SOUTH WEST MAIN LINE STEAM COMPANY
(A Charitable Company Limited by Guarantee)
Registered in England and Wales - Number 2929246
Charity - Number 1043581
ANNUAL REPORT AND FINANCIAL STATEMENTS
For the Year Ended 31st May 2021
CONTENTS
Page
Company information
Directors, report
Income & expenditure account
Balance Sheet
Note5 to the financial statements

SOUTH WEST MAIN LINE STEAM COMPANY
Independent examiner5 report to the trustees of South West Ivlain Line Steam
Company
I report to the charity trustees on my examination of the accounts of th¢ company for
the year ended 31 May 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of
company law) you are r¢5ponsiblc for the preparation of the accounts in accordan¢¢
with the requirements of the Companies Act 2006 ('the 2006 Act,).
Having satisfied myself that the accounts of the Company are not required to be
audited under Part 16 of the 2006 A¢1 and are eligible for independent examination, I
report in resp¢¢t of my examination of you charity's accounts as carried out under
s¢ction145 of the Charlties Act 2011 ('the 2011 Act,). In carrying out my examination
I have followed the Directions given by the Charity Commission ui)d¢r scotion 145(5)
(b) of the 2011 Act.
Independent examiner's statcment
I have completed my examination. I confirni that no matters have com¢ to my
attention in connection with then examination giving mc rausc to bcli¢ve'.
l Accounting records were not kept in r¢5P¢Qt of the Company as required by
section 386 of tli¢ 2006 A¢i' or
2 Tile xc¢ounts do not accord with those records. or
3 Tli¢ ao¢ouuts do not comply with the accounting requirements of section 396
of the 2006 A¢t. Othcr than any ￿quireMent that the accounts give a 'true and
fair view which is not a matter considered as part of an independent
examination. or
4 The accounts have not been prepared in accordance with the methods and
principles of the Statement of Recommended Practice for accounting and
reporting by charities applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and
Republie of Ireland (FRS 102).
I have no coneems and hav¢ ¢om¢ across no oth¢r inatters in connection with the
examination to wliich attcntion should b¢ drawn in this report in order to enable a
proper understanding of the accounts to be reached.
S J Cook ACA
8 Fri2rs Avenue, Yeovil, Somerset BA20 3HY
17 January 2022

SOUTH WEST MAIN LINE STEAM COMPANY
Page I
OFFICERS AND OTHER INFORMATION
For the Year Ended 31st May 2021
DIRECTORS/TRUSTEES
Mr P H Gould Chairman
Mr l Miller- Vice Chairman
MrRCW Abbatt
Mr J W Dirring
Mr M Hibberd
Mr A J Reese
Mr K T Sugg (until 27 September 2020)
MrJMRead
Mr D R Woodland
Mr R W Johns
MrAKSugg
Mr P C Chainey
INDEPENDENT EXAMINER
MrSJCook
CHARITY REGISTERED
Number 1043581
COMPANY REGISTERED
Number 2929246
REGISTERED OFFICE
Yeovil lunction Station
stoford
Yeovil
Somerset
BA22 9UU
BANKERS
Barclays Bank plc
King George Street
Yeovil
Somerset
BA20 IPX

SOUTH WEST MAIN LINE STEAM COMPANY
Page 2
TRUSTEES, REPORT
For the Year Ended 31st May 2021
The Trustees (who are also the Dirertors for the purposes of Company Law) submit
their annual report and the unaudited financial statements of the company for the
year ended 31st May 2021. The provisions of the Statement of Recommended
Practice 'Accounting and Reporting by Charities, (SORP FRS 102
implemented I
January 20 15) and the special provisions relating to small companies within Part 15 of
the Companies Act 2006 have been adopted in preparing the annual report and
financial statements of the charity.
The governing document is the Memorandum and Articles of Association dated 16
May 1994 (Note 16).
Trustees are appointed at the Annual General Meeting. One-third of the Trustees
retire by rotation annually and may seek re-election. The Trustees may co-opt new
Trustees who must then seek election at the next Annual General Meeting. There
must be no less than three Trustees at any one time, but there is no maximum
number of Trustees.
New Trustees are initially assisted by other Trustees and are directed to Charity
Commission publications regarding trustee responsibility.
No Trustee has a beneficial interest in the Company. All Trustees are members of the
Company.
The Company has no employees.
PUBLIC BENEFIT and PRINCIPAL ACTIVITY
The principal activity of the Company continues to be operating and upgrading the site at
Yeovil Railway Centre, Yeovil Junction. It offers the general public the opportunity to see
servicing and turning of main steam line engines at close quarters. Regular Steam Train
Days are also held when demonstrations and commentary are given and exhibitions offered
to provide insight into the operation of railways in general and around Yeovil in particular.
Occupying the Transfer Shed provides a direct link to the early days of railways and the
difference in gauge5 between the Railway Companies.
The trustees report that the charitable activities described are for the public benefit. The
trustees also confirm that they have complied with section 4 of the Charities Act to have due
regard to the public benefit guidance published by the Charity Commission.
REVIEW OF THE BUSINESS
The Company once again is greatly indebted to the Trustees, Volunteers, Members and
Friends who have used their skills and dedication in furtherance of the Company's future.
This year, and subsequently, the financial situation has been adversely affected by
Coronavirus and the ongoing effect is discussed below.
With lockdowns and restrictions related to the Coronavirus pandemic, the Centre was forced
to close for long periods to both public and volunteers during the year. The only significant
event to operate was a much reduced 4 day Santa Special season, which sold out and
resulted in a surplus of £6054 12020 - £ 10127). After staff refreshing and maintenance
checks for a second time, the CerTrtre was able to reopen again towards the end of May 2021
although restrictions and safeguards including pre-booking were still in place.
During the pandemic, development by Dyer and Butler of the new depot for South West
Trains Continued with regular discussions and lirnited involvement with ourselves. A positive
development wa5 the resurfacing of the platform we lease at no expense to ourselves.
The Centre is grateful for the involvement of volunteers in maintaining a security watch
when otherwise the premises would not have been inspected for many weeks at a time. It is
pleasing to note the number of volunteers that have returned to the Centre after a long
perlod away. Income for the year was down £32327 whS1sr expenses were also reduced by

SOUTH WEST MAIN LINE STEAM COMPANY
Page 3
TRUSTEES, REPORT (Continued)
For the Year Ended 31st May 2021
£12813, resulting in an operating deficit of £12563 12020 surplus £6961). A strict cost
saving exercise was implemented throughout the year to reduce outgoings to an absolute
minimurn.
The Company were able to claim further Government Covid-19 grants totalling £18674 and
financially at least, ended the year with a surplus of £6 13 1, a similar position to one that
might have been reasonably expected in normal circumstances. However, projerts that had
been planned had to be delayed until restrictions began to ease during May 2021.
Statement of Trustees. Responsibilites
The Trustees 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 Fiepublic of Ireland (United Kingdom Generally
Accepted Accounting Practice).
Company Law requires the trustees to prepare financial 5tatement5 for each financial
year which give a true and fair view of the state of affairs of the charitable company
and Df the income and expenditure, of the charitable company for that period. In
preparing these financial statements, the trustees are required to:
Selett suitable accounting policies and then apply them CDn515tently'
Observe the methods and principles in the Charities SORP;
Make judgements and accounting estimates that are reasonable and prudent,.
State whether applicable U K Accounting Standards have been followed, subject
to any material departures disclosed and explained in the financial statements;
Prepare the financia I statements on the going concern basis unless it is
inappropriate to presume that the charitable company will continue in
business.
The trustees are responsible for Maintaining proper accounting records which
disclose with reasonable accuracy at any time the financial position of the charitable
company and enable them to ensure that the financial statements comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the
charitable company and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularitie5.
In so far as the trustees are aware..
There is no relevant information of which the charitable company's
independent examiner is unaware; and
The trustees have taken all 5tep5 that they ought to have taken to make
themselves aware of any relevant information and to establish that the
independent examiner is aware of that information.
Signed by order of the trustees on 17 November 2021
PH Gould
Chairman and Trustee

SOUTH WEST MAIN LINE STEAM COMPANY
Page 4
INCOME AND EXPENDITURE ACCOUNT
For the Year Ended 31st May 2021
NOTE
2021
2020
INCOME
25085.04
57412.86
Operating expenses
37648.62
50461.82
(12563.58)
6951.04
other Operating Income
18674.00
OPERATING SURPLUS
Bank interest received
6110.42
21.14
6951.04
43.42
SURPLUS ON ORDINARY ACTIVITIES
6131.56
6994.46
RETAINED SURPLUS BROUGHT FORWARD 104059.59
97065,13
RETAINED SURPLUS CARRIED FORWARD
110191.15
104059.59
The results for the year derive from continuing activities and there are no gains or
losses other than those shown above.

SOUTH WEST MAIN LINE STEAM COMPANY
Page 5
BALANCE SHEET
As at 31st May 2021
NOTE
2021
2020
FIXED AssFrs
Tangible a55ets
51161.12
52336.11
CURRENT ASSETS
Debtors
Cash at bank & in hand
736.61
90736.45
766.84
80124.95
91473.06
80891.79
CURRENT UABILITIES
Creditors
403.00
353.00
NET CURRENT ASSETS
91070.06
80538.79
TOTAL ASSETS LESS LIABILITIES
£142231.18
£ 132874.90
RESERVES
Income & expenditure account
Engine Overhaul Fund
Toilet Block Fund
110191.15
26186.45
5853.58
104059.59
28153.66
661.65
io
£142231.18
£ 132874.90
These accounts have been prepared in accordance with the special provisions of Part
15 of the Companies Act relating to small companies and constitute the annual
accounts required by the Companies Act 2006.
For the year ending 31 May 2021 the company was entitled to exemption under
section 477 of the Companie5 Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with
section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements
of the Act with respect to accounting record5 and the preparation of accounts.
Approved by the directors on 17 November 2021
Paul Gould - Chairman

SOUTH WEST MAIN LINE STEAM COMPANY
Page 6
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31st May 2021
I. ACCOUNTING POLICIES
a) Basis of accounting
South West Main Line Steam Company is a Company limited by guarantee
incorporated in England and Wales under the Companies Act. The address of the
registered office is given on page l.The nature of the charity's operations and its
principal activities are set out in the Trustees report on page5 2-4.
The financial statement5 have been prepared under the historic cost convention.
The financial statements have been prepared in accordance with Accounting and
Reporting by Charities: Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 102) (effective l January 20151-
(Charitie5 SORP (FRS102)), the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102) and the Companies Act 2006.
The charity meets the definition of public benefit under FRS 102. Assets and
liabilities are initially recognised at historical cost or transaction value unless
otherwise stated in the relevant accounting policy.
b) Tangible fixed assets
Tangible fixed assets are stated at historic cost or transaction cost less accumulated
depreciation.
c) Depreciation
Provision for depreciation is made so as to write off the book values of tangible fixed
assets over their expected useful lives by means of the straight line method at the
following rates. In the opinion of the directors, the value of the engine shed and
rolling stock will not fall below cost value, therefore these assets are not
depreciated. All other assets are depreciated at 200/D per annum. Depreciation is not
charged in the year of acquisition.
d) Debtors
Trade debtors are recognised at the settlement amount due.
e) Creditors
Creditor5 and provisions are recognised where the charity has a present obligation
resulting from a past event that will probably result in a 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 recognised at their settlement amount.
f) Operating leases
Rentals payable under operating leases are charged in the statement of financial
activities on a straight line basis over the lease temi.
g) Government Grants
Government Grants of a revenue nature are recognised under the accruals model
resulting in income being recognised on a systematic basis over the period. The
income is recognised as other income in the profit and loss account.

SOUTH WEST MAIN LINE STEAM COMPANY
Page 7
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the Year Ended 31st May 2021
2. INCOME
Income, which arose wholly within the United Kingdom, is attributable to the
principal activities of the company and is recognised where there is an entitlement,
certainty of receipt, and the amount can be measured with sufficient reliability.
3. EXPENDITURE
Liabilities are recognised as 500n as there is a legal or constructive obligation
committing the charity to the expenditure. All expenditure is accounted for on an
accruals basis and has been classified under headings that aggregate all costs
related that category.
4. TAXATION
A5 a registered charity, the company is exempt from corporatian tax and capital
gains tax, to the extent which income and gains are applied to charitable
purposes. The company is not exempt from Value Added Tax (VAT). Irrecoverable
VAT is included in the costs of those items to which it relates.
5. OPERATING SURPLUS
The operating surplus is stated after charging..
2021
2020
Depreciation of tangible fixed a55ets
£2096.49
£ 2322.40
During the year other income of £18,674 was received from the Government in
respect of a Coronavirus grant. The amount of grants recognised in the financial
statements is £18,674 (2020 - £Nil)
6. TANGIBLE FIXED ASSETS
Engine
strurture
Shed & Buildings
Rolling
other
stock Equlpment
6292.40 15689.33 64955.32 116046.16
921.50
921.50
Total
As at I" June 2020
Additions
29109.11
As at 31" May 2021 £29109.11 £6292.40 £15689.33 £65876.82 £116967.66
Depreciation
As at l June 2020
Charge for the year
6292.40
57417.65 £63710.05
2096.49
2096.49
As at 31" May 2021
6292.40
59514.14 £65806.54
Net Book Value
As at 31" May 2021 £29109.11
£0 £15689.33
£6362.68 £51161.12
As at I. June 2020 £29109.11
£0 £15689.33 £7537.67 £52336.11

SOUTH WEST MAIN LINE STEAM COMPANY
Page 8
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the Year Ended 31st May 2021
7. DEBTORS
Trade Debtors
Value added tax
2021
2020
736.61
766.84
736.61
766.84
8. CREDITORS
2021
403.00
2020
353.00
Monthly subs and donations in advance
403.00
353.00
9. ENGINE OVERHAUL FUND
Opening Balance
Income through Milk Churn
Interest received during the year
Transfer from operating funds
Cost of overhauling Pectin
2021
28153.66
2020
26891.63
33.45
64.85
3000.00
(1836.27)
36.85
3000.00
(5004.06)
26186.45
28153.66
Following the gift of steam locomotive 'Pectin' to the company by the 6000 Locomotive Association,
donation5 of £22510.00 were received. These sums are avail3ble to the company for any use.
However, the Trustees have elerted to set up a specific 'Engine Overhaul Fund, to finance the
current and next boiler overhaul. A transfer of £250.00 per month is being made frorn the
company's operating account into this fund, and interest received on the fund balance is added to
the fund.
10. Toilet Block Fund
2021
2020
Opening Balance
Income through donations
Planning costs
661.65
6032.07
(840.14)
1188.65
(527.00)
£5853.58
£661.65
11. Operating lease commitments
As at 31 May 2021 the charity had annual commitments under non-cancellable
operating leases as follows:
Operating leases which expire..
Over five years
2021
£iooo
2020
£iooo
As part of their support during the Coronavirus pandemic Network Rail decided
not to charge for rent in May 2020.

SOUTH WEST MAIN LINE STEAM COMPANY
Page 9
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the Year Ended 31°, May 2021
12. Trustees. expenses
No trustee has been paid remuneration or a general expenses allowance for their services
as a trustee. Trustees are reimbursed for specific expenses incurwd on behalf of the
company for travellingi Stationery & postage etc. and for authorised purchases made
personally on behalf of the company.
13. Cash Reserves
The Trustees will maintain designated Funds for specific projects (eg Engine Qverhaul Fund
for future locomotive overhauls) and also endeavour to maintain, on a prudent basis,
dequate unrestricted cash balances for other day to day activities of the Company with a
minimum set Df £10,000. Surplus unrestricted cash balances are currently in excess of this
level.
The Company has a restricted fund for the construction of a replacement toilet block. All
other funds are unrestricted.
14. Investment Powers and Policy
The Trustees keep available funds liquid and the surplus over everyday requirements in
an interest bearing account. Interest rates are low so the returns at present are not
significant.
15. Risk Management
The Trustees have a Risk Nanègernent strategy:_
a) An annual review of the principal risks and uncertainties the charity faces. The
establishment of policies to mitigate those risks.
b) Attention is also focused on non-financial risk5 arising from train Dperations, site
operations, fire, Health & Safety and food Hygiene. These risks are managed through
accreditation, Safety Management Systems and ongoing checks of their
implementation.
16. Children and Vulnerable Adults
The Trustees have in place appropriate policies for these groups.
17. Plans for Future Periods
Enhancements to our offering to the public must continue. However, Covid- 19 ha5
delayed some of our future plans and projects. With a return to a degree of normality,
work on the replacement Toilet Block planning and extension of the railway onto the
South Chord have re-started. The latter will provide a modest platform. This would
enable the sympathetic development of the field above giving a proper destination.
Subject to various approvals and funding being found.
18. Governing Document
South West Main Line Steam Company is a company limited by guarantee, Incorporated
on 16" May 1994 and governed by its Memorandurn and Article of Association. In the
event of winding-up, every member undertakes to contribute a sum not exceeding ten
pounds to cover any debts and liabilities. Its Objects are to educate and maintain a
museum for the benefit of the public of items of historlcal Interest formerly associated
with land transport between the 19th and 20th Centuries and in particular but not
exclusively the London and South Western Railway Company. Also to maintain and
operate for the benefit of the public the Turlltable, Water Tower and other structures and
facilities at Yeovil and facilities for the operation of steam locomotives at Yeovil and
elsewhere.