OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

Company no. 02968284 Charity no. 1041901

West Somerset Railway Association Report and Unaudited Financial Statements

Year ended 31 March 2021

West Somerset Railway Association

Reference and administrative details

For the year ended 31 March 2021 _________

Company number 02968284

Charity number 1041901

Registered Address The Railway Station
Bishops Lydeard
Taunton
Somerset
TA4 3BX
Trustees Geoffrey Garfield
John Glover
Michael Lea Sabbatical Feb 2020 – Sept 2020
Nigel Power Resigned 8 December 2020
Michael Sherwood
Robin White
Diana Ricketts-Turner Resigned 26 September 2020
Barrie Childs Appointed 26 September 2020
Jeffery Price Appointed 26 September 2020
Key Management Personnel Jacquie Green General Manager
Keith Sandford Administrator
Kat Sims Bookkeeper
Bankers Royal Bank of Scotland Lloyds Bank
Drummond House 27 Fore Street
1 Redheughs Avenue Redruth
Edinburgh TR15 2BJ
EH12 9JN
Solicitors Bates Wells Bailhache Law
10 Queen Street Place 2 Church Square
London Taunton
EC4R 1BE TA1 1SA
Independent Azets
Examiners Secure House
Lulworth Close
Chandlers Ford
Southampton
SO53 3TL

2

West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2021__________

Reference and administrative information set out on page 2 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Structure, governance and management

The charity is a company limited by guarantee governed by Memorandum and Articles, which were substantially revised to bring them up to date at the AGM on 30 September 2017. Trustees are elected from the membership, and one third retire each year by rotation. Members are made aware before the election, of the skills sets of current and prospective trustees. The board has the power to co-opt trustees up to the prescribed maximum (currently 10).

The charity employs a General Manager, who remains responsible for WSRA (Promotions) Limited, its trading company, which it is intended to fully wind up by the end of the financial year ending March 2022. The trading company ceased active trading during the latter part of 2020 when the businesses were transferred to West Somerset Railway plc (WSR plc), the operating company of the West Somerset Railway.

Strategic decisions and those with significant financial effect are made by the trustees, while day-to-day running is delegated to the General Manager, in consultation where necessary with the Chair, Vice- Chair and/or Treasurer. The charity is a member of the Heritage Railway Association. In setting staff pay, the trustees are mindful of the rates paid by the WSR plc.

Objectives and activities

The charity’s aims are:

These aims will enable the charity to educate people in an understanding of the heritage aspects of the West Somerset Railway. Its long-term goal is to ensure the maintenance of the railway’s heritage equipment and infrastructure and to work with the WSR plc and other organisations which support the railway, to improve the arrangements for the public to see all aspects of how the railway is run.

It will measure these successes by condition surveys of heritage items, and footfall in places where such viewing arrangements are improved.

The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Commission. They have ensured that all who visit the West Somerset Railway are able

3

West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2021__________

to view those artefacts which demonstrate the heritage aspects of the line, including the locomotives, rolling stock and stations, all of which are maintained in as near original condition as possible.

Achievements and performance

Achievement and performance was severely blunted during the year due to the effects of the Covid pandemic and the legislation in the UK that forced the railway to remain closed for the bulk of the year. The railway was able to run some limited services before Christmas due to an easing of the restrictions. Inevitably the railway being closed impacted on the work of the charity.

Despite the difficulties the Association raised £260,990 and have now focussed their fundraising efforts on the three major funds discussed below.

The Locomotive Restoration Fund was established to secure the long-term security of locomotives operating on the WSR, through the refurbishment of two locomotives owned by the Association, Small Prairie 4561 and Manor Class 7821, Ditcheat Manor. Just under £48,000 was raised for this fund during the year and the available total is just under £132,000. Work is now well advanced on the restoration of Small Prairie 4561; it was hoped to achieve a rolling chassis during 2021 but the pandemic and the discovery of a problem with the driving axle of the locomotive have set this objective back a little. However, trustees believe there is nearly enough in the fund to complete the overhaul and so discussions have commenced about the overhaul of Ditcheat Manor.

The Preserve and Protect Fund has been established with the dual aims of providing covered accommodation for the railways rolling stock and in particular the heritage items of rolling stock. The fund will also be used eventually to help with the ongoing maintenance costs of rolling stock. We are currently operating this initiative jointly with the West Somerset Railway Heritage Trust and all restored items of Heritage rolling stock will be the early priority. Nearly £20,000 raised.

The Rail Renewal Fund has now formally been established to provide funding for the replacement of the permanent way of the West Somerset Railway, £37,000 raised during the year. The focus of the WSRA will be to principally provide funds for the replacement of heritage bullhead rail laid on wooded sleepers within the station limits of each of the 10 stations along the line. However, we are mindful of the need to ensure the whole 22 miles of the railway are maintained in a good condition to allow the safe operation of trains.

Membership continued to reduce, albeit at a slower rate, but overall income from this source was £53,489. We have to report that again, due to the pandemic, all plans for on-train and on-railway fundraising had to be put on hold for the 2020 season. The Charity does not underestimate the difficulties that West Somerset Railway plc will face in re-establishing operations during 2021 and the need for continued social distancing will undoubtedly impact on-train and on-railway fundraising activity.

The WSR Plc purchased the Trade and Assets of WSRA (Promotions) Ltd during 2019 for an agreed sum of £91,700. We reported on the difficulties that arose in our last report. We are pleased to be able to tell you that at this time the agreed loan repayments from the West Somerset Railway plc to the charity have commenced as planned. The loan should be repaid by March of 2024.

Due to the Covid Pandemic the railway was not operational for the main season and no grants were made to stations and other groups for small heritage projects. Applications continue to be welcomed from all parts of the railway for assistance in heritage projects.

The charity’s heritage dining train (Quantock Belle) did not run during the 2020 season, but the Association still faced maintenance costs of £3,990. The West Somerset Railway plc, who operate the QB had indicated that they did not believe it was viable to run a dining service on the railway, so once they discharged their obligations arising from previous bookings, they would not have a use for the set. This left the trustees with a problem, as the vehicles continue to deteriorate in open storage, requiring expensive remedial work, which

4

West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2021__________

cannot be justified if they are not needed. Recently, the PLC indicated that they wish to review their position: we await the outcome of this review. Trustees plan to share more information with members, and invite their opinion, in the forthcoming AGM.

The COVID pandemic limited the amount of work on the heritage of the West Somerset Railway that the charity could contribute to. Even so, we contributed to several work programmes on the West Somerset Railway during 2020/21:

The Steam Fayre and Vintage Vehicle Rally had to be cancelled due to the pandemic in 2020 and the same will be true in 2021. This represents a loss in potential revenue to the charity of close to £100,000. Doubly disappointing as on both occasions volunteers have spent countless hours in the planning for the event.

Efforts continued to find a settlement on the matter of the Association’s shares in Four one six 0 Ltd and both sides have agreed to go to mediation when pandemic restrictions allow.

The 50-50 Club has again contributed over £10,000 to general funds.

The Association could not function without volunteers. Volunteer hours were much reduced during the year due to the COVID Pandemic. In 2020/21 we had three main areas:

During 2019 the charity agreed with the WSR plc and other members of the railway family that it would fund and take on the responsibility for volunteer recruitment for the railway. The latter part of 2019 saw a lot of activity to prepare for this. The WSR plc has now taken back this responsibility. We hope that this essential effort does not falter again and were pleased to have been able to assist for a period. Some work continues through WSRA volunteer support of the environmental and well-being group which will be essential to future operation of the railway.

Plans for future periods

The trustees are working with a trusted fundraiser in order to expand their fundraising programme in an attempt to diversify funding streams and increase sustainability. Work during the last year has brought funding of £142,527 despite the Covid pandemic and we will continue this initiative.

We will become focussed on fundraising in support of the railway, either to directly fund WSRA projects like the restoration of 4561 or more generally to support infrastructure renewals and other improvements as described above.

To do this we will seek to engage more with grant funding bodies and, in cooperation with the WSR plc with potential corporate sponsors.

Financial Review

Total group income exceeded expenditure the year by £59,000 (2020: £28,000). There was an increase in reserves from £1.776m to £1.835m.

Total income during the year (2020 – 15 months) decreased by £644,000, but there was a corresponding reduction in expenditure of £676,000.

5

West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2021__________

Reserves policy

The Association has sufficient reserves to sustain its current expenditure for at least three months (£78,295). The trustees believe that this amount is adequate. At 31 March 2021 free reserves amounted to £545,709 (2020: £483,302).

Risk Management

The principal risk facing the charity is declining membership. This has continued, albeit at a slower rate. The charity is also aware of the broader risk to the Heritage Railway movement and will continue to explore ways with the railway family of the West Somerset Railway to safeguard the future of the line.

Safeguarding

The trustees considered advice from the Charity Commission on Safeguarding. They do not currently have any children or vulnerable adults as volunteers but are mindful of their responsibilities to all their staff and volunteers. They have adopted the WSR plc’s Safeguarding Policy, designed for the whole of the West Somerset Railway, and last updated in March 2021.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). The trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and the incoming resources and the application of resources including the net income and expenditure of the charity and the group for the year. In preparing those statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the detection and prevention of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charities web site. Legislation in the United Kingdom governing the preparation and dissemination of financial information may differ from other jurisdictions.

Members of the charity guarantee to contribute an amount not to exceed £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31[st] March 2021 was 3,089 (2020: 3,274). The trustees are members of the Charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

6

West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2021__________

Independent Examiners

Azets were again appointed independent examiners to the charity during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 4[th] August 2021 and signed on their behalf by

Michael Sherwood – Chair

Geoff Garfield – Vice Chair

7

Independent Examiners Report

To the members of

West Somerset Railway Association_______________

I report to the charity trustees on my examination of the consolidated accounts of the group comprising West Somerset Railway Association (‘the charity’) and its subsidiary undertakings, WSRA (Promotions) Limited, for the period ended 31 March 2021, which are set out on pages 9 to 28.

Responsibilities and basis of report

As the charity 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 company’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

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

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.

Oliver Rowe FCA

6 August 2021 Azets Audit Services Secure House Lulworth Close Chandlers Ford Southampton SO53 3TL

8

West Somerset Railway Association

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2021 ______________________

Note
Income from:
Donations and legacies
3
Other trading activities
4
Investment income
Total income
Expenditure on:
Raising funds
Charitable activities
Total Expenditure
6
Net movement in funds
9
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Restricted
£
126,855
-
-
126,855
-
65,580
65,580
61,276
155,931
217,206		 Unrestricted

£
192,222
53,353
114
245,690
(1,134)
248,737
247,603
(1,913)
1,620,135
1,618,222		 31-Mar-21
12 months
£
319,078
53,353
114
372,545
(1,134)
314,317
313,183
59,363
1,776,066
1,835,428		 31-Mar-20
15 months
£
513,571
502,974
448
1,016,993
429,941
558,936
988,877
28,116
1,747,950
1,776,066

There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 21 to the accounts.

9

West Somerset Railway Association

Consolidated balance sheets

For the year ended 31 March 2021__________

Note
Fixed assets
Tangible fixed assets
12
Heritage assets
13
Investments
14
Current assets
Debtors
17
Cash at bank and in hand
Liabilities
Creditors: amounts falling
due within 1 year
18
Net current assets
Net assets
20
Funds
21
Restricted funds
Unrestricted funds
General Funds
Total funds		 The group
31-Mar-21
31-Mar-20
£
£
551,290
577,665
587,844
625,788
500
500
1,139,634
1,203,953
95,857
170,679
645,069
477,033
740,926
647,712
45,131
75,599
695,795
572,113
1,835,429
1,776,066
217,206
155,931
1,618,222
1,620,135
1,835,429
1,776,066		 The charity
31-Mar-21
31-Mar-20
£
£
550,861
577,149
587,844
625,788
600
600
1,139,305
1,203,537
138,771
278,390
600,897
352,551
739,668
630,941
45,260
58,993
694,409
571,948
1,833,714
1,775,485
217,206
133,103
1,616,507
1,642,382
1,833,714
1,775,485		 The charity
31-Mar-21
31-Mar-20
£
£
550,861
577,149
587,844
625,788
600
600
1,139,305
1,203,537
138,771
278,390
600,897
352,551
739,668
630,941
45,260
58,993
694,409
571,948
1,833,714
1,775,485
217,206
133,103
1,616,507
1,642,382
1,833,714
1,775,485
1,203,537
278,390
352,551
630,941
58,993
571,948
1,775,485
133,103
1,642,382
1,775,485

The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the period by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476 of the Act.

The directors acknowledge their responsibilities for:

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies’ regime.

Approved by the trustees on 4[th] August 2021 and signed on behalf by

Michael Sherwood – Chair Geoff Garfield – Vice Chair

10

West Somerset Railway Association

Consolidated statement of cash flows

For the year ended 31 March 2021_ ______________

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Dividends, interest and rents from investments
Loss / (profit) on the sale of fixed assets
Decrease / (increase) in stock
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from the sale of property, plant and equipment
Purchase of tangible fixed assets
Net cash provided by / (used in) investing activities
Increase / (decrease) in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period		 31-Mar-21
12 months
£
31-Mar-20
15 months
£
59,363
28,116
66,682
86,226
(114)
(448)
(500)
(2,500)
-
83,103
74,823
(73,764)
(30,468)
8,991
169,786
129,724
114
448
500
2,500
(2,364)
(1,748)
(1,750)
1,200
168,036
130,924
477,033
346,109
645,069
477,033

11

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2021_ ______________

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

West Somerset Railway Association 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 note(s).

b) Group accounts

These financial statements consolidate the results of the charitable company and its wholly owned (controlled) subsidiary on a line-by-line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

c) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

While there are no material uncertainties about the charity's ability to continue as a going concern, the COVID pandemic and subsequent restrictions will severely reduce our fundraising during the coming year, as the Steam Rally was cancelled, and fundraising was focussed on supporting the plc. as fare income ceased. Trustees have taken action to control costs and avoid all but essential expenditure, while continuing to maintain our assets and support the operations of the railway.

d) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

Income from donations and grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the gift have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred. In the case of donations, this is usually on receipt.

Income from membership subscriptions is recognised on receipt. Subscriptions that relate to future periods, such as life memberships and memberships spanning the period end, are not deferred on the grounds that the charity has entitlement to the funds because refunds are not given for unused portions of membership.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Income from the sale of goods or services is recognised when the goods or services are delivered.

Bank interest 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 bank.

12

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2021_ ______________

e) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

f) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

g) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs of managing and administering the charity as a legal entity. Support and governance costs relating to WSRA (Promotions) Ltd are allocated to raising funds. Support and governance costs relating to WSRA are allocated to charitable activities.

h) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Land Not depreciated Property 4% straight line Plant, fixtures and equipment 15% straight line

i) Heritage assets

The charity owns various locomotives and rolling stock which are held and maintained for their historical and cultural value. Such assets are classified as heritage assets within the financial statements. A full description of the heritage assets held is set out in note 13.

Heritage assets are valued at historic cost, or valuation if donated. Heritage assets are depreciated on a straightline basis over 7 years. Locomotives and rolling stock are not depreciated whilst under restoration. The costs of restoring the locomotives and rolling stock are capitalised as heritage asset additions. Heritage assets are periodically reviewed for impairment, with any necessary impairment losses being taken to the Statement of Financial Activities.

j) Investments

All the charity's investments are in entities related to the charity's activities rather than in general investments to generate income or capital growth. These investments are stated at cost less any impairment as there is no readily available market value.

k) Stock

Stock is included at the lower of cost or net realisable value, with provision made for obsolete or slow-moving stock.

l) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income is measured at fair value.

m) Cash at bank and in hand

Cash at bank and cash 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.

13

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2021_ ______________

n) Creditors

Creditors and provisions are recognised where the charitable company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o) 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 recognised at amortised cost using the effective interest method.

p) Pension costs

The charity operates a defined contribution pension scheme. Contributions are recognised in the Statement of Financial Activities in the period in which they become payable in accordance with the rules of the scheme.

14

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2021_ ______________

2. Prior period comparatives

Income from:
Donations and legacies
Other trading activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure) and net movement in funds
before transfers
3. Income from donations and legacies
Membership subscriptions
Donations and gifts
Grant income
Legacies
Total donations and legacies
Prior year comparative
Membership subscriptions
Donations and gifts
Grant income
Legacies
Total other trading activities		 Restricted
Unrestricted
£
£
282,730
230,841
1,341
501,633
-
448
284,071
732,922
-
429,941
239,230
319,706
239,230
749,647
44,841
(16,725)
Restricted
Unrestricted
£
£
-
53,489
126,855
31,094
-
86,375
-
21,265
126,855
192,223
Restricted
Unrestricted
£
£
-
77,924
282,730
9,405
-
-
-
143,512
282,730
230,841		 2020
Total
£
513,571
502,974
448
1,016,993
429,941
558,936
988,877
28,116
2021
Total
£
53,489
157,949
86,375
21,265
319,078
2020
Total
£
77,924
292,135
-
143,512
513,571

15

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2021_ ______________

4. Income from other trading activities

. Income from other trading activities
Aggregate sales at Norton Fitzwarren
Vintage Rally
50/50 club and raffles
Other income
Total other trading activities
Prior period comparative		 Restricted
Unrestricted
£
£
-
42,313
-
393
-
10,441
-
306
-
53,453		 2021
Total
£
42,313
393
10,441
306
53,453
Shop and café
West Somerset Restorations, Williton
Aggregate sales at Norton Fitzwarren
Vintage Rally
50/50 club and raffles
Other income
Total other trading activities		 Restricted
Unrestricted
£
£
-
240,121
-
92,096
-
47,325
-
101,486
-
12,908
1,341
7,697
1,341
501,633		 2020
Total
£
240,121
92,096
47,325
101,486
12,908
9,038
502,974

5. Government grants

The charitable company received £16,375 of government grants during the year (2020: none).

16

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2021_ ______________

6. Total expenditure

. Total expenditure
Staff costs (note 10)
Cost of sales:
Shop and café
West Somerset restorations, Williton
Fundraising costs:
Vintage Rally Costs
50/50 club, annual draw and raffle
Other
Locomotive and coach costs
Hinkley Point Community Fund
Property costs
Membership and journal costs
Support and governance costs
Total support and governance costs
Prior period comparative
Staff costs (note 10)
Cost of sales:
Shop and café
West Somerset restorations, Williton
Fundraising costs:
Vintage Rally costs
50/50 club, annual draw and raffle
Other
Locomotive and coach costs
Locomotive 9351 costs
Hinkley Point Community Fund
Property costs
Membership and journal costs
Support and governance costs
Disposal of stock
Total support and governance costs		 Raising
Charitable
funds
activities
£
£
-
63,315
-
-
-
-
-
945
-
5,634
(2,227)
16,145
-
65,378
-
738
-
44,334
-
9,673
1,093
108,155
(1,134)
314,317
Raising
Charitable
funds
activities
£
£
119,275
68,425
231,655
-
42,297
-
59,096
-
6,022
-
-
14,081
-
165,911
-
30,066
-
42,389
20,750
55,281
-
21,978
30,037
160,805
(79,191)
-
429,941
558,936		 2021
Total
£
63,315
-
-
945
5,634
13,918
65,378
738
44,334
9,673
109,248
313,183
2020
Total
£
187,700
231,655
42,297
59,096
6,022
14,081
165,911
30,066
42,389
76,031
21,978
190,842
(79,191)
988,877

17

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2021_ ______________

7. Support and governance costs

Support costs:
Depreciation
Insurance
General office costs
Meetings and meditation
Equipment hire, repairs and maintenance
Bank charges
Governance costs:
Legal costs
Accountancy and IE
Total support and governance costs
Prior period comparative
Support costs:
Depreciation
Insurance
General office costs
Meetings and meditation
Travel and motor expenses
Advertising
Equipment hire, repairs and maintenance
Bank charges
Governance costs:
Legal costs
Accountancy and IE
Total support and governance costs		 Raising
Charitable
funds
activities
£
£
87
66,595
-
7,187
(462)
13,036
-
4,623
35
396
695
2,395
-
8,954
738
4,970
1,093
108,156
Raising
Charitable
funds
activities
£
£
65
86,778
2,812
5,052
8,435
11,324
-
7,015
463
914
-
10
11,733
19,768
4,566
3,087
-
18,908
1,963
7,949
30,037
160,805		 2021
Total
£
66,682
7,187
12,574
4,623
431
3,090
8,954
5,708
109,249
2020
Total
£
86,843
7,864
19,759
7,015
1,377
10
31,501
7,653
18,908
9,912
190,842

8. Grants payable

Due to the Pandemic, no grants have been paid within the current period (2020: £1,295).

18

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2021_ ______________

9. Net movement in funds

. Net movement in funds
2021 2020
£ £
Depreciation 66,682 86,843
Trustees' remuneration - -
Trustees' reimbursed expenses - -
Auditors' remuneration
- Statutory audit - -
- Independent examination 5,000 5,000
- Other services - -

During the period no trustees (2021: none) received reimbursed expenses for travel costs (2020: none).

10. Staff costs and numbers

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Pension costs		 2021
£
69,458
5,440
1,166
76,064		 2020
£
193,535
13,419
5,001
211,955

No employee earned more than £60,000 during the period.

The key management personnel of the group are listed on page 1 of the accounts. The total employee benefits of the key management personnel were £76,064 (2020: £82,315).

Average number of employees (full-time equivalent) 2021
No.
3.4		 2020
No.
8.3

11. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. Available taxable profits in WSRA (Promotions) Ltd are donated to the parent charity under the gift aid scheme.

19

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2021_ ______________

12. Tangible fixed assets – group

Cost
At 1 April 2020
Additions in the period
Disposals in the period
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the period
Depreciation eliminated on disposal
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
Tangible fixed assets charity
only
Cost
At 1 April 2020
Additions in the period
Disposals in the period
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the period
Depreciation eliminated on disposal
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Land
Plant,
and
Fixtures and
Property
equipment
£
£
796,522
163,426
-
2,364
-
-
796,522
165,790
226,951
155,332
26,294
2,444
-
-
253,245
157,776
543,277
8,014
569,571
8,094
Land and
Plant,
Fixtures and
Property
equipment
£
£
796,522
162,845
-
2,364
-
-
796,522
165,209
226,951
155,269
26,294
2,357
-
-
253,245
157,624
543,277
7,585
569,571
7,578		 Total
£
959,948
2,364
-
962,312
382,283
28,738
-
411,021
551,291
577,665
Total
£
959,367
2,364
-
961,731
382,218
28,651
-
410,869
550,862
577,149

20

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2021_ ______________

13. Heritage assets – group and charity

3. Heritage assets – group and charity
Cost
At 1 April 2020
Additions in period
Disposals in the period
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the period
Depreciation eliminated on disposal
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Locomotives
Coaches
(under
and other
restoration)
vehicles
£
£
638,594
455,145
-
-
-
(1,500)
638,594
453,645
66,924
401,027
-
37,944
-
(1,500)
66,924
437,471
571,670
16,174
571,670
54,118		 Total
£
1,093,739
-
(1,500)
1,092,239
467,951
37,944
(1,500)
504,395
587,844
625,788

Heritage assets includes the following locomotives and rolling stock:

Locomotives (under restoration):
2-6-2T locomotive number 4561
4-6-0 locomotive number 7821 "Ditcheat Manor"
Coaches and other vehicles:
W80976W (Hawksworth)
Generator coach 35408 (977165) “Jupiter”
Mk1 TSO coach 4419		 Net book value
£
391,671
180,000
1,147
8,223
6,804
587,845

The following heritage assets are held by WSRA but are fully depreciated: Mk1 TSO coach 4956, Quantock Belle (3108 "Meteor", 1804 "Aries" and 1909 "Orion"), W21174 "Phoenix", three Mk1 coaches (4435, 4911 and 5024), one camping coach at Blue Anchor (9882), a staff accommodation coach at Bishops Lydeard (3668), and five other vehicles (M94917, BR94710, 1587, 2823 and 8080).

21

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2021_ ______________

Summary analysis of heritage asset transactions

2021
£
Additions:
Purchases
-
Total additions
-
Charges:
Depreciation
37,944
Impairment
-
Other charges
-
Total charges
37,944
Disposals:
Net book value
-
Proceeds from disposals:
Sale proceeds
500
4. Investments
WSRA (Promotions) Ltd: 100 x £1 ordinary
shares
Locomotive 5542 Ltd: 1 x £500 ordinary shares		 2021
£
-








2020
2018
£
£
-
-
-
-
49,841
39,873
-
-
-
-
49,841
39,873
-
-
-
1,667
The group
2021
2020
£
£
-
-
500
500
500
500		 2017
2016
£
£
6,973
26,032
6,973
26,032
40,320
40,811
-
-
-
-
40,320
40,811
21,978
-
16,156
-
The charity
2021
2020
£
£
100
100
500
500
-
37,944
-
-
37,944
-
500
600
600

14. Investments

WSRA owns 100% of the issued share capital of WSRA (Promotions) Ltd, company number 03312904 registered in England and Wales. Further details are set out in note 15.

WSRA owns 1 £500 ordinary share in Locomotive 5542 Ltd, company number 01605988. This represents 2% of the issued ordinary share capital of the company. The shares are valued at historic cost.

WSRA also owns 2,037,370 10p ordinary shares in West Somerset Railway plc, representing 8.25% of the issued share capital. A number of years ago it was decided that these shares have no value, and they were fully written down in the accounts. The historic cost of the shares was £184,030.

22

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2021_ ______________

15. Subsidiary undertakings

WSRA (Promotions) Ltd

WSRA (Promotions) Ltd is the wholly owned trading subsidiary of WSRA. The trading subsidiary was incorporated on 5 February 1997. The subsidiary operated a shop and café as well as carrying out engineering and restoration works until those undertakings were transferred to the WSR PLC effective end of 2019. A summary of the trading subsidiary's financial statements is set out below:

2021
£
Turnover
(1,025)
Cost of sales
2,227
Gross profit
1,202
Administrative expenses
(1,094)
Profit for the financial period
108
Changes in equity:
Retained profit brought forward
581
Total comprehensive income for the period
108
Gift aid donation to parent charity
(646)
Retained profit carried forward
43
The aggregate of the assets, liabilities and funds was:
Assets
53,644
Liabilities
(53,501)
Funds
143
16. Parent charity
The parent charity's gross income and the results for the period are disclosed as follows:
2021
£
Gross income
373,570
Surplus / (deficit) for the
period
59,363		 2020
£
373,702
(271,914)
101,788
(92,265)
9,523
3,435
9,523
(12,377)
581
235,480
(234,799)
681
2020
£
695,812
28,116

23

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2021_ ______________

17. Debtors

7. Debtors
Trade debtors
Amounts due from subsidiary
Other taxation and social security
Other debtors		 The group
2021
2020
£
£
12,096
29,522
-
-
6,249
39,148
77,511
102,009
95,857
170,679		 The charity
2021
2020
£
£
3,064
3,685
52,691
218,193
6,238
37,479
76,777
19,033
138,771
278,390

Within Other debtors is an amount of £70,000 due from West Somerset Railway PLC. Amount due within one year £23,286; the remainder due by March 2024.

18. Creditors: amounts due within 1 year

Trade creditors
Accruals
Other taxation and social security
Other creditors		 The group
2021
2020
£
£
36,422
63,962
6,164
8,500
1,165
3,137
1,380
-
45,131
75,599		 The charity
2021
2020
£
£
35,612
50,756
6,164
5,100
1,165
3,137
2,319
-
45,260
58,993

19. Financial instruments

The group
2021
2020
£
£
Financial assets that are debt instruments measured
at amortised cost:
Trade debtors
12,096
29,522
Amounts due from
subsidiary
-
-
Other debtors
76,777
102,009
Cash at bank and in hand
645,069
477,033
733,943
608,564
Financial liabilities measured at amortised cost:
Trade creditors
36,422
63,962
Accruals
6,164
8,500
Other creditors
2,545
1,235
45,131
73,697		 The charity
2021
2020
£
£
3,064
3,685
52,691
218,193
76,777
7,745
600,897
352,551
733,430
582,174
35,612
50,756
6,164
5,100
3,484
3,137
45,260
58,993

24

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2021_ ______________

20. Analysis of group net assets between funds

Tangible fixed assets
Heritage assets
Investments
Current assets
Current liabilities
Net assets at 31 March 2021
Prior period comparative
Tangible fixed assets
Heritage assets
Investments
Current assets
Current liabilities
Net assets at 31 March 2020		 Restricted
Unrestricted
funds
funds
£
£
1,167
550,123
65,953
521,891
-
500
150,086
590,840
-
(45,131)		 Total
funds
£
551,290
587,844
500
740,926
(45,131)
217,206
1,618,223		 1,835,429
Restricted
Unrestricted
funds
funds
£
£
1,167
576,498
65,953
559,835
-
500
88,811
558,901
-
(75,599)
155,931
1,620,135		 Total
funds
£
577,665
625,788
500
647,712
(75,599)
1,776,066

25

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2021_ ______________

21. Movements in funds

1. Movements in funds
Restricted funds
Locomotive Restoration Fund
Station Signs Fund
Hinkley Point Community fund
Home counties group
Points Machines
Volunteer Training
Rail Renewal
Carriage Vandalism
Specific Donations
WSRA TV
DMU Repair Fund
Cutting Back Fund
Volunteer Welfare Facilities
Station Gardens
Carriage Preserve and Protect
Total restricted funds
Unrestricted funds
General funds
Total unrestricted funds
Total funds		 At 1 April
Income
2020
£
£
125,936
47,892
1,976
-
4,398
82
1,341
-
784
-
608
4,010
-
36,938
1,220
-
1,167
-
-
700
-
5,213
-
1,106
-
10,920
-
295
18,501
19,699
155,931
126,855
1,620,135
245,690
1,620,135
245,690
1,776,066
372,544		 Expenditure
Transfers
At 31 March
2021
£
£
£
(53,418)
-
120,946
-
-
1,976
(738)
-
3,742
-
-
1,341
-
-
784
-
-
4,618
(10,873)
-
26,065
-
-
1,220
-
-
1,167
(551)
-
149
-
-
5,213
-
-
1,106
-
-
10,920
-
-
295
-
-
38,200
(65,580)
-
217,206
(247,603)
-
1,618,222
(247,603)
-
1,618,222
(313,183)
-
1,835,428

26

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2021__ ____________

Locomotive
Restoration Fund		 The Fund was established to support a sustainable supply of steam locomotives
running on the West Somerset Railway and in particular the restoration of WSRA
owned Small Prairie 4561 and 7821 Ditcheat Manor
Station Signs Fund The Fund was established to support the re-creation of Bristol and Exeter Railway
station signs typical of the 1860s era, at three WSR stations, from which they are
missing. Patterns have been purchased and casting is underway.
HPC Fund The Hinkley Point Community Fund, managed by the Somerset Community
Foundation, made an initial grant of £95,700 payable over 2 years to the WSRA for
a Community Engagement Project. Unfortunately, the COVID pandemic proved to
be a severe interruption to this project and it was eventually agreed not to progress
with the second year of the project.
Home counties
Group		 Funds from a previous sub-group of the WSRA. Restricted to support assets
previously managed by that group.
Points Machines Donated funds to cover the cost of transporting Points Machines to the WSR.
Unfortunately, the offer of the points machines was withdrawn and the funds are
now held for another suitable S&T project.
Volunteer Training Funds donated to support the training of volunteers, including first aid training.
Rail Renewal Funds donated to support work on the heritage WSR track.
Specific donations Funds donated to support the purchase of equipment for use in the restoration and
maintenance of Heritage assets on the WSR.
DMU repair Fund Funds donated initially to support the restoration of the DMU (Diesel Multiple Unit)
Volunteer Welfare
Facilities		 Funds donated to provide adequate male and female facilities for volunteers at
Williton.
Station gardens Funds donated via the coop scheme to provide plants and paint for stations.
Carriage Preserve
and Protect		 Funds donated to preserve and protect carriages by maintaining them and
providing suitable covered storage for them.
WSRA TV Funds to establish, and maintain a communications channel to promote, educate,
and inform the community about the local heritage railway.
Cutting Back Fund Donations to purchase tools for volunteers to use in maintaining the lineside.

27

West Somerset Railway Association

Notes to the accounts

For the period ended 31 March 2020__________

21. Movements in funds (continued)

Prior period comparative

Prior period comparative
Restricted funds
Locomotive Restoration
Fund
Wagons Donation Fund
Station Signs Fund
Hinkley Point Community Fund
Home Counties Group
Points Machines
Locomotive 9351
Volunteer Training
Rail Renewal
Carriage Vandalism
Specific Donations
Carriage Preserve and Protect
Unrestricted
funds
General funds
Total unrestricted funds
Total funds		 At 1
January
Income
2019
£
£
65,593
82,110
130
65
104
1,872
22,075
24,712
-
1,341
-
784
-
17,888
-
4,050
-
130,142
-
1,439
-
1,167
-
18,501
88,262
284,071
1,659,688
732,922
1,659,688
732,922
1,747,950
1,016,993		 Expenditure
At 31 March
2020
£
£
(22,127)
125,936
(195)
-
-
1,976
(42.389)
4,398
-
1,341
-
784
(30,066)
-
(3,442)
608
(140,792)
-
(219)
1,220
-
1,167
-
18,501
(239,230)
155,931
(749,647)
1,620,135
(749,647)
1,620,135
(988,877)
1,776,066

22. Related party transactions

West Somerset Railway Association has a wholly owned trading subsidiary, WSRA (Promotions) Limited, a company limited by shares (company no. 03312904). During the period the trading subsidiary made sales of £nil (2020: £41,485) to the charity. At 31 March 2021, the trading subsidiary owed £52,691 (2020: £210,776) to the charity.

28