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2022-03-31-accounts

Company no. 02968284 Charity no. 1041901

West Somerset Railway Association Report and Unaudited Financial Statements

Year ended 31 March 2022

West Somerset Railway Association

Reference and administrative details

For the year ended 31 March 2022

Company number02968284
Charity number1041901
Registered Address The Railway Station
Bishops Lydeard
Taunton
Somerset
TA4 3BX
Trustees Geoffrey Garfield
John Glover
Michael Lea
Michael Sherwood
Robin White Resigned 12 October 2021
Diana Ricketts-Tanner Co-opted 04 September 2021
Barrie Childs
Jeffery Price
Denise Parker Elected 04 September 2021
Key Management Personnel Jacquie Green General Manager
Keith Sandford Administrator
Kat Sims Bookkeeper
Bankers Royal Bank of Scotland Lloyds Bank
7 Fore Street 27 Fore Street
Taunton Redruth
TA1 1HT TR15 2BJ
Solicitors Bates Wells Braithwaite 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

Reference and administrative details

For the year ended 31 March 2022

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-today 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.

3

West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2022

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 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 again 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 throughout the year and also during Christmas due to an easing of the restrictions. Inevitably, the aftermath of the pandemic impacted on the work of the charity.

Despite these difficulties, the Association raised £187,841, received legacies of £445,000, and continue to focus 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 £10,000 was raised for this fund during the year, and the available total is just under £80,000. Work has 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. We have also had to have the pistons re-cast due to casting faults. Trustees believe there is nearly enough in the fund to complete the overhaul and so discussions have commenced about the overhaul of Ditcheat Manor and we have formed a specific locomotive team to address this. We will, at the 2022 AGM, seek member’s authority to broaden the base of this fund such that we can support all WSR locomotives and those in which the WSRA owns a share in the future.

The Preserve and Protect Fund , 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 eventually be used to help with the ongoing maintenance costs of rolling stock. Nearly £7,600 was raised during the year. The inspection saloon has been moved to Blaenavon on a fixed term agreement and will be restored while there.

The Rail Renewal Fund has now formally been established to provide funding for the replacement of the permanent way of the West Somerset Railway. Nearly £41,000 was raised during the year. The focus of the WSRA remains 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 for the safe operation of the trains. WSRA has already agreed to support the Blue

4

West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2022

Anchor relay but this project has also been hampered by the aftermath of the pandemic and it is now hoped to see the work done during the winter of 2022/2023.

Membership continued to reduce, albeit at a slower rate, but overall income from this source was £46,422.

The Board supported small heritage projects totalling £6,325 to stations and other groups. Applications continue to be welcomed from all parts of the railway for assistance in heritage projects.

The charity’s heritage dining train (Quantock Belle) had limited running during the 2021/22 season and the Association’s maintenance costs were just £21. The West Somerset Railway plc, who operate the QB have indicated that they do not believe it is viable to run a dining service on the railway. We hope to have detailed discussions with the WSR plc shortly on this matter.

The Charity contributed to several work programmes on the West Somerset Railway during 2021/22:

The Steam Fayre and Vintage Vehicle Rally had to be cancelled due to the pandemic in 2021 however the Rally will go ahead in 2022 and planning is well advanced.

We reached a settlement on the matter of the Association’s shares in Four One Six O Limited.

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

The Association could not function without volunteers. In 2021/22 we had three main areas:

5

West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2022

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 £25,000. Our concern looking forward is the economic impact of the very high rate of inflation that is an aftereffect of the pandemic on the world economy. This will impact disposable incomes for most of our member supporters. It may also make it difficult to engage with the corporate sector who will also be carefully husbanding their resources in these difficult times.

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.

The Association will also seek to assist the WSR PLC with volunteer recruitment where it can. The WSRA sees the lack of volunteers as posing a serious risk to the continuation of the railway.

Financial Review

Total group income exceeded expenditure during the year by £359,000 (2021: £59,000). There was an increase in reserves from £1.835m to £2.195m.

Total income during the year increased by £261,000, and there was a reduction in expenditure of £39,000.

Reserves Policy

The Association has sufficient reserves to sustain its current expenditure for at least three months (£68,500). The trustees believe that this amount is adequate. At 31 March 2022 free reserves amounted to £891,140 (2021: £545,709). The Trustees will consider designating some of these funds to specific projects in the 2022-2023 financial year.

6

West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2022

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.

7

West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2022

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 31st March 2022 was 2,860 (2021: 3,089). The trustees are members of the Charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

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 16[th] August 2022 and signed on their behalf by:

Michael Sherwood – Chair

Mike Lea – Treasurer

8

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 undertaking, WSRA (Promotions) Limited, for the year ended 31 March 2022, which are set out on pages 10 to 29.

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

25 August 2022

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

9

West Somerset Railway Association

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

For the year ended 31 March 2022

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 income / (expenditure)
9
Transfers
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Restricted
£
96,209
-
-
96,209
-
52,577
52,577		 Unrestricted
£
496,739
39,719
752
537,210
892
220,532
221,424		 31-Mar-22
£
592,948
39,719
752
633,419
892
273,109
274,001		 31-Mar-21
£
319,078
53,353
114
372,545
(1,134)
314,317
313,183
43,632
-
43,632		 315,786
-
315,786		 359,418
-
359,418		 59,363
-
59,363
217,206
260,838		 1,618,222
1,934,008		 1,835,428
2,194,846		 1,776,066
1,835,428

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

10

West Somerset Railway Association

Consolidated and company balance sheet

For the year ended 31 March 2022

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-22
31-Mar-21
£
£
522,598
551,290
572,170
587,844
14,860
500
1,109,628
1,139,634
197,002
95,857
911,862
645,069
1,108,864
740,926		 The group
31-Mar-22
31-Mar-21
£
£
522,598
551,290
572,170
587,844
14,860
500
1,109,628
1,139,634
197,002
95,857
911,862
645,069
1,108,864
740,926		 The charity
31-Mar-22
31-Mar-21
£
£
522,169
550,861
572,170
587,844
14,960
600
1,109,299
1,139,305
209,810
138,771
900,276
600,897
1,110,086
739,668		 The charity
31-Mar-22
31-Mar-21
£
£
522,169
550,861
572,170
587,844
14,960
600
1,109,299
1,139,305
209,810
138,771
900,276
600,897
1,110,086
739,668
1,139,305
138,771
600,897
739,668
23,646
1,085,218		 45,131
695,795		 23,646
1,086,440		 45,260
694,409
2,194,846 1,835,429
217,206
1,618,222
1,835,429		 2,195,739
260,838
1,934,900
2,195,739		 1,833,714
260,838
1,934,008		 217,206
1,616,507
1,833,714
2,194,846

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 16/08/22 and signed on behalf by

Michael Sherwood – Chair

Mike Lea – Treasurer

11

West Somerset Railway Association

Consolidated statement of cash flows

For the period ended 31 March 2022

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
Non cash donations
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 shares
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-22
£
359,418
43,454
(752)
-
(300)
-
(101,145)
(20,074)
280,601
752
-
(14,060)
(500)
(13,808)
266,793
645,069
911,862		 31-Mar-21
£
59,363
66,682
(114)
(500)
-
-
74,823
(30,468)
169,786
114
500
-
(2,364)
(1,750)
168,036
477,033
645,069

12

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2022

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.

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.

13

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2022

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) 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.

l) 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.

14

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2022

m) 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.

n) 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.

o) 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.

15

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2022

2. Prior period comparatives

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
£
£
126,855
192,223
-
53,353
-
114
126,855
245,689
-
(1,134)
65,580
248,737
65,580
247,603
61,276
(1,913)
Restricted
Unrestricted
£
£
-
46,422
66,179
37,566
-
750
30,030
412,001
96,209
496,739
Restricted
Unrestricted
£
£
-
53,489
126,855
31,094
-
86,375
-
21,265
126,855
192,223		 2021
Total
£
319,078
53,353
114
372,545
(1,134)
314,317
313,183
59,363
2022
Total
£
46,422
103,745
750
442,031
592,948
2021
Total
£
53,489
157,949
86,375
21,265
319,078

16

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2022

4. 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
Aggregate sales at Norton Fitzwarren
Vintage Rally
50/50 club and raffles
Other income
Total other trading activities		 Restricted
Unrestricted
£
£
-
8,500
-
150
-
10,380
-
20,689
-
39,719
Restricted
Unrestricted
£
£
-
42,313
-
393
-
10,441
-
306
-
53,453		 2022
Total
£
8,500
150
10,380
20,689
39,719
2021
Total
£
42,313
393
10,441
306
53,453

5. Government grants

The charitable company received £750 of government grants during the year (2021: £16,375).

17

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2022

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
Hinkley Point Community Fund
Property costs
Membership and journal costs
Support and governance costs
Total support and governance costs		 Raising
Charitable
funds
activities
£
£
-
64,403
-
-
-
-
-
434
-
5,236
-
7,280
-
59,649
-
-
-
33,045
-
19,233
892
83,829
892
273,109
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		 2022
Total
£
64,403
-
-
434
5,236
7,280
59,649
-
33,045
19,233
84,721
274,001
2021
Total
£
63,315
-
-
945
5,634
13,918
65,378
738
44,334
9,673
109,248
313,183

18

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2022

7. Support and governance costs

7. Support and governance costs
Support costs:
Depreciation
Insurance
General office costs
Meetings and meditation
Equipment hire, repairs and maintenance
Bank charges
Travel and Motor Expenses
Governance costs:
Legal costs
Accountancy and independent examination fees
Total support and governance costs
Prior period comparative
Support costs:
Depreciation
Insurance
General office costs
Meetings and meditation
Equipment hire, repairs and maintenance
Bank charges
Governance costs:
Legal costs
Accountancy and independent examination fees
Total support and governance costs
8. Grants payable		 Raising
Charitable
funds
activities
£
£
87
43,367
-
7,938
-
11,820
-
1,828
35
532
770
1,550
-
651
-
9,618
-
6,525
892
83,829
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		 2022
Total
£
43,454
7,938
11,820
1,828
567
2,320
651
9,618
6,525
84,721
2021
Total
£
66,682
7,187
12,574
4,623
431
3,090
8,954
5,708
109,249

Due to the pandemic, no grants have been paid within the current period (2021: £nil).

19

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2022

9. Net movement in funds

. Net movement in funds
2022 2021
£ £
Depreciation 43,454 66,682
Trustees' remuneration - -
Trustees' reimbursed expenses - -
Independent examination fees 5,200 5,000

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

10. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 2022
£
68,270
4,948
937
74,155		 2021
£
69,458
5,440
1,166
76,064

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 £74,155 (2021: £76,064).

2022 2021
No. No.
Average number of employees (full-time equivalent) 2.4 3.4

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.

20

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2022

12. Tangible fixed assets – group


Cost
At 1 April 2021
Additions in the period
Disposals in the period
At 31 March 2022
At 1 April 2021
Charge for the period
Depreciation eliminated on disposal
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021
Tangible fixed assets – charity only
Cost
At 1 April 2021
Additions in the period
Disposals in the period
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the period
Depreciation eliminated on disposal
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Land and property
£
796,522
-
-
796,522		 Plant, Fixtures,
and Equipment
£
165,790
-
-
165,790		 Total
£
962,312
-
-
962,312
253,245
26,294
-
279,539		 157,776
2,399
-
160,175		 411,021
28,693
-
439,714
516,983
543,277
Land and
Property
£
796,522
-
-
796,522
253,245
26,294
-
279,539		 5,615
8,014
Plant, Fixtures
and Equipment
£
165,209
-
-
165,209
157,624
2,399
-
160,023		 522,598
551,291
Total
£
961,731
-
-
961,731
410,869
28,693
-
439,562
516,983
543,277		 5,186
7,585		 522,169
550,862

21

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2022

13. Heritage assets – group and charity

Locomotives
(under
restoration)
£
Cost
At 1 April 2021
638,594
Additions in period
-
Disposals in the period
-
At 31 March 2022
638,594
Depreciation
At 1 April 2021
66,924
Charge for the period
-
Depreciation eliminated on disposal
-
At 31 March 2022
66,924
Net book value
At 31 March 2022
571,670
At 31 March 2021
571,670
eritage 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
£
454,645
500
-
455,145
437,471
14,674
-
454,645
500
14,674		 Total
£
1,092,239
500
-
1,093,739
504,395
14,674
-
521,569
572,170
586,344
Net book value
£
391,670
180,000
571,670

Heritage assets includes the following locomotives and rolling stock:

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).

22

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2022

Summary analysis of heritage asset transactions

Summary analysis of heritage asset transactions ions
2022
£
Additions:
Purchases
500
Total additions
500
Charges:
Depreciation
14,674
Impairment
-
Other charges
-
Total charges
14,674
Disposals:
Net book value
-
Proceeds from disposals:
Sale proceeds
-
14. Investments
WSRA (Promotions) Ltd: 100 x £1 ordinary shares
Locomotive 5542 Ltd: 1 x £500 ordinary shares
Four One Six O Ltd: 14,360 x £1 ordinary shares		 2022
£
500		 2021
£
-		 2020
£
-		 2018
£
-		 2017
£
6,973
500 -
-
37,944
49,841
-
-
-
-
37,944
49,841
-
-
500
-
The group
2022
2021
£
£
-
-
500
500
14,360
-
14,860
500		 -
6,973
39,873
40,320
-
-
-
-
39,873
40,320
-
21,978
1,667
16,156
The charity
2022
2021
£
£
100
100
500
500
14,360
-
14,960
600		 6,973
14,674
-
-		 40,320
-
-
14,674 40,320
- 21,978
- 16,156

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 owns 14,360 £1 ordinary shares in Four One Six O Ltd, company number 01563895. This represents 16.6% 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.

23

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2022

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:

Turnover
Cost of sales
Gross profit
Administrative expenses
Profit for the financial period
Changes in equity:
Retained profit brought forward
Total comprehensive income for the period
Gift aid donation to parent charity
Retained profit carried forward
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Funds		 2022
£
-
-
-
(892)
(892)
43
(892)
-
(849)
12,920
(13,669)
(749)		 2021
£
(1,025)
2,227
1,202
(1,094)
108
581
108
(646)
43
53,644
(53,501)
143

16. Parent charity

The parent charity's gross income and the results for the period are disclosed as follows:

Gross income
Surplus / (deficit) for the period		 2022
£
633,440
360,310		 2021
£
373,570
59,363

24

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2022

17. Debtors

Trade debtors
Amounts due from subsidiary
Other taxation and social security
Other debtors		 The group
2022
2021
£
£
2,886
12,096
-
-
11,333
6,249
182,783
77,511
197,002
95,857		 The charity
2022
2021
£
£
1,954
3,064
13,669
52,691
11,273
6,238
182,914
76,777
209,810
138,771

Within Other debtors is an amount of £47,056 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

8. Creditors: amounts due within 1 year
Trade creditors
Accruals
Other taxation and social security
Other creditors
9. Financial instruments
Financial assets that are debt instruments
measured at amortised cost:
Trade debtors
Amounts due from subsidiary
Other debtors
Cash at bank and in hand
Financial liabilities measured at amortised cost:
Trade creditors
Accruals
Other creditors		 The group
2022
2021
£
£
10,199
36,422
10,189
6,164
1,273
1,165
1,985
1,380
23,646
45,131		 The charity
2022
2021
£
£
10,199
35,612
10,189
6,164
1,273
1,165
1,985
2,319
23,646
45,260
The group
2022
2021
£
£
2,886
12,096
-
-
182,783
76,777
911,862
645,069
1,097,531
733,943
10,199
36,422
10,189
6,164
3,258
2,545
23,646
45,131		 The charity
2022
2021
£
£
1,954
3,064
13,669
52,691
182,914
76,777
900,276
600,897
1,098,813
733,430
10,199
35,612
10,189
6,164
3,258
3,484
23,646
45,260

19. Financial instruments

25

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2022

20. Analysis of group net assets between funds

Tangible fixed assets
Heritage assets
Investments
Current assets
Current liabilities
Net assets at 31 March 2022
Prior period comparative
Tangible fixed assets
Heritage assets
Investments
Current assets
Current liabilities
Net assets at 31 March 2021		 Restricted
Unrestricted
funds
funds
£
£
1,167
521,431
65,593
506,577
-
14,860
194,078
914,786
-
(23,646)		 Total
funds
£
522,598
572,170
14,860
1,108,864
(23,646)
260,838
1,934,008		 2,194,846
Restricted
Unrestricted
funds
funds
£
£
1,167
550,123
65,953
521,891
-
500
150,086
590,840
-
(45,131)
217,206
1,618,223		 Total
funds
£
551,290
587,844
500
740,9261
(45,131)
1,835,429

26

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2022

For the year ended 31 March 2022
21. Movements in funds
Restricted funds
Locomotive Restoration Fund
Station Signs Fund
Hinkley Point Community fund
Home counties group
Points Machines
Volunteer Training
Rail Renewal
Specific Donations
WSRA TV
DMU Repair Fund
Cutting Back Fund
Volunteer Welfare Facilities
Station Gardens
Carriage Preserve and Protect
Hawksworth Saloon Donations
QB Restoration Donations
Total restricted funds
Unrestricted funds
General funds
Total unrestricted funds
Total funds		 At 1 April
2021
£
120,410
1,976
3,742
1,341
784
4,618
26,065
1,167
149
5,213
1,106
10,920
295
39,420
-
-
217,206
1,618,222
1,618,222
1,835,428		 Income
£
9,988
91
-
-
-
1,058
40,824
-
-
17
152
-
33,717
7,656
1,796
910
96,209
537,210
537,210
633,119		 Expenditure
£
(50,493)
(2,067)
-
-
-
(1,100)
7,800
-
-
(1,552)
(1,192)
-
(3,973)
-
-
-
(52,577)
(221,424)
(221,424)
(274,001)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 At 31 March
2022
£
79,905
-
3,742
1,341
784
4,576
74,689
1,167
149
3,678
66
10,920
30,039
47,076
1,796
910
260,838
1,934,008
1,934,008
2,194,846

27

West Somerset Railway Association

Notes to the accounts

For the year ended 31 March 2022

----- Start of picture text -----
Locomotive The Fund was established to support a sustainable supply of steam locomotives
Restoration Fund 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 Funds from a previous sub-group of the WSRA. Restricted to support assets
Group 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. There is a credit to
expenditure in the year for £7,800 in respect of costs charged to the fund in the
prior year that should have been classified as unrestricted.
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 Funds donated to provide adequate male and female facilities for volunteers at
Facilities Williton.
Station gardens Funds donated via the coop scheme to provide plants and paint for stations and
subsequently added to by a restricted legacy to benefit the WSR stations.
Carriage Preserve Funds donated to preserve and protect carriages by maintaining them and
and Protect 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.
Hawksworth Saloon Funds donated by the Transport Trust towards the restoration of the Hawksworth
Donations designed Inspection Saloon.
----- End of picture text -----

28

West Somerset Railway Association

Notes to the accounts

For the period ended 31 March 2022

QB Restoration
Donations		 Donations specifically for the restoration and maintenance of the 4 carriages known
as the Quantock Belle set. Includes hire fees ringfenced for works to the set.

21. Movements in funds (continued)

Prior period comparative
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 Funds
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
2020
£
125,936
1,976
4,398
1,341
784
608
-
1,220
1,167
-
-
-
-
-
18,501
155,931
1,620,135
1,620,135
1,776,066		 Income
£
47,892
-
82
-
-
4,010
36,938
-
-
700
5,213
1,106
10,920
295
19,699
126,855
245,690
245,690
372,544		 Expenditure
£
(53,418)
-
(738)
-
-
-
(10,873)
-
-
(551)
-
-
-
-
-
(65,580)
(247,603)
(247,603)
(313,183)		 At 31 March
2021
£
120,410
1,976
3,742
1,341
784
4,618
26,065
1,220
1,167
149
5,213
1,106
10,920
295
38,200
217,206
1,618,222
1,618,222
1,835,428

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 (2021: £nil) to the charity. At 31 March 2022, the trading subsidiary owed £13,669 (2021: £52,691) to the charity.

29