Charity registration number 1133186 (England and Wales) Company registration number 07065498
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr R Scott Mr P Young Mrs R A Phillips Mr R N Davidson Dr J Forkes Ms B Exton Mr A Caulfield Mr A Smith (Co-opted) Mr D Burch (Co-opted) Secretary 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 Droitwich Worcestershire WR9 9AY Bankers Lloyds Bank plc Blackheath Branch PO Box 1000 BX1 1LT Close Brothers Savings 10 Crown Place London EC2A 4FT United Trust Bank Limited 1 Ropemaker Street London EC2Y 9AW
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent auditor's report | 4 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10 - 24 |
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JANUARY 2025
The Trustees present their annual report and financial statements for the year ended 31 January 2025.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice 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 activities
The charity's objectives are to support and/or maintain the Gloucestershire Warwickshire Railway as a living museum for the benefit of the public. In furtherance of these objects the charity may;
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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.
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Acquire and preserve railway locomotives, railway carriages and other items of rolling stock and associated equipment.
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Restore and house such locomotives, carriages or other rolling stock and equipment and put them on display, loan or hire them so they may be used if practicable and make suitable arrangements for their continued preservation as far as possible.
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Publish or support the publication of books, articles or other material or otherwise to promote interest in Gloucestershire Warwickshire Railway as a living museum.
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Accept 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 £84,491 (2024: deficit of £97,004) with unrestricted reserves of £585,056 (2024: £607,424) and restricted reserves of £184,832 (2024: £246,955).
Financial review
Reserves policy
The Trustees aim to maintain enough reserves in unrestricted funds at a level which equates to approximately 3 months of unrestricted charitable expenditure. Where the level of free reserves is in excess of this level the charity aims to use any surpluses to fund projects 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 the charity are invested in bank deposit accounts to
provide a higher rate of return.
Restricted funds include monies raised specifically for the Viewing Gallery and other future projects.
Investment policy and objectives
The Trustees consider that the investment in the Gloucestershire Warwickshire Steam Railway Plc is an appropriate investment to enable the company to achieve its objectives.
Risk management
The Trustees identify and review the risks to which the charity is exposed and establish systems to mitigate those risks. The Charity is satisfied that systems are in place to mitigate their exposure to the major risks.
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GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JANUARY 2025
Chairman's report and review of the period
At the beginning of the year the repair of the Railway’s viaduct was well underway. You will by no doubt recall that this work was funded by Phase 1 of our Viaduct Appeal. In addition to the replacement of the waterproof membrane across the head of the viaduct the parapet walls had to be stabilised. This was achieved by tying them into the new waterproof deck by cables attached to the walls and to reinforcement within the concrete. This additional work was paid for by way of a Grant funded by our general reserves.
Our appeal for repairs to the viaduct remains open. During the period of this review the structure has been allowed to dry out, something the Railway’s engineers were keen to achieve. By coincidence the Viaduct was also inspected by external engineers, something that happens every six years, and while their report has been received, as I write (early March) we await details of the revised cost of the brickwork repairs and the timescales in which they need to be achieved. Once we have this number we can expect an announcement by the Trustees on the Appeal.
As I reported last year, the team of volunteers continues to make excellent progress with the new buildings on Platform 2 at Broadway, which is another high-profile project funded by the Trust.
At the very beginning of the period, we Grant funded the stabilisation of the embankment just north of
Toddington, work which included the provision of new drainage channels.
Work has been completed during the year of the new Signal and Telegraph workshop at Winchcombe. This is
another project, reported on last year, funded by the Trust.
We have also funded the repair of the wing walls to Bridge 10, north of Toddington, and stabilisation of the embankment. This work was completed during the closed season 2024/25. Work like this is essential to maintain the sustainability of the GWSR as without it we could suffer the kind of embankment failures we have suffered in the past and more recently suffered by another heritage railway.
Through kind donations specifically for the projects, we were able to fund the new fence installed by our volunteers on the road adjacent to the Station at Toddington and the purchase of a BR Mark 1 open first coach.
Just as the period under review ended, we were asked to fund the purchase and planting of new trees along the GWSR. This is something we were happy to do as the trees will enhance our visitor experience and confirms our commitment to the sustainability of the environment in which the railway operates.
During the later period covered by this review we accepted the resignation of our Financial Director, Maurice Hall. Maurice has served us well in this role for a number of years and we thank him for his dedication to keeping our Finances in good order. Maurice also kept the books for us to the end of the Financial Year and prepared our accounts for Audit for which we are truly grateful. Maurice was also our Cross Board Director, serving on the GWSR Plc Board. We have not rushed to fill the Cross Board vacancy, but I expect that we will have announced our intentions by the time of the AGM.
The Board received several responses to our request for expressions of interest in the role and after careful consideration we have asked David Burch to take on the role of our Finance Director. David has considerable experience in running the financial affairs of several business and charities and has also been Finance Director on another steam Railway.
We have had a vacancy for a Trustee for some time and after careful consideration we have asked Andy Smith to join us with the remit of developing a strategy of improving the visitor experience to the living museum which the Railway supports.
Both David and Andy are standing for election at the AGM with full support of your Board.
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GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JANUARY 2025
Future developments
The Charity continues its joint venture with the Gloucestershire Warwickshire Steam Railway Plc 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 Companies Act 2006.
The Trustees, 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 R Scott
Mr P Young Mrs R A Phillips Mr M Hall (Resigned 14 September 2024) Mr R N Davidson Dr J Forkes Ms B Exton Mr A 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, together with a copy of the Charity's Memorandum and Articles of Association.
Statement of trustees' responsibilities
The Trustees, who are also the directors of Gloucestershire Warwickshire Railway Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Auditor
The auditors, Ormerod Rutter Limited, will be proposed for re-appointment in accordance in accordance with Section 487(2) of the Companies Act 2006.
The trustees' report was approved by the Board of Trustees.
..............................
Mr P Young
Trustee Dated: .........................
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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 Warwickshire Railway Trust (the ‘charity’) for the year ended 31 January 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes 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:
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give a true and fair view of the state of the charitable company's affairs as at 31 January 2025 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 to our audit of the financial statements in the UK, including the 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 the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The Trustees are responsible for the other information. 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 the 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 inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement 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.
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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 the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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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 true 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 concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material 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 detect material misstatements in respect of irregularities, 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-compliance might have a material effect on the financial statements. Audit procedures performed included discussions with management, review of board meeting minutes, testing of journals, designing and performing audit procedures and challenging assumptions and judgements made by management in relation to accounting estimates.
There are inherent limitations in the audit 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 statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
There are inherent limitations in the audit 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 statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting 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’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charity’s trustees, 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 state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Garry Rutter FCA (Senior Statutory Auditor) Ormerod Rutter Limited
.........................
Chartered Accountants Statutory Auditor
The Oakley Kidderminster Road Droitwich 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 Companies Act 2006.
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GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2025
| Unrestricted Restricted funds funds 2025 2025 Notes £ £ Income from: Donations and legacies 3 335,739 93,985 Other trading activities 4 7,379 6,260 Investments 5 13,252 - Total income 356,370 100,245 Expenditure on: Raising funds 6 17,138 - Charitable activities 7 361,600 162,368 Total expenditure 378,738 162,368 Net expenditure and movement in funds (22,368) (62,123) Reconciliation of funds: Fund balances at 1 February 2024 607,424 246,955 Fund balances at 31 January 2025 585,056 184,832 |
Total Unrestricted Restricted funds funds 2025 2024 2024 £ £ £ 429,724 282,225 395,011 13,639 6,130 7,053 13,252 23,878 - 456,615 312,233 402,064 17,138 16,532 - 523,968 590,545 204,224 541,106 607,077 204,224 (84,491) (294,844) 197,840 854,379 902,268 49,115 769,888 607,424 246,955 |
Total 2024 £ 677,236 13,183 23,878 714,297 16,532 794,769 811,301 (97,004) 951,383 854,379 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
BALANCE SHEET
AS AT 31 JANUARY 2025
| Notes Fixed assets Tangible assets 15 Current assets Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Income funds Restricted funds 20 Unrestricted funds Designated funds 21 General unrestricted funds |
2025 £ £ 7,906 77,086 796,537 873,623 (111,641) 761,982 769,888 184,832 166,751 418,305 585,056 769,888 |
2024 £ £ 12,759 21,854 1,178,791 1,200,645 (359,025) 841,620 854,379 246,955 398,662 208,762 607,424 854,379 |
2024 £ £ 12,759 21,854 1,178,791 1,200,645 (359,025) 841,620 854,379 246,955 398,662 208,762 607,424 854,379 |
|---|---|---|---|
| 854,379 | |||
| 246,955 607,424 |
|||
| 854,379 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2025, although an audit has been carried out under section 144 of the Charities Act 2011. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006.
The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial 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 otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on .........................
.............................. Mr P Young Trustee
Company Registration No. 07065498
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GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2025
| Notes Cash flows from operating activities Cash (absorbed by)/generated from operations 24 Investing activities Purchase of tangible fixed assets Investment income received Net cash generated from investing activities Net cash generated from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2025 £ £ (395,506) - 13,252 13,252 - (382,254) 1,178,791 796,537 |
2024 £ £ 41,138 (1,575) 23,878 22,303 - 63,441 1,115,350 1,178,791 |
2024 £ £ 41,138 (1,575) 23,878 22,303 - 63,441 1,115,350 1,178,791 |
|---|---|---|---|
| 63,441 1,115,350 |
|||
| 1,178,791 |
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GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
1 Accounting policies
Charity information
Gloucestershire Warwickshire Railway Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Churchward House, Winchcombe Railway Station, Winchcombe, Gloucestershire, GL54 5LD, United Kingdom.
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice 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 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence 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
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Designated funds are a portion of the unrestricted funds of the reporting charity that 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 Activities 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 receipt. Other donations are recognised once the charity has been notified of the donation, unless performance 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 distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
1 Accounting policies
(Continued)
1.5 Resources expended
Liabilities are recognised as expenditure as soon as there 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. Where costs cannot be directly attributed to particular headings they have been allocated to activities 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 commitment but not accrued as expenditure.
Raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities, events and non-charitable trading.
The presentation of charitable activities flows from the charity’s vision and purpose.
Grants awarded in furtherance of the charity's objects are recognised 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 the 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 at 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 valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings - 20% on cost Computer software - 20% on cost
The gain or loss arising on the 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 activities.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at 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 impairment loss is the difference between 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 income/(expenditure) for the year.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the 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 income/(expenditure) for the year.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to 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 if 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 party.
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 future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired 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 initially at transaction price and subsequently measured at amortised cost using the effective interest 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.
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GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates 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 to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to 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 affects both current and future periods.
3 Income from donations and legacies
| Unrestricted Restricted funds funds 2025 2025 £ £ Donations and gifts 38,087 93,985 Legacies 224,756 - Membership fees 72,896 - 335,739 93,985 Income from other trading activities Unrestricted Restricted funds funds 2025 2025 £ £ Fundraising events 7,379 6,260 |
Total Unrestricted Restricted funds funds 2025 2024 2024 £ £ £ 132,072 39,817 395,011 224,756 203,718 - 72,896 38,690 - 429,724 282,225 395,011 Total Unrestricted Restricted funds funds 2025 2024 2024 £ £ £ 13,639 6,130 7,053 |
Total 2024 £ 434,828 203,718 38,690 |
|---|---|---|
| 677,236 | ||
| Total 2024 £ 13,183 |
4 Income from other trading activities
5 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Interest receivable | 13,252 | 23,878 |
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GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
6 Raising funds
| Fundraising and publicity Computer costs Postage, printing and stationery Sundries Depreciation and impairment Fundraising and publicity For the year ended 31 January 2024 Fundraising and publicity Charitable activities Fundraising prizes Insurance Magazine postage and packaging Bank charges Sundries Grant funding of activities (see note 10) Share of governance costs (see note 8) Support costs allocated to activities Governance costs Analysed between: Charitable activities |
2025 £ 7,099 3,614 1,572 4,853 17,138 17,138 2025 £ 3,258 841 32,533 2,416 1,917 40,965 477,990 5,013 523,968 2025 £ 5,013 5,013 |
2024 £ 6,843 3,623 1,203 4,863 |
|---|---|---|
| 16,532 | ||
| 16,532 | ||
| 16,532 | ||
| 2024 £ 4,038 830 40,834 4,761 2,057 |
||
| 52,520 733,367 8,882 |
||
| 794,769 | ||
| 2024 £ 8,882 |
||
| 8,882 |
7 Charitable activities
-
8 Support costs allocated to activities
-
14 -
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
| 8 Support costs allocated to activities Governance costs comprise: Audit fees Legal and professional AGM costs 9 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 10 Grants payable Gloucestershire Warwickshire Steam Railway Plc |
(Continued) 2025 2024 £ £ 2,975 3,133 568 3,791 1,470 1,958 5,013 8,882 2025 2024 £ £ 2,975 3,133 4,853 4,863 2025 2024 £ £ 477,990 733,367 |
(Continued) 2025 2024 £ £ 2,975 3,133 568 3,791 1,470 1,958 5,013 8,882 2025 2024 £ £ 2,975 3,133 4,853 4,863 2025 2024 £ £ 477,990 733,367 |
|---|---|---|
| 8,882 | ||
| 2024 £ 3,133 4,863 |
||
| 2024 £ 733,367 |
In the event of Gloucestershire Warwickshire Steam Railway Plc ceasing to operate, all grants made would be recoverable against assets held by Gloucestershire Warwickshire Steam Railway Plc.
11 Trustees
There were no trustees' remuneration or other benefits for the year ended 31st January 2025 nor for the year ended 31st January 2024.
During the year, 4 trustees were reimbursed expenses of £1,237 in relation to stationary, IT cost and premises expenses. In 2024, 3 trustees were reimbursed expenses of £754 in relation to stationary, IT costs, premises expenses and promotional items.
12 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
- 15 -
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
12 Employees
(Continued)
13 Auditor's remuneration
The analysis of auditor's remuneration is as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Audit of the charity's annual accounts | 2,975 | 3,133 |
14 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
15 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Fixtures and fittings Computer software £ £ Cost At 1 February 2024 10,959 20,672 Disposals (1,739) (5,522) At 31 January 2025 9,220 15,150 Depreciation and impairment At 1 February 2024 9,113 9,759 Depreciation charged in the year 1,846 3,007 Eliminated in respect of disposals (1,739) (5,522) At 31 January 2025 9,220 7,244 Carrying amount At 31 January 2025 - 7,906 At 31 January 2024 1,846 10,913 |
Total £ 31,631 (7,261) |
| 24,370 | |
| 18,872 4,853 (7,261) |
|
| 16,464 | |
| 7,906 | |
| 12,759 |
16 Fixed asset investments
Total shares received as gifts during the year amounted to 11,558 (2024: 19,265).
The total of shares held in Gloucestershire Warwickshire Steam Railway Plc amount to 453,300 (2024: 442,430).
The total shares held in Severn Valley Railway (Holdings) Plc amount to 1,282 (2024: 1,282).
The total shares held in Great Central Railway Plc amount to 688 (2024: nil).
The directors are of the opinion that the deemed market value of investments is £nil (2024: £nil).
- 16 -
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
| 17 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 18 Creditors: amounts falling due within one year Trade creditors Accruals and deferred income |
2025 £ 189 76,897 77,086 2025 £ 42,480 69,161 111,641 |
2024 £ 20,227 1,627 |
|---|---|---|
| 21,854 | ||
| 2024 £ 285,585 73,440 |
||
| 359,025 |
Included within accruals and deferred income is deferred income of £65,829 (2024: £70,215). This comprises income received in relation to future periods from members who have subscribed to 1 or 3 year memberships.
| Balance as at 1st February 2024 Amount released to subscription income Amount deferred in year Balance as at 31st January 2025 |
£ 70,215 (40,078 35,692 |
|---|---|
| 65,829 |
19 Analysis of net assets between funds
| Unrestricted Restricted funds funds 2025 2025 £ £ At 31 January 2025: Tangible assets 7,906 - Net current assets/(liabilities) 577,150 184,832 585,056 184,832 |
Total 2025 £ 7,906 761,982 |
|---|---|
| 769,888 |
- 17 -
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
| 19 | Analysis of net assets between funds | (Continued) | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| funds | funds | |||
| 2024 | 2024 | 2024 | ||
| £ | £ | £ | ||
| At 31 January 2024: | ||||
| Tangible assets | 12,759 | - | 12,759 | |
| Net current assets/(liabilities) | 594,665 | 246,955 | 841,620 | |
| 607,424 | 246,955 | 854,379 |
- 18 -
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
20 Restricted funds
The funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds Balance at 1 February 2023 Incoming resources Resources expended Balance at 1 February 2024 r £ £ £ £ Viewing gallery 26,249 3,606 - 29,855 Locomotive welfare building, volunteers' donations 5,682 1,300 (476) 6,506 Friends of Winchcombe Station 1,789 - (1,277) 512 Carriage & wagon fund 3,220 550 (2,053) 1,717 Toddington fence - - - - Bridge 8 appeal 4,175 - (4,175) - Winchcombe canopy 3,000 600 (1,876) 1,724 Coach donation 5,000 - - 5,000 Viaduct appeal - 363,000 (187,396) 175,604 Viaduct appeal phase 2 - 21,383 - 21,383 Coach 3127 - - - - Broadway shop - 6,250 (6,250) - Permanent way tool fund - 5,375 (721) 4,654 49,115 402,064 (204,224) 246,955 |
Movement in funds Incoming esources Resources expended £ £ 2,997 - 656 (2,366) - - - - 5,000 (2,832) - - 400 (2,124) - - 59,767 (130,546) - - 23,000 (23,000) - - 8,425 (1,500) 100,245 (162,368) |
Transfers Balance at 31 January 2025 £ £ - 32,852 - 4,796 - 512 - 1,717 - 2,168 - - - - - 5,000 (96,781) 8,044 96,781 118,164 - - - - - 11,579 - 184,832 |
Transfers Balance at 31 January 2025 £ £ - 32,852 - 4,796 - 512 - 1,717 - 2,168 - - - - - 5,000 (96,781) 8,044 96,781 118,164 - - - - - 11,579 - 184,832 |
|---|---|---|---|
| 184,832 |
- 19 -
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
20 Restricted funds
(Continued)
Viewing
gallery
A fund to enable the viewing of the maintenance of engines in the diesel and steam shed at Toddington.
Locomotive welfare building, volunteers' donations
An amount funded by the steam department for the fit out of the locomotive building once it has been built.
Friends of Winchcombe Station
This fund represents a donations to be used by the Friends of Winchcombe Station.
Carriage & wagon fund
A fund set up for the carriage and wagon team.
Bridge 8 appeal
Funds for Broadway to Toddington bridge repairs. The fundraising appeal exceeded the initial target amount and it has been agreed with donors that these funds could be used on the nearby Bridge 10, also in need of repair.
Winchcombe canopy
Funds for general repairs to canopy.
Coach donation
Funds for buffet coach refurbishment.
Viaduct appeal
Funds for repairs to Stanway viaduct.
Viaduct appeal - phase 2
Funds for further repairs to Stanway Viaduct,
Broadway shop
Funds for a wooden building on the platform for a shop.
Permanent way tool fund
Funds for the permanent way in relation to donations received from volunteers for purchasing equipment.
Coach 3127
A generous donation enabled the purchase of this coach to provide first class accommodation in one of the carriage sets.
- 20 -
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
21 Designated funds
The funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
| Movement in funds | Movement in funds | Movement in funds | Movement in funds | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Transfers | Balance at | Incoming | Resources | Transfers | Balance at | |
| 1 February | resources | expended | 1 February | resources | expended | 31 January | |||
| 2023 | 2024 | 2025 | |||||||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |
| Railway catering fund | 4,709 | - | (526) | - | 4,184 | - | - | 4,184 | |
| 3rd welfare building grant | 15,691 | - | - | (15,691) | - | - | - | - | - |
| RBR 1675 | 38,086 | - | (4,914) | - | 33,172 | - | (33,172) | - | - |
| Broadway PA | 771 | - | (771) | - | - | - | - | - | - |
| Stanway Viaduct | 2,054 | - | - | - | 2,054 | - | - | - | 2,054 |
| Broadway resurfacing | 15,000 | - | - | - | 15,000 | - | - | - | 15,000 |
| Broadway rebuild | 223,626 | - | (20,363) | (85,000) | 118,263 | 438 | (25,472) | 30,000 | 123,229 |
| Bridge 32 | 83,097 | - | (80,925) | - | 2,172 | - | (2,172) | - | - |
| Usk building | 4,220 | - | (650) | (3,570) | - | - | - | ||
| S & T building | 210,000 | - | (52,366) | - | 157,634 | - | (146,699) | - | 10,935 |
| Roller doors | 12,000 | - | (9,594) | (2,406) | - | - | - | - | - |
| River Isbourne | - | 88,000 | (86,181) | (1,819) | - | - | - | - | |
| Parapet repairs | - | 251,000 | (269,817) | 85,000 | 66,183 | (30,121) | (28,687) | 7,375 | |
| Toddington slip - phase 1 | - | - | - | - | - | 17,000 | (7,850) | (9,150) | - |
| Toddington slip - phase 2 | - | - | - | - | - | 32,000 | (27,657) | (4,343) | - |
| Bridge 10 | - | - | - | - | - | 46,000 | (42,480) | - | 3,520 |
| Usk Hut completion | - | - | - | - | - | 454 | - | - | 454 |
| 609,254 | 339,000 | (526,107) | (23,486) | 398,662 | 95,892 | (315,623) | (12,180) | 166,751 |
- 21 -
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
21 Designated funds
(Continued)
Railway catering services
A fund set up by a group of members for occasional catering purchases.
3rd welfare building grant
This is an additional fund for the welfare building.
RBR 1675
Funds for refurbishing the restaurant car.
Broadway PA
Funds for the purchase and installation of a Public Address System at Broadway.
Stanway viaduct
Funds to cover repair costs at Stanway viaduct.
Broadway resurfacing
Funds for the resurfacing work on Platform 2 at Broadway.
Broadway rebuild
Funds for the rebuilding work on Platform 2 at Broadway.
Bridge 32
Funds for repair work at Bridge 32.
Usk building
The Usk Building is a coal office from Usk Station and a grant has been given for safety items, scaffolding etc for the building to be safely rebuilt at Winchcombe.
S & T building
Funds for a new workshop at Winchcombe for the Signal and Telegraph department.
Roller doors
Funds for roller doors in respect of replacement door on the locomotive shed.
River Isbourne
Funds for remedial work to the river embankment near Winchcombe Station.
- 22 -
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
21 Designated funds
(Continued)
Parapet repairs
Funds for viaduct repairs.
Toddington slip phases 1 and 2
It was initially intended to deal with a small landslip by use of piling. However, work could not be completed due to geological conditions and the unspent funds were transferred to phase 2 which comprised remedial drainage work as an alternative.
Bridge 10
The bridge at Stanton, Bridge 10, carries the local minor road to Stanton village. Two wing walls had suffered movement and one of the pilasters required rebuilding. Work is complete with only the retention payable.
USK Hut completion
A small grant to cover landscaping work.
- 23 -
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
22 Limited liability of shares
The company is limited by guarantee 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 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
| 24 Cash (absorbed by)/generated from operations 2025 £ Deficit for the year (84,491) Adjustments for: Investment income recognised in statement of financial activities (13,252) Depreciation and impairment of tangible fixed assets 4,853 Movements in working capital: (Increase) in debtors (55,232) (Decrease)/increase in creditors (247,384) Cash (absorbed by)/generated from operations (395,506) |
2024 £ (97,004) (23,878) 4,863 (21,162) 178,319 41,138 |
|---|---|
25 Analysis of changes in net funds
The charity had no material debt during the year.
- 24 -