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REGISTERED COMPANY NUMBER: 02481338 (England and Wales)
REGISTERED CHARITY NUMBER: 1124830












REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

EAST MIDLANDS RAILWAY TRUST

EAST MIDLANDS RAILWAY TRUST






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2024




Page

Report of the Trustees 1 to 4

Independent Examiner's Report 5

Statement of Financial Activities 6

Balance Sheet 7 to 8

Notes to the Financial Statements 9 to 17

EAST MIDLANDS RAILWAY TRUST (REGISTERED NUMBER: 02481338)

REPORT OF THE TRUSTEES
for the year ended 31 January 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 January 2024. The trustees have adopted the provisions of 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 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The trustees are keen to ensure that the work of the Charity meets the public benefit requirement outlined in the Guidance published by the Charity Commission - "Public Benefit: the public benefit requirement" (published September 2013) insofar as the overall purpose of the trust:

a) remain beneficial in character; and
b) that they benefit the public in general or a sufficient section of the general public; and
c) in pursuing its objectives, the Association continues to have regard to Charities Commission guidance when exercising their powers and duties.

The objects and principal activities of the Charity remain the advancement of education of the public in the history and development of railway transport systems in particular, but not exclusively, by:

a) The preservation, operation and exhibiting of railway vehicle systems, equipment and artefacts; and
b) Education and training in the maintenance restoration and operation of historic railway and road vehicles.

Significant activities
During this year, the closure of the railway line from Loughborough Junction to Ruddington continued, but significant progress is being made towards reopening.

Work continues on preparations for repairs to other civil engineering structures and on maintenance of the railway owned by the Trust.

The subsidiary Great Central (Nottingham) Ltd (GCRN) functions as the operating and trading company in which EMRT has a majority interest. The company is increasing its commercial income and is undertaking capital projects towards the railway reopening and development of the Heritage Centre at Ruddington. The programme of Heritage Centre events has increased and is focused on growing its revenue which can be reinvested into improvements in site security, visitor experience, facilities on the site and working towards railway reopening. The Trust funds or part-funds capital projects such as the completion of Building 4 for carriage restoration and storage.

The Trustees wish to acknowledge the positive results of co-operation with our sister charities, the LNER (GC) Heritage Trust, the David Clarke Railway Trust; and the Great Central Railway plc, GCRN Ltd, and Friends of the Great Central Main Line. We also wish to thank our donors and regular subscribers to the Forward Fund for their generous and invaluable support; and all the volunteers for their dedicated work.


EAST MIDLANDS RAILWAY TRUST (REGISTERED NUMBER: 02481338)

REPORT OF THE TRUSTEES
for the year ended 31 January 2024

FINANCIAL REVIEW
Financial position
The Charity's rental and investment income is agreed at a level to more than adequately cover the ongoing governance and administrative costs, thereby allowing any donations and other charitable income to be wholly invested in the trust's charitable activities. The results for the year ended 31 January 2024 show:

Income

Income of £30,356 (2023 - £50,652) an average of £2,530 (2023 - £4,221) per month. This is an decrease of 40% in income.

Expenditure

Expenditure of £66,543 (2023 - £26,192) an average of £5,545 (2023 - £2,183) per month. This is a increase of 154% in expenditure on the previous year and is largely due to a increase in grants to institutions within the current financial year.

Unrestricted funds

Unrestricted funds have decreased to £480,910 compared to £513,696 in the previous year.

Restricted funds

Restricted funds have decreased to £316,428 compared to £319,829 in the previous year.

Reserves policy
Cash reserves currently stand at £306,424 (2023 - £348,060). The trustees continue to review the investment policy and take the view that although investing a proportion of those funds in a risk-free interest bearing account would generate additional investment income, the modest amounts received in the current financial climate would not justify locking up funds for a length notice period, as we continue to acquire redundant infrastructure, plant and other heritage assets as they become available, normally at very short notice. Apart from day to day funding requirements, the bulk of the Charity's cash continues to be held in instant access, interest bearing deposit accounts.

FUTURE PLANS
The Trustees made the strategic move for the charity to become the majority shareholder of the Great Central Railway Nottingham Limited (GCRN) who manage the Ruddington site. This investment and related figures are separated out as a designated fund in these accounts for transparency. We are working closely together to protect the estate, increase the facilities available to the public, in particular and specially to coincide with the trunk route once it is reconnected at Loughborough with the long standing premier Heritage Railway connecting North Leicester to Loughborough. Emphasis is on the provision of much enhanced visitor and rolling stock storage facilities at the Heritage Centre, facilities for transforming railway operation and heavy maintenance and renewal of the late Victorian infrastructure.

The Forward initiative has raised the Trust's profile and accelerated fundraising towards delivering the 10-year strategic plan.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
East Midlands Railway Trust ("EMRT") is a company limited by guarantee within the meaning of the Companies Act 2006 and a registered charity governed by the rules set out in our Memorandum and Articles of the company (last updated 2 June 2008). The Charity has obtained a licence to omit the word "Limited" from its name under Section 30 of the Companies Act 1985. The Charity has a Board of Trustees which is empowered to make decisions on behalf of the Charity and does so at its regular meetings.

The Board of trustees are responsible for the governance of the Charity and have the right under the Companies Act to manage the charity how it sees fit, providing this falls in line with the Articles of Association and Charities Board guidance and rules of engagement.

The Board of trustees meet on a half yearly basis to review the performance and strategic plans and objectives of the Charity with a quorum of no less than three trustees.


EAST MIDLANDS RAILWAY TRUST (REGISTERED NUMBER: 02481338)

REPORT OF THE TRUSTEES
for the year ended 31 January 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
The Board of trustees are appointed in accordance with the Articles of Association of the Company.
This is as follows:

- The Board of trustees shall compromise of a minimum of three members with no maximum amount
- At every subsequent annual general meeting one-third of the trustees shall resign rotation; the longest in
office will resign first.
- Retiring trustees shall be eligible for re-election in line with the Articles of Association.
- No person other than a trustee retiring by rotation shall be appointed of reappointed unless they are
recommended by the trustees; or no less than fourteen nor more than thirty-five clear days before the date
appointed for the meeting, by a notice executed by a member qualified to vote at the meeting stating the
intention to propose that person be appointed or reappointed.
- The trustees may appoint said person but they will only hold office until the next annual general meeting
where they must retire and be re-elected.

Induction and training of new trustees
The trustees are given an introduction to the Charity and are given the guidance from the Charity Commission on the roles and responsibilities of Trustees. All trustees are reminded to monitor the Charity Commission's website for any updates of these responsibilities on a regular basis.

Risk management
The principal risks faced by the Charity are manageable with the trustees taking steps to address them during the coming year. These are summarised as follows:


- The Charity has a risk of not being able to supply grants at a normal level to previous years. This has been
mitigated by not creating any financial commitments enabling the Charity to manage its grant levels.
- The charity has no effective running costs other than insurance and accountancy fees, as the management
and upkeeping of the Heritage Centre and Ruddington Station is paid for by the lessees. Therefore cash
reserves are at a strong level. The trustees have agreed that if cash reserves fall below £40,000, the Charity
will not provide any grants. This has not occurred since the charity began.
- Protection of the owned estate from natural wear and deliberate vandalism

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02481338 (England and Wales)

Registered Charity number
1124830

Registered office
Highdown House
11 Highdown Road
Leamington Spa
Warwickshire
CV31 1XT

Trustees
M Freckelton
D J Morris
C I Baines
D G R Slack (resigned 1.3.2023)
Prof D C Rae
P T Morley


EAST MIDLANDS RAILWAY TRUST (REGISTERED NUMBER: 02481338)

REPORT OF THE TRUSTEES
for the year ended 31 January 2024


REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Gregg Olner MPhil BA(Hons) FCA
Harrison Beale & Owen Limited
Chartered Accountants
Highdown House
11 Highdown Road
Leamington Spa
Warwickshire
CV31 1XT

Approved by order of the board of trustees on 24 October 2024 and signed on its behalf by:





P T Morley - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
EAST MIDLANDS RAILWAY TRUST

Independent examiner's report to the trustees of East Midlands Railway Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
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:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.








Gregg Olner MPhil BA(Hons) FCA

Harrison Beale & Owen Limited
Chartered Accountants
Highdown House
11 Highdown Road
Leamington Spa
Warwickshire
CV31 1XT

24 October 2024

EAST MIDLANDS RAILWAY TRUST

STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 January 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 3 9,697 - 9,697 15,956

Other trading activities 4 11,495 - 11,495 28,432
Investment income 5 9,164 - 9,164 6,264
Total 30,356 - 30,356 50,652

EXPENDITURE ON
Raising funds 6 6,890 - 6,890 9,735

Charitable activities
Operation and maintenance of heritage railways 56,252 3,401 59,653 16,457
Total 63,142 3,401 66,543 26,192

NET INCOME/(EXPENDITURE) (32,786 ) (3,401 ) (36,187 ) 24,460


RECONCILIATION OF FUNDS
Total funds brought forward 513,696 319,829 833,525 809,065

TOTAL FUNDS CARRIED FORWARD 480,910 316,428 797,338 833,525

EAST MIDLANDS RAILWAY TRUST (REGISTERED NUMBER: 02481338)

BALANCE SHEET
31 January 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 - 308,356 308,356 308,356
Investments 10 50,500 - 50,500 50,500
50,500 308,356 358,856 358,856

CURRENT ASSETS
Debtors 11 133,858 - 133,858 128,229
Cash at bank 298,352 8,072 306,424 348,060
432,210 8,072 440,282 476,289

CREDITORS
Amounts falling due within one year 12 (1,800 ) - (1,800 ) (1,620 )

NET CURRENT ASSETS 430,410 8,072 438,482 474,669

TOTAL ASSETS LESS CURRENT
LIABILITIES

480,910

316,428

797,338

833,525

NET ASSETS 480,910 316,428 797,338 833,525
FUNDS 13
Unrestricted funds 480,910 513,696
Restricted funds 316,428 319,829
TOTAL FUNDS 797,338 833,525

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


EAST MIDLANDS RAILWAY TRUST (REGISTERED NUMBER: 02481338)

BALANCE SHEET - continued
31 January 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 24 October 2024 and were signed on its behalf by:





P T Morley - Trustee

EAST MIDLANDS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2024

1. COMPANY STATUS

The charity is a company limited by guarantee and incorporated in England and Wales. The members of the company are the trustees who are also the directors. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £5 per member of the charity. The charitable company's registered numbers and registered office address can be found in the Report of the Trustees.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Preparation of consolidated financial statements
The financial statements contain information about East Midlands Railway Trust as an individual charity and do not contain consolidated financial information as the parent of the group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Other trading activities income is recognised on receivables basis.

Investment income is recognised on a receivable basis.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Costs of generating funds are the costs associated with attracting the voluntary income.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both the costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Expenditure on other items include those incurred in the governance of the charity and its assets and are primarily associated with statutory requirements.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

EAST MIDLANDS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost, less impairment.

3. DONATIONS AND LEGACIES
2024 2023
£    £   
Donations 8,109 10,986
Gift aid 1,588 4,970
9,697 15,956

4. OTHER TRADING ACTIVITIES
2024 2023
£    £   
Contractual income 7,925 18,150
Rental income 3,570 10,282
11,495 28,432

5. INVESTMENT INCOME
2024 2023
£    £   
Deposit account interest 5,698 1,175
Interest receivable - trading 3,466 5,089
9,164 6,264


EAST MIDLANDS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

6. RAISING FUNDS

Raising donations and legacies
2024 2023
£    £   
Support costs 6,890 4,361

Included in support costs are independent examination costs of £1,800 (2023 - £1,620).

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 January 2024 nor for the year ended 31 January 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 January 2024 nor for the year ended 31 January 2023.


8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 15,956 - 15,956

Other trading activities 28,432 - 28,432
Investment income 6,264 - 6,264
Total 50,652 - 50,652

EXPENDITURE ON
Raising funds 9,735 - 9,735

Charitable activities
Operation and maintenance of heritage railways
16,411

46

16,457
Total 26,146 46 26,192

NET INCOME/(EXPENDITURE) 24,506 (46 ) 24,460
Transfers between funds (61,926 ) 61,926 -
Net movement in funds (37,420 ) 61,880 24,460

RECONCILIATION OF FUNDS
Total funds brought forward 551,116 257,949 809,065

TOTAL FUNDS CARRIED FORWARD 513,696 319,829 833,525

EAST MIDLANDS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

9. TANGIBLE FIXED ASSETS
Freehold Freehold
land buildings Totals
£    £    £   
COST
At 1 February 2023 and 31 January 2024 308,356 20,112 328,468
DEPRECIATION
At 1 February 2023 and 31 January 2024 - 20,112 20,112
NET BOOK VALUE
At 31 January 2024 308,356 - 308,356
At 31 January 2023 308,356 - 308,356

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
MARKET VALUE
At 1 February 2023 and 31 January 2024 50,500
NET BOOK VALUE
At 31 January 2024 50,500
At 31 January 2023 50,500

There were no investment assets outside the UK.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by related undertakings 127,907 124,441
Gift aid recoverable 3,263 1,675
Prepayments and accrued income 2,688 2,113
133,858 128,229


EAST MIDLANDS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Accrued expenses 1,800 1,620

13. MOVEMENT IN FUNDS
Net
movement At
At 1.2.23 in funds 31.1.24
£    £    £   
Unrestricted funds
General Fund 188,562 (45,401 ) 143,161
Forward Fund 25,488 9,149 34,637
Café Development Fund 124,705 - 124,705
GCRN Fund 174,941 3,466 178,407
513,696 (32,786 ) 480,910
Restricted funds
No 4 Building 3,401 (3,401 ) -
Coach lighting/restoration 820 - 820
Bus group 6,252 - 6,252
Hotchley Hill signal box 1,000 - 1,000
Estate Fund 308,356 - 308,356
319,829 (3,401 ) 316,428
TOTAL FUNDS 833,525 (36,187 ) 797,338

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General Fund 17,741 (63,142 ) (45,401 )
Forward Fund 9,149 - 9,149
GCRN Fund 3,466 - 3,466
30,356 (63,142 ) (32,786 )
Restricted funds
No 4 Building - (3,401 ) (3,401 )

TOTAL FUNDS 30,356 (66,543 ) (36,187 )


EAST MIDLANDS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

13. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net Transfers
movement between At
At 1.2.22 in funds funds 31.1.23
£    £    £    £   
Unrestricted funds
General Fund 536,142 23,313 (370,893 ) 188,562
Forward Fund 14,974 10,514 - 25,488
Café Development Fund - - 124,705 124,705
GCRN Fund - (9,321 ) 184,262 174,941
551,116 24,506 (61,926 ) 513,696
Restricted funds
Heritage Centre Purchase 145,353 - (145,353 ) -
Ruddington Station Purchase 12,820 - (12,820 ) -
Platform 2 10,000 - (10,000 ) -
56 & 63 Locomotives 54,705 - (54,705 ) -
NDA Fund 25,911 (46 ) (25,865 ) -
No 4 Building 3,401 - - 3,401
Coach lighting/restoration 820 - - 820
Bus group 3,939 - 2,313 6,252
Hotchley Hill signal box 1,000 - - 1,000
Estate Fund - - 308,356 308,356
257,949 (46 ) 61,926 319,829
TOTAL FUNDS 809,065 24,460 - 833,525

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General Fund 30,161 (6,848 ) 23,313
Forward Fund 15,402 (4,888 ) 10,514
GCRN Fund 5,089 (14,410 ) (9,321 )
50,652 (26,146 ) 24,506
Restricted funds
NDA Fund - (46 ) (46 )

TOTAL FUNDS 50,652 (26,192 ) 24,460

EAST MIDLANDS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

13. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfers
movement between At
At 1.2.22 in funds funds 31.1.24
£    £    £    £   
Unrestricted funds
General Fund 536,142 (22,088 ) (370,893 ) 143,161
Forward Fund 14,974 19,663 - 34,637
Café Development Fund - - 124,705 124,705
GCRN Fund - (5,855 ) 184,262 178,407
551,116 (8,280 ) (61,926 ) 480,910
Restricted funds
Heritage Centre Purchase 145,353 - (145,353 ) -
Ruddington Station Purchase 12,820 - (12,820 ) -
Platform 2 10,000 - (10,000 ) -
56 & 63 Locomotives 54,705 - (54,705 ) -
NDA Fund 25,911 (46 ) (25,865 ) -
No 4 Building 3,401 (3,401 ) - -
Coach lighting/restoration 820 - - 820
Bus group 3,939 - 2,313 6,252
Hotchley Hill signal box 1,000 - - 1,000
Estate Fund - - 308,356 308,356
257,949 (3,447 ) 61,926 316,428
TOTAL FUNDS 809,065 (11,727 ) - 797,338

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General Fund 47,902 (69,990 ) (22,088 )
Forward Fund 24,551 (4,888 ) 19,663
GCRN Fund 8,555 (14,410 ) (5,855 )
81,008 (89,288 ) (8,280 )
Restricted funds
NDA Fund - (46 ) (46 )
No 4 Building - (3,401 ) (3,401 )
- (3,447 ) (3,447 )
TOTAL FUNDS 81,008 (92,735 ) (11,727 )

General Fund
The general fund represents cumulative surpluses retained since incorporation.

Forward Fund
This fund represents amounts received in re-unification of the GCR to support activities of the trust.


EAST MIDLANDS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

13. MOVEMENT IN FUNDS - continued

Estate Fund
This fund is to record capital funds spent on purchasing and developing the Estate.

Café Development Fund
This fund was created to hold the balance raised for locos 56 & 63, now disposed, to be spend on the new café's development.

No 4 Building
This fund represents amounts to refurbish the building on the heritage site.

Coach Lighting/Restoration
The amounts included in this fund have been restricted to use on the refurbishment activities of the trust.

Bus Group
This fund represents amounts received to restore various motor vehicles.

Hotchley Hill Signal Box
The amounts included in this fund are to be used to refurbish the signal box at Hotchley Hill.

GCRN Investment Fund
To record the investment in GCRN.

Heritage Centre Purchase

This fund represents the amounts donated to purchase the main site at Nottingham.

Ruddington Station Purchase

This represents the amounts donated and put towards the purchase of the site at Ruddington.

Platform 2

This fund has been used to develop and upgrade platform 2.

56 & 63 Locomotives

This fund was originally created to fund the purchase and refurbishment of two locomotives. Both locomotives have been sold and the money received returned to this restricted fund. A decision will be taken next year on the future use of this fund.

NDA Fund

This represents amounts received to fund the Northern Development Association(NDA) activities.


EAST MIDLANDS RAILWAY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

14. RELATED PARTY DISCLOSURES

During the year the East Midlands Railway Trust charged loan interest of £3,466 (2023 - £5,089) and granted £5,089 (2023 - £14,410) to Great Central Railway (Nottingham) Limited, a company in which the trust holds 50,500 shares (2023 - 50,500 shares).

At the year end £127,907 (2023 - £124,441) was owed to the trust.

The trustees are also supporters of the charity and donate both time and money to fund the operations of the trust.

15. LEGAL CHARGES

Conveyance

Conveyance dated 30 March 2001 from Network Rail over East Leake branch line.

First floating charge

First floating charge dated 15 October 1998 from English Welsh and Scottish Railway Limited over the whole of the company's undertaking and all its property and assets.

Deed

A deed dated 24 March 1997 from The Secretary of State for Defence over 60% the net enhancement value of Great Central Railway (Nottingham) Limited in relation to the whole of or any part of the land at Ruddington.

16. FINANCIAL INSTRUMENTS

The company only enters into basic financial instruments