and the Trust's Finan Director. Bryony Exton. who took up the role during the year and has worked hard on the Appeal is currently investigating where such funds might be available. It is good to see the Team of volunteers making progre5S Wlth Ihe new buildings on Platform 2 at Broadway. This is another project funded by the Trust.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JANUARY2024 Future developments The charity continues il's joint venture with the Gloucestershire Warwickshire Steam Railway PIC to raise funds for the future expansion of the railway. Structure, governance and management Governing document The charity is governed by its Memorandum and Articles of Association and constitutes a limited company, limited by guarantee, as defined by the CompaniesAct 2006. The Truslees. who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Mr H J Howard (Resigned 28 August 2023) Mr R Scott Mr P Young Mrs R A Phillips Mr M Hall Mr R N Davidson Dr J Forkes Ms B Exton MrA Caulfield Recruitment and appointment of new trustees The trustees, who are also directors are appointed by ordinary resolution or by the existing directors. Organisational structure The Trustees are responsible for managing the charity. Responsibilities for some functions are delegated to individuals as they see fit. Induction and training of new trustees New trustees are provided with information from the Charity Commission explaining the duties and responsibilities of trustees, logether with a copy of the charity's Memorandum and Articles of Associalion.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JANUARY 2024 Stalement of trustees, respDn8lbilltl•s The Trustees, who are also the directors of Gtoucestershire waICkSh1re RaIfvY Trust for the purpose ol company law. are responsible for preparing the TTuslees' Report and the financial statements in accordance wth applicable law and United Kingdom Accounting Standards (Unlled Kingdom Generally Accepted AcGounting Practlce). Company Law requires the Tnjstees to prepare financial ststements for each financial year lch give a tnje and fair vtew of the stale of affair5 of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial ststements, the Trustees are required to: - select suitable accounting pollcies and then appty them ¢onsistenlty; - observe the methods and princAples in the Choritias SORP: - make judgements and estimates that are reasonable and prudent; stste whether applicable UK Accounling Standar(Is have been followed. subject to any material departures disdosed and explained in the Itnanclal ststsments.. and prepare the finanual statements on the ooing concem basis unless 11 Is in8ppropriat8 to presume that the charrty wll continue in operation. The Trustees are responsible for keeping adequale accounting records that disclose reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply th the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and deteclion of fraud and other iegUlalieS. Auditor The auditots. Ormerod Rutter Limited, will be proposed lor rwppoinlment in accordance in accordance wlth Section 487{21 ofthe Companies Act 200& The trust ' report vas a roved by the Board ofTnJsloes. Mr Pyoung Tnjstee Dated..
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST Opinion We have audited the financial statements of Gloucestershire Wa[CkSh1re Railway Trust (the 'charity'} for the year ended 31 January 2024 which comprise the statemenl of financial aclivities. Ihe balance sheet, the statement of cash flows and noles to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state af the charitable company's affairs as at 31 January 2024 and of its incoming resources and application of resources. for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Praclice., and have been prepared in accordanGe with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Inlemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audil of the financial statements in the UK, including Ihe FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of Ihe financial statements is appropriate. Based on the work we have performed, we have not idenlified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability to continue as a going concem for a period of at leasl twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Other information The Trustees are responsible for the other infomation. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on Ihe financial statements does not Cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsi5tenGies or apparent material misStatement5, we are required to determine whether there is a material misstatement in the financial statements or a malerial mis51atement of the other information. If, based on the work we have performed, we Conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which Ihe Charities (Accounts and Reports) Regulations 2008 require us to report lo you if, in our opinion= the information given in the financial statements is inconsistent in any material respect with the trustees, report., or sufficient accounting records have not been kept., or the financial statemenls are not in agreement wilh the accounting records., or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the statement of trustees, responsibilities, the Trustees. who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a Irue and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going conrn basis of accounting unless Ihe Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditotrs responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstatement when it exist5. Misstatements can arise from fraud or error and are considered malerial if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misstatements in iespect of irtegularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Based on our understanding of the charitable company, we identified the principal risks of non-compliance with laws and regulations including those that have a direct impact on the preparation of the financial statements and the extent to which non-cornpliance mighl have a material effect on the financial statements. Audit procedures performed included discussions with managemenl. review of board meeting minutes, testing of journals, designing and performing audil procedures and challenging assumptions and judgements made by managemenl in relation to accounting estimates. There are inherent limitations in the aLrdit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial stslements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of nol detecting one resulling from error, as fraud may involve deliberate concealment by. for example. forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council'5 website at.. https'.11 V1.frc.arg.uklavd1toTsreSponSibil1ties. This description forms part of our audilor's report.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST Use of our report This report is made solely to the charily's Iruslees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilily to anyone other than the charity and the charity's trustees sabody,f our audil work, for this rèport. or for the opinions we have formed. 165/Jot Garry Rutter FCA (Senior Statutory Auditor) for and on behalf of Omierod Rutter Limited Chartered Aecountsnts Statutory Auditor The Oakley KiddeTminster Road DrO11¢h Worcestershire WR9 9AY Ormerod Rutter Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the CompaniesAGt 2006.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Totsl 2024 2023 Notes Income from: Donations and legacie5 Other trading activilies Investments 282,225 6,130 23,878 395,011 7,053 677,236 13.183 23.878 520,841 4,953 3,023 3,225 7,007 524,066 11,960 3,023 Total income 312,233 402,064 714,297 528,817 10.232 539,049 Expenditure on: Raising funds Charitable activities 16,532 590,545 16.532 794,769 11,673 513,412 11,673 698,010 204,224 184,598 Total expenditure 607,077 204,224 811,301 525.085 184.598 709,683 Net incomellexpenditure) (294.844) 197.840 (97,004) 3,732 (174,366) (170,634) Transfers between fvnds 52.803 (52.803) Net movement in funds (294,844) 197.840 (97.004} 56,535 (227,169) (170,634) Reconciliation of funds: Fund balances at 1 February 2023 902,268 49.115 951,383 845,733 276,284 1,122,017 Fund balances at 31 January 2024 607.424 246,955 854,379 902,268 49,115 951.383 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST BALANCE SHEET ASAT31 JANUARY2024 2024 2023 Note3 Flxod assets Tangible assets Current a88ets Debtors Cash al bank and in hand 15 12,759 1fj,047 17 21,854 1.178.791 692 1.115.350 1,200,645 1,116,042 Credltors". amounts falllng due whhln one year 18 1359,0251 (180,706) Net curTent assets 841.620 935,336 Total a95els1gss eurrent li4biliti•S 8S4.379 951,383 Income funds Restricted funds nrestricted funds Deslgnaled ftJnds General unreslricled fjJnds 20 246.955 49.115 21 398.662 208.762 609.254 293.014 607.424 902,268 854.379 951,383 The company Is entitled to the exBrnplion from the audit requlrement Gonlained in section 477 of the Companies Acl 2006, for the year ended 31 January 2024, ahhough an audit has been carried out under 5ecllon 144 of the Charilies Act 2011. No member of the company has deposited a notice. putsuant to section 476, requiring an audll of Ihese financial statements under the requirements of the Companies Act 2006. The TNstees acknoimedge their responsibilities for ensuring that the charity keeps accounting records which comply th section 386 of the Act and for preparing financi81 ststements which give 8 tfue and fair view of the state of affairs ol the company as at Ihe end of the finanual year and of its incoming resources and application of resources, including its income and expenditure. for the financial year in accordance with the requirements of sections 394 and 395 and which OtheIse compty wth the requirnents of the Companie5 Act 2006 relalng to financ4al statements, so far as applicable lo Ihe company. These financial statements have been prepared in accordance wth the provisions applicable to companie$ subject to the small Companies regime. The finan I statements we p[:fyi approved by the Trustees on ........... lIpE QèZ* Mr Pyoung TYust¢¢ Company Reglstratlon NIX 07065498
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUAR Y 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 24 41,138 22,141 Investing activities Purchase of tangible fixed assets Investment income received (1,575) 23,878 (13.575) 3,023 Net cash generated fromllused in) investing activities 22,303 (10,552) Net cash used in financing activitiès Net increase in cash and cash equivalents 63,441 11,589 Cash and cash equivalents at beginning of year 1,115,350 1,103.761 Cash and cash equivalents at end of year 1,178.791 1.115.350 10-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY2024 Accounting policies Charity information Glouceslershire WaNickshire Railway Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Churchward House, Winchcombe Railway Stalion, Winchcombe, GIOUstershlrè, GL54 5LD, United Kingdom. 1.1 Accounting convenllon The accounts have been prepared in accordance with the charity's Memorandum and Articles ofAssociation, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Praclice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" {as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102. The financial 51atements are prepared in sterling, which is the functional CLrrrency of the charity. Monetary amounts in these financial stalements are rounded to the nearest £. The financial slatemenls have been prepared under the historical cost convention. The principal accounting policies adopted are set oul below. 1.2 Going concem At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational exislence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricied fijnds are available for use at the discretion of Ihe Trustees in furtherance of their charitable objectives. Designated funds are a portion of the unrestricled funds of the reporting charity Ihal has been set aside for a particular purpose by the trustees. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Incoming resources All income is recognised in the Statement of Financial Aclivilies once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Cash donations are recognised on reipt. Other donations are recognised once Ihe charity has been notified of the donation. unless perf0rrnan conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending dislribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a conlingent asset.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 Accounting policies Icontinued) 1.5 Resources expended Liabilities are recognised as expenditure as soon as Ihere 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. Vvhere costs cannot be directly attribuled to particular headings they have been allocated to aclivities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a ommitment but not accrued as expenditure. Raising funds includes all expenditltre incurred by the charity to raise funds for its charilable purposes and includes costs of all fundraising activities, events and non-charitable trading. The presentation of charitable activities flows from Ihe charity's vision and purpose. Grants awarded in furtherance of the charity's objects are recogni5ed as a note as soon as the charity has notified the recipient of the award. Governance costs comprise all costs identified as wholly or mainly attributable to ensuring Ihe public accountability of the charity and its compliance with regulation. These costs include external audit and legal costs. 1.6 Tangible fixed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valualion of assets less their residual values over their useful lives on the following bases.. Fixtures and fitting5 Computer software - 200/0 on cost - 20°/o on cost The gain or loss arising on Ihe disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial aclivities. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at Gall with banks, other short-term liquid investments with original maturities of Ihree months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial instruments The charity has elecled to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 lo all of its finanGial instrumen15. Financial instruments are recognised in the charity's balance sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, wilh the net amount5 presented in Ihe financial slatement5, when there is a legally enforceable right to set off the recognised amount5 and there is an intention to settle on a net basis or to realise the assel and settle the liability simultaneously. 12-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 AGcounting policies (Continued) Basic financial assets Basic financial assets, which include deblors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried at amortised c05t using the effeclive interesl method unless the arrangemenl constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounled at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Impaimient of fAnancial assets Financial assets. other than those held al fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impaimient loss is the difference beeen the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in net incomellexpenditurel for the year. If there is a decrease in the impairment loss arising from an event occurring afler the impairment was recognised, the impairmenl is reversed. The reversal is such that Ihe current carrying amount does not exceed what the carrying amount would have been. had the impairment not previously been recognised. The impairment reversal is recognised in net incomel(expenditure) for Ihe year. Derecognition of financial assets Financial assets are derecognised only when the conlractual rights lo the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or rf some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third paty. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the fvture paymenls discounted at a market rate of interest. Financial liabilities Glassified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate melhod. Trade creditors are obligations to pay for goods or services that have been a¢quired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised inilially al transaction price and subsèquently measured at amortised cost using the effective interesl method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.9 Taxation The charity is exempt from corporation tax on its charitable activities. 1.10 Investments Investments are stated at deemed market value. 13-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y2024 Critical accounting estimates and judgements In the application of the charity's accounting policies, Ihe Trustees are required to make judgements, estimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevanl. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affect5 both current and future periods. Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Totsl Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Donations and gifts Legacies receivable SLbbscriptions 39.817 203,718 38,690 395.011 434,828 203,718 38,690 54,940 393,893 72,008 3,225 58,165 393,893 72,008 282,225 395,011 677.236 520,841 3,225 524,066 Income from other trading activities Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restrictsd funds funds 2023 2023 Totsl 2024 2023 Fundraising 6,130 7,053 13,183 4.953 7,007 11,960 Income from Investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 23,878 3,023 14-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 Raising funds 2024 2023 Fundraisin and ublicit Computer costs Postage. printing and slationery Sundries Depreciation and impairment 6,843 3,623 1,203 4,863 5,918 2.015 680 3,060 Fundraising and publicity 16,532 11,673 16.532 11.673 For the year ended 31 January 2023 Fundraising and publicity 11,673 Charitable activities 2024 2023 Fundraising prizes Insurance Magazine postage and packaging Bank charges Sundries 4,038 830 40,834 4,761 2,057 3,689 703 28,801 2,390 2,246 52.520 37,829 Grant funding of activities (see note 10) Share of governance costs {see note 8) 733,367 8,882 656.239 3,942 794,769 698,010 Support costs allocated to activities 2024 2023 Governance costs 8,882 3,942 Analysed between: Charitable activities 8.882 3,942 15-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 Support costs allocated to activities (Continued) 2024 2023 Governance costs comprise: Audit fees Legal and professional AGM costs 3.133 3,791 1,958 2,720 1,222 8,882 3,942 Net movement in funds 2024 2023 The net movement in fvnds is stated after chargingl(crediting)'. Fees payable for the audit of the charity's financial stalements Depreciation of owned tangible fixed assets 3,133 4,863 2,720 3,060 10 Grants payable 2024 2023 Gloucestershire Watwickshire Steam Railway PIC 733,367 656,239 In the event of Gloucestershire Warwickshire Steam Railway PIC ceasing to operale, all grants made would be recoverable against assets held by Gloucestershire Warwickshire Steam Railway Plc. 11 Trustses There were no trustees, remuneration or other benefits for the year ended 31st January 2024 nor for the year ended 31st January 2023. During the year. 3 trustees were reimbursed expenses of £754 in relation to stationary, IT costs, premises expenses and promotional ilems. In 2023 3 trustees were reimbursed expenses of £408 in relation to stationery. printing and small office fvrniture 12 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60,000. 16-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 12 Employees (Continued) 13 Auditorfs remuneration The analysis of audito¢s remuneration is as follows.. 2024 2023 Audit of the charity's annual accounts 3,133 2,720 14 Taxation The charity is exempl from taxation on its activities because all its income is applied for charitable purposes. 15 Tangible fixed assets Flxtures and fittlngs Computer software Total Cost At 1 February 2023 Additions 10,959 19,097 1,575 30,056 1,575 At 31 January 2024 10,959 20,672 31.631 Depreciation and impainnent At 1 February 2023 Depreciation charged in the year 7,270 1,843 6,739 3,020 14,009 4,863 At 31 January 2024 9,113 9,759 18,872 Carrying amount At 31 January 2024 1,846 10.913 12,759 At 31 January 2023 3,688 12,359 16,047 16 Fixed asset Investments Total shares received as gifts during Ihe year amounted to £19,265 (2023.. £14,925). The total of shares held in Gloucestershire Warwickshire Steam Railway PIC amount to £442,430 (2023: £423,165). The total shares held in Severn Valley Railway (Holdings) PIC amount lo £1.282. (2023 - £1.282) The directors are of the opinion that the deemed market value of investments is £nil {2023 - £nil). 17-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 17 Debtors 2024 2023 Amounts falling due within one year: Other debtors Prepayments and accrued income 20,227 1,627 692 21,854 692 18 Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income 285.585 73.440 149.452 31,254 359,025 180,706 Included within accruals and dèferred income is deferred income of £70,215 {2023'. £28.823). This comprises income received in relation to future periods from members who have subscribed to 1 or 3 year memberships. Following changes lo the computer software, it has been possible to identify deferred membership income more accuralely. As a result, deferred income has increased compared to the prior year. Balance as at 1st February 2023 Amount released to subscription income Amount deferred in year 28.823 (18.8801 60,272 Balance as at 31st January 2024 70,215 19 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 January 2024: Tangible asset5 Current assetsl{liabilities) 12,759 594.665 12,759 841,620 246,955 607.424 246,955 854,379 18-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 19 Analysis of net assets between funds (Continued) Unrestricted funds 2023 Restrictsd funds 2023 Totsl 2023 At 31 January 2023: Tangible assets Current assetsl(liabilities) 16.047 886.221 16.047 935,336 49,115 902,268 49,115 951,383 19-
(D (N 000) O (D (Novts) omoLn O LY) sNa>OLnoo I¢900 LrivrriVrriLri ro In r (Cl otortrO o) 000 a)00 vrovooo (ri tr) < CL (ri
< a< (llLL
LL >LL (llLL LLL
om Ln o (L) 00- Croo) ¢r)inocDrP N Ln UJ (O ¢5) <0 m in r to Wo)0 000 gÈg 000 O¢DNOOO o(No)(Noo 00000 til Ln (r) ri v o É OfO¢D O ¢JJ o) ) O Ln SJ i f£$ O tsi Ln ¢N O*OLnoooooooo OrCDtr)inooooooo (OVr4000000O Ln ri O Ln Ln ) Ln O LY 0-for[nOO YO)¢)00 000)LO(L)o0
O E5 > D 7J q) O c()rO(no]JV)tt[L (Ji L) _
Zl Zl tK< ttLL LULL ¢JLL IOLL fnLL foL foLL fciLL
(QLL L¥LL C¢LL LL
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 22 Llmited liability of shares The company is limited by guaranlee and therefore has no share capital. In the event of the company being wound up each member is liable for an amount not exceeding £10. The company is a registered charity and has taken advantage of the exemption to dispense with the word Limited from its name. 23 Relatsd party transactions There were no disclosable related party transactions during the year (2023 - none). 24 Cash generated from operations 2024 2023 Deficit for the year (97,004) (170,634) Adjustments for: Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets (23,878) 4,863 {3,023) 3,060 Movements in working capital.. (Increase)Idecrease in debtors Increase in creditors (21.162) 178.319 41.554 151.184 Cash generated from operations 41,138 22,141 25 Analysis of changes in net funds The charity had no material debt during the year. -25-