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 2023
CONTENTS
Page
Company information
Directors, report
Income & expenditure account
Balance Sheet
6-10
Notes to the financial statements

SOUTH WEST MAIN LINE sfEAM COMPANY
Page I
OFFICERS AND OTHER INFORMATION
For the Year Ended 31st May 2023
DIRECTORS/TRUSTEES
Mr P H Gould Chairman
Mr J Miller- Vice Chairman
MrRCWAbbott
Mr J W Dirring
Mr M Hibberd
Mr A J Reese
Mr D R Woodland
Mr R W Johns
MrAKSugg
Mr P C Chainey
Mr A Broadhead from 17 May 2023
INDEPENDENT EXAMINER
MrSJCook
CHARITY REGISTERED
Number 1043581
COMPANY REGISTERED
Number 2929246
REGISTERED OFFICE
Yeovil Junttion Station
Stoford
Yeovil
Somerset
BA22 9UU
BANKERS
Barclays Bank plc
King George Street
Yeovil
Somerset
BA20 IPX

SOUTH WEST MAIN LINE STEAM COMPANY
IDdependent cx*miners report to tbe trustees of South Wesl Main Lille Stealn
Company
I report io the charity trnstees on my examirkation of the ac¢ounts of th¢ company for
the year ended 31 May 2023.
Responsibklities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of
company law) you are responsible for thc prcparation of the a¢¢ounts in accordance
with th¢ ￿qUirementS of the Companies Act 2006 ('the 2006 Act.).
Having satisfied myself that the accounts of the Company are not reqllired to be
audited undcr Part 16 of the 2006 Act and are eligible for independcnt cxamination,
report in respect of my cxamination of you charity's accounts as carried out under
Section 145 of the Charitics 2011 ('the 2011 Act,). In carrying out my
examination I have followed the Directions given by the Charily Commission under
section 145(5) (b) of the 2011 Act.
Independent examiner's s¢#tement
I have complctcd my ex8mination. l eonfinn that no matters have comc lo my
attention in connection with the examination giving me cause to believe-.
l Accounting records wcr¢ not kept in respect of the Company as required by
section 386 of the 2006 Act- or
2 The accounts do not accord with those records. or
3 Thc ￿COuntS do not comply with the accounting rwuircmcnts of section 396
of thc 2006 A¢t other than any requirement that thc accounts giv¢ a 'truc and
fair view whi¢h is not a matler considered as part of aJ) independent
examination- or
4 The accounts have not been prq)ared in accordance with the methods and
principles of the Statement of Rccommended Practice for accounting and
reporting by charities applicablc to charities preparing their accounts in
a¢¢ordance with the Financial Reporting Standard applicable in the UK and
Rcpublic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the
examination to which atten(ion should be drnwn in this report in order to enable a
proper undeTStanding of the ac¢ounrs to be reached.
S J Cook ACA
Croslands. IA Daniclsficld Road, Y¢ovil, Somerset BA20 2LR
I l March 2024

SOUTH WEST MAIN LINE STEAM COMPANY
Page 2
TRusfEES' REPORT
For the Year Ended 31st May 2023
The Trustees (who are also the Directors far the purposes of Company Law) submit
their annual report and the unaudited financial statements of the company for the
year ended 315t May 2023. 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 Nemorandum 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 moximum
number of Trustees.
New Trustee5 are initially as515ted 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 lunction. 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 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
Cammission.
REVIEW OF THE BUSINESS
The year ended 31 May 2023 proved to be a successful one for the Centre,
especially the larger events. Our Tractor and Trains event was expanded to two days
with a large number of visitors and exhibits whilst Santa Specia Is exceeded the
record set the previous year in numbers (2343) and financial return up by almost
£7000. Our regular events held their own, making a continued good return to help
cover the overheads.
Main Line steam on the other hand continued to appear in modest numbers with 4
different locomotive5 being noted.
other notable events included the takeover of Wessex Wagons from Bruce and Helen
Harding who continued helping for some time to enable a smooth transition. We are
very grateful to them. The commission and sale of bespoke Model Railway wagons
fits in well with our aims. Volunteers attend various Model Railway exhibitions with
the majority of sales being made on-line. Wessex Wagons has proved to be a well
worthwhile acquisition although many unpaid hours are given by volunteers to
achieve this.
On 17 June 2022, on loan steam engine 'Lord Fisher, was withdrawn from service
with its boiler ticket expiring. Some dismantling has taken place to ascertain what
repairs are required to achieve a return to service and the costs involved.

SOUTH WEST MAIN LINE STEAM COMPANY
Page 3
TRUSTEES, REPORT (CONTINUED)
For the Year Ended 31st May 2023
The Centre has been advised that the existing agreement (overhaul and run with no
hire fees) can continue at the Centre's discretion. Some significant land expensive)
work is anticipated to the boiler this time.
In February 2023, physical work commenced on the replacement Toilet Block with
the footings and foundations completed at year end. The Centre 15 very grateful to
its supporter5 for their contributions to the Appeal, making the construction possible,
although it is anticipated that the Centre will a Iso need to use its own funds as work
progresses. There are funds available to do this.
Income exceeded expenditure by £37156.23. Some £9000 extra received from the
Tractor & Santa events over the previous year with the remainder from Wessex
Wagans and other continuing income streams, including the Shopi Catering,
Memberships and Donations as well ongoing public open days. As the Toilet Block
progresses, the Centre's expenditure will rise in the next financial year, offsetting
much of the surplus made.
The Centre's financial position continues to be satisfactory although the concerns
around costs, in particular energy and coal continue, coupled with the Cost of Living
cri515 impacting on future visltor numbers. The Trustee5 will continue to exercise
financial caution.
Statement of Trustees. Responslbllltles
The Trustees are responsible for prepari ng the Trustee5' 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).
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 a pply them con515tently'
Observe the methods and princi ples in the Charities SORP;
Make judgments 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 fi nancial 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 ti me the fi nancial 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 a55ets of the
charitable company and hence for taking reasonable steps 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 i nformation and to establish that the
independent examiner is aware of that. information.
Signed by order of the trustees on 27 February 2024
P H Gould
Chairman and Trustee

SOUTH WEST MAIN LINE STEAM COMPANY
Page 4
INCOME AND EXPENDITURE ACCOUNT
For the Year Ended 31st May 2023
NOTE
2023
2022
INCOME
Operating expenses
114,130.73
77,017.96
77739.76
80202.66
37,112.77
(2462.90)
3917.00
Other Operating Income
Operating Surplus
Bank interest received
37,112.77
43.56
1454.10
8.43
SURPLUS ON ORDINARY
ACTIVITIES
io
37,156.33
1462.53
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 sfEAM COMPANY
Page 5
BALANCE SHEET
As at 31st May 2023
NOTE
2023
2022
FIXED ASSETS
Intangibles assets
Tangible assets
2,000.00
64,569.13
49451.49
66,569.13
49451.49
CURRENT ASSETS
Stock
Debtors
Cash at bank & in hand
18,143.46
3,374.33
105,770.91
3511.00
2254.64
96772.84
127,288.70
102538.48
CURRENT LIABILITIES
Creditors
3512.88
1883.94
NET CURRENT ASSETS
123,775.82
100654.54
TOTAL ASSETS LESS LIABILITIES
£190,344.95
£150106.03
RESERVE5
Income and expenditure account io
Engine Overhaul Fund
io
Toilet Block Fund
io
159,340.88
31,004.07
0.00
111,653.68
27921.48
10530.87
190,344.95
150106.03
These accounts have been prepared in accordance with the special pravisions 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 2023 the company was entitled to exemption under
section 477 of the Companies 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 records and the preparation of accounts.
Approved by the directors on 28 February

SOUTH WEST MAIN LINE STEAM COMPANY,
Page 6
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31st May 2023
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 cost convention. The
financial statements have been prepared in accordance with Accounting and Reporting
by Charities.. Statement of Recommended Prdctice 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 20 15)-(Charities SORP
{FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of
Ireland (FRS 102) and the Companie5 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) Intangible fixed assets
The intangible fixed asset relates to goodwill purchased from another business
enterprise. It is being amortised on a straight line basis over its estimated useful life
of 5 years.
¢) Tangible fixed assets
Tangible fixed assets are stated at historic cost or transaction cost less accumulated
depreciation.
d) Depreciation
The leasehold property improvements are being written off at the rate of 20/0 per
annum on the straight line basis. The company currently has a 99 year lease which
expires on 31 July 2114.
In the opinion of the directors, the value of the rolling stock will not fall below its
cost value and therefore these assets are not depreciated. The d irectors regularly
review this assertion.
The other equipment is being written off at the rate of 20010 per annum on the straight
line basis.
e) Stock
Stock relates to Stock purchased for resale as well as to stock of unused coal at the
year end. Stock is valued at the lower of cost and net realisable value.
f) Debtors
Trade debtors are recognised at the settlement amount due.
g) 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 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.
h) Operating leases
Rentals payable under operating leases are charged in the statement of financial
activities on a straight line basis over the lease term.
i) 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 2023
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 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 charityi the company is exempt from corporation tax and capital
gain5 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..
Amortisation of intangible fixed assets
Depreciation of tangible fixed assets
2023
2022
500.00
2291.81
13184.13
During the year other income of £nil was received from the Government in respect of
a Coronavirus grant. The amount received in the previous year was £3917,00
6. Intangible Fixed ASSETS
2023
Additions
2500.00
AmortlSation to 31 May 2023
(500.00)
Balance as at 31 May 2023
2000.00
Balance as at I lune 2022

SOUTH WEST MAIN LINE STEAM COMPANY
Page 8
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the Year Ended 31st May 2023
7. TANGIBLE FIXED ASSETS
Engine
structure
Shed & Buildings
Track
Extension
Toilet
Block
Cost
As at I" June 2022
Additions
29109.11
6292.40 11474.50
17409.45
As at 31" May 2023
29109.11
6292.40 11474.50 17409.45
Depreciation/Amortisation
As at I" June 2022
Charge for the year
6292.40 11474.50
582.18
As at 31, May 2023
582.18
6292.40 11474.50
Net Book Value
As at 31" May 2023 £28526.93
£0
£0 £17409.45
As at I" June 2022
£29109.11
£0
£0
£0
Rolllng
Other
Stock equipment
Total
Cost
As at I, June 2022
Additions
15689.33 65876.82
128442.16
17409.45
A5 at 31" May 2023
15689.33 65876.82
145851.61
Depreciation/amortisation
As at I" June 2022
0.00 61223.77
Charge for the year
0.00
1709.63
78990.67
2291.81
As at 31" May 2023
0.00 62933.40
81282.48
Net Book Value
As at 31" May 2023
15689.33
2943,42
64569.13
As at I" lune 2022
15689.33 4653.05
49451.49
The company is in the process of building a toilet block and at 31 May 2023 it 15 Still in
the course of construction. No amortisation will be provided until construction has been
completed and the block has been brought into use

SOUTH WEST MAIN LINE STEAM COMPANY
Page 9
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
8. DEBTORS
2023
Prepayments
92.50
Value added tax
3,281.83
2022
262.50
1992.14
3,374.33
2254.64
9. CREDITORS
2023
2360.38
452.50
700.00
2022
731.44
452.50
700.00
Sundry Creditors
Monthly subs and donations in advance
Ruston Fund
3512.88
1883.94
10. RESERVES
Income and Expenditure
Account
Engine
Overhaul
Fund
Toilet Block
Fund
Balance at l June 2022
111,653.68
27,921.48
10,530,87
Retained surplus for year
31,118.18
6,038.15
Transfer from general Funds
Income
Costs
3,000.00
107.59
-25.00
Transfer between reserves
16,569.02
-16,569.02
Balance at 31 May 2023
159,340.88
31,004.07
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 inta this fund, and interest received on the fund
balance is added to the fund.
The toilet block fund is a restricted fund for the construction of a toilet block.
Monies raised toward5 this projett are included in this reserve and are released
into general funds when construction costs have been made. The costs incurred
are included as leasehold property improvements. During the year costs
incurred have exceeded the amount of monies raised up to 31 May 2023 and
therefore all of the balance of the toilet block fund has been released to the
general profit and loss reserve.
11. OPERATING LEASE COMMITMENTS
As at 31 May 2023 the charity had annual commitments under non-cancellable
operating leases as follows:
Operating leases which expire:
Over five years
2023
1328.00
2022
1600.00

SOUTH WEST MAIN LINE STEAM COMPANY
Page 10
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED}
12. TRUSTEES. EXPENSES
No trustee has been paid remuneration or a general expenses allowance for their services
s a trustee. Trustees are reimbursed for specific expenses incurred on behalf of the
company for travelling, 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 Overhaul Fund
for future locomotive overhauls) and also endeavour to maintain, on a prudent basis,
adequate unrestricted cash balances for other day to day activities of the Company with a
minimum set of £10,000. Surplus unrestricted cash balances are currently In excess of this
level. 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 50 the returns at present are not
significant.
15. RISK MANAGEMENT
The Trustees have a Risk Managernent strategv:_
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 risks arising from train operations, Slte
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 group5.
17. PLANS FOR FUTURE PERIODS
The Centre was pleased that the number of returning volunteers after Covid was
unchanged and it is planned to attract new volunteers through advertising and
posters to maintain the current level at least. The Toilet Block will be the main special
project with completion aimed for Summer 2024. Planning for the South Chord
extension is proceeding with some track materials already in hand, thanks to the
hard work of volunteers. Fundraising far this will be required as well as an input from
the Centre. All approvals have been received
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 AsSOClation. In the event of
winding-upi every member uncJert6kes 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 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 beneffit of the public the Tumtable,
Water Tower and other structures and facilities at Yeovil and facilities for the operation of
steam locomotives at Yeovil and elsewhe￿.