| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| FOR |
| EAST MIDLANDS TRANSPORT HERITAGE TRUST |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| FOR |
| EAST MIDLANDS TRANSPORT HERITAGE TRUST |
| EAST MIDLANDS TRANSPORT HERITAGE TRUST |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 January 2025 |
| 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 TRANSPORT HERITAGE TRUST (REGISTERED NUMBER: 02481338) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 January 2025 |
| 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 2025. 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 wish 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) remains 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 most of this year, the closure of the railway line from Loughborough Junction to Ruddington continued, but significant progress was made towards reopening by the successful operation of Christmas seasonal public trains in December 2024. |
| 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 restoration 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. Progress was made during the year on the renaming of the Trust, and the proposed merger with the LNER (GC) Heritage Trust, both proposed to take place during 2025-6. We 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 TRANSPORT HERITAGE TRUST (REGISTERED NUMBER: 02481338) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 January 2025 |
| 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 2025 show: |
| Income |
| Income of £18,833 (2024 - £30,356) an average of £1,569 (2024 - £2,530) per month. This is an decrease of 38% in income. |
| Expenditure |
| Expenditure of £138,363 (2024 - £66,543) an average of £11,530 (2024 - £5,545) per month. This is a increase of 208% 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 £364,797 compared to £480,910 in the previous year. |
| Restricted funds |
| Restricted funds have decreased to £313,011 compared to £316,428 in the previous year. |
| Reserves policy |
| Cash reserves currently stand at £184,985 (2024 - £306,424)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 especially 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 Fund 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 TRANSPORT HERITAGE TRUST (REGISTERED NUMBER: 02481338) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 January 2025 |
| 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 latter has been mitigated by improved security measures. |
| 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 |
| Registered Charity number |
| Registered office |
| Trustees |
| EAST MIDLANDS TRANSPORT HERITAGE TRUST (REGISTERED NUMBER: 02481338) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 January 2025 |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Independent Examiner |
| Gregg Olner MPhil BA(Hons) FCA |
| HB&O Ltd |
| Chartered Accountants |
| Highdown House |
| 11 Highdown Road |
| Leamington Spa |
| Warwickshire |
| CV31 1XT |
| CHANGE OF NAME |
| The charitable company passed a special resolution on |
| Approved by order of the board of trustees on |
| INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
| EAST MIDLANDS TRANSPORT HERITAGE TRUST |
| Independent examiner's report to the trustees of East Midlands Transport Heritage Trust ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2025. |
| 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 |
| HB&O Ltd |
| Chartered Accountants |
| Highdown House |
| 11 Highdown Road |
| Leamington Spa |
| Warwickshire |
| CV31 1XT |
| 11 August 2025 |
| EAST MIDLANDS TRANSPORT HERITAGE TRUST |
| STATEMENT OF FINANCIAL ACTIVITIES |
| for the year ended 31 January 2025 |
| 2025 | 2024 |
| Unrestricted | Restricted | Total | Total |
| funds | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 3 |
| Other trading activities | 4 |
| Investment income | 5 |
| Total |
| EXPENDITURE ON |
| Raising funds | 6 |
| Charitable activities |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 797,338 |
| EAST MIDLANDS TRANSPORT HERITAGE TRUST (REGISTERED NUMBER: 02481338) |
| BALANCE SHEET |
| 31 January 2025 |
| 2025 | 2024 |
| Unrestricted | Restricted | Total | Total |
| funds | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 15 |
| Unrestricted funds | 480,910 |
| Restricted funds | 316,428 |
| TOTAL FUNDS | 797,338 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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 TRANSPORT HERITAGE TRUST (REGISTERED NUMBER: 02481338) |
| BALANCE SHEET - continued |
| 31 January 2025 |
| 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 |
| EAST MIDLANDS TRANSPORT HERITAGE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 January 2025 |
| 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 TRANSPORT HERITAGE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 January 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Freehold land | - |
| Freehold buildings | - |
| 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. |
| Accounting estimates and judgments |
| The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
| 3. | DONATIONS AND LEGACIES |
| 2025 | 2024 |
| £ | £ |
| Donations |
| Gift aid |
| 4. | OTHER TRADING ACTIVITIES |
| 2025 | 2024 |
| £ | £ |
| Contractual income | - | 7,925 |
| Rental income | 1,336 | 3,569 |
| EAST MIDLANDS TRANSPORT HERITAGE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 January 2025 |
| 5. | INVESTMENT INCOME |
| 2025 | 2024 |
| £ | £ |
| Deposit account interest |
| Interest receivable - trading | 3,562 | 3,466 |
| 6. | RAISING FUNDS |
| Raising donations and legacies |
| 2025 | 2024 |
| £ | £ |
| Support costs |
| Included in support costs are independent examination costs of £1,950 (2024 - £1,800). |
| 7. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 January 2025 nor for the year ended 31 January 2024. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 January 2025 nor for the year ended 31 January 2024. |
| 8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted | Restricted | Total |
| funds | funds | funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Other trading activities |
| Investment income |
| Total |
| EXPENDITURE ON |
| Raising funds |
| Charitable activities |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
| EAST MIDLANDS TRANSPORT HERITAGE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 January 2025 |
| 8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
| Unrestricted | Restricted | Total |
| funds | funds | funds |
| £ | £ | £ |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 513,696 | 319,829 |
| TOTAL FUNDS CARRIED FORWARD | 480,910 | 316,428 | 797,338 |
| 9. | FINANCIAL INSTRUMENTS |
| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement. |
| 10. | GOING CONCERN |
| The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. |
| 11. | TANGIBLE FIXED ASSETS |
| Freehold | Freehold |
| land | buildings | Totals |
| £ | £ | £ |
| COST |
| At 1 February 2024 and 31 January 2025 |
| DEPRECIATION |
| At 1 February 2024 and 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| 12. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 February 2024 and 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 | 50,500 |
| At 31 January 2024 | 50,500 |
| There were no investment assets outside the UK. |
| EAST MIDLANDS TRANSPORT HERITAGE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 January 2025 |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Amounts owed by related undertakings |
| Gift aid recoverable |
| Prepayments and accrued income |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Accrued expenses |
| 15. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.2.24 | in funds | 31.1.25 |
| £ | £ | £ |
| Unrestricted funds |
| General Fund | 143,160 | (127,989 | ) | 15,171 |
| Forward Fund | 34,638 | 8,314 | 42,952 |
| Café Development Fund | 124,705 | - | 124,705 |
| GCRN Fund | 178,407 | 3,562 | 181,969 |
| (116,113 | ) |
| Restricted funds |
| Coach lighting/restoration | 820 | - | 820 |
| Bus group | 6,252 | (3,417 | ) | 2,835 |
| Hotchley Hill signal box | 1,000 | - | 1,000 |
| Estate Fund | 308,356 | - | 308,356 |
| (3,417 | ) |
| TOTAL FUNDS | (119,530 | ) | 677,808 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General Fund | 6,957 | (134,946 | ) | (127,989 | ) |
| Forward Fund | 8,314 | - | 8,314 |
| GCRN Fund | 3,562 | - | 3,562 |
| ( |
) | (116,113 | ) |
| Restricted funds |
| Bus group | - | (3,417 | ) | (3,417 | ) |
| TOTAL FUNDS | ( |
) | (119,530 | ) |
| EAST MIDLANDS TRANSPORT HERITAGE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 January 2025 |
| 15. | MOVEMENT IN FUNDS - continued |
| Comparatives for 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 |
| Comparative 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 TRANSPORT HERITAGE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 January 2025 |
| 15. | MOVEMENT IN FUNDS - continued |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net |
| movement | At |
| At 1.2.23 | in funds | 31.1.25 |
| £ | £ | £ |
| Unrestricted funds |
| General Fund | 188,562 | (173,390 | ) | 15,172 |
| Forward Fund | 25,488 | 17,463 | 42,951 |
| Café Development Fund | 124,705 | - | 124,705 |
| GCRN Fund | 174,941 | 7,028 | 181,969 |
| 513,696 | (148,899 | ) | 364,797 |
| Restricted funds |
| No 4 Building | 3,401 | (3,401 | ) | - |
| Coach lighting/restoration | 820 | - | 820 |
| Bus group | 6,252 | (3,417 | ) | 2,835 |
| Hotchley Hill signal box | 1,000 | - | 1,000 |
| Estate Fund | 308,356 | - | 308,356 |
| 319,829 | (6,818 | ) | 313,011 |
| TOTAL FUNDS | 833,525 | (155,717 | ) | 677,808 |
| 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 | 24,698 | (198,088 | ) | (173,390 | ) |
| Forward Fund | 17,463 | - | 17,463 |
| GCRN Fund | 7,028 | - | 7,028 |
| 49,189 | (198,088 | ) | (148,899 | ) |
| Restricted funds |
| No 4 Building | - | (3,401 | ) | (3,401 | ) |
| Bus group | - | (3,417 | ) | (3,417 | ) |
| - | (6,818 | ) | (6,818 | ) |
| TOTAL FUNDS | 49,189 | (204,906 | ) | (155,717 | ) |
| 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. |
| Café Development Fund |
| This fund was created to hold the balance raised for locos 56 & 63, now disposed, to be spent on the new café's development. |
| GCRN Investment Fund |
| EAST MIDLANDS TRANSPORT HERITAGE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 January 2025 |
| 15. | MOVEMENT IN FUNDS - continued |
| To record the investment in GCRN. |
| No 4 Building |
| The amounts included in this fund have been restricted to develop building 4. |
| 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. |
| Estate Fund |
| This fund is to record capital funds spent on purchasing and developing the Estate. |
| 16. | RELATED PARTY DISCLOSURES |
| During the year the East Midlands Railway Trust charged loan interest of £3,562 (2024 - £3,466) and granted £nil (2024 - £5,089) to Great Central Railway (Nottingham) Limited, a company in which the trust holds 50,500 shares (2024 - 50,500 shares). |
| At the year end £131,469 (2024 - £127,907) 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. |
| 17. | ULTIMATE CONTROLLING PARTY |
| The trustees are deemed to be the ultimate controlling parties. |
| 18. | 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. |
| EAST MIDLANDS TRANSPORT HERITAGE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 January 2025 |
| 19. | CHANGE OF CHARITABLE COMPANY NAME |
| The charity changed its name from East Midlands Railway Trust to East Midlands Transport Heritage Trust on 15 February 2025. |