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2024-03-31-accounts

Company no. 02968284 Charity no. 1041901

West Somerset Railway Association Report and Unaudited Financial Statements

31 March 2024

West Somerset Railway Association

Reference and administrative details

For theyear ended 31 March 2024
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:
Barrie Childs resigned 23 September 2023
William Foster appointed 9 October 2023
David Fowler resigned 26 August 2023
Geoffrey Garfield
John Glover appointed 23 September 2023
Andrew Horner appointed 8 April 2024
Michael Lea resigned 8 January 2024
John Leach appointed 23 September 2023,
resigned 24 January 2024
Edward Martin
Denise Parker
Jeffery Price
Diana Ricketts-Tanner resigned 23 September 2023
Michael Sherwood appointed 23 September 2023
Alan Smithers 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 2024

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.

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 all WSRA policies, minutes of previous meetings, annual report and accounts for previous years. In February 2024 an away day was held in order that trustees might clarify their role and agree the immediate direction of the charity. Some training was given on the away day on an informal basis.

Trustees meet monthly where strategic direction, 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.

OBJECTIVES AND ACTIVITIES

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

ACHIEVEMENTS AND PERFORMANCE

Statement of Public Benefit

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.

When making decisions about the charity’s actions and investments, trustees have given careful consideration to ensure that these further the charity’s objectives and provide public benefit. The details of how this has been done are provided in this report, but, briefly, we have delivered on each objective as follows:

Restoration, preservation and maintenance of artifacts : this has been our primary focus, with just under £40,000 directly invested in the railway’s track and stations, and a further £38,000 which would have been invested, but has been delayed until the 24-5 year because of adverse weather and the lack of capacity to have the work done before the current running season. We have also finalised the detailed planning for investment of some £700,000 in locomotive restoration, a large proportion of which will be carried out in Williton, also planned to start in 24-5.

2

West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2024

Cultural, environmental and social benefits have been furthered by the work of the community outreach workers, the learnings from that project will be carried forward to the current year;

Encouraging volunteers has been done both directly and by providing education and training for volunteers; and

Promotion of leisure activities has mainly involved the organisation and delivery of our annual steam rally, and by enabling groups to visit the railway, through the work of our community engagement volunteers.

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 about grants are made at monthly trustee meetings after 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:

3

West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2024

Commentary: The amount secured is like that obtained last year, but far lower than in previous years. There are several reasons for this:

We have reviewed our fundraising with our contracted fundraiser and agreed new targets for 2024/5, which we believe will be successful in obtaining grant funding for our major projects over the next few years.

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. £26,773 was raised for this fund during the year, and the available total is now just under £61,300.

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 restoration of the boiler. Their investigations revealed that some of the work previously carried out 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 were issued. Having received the estimates and carried out due diligence on the contractors who provided them, trustees decided that the work should be carried out by E Riley & Company, Haywood, Lancashire. It is intended to have the locomotive back in steam as soon as possible. The date will depend on the work required, and the speed at which our contractors can carry it out. Trustees have agreed a capital expenditure plan that will see significant funds committed to this locomotive from legacies already held.

During the year we were one of the railway charities approached by the owners of the unrestored BR Standard 4MT locomotive 80064, who wished to find a charity which would provide a home for the locomotive and carry out restoration to running condition as soon as possible. After investigation of the locomotive and spare parts available, and consultation with the board of the WSR plc, trustees decided that the locomotive would be ideal for the railway and could be restored in a relatively short time. It would provide a replacement for some locomotives of the WSR’s home fleet which will be withdrawn in the next few years as their boiler certificates expire. After various discussions with the owning group, 80064 fund, we were delighted to agree that the locomotive, several spare parts, and a sum of money would be donated to the WSRA. The locomotive was moved to Williton restorations in December 2023, for logistical reasons, ahead of a formal agreement. Trustees have commissioned Williton Restorations to carry out the necessary work, which we anticipate will take 3-4 years. We are very grateful to the members and supporters of 80064 fund for this donation, which was formally agreed on 30 April 2024.

Loco 7821 is currently on display at Swindon, where a group of volunteers keep it in good condition. It is still our intention to restore this locomotive to working condition. However, as extensive work is needed to restore it, trustees felt that it was better to carry out the relatively easier restoration of 80064 first.

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West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2024

The Preserve and Protect Fund , established with the dual aims of providing covered accommodation for the charity’s rolling stock, and particularly the Mk1 carriages. The fund will also be used to help with the ongoing maintenance costs of rolling stock. Over £4,456 was raised during the year, and the fund currently holds nearly £56,170. 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 maximizing the opportunities to preserve and protect the heritage locomotives and rolling stock. This work has identified a site on WSRA land at Norton Fitzwarren. In October 2023 we were delighted to form a partnership with the Engineering Department of Southampton University, with the intention of carrying out a feasibility study of the proposed site and preparing an initial design for a carriage shed and associated facilities.

After extensive work by the students and their supervising professor, and a sub-group of the Trustees, the initial design has now been completed, and work is underway to test its suitability.

The Rail Renewal Fund has been established to provide funding for the maintenance and replacement of the permanent way of the West Somerset Railway. Just over £26,670 was raised during the year, and over £31,200 was spent on the purchase of rail, sleepers and ballast.

We also held a total of £50,000 following a successful appeal for funds to assist the restoration work on the track at Tribble Bridge, where £25,000 was donated by the WSRA to match funds of £25,000 raised from members and supporters. It had been planned to spend this money on track replacement at the site in the winter of 2023/4., but weather conditions and other issues prevented the work from being completed before the start of the 2024 running season. The WSR plc will carry out this work in winter 24/5.

OTHER PROJECTS

We also supported a number of smaller projects to maintain and enhance the stations, contributing over £8,000 to support volunteer-led projects, such as repainting, and improving the facilities for visitors. We also contributed to the cost of equipment for the volunteer gang which supports the maintenance of the line.

We see supporting volunteers as an important role for us. To do this, we have paid for volunteer training, and made arrangements that the redundant ex WSRA-owned coach stored at Blue Anchor, which is unsuitable for restoration as a railway vehicle, will be re-purposed as sleeping accommodation for volunteers.

In order to further our objective to facilitate education in the heritage of the WSR, we developed a community engagement programme. This involved employing two workers, on fixed term contracts, who engaged with local communities, schools and other groups. This promoted educational visits from different groups, varying from primary schools to groups supporting people living with dementia, arranged by, and in some cases subsidised by, the charity.

5

West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2024

FINANCIAL REVIEW

Total group income exceeded expenditure during the year by £140,000 (2023: £20,000). There was an increase in reserves from £2.216m to £2.356m. This large figure is partly the result of legacies received. Trustee policy on significant legacies is to retain them in designated funds for use in major projects and where appropriate to seek approval from executors for the planned expenditure. There is an intention to make use of these legacies as the plans progress, which is expected in 2024/5.

Reserves policy . The Association has sufficient reserves to sustain its current expenditure for at least three months (£99,400). The trustees have developed a plan to spend £776,000 of the reserves on the major projects of the restoration of 4561 and 80064, and on the detailed work needed on the proposed carriage shed.

In the meantime, funds are held securely. Trustees have taken advantage of the rise in interest rates during the year to invest £500,000 in fixed term, interest generating funds.

MEMBERSHIP AND VOLUNTEERS

Membership numbers currently stand at over 2,500 and are showing a slow decline. The 50-50 Club has again contributed about £9,727 to general funds.

The Association could not function without volunteers. In 2023/4 we had two main areas:

WSRA STEAM RALLY

The 2023 rally was again successful, with nearly 5,700 people attending over the 2 days, despite there being a severe storm on the first day of the Rally. This event is a major shop window for the whole of the West Somerset Railway and raises significant funds for the Association. Trustees are very grateful to the Rally team, led by Ben Orton, for their work in organizing and delivering this event. Work is underway to plan the 2024 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 minimize the risk, although it cannot be eliminated.

OTHER NEWS

The Association’s dining train, the Quantock Belle, is in regular use. Formal hire agreements have been finalised with the WSR plc for the Quantock Belle set and also for our MK1 carriages. These take effect from April 2024 and allow funds to be returned to the charity for maintenance of its heritage assets.

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.

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West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2024

FUTURE PLANS

Throughout the year trustees spent time reviewing progress and planning activity for the future. 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, 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 2024 was 2,523 (2023: 2,658). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

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West Somerset Railway Association

Report of the trustees

For the year ended 31 March 2024

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 22 July 2024 and signed on their behalf by

G J F Garfield

W. Foster

Geoff Garfield - Chair

William Foster - Trustee

8

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 and WSRA Steam Rally Ltd, for the year ended 31 March 2024, which are set out on pages 11 to 35.

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.

Godfrey Wilson Limited also provides payroll services to the charity. I confirm that as a member of the ICAEW I am subject to the FRC’s Revised Ethical Standard 2016, which I have applied with respect to this engagement.

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:

9

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: 23 July 2024

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

10

West Somerset Railway Association

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

For the year ended 31 March 2024

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 (expenditure) / income
and movement in funds
8
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Restricted
Unrestricted
£
£
89,239
291,801
-
144,713
-
12,019
-
-
89,239
448,533
-
111,059
103,720
182,981
103,720
294,040
(14,481)
154,493
270,848
1,945,673
256,367
2,100,166		 2024
Total
£
381,040
144,713
12,019
-
537,772
111,059
286,701
397,760
140,012
2,216,521
2,356,533		 2023
Total
£
189,318
182,497
3,429
500
375,744
84,972
269,097
354,069
21,675
2,194,846
2,216,521

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.

11

West Somerset Railway Association

Consolidated balance sheets

As at 31 March 2024

Note
Fixed assets
Tangible fixed assets
11
Heritage assets
12
Investments
13
Current assets
Debtors
16
Current asset investments
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		 2024
2023
£
£
485,822
496,930
572,711
572,892
16,860
14,860
1,075,393
1,084,682
23,645
47,172
500,000
-
793,669
1,107,878
1,317,314
1,155,050
36,174
23,211
1,281,140
1,131,839
2,356,533
2,216,521
256,367
270,848
595,357
25,000
1,504,809
1,920,673
2,356,533
2,216,521
The group		 2024
2023
£
£
485,822
496,673
572,711
572,892
17,060
14,960
1,075,593
1,084,525
89,104
69,105
500,000
-
721,435
1,084,571
1,310,539
1,153,676
29,599
21,680
1,280,940
1,131,996
2,356,533
2,216,521
256,367
270,848
595,357
25,000
1,504,809
1,920,673
2,356,533
2,216,521
The charity		 2024
2023
£
£
485,822
496,673
572,711
572,892
17,060
14,960
1,075,593
1,084,525
89,104
69,105
500,000
-
721,435
1,084,571
1,310,539
1,153,676
29,599
21,680
1,280,940
1,131,996
2,356,533
2,216,521
256,367
270,848
595,357
25,000
1,504,809
1,920,673
2,356,533
2,216,521
The charity
1,084,525
69,105
-
1,084,571
1,153,676
21,680
1,131,996
2,216,521
270,848
25,000
1,920,673
2,216,521

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.

12

West Somerset Railway Association

Consolidated balance sheets

As at 31 March 2024

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 22 July 2024 and signed on their behalf by

G J F Garfield

W. Foster

Geoff Garfield - Chair

William Foster - Trustee

13

West Somerset Railway Association

Consolidated statement of cash flows

For the year ended 31 March 2024

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Loss on disposal of fixed assets
Dividends, interest and rents from investments
Decrease in debtors
Increase / (decrease) in creditors
Net cash provided by 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 used in investing activities
Increase 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
Current asset investments
Cash at bank and in hand		 2024
£
140,012
30,492
170
(12,019)
23,527
12,963
195,145
12,019
(2,000)
(19,373)
-
(9,354)
185,791
1,107,878
1,293,669
500,000
793,669
1,293,669		 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
-
1,107,878
1,107,878

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

14

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

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) subsidiaries on a line by line basis. Transactions and balances between the charitable company and its subsidiaries have been eliminated from the consolidated financial statements. Balances between the three 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.

The charity incorporated WSRA Steam Rally Ltd on 22 March 2023, but as there were no transactions during the prior period it was not included in the consolidated accounts. The company results were consolidated in full for the year ended 31 March 2024.

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.

15

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies (continued)

d) Income

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. WSRA (Promotions) Ltd did not trade during the year and expenditure was included as support costs. Support and governance costs are allocated between cost of raising funds and expenditure on charitable activities based on the proportion of direct costs as follows:

2024 2023
Raising funds 27.6% 23.5%
Charitable activities 72.4% 76.5%

16

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

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. Due to the extensive repairworks, the trustees have determined expenditure incurred on locomotive 4561 would overstate the value of the asset therefore repairs have been expensed during the year. 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.

17

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

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 and the locomotive valuation below:

Locomotive valuation

Locomotives, valued as heritage assets in the accounts, are a key source of uncertainty as there is no readily available market value due to the unique nature of the assets. Significant judgement is also involved in deciding whether restoration costs qualify as capital or revenue expenditure. Further details can be found in accounting policy 1 (i).

2. Prior period comparatives

Income from:
Donations and legacies
Other trading activities
Investments
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income
Transfers between funds
Net movement in funds		 Restricted
£
£
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
Unrestricted		 2023
Total
£
189,318
182,497
3,429
500
375,744
84,972
269,097
354,069
21,675
-
21,675

18

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

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
Income from other trading activities
Total other trading activities
Other income
50/50 club and raffles
Aggregate sales at Norton Fitzwarren
Vintage Rally		 Restricted
£
£
-
46,988
89,239
43,789
-
3,150
-
197,874
89,239
291,801
Restricted
£
£
-
51,425
65,180
24,097
31,000
-
-
17,616
96,180
93,138
2024
Total
£
11,399
114,348
10,663
8,303
144,713
Unrestricted
Unrestricted		 2024
Total
£
46,988
133,028
3,150
197,874
381,040
2023
Total
£
51,425
89,277
31,000
17,616
189,318
2023
Total
£
3,178
144,446
9,246
25,627
182,497

4. Income from other trading activities

All income from other trading activities was unrestricted in the current and prior years.

19

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

5. Government grants

The charitable company did not receive any government grants during the current or prior year.

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
Support and governance costs (note 7)
Total expenditure
Membership and journal costs
Membership and journal costs		 Raising
funds
£
-
-
81,868
4,942
7,476
-
-
-
16,773
111,059
Raising
funds
£
-
-
58,283
3,727
7,344
-
-
-
15,618
84,972		 Charitable
activities
£
88,045
1,831
-
-
-
118,067
23,702
11,165
43,891
286,701
Charitable
activities
£
68,865
1,308
-
-
-
96,653
39,962
19,174
43,135
269,097		 2024
Total
£
88,045
1,831
81,868
4,942
7,476
118,067
23,702
11,165
60,664
397,760
2023
Total
£
68,865
1,308
58,283
3,727
7,344
96,653
39,962
19,174
58,753
354,069

20

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

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
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 IE
Total support and governance costs		 Raising
funds
£
8,430
1,736
2,941
1,131
59
274
230
302
1,670
16,773
Raising
funds
£
6,823
1,916
2,106
366
250
93
950
71
3,043
15,618		 Charitable
activities
£
22,062
4,542
7,697
2,963
154
718
593
792
4,370
43,891
Charitable
activities
£
21,945
6,244
6,745
1,193
816
302
2,031
191
3,668
43,135		 2024
Total
£
30,492
6,278
10,638
4,094
213
992
823
1,094
6,040
60,664
2023
Total
£
28,768
8,160
8,851
1,559
1,066
395
2,981
262
6,711
58,753

21

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

8. Net movement in funds

This is stated after charging:

Net movement in funds
This is stated after charging:
2024 2023
£ £
Depreciation 30,492 28,768
Trustees' remuneration Nil Nil
Trustees' reimbursed expenses 2,127 1,967
Independent examiners' remuneration:
Independent examination (excl. VAT) 4,400 4,000
Other services 2,850 1,860

During the year four trustees (2023: four) received reimbursed expenses for travel, meeting, subsistence and rally costs.

9. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 2024
£
84,697
1,568
1,780
88,045		 2023
£
67,048
762
1,055
68,865

No employee earned more than £60,000 during the current or prior 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 £74,364 (2023: £68,865).

Average number of employees (full-time equivalent) 2024
No.
2.6		 2023
No.
2.4

22

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

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 and WSRA Steam Rally Ltd are donated to the parent charity under the gift aid scheme.

11. Tangible fixed assets - group

Cost
At 1 April 2023
Additions in year
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
Disposals
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 £
£
796,522
159,472
5,639
13,734
-
(581)
802,161
172,625
305,833
153,231
26,520
3,791
-
(411)
332,353
156,611
469,808
16,014
490,689
6,241
Land and
property
Plant,
fixtures and
equipment		 £
955,994
19,373
(581)
Total
974,786
459,064
30,311
(411)
488,964
485,822
496,930

23

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

11. Tangible fixed assets - charity only

Cost
At 1 April 2023
Additions in year
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 £
£
796,522
158,891
5,639
13,734
802,161
172,625
305,833
152,907
26,520
3,704
332,353
156,611
469,808
16,014
490,689
5,984
Land and
property
Plant,
fixtures and
equipment		 £
955,413
19,373
Total
974,786
458,740
30,224
488,964
485,822
496,673

24

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

12. Heritage assets - group and charity

Locomotives
(under
restoration)
£
Cost
At 1 April 2023
638,594
At 31 March 2024
638,594
Depreciation
At 1 April 2023
66,924
Charge for the year
-
At 31 March 2024
66,924
Net book value
At 31 March 2024
571,670
At 31 March 2023
571,670		 Coaches
and other
items
£
452,260
452,260
451,038
181
451,219
1,041
1,222		 Total
£
1,090,854
1,090,854
517,962
181
518,143
572,711
572,892

Heritage assets includes the following locomotives and rolling stock:

Net book value
£
Locomotives (under restoration):
2-6-2T locomotive number 4561 391,670
4-6-0 locomotive number 7821 "Ditcheat Manor" 180,000
Coaches and other items:
Gunpowder van 5237 360
Other vehicles 681
Total net book value at year end 572,711

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).

During the year, £60,678 (2023: £21,184) of restoration costs on locomotive 4561 have been expensed on the grounds that, if capitalised, they would overstate the value of the asset . The locomotive has undergone significant repairs and the trustees consider the carrying value to be reflective of its current condition.

25

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

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

2024
£
Additions:
Purchases
-
Total additions
-
Charges:
Depreciation
181
Total charges
181
Disposals:
Net book value
-
Proceeds from disposals:
Sale proceeds
-
13. Investments
Total investments
WSRA (Steam Rally) Ltd: 100 x £1
ordinary shares
Dinmore Manor : 200 x £10 ordinary
shares
WSRA (Promotions) Ltd: 100 x £1
ordinary shares
Four
One
Six
O
Ltd:
14,360
x
£1
ordinary shares
Locomotive 5542 Ltd: 1 x £500 ordinary
share		 2023
2022
£
£
792
500
792
500
70
14,674
70
14,674
-
-
500
-
2024
2023
£
£
-
-
-
-
500
500
14,360
14,360
2,000
-
16,860
14,860
The group		 2021
2020
£
£
-
-
-
-
37,944
49,841
37,944
49,841
-
-
500
-
2024
2023
£
£
100
100
100
-
500
500
14,360
14,360
2,000
-
17,060
14,960
The charity		 2020
£
-
-
49,841
49,841
-
-
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 14.

WSRA owns 100% of the issued share capital of WSRA Steam Rally Ltd, company number 14750068 registered in England and Wales. Further details are set out in note 14.

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.

26

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

13. Investments (continued)

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 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.

WSRA owns 200 £10 ordinary share in Dinmore Manor Locomotive Ltd, company number 03041778. This represents 0.3% of the issued ordinary share capital of the company. The shares are valued at historic cost.

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 has not traded during the year and will be made dormant. A summary of the trading subsidiary's financial statements is set out below:

Turnover
Cost of sales
Gross profit
Administrative expenses
Other income
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		 2024
£
-
-
-
(990)
1,050
60
-
-
-
-
2024
£
1,233
(1,133)
100		 2023
£
4,135
-
4,135
(2,379)
-
1,756
(849)
1,725
(876)
-
2023
£
23,564
(23,464)
100

27

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

14. Subsidiary undertakings (continued)

WSRA Steam Rally Ltd

WSRA Steam Rally Ltd is the wholly owned trading subsidiary of WSRA. The trading subsidiary was incorporated on 22 March 2023. The subsidiary operates the Steam Rally event. A summary of the trading subsidiary's financial statements is set out below:

Turnover
Cost of sales
Gross profit
Administrative expenses
Other income
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		 2024
£
114,347
(70,884)
43,463
(20,017)
3,150
26,596
-
26,596
(26,596)
-

The subsidiary had an extended accounting period on incorporation from 22 March 2023 to 31 March 2024. There were no transactions between 22 March and 31 March 2023, therefore the subsidiary results were consolidated in the current financial year.

The aggregate of the assets, liabilities and funds was:

Assets
Liabilities
Funds		 2024
£
80,868
(80,868)
-

15. Parent charity

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

Gross income
Surplus for the year		 2024
£
452,870
140,012		 2023
£
372,518
20,811

28

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

16. Debtors

Trade debtors
Amounts due from subsidiaries
Other taxation and social security
Other debtors		 2024
2023
£
£
3,081
3,103
-
-
10,987
8,214
9,577
35,855
23,645
47,172
The group		 2024
2023
£
£
2,791
3,103
75,326
21,933
10,987
8,214
-
35,855
89,104
69,105
The charity		 2024
2023
£
£
2,791
3,103
75,326
21,933
10,987
8,214
-
35,855
89,104
69,105
The charity
69,105

17. Creditors: amounts due within 1 year

Trade creditors
Accruals
Deferred income (note 18)
Other taxation and social security
Other creditors		 2024
2023
£
£
23,791
10,514
7,150
6,660
4,094
2,982
1,139
1,251
-
1,804
36,174
23,211
The group		 2024
2023
£
£
23,791
10,514
4,760
5,160
-
2,982
1,048
1,220
-
1,804
29,599
21,680
The charity		 2024
2023
£
£
23,791
10,514
4,760
5,160
-
2,982
1,048
1,220
-
1,804
29,599
21,680
The charity
21,680

18. Deferred income

At 1 April 2023
Deferred during the year
Released during the year
At 31 March 2024		 2024
2023
£
£
2,982
-
4,094
2,982
(2,982)
-
4,094
2,982
The group		 2024
2023
£
£
2,982
-
-
2,982
(2,982)
-
-
2,982
The charity		 2024
2023
£
£
2,982
-
-
2,982
(2,982)
-
-
2,982
The charity
2,982

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. The steam railway event was operated from the trading subsidiary, WSRA Steam Rally Ltd, during the year.

29

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

19. Analysis of group net assets between funds
£
Tangible fixed assets
Heritage assets
-
Investments
-
Current assets
269,183
Current liabilities
(12,816)
Net assets at 31 March 2024
256,367
Prior period comparative
£
Tangible fixed assets
-
Heritage assets
-
Investments
-
Current assets
270,848
Current liabilities
-
Net assets at 31 March 2023
270,848
Restricted
funds
Restricted
funds		 £
-
-
-
595,357
-
595,357
£
-
-
-
25,000
-
25,000
Designated
funds
Designated
funds		 £
485,822
572,711
16,860
452,774
(23,358)
1,504,809
£
496,930
572,892
14,860
859,202
(23,211)
1,920,673
General
funds
General
funds		 Total
funds
£
485,822
572,711
16,860
1,317,314
(36,174)
2,356,533
Total
funds
£
496,930
572,892
14,860
1,155,050
(23,211)
2,216,521

30

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

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
WSRA TV
DMU repair fund
Cutting back 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
David Randles Legacy
Richard Marwood
Legacy
David Glyn Ormiston
Legacy
Total designated funds
Unrestricted funds
General funds
Total unrestricted
funds
Total funds		 At 1 April
2023
£
95,280
3,742
666
784
3,268
70,948
149
2,875
30
30,041
51,910
1,796
4,831
4,528		 Income
£
26,773
-
-
-
-
26,670
-
-
509
5,955
4,456
-
11,175
13,701		 £
(60,768)
-
-
-
(1,544)
(31,256)
-
-
(373)
(8,346)
(205)
(612)
-
(616)
Expenditure		 Transfers
between
funds
£
-
-
-
(784)
-
784
-
-
-
-
-
-
-
-		 £
61,285
3,742
666
-
1,724
67,146
149
2,875
166
27,650
56,161
1,184
16,006
17,613
At 31 March
2024
270,848 89,239 (103,720) - 256,367
25,000
-
-
-		 -
-
-
-		 -
-
(13,900)
-		 -
400,000
151,696
32,561		 25,000
400,000
137,796
32,561
25,000 - (13,900) 584,257 595,357
1,920,673 448,533 (280,140) (584,257) 1,504,809
1,945,673 448,533 (294,040) - 2,100,166
2,216,521 537,772 (397,760) - 2,356,533

31

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

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

Locomotive restoration fund

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.

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. 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.

32

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

**20. ** Movements in funds (continued) 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 2024/25.
David Randles Legacy The trustees designated the legacy from David Randles towards
restoring locomotive 4561 over the next 3-5 years.
Richard Marwood The trustees designated the legacy from Richard Marwood towards a
Legacy community engagement project in 2023-2024 and the remainder for
restoration of locomotive 80064 over the next 2-3 years.
David Glyn Ormiston The trustees designated the legacy from David Glyn Ormiston towards
Legacy restoration of heritage rolling stock.

Transfers between funds

A transfer of £784 was made between the Points Machine restricted fund and the Rail Renewal restricted fund. This was because the original purpose of the funding could not be fulfilled, so the funds were re-purposed to a similar fund. The trustees also created designated funds in respect of legacies received, the purposes for which are set out above.

33

West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

20. Movements in funds (continued) Prior period comparative

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
Unrestricted funds
Designated funds:
Rail renewal
designated fund
Total designated 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) 1,970,673
2,194,846 375,744 (354,069) - 2,266,521

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West Somerset Railway Association

Notes to the financial statements

For the year ended 31 March 2024

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 charity wrote off £1,049 (2023: £nil) of an irrecoverable intercompany bad debt. At 31 March 2024, the trading subsidiary owed £93 (2023: £21,933) to the charity.

West Somerset Railway Association incorporated a wholly owned trading subsidiary, WSRA Steam Rally Limited, a company limited by shares (company no. 14750068). During the year the charity invoiced the trading subsidiary £6,000 (2023: £Nil) for staff, land and equipment hire for the Steam Rally event. WSRA Steam Rally distributed profits of £26,956 (2023: £Nil) to the charity. At 31 March 2024, the trading subsidiary owed £67,603 (2023: £Nil) to the charity.

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