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 2022
CONTENTS
Page
Company information
Directors, report
Income & expenditure account
Balance Sheet
6-10
Notes to the financial statements

SOUTH WEST MAIN LINE STEAM COMPANY
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SOUTH WEST MAIN LINE STEAM COMPANY
Page I
OFFICERS AND OTHER INFORMATION
For the Year Ended 31st May 2022
DIREcfoRS/TRUSTEES
Mr P H Gould Chairman
Mr l Miller- Vice Chairman
MrRCWAbbott
Mr J W Dirring
Mr M Hibberd
Mr A J Reese
Nrj M Read
Resigned 11 October 2021
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 Junction Station
Stoford
Yeovil
Somerset
BA22 9UU
BANKERS
8arclays 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 2022
The Trustees (who are also the Directors for the purposes of Company Law) submit
their annual report and the unaudited financial statements of the company for the
year ended 31st May 2022. The provisions of the Statement of Recommended
Practice 'Accounting and Reporting by Charities, (SORP FRS 102
implemented I
January 2015) 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 18).
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 exhibition5 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 gauges
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
Following on from the relaxation of Covid restrictions in May 2021, the Centre was
able to run a modified series of open days thereafter (initially with pre-booking and
socially distanced arrangements in place) which were very well attended our visltors.
In particula r the Tractor & Trains day on l August attracted around 500 guests
despite the rain which was probably a record for a normal event and the Santa
Specials were fully booked with some 2000 visltors over 5 days and a new Tea with
Santa afternoon. The Centre was glad to have two Model Railway events in the year
and also the return of Model Railway Swap Meets.
On the other hand, main line stea m saw only two visits in luly and August, the
market not being helped by the recent pandemic.
Projects and maintenance had been largely been put on hold during the Covid
restrictions and there was a significant amount of restarting, refreshing of volunteers
and general catching up to do without safety being compromised. Thanks are due to
the Trustees and Volunteers for the efforts made to get the Centre back fully
operating. It was pleasing that there was no drop off of volunteer numbers due to
the period of inactivity.

SOUTH WEST MAIN LINE STEAM COMPANY
Page 3
TRUSTEES, REPORT (CONTINUED)
For the Year Ended 31st May 2022
The Centre was very pleased to see the return of Peckett 'Pectin' to service after an
extended overhaul.
Financially, income exceeded expenditure by £1462.53 in the year to 3 1 May 2022.
There were some one-off income receipts (Gift Aid £4468), Covid Grant (£3917) as
well as the continuing sale of Limited Edition Model Railway Wagons which provided
an extra income stream. A one-off expenditure was the transport of donated track
from Chichester [£ 114741. The Centre is at present in a good financial position
although facing uncertainties ahead, particularly with increased costs (coa I, energy)
and a potential downturn in attending visitors due to their own increasing costs. The
Trustees will continue to exercise financial caution.
Statement of Trustees, Responsibilities
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 Financia l Reporting
Standard applicable in the UK and Republic of Ireland (United Kingdom Generally
Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial
year which give a true and fair view of the state of affairs of the charitable company
and of the income and expenditure, of the charitable company for that period. In
preparing these financial statements, the trustees are required to..
Select suitable accounting policies and then apply them consistently;
Observe the methods and principles in the Charities SORP;
Make judgements and accounting estimates that are reasonable and prudent,.
State whether applicable UK Accounting Standards have been followed, subject
to any material departures disclosed and explained in the financial statements.
Prepare the financial 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
Com panies Act 2006. They are also responsible for safeguarding the assets of the
charitable company and hence for taking reasonable step5 for the prevention and
detection of fraud and other irregularities.
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 steps 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 trustee5 on 27 March 2023
PH Gould
Chairman and Trustee

SOUTH WEST MAIN LINE STEAM COMPANY
Page 4
INCOME AND EXPENDITURE ACCOUNT
For the Year Ended 31st May 2022
NOTE
2022
2021
INCOME
77,739.76
25085.04
Operating expenses
80,202.66
37648.62
(2,462.90)
3,917.00
(12563.58)
18674.00
other Operating Income
OPERATING SURPLUS/(DEFICIT)
Bank interest received
1,454.10
8.43
6110.42
21.14
SURPLUS/(DEFICIT) ON ORDINARY
ACTIVITIES
1,462.53
6131.56
RETAINED SURPLUS BROUGHT FORWARD IIQ,191. 15
104059.59
RETAINED SURPLUS CARRIED FORWARD £111,653.68
£110191.15
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 2022
NOTE
2022
2021
FIXED ASSETS
Tangible assets
49,451.49
51161,12
49,451.49
51161.12
CURRENT ASSETS
Stock
Debtors
Cash at bank & in hand
3,511.00
2,254.64
96,772.84
736.61
90736.45
102,538.48
91473.06
CURRENT LIABILITIES
Creditors
1,883.94
403.00
NET CURRENT ASSETS
100,654.54
91070.06
TOTAL ASSETS LESS LIABILITIES
£150,106.03
£142231.18
RESERVES
Income & expenditure account
Engine Overhaul Fund
Toilet Block Fund
111,653.68
27,921.48
10,530.87
110191.15
26186.45
5853.58
io
£150,106.03
£142231.18
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 2022 the company was entitled to exemption under
section 477 of the Companies Act 2006 relating to small companies.
The member5 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 records and the preparation of accounts.
Approved by the directors on 27 March 2023
Paul Gould- Chairman

SOUTH WEST MAIN LINE STEAM COMPANY
Page 6
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31st May 2022
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 pages 2-4.
The financial statements have been prepared under the historic c05t 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 (FRS 102) (effective l January 2015)-ICharities SORP
(FRS102)), the Financial Reporting Standard applicable in the UK and Republic of
Ireland IFRS 102) and the Companies Act 2006.
The charity meets the definition of public benefit under FRS 102. A55ets 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. The
Directors, policy is to fully depreciate the c05t of acquiring rails in the year of
acquisition. All other assets are depreciated at 200/0 per annum. Depreciation is not
charged in the year of acquisition.
d) Stock
stock is the value of shop stock purchased for resale and remaining on hand at the
year end and is valued at the lower of cost and net realisable value.
e) Debtors
Trade debtors are recognised at the settlement amount due.
f) Creditors
Creditors and provisions are recognised where the charity has a present obligation
resulting from a past event that will probably result in a transfer of fund5 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.
g) Operating leases
Rentals payable under operating leases are charged in the statement of financial
activitie5 on a straight line ba515 over the lease term.
h) 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 2022
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 soon as there is a legal or construrtive obligation
committing the charity to the expenditure. All expenditure 15 accounted for on an
accruals basi5 and ha5 been classified under headings that aggregate all costs
related that category.
4. TAXATION
As a registered charity, the company is exempt from corporation tax and capital
gains tax, to the extent which income and gains are applied to charitable
purposes. The company is nat 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 15 Stated after charging..
2022
2021
Depreciation of tangible fixed assets
13,184.13
2096.49
During the year other income of £3,917 was received from the Govemment in
respect of a Coronavirus grant. The amount of grants recognised in the financial
statements is £3,917 {2021 £18,674)
6. TANGIBLE FIXED ASSETS
Engine
structure
Shed & Buildings
Track
Extension
Rollin9
Stock
Cost
As at I. June 2021
Additions
29109.11
6292.40
15689.33
11474.50
As at 31. May 2022
29109.11
6292.40 11474.50 15689.33
Depreciation
A5 at I" June 2021
Charge for the year
6292.40
11474.50
As at 31" May 2022
6292.40 11474.50
Net Book Value
As at 31" May 2022 £29109.11
£0
£0 £15689.33
As at 1° June 2021 £29109.11
£0
£0 £15689.33

SOUTH WEST MAIN LINE STEAM COMPANY
Page 8
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the Year Ended 31st May 2022
6. TANGIBLE FIXED ASSETS (CONTINUED)
other
Total
Equlpment
Cost
As at I, June 2021
Additions
65876.82 116967.66
11474.50
As at 31" May 2022 65876.82 128442.16
Depreciation
As at l June 2021
Charge for the year
59514.14 65806.54
1709.63 13184.13
As at 31" May 2022 61223.77 78990.67
Net Book Value
As at 31" May 2022
£4653.05 £49451.49
As at I" June 2021
£6362.68 £51161.12
7. DEBTORS
Prepayments
Value added tax
2022
262.50
1,992.14
2021
736.61
2,254.64
736.61
8. CREDITORS
2022
731.44
452.50
700.00
2021
Sundry Creditors
Monthly subs and donations in advance
Ruston Fund
403.00
1,883.94
403.00
9. ENGINE OVERHAUL FUND
Opening Balance
Income through Milk Chum
Interest received during the year
Transfer from operating funds
Cost of overhauling Pectin
2022
26,186.45
63.45
15.41
3,000.00
(1,343.83)
2021
28153.66
36.85
3000.00
(5004.06)
27,921.48
26186.45

SOUTH WEST MAIN LINE sfEAM COMPANY
Page 9
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the Year Ended 31st May 2022
9. ENGINE OVERHAUL FUND (CONTINUED)
Following the gift of steam locomotive 'Pectin' to the company by the 6000
Locomotive Association, donations of £22,510.00 were received. These sums are
available to the company for any use. However, the Trustees have elected 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 from the company's
operating account into this fund, and interest received on the fund balance is
added to the fund.
10. TOJLET BLOCK FUND
Opening Balance
Income through donations
Income from Gift Aid
Costs
2022
5,853.58
11,313.50
226.50
(6,862.71)
2021
661.65
6032.07
(840.14)
10,530.87
5853.58
11. OPERATING LEASE COMMITMENTS
As at 31 May 2022 the charity had annual commitments under non-cancellable
operating leases as follows-.
Operating leases which expire..
Over five years
2022
1600.00
2021
iooo.00
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 incurred on behalf of the
company for travelling, stationery & postage etc. and for authorlsed purchases made
personally on behalf of the company.
13. CASH RESERVES
The Trustees will maintain designated Funds for specific projects leg Engine Overhaul Fund
for future locomotive Dverhauls) and also endeavour to maintain, on a prudent basis,
adequate unrestricted cash balances for other dèy to day activities of the Company with a
rninimum set of £10,000. Surplus unrestricted cash balances are currently in excess of this
level. The Company has a restricted fund for the construrtion 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
n interest bearing account. Interest rates are low so the returns at present are not
Significant.
15. RISK MANAGEMENT
The Trustees have a Risk Management strategy'.-
a) An annual review of the principal risks and uncertainties the charity faces. The
establishment of policies to mitigate those risks.
bl Attention is also focused on non-financial risks arising from train operations, slte
operations, fire, Health & Safety and food hygiene. These risks are managed through
ccreditation, Safety Management Systems and ongoing checks of their
implementation.

SOUTH WEST MAIN LINE STEAM COMPANY
Page 10
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the Year Ended 31" May 2022
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 has
delayed some of our future plans and projects. With a return to a degree of norrnality,
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 Memorandum and Article of Association. In the
event of winding-up, every member undertakes to contribute a sum not exceeding te
pounds to cover any debts and liabilitie5. Its Objects are to educate and maintain a
museum for the benefit of the public of items of historical interest formerly associated
with land transport since the 19th Century 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 Turntable, Water Tower and other structures and facilities at
Yeovil and facilities for the operation of steam locomotives at Yeovil and elsewhere.