Docusign Envelope ID: D20DD7E7-8F56-49E4-8375-A329D88BE316
Charity number: 289008
GREAT WESTERN TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
Docusign Envelope ID: D20DD7E7-8F56-49E4-8375-A329D88BE316
GREAT WESTERN TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 - 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Notes to the financial statements | 12 - 25 |
Docusign Envelope ID: D20DD7E7-8F56-49E4-8375-A329D88BE316
GREAT WESTERN TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2024
Trustees Peter Rance Peter Jones OBE Stephen Cooper Anthony Elliott Roger Orchard Matthew Searle George Freeman Charity registered number 289008 Principal office Didcot Railway Centre Station Road Didcot Oxfordshire OX11 7NJ Accountants Wellers Accountants Kineton House 31 Horse Fair Banbury Oxon OX16 0AE
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GREAT WESTERN TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2024
The Trustees present their annual report together with the financial statements of the Charity for the 1 February 2023 to 31 January 2024.
Objectives and activities
a. Policies and objectives
The charity's objectives are to establish and maintain a railway museum for the benefit of the public. In furtherance of these objects the charity may:
1) Maintain and support the Railway Centre and the static and working museum created and operated by the Great Western Society at Didcot by the acquisition and provision of specific memorabilia and artefacts for display and study in its dedicated "Great Western Trust Museum & Archive Building" and objects displayed elsewhere within Didcot Railway Centre site.
2) Assist in voluntary work on the restoration, conservation and cataloguing of specific memorabilia and artefacts of historic and railway interest at the Didcot Railway Centre and provision of the educational facilities upon and assisting in organisation of educational visits to the Great Western Trust's Museum.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
The essence of the Great Western Trust's decisions and actions is to provide a public benefit through access to displays and for detailed research. Also to invest wholly volunteer and financial resources to continued conservation of the collection so that benefit is maintained for future generations. Collection enhancement is through donations, purchases and bequests.
c. Activities undertaken to achieve objectives
The Great Western Trust continued its highly regarded work, established over 39 years, with its volunteers to create captivating and informative displays within its Museum & Archive Building; continued to enhance its now recognised Nationally important Core Collection predominantly through substantial private donations, bequests and from public bodies including Network Rail; conserved its core textile and paper-based collection in its Archive Standard environmentally controlled secure store room; expanded its service to students of railway history through stewarded study visits to its archive.
The Store Room facility is the first ever created by a volunteer run heritage railway museum.
All the above has been conducted to the standards set by Arts Council England as part of the Accredited Museum that is Didcot Railway Centre (No1463).
d. Volunteers
All Trust management, operational, cataloguing and conservation activities are undertaken by volunteers. It is estimated the volunteer input into Trust activities during the year was in excess of 50,000 hours. The Board of Trustees wishes to express its sincere thanks to all those members who have supported the Trust at Didcot Railway Centre during the year.
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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
Achievements and performance
a. Review of activities
The Trust's income from charitable activities decreased in the year from £39,285 in 2023 to £10,394.
Expenditure on charitable activities decreased from £125,781 in 2023 to £69,070.
As a result of the above, the level of unrestricted reserves decreased from £1,093,970 in 2023 to £1,076,875.
The Trustees created a designated fund in respect of the majority legacy income from Peter Waymouth Gray as this has been identified as income to support a new Exhibition Hall Complex at Didcot Railway Centre to provide display facilities worthy of the Trust's historic collection and to allow the existing Trust Museum display room to be recast as a conservation and study facility. Subsequent very high construction design, build and fitting out cost estimates have caused the Trustees to actively review more timely and affordable facility options whilst maintaining its investment portfolio towards commitment once final project decisions emerge in 2023/2024.
The Trust has continued to pursue and progress its objective to digitise some collection materials and to environmental improvements in its Collection storage facility. It is also exploring options for grant aiding Great Western Society extensions to existing buildings at Didcot Railway Centre which would be for primary use of conserving and best displaying for public visitors its collection of Cartage & Road Motor exhibits, and for the latter the Trust invested in a Lightweight Portable Structure which when fitted out during early 2024 will publicly display these vehicles there and in a restored GWR Bus Garage already at Didcot Railway Centre.
In Autumn 2022 the Trustees embarked on an entirely new initiative with the objective of a future dedicated Rural Station Goods Shed building in GWR style under the project title “Delivering the Goods” (DTG). The aim is to use that building at Didcot Railway Centre to display and interpret for visitors the GWR Goods traffics including rail wagons and GWT owned GWR road cartage vehicles (drays and lorries). The Trust has fully funded contracts placed by the site tenants (Great Western Society) with Architects, Services & Structural Designers, Cost Accountants & Display & Interpretation Consultants. In 2023, Planning Approval was gained. Large and more pressing Railway Centre infrastructure projects have taken priority for the limited plant and rolling stock needed for such a project, but the Trustees intend to invest during 2024 in second hand trackwork that is vital to the DTG project.
b. Investment policy and performance
The Trust has maintained its established policy through the employment of Evelyn Partners Investment Managers. In response to professional advice on changing market conditions, the Trustees formally resolved in March 2021 to migrate its Investments to Stocks rather than to invest in short term HMG Bonds. It must be emphasised that in so doing, the Trustees remain entirely responsible for any investment decisions they adopt.
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GREAT WESTERN TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
b. Principal risks and uncertainties
Three highest risks are,
- 1) the ability to find suitable and committed replacement Trustees for a body of trustees of senior years; 2) the fact that the Trust from its formation is just that “A Trust” and not a body Corporate; 3) that the Trust Collection is wholly located within Didcot Railway Centre, which is run by the Great Western Society who are the long term tenants of Network Rail, and hence it is reliant upon the future wellbeing of those bodies and relationships.
To respond to each risk in turn:-
1) The Trustees are constantly reviewing the cache of potential younger Trustees, and when a willing applicant is identified, ensuring a sufficient acclimatisation period for them to appreciate the roles and responsibilities that they will inherit, before formally becoming Trustees 2) The Trustees are actively pursuing the preparations towards migration to a Charitable Incorporated Organisation under Charity Commission auspices. This process will however take some time to be fulfilled. 3) The Trustees are continually working with the Board of the Great Western Society, in the closest harmony and collaboration (as deemed in its Trust Deed) to effect the jointly agreed substantial enhancement of Didcot Railway Centre facilities and public experience, to achieve the objective of commercial sustainability and hence assured protection for its Collection.
The trustees identify and review risks to which the charity is exposed and establish systems to negate those risks. The charity is satisfied that systems are in place to mitigate their exposure to the major risks.
c. Financial risk management objectives and policies
The manner of its unguaranteed annual income, with all site rent, insurances and utilities costs paid by Great Western Society, leaves the Trust with very strong and simple mechanisms to avoid financial risk that is the Trustees do not commit to anything for which there is no available funds, so completely mitigating any exposure to major financial risks.
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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
Structure, governance and management
a. Constitution
Great Western Trust is a registered charity, number 289008, and is constituted under a Trust deed dated 6 March 1984 as amended by special resolution dated 13 December 2003.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are appointed under the terms of the Trust Deed.
c. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
The Great Western Trust Board has a risk management strategy which comprises a review of the principal risks and uncertainties that the charity faces and the establishment of policies, systems and procedures to mitigate those risks as far as is practicable.
In respect of “Risk” of simply paying invoices, the Trustees have expended very considerable but fruitless efforts with their Bank (NatWest) to achieve on-line facilities, as businesses are more and more declining cheques. That failure has enforced individual Trustees to act on invoices on the Trust’s behalf with the Trust reimbursing them promptly by cheque. Efforts to similarly extend the number of authorised signatories (currently two must co-sign any cheque) have failed. It appears the Trust is not alone in this completely unacceptable behaviour by large public banks towards long term Charity customers and thereby placing unacceptable obligations upon individual Trustees. Alternative banks are our next action, albeit requiring very substantial administrative effort on Trustees that ought not to be unavoidable it seems. Beyond this however the Trustees are pursing CIO status (see Section b 2) above) and have resolved to await that critical migration to then renew efforts with NatWest respecting additional signatories and on line banking etc.
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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
Statement of Trustees' responsibilities
The Trustees 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).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position 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 irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
_________ Peter Rance (Trustee and Treasurer)
24-10-24 Date:
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INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2024
Independent examiner's report to the Trustees of Great Western Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 January 2024.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
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INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Christina Nawrocki
28-10-24 Dated: ACCA
Wellers
Accountants Kineton House 31 Horse Fair Banbury Oxon OX16 0AE
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GREAT WESTERN TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2024
| Note Income from: Charitable activities 3 Investments 4 Total income Expenditure on: Raising funds 5 Charitable activities 7 Total expenditure Net expenditure before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): Losses on revaluation of fixed assets Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2024 £ - - - - - - - - - - - 480 - 480 |
Unrestricted funds 2024 £ 10,394 27,809 38,203 9,215 69,790 79,005 (40,802) 25,762 (15,040) (2,775) (17,815) 1,093,970 (17,815) 1,076,155 |
Total funds 2024 £ 10,394 27,809 38,203 9,215 69,790 79,005 (40,802) 25,762 (15,040) (2,775) (17,815) 1,094,450 (17,815) 1,076,635 |
Total funds 2023 £ 39,285 30,699 69,984 13,888 125,781 139,669 (69,685) (19,469) (89,154) (63,027) (152,181) 1,246,631 (152,181) 1,094,450 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 12 to 25 form part of these financial statements.
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BALANCE SHEET AS AT 31 JANUARY 2024
| Note Fixed assets Tangible assets 11 Investments 12 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 14 Unrestricted funds 14 Total funds |
67,810 67,810 (2,639) |
2024 £ 12,500 998,964 1,011,464 65,171 1,076,635 1,076,635 480 1,076,155 1,076,635 |
131,900 131,900 (15,136) |
2023 £ 12,500 965,186 |
|---|---|---|---|---|
| 977,686 116,764 |
||||
| 1,094,450 | ||||
| 1,094,450 | ||||
| 480 1,093,970 |
||||
| 1,094,450 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
----- Start of picture text -----
_________
----- End of picture text -----
_________ Peter Rance (Trustee and Treasurer)
24-10-24 Date:
The notes on pages 12 to 25 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
1. General information
Great Western Trust is an unincorporated charity registered on 5 April 1984, registration number 289008. The adress of its main office is Didcot Railway Centre, Station Road, Didcot, Oxfordshire, OX11 7NJ.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Great Western Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on 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.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
2. Accounting policies (continued)
2.3 Expenditure (continued)
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
| Computer equipment | - 3 years straight line |
|---|---|
| Other fixed assets | - |
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
2. Accounting policies (continued)
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
3. Income from charitable activities
| Unrestricted funds 2024 £ Publishing, reproduction and research fees 10,394 Donations received - Total 2024 10,394 Unrestricted funds 2023 £ Publishing, reproduction and research fees 14,285 Sale of duplicate and non-GWR items 25,000 Total 2023 39,285 |
Total funds 2024 £ 10,394 - |
|---|---|
| 10,394 | |
| Total funds 2023 £ 14,285 25,000 |
|
| 39,285 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
4. Investment income
| Unrestricted funds 2024 £ Income from local listed investments 27,748 Investment income - local cash 61 27,809 Unrestricted funds 2023 £ Income from local listed investments 29,654 Investment income - local cash 1,045 30,699 Investment management costs Unrestricted funds 2024 £ Investment management fees 8,566 Unrestricted funds 2023 £ Investment management fees 8,580 |
Total funds 2024 £ 27,748 61 |
|---|---|
| 27,809 | |
| Total funds 2023 £ 29,654 1,045 |
|
| 30,699 | |
| Total funds 2024 £ 8,566 |
|
| Total funds 2023 £ 8,580 |
5. Investment management costs
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
6. Analysis of donations
| Donation to Great Western Society (Delivering the Goods Project) Donation to Great Western Society |
Donation to Institutions 2024 £ 60,154 Donation to Institutions 2023 £ 111,171 |
Total funds 2024 £ 60,154 |
|---|---|---|
| Total funds 2023 £ 111,171 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
7. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2024 £ Railway Museum 69,790 Unrestricted funds 2023 £ Railway Museum 125,781 |
Total 2024 £ 69,790 |
|---|---|
| Total 2023 £ 125,781 |
8. Analysis of expenditure by activities
| Railway Museum Railway Museum |
Activities undertaken directly 2024 £ 3,690 Activities undertaken directly 2023 £ 6,417 |
Grant funding of activities 2024 £ 60,154 Grant funding of activities 2023 £ 111,171 |
Support costs 2024 £ 5,946 Support costs 2023 £ 8,193 |
Total funds 2024 £ 69,790 |
|---|---|---|---|---|
| Total funds 2023 £ 125,781 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
8. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Museum core collection items Museum assets Analysis of support costs Repairs and renewals Travel Governance costs 9. Independent examiner's remuneration Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts |
Railway Museum 2024 £ 3,690 Railway Museum 2023 £ 6,417 Total funds 2024 £ 1,935 915 3,096 5,946 2024 £ 1,350 |
Total funds 2024 £ 3,690 |
|---|---|---|
| Total funds 2023 £ 6,417 |
||
| Total funds 2023 £ 5,317 896 1,980 |
||
| 8,193 | ||
| 2023 £ 1,250 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 January 2024, expenses totalling £ 6,506 were reimbursed or paid directly to 5 Trustees (2023 - £7,544 to 3 Trustees) . This was to cover museum core collection items bought during the year.
11. Tangible fixed assets
| Cost or valuation At 1 February 2023 At 31 January 2024 Depreciation At 1 February 2023 At 31 January 2024 Net book value At 31 January 2024 At 31 January 2023 |
Computer equipment £ 3,952 3,952 3,952 3,952 - - |
Other fixed assets £ 12,500 12,500 - - 12,500 12,500 |
Total £ 16,452 |
|---|---|---|---|
| 16,452 | |||
| 3,952 | |||
| 3,952 | |||
| 12,500 | |||
| 12,500 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
12. Fixed asset investments
| Cost or valuation At 1 February 2023 Additions Disposals Revaluations At 31 January 2024 Net book value At 31 January 2024 At 31 January 2023 13. Creditors: Amounts falling due within one year 2024 £ Accruals and deferred income 2,639 |
Listed investments £ 965,186 190,280 (175,633) 19,131 998,964 998,964 965,186 2023 £ 15,136 |
|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
14. Statement of funds
| Statement of funds | |||
|---|---|---|---|
| Statement of funds - current year Balance at 1 February 2023 £ Unrestricted funds Designated funds Peter Gray Fund 1,076,484 General funds General Funds 17,486 Total Unrestricted funds 1,093,970 Restricted funds Narrow Gauge Slate Wagon Fund 480 Total of funds 1,094,450 |
Income £ Expenditure £ - (60,154) 38,203 (18,851) 38,203 (79,005) - - 38,203 (79,005) |
Gains/ (Losses) £ - 22,987 22,987 - 22,987 |
Balance at 31 January 2024 £ 1,016,330 |
| 59,825 | |||
| 1,076,155 | |||
| 480 | |||
| 1,076,635 |
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GREAT WESTERN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
14. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Peter Gray Fund General funds General Funds Total Unrestricted funds Restricted funds Narrow Gauge Slate Wagon Fund Total of funds |
Balance at 1 February 2022 £ 1,187,655 58,496 1,246,151 480 1,246,631 |
Income £ - 69,984 69,984 - 69,984 |
Expenditure £ (111,171) (28,498) (139,669) - (139,669) |
Gains/ (Losses) £ - (82,496) (82,496) - (82,496) |
Balance at 31 January 2023 £ 1,076,484 |
|---|---|---|---|---|---|
| 17,486 | |||||
| 1,093,970 | |||||
| 480 | |||||
| 1,094,450 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
15. Summary of funds
Summary of funds - current year
| Balance at 1 February 2023 £ Designated funds 1,076,484 General funds 17,486 Restricted funds 480 1,094,450 Summary of funds - prior year Balance at 1 February 2022 £ Designated funds 1,187,655 General funds 58,496 Restricted funds 480 1,246,631 |
Income £ Expenditure £ - (60,154) 38,203 (18,851) - - 38,203 (79,005) Income £ Expenditure £ - (111,171) 69,984 (28,498) - - 69,984 (139,669) |
Gains/ (Losses) £ - 22,987 - 22,987 Gains/ (Losses) £ - (82,496) - (82,496) |
Balance at 31 January 2024 £ 1,016,330 59,825 480 |
|---|---|---|---|
| 1,076,635 | |||
| Balance at 31 January 2023 £ 1,076,484 17,486 480 |
|||
| Summary of funds - prior year | |||
| Designated funds General funds Restricted funds |
|||
| 1,094,450 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
16. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2024 Unrestricted funds 2024 £ £ - 12,500 - 998,964 480 67,330 - (2,639) 480 1,076,155 |
Total funds 2024 £ 12,500 998,964 67,810 (2,639) 1,076,635 |
|---|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2023 £ - - 480 - 480 |
Unrestricted funds 2023 £ 12,500 965,186 131,420 (15,136) 1,093,970 |
Total funds 2023 £ 12,500 965,186 131,900 (15,136) 1,094,450 |
|---|---|---|---|
17. Related party transactions
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 January 2024.
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