Company registration numbèr 07065498 (England and Wales) Charlty rnglstratlon numb•r 1133186 (England and Wal•$l GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
GLOUCESTERSHIRE WARWICKSHIRE RAILWAYTRUST This p8ge is intentionally blank
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees MrR Scott Mr P Young Mrs R A Phillips Mr R N Davidson Or J Forkes Ms B Exlon MrA Cauhleld MrA J Smith Mr D E Burch IAppointed 28 February 20251 Sacrètary Mr J Woodall Mr Michael Taylor 1133186 (Resigned 30 January 2026} (Appointed 2 March 20261 Charity number Company number 07065498 R*gi$tered offlcè Chur¢hward House Winchcombe Railway Station Winchcornbe Gloucestershire United Kingdom GL54 5LD Audltor OTmerod Rutter Limited The Oakley Kidderminstèr Road Dro1ICh Worcestershire WR9 9AY Bankers Uoyds Bank plc Blackheath Branch PO Box 1000 BX1 1LT Close Brothers Savings 10 Crown Place London EC2A 4FT United Trust Bank Limf(ed 1 Ropemakèr Street London EC2Y 9AW
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST CONTENTS Pagè Tru51ees' report Independent audilorfs report Statement of finanaal activities Balance sheet 9-10 Slalernenl of cash flows 11 Notes to the financial statamants 12-26
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JANUARY 2026 The Trustees present their annual report and )Inancial slalernents for the year ended 31 January 2026. The accounts have been prèparèd irn accoidancé with thè accounting policies sel out in note 1 to the accounts and comply with the ¢h8rty's Memorandum and Arti¢les of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practicè applicable lo charities preparing their accounts in acco{dan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting periods cornmenrjng frorn 1 January 20191. Objectives and activities The charity'5 objectives are to support andlor maintain the Gloucestershire W8rwick5hirè Railway as a living museum for the benefit ol the public. In furtherance of these objects the charity may.. Make grants to organisations that contribute to the operation of the Gloucestershire Watwickshire Railway as a living museum, including organisations that restore locomotives or carriages or other equipmènt. Acquire and preserve raiaY locomove$. rallway carriages and other iterns of rdling stock and associated equipment. Restore and house such locomotives, carriages or other rolling stock and equipment and put them on display. loan or hire them so they may be used if piaclicaile and tllake suitable arrangements for their ontinued preservation as far as possible. Publbsh or support the publication of books, artides or other material or olhewlse to promote interest In Gloucestershire Warwickshire Railway as a living museum. Accept gifts, donations, legacies and bequests of assets on any temis. The Tru51ee5 have refgrrad to tha guidanc& containad in the Charily Commission's general guidance on public benefit when revievring its aim and obje¢tives, and in planning future activities. Aehievemènts and performance The charity mada a surplus for tha yèar of £555.864 12025.. defiat of £84,491) with unrestricted reserve5 of £1,141.65512025'. £585.0561 and reslri¢ted reserves of £184.09712025'. £164,832). Financial rèview Reserves policy The Trustees aim lo maintsin enough reserves in unrestricted funds at a level which equates to approximately 3 months of unrestricted chaiilable expendiluie. Where the l&vel of free reserves is in excess of this level the harity aims to use any surplvse5 to fund projects run by or in support of the Gloucestershire Warwickshire Railw8y or pur¢ha8e a35ets for the raIaY. Exces5 monies not required for Ihe day to day running of the charity are invested in bank deposit acu)unts to provide a higher rale of return. RestrKted funds include monies raised specifically for the WWing Galery and other future projects. Invutmènt policy and objectives The Trustees consider that the investment in Ihe Gloucestershire VVarwith$hire Steam Railway PIC is an appropriate investment lo enable the company lo achieve ils objectives. Risk managemant The Trustees identify and review the risks lo which the charity is èxposed and establish systems lo mitigate those risks. The Charity is sa115fied that Systems are in place lo miligale their exposure to the major risks.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST TRUSTEES. REPORT (CONTINUED}{INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JANUARY 2026 Cha1rn7an'$ r¢port and review of the period During the year under review. we provided Grant Aid lo GWSR Pk for the purchase and planting of several trees lo enhance our lineside, the acqui511ion of machines for the Steam Department Machinè Shop to increase its Capabilities, and the procurernent ol new signalling cable trom Gotheringlon lo Ghellenham Racècouisg 10 improve the Railway's signalling and communications resilience. The Viaduct Appeal was con¢luded as the finan¢ial year ended on 31st January. having successfully firianced the replacement of tho waterproof membr8ne. Essential repairs tr) thè slrueturo's brickwork can now be fvnded from the remaining balance. At the outsèt of the year. we welcomed David Burch as our new Financial Director. David ha5 adapted quid(ly lo his responsibilities, and we are already experiencing posib've outcomes from his fresh approach, Including the introduction of a new Donations and Fund Policy. Regrettably. John Woodall. who has Served a8 Secretary lo the Board. In(Ilcaled hrs Intention to slep down al the ènd of January 2026. 1 would like lo formally acknowledge John's oulslanding stèwaidship over the past three years. His support has been invaluable to rne personally in my iole a5 Ghairman. In his stead, we have appointed Mike Taylor, who, while not previously a Volunteer, is a Member of GWRT with extensive experienca working with Boards and has held significant positions in well-known companies. Andrew Smith was elected to the Board of Dirèctors in 2025 with a mandate to devise plans for enhancing the visitor experience. Andrew has since been appointed to the Board of GWSR PIC as our Cross Board Director. This dual role aligns well with hls remll al GWRT, as both organisalions share an interest in improving visitor engagement and satlsfaction. GWRT sponsored the Railway's Rail 200 event held al the end of September lo mark the anniversary of the first Passenger carrying railway from Slocklon to Oarlinglon. GVVRT President Sir fimolhy Laurence made an official V15it on the Saturday of the event where he was joined by Lord Faulkner of Worcester. the President of the Heril8ge Railway Association. We have revised our"Gift that Lives on" leaflet to ¢larify tha infom)ation required when a legacy is bequeathed lo us, ensuring payment before the applic8lion (rf Inheiitance Tax. Our accounts reveal that we ieceived over £500,000 from legacles during the period under VIeW. making this our most significant source of income. Additionally. we republished our "Join Us" booklet under the new title "Gel Involved" oullining the beneffts of GWRT membership and providing an overview of volunteering opportunities wf(h GWSR. The Directors have resolved not to increase Membership Subscflption Rates for 2026. However. members are hereby notified that rates will rise on 131 January 2027. From that date, rnembers will have the option lo receive "The Cornishman" as a digital publicxtion. Although there will be no reduction in rates lor those who choose the digital version, morè of Iheii subscription will be 8llo¢aled for investment in the Railway as a Living Museum. We a150 considered the provision of a free travel voucher and a £5 discount voucher for a second ticket. whh are offered as rnembership benefits. Due to these benefits, we have been unable lo claim Gift on Members, Subscriptions for the past few yaars, as HMRC règulations stipulate that the value of a member's benefits tnusl not exceed 25. of the SLJbscription value. In January, the Board decided that withdrawing the free travel voucher would have more severe consequences than the loss ol GiftAid income, including potential repulalional damage, decieased donations lo appea15, and redUd legacy income 8ffeeting both GWRT and GVVSR Plc. The Board ha5 however decided lo withdraw the £5 additional vouther fiotn 1st January 2027. The RailaY will continue to honour theses £5 vouchers next year, as those issued this year will have an ongoing validity. Our Museum Director, Rose Phillips. collaborated with Rail and Archive Trust and Broadway Museum lo estsblish a long-lerm exhibition at Broadway Museum, focusing on tha history of Broadway Slalion. Furthermore, we have initiated a project group dedicated lo developing the concept for a GWRT-run museum. which will form a key part of the redevelopment of the Toddinglon Garden Centre sile. Rose is retiring from the 8oard at this AGM. and I would like to express rny gralilude for the dedbcallon and effort she has inve51ed during her tenure.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JANUARY2026 Anothtrr significant developmant is the Board's decision lo redu the number of formal meeting5 from ten or eleven per year to four. It was recognised that urgent matters, such as lime-sensitive grant applications. can be addressed by electronic means between schedul$d meetings as needed. Finally. I have chosen not lo stand for reelection lo the Board thi5 year, thereby concluding thlrteen years semng as a Director and Trustee of GWRT. My lasl duly as Chairman will be lo preside over this AGM. Future developments The Charity continuès it5 joint venture with the Gloucestershire wa1ckshirÈ Steam RaiaY PIC to raise fvnds for the tUre expansion of the raikny. Structure, governance and management Goveming document The Chaiity is governed by ils Memorandum and ArtKle5 of Association and ¢onslilules a limited company. limited by guarantee. as defined by the Companies Act 2006. The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature ol the financial 5tat8tnents were". Mr R Scott Mr Pyoung Mrs RA Phillips Mr R N Davidson Dr J Forkes Ms B Exton Mr A Caulfield Mi A J Smith Mr O E Burch (Appointed 28 Fabruary 2025} Re¢rultm•nt and appointment of new trustees The Trustees, who are also directors are appointed by ordinary resolutn or by the existing directors. Oryanisational structurg The Trustees are responsiblè for managing the charity. Responsibilities for some function5 are delegated lo indiwduals as they see fil. Inductlon and training of new trustees New Trustees are prowded with information from the Charity Comrllission èxplaining the duties and re5pon51bilities of Iruslee5, together with a copy of the Charity's Memorandum and Articles of Association.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JANUARY2026 Statement of tru$tees' responsibilities The Trustees, who are also the d1CtOrS of GIOustershl WaNiekshire Railway Trust for the purpose of company law, ale responsible for preparing the Trustees, Report and the finanaal statemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢pted Accounting Practice). Company law requires the Trustees to prepare financial 5talemenls for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resource5 and application of resourc6s. including the income and expenditure, of the charitable company for that year. In preparing these financial statements, thè Trustees are required to.. select suitable aCeOLJnling policies and then apply them consistendy., observe the methods and principles in the Chaiities SORP., make judgements and eslirnales that are reason8ble and piudenl- state whether applicable UK Accounting Standards have been followed, subje¢t to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basi5 unless il is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accura¢y * any time the financial posillotTr of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports} Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other iirÉguiarilias. Auditor The auditors, OnY)ertsd Rutter Limited, will be proposed for re-appointmènt in accordance in accordance with Sèction 487121 of the Companie5 Act 2006. The trustees, report was approved by the Boaid ofTruslees. Mr P Young Trusteè Dated= 24 April 2026
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST Opinion We have audited the financial statetnents of Gloucestershire Warwickshire Railway Trust {Ihe 'ch8rity'1 for the year ended 31 January 2026 which ¢orThprise th8 statement of financial activities, the balance sheet, the staleTTienl of cash flows and note5 to the financial stalemenls. including significant accounting policies. The financial reporting framework that ha5 been applied in their preparation 1$ 8ppllcable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102 The Financial Reporting Standard èpplicable in t17e UK and Republic of Ireland (United Kingdom Generally Accepted Accounting PTaclicel. In our opinion, the financial statèments= give a true and fair view of the state of the charitable COTnpany'5 affairs as at 31 January 2028 and of its incoming reSoUrS and application of resources, for the year then ended., hava bèen properly prepared in accordance with United Kingdom GenrlY Accepted Accounting Practice.. and have been prepared in accordance wth the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordarKe with Intemalional Standards c*) Auditing (UK) {ISAs IUKII and applicable law. Our responsibilitie5 under those standards are further described in the Auditorfs SponsIbl11eS for the audit of th8 financial st8lem8nls section of our report. We are independent of the charity in accordance wlh the ethical requirements that are relevant to our audit of the financial slalemenls 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 lo provide 8 basis for our opinion. Conclusions relatlny to golng ¢on¢¢rn In audlling the financial statements. we have concluded that the trustees. use of the going concem basis of 8ccounting in the weparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material un¢ertainlies relating lo events or conditions that, individually or coll6clN8ly, may casl significant doubl on the charity's ability lo continue as a going concern for a persod of at least tvlelve months from when the finanaal statements are authorfseLI for Issue. Our responsibilities and the respon$ibik'lies of the Trustees with respect lo going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other information. The othèi information comprises the infomiation included in the annual report. other than the financial slalernen15 and our auditor's report theièon. Our opinion on the finanaal statements does not cover the other inforrnation and we do not express any lortn of assuiancè condusion thereon. In connection with our audit of the financial statements. our responsibility is lo read the other informats.on and. in doing so, consider whether the other information is materially inconsislenl with the financi31 statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we idenltfy su¢h material inconsistencies or apparonl malgTial misstatements, we are required to determine whether there is a malartal misstatement in the financial Statements OT a material misstatement of the other infomiation. If. based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required to report that fact. We have nothing Io Teport in this regard.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST Matters on which ar8 r•qulred to roport by *x¢eption W& have nothing to report in resp8Ct of thè following mattels in relation lo whi¢h th8 Charities (Accounts and Réports) Regulations 2008 rèquiies us lo report lo you il. in our opinion.. the infotmalion given in the financial statements is inconsistent in any material respect with the trusteès, report., or sufficient arxounling records have not been kept.. or the finanaal statements are not in agreernenl with the accounting records., or we have not receivad all the information and explanations we require for our audll. Responsibilitiès of Trustses A5 explained more fully in the stslement of Iruslees, responsibilities, the Trustees. who are also the dire¢lors of the charity for the purposè of company law, are ie5pon5ible for the preparation of the financial 51aletnenls and for being satisfied that they givè a true and fair view, and for such internal control as the Tru51ees determine is necessary lo enable the prep8r8tion of financial statements that are free frorn material rnisslalernenl, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability lo continue as a going eoncem, disclosing, as applicable, matters related to going concern and using the going concern basis of accoullling unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realjstic alternative but to do so. Auditorfs respon$lbilitie$ for the audit of the financial statements We have been appointed as auditor unde¥ section 144 of the Charities Act 2011 and report in accordance wllh the Act and relevant regulations madè or having èffect th8reunder. Our objectives are lo obtain reasonable assurance about whèther th8 finanaal statements as a whole are free from maleiial misslalernenl, whether due to fraud or error, and to issue an 8uditorfs report that includes our opinion. Reasonable assurance is a high lèvèl of assurancè bul is not a guaranteè that an audit conductèd in accordaneè w((h ISAS IUKI will always detect a material misstatement when rt exists. Misslalements can arise from fraud or error and are considered malerfal K, individually oi In the aggregate. they could reasonably be expe¢ted to Influence the economic decisions of user5 taken on the basi5 of these financial slalemenls. Irregularlties, including fraud. are instances of non-compliance wlh laws and regulations. We design prOdureS in line wrth our responsibilities. outlined above, to delect rnaterial misstaternents in respect of irregularities, including fraud. The ext6nl lo which our procedures are capable of delecting 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 pieparalion of the financial statements and the extent lo which non-compliance might have 8 Fnaterial effect on the financial statements. Audit procedures performed included discussions with m8nagèmenl, reviev4 of board meeting minutes. le$ling of jOLJrnals, désigning and perforrnillg audit procèdures and challenging assumptions and judgernenls made by rnanagement in relation lo accounts'ng estimates. There are inherent limitations in the audit procedures described above. We are less likely lo become aware of inst8n¢ès 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 fiaud may involve doliberate concealment by, lor example. forgery or intentional misrepresentslbons, or through collusion.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST There are inherent limitations in the audit procedure5 described above. W& are less likely to becorne aware ol instan¢e5 of non-compliance with laws and regulations that are not closely related to events and transactions refle¢ted in the financial statements. Also, the risk of not detecting a material misslalement due to fraud is higher than the risk of not detecting one resutting from error, as fraud may involve deliberate con¢e8lment by, for examplè, forgery or intentional misréprèsÈntslK)ns, or thiou9h collusion. A further description of our respon5ibililies is available on the Finanaal Reporting Council's website al.. https'.11 www.Ir¢.org.ukJaudilorsresponsibilities. This description form5 Part of our audito¢s report. Uso of our rèport This report is made solely lo the chadty's Iwstees, as a body, in accordance with Part 4 of the Charitiès (Accounts and Reports) Règulations 2008. Our aLJdil work has beèn undertaken so that we might slate lo the ¢h8rrty's Iruslee5 those matters we are required lo state to them in an audrtor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity'5 trustees as a body, for our audit work, for this report, or lor the opinions we have formed. Garry Rutter FCA (Senior Statutory Auditor) for and on bèhalf of Omierod Rutter Limited hartered Accountants Statutory Auditor The Oakley Kiddefmin51er Road Dioitwich Worcestershire WR9 9AY Ormerod Rutter Limited is eligible for appointment as audrtor of the charity by virtue of its eligibilty for appointment as auditor of a cornpany under section 1212 of the Companies Act 2006.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUAR Y2026 Unrestricted Restricted funds funds 2026 2026 Totsl Unrestricted Restricted funds funds 2025 2025 Total 2026 2025 Notes In¢ome from: Donations and legacies Other trading actiwlies Investments 662,438 10,726 30,257 24,305 5,386 e86,743 16,112 30,257 335,739 7,379 13,252 93.985 6.260 429,724 13.639 13.252 Total Incom• 703,421 29,691 733,112 356,370 100,245 456.615 Expenditure on: Raising funds Charitable actimlies 21,164 125,658 21.164 156.084 17.138 361.600 17.138 523,968 30.426 162,368 Total expènditure 146,822 30,426 177,248 378,738 182,368 541,106 Net incomellexpendlturol and movement in funds 556,599 (7351 555.864 {22,3681 {62,1231 184.491} Rèconciliation of funds: Fund balan5 at 1 February 2025 585.056 184,832 769.868 607,424 246,955 854,379 Fund balancas at 31 January 2026 1.141,655 184.097 1,325.752 585.056 184.832 769.888 The statèmènt of financial activtties indudes all gains and losses recognised in the ygar. All income and expgndilure derive from continuing activities.
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST BALANCE SHEET AS AT31 JANUARY2026 2026 2025 Notes Fixed assets Tangible assats Inve51rnents 15 14 4,876 107,495 7,906 112.371 7,9C Current assets Debtors Cash at bank and in hand 16 98,787 1,188.012 77,086 796,537 1,288.779 873,623 Crodltors: amounts falling due within on• year 17 173,3981 1111,6411 Nel current assets 1,213,381 761,982 Total assets l&$$ current liabilities 1.325,752 769,888 Income fvnds Restricted funds rkrestrietÈd ILJnds Designated fund5 General unrestricted funds 19 184,097 184,832 20 118,516 1.023,139 166.751 418,305 1,141.655 585,056 1,325,752 769,888
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST BALANCE SHEET (CONTINUED) ASAT 31 JANUARY2026 The company is enlilled lo the exemption from the audit requirement conlainad in section 477 of the Companies Act 2006, for the year ended 31 January 202S, although an audit has been carried out under section 144 of the Charities Act 2011. No member o( the Company has deposiled a noli¢e, pursuant lo se¢tion 476. requiring an audit of thèse financial statements under thè ièquirèmenls of the Companiès A¢1 2006. The Trustees ad(nowledge their responsibilities for ensuring that the charity keeps accounting records whi comply with section 386 01 the Act and for preparing financial statements which give a true and fair wew ol the stale of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including ils income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otheN4ise compw with the requirements of the Companies Act 20C6 relating to financial slalements, so far as applicable lo the company. These financial statements have been prepared in aOrdanCe wlh the provisions applicable lo companies sublect to the small companies regime. The financial stalernents were approved by the Trustees on 24 April 2026 Mr Pyoung Tru5tse Company Reglstratlon No. 07065498 10-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY2026 2026 2025 Notès Cash flows from operatlng activitiè$ Cash g&neialed fromllabsorbed by) operations 23 468,713 1395,5061 Investing activltlès Purchase of investments Investment income received 1107.4951 30,257 13,252 Net cash (used inllgènerated from investing activities 177,2381 13.252 Net cash generated from financing activities Net increa5elldecreasal in cash and cash ¥quivalents 391,475 1382.2541 Cash and cash eqt4iV8lenls al beginning of year 796.537 1,178,791 Cash and cash equivalents at ènd of year 1,188.012 796.537
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY2026 Accounting pollcl8s Charity infomiatlon Gloucestershire Warwickshiie RaiKvay Trust Is 8 prfv8le ¢omp8ny limited by guarantee incorporated in England and Wales. The gIStered office is Churchward House, Winchcombe Raihvay Station. Win¢hcombe, Gloucestershire, GL54 5LD. United Kingdorn. 1.1 Accounting convention The accounts have been prepared in accordance wsth the charitls Memorandum and Article5 ofAssocialion, the Companies Act 2006 and 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. las amended for accounting periods commenang from 1 January 2016}. The charity is a Public Benefit Entity as defined by FRS 102. The financial statemènts are prepared in sterling. which 15 the fundIon currency of the charity. Monètsry amounts in these financial stslements are rounded lo the nearest £. The financial slalements have been prepared under ihe historical cost convention. The principal accounting poIici6s adopted are set out below. 1.2 Going concem At the time of approving the financial slalemenls, the Trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Trustees continue lo adopt Ihe going concern basis of accounting in praparing the financial statements. 1.3 Charltablo funds Unrestricted funds are available for use al the discretion of the Trustees in furtheran¢e of Iheir ¢h8ritable objectives. Designated funds are 8 POrtK>n of the UnS1rfCIed funds of the reporting charity that has been set aside for a particular purposa by the Iruslees. Reslrided funds are subject to specific conditions by don015 or grantors as to how they may be used. The purposes and uses of the restricted fvnds are sel out in the notes lo the financial statements. 1A Incoming resources All income is recogni5ed in the Slalemenl of Finanaal Activities once the charity has entitlement lo the funds. 11 Is probable that the income will be received and the amount can be measured reliably. Cash don*ions are recognised on receipl. Othei donations are recognised once the charity ha5 been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relab'on lo donations received under GiftAid or deeds of covenant is recognised at ihe time ol 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 expeeted. If the amount is not known. the legacy is treated as a conlingenl asset. 12-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2026 Accountlng policies {Contlnu•dl 1.5 Resources expended Liabilities are recogni5ed as expenditu as soon as there 6$ a legal or constructSve obligation cornmitting Ihg charity to that expenditure, it is probable that a transfer of economic benefits will be requirèd in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an a¢¢ruals basis and has been classified under headings that aggregate all cost related lo the category. Vvhere Costs cannot be diieclly altributed to particular headings they have been allocated lo aclivilie5 on a basis consislenl with the Use of resources. Grants offered subje¢t lo condition5 which havè not been met at the year end dale are noted as a commitment bul not a¢ctued as expenditure. Raising funds includes all expenditure incurred by Ihe charity to raise funds for ils charitable purposes and includes costs of all fundraising actiwlies. events and non-charitable trading. The presentation of charitable actiwties flows from the charity's vision and purpose. Grants awaided in furtheiance ol the Charity's objects ai& iecognised as a note as soon as the charity has notified the pIeI of the award. Govemance costs Comprise all costs identified as wholly or mainly attributable to ensuring the public accountability ot the charity and Ils compliance wlh regulation. These costs indude external audit and legal costs. 1.6 Tangible flxed assets Tangible fixed assets are initially measured al cost and subsequenlly measured al cost or valuation, net of deprèciation and any impaimient losses. Deprecialk)n is recognised so as to write off the cost or valuation ol assets less Ihelr residual values over th&lr usèful lives on the following bases.. Fixtures and fittings Computer s0tare - 20DA on cost - 2(YA on cost The gain or loss arising on the disposal of an asset is delerrnined as the difference between the Sale proceeds and the carrying value of the asset, and is recognised in the statement ol financial activities. 1.7 Fixed asset investmonts Fixed asset investments are initially measured at transaction price excluding transa¢lion costs, and arg subsequently measured at lair value at each reporting dale. Changes in fair value are recognised in net incofflellexpendilurel for the year. Transaction costs are expensed as incurred. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposts held al call with banks, other short-tem) liquid invèstments wth o¥iginal maturities of three months or less, and bank overdrafts. Bank overdraft$ aré shown within borrowings in current liabilities. 13-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JANUAR Y2026 Accounting pollclé$ IContSnuedl 1.9 Financial instruments The charity has elected lo apply the prow5i9n$ of Seclion 11 'Basic Financial Instruments, and Seclion 12 'other FinancHI Inslrumenls153ues' of FRS 102 to all of ts finanual instrum¢nts. Finanaal in51rumen15 are recognised in the charity5 balance Sheet when the charty becomes party tr) the contractual provIsnS of the instrument. Finan¢ial assets and liabilities are offset, wth the net amounts presented in the financjal slalements. when there is a legally enforceablè light to sat off thè recognised amounts and there is an intention lo settle on a net basis or to realise thé asset and settle the liability simultaneously. Basic finan¢lal assels Basic financial assets, wh*¢h in¢lude debtors and cash and bank balans, are initially rneasured al transaction price ineluding transaction oosts and are subsequently carried at amortised cost using the effective interest method unles5 the arrangernenl ¢onslilules a financing transaction, where the transaction is measured al the present value of the future receipts discounted al a maikel rate of interest. Financial assets classified 85 receivable wlhin one year are not amort13ed. Impainnent of financial assets Financial assets, other than those held at fair value through in¢ome and èxpènditure, are assessed for indicators of impairment al each reporting date. Financial as5els are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the finan¢ial assgt. the estimated future cash flows have been affected. If an as$el is impaired, the impaimient loss is the difference beeen the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The irnpairmenl loss IS Te¢ognised in net lncomellexpendirè) for the year. If there is a decrease in the impairment loss arlsing from an event occurring after the impairrnent was recognised, the Impairment Is reveised. The reversal Is such that the current carrying amount does not exceed what the carrying arnourht would have been, had the impairment not previously been recognised. The impairment reversal is recognised in nel in¢omellexpenditure} for the year. Dereeognition 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 5ubslanlially all the risks and rewards of ownèrship lo another entity, or if some significant risks and reward5 of ownership are retainèd bul control of the asset has transferred to another party that is able to sell the asset in ils entirety lo an unrelated third party. Basic financial liabilities Basic financial liabilities, induding creditors and bank loans are initially recognised at Iransadion pri¢e unless the arrangement constitutes a financing transaetion, where the debt instrument is measured at the present value of the future payments discounted al a market rate of interest. Finanaal liabilities classified as payable within one yèar aTe not arnortised. Debt instrurllenls are subsequently carried al amortised cost, using the effe¢tive interest ratè method. Trade creditors are obligations to pay for goods or seNS that have been acquired In the ordlnary course of operations from suppliers. Amounts payable are classified as current liabilities if payment 15 due within one year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price 8nd subsequently measu al 8mortlS8d cost using the effective interest rnethod. Dere¢ognition of financial liabilities Finanaal liabilities are derecognised when the charity's contractual obligations expl or are discharged or cancelled. 14-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y 2026 Accounting policies Icontinuedl 1.10 Taxation Thè charity is exernpt frorn corporation tax on its charitable aclivilEs. 1.11 Investments Investments are staled at deemed market value. Critical accounting estimats¥ and judgements In the application of the charity's accounting policies, the Trustees are required lo makè judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from othèr sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may difler from these estimates. The 851imales and underlying assumptions are raviawed on an ongoing basis. Revisions lo accounting eslimales 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 re$bon affects both currenl and future periods. Incom8 from donations and legac5es Unrestrlet8d Restrlcted fvnds funds 2026 2026 Total Unrestrlcted Restricted funds funds 2025 2025 Total 2026 2025 Donations and gifts Legacies Membership fees 54,515 537,837 70,086 24,305 78,820 537,837 70,086 38,087 224,756 72,896 93,985 132.072 224,756 72.896 662.438 24,305 686,743 335,739 93,985 429.724 Income from oth8r tradlng actlvltl•s Unrestricted Restrictsd funds funds 2026 2026 Total Unrestricted Restrlctèd funds funds 2025 2025 Totsl 2026 2025 Fundraising events 10.726 5.386 16,112 7.379 6,260 13.639 Income from invèstmènts UnTestrl¢tsd Unrestrl¢ted funds funds 2026 2025 Interest receivable 30,257 13.2S2 15
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2026 Raising funds 2026 2025 Fundraisin ompuler costs Postage. printing and slalionery Sundries Depreciation and impairment i(it 12.360 3,702 2.072 3.030 7.099 3,614 l.S72 4.853 Fundraising and publTcity 21.164 17.138 21,164 17,138 For the year &nd•d 31 January 2025 Fundiaising and publiaty 17,138 Charitsble activities 2026 2025 Fundraising prizes Insurance Magazine postage and packaging Advertising and markèting Bank charges Sundlias 3.450 1,663 40.012 5.550 2,131 2.534 3,258 841 32.533 2.416 1.917 55,340 40,965 Grant funding of actiwlies (see note 101 Share of governance costs (see note 81 95.149 5,595 477.990 5,013 156.084 523.988 Support ¢o$ts allo¢ated to activitie8 2026 2025 Governanco ¢OStS 5,595 5.013 Analysed betsveen: Ch8ritsble activities 5.595 5,013 16-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y 2026 Support costs allocated to actlvltles Icontinuedl 2026 2025 Governance costs comprl$e: Audit fees Legal and professional AGM costs 3,240 972 1,383 2.975 568 1,470 5,595 5.013 Net movement In fund$ 2026 2025 The net movement in funds is slated after chargingllcredttingl.. Fees payable for the audit of the charity's ffinancial staternen15 Depreciation of owned tangible fixed assets 3,240 3,030 2.975 4,853 10 Grants payable 2026 2025 Glou¢e$lershire Warwickshire Steam RaiaY PIC 95.149 477.990 In èvent of Gloucestershire Warwickshire Steam RaiY Pl¢ ce8sing to operate, all grants made would be recoverable against assets held by Gloucestershire Warwickshi Sltram Raithay Plc. 11 Trustees There ware no tru51ees' rernuneralion or othar bènefits for thg year ended 31st January 2026 nor for the year ended 31st January 2025. During the year, 2 trustees were reirnbursed expenses of £1,058 in relation lo stationery, insurance and promotional items. In 2025. 4 trustees were reimbursed expenses Of £1,237 in relation to stationery, IT costs and premises expenses. 12 Employ8•s The average monthly number of employees during the year was.. 2026 Numbèr 2025 Numbèr Total There were no employees whose annual remuneration was more than £60,000. 17-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y2026 13 Taxation The charity is exempt from taxation on its actiwties because all its income is applied for tharitsble purposes. 14 Fixed assot Investm•nts Unllsted invèstm•nts Cost or valuation Al 1 February 2025 Additions 107,495 Al 31 January 2026 107,495 Carrying amount At 31 January 2026 107,495 At 31 January 2025 Included within fixed asset investments is a fixed-lerm deposit held with Close Brothers Bank. The deposil wa$ opened on 16 December 2025 and matures on 16 June 2027. The funds are not available for withdrawal wilhoul penaNy prK)r lo maturty and have therefo been classffjd as a fixed asset investment. Additionally total sha$ received as gifts during the year amounted to 1.69012025: 11,5581. The total of shares held in Gloucestershire Warmckshire Steam Rai?Y PIC amount lo 4S4.990 12025.- 453.3001. The total sh8res held in Severn Valley Railway (Holdings) PIC amount to 1,282 {2025'. 1.2821. The total shares held in Great Central Railway PIC amount to 68812025= 688). Thè directors are of the opinton that the deemèd mark8t valuè ol investments is £nil12025'. £nill. 18-
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2026 15 Tangible fixed ass•ts Flxtures and rittinss Computer Soar8 Total Cost At 1 February 2025 9.220 15.150 24,370 Al 31 January 2026 9.220 15.150 24,370 Depreciation and impaiTment Al 1 February 2025 Dèpiecialion charged in the year 9,220 7,244 3,030 16,464 3,030 Al 31 January 2026 9,220 10,274 19,494 Carrying amount At 31 January 2026 4,876 4,876 At 31 January 2025 7,9C 7,9)6 16 Dèbtors 2026 2025 Amounts falling due within one year: Other debtors Prèpayments and accrued income 520 98,247 189 76,897 98,767 77,086 19
GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2026 17 Crodltors: amounts falling due within one year 2026 2025 Trade creditors Accruals and dèfèrrèd inci)me 6,144 67,254 42.480 69,161 73.398 111.641 Included within accruals and deferred income is deferred income of £64.01412025'. £65,829). This comprises income received in relation lo future periods from members who have subscribed lo 1 or 3 year memberships. Balance 85 al 131 February 2025 Amount relèased to subscription income Amount deferred in year 65.829 142.4691 40.654 Bance as 8131 sl January 2026 64.014 18 Analysis of net assets bets¥oen funds Unrestricted fvnds 2026 Re$trict funds 2026 Totsl 2026 At 31 January 2026: Tangible assets Investments Net currènt a$setsllliabililies} 4.876 107.495 1,029,284 4,876 107,495 1,213.381 184.097 1,141,655 184,097 1,325.752 Unrestricted funds 2025 Rèstricted funds 2025 Total 2025 At 31 January 2025: Tangible assets Net current assetsllliabilities) 7,906 577,150 7,906 761.982 184.832 585,056 184,832 789.888 -2Q-
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GLOUCESTERSHIRE WARWICKSHIRE RAILWAY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2026 21 Limitad liability of shares The company is limitad by guarantee 8nd IheTefore has no share ¢apilal. In the event of the company being wound up èach metnber is liable for an arnount not exceeding £10. The company is a registered charity and has taken advantage of the exernplion to dispense with the wold Limited from ils name. 22 Related party transactions There were no dlsclosable related party Iransaclwjns during the year12025- nong). 23 Cash generated frOry[abofbed byl operations 2026 202S Surpluslldeficil) for the year 555,864 184,4911 Adlustments for: Investment income iecognised in statement of financial 8Ctwilies Deprerjation and impaimenl of tangible fixed assets 130,2571 3,030 113,2521 4,853 Movem•nt5 in working capital: Ilncieasel in debtors ID¢crga$el in creditors 121.6811 138,2431 155,2321 1247,3841 Cash generated fromllabsorb•d byi operatlon$ 468.713 1395,5061 24 Analysis of chang•s in net funds The charity had no material debt during the year. 2S-
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