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
Dro1￿ICh
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 rai￿aY locomo￿ve$. rallway carriages and other iterns of rdling stock and
associated equipment.
Restore and house such locomotives, carriages or other rolling stock and equipment and put them on
display. loan or hire them so they may be used if piaclicaile and tllake suitable arrangements for their
ontinued preservation as far as possible.
Publbsh or support the publication of books, artides or other material or olhewlse to promote interest In
Gloucestershire Warwickshire Railway as a living museum.
Accept gifts, donations, legacies and bequests of assets on any temis.
The Tru51ee5 have refgrrad to tha guidanc& containad in the Charily Commission's general guidance on public
benefit when revievring its aim and obje¢tives, and in planning future activities.
Aehievemènts and performance
The charity mada a surplus for tha yèar of £555.864 12025.. defiat of £84,491) with unrestricted reserve5 of
£1,141.65512025'. £585.0561 and reslri¢ted reserves of £184.09712025'. £164,832).
Financial rèview
Reserves policy
The Trustees aim lo maintsin enough reserves in unrestricted funds at a level which equates to approximately 3
months of unrestricted chaiilable expendiluie. Where the l&vel of free reserves is in excess of this level the
harity aims to use any surplvse5 to fund projects run by or in support of the Gloucestershire Warwickshire
Railw8y or pur¢ha8e a35ets for the raI￿aY.
Exces5 monies not required for Ihe day to day running of the charity are invested in bank deposit acu)unts to
provide a higher rale of return.
RestrKted funds include monies raised specifically for the W￿Wing Galery and other future projects.
Invutmènt policy and objectives
The Trustees consider that the investment in Ihe Gloucestershire VVarwith$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. wh￿h
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 redU￿d legacy income 8ffeeting both GWRT and GVVSR Plc. The Board
ha5 however decided lo withdraw the £5 additional vouther fiotn 1st January 2027. The Rai￿laY 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 wa￿1ckshirÈ Steam Rai￿aY 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 resolut￿n 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 d1￿CtOrS of GIOu￿stershl￿ 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 reSoUr￿S and application of resources, for the year then ended.,
hava bèen properly prepared in accordance with United Kingdom Gen￿r￿lY 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 ￿SponsIbl11￿eS 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 prO￿dureS 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 balan￿5 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 a￿OrdanCe 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 Un￿S1rfCIed 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 ￿￿pIe￿I 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 s0t￿are
- 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 provIs￿nS 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 balan￿s, 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 be￿een 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 lncomellexpendi￿rè) 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 seN￿S 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 Rai￿aY PIC
95.149
477.990
In èvent of Gloucestershire Warwickshire Steam Rai￿￿Y 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 classffj￿d
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
So￿ar8
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
B￿ance 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
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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￿[ab￿ofbed 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-

GLOUCESTERSHIRE WARWICKSHIRE RAILWAYTRUST
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GLOUCESTERSHIRE WARWICKSHIRE RAILWAYTRUST
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