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 wa￿ICkSh1re RaIfv￿Y 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 i￿egUla￿lieS.
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 con￿rn 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
V￿1.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
DrO1￿1¢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 Othe￿Ise compty wth the requi￿rnents 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 ...........
lIp￿E 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,
GIOU￿stershlrè, 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 re￿ipt. 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 be￿een 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¢9￿￿￿00
LrivrriVrriLri
ro In r (Cl
otor￿trO
o)
0￿￿00
a)00
vrovooo
(ri tr) < CL (ri

>< a< (llLL￿ <LL C£LL >LL >LL (llLL LLL

*om
Ln o (L)
00￿-
Croo)
¢r)inocD*rP
N Ln ￿ UJ (O
¢5) <0 m in r to
Wo)0
000
gÈg
000
O¢DNOOO
o(No)(Noo
00￿0￿00
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
(OV￿r4000000O
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￿(n￿o]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-