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2023-03-31-accounts

Company no. 02968284 Charity no. 1041901

West Somerset Railway Association Report and Unaudited Financial Statements

31 March 2023

West Somerset Railway Association

Reference and administrative details

For the year ended 31 March 2023

Company number 02968284
Charity number 1041901
Registered office and The Railway Station
operational address Bishops Lydeard
Taunton
Somerset
TA4 3BX
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
Nicholas Baxter appointed 24 September 2022
resigned 21 October 2022
Barrie Childs
David Fowler appointed 24 September 2022
Geoffrey Garfield
John Glover resigned 24 September 2022
Michael Lea
Edward Martin appointed 24 September 2022
Denise Parker
Jeffery Price
Diana Ricketts-Tanner
Michael Sherwood resigned 24 September 2022
Alan Smithers appointed 24 September 2022
resigned 21 May 2023
Key management Jacquie Green General Manager
personnel 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
10 Queen Street Place
London
EC4R 1BE
Independent Godfrey Wilson Limited
examiners Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2023

Reference and administrative information set out on page 1 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 2015).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The governing instrument of the charity, which is a company limited by guarantee and not having a share capital, is its Memorandum of Association which dates back to the 16 May 1994.

Following informal discussions over several months during the past year and subsequent formal discussion at a meeting of the trustees on 12 July 2022, it was decided by trustees that a formal written proposal should be put to a meeting of the trustees on Tuesday 26 July 2022 to seek approval from the Charity Commission in order to put forward by Special Resolution revised objectives for the West Somerset Railway Association at its 2022 Annual General Meeting. These were accepted by a vote of the membership.

The objects of the charity were amended from:

The objects of the Association are to promote education in the heritage of the railway from Taunton to Minehead by restoring, preserving and displaying railway locomotives, carriages, wagons and other artefacts (including documents, drawings, photographs, recordings and films) of historical interest and the buildings connected therewith.

To:

The objects of the Association are to promote education in the heritage of the railway from Taunton to Minehead by:

Trustees are elected by the members in accordance with the provisions contained in the Memorandum of Association. There is no formal training arranged for new trustees. All new trustees are provided with the Charity Commission guidance The Essential Trustee, together with access to minutes of previous meetings, annual report and accounts for previous years. In October 2022 an away day was held in order that new trustees might better understand their role. Some training was given on the away day on an informal basis.

Trustees meet monthly where matters of policy and the application of funds are decided. Additional meetings are called in accordance with the Memorandum of Association when the need arises.

2

West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2023

The trustees have complied with their duty under the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

RISK

The principal areas of risk to which the WSRA is exposed are:

Risk Management Policy is in place, together with risk management guidance. Trustees are aware of their responsibilities and have also elected a risk management trustee who oversees all elements of risk management, therefore:

FULFILLING OBJECTIVES

The WSRA has a small grants policy in place. Decisions with regard to grants are made at monthly trustee meetings subsequent to the satisfactory completion of an application. There are procedures for the monitoring and reviewing of projects once a grant has been made.

FUNDRAISING

A summary of fundraising over the year:

Grant funding obtained:

Commentary: The amount secured is far lower than in previous years. There are a number of reasons for this:

3

West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2023

Monies raised: restricted funds

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. £36,559 was raised for this fund during the year, and the available total is now just under £95,280.

Work is now well advanced on the restoration of the chassis of the Small Prairie 4561, and the team we established to supervise the restoration turned their attention to the boiler, with the target of achieving a completed locomotive within 12 months. However, their investigations revealed that some of the work previously carried out was unsatisfactory and needed revisiting. It also showed that the scope of the work was probably beyond the capacity of Williton restorations, so invites to tender for the job have been issued. It is still intended to have the locomotive back in steam as soon as possible, but we are currently unable to commit to a date.

The WSRA plans to carry out a condition survey on loco 7821, currently on display at Swindon, where a group of volunteers keep it in good condition.

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. Over £4,800 was raised during the year, and the fund currently holds nearly £52,000. The WSRA has worked closely with the WSR plc and other interested parties to agree on a strategic approach to the provision of covered accommodation, which will offer the best facility for the long-term public benefit by maximising the opportunities to preserve and protect the heritage locomotives and rolling stock. This identified a site on WSRA land at Norton Fitzwarren, and work is underway to prepare an initial design for a suitable building.

The Rail Renewal Fund has been established to provide funding for the replacement of the permanent way of the West Somerset Railway. Just over £37,000 was raised during the year, and over £40,000 was spent on the purchase of rail, sleepers and ballast. The years' income included a successful appeal for donations towards the completion of the restoration of the track which was subject to an incursion of mud, near Tribble Bridge. Trustees allocated £25,000 from WSRA funds to match donations secured from members and supporters. We were delighted that this appeal raised £25,000 in donations within two months. The money raised is held in the fund, with an intention to carry out the work in winter 2023/24.

4

West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2023

FINANCIAL REVIEW

Total group income exceeded expenditure during the year by £20,000 (2022: expenditure exceeded income by almost £360,000). There was an increase in reserves from £2.194m to £2.216m. This large figure is partly the result of legacies received. Trustee policy on significant legacies is to retain them for use in major projects and seek approval of executors for the planned expenditure. There is an intention to make use of these legacies as the plans progress.

Reserves policy . The Association has sufficient reserves to sustain its current expenditure for at least three months (£88,500). The trustees are exploring the possibility of using some of the charity's excess free reserves to develop the land at Norton Fitzwarren to include carriage sheds, offices and a number of educational and other facilities.

MEMBERSHIP AND VOLUNTEERS

Membership numbers currently stand at over 2,600 and are showing a slow decline. The 50-50 Club has again contributed about £10,000 to general funds.

The Association could not function without volunteers. In 2022/23 we had two main areas:

WSRA STEAM RALLY

The 2022 rally was the most successful event yet staged, with over 8,500 people attending over the 2 days. This event is a major shop window for the whole of the West Somerset Railway, and also raises significant funds for the Association, enough to cover its fixed costs and contribute to charitable spending. Work is underway to plan the 2023 event, which will be affected by significant cost inflation, and the need to invest in some of the infrastructure at Norton Fitzwarren. The rally, which is an outside event, does carry financial risk, and trustees have taken action to minimise the risk, although it cannot be eliminated.

OTHER NEWS

The Association’s dining train, the Quantock Belle is back in regular use, on the railway, following a joint review of the future of the dining train offer. This year’s programme is an experimental one and will be reviewed in the future.

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. To that end, trustees have written new policies and updated older ones, in line with current advice. The trustees also looked at equality, diversity and inclusion and this is reflected in the policies adopted. The policies are available on the public part of the WSRA website on the “About” page.

5

West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2023

FUTURE PLANS

In October 2022 trustees spent time reviewing progress and planning activity for the year. The thrust of those plans was to work cooperatively with the WSR plc and the other bodies making up the “railway family”, within our charitable objectives, so as to benefit the heritage railway. The plans underway, and being developed include:

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 application of resources, including the net income or expenditure, of the charity and the group for the year. In preparing those financial 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 prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2023 was 2,658 (2022: 2,860). 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 2023

Independent examiners

Godfrey Wilson Limited were appointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 14 August 2023 and signed on their behalf by

G J F Garfield

Geoff Garfield - Chair

Barrie Childs - Trustee

7

Independent examiner's 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 year ended 31 March 2023, which are set out on pages 10 to 32.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the consolidated accounts of the group in accordance with the requirements of the Charities Act 2011 ('the Act') and you have chosen to prepare consolidated accounts for the group. You are satisfied that the accounts of both the charity and the group are not required by company law to be audited under Part 16 of the 2006 Act and have chosen instead to have an independent examination.

I report in respect of my examination of the consolidated 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.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the consolidated accounts present a 'true and fair' view and my report is limited to those specific matters set out in the independent examiner's statement.

Independent examiner’s statement

Since the charity’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 (ICAEW), which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

8

Independent examiner's report

To the members of

West Somerset Railway Association

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.

Alison Godfrey

Date: 21 August 2023

Alison Godfrey FCA Member of the ICAEW

For and on behalf of: Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

9

West Somerset Railway Association

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

For the year ended 31 March 2023

Note
Income from:
Donations and legacies
3
Other trading activities
4
Investments
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
6
Net income
Transfers between funds
Net movement in funds
8
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Restricted
Unrestricted
£
£
96,180
93,138
-
182,497
-
3,429
-
500
96,180
279,564
-
84,972
90,350
178,747
90,350
263,719
5,830
15,845
4,180
(4,180)
10,010
11,665
260,838
1,934,008
270,848
1,945,673		 2023
Total
£
189,318
182,497
3,429
500
375,744
84,972
269,097
354,069
21,675
-
21,675
2,194,846
2,216,521		 Restated
2022
Total
£
592,948
39,719
752
-
633,419
19,577
254,424
274,001
359,418
-
359,418
1,835,428
2,194,846

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 20 to the accounts.

10

West Somerset Railway Association

Consolidated balance sheets

As at 31 March 2023

Note
Fixed assets
Tangible fixed assets
11
Heritage assets
12
Investments
13
Current assets
Debtors
16
Cash at bank and in hand
Liabilities
17
Net current assets
Net assets
19
Funds
20
Restricted funds
Unrestricted funds
Designated funds
General funds
Total funds
Creditors: amounts falling due within 1
year		 2023
2022
£
£
496,930
522,598
572,892
572,170
14,860
14,860
1,084,682
1,109,628
47,172
197,002
1,107,878
911,862
1,155,050
1,108,864
23,211
23,646
1,131,839
1,085,218
2,216,521
2,194,846
270,848
260,838
25,000
-
1,920,673
1,934,008
2,216,521
2,194,846
The group		 2023
2022
£
£
496,673
522,169
572,892
572,170
14,960
14,960
1,084,525
1,109,299
69,105
209,810
1,084,571
900,276
1,153,676
1,110,086
21,680
23,646
1,131,996
1,086,440
2,216,521
2,195,739
270,848
260,838
25,000
-
1,920,673
1,934,901
2,216,521
2,195,739
The charity		 2023
2022
£
£
496,673
522,169
572,892
572,170
14,960
14,960
1,084,525
1,109,299
69,105
209,810
1,084,571
900,276
1,153,676
1,110,086
21,680
23,646
1,131,996
1,086,440
2,216,521
2,195,739
270,848
260,838
25,000
-
1,920,673
1,934,901
2,216,521
2,195,739
The charity
1,109,299
209,810
900,276
1,110,086
23,646
1,086,440
2,195,739
260,838
-
1,934,901
2,195,739

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 year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476 of the Act.

11

West Somerset Railway Association

Consolidated balance sheets

As at 31 March 2023

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 14 August 2023 and signed on their behalf by

G J F Garfield

Geoff Garfield - Chair

Barrie Childs - Trustee

12

West Somerset Railway Association

Consolidated statement of cash flows

For the year ended 31 March 2023

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Dividends, interest and rents from investments
Non cash donations
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
Purchase of shares
Purchase of tangible fixed assets
Purchase of heritage assets
Net cash provided by / (used in) investing activities
Increase / (decrease) in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2023
£
21,675
28,768
(3,429)
-
149,830
(435)
196,409
3,429
-
(3,030)
(792)
(393)
196,016
911,862
1,107,878		 2022
£
359,418
43,454
(752)
(300)
(101,145)
(20,074)
280,601
752
(14,060)
(500)
-
(13,808)
266,793
645,069
911,862

13

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

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 2015) - (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 whollyowned (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 year 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.

14

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

1. Accounting policies (continued)

d) Income

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 exector(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.

Ticket and stall income received in advance is deferred until criteria for income recognition are met.

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 between cost of raising funds and expenditure on charitable activities based on the proportion of direct costs as follows:

ws:
2023 2022
Raising funds 23.5% 6.8%
Charitable activities 76.5% 93.2%

15

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

1. Accounting policies (continued)

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 straight line 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.

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.

16

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

1. Accounting policies (continued)

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.

p) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation as described in note (h) above.

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		 Restricted
£
£
96,209
496,739
-
39,719
-
752
96,209
537,210
-
19,577
52,577
201,847
52,577
221,424
43,632
315,786
Unrestricted		 2022
Total
£
592,948
39,719
752
633,419
19,577
254,424
274,001
359,418

17

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

3. Income from donations and legacies

3.
Income from donations and legacies
Membership subscriptions
Donations and gifts
Grant income
Legacies
Total donations and legacies
Prior period comparative
Membership subscriptions
Donations and gifts
Grant income
Legacies
Total donations and legacies
4.
Income from other trading activities
Total other trading activities
Prior period comparative
Total other trading activities
Other income
Aggregate sales at Norton Fitzwarren
Other income
50/50 club and raffles
Aggregate sales at Norton Fitzwarren
Vintage Rally
Vintage Rally
50/50 club and raffles		 Restricted
£
£
-
51,425
65,180
24,097
31,000
-
-
17,616
96,180
93,138
Restricted
£
£
-
46,422
66,179
37,566
-
750
30,030
412,001
96,209
496,739
Restricted
£
£
-
3,178
-
144,446
-
9,246
-
25,627
-
182,497
Restricted
£
£
-
8,500
-
150
-
10,380
-
20,689
-
39,719
Unrestricted
Unrestricted
Unrestricted
Unrestricted		 2023
Total
£
51,425
89,277
31,000
17,616
189,318
2022
Total
£
46,422
103,745
750
442,031
592,948
2023
Total
£
3,178
144,446
9,246
25,627
182,497
2022
Total
£
8,500
150
10,380
20,689
39,719

18

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

5. Government grants

The charitable company did not receive any government grants during the year (2022: none).

6. Total expenditure

Staff costs (note 9)
Other staff costs
Fundraising costs:
Vintage Rally
50/50 club, annual draw and raffle
Other
Locomotive and coach costs
Property costs
Support and governance costs (note 7)
Total expenditure
Prior year comparative
Staff costs (note 9)
Other staff costs
Fundraising costs:
Vintage Rally
50/50 club, annual draw and raffle
Other
Locomotive and coach costs
Property costs
Membership and journal costs
Support and governance costs (note 7)
Total expenditure
Membership and journal costs		 Raising
funds
£
-
-
58,283
3,727
7,344
-
-
-
15,618
84,972
Raising
funds
£
-
-
434
5,236
7,280
-
-
-
6,627
19,577		 Charitable
activities
£
68,865
1,308
-
-
-
96,653
39,962
19,174
43,135
269,097
Charitable
activities
£
64,270
133
-
-
-
59,649
33,045
19,233
78,094
254,424		 2023
Total
£
68,865
1,308
58,283
3,727
7,344
96,653
39,962
19,174
58,753
354,069
Restated
2022
Total
£
64,270
133
434
5,236
7,280
59,649
33,045
19,233
84,721
274,001

19

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

7. Support and governance costs

Support costs:
Depreciation
Insurance
General office costs
Meetings and mediation
Travel and motor expenses
Equipment hire, repairs and maintenance
Bank charges
Corporation tax
Governance costs:
Legal costs
Accountancy and IE
Total support and governance costs
Prior year comparative
Support costs:
Depreciation
Insurance
General office costs
Meetings and mediation
Travel and motor expenses
Equipment hire, repairs and maintenance
Bank charges
Governance costs:
Legal costs
Accountancy and independent examination fee
Total support and governance costs		 Raising
funds
£
6,823
1,916
2,098
366
250
93
950
8
71
3,043
15,618
Raising
funds
£
3,054
543
809
125
45
71
876
658
446
6,627		 Charitable
activities
£
21,945
6,244
6,722
1,193
816
302
2,031
23
191
3,668
43,135
Charitable
activities
£
40,400
7,395
11,011
1,703
606
496
1,444
8,960
6,079
78,094		 2023
Total
£
28,768
8,160
8,820
1,559
1,066
395
2,981
31
262
6,711
58,753
Restated
2022
Total
£
43,454
7,938
11,820
1,828
651
567
2,320
9,618
6,525
84,721

20

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

8. Net movement in funds This is stated after charging:

Depreciation
Trustees' remuneration
Trustees' reimbursed expenses
Independent examiners' remuneration:
Independent examination (excl. VAT)
Other services		 2023
£
28,768
Nil
1,967
4,000
1,860		 2022
£
43,454
Nil
Nil
5,200
1,145

During the year four trustees (2022: Nil) received reimbursed expenses for travel, meeting, subsistence and rally costs (2022: £Nil).

The prior year independent examiners fee includes the cost of the accounts preparation work for WSRA Promotions Ltd. The fee for 2023 for the accounts preparation for WRSA (Promotions) Ltd is £950 (excl. VAT) and is included in 'other services'.

9. Staff costs and numbers Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 2023
£
67,048
762
1,055
68,865		 2022
£
62,385
948
937
64,270

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

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 £68,865 (2022: £64,270).

Average number of employees (full-time equivalent) 2023
No.
2.4		 2022
No.
2.4

21

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

10. 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.

11. Tangible fixed assets - group

Tangible fixed assets - group
Cost
At 1 April 2022
Additions in year
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
Disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 £
£
796,522
165,790
-
3,030
-
(9,348)
796,522
159,472
279,539
160,175
26,294
2,404
-
(9,348)
305,833
153,231
490,689
6,241
516,983
5,615
Land and
property
Plant,
fixtures and
equipment		 £
962,312
3,030
(9,348)
Total
955,994
439,714
28,698
(9,348)
459,064
496,930
522,598

22

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

11. Tangible fixed assets - charity only

Cost
At 1 April 2022
Additions in year
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
Disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 £
£
796,522
165,209
-
3,030
-
(9,348)
796,522
158,891
279,539
160,023
26,294
2,232
-
(9,348)
305,833
152,907
490,689
5,984
516,983
5,186
Land and
property
Plant,
fixtures and
equipment		 £
961,731
3,030
(9,348)
Total
955,413
439,562
28,526
(9,348)
458,740
496,673
522,169

23

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

12. Heritage assets - group and charity

Heritage assets - group and charity
Locomotives
(under
restoration)
£
Cost
At 1 April 2022
638,594
Additions
-
Disposals
-
At 31 March 2023
638,594
Depreciation
At 1 April 2022
66,924
Charge for the year
-
On disposal
-
At 31 March 2023
66,924
Net book value
At 31 March 2023
571,670
At 31 March 2022
571,670
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 items:
Gunpowder van 5237
Other vehicles
Total net book value at year end		 Coaches
and other
items
Total
£
£
455,145
1,093,739
792
792
(3,677)
(3,677)
452,260
1,090,854
454,645
521,569
70
70
(3,677)
(3,677)
451,038
517,962
1,222
572,892
500
572,170
Net book value
£
391,670
180,000
430
792
572,892		 Total
£
1,093,739
792
(3,677)
1,090,854
521,569
70
(3,677)
517,962
572,892
572,170
572,892

The following heritage assets are held by WSRA but are fully depreciated: Mk 1 TSO coaches W4435, W4911, W4956, W4419 and W5024; Mk 1 BCK W21174 (Phoenix); Quantock Belle Mk1 coaches W1804 (Aries), W1909 (Orion), W3108 (Meteor) and Mk 1 BSK W35408 (Jupiter); Observation Saloon W80976W; camping coach 9882; four other vehicles (CCT M94917, PMV 1587, CCT 2823 and WGF 8080).

24

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

12. Heritage assets - group and charity (continued) Summary analysis of heritage asset transactions

Additions:
Purchases
Total additions
Charges:
Depreciation
Total charges
Disposals:
Net book value
Proceeds from disposals:
Sale proceeds		 2023
£
792
792
70
70
-
500		 2022
£
500
500
14,674
14,674
-
-		 2021
£
-
-
37,944
37,944
-
500		 2020
£
-
-
49,841
49,841
-
-		 2019
£
-
-
39,873
39,873
-
1,667

During the period there was 1 disposal of a camping coach with a nil net book value.

13. Investments

Total investments
Four
One
Six
O
Ltd:
14,360
x
£1
ordinary shares
Locomotive 5542 Ltd: 1 x £500 ordinary
share
WSRA (Promotions) Ltd: 100 x £1
ordinary shares		 2023
2022
£
£
-
-
500
500
14,360
14,360
14,860
14,860
The group		 2023
2022
£
£
100
100
500
500
14,360
14,360
14,960
14,960
The charity		 2023
2022
£
£
100
100
500
500
14,360
14,360
14,960
14,960
The charity
14,960

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.

25

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

13. Investments (continued)

WSRA also owns 2,037,370 10p ordinary shares in West Somerset Railway plc, representing 7.96% 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.

14. 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 operates a shop and café as well as carrying out engineering and restoration works. 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 year
Changes in equity:
Retained profit brought forward
Total comprehensive income for the year
Gift aid donation to parent charity
Retained profit carried forward
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Funds		 2023
£
4,135
-
4,135
(2,379)
1,756
(849)
1,725
(876)
-
2023
£
23,564
(23,464)
100		 2022
£
-
-
-
(892)
(892)
43
(892)
-
(849)
2022
£
12,920
(13,669)
(749)

26

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

15. Parent charity

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

Gross income
Surplus / (deficit) for the year		 2023
£
372,518
20,811		 2022
£
633,440
360,310

16. Debtors

Debtors
Trade debtors
Amounts due from subsidiary
Other taxation and social security
Other debtors		 2023
2022
£
£
3,103
2,886
-
-
8,214
11,333
35,855
182,783
47,172
197,002
The group		 2023
2022
£
£
3,103
1,954
21,933
13,669
8,214
11,273
35,855
182,914
69,105
209,810
The charity
209,810

17. Creditors: amounts due within 1 year

Creditors: amounts due within 1 year
Trade creditors
Accruals
Deferred income (note 18)
Other taxation and social security
Other creditors		 2023
2022
£
£
10,514
10,199
6,660
6,345
2,982
3,844
1,251
1,273
1,804
1,985
23,211
23,646
The group		 2023
2022
£
£
10,514
10,199
5,160
6,345
2,982
3,844
1,220
1,273
1,804
1,985
21,680
23,646
The charity
23,646

27

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

18. Deferred income

Deferred income
At 1 April 2022
Deferred during the year
Released during the year
At 31 March 2023		 2023
2022
£
£
3,844
-
2,982
3,844
(3,844)
-
2,982
3,844
The group		 2023
2022
£
£
3,844
-
2,982
3,844
(3,844)
-
2,982
3,844
The charity
3,844

Deferred income relates to income received in advance for stalls at the annual steam railway rally and for Southern Coast Express tickets to bring people to the rally.

19. Analysis of group net assets between funds

Restricted Unrestricted Total
funds funds funds
£ £ £
Tangible fixed assets - 496,930 496,930
Heritage assets - 572,892 572,892
Investments - 14,860 14,860
Current assets 270,848 884,202 1,155,050
Current liabilities - (23,211) (23,211)
Net assets at 31 March 2023 270,848 1,945,673 2,216,521
Prior period comparative
Prior period comparative
Restricted Unrestricted Total
funds funds funds
£ £ £
Tangible fixed assets 1,167 521,431 522,598
Heritage assets 65,593 506,577 572,170
Investments - 14,860 14,860
Current assets 194,078 914,786 1,108,864
Current liabilities - (23,646) (23,646)
Net assets at 31 March 2022 260,838 1,934,008 2,194,846

28

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

20. Movements in funds

Movements in funds
Restricted funds
Locomotive
restoration fund
Hinkley point
community fund
Home counties group
Points machines
Volunteer training
Rail renewal
Specific donations
WSRA TV
DMU repair fund
Cutting back fund
Williton welfare fund
Station maintenance
fund
Carriage preserve and
protect
Hawksworth saloon
donations
QB restoration
donations
Railway walks project
Total restricted funds
Designated funds:
Rail renewal
designated fund
Total designated funds
Unrestricted funds
General funds
Total unrestricted
funds
Total funds		 At 1 April
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
-		 Income
£
36,559
-
-
-
-
37,050
-
-
-
365
-
4,836
4,834
-
8,008
4,528		 £
(21,184)
-
(675)
-
(1,308)
(40,791)
(1,167)
-
(803)
(401)
(15,100)
(4,834)
-
-
(4,087)
-
Expenditure		 Transfers
between
funds
£
-
-
-
-
-
-
-
-
-
-
4,180
-
-
-
-
-		 £
95,280
3,742
666
784
3,268
70,948
-
149
2,875
30
-
30,041
51,910
1,796
4,831
4,528
At 31 March
2023
260,838 96,180 (90,350) 4,180 270,848
- - - 25,000 25,000
- - - 25,000 25,000
1,934,008 279,564 (263,719) (29,180) 1,920,673
1,934,008 279,564 (263,719) (4,180) 1,945,673
2,194,846 375,744 (354,069) - 2,216,521

29

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

20. Movements in funds (continued) Purposes of restricted funds

The 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. We will, at the 2023 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.

Hinkley point The Hinkley Point Community Fund, managed by the Somerset community fund 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. These funds are being held as restricted until an alternative purpose has been agreed with the funder.

Volunteer training Funds donated to support the training of volunteers, including first aid training.

DMU repair fund The DMU repair fund contains money donated to help repair/maintain the WSR plc’s Diesel Multiple Unit train.

Cutting back fund The cutting back fund contains donations to purchase tools for the volunteer cutting back gang, which helps maintain the railway permanent way

30

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

20. Movements in funds (continued) Purposes of restricted funds (continued)

Williton welfare fund The Williton welfare fund contains corporate funds donated for the provision of improved staff welfare facilities at Williton Restorations Ltd, a Company owned by WSR PLC.

Station maintenance The station maintenance fund has corporate donations provided for fund the maintenance of the WSR stations. Carriage preserve and Established with the dual aims of providing covered accommodation protect 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.

Hawksworth saloon The Hawksworth fund collects donations for the maintenance of these donations WSRA owned railway carriages. QB restoration The Quantock Belle fund collects donations for the maintenance of donations these WSRA owned railway carriages.

Railway walks project The railway walks project has funds donated for a project to encourage the use of the railway as a basis for healthy walks by local people.

Purposes of designated funds

Rail renewal The trustees have designated £25,000 from WSRA funds towards the designated fund restoration of the track near Tribble Bridge. The money raised is held in the fund, with an intention to carry out the work in winter 2023/24.

Transfers between funds

There was one transfer into the Williton welfare fund during the year to cover an overspend.

31

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2023

20. 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
Specific donations
WSRA TV
DMU repair fund
Cutting back fund
Williton welfare fund
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
-
-		 Income
£
9,988
91
-
-
-
1,058
40,824
-
-
17
152
-
33,717
7,656
1,796
910		 £
(50,493)
(2,067)
-
-
-
(1,100)
7,800
-
-
(1,552)
(1,192)
-
(3,973)
-
-
-
Expenditure		 Transfers
between
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 £
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
At 31 March
2022
217,206 96,209 (52,577) - 260,838
1,618,222 537,210 (221,424) - 1,934,008
1,618,222 537,210 (221,424) - 1,934,008
1,835,428 633,419 (274,001) - 2,194,846

21. 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 year the trading subsidiary made sales of £nil (2022: £nil) to the charity. At 31 March 2023, the trading subsidiary owed £21,933 (2022: £13,669) to the charity.

32